Across time, capital flows operate in cycles. This is one of the core reasons of our hypothesis of the world being in an early innings of a broad-based commodity bull cycle over the next 5 years. The article below talks about how capital cycles work and how supply-demand dynamics affects cycles.
Click the link to read the complete article – https://macro-ops.com/the-capital-cycle/
With capital cycles as the context, the below chart puts into context the exploration budgets across countries over the last decade :