AK capital growth loop ignores energy limits and capital timing, Andy Constan warns

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03.10.2026

AK capital growth loop ignores energy limits and capital timing, Andy Constan warns — Capital growth loop misses real limits

Andy Constan, founder / strategist at Damped Spring Macro, highlights that the AK capital growth loop operates by design but fails to consider critical real-world limits. He points out that the model does not account for physical constraints on energy and materials, or for Baumol's Cost Disease, and most importantly, it overlooks the sources and timing restrictions on capital due to cash flow deficits.

Constan also references the concept of a Minsky squeeze, suggesting a deeper concern about financial system vulnerabilities.

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Constan previously refuted inaccurate reporting on Oracle’s $7.5 billion share sale, clarifying the SEC filing timeline in a recent article. He has also released a 101 guide on commodities and risk premiums as part of a video series highlighted in an earlier feature. These discussions reflect his focus on dissecting market narratives and financial mechanisms.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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