Investors / stance tracking
What Jonathan Wellum is saying
FollowFollowingUnfollowCEO & CIO, RockLinc Investment Partners
105 dated public stances tracked since 2024-08-01, most recently 2026-09-21. Each line carries the date and the venue it came from; quotation marks mean verbatim. Methodology.
The stances below are c8alpha's editorial distillation of Jonathan Wellum's public commentary — television, podcasts, and interviews — compiled by automated transcript analysis and dated to the episode they came from. They may lag the speaker's current view and may contain extraction errors. Text in quotation marks is verbatim from the episode; everything else is our paraphrase. Jonathan Wellum is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
Think we got something wrong? Report a misattribution — we correct it or take it down.
105
tracked stances
55
themes
2
side flips
2026-09-21
last heard
Returns 90d +9.4% 74% correct · 77 calls · 180d +16.8% 72% correct · 76 calls · 1y +26.2% 67% correct · 75 calls
Raw direction-aware returns on public statements — long calls credited when the price rose, shorts when it fell, shorts capped at −100% — in a rising market this mostly measures who was long, not who has skill. Returns run from the stance date; calls are rarely closed publicly, so fixed 90-day / 180-day / 1-year horizons are used. A horizon shows only once it has fully matured, and only at 5+ scored stances. “% correct” is the share of those scored calls whose direction-aware return was positive at the horizon — in a rising market a bullish call is correct by default, so read it beside the market, not alone.
Scored calls
Every tracked call with at least one matured horizon: the rows behind the Returns line above. A dash is a horizon that has not matured yet.
| Date | Name | Call | 90d | 180d | 1y |
|---|---|---|---|---|---|
| 2025-10-21 | PAAS | bullish | +65.9% | +66.5% | +24.5% |
| 2025-10-21 | NVDA | bearish | +1.7% | -11.5% | -22.8% |
| 2025-10-21 | DHR | bullish | +6.3% | -11.1% | +6.7% |
| 2025-09-11 | WPM | bullish | +5.2% | +40.7% | +44.3% |
| 2025-09-11 | UROY | bullish | +14.6% | +18.6% | +35.2% |
| 2025-09-11 | SILVER | bullish | +48.4% | +111.9% | +53.8% |
| 2025-09-11 | ROP | bullish | -14.4% | -31.3% | -24.2% |
| 2025-09-11 | Gold Miners | bullish | +19.4% | +49.2% | +40.2% |
| 2025-09-11 | GOLD | bullish | +16.2% | +42.7% | +19.1% |
| 2025-09-11 | FNV | bullish | +3.2% | +30.3% | +32.6% |
| 2025-09-11 | ETN | bullish | -1.6% | +0.7% | +19.1% |
| 2025-09-11 | COPPER | bullish | +14.8% | +25.3% | +36.0% |
| 2025-09-11 | BN | bullish | +3.4% | -9.0% | -16.3% |
| 2025-09-11 | Big Tech | bearish | -7.6% | -4.3% | -23.0% |
| 2025-08-20 | long WPM / long FNV | basket | +10.2% | +46.8% | +53.9% |
| 2025-08-20 | ENERGY | bullish | +7.1% | +27.5% | +53.3% |
| 2025-08-20 | CCJ | bullish | +18.2% | +60.5% | +35.9% |
| 2025-07-24 | MKL | bullish | -5.8% | +3.2% | -0.4% |
| 2025-07-24 | CCO | owns | +67.0% | +83.5% | +109.6% |
| 2025-07-24 | BIP | bullish | +7.4% | +8.8% | +35.4% |
| 2025-07-24 | AMZN | bullish | -6.1% | -0.5% | -0.1% |
| 2025-07-24 | ADSK | bullish | +2.3% | -15.7% | -30.3% |
| 2025-07-24 | AAPL | bullish | +21.0% | +15.7% | +56.4% |
| 2025-07-02 | URANIUM | bullish | +26.4% | +21.3% | +20.1% |
| 2025-06-30 | GROY | owns | +75.6% | +83.3% | +24.9% |
| 2025-06-30 | BUR | bullish | -15.1% | -34.7% | -70.7% |
| 2025-06-09 | Gold Miners | bullish | +29.0% | +51.9% | +49.9% |
| 2025-06-09 | GOLD | bullish | +9.2% | +25.7% | +27.4% |
