Rob Mullin returns, a year on from his last visit. The founder and CIO of Marathon Resource Advisors in San Francisco has been investing in natural resources since the early 1990s, running a long short book built around cash flow and dividends rather than stories.
We check in on the predictions he made last time, then work through what a genuinely multipolar world does to supply chains, correlations and the case for owning resources.
In this ep, Rob covers:
Why a 30 to 50% drawdown in precious metals equities was exactly what the doctor ordered, and how Agnico got to its cheapest relative PE in company history
The rare earths arbitrage: what happens when governments throw tens of billions at a sector used to surviving on tens of millions
Riding tanker rates from $30,000 a day to $300,000, and why he is now rotating toward dry bulk
Quickfire takes on nickel, PGMs, tin, tungsten, vanadium and silver versus gold
(0:00) Welcome and Rob Returns (6:30) Gold Selloff and Reserve Shift (13:50) Government Push and Multipolar Supply Chains (32:20) Hard Assets Portfolio Mix (38:40) Non-Consensus Resource Plays (47:30) Scaling and Position Sizing (57:10) Gold vs Silver Decision (58:50) Lithium Outlook and Wrap
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