In the following figure, the minimization problem on the left side of the equation is illustrated. One seeks to vary x such that the vertical distance between the convex and concave curves at x is as small as possible. The position of the vertical line in the figure is the (approximate) optimum.
The next figure illustrates the maximization problem on the right hand side of the above equation. Tangents are drawn to each of the two curves such that both tangents have the same slope p. The problem is to adjust p in such a way that the two tangents are as far away from each other as possible (more precisely, such that the points where they intersect the y-axis are as far from each other as possible). Imagine the two tangents as metal bars with vertical springs between them that push them apart and against the two parabolas that are fixed in place.
Fenchel's theorem states that the two problems have the same solution. The points having the minimum vertical separation are also the tangency points for the maximally separated parallel tangents.