| 2025-06-09 | Commodities Broad | bullish | +2.4% | +6.3% | +38.7% |
| 2025-04-23 | ENERGY | bullish | +6.1% | +8.8% | +44.8% |
| 2025-04-04 | long FNV / long GOLD / long GOLD / long GOLD (+1 legs) | basket | +15.0% | +47.8% | +67.7% |
| 2025-04-04 | MAG | owns | +63.4% | — | — |
| 2025-04-04 | AEM | bullish | +21.0% | +72.0% | +111.4% |
| 2025-02-21 | GOLD | bullish | +12.0% | +13.9% | +77.8% |
| 2025-02-21 | Big Tech | bearish | +2.2% | -7.9% | -14.9% |
| 2025-02-21 | AMZN | owns | -6.2% | +3.3% | -5.2% |
| 2025-02-21 | AAPL | bearish | +17.9% | +7.7% | -8.9% |
| 2025-02-05 | SPX | bearish | +7.2% | -5.1% | -13.5% |
| 2025-02-05 | SILVER | bullish | +3.0% | +15.8% | +127.2% |
| 2025-02-05 | COPPER | bullish | +6.2% | -0.8% | +26.2% |
Showing the 40 most recent of 77 scored calls.
View flips
Where the tracked view on a theme reversed between appearances — bullish to bearish or back. Dates are the episodes on each side of the turn.
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GOLD | 6 | 6 bullish | 2026-08-14 | |
| AMZN | 4 | 4 bullish | 2025-07-24 | |
| COPPER | 4 | 4 bullish | 2026-08-14 | |
| AEM | 3 | 3 bullish | 2025-04-04 | |
| BUR | 3 | 3 bullish | 2025-06-30 | |
| ENERGY | 3 | 3 bullish | 2025-08-20 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
With inflation stubborn and rates still elevated, duration risk destroys capital; 1-2 year bonds collect coupon while avoiding mark-to-market losses, and in Canada low-coupon discount bonds offer tax-advantaged capital-gains treatment back to par
We’re in a Debt Bubble — And Higher Rates, Inflation and AI Spending Are Adding Pressure
Uranium is a core energy-transition and nuclear-power play that Wellum's firm has deliberately concentrated in as one of the key commodity areas with durable demand
“uranium when it comes to energy and nuclear”
The Commodity Boom Is Here — But Investors Could Get Burned
Said again: 2026-09-21 (Wealthion)
2026-08-21
POTASH / AGRICULTURAL NUTRIENTS
bullish
Wealthion · video
Potash and farm-input nutrients represent a focused area of attention for Wellum's firm alongside metals, reflecting the real-asset scarcity theme extended to food production inputs
“potash, and some of the nutrients that go into the farming area”
The Commodity Boom Is Here — But Investors Could Get Burned
2026-08-21
SII
bullish
Wealthion · video
Sprott Inc. is the parent of a growing suite of commodity ETFs and earns fee-based revenue across the entire commodity spectrum, making it a diversified, lower-risk play on the commodity cycle versus owning individual miners
“you buy a management company that has fee-based revenue coming out from all of these various investments across the whole commodity spectrum”
The Commodity Boom Is Here — But Investors Could Get Burned
2026-08-14
long AEM / long WPM / long FNV
basket
Wealthion · video
Gold mining equities are priced as if gold trades in the mid-$3,000s while gold is at ~$4,300 and margins exceed $3,000/oz, leaving enormous free-cash-flow expansion unrecognized by the market
“Their margin was running over $3,000 an ounce. That was their margin.”
The Financial System Is Cracking - Why Gold & Commodities Could Surge
Record central-bank gold buying (now largest reserve asset above USD) plus 350% debt-to-GDP and $2T+ US deficits make gold the necessary purchasing-power hedge as the global financial system becomes increasingly unsustainable
“The central banks' largest reserve asset is gold, over and above the US dollar.”
