Market Mechanics: The selloff was framed as a leverage flush driven by record options expiration, market-maker failures, and automatic deleveraging, not a valuation reset. Structured selling and ADL cascades amplified volatility across venues.
Bitcoin: Despite a roughly 33% drawdown, oversold signals and whale accumulation suggest long-term strength, with institutions buying the dip. The guest views forced selling as being absorbed, remaining bullish over a multi-year horizon.
MicroStrategy (MSTR): Positioned as a bitcoin-backed structured finance vehicle, not a passive fund, creating products to grow BTC per share. While preferreds trade at distressed levels, the accretive model works if BTC’s return exceeds cost of capital, and coupon coverage appears ample.
Gold: Presented as the primary risk-off asset supported by central bank demand and China’s push, with expectations for continued upside. Markets currently price gold as defensive and Bitcoin as risk-on despite similar long-term debasement drivers.
Debasement Trade: Anticipated rate cuts, QT ending, and potential QE along with global stimulus (e.g., Japan) underpin a liquidity wave. The guest argues persistent currency debasement is bullish for both Bitcoin and gold.
AI: Massive AI capex is a major tailwind for liquidity but carries bubble and idiosyncratic risks. The fund is hedging AI-related exposures via puts to manage downside while staying broadly long risk assets.
US Reindustrialization: An estimated $8T-plus commitment to rebuild U.S. industrial capacity, including mining strategic minerals and refining rare earths, is a key structural theme. This supports a constructive view on commodities and related materials exposure.
Market Outlook & Risk: Expect swift policy support to counter future liquidity shocks, favoring V-shaped recoveries. Watch for QT ending, falling rates, and renewed government spending as signals of a bullish liquidity regime.
Junior Mining: CEOs detailed execution challenges including funding cycles, dilution management, and disciplined drilling to add value without overextending capital.
Developer Discount: A pronounced valuation gap exists as developers trade around 0.22x NAV versus producers at 5-6x, creating an opportunity for investors.
Gold Developers: Multiple guests emphasized advancing assets from discovery through PEA/PFS, highlighting timelines, de-risking, and momentum as key value drivers.
Revival Gold (RVG): Positioned in the western US with ~6Moz gold and focus on talent, strategic industry engagement, and optimizing project economics amid shifting metal prices.
Snowline Gold (SGD): Advancing the Valley deposit with strong exploration plus PEA/PFS workstreams, prioritizing permitting, environmental baselines, and First Nations agreements.
US Mining: Favorable policy recognition for strategic metals and clear permitting pathways were cited as tailwinds, while responsible ESG practices remain essential.
Yukon Mining: Emphasis on early community engagement, local partnerships, and environmental work underscores social license as critical to advancing projects.
Risks and Catalysts: Underinvestment in exploration, regulatory timelines, and talent shortages are key risks, while strong gold prices and disciplined execution provide upside.
Fortune Bay (FOR): Management pitched the Goldfields project as a derisked open-pit gold development with a recent PEA showing strong economics and a financing just closed to