Investors / stance tracking
What Steven Feldman is saying
FollowFollowingUnfollowCo-Founder & CEO, GBI
Company executive
24 dated public stances tracked since 2024-11-12, most recently 2026-10-30. 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 Steven Feldman'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. Steven Feldman is not affiliated with c8alpha and has not endorsed this page. Nothing here is investment advice.
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24
tracked stances
17
themes
0
side flips
2026-10-30
last heard
Returns 90d -4.8% 40% correct · 10 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 |
|---|---|---|---|---|---|
| 2026-07-24 | V | bullish | +16.7% | — | — |
| 2026-07-24 | USTS | bearish | +0.9% | — | — |
| 2026-07-24 | SPX | bearish | -3.6% | — | — |
| 2026-07-09 | MSFT | bearish | -38.1% | — | — |
| 2026-06-04 | URANIUM | bullish | -11.9% | — | — |
| 2026-06-04 | GOLD | bullish | -2.1% | — | — |
| 2026-06-04 | ENERGY | bullish | +11.6% | — | — |
| 2025-01-03 | USTS | bearish | -5.2% | -4.9% | -8.4% |
| 2025-01-03 | SOFI | bullish | -28.3% | +22.1% | +97.3% |
| 2024-11-12 | GOLD | bullish | +11.8% | +24.2% | +60.8% |
Most-argued themes
| Theme | Stances | Lean | Mix | Last |
|---|---|---|---|---|
| GOLD | 3 | 3 bullish | 2026-10-30 | |
| FARMLAND | 2 | 2 bullish | 2026-10-30 | |
| USTS | 2 | 2 bearish | 2026-07-24 | |
| COPPER | 1 | 1 bullish | 2026-10-30 | |
| ENERGY | 1 | 1 bullish | 2026-06-04 | |
| INFRASTRUCTURE | 1 | 1 bullish | 2026-07-24 |
Tracked stances
bullish / bearish is a view they argued; owns / short is a position they said they hold.
2026-10-30
long GOLD / short GOLD
pair
Wealthion · video
In an inflationary rising-rate environment, unlevered commodity (gold) outperforms leveraged gold miners because higher rates compress miner equity via debt costs while the physical commodity needs no capital rollover
“the gold doesn't need any of it... owning the commodity might be better than owning the operating business”
What to Own if the Tech Boom Falters | Steven Feldman
2026-10-30
long COPPER / long URANIUM / long ENERGY
basket
Wealthion · video
Electrification is a structural multi-decade demand driver—data centers, EVs, robots all need power—making copper, uranium, and pipeline infrastructure scarce inputs that benefit regardless of AI cycle volatility
“if I could make two trades, I'd make electricity trade and a monetary trade”
What to Own if the Tech Boom Falters | Steven Feldman
Rising sovereign debt, fiscal dominance replacing monetary policy, and geopolitical cyber/war risk make gold an inevitable monetary hedge; as an unlevered scarce asset it doesn't require rolling debt to maintain value
“I think that is an inevitable trade... if you're wrong, everything else went up”
What to Own if the Tech Boom Falters | Steven Feldman
2026-10-30
FARMLAND
bullish
Wealthion · video
Farmland is civilization's irreplaceable infrastructure—unlevered, uncorrelated, with only four down years in 50 and losses of ~3%—making it a wealth-preservation scarce asset in an inflationary fiscal-dominance regime
“you're not making more land... four down years in 50, and down meaning like 3%”
What to Own if the Tech Boom Falters | Steven Feldman
These names have already run 2–4x on AI momentum; cracks in AI capex capital structures (CoreWeave bonds at 70 cents, Blue Owl force majeure) signal malinvestment coming home to roost, and the energy that drove the multiples is spent
“I've been advocating a rotation out. Take your winnings... they're not going to go up four X from here”
What to Own if the Tech Boom Falters | Steven Feldman
Copper demand is structurally underpinned by electrification (EV, data centers, transmission deficit) that predates AI and persists regardless of whether AI capex cools, while supply remains scarce
“we had a electricity transmission deficit in this country before AI showed up”
What to Own if the Tech Boom Falters | Steven Feldman
2026-07-24
long GOLD / long FARMLAND / long S
hedge
Wealthion · video
Hold gold and farmland as crash-proxy/income ballast that is structurally non-correlated with equities, which de-risks the overall portfolio enough to remain long equities without worrying about permanent capital loss
“gold as a crash proxy and farmland as a multi-thousand year asset that pays income that allows me to take more risk”
Steven Feldman: The Investment Risk Nobody Wants to Talk About
Inflation is the US government's only realistic path out of a $40T debt load, which makes fixed-rate bonds a value-destroying hold; cash preserves optionality and avoids the same debasement trap while bonds compound the loss
“I'd rather have cash.”
90d +0.9%
Steven Feldman: The Investment Risk Nobody Wants to Talk About
At 40% weight in 10 AI-correlated companies, the S&P 500 is no longer a diversified index but a highly concentrated AI bet at stretched valuations, creating systemic drawdown risk if AI capex expectations crack or Chinese open-source models commoditize the…
“If you're 100% in the S&P 500 today, you are 90% in AI.”
90d -3.6%
Steven Feldman: The Investment Risk Nobody Wants to Talk About
2026-07-24
RAILROADS
bullish
Wealthion · video
Railroad track is irreplaceable scarce infrastructure—drones cannot substitute for bulk cargo movement—making it a durable real asset with no AI disruption risk and no entry from new competition
“I don't see anybody else figuring out how a drone is going to move cargo.”