The Financial System Is Cracking - Why Gold & Commodities Could Surge
Said again: 2026-08-21 (Wealthion), 2026-09-21 (Wealthion)
2026-08-14
DXT
bullish
Wealthion · video
Dexterra is a Fairfax-backed Canadian facilities-management company generating 10% organic growth and a 9% FCF yield by serving reshoring and data-center clients with high switching costs and near-permanent customer relationships
“A free cash flow yield of 9%...they typically will be with a client for almost indefinitely.”
The Financial System Is Cracking - Why Gold & Commodities Could Surge
Copper faces a structural supply deficit driven by digitization, data centers, and robotics demand while supply remains constrained, evidenced by copper holding near record highs even as other commodities pulled back
“Copper didn't pull back very much at all. It's up at record highs because there's shortages.”
The Financial System Is Cracking - Why Gold & Commodities Could Surge
Said again: 2026-08-21 (Wealthion), 2026-09-21 (Wealthion)
Structural underinvestment in silver supply while demand consistently exceeds production creates a supply deficit that, combined with the debasement trade, supports higher prices despite near-term pullbacks
“The silver coming out of the mine is going to make you the money.”
The Financial System Is Cracking - Why Gold & Commodities Could Surge
Said again: 2026-08-21 (Wealthion), 2026-09-21 (Wealthion)
Pan American Silver is a core silver producer holding within their precious metals allocation, fitting the thesis of owning the physical asset via operating businesses rather than paper derivatives
90d +65.9% · 180d +66.5% · 1y +24.5%
Jonathan Wellum: The Great Divide - U.S. Strength, Canadian Decline, and the AI Bubble & Gold Play
S&P trades near 30× earnings vs a healthy 18–20×, implying ~50% overvaluation; AI companies cannot sustain infinite prices when capital returns will compress as investment scales
“you can't just put an infinite price on these securities”
90d +1.7% · 180d -11.5% · 1y -22.8%
Jonathan Wellum: The Great Divide - U.S. Strength, Canadian Decline, and the AI Bubble & Gold Play
2025-10-21
DATA-CENTER INFRASTRUCTURE (SCHNEIDER ELECTRIC, BROOKFIELD)
bullish
Wealthion · video
Global data centers must grow from ~12,000 to ~90,000 by 2050; infrastructure enablers like Schneider Electric and Brookfield that build and power these facilities offer the growth exposure without the stretched valuations of semiconductor names
Jonathan Wellum: The Great Divide - U.S. Strength, Canadian Decline, and the AI Bubble & Gold Play
Danaher and Thermo Fisher have been poo-pooed and the entire healthcare sector has underperformed, creating value in high-quality medical equipment manufacturers with durable growth
90d +6.3% · 180d -11.1% · 1y +6.7%
Jonathan Wellum: The Great Divide - U.S. Strength, Canadian Decline, and the AI Bubble & Gold Play
Global sovereign debt is effectively intractable and governments will be forced to inflate it away, continuously eroding fiat currency value relative to gold as the best barometer of real money
“fiat currencies are going to continue to drop in value relative to hard assets”
90d +16.2% · 180d +42.7% · 1y +19.1%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Said again: 2025-10-21 (Wealthion)
AI data centers, electrification of transportation, grid rebuilds, and digitization are driving 3–5% annual energy demand growth that requires a massive increase in copper mining, creating supply shortages even at 50% of current demand projections
“we're going to need a lot more copper”
90d +14.8% · 180d +25.3% · 1y +36.0%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Silver shares the same debt/fiat debasement tailwind as gold while also benefiting from industrial electrification demand, and the sector offers further upside even if gold corrects
“silver also could have some legs to it”
90d +48.4% · 180d +111.9% · 1y +53.8%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
Gold Miners
bullish
Wealthion · video
A curated basket of ~20 junior miners selected on balance-sheet quality provides diversified junior exposure, avoiding the 90% of juniors Wellum believes are essentially worthless
90d +19.4% · 180d +49.2% · 1y +40.2%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
ROP
bullish
Wealthion · video
Roper Technologies is a Buffett-style software roll-up that dominates niche market segments, compounds free cash flow into more acquisitions, and is at relatively strong value
90d -14.4% · 180d -31.3% · 1y -24.2%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Said again: 2025-10-21 (Wealthion)
Franco-Nevada is a large, high-quality gold royalty company that provides gold upside with diversified royalty cash flows and reduced operator risk, core to a precious-metals allocation
90d +3.2% · 180d +30.3% · 1y +32.6%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Wheaton Precious Metals is a leading royalty streamer with silver and gold exposure, offering leverage to precious metals prices with capital discipline and steady growth
90d +5.2% · 180d +40.7% · 1y +44.3%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Brookfield Corporation provides infrastructure hard assets with long-term contracts and also has direct exposure to Westinghouse nuclear and data center investments, offering both income and AI/nuclear upside
90d +3.4% · 180d -9.0% · 1y -16.3%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
Big Tech
bearish
Wealthion · video
Hyperscaler capex commitments must eventually generate a return on invested capital and the current consensus priced in is the most aggressively optimistic Wellum has ever seen, setting up for write-offs and multiple compression
“do you pay 40 50 times revenue for AI?”
90d -7.6% · 180d -4.3% · 1y -23.0%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Eaton provides critical electrical components for data center construction and grid modernization, directly profiting from the AI-driven surge in energy infrastructure spending without requiring a bet on any single AI winner
90d -1.6% · 180d +0.7% · 1y +19.1%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
NICKEL MINERS / NICKEL
bullish
Wealthion · video
The same AI/electrification demand wave that drives copper also creates nickel shortages since current mining capacity is insufficient to meet projected energy transition needs
“we're going to need a lot more nickel”
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
UROY
bullish
Wealthion · video
Uranium Royalty Corp provides royalty-stream exposure to uranium production, offering upside to the nuclear renaissance with counterparty diversification similar to the gold royalty model
90d +14.6% · 180d +18.6% · 1y +35.2%
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
Schneider Electric supplies automation and electrical infrastructure components for data centers and grid rebuilds, benefiting from the same AI-driven electrification capex wave as Eaton
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-09-11
KPG
bullish
Wealthion · video
Kelly Partners is rolling up CPA firms in Australia, the US, and UK where owner-operators are approaching retirement, using Constellation Software-style capital discipline to compound at high returns in a fragmented and largely untapped market
“a really neat company and the fellow running it is very bright”
Jonathan Wellum: Stocks Could Crash 40% as Economy Stalling
2025-08-20
long WPM / long FNV
basket
Wealthion · video
Leading Canadian gold/silver royalty companies offer equivalent quality to US peers at better valuations because they are overlooked by passive flows concentrated in US indices
“the leading royalty companies in the gold silver space like Wheaton Precious Metals, Franco-Nevada — those are Canadian companies”
90d +10.2% · 180d +46.8% · 1y +53.9%
Jonathan Wellum: Canada vs. U.S. Stocks: Where Investors Should Put Their Money
Canadian energy and resource companies are underloved and undervalued because passive capital flows bypass them in favor of US index giants, yet the underlying businesses are producing strong cash flows
“some of our great resource companies, they're doing quite well and making lots of money”
90d +7.1% · 180d +27.5% · 1y +53.3%
Jonathan Wellum: Canada vs. U.S. Stocks: Where Investors Should Put Their Money
Cameco is one of the best uranium suppliers globally with decades of reserves, making it the premier Canadian vehicle for nuclear energy exposure that competes directly with US alternatives
“Kamico is one of the best companies in the world in terms of supplies of uranium and decades and decades of uranium”
90d +18.2% · 180d +60.5% · 1y +35.9%
Jonathan Wellum: Canada vs. U.S. Stocks: Where Investors Should Put Their Money
Said again: 2025-09-11 (Wealthion)
2025-07-24
SAND
bullish
Wealthion · video
Sandstorm Gold's combination with Royal Gold creates a stronger royalty vehicle that the market is underappreciating, while the stock trades near 1.5x NAV vs. 2-2.5x for the larger peers
“we think that combination is going to be a good combination. The market's not appreciating it in our view”