Steven Feldman: The Investment Risk Nobody Wants to Talk About
2026-07-24
FARMLAND
bullish
Wealthion · video
Farmland is a multi-thousand-year scarce, income-producing asset that hedges inflation and provides portfolio ballast that allows greater risk-taking elsewhere
“farmland as a multi-thousand year asset that pays income that allows me to take more risk”
Steven Feldman: The Investment Risk Nobody Wants to Talk About
Visa's network moat is effectively unreplicable and AI is more likely a productivity enhancer than an existential threat to its business, while its free cash flow and return on invested capital meet his strict real-valuation criteria
“The moat has been working forever and I think it'd be almost impossible to replace it.”
90d +16.7%
Steven Feldman: The Investment Risk Nobody Wants to Talk About
2026-07-24
INFRASTRUCTURE
bullish
Wealthion · video
Infrastructure assets are physically scarce and hard to replace, benefit from inflation, and are uncorrelated to the AI/tech concentration risk dominating the S&P 500
Steven Feldman: The Investment Risk Nobody Wants to Talk About
2026-07-24
STOCK EXCHANGES
bullish
Wealthion · video
Stock exchanges are structurally scarce—new ones cannot be created—placing them alongside railroads as the class of real, non-AI-threatened assets with durable pricing power that he owns outside the S&P top 10
“Stock exchanges—scarce, can't make more of them.”
Steven Feldman: The Investment Risk Nobody Wants to Talk About
Microsoft has transitioned from a zero-marginal-cost software model to a capital-intensive infrastructure build-out, making it structurally analogous to a railroad company and warranting a much lower infrastructure multiple rather than 50x P/E
“they're a railroad company...they shouldn't be trading at 50 PEs”
90d -38.1%
Supercycle = Gold & Silver to 7X. Jeff Currie with Steven Feldman on Open Position
Structural US fiscal deterioration — $39 trillion debt, $2 trillion annual deficits, rising interest expense, and a likely less-independent Fed chair — creates a permanent tailwind for gold as a monetary asset
“there's no long-term wind that is not in the back of a monetary asset on the back of $39 trillion of debt”
90d -2.1%
Is Your Portfolio Ready for the AI Resource Rush?
Said again: 2026-07-24 (Wealthion)
AI data centers need co-located reliable power and small nuclear reactors are emerging as the solution, driving uranium demand
“it's the uranium that has the small nuclear reactors that people need next to these things”
90d -11.9%
Is Your Portfolio Ready for the AI Resource Rush?
AI data centers require massive power buildout, making energy infrastructure the single biggest beneficiary of AI spending since all that compute must be 'plugged in'
“Energy infrastructure has got to be the single biggest theme around AI. You got to plug it in.”
90d +11.6%
Is Your Portfolio Ready for the AI Resource Rush?
2026-06-04
SEMICONDUCTOR MATERIALS / INPUTS
bullish
Wealthion · video
Materials and inputs that go into semiconductors are less overvalued than the chip companies themselves yet still benefit from AI-driven demand growth
“more likely the things that go in semiconductors because they're probably not as overvalued as some semiconductor companies up 400X”
Is Your Portfolio Ready for the AI Resource Rush?
2026-06-04
REAL ASSETS (SCARCE, LOCALLY-SOURCED RESOURCES)
bullish
Wealthion · video
De-globalization and energy/resource security imperatives are forcing countries to source critical materials locally, yet US investor exposure to real assets remains negligible, creating an opportunity
“I am going to a scarcity theme, a real asset theme”
Is Your Portfolio Ready for the AI Resource Rush?
Endemic inflation above 3%, $8 trillion in 2025 debt rollovers, massive corporate re-issuance, and deglobalization reducing foreign buying pressure will force real rates higher and drive 10-year yields to 5.5%.
“I wouldn't touch a long bond coming up for this year”
90d -5.2% · 180d -4.9% · 1y -8.4%
2025 Predictions: Markets, AI, and Global Shake-Up? | Steven Feldman
2025-01-03
TTM
bearish
Wealthion · video
Company with $386K trailing revenue and no credible path to beating Google in quantum computing is trading at ~5,000x revenue after a 25x run from a beverage-company shell, making it a speculative retail trap with no fundamental support.
“I don't see how Quantum Computing beverage company is going to beat Google”
2025 Predictions: Markets, AI, and Global Shake-Up? | Steven Feldman
Retail bank customers are underserved as bulge-bracket banks exit small/mid lending, leaving SoFi with growing brand recognition, escape velocity in multiple lending verticals, and a favorable macro backdrop for direct-to-consumer banking.
“I really feel like it's only hitting escape velocity now and the macro is great”
90d -28.3% · 180d +22.1% · 1y +97.3%
2025 Predictions: Markets, AI, and Global Shake-Up? | Steven Feldman
Rising interest rates increase US government interest outlays, making it a structurally worse credit and eroding the safe-haven premium of Treasuries, which drives flows to gold as an alternative store of wealth; gold also compounds tax-free unlike bonds…
“this time when rates go up interest outlays will go up and it's going to make the US government as a company a worse credit”
90d +11.8% · 180d +24.2% · 1y +60.8%
Bob Elliot on Today's Markets, Macro & How The Pros Invest
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