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Apple is down ~15% on the year, carries a fortress balance sheet with higher credit quality than the US government, and franchise optionality plus cash for M&A makes it a candidate for adding at current levels
“we're actually looking at that and looking at their options and seeing whether we should actually add a little bit more”
90d +21.0% · 180d +15.7% · 1y +56.4%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
2025-07-24
BIP
bullish
Wealthion · video
Brookfield Infrastructure is actively building out data centers, making it a lower-risk infrastructure vehicle to capture AI-driven capital expenditure without paying Nvidia-level multiples
“Brookfield Infrastructure — they're building out a lot in the data centers also”
90d +7.4% · 180d +8.8% · 1y +35.4%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Amazon has multiple durable growth vectors beyond retail — AWS and newer AI-driven services — justifying its valuation as a large-cap compounder with expanding optionality
“we just see that they've got a lot of avenues for growth still in that business”
90d -6.1% · 180d -0.5% · 1y -0.1%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Said again: 2025-09-11 (Wealthion)
2025-07-24
MKL
bullish
Wealthion · video
Markel dipped to 1.5x book on underwriting challenges — cheap for a high-quality specialty insurer and mini-Berkshire compounder — with bond portfolio tailwind if rates fall
“it's a really good producer and underwriter and they also own businesses are like a little bit of a mini buffet”
90d -5.8% · 180d +3.2% · 1y -0.4%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Said again: 2025-09-11 (Wealthion)
2025-07-24
TSU
bullish
Wealthion · video
Trisura (Brookfield spinoff, Toronto-based North American specialty insurance) grows at high double digits and is still trading well below his estimated intrinsic value near CAD $50
“it's still we think it's worth over 50”
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
At a $4 trillion market cap the required growth to double to $8 trillion is speculative against a $90-100 trillion global GDP; Wellum explicitly passes despite 80% rally from April lows
“at this point to jump in the growth numbers expected in Nvidia now are very optimistic and we just cannot justify going in”
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
2025-07-24
CANADIAN OIL AND GAS EQUITIES
bullish
Wealthion · video
Canadian E&P companies are generating strong earnings but trade at depressed valuations purely due to Canadian policy risk; any deregulation or resource-development shift could unlock significant multiple expansion
“our oil and gas companies are trading at low valuations because they're kind of in Canada, but they're making lots of money”
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
2025-07-24
SBGSY
bullish
Wealthion · video
Schneider Electric is a global infrastructure play on data center buildout and grid electrification with substantial US operations, positioned for secular AI-driven energy demand growth
“helping you know data build data centers and also facilitate the buildup of the grid as electrification becomes more important”
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Autodesk is a technology holding Wellum considers attractively valued within the secular AI/software growth wave as a picks-and-shovels software beneficiary
“Autodesk in the technology space. We like that business”
90d +2.3% · 180d -15.7% · 1y -30.3%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
Said again: 2025-09-11 (Wealthion)
2025-07-24
CCO
owns
Wealthion · video
Cameco is a high-quality uranium company offering exposure to Canada's undervalued resource base at a time US capital is increasingly looking north; valuation has risen but it remains a core holding
“Kamico we've owned now for a while. It's getting a little bit more expensive, but that's a fantastic company”
90d +67.0% · 180d +83.5% · 1y +109.6%
Jonathan Wellum: High Valuations, Tariffs & Why Canada Is Falling Behind
AI-driven data center buildout is creating a large secular increase in electricity demand requiring grid expansion, with uranium as a key energy source, while it simultaneously serves as a hard-asset hedge against fiat currency debasement from unsustainable…
“uranium... plays off two things: a long-term secular growth opportunity and also the pressure on fiat currencies”
90d +26.4% · 180d +21.3% · 1y +20.1%
Marko Papic: The U.S. Gravy Train Is Ending — Cut Your U.S. Exposure in Half?!
Said again: 2025-09-11 (Wealthion)
2025-07-02
US SMALL CAPS / RUSSELL 2000
bullish
Wealthion · video
Investors seeking US equity exposure without paying inflated Magnificent 7 multiples can find well-run small-cap businesses in the Russell 2000 at meaningfully lower valuations.
“if you don't have to buy the mag 7 go down further go into the Russell 2000”
Marko Papic: The U.S. Gravy Train Is Ending — Cut Your U.S. Exposure in Half?!
2025-06-30
GROY
owns
Wealthion · video
Gold Royalty Corp trades at 0.5x NAV vs Franco-Nevada at 2.5x despite holding best-in-class royalty streams on Tier-1 assets; a 2-3 year near-term cash flow lag creates a temporary valuation discount on fundamentally strong properties backed by counterparties…
“we took a big position in it at half net asset value. Now Franco's trading at two and a half, Groy's trading at half”
90d +75.6% · 180d +83.3% · 1y +24.9%
Buy, Hold, Sell: Jonathan Wellum on the Rules of Smart Investing
Said again: 2025-07-24 (Wealthion)
2025-06-30
BUR
bullish
Wealthion · video
Burford Capital dropped 15% on a Senate proposal to tax litigation finance companies at a higher rate, but at ~10x earnings and near book value the business is cheap and the legislative risk is an exogenous overhang rather than a fundamental deterioration in…
“something's trading at book value with the quality of a business like that—that's not going to cause us to run away”
90d -15.1% · 180d -34.7% · 1y -70.7%
Buy, Hold, Sell: Jonathan Wellum on the Rules of Smart Investing
Said again: 2025-09-11 (Wealthion)
Governments globally are still spending 50% more than pre-COVID with no meaningful cuts, normalizing fiscal deficits at emergency levels, which continues to debase fiat currencies and makes precious metals a necessary portfolio hedge
90d +9.2% · 180d +25.7% · 1y +27.4%
David Rosenberg: Gold to $6,000 & Why the U.S. Dollar Is Losing Its Power | Part II
Said again: 2025-06-30 (Wealthion), 2025-07-02 (Wealthion)
2025-06-09
Gold Miners
bullish
Wealthion · video
Many gold mining companies are not trading at elevated valuations despite surging gold prices and the same macro tailwinds, offering a discounted entry into the gold theme for investors willing to do company-level due diligence
90d +29.0% · 180d +51.9% · 1y +49.9%
David Rosenberg: Gold to $6,000 & Why the U.S. Dollar Is Losing Its Power | Part II
2025-06-09
Commodities Broad
bullish
Wealthion · video
The commodities underpinning AI, data centers, and the energy revolution are trading at 10-20% of the valuations of the tech companies they enable, creating a valuation dislocation opportunity for patient investors
90d +2.4% · 180d +6.3% · 1y +38.7%
David Rosenberg: Gold to $6,000 & Why the U.S. Dollar Is Losing Its Power | Part II
Free cash flow yields on profitable energy companies are high and valuations look cheap relative to gold, though the Trump administration's drill-baby-drill push and potential demand weakness from a recession temper near-term enthusiasm.
“there's a lot of very profitable oil companies and free cash flow yields on some of these businesses quite high”
90d +6.1% · 180d +8.8% · 1y +44.8%
Jesse Felder: Stocks, Bonds & the U.S. Dollar Are All Breaking
2025-04-04
long FNV / long GOLD / long GOLD / long GOLD (+1 legs)
basket
Wealthion · video
Precious metals royalty companies offer 8-10% organic growth from expanding royalty streams, safer and more diversified cash flows than miners, and levered upside to gold and silver prices without operational and political mine-level risks
“they've got 8 to 10% organic growth and that's without any change in the underlying commodity prices”
90d +15.0% · 180d +47.8% · 1y +67.7%
Larry McDonald: Investors Fleeing U.S. Markets - Where the Smart Money Is Going | Part II
Agnico Eagle distinguishes itself among gold miners through disciplined capital allocation and strong management execution, making it a preferred individual miner holding despite the sector's operational complexity
“Sean Boyd's an amazing um executive and they've run that company well”
90d +21.0% · 180d +72.0% · 1y +111.4%
Larry McDonald: Investors Fleeing U.S. Markets - Where the Smart Money Is Going | Part II
2025-04-04
SBGSY
bullish
Wealthion · video
Schneider Electric supplies critical electrical infrastructure for data centers and grid upgrades, positioning it to compound durably through the AI buildout and energy transition capex cycle
“companies like Snyder Electric which provides parts and equipment for data centers for building up of the electrical utility grid”
Larry McDonald: Investors Fleeing U.S. Markets - Where the Smart Money Is Going | Part II
Said again: 2025-07-02 (Wealthion)
2025-04-04
MAG
owns
Wealthion · video
MAG Silver provides selective levered exposure to the silver bull thesis within a portfolio that prioritizes royalty companies over operational miners, for investors who want a direct miner alongside royalty holdings
“Mag Silver. So we do have a couple of miners”
90d +63.4%
Larry McDonald: Investors Fleeing U.S. Markets - Where the Smart Money Is Going | Part II
2025-04-04
OIL AND GAS EQUITIES
bullish
Wealthion · video
Energy sector free cash flow yields are high relative to valuations and the sector provides an effective hedge for stagflation and inflation scenarios, though position sizing is modest given volatility
“the free cash flow yields on some of the energy companies are really high”
Larry McDonald: Investors Fleeing U.S. Markets - Where the Smart Money Is Going | Part II
In an environment of unsustainable global debt, fiscal deficits, and uncertain real rates, hard monetary assets like gold and silver provide portfolio ballast that crypto does not yet offer with the same track record.
“I still like the gold silver precious metals…and the harder assets”
90d +12.0% · 180d +13.9% · 1y +77.8%
Jonathan Wellum: How I’m Investing in an Overpriced & Volatile Market
Said again: 2025-04-23 (Wealthion)
Amazon's combination of its massive retail business and AWS cloud unit offers pricing power and a reasonable price-to-sales valuation relative to other Mag 7 names, making it a safer way to maintain exposure to large-cap tech.
“the one that we have kept reasonable position in is Amazon…it's not outlandish it's not outrageous they do have a fair bit of pricing power”
90d -6.2% · 180d +3.3% · 1y -5.2%
Jonathan Wellum: How I’m Investing in an Overpriced & Volatile Market
Apple's law-of-large-numbers problem makes sustained 20-25% growth nearly impossible from its current base, so the position has been deliberately trimmed even though the franchise quality is undeniable.
“we did have a lot more in apple and that's become a much smaller percentage…they're having a tough time growing”
90d +17.9% · 180d +7.7% · 1y -8.9%
Jonathan Wellum: How I’m Investing in an Overpriced & Volatile Market
2025-02-21
Big Tech
bearish
Wealthion · video
AI productivity benefits are not yet proven and may already be fully priced in across the Mag 7, so concentration risk and stretched valuations justify a significant underweight versus the index.
“we're a little bit nervous about that mag 7 and therefore our waiting in it is quite low”
90d +2.2% · 180d -7.9% · 1y -14.9%
Jonathan Wellum: How I’m Investing in an Overpriced & Volatile Market
The green energy transition and AI infrastructure buildout require massive copper volumes while mining stocks trade at a fraction of the cash-flow multiples afforded to chip companies that depend on those same metals
“you can't have chip companies without mining—buy some of these critical assets at a fraction of the cash flow of the chip companies”
90d +6.2% · 180d -0.8% · 1y +26.2%
Smart Money & BRICS Are Rushing Into Gold | Jonathan Wellum
Silver faces a structural supply deficit as production fails to keep pace with accelerating demand from EVs, solar panels, AI infrastructure, and grid expansion, creating explosive upside potential once the deficit becomes undeniable
“it doesn't seem to me that we're producing enough and there seems to be a deficit—silver could be explosive”
90d +3.0% · 180d +15.8% · 1y +127.2%
Smart Money & BRICS Are Rushing Into Gold | Jonathan Wellum
Showing the 60 most recent of 105 tracked stances.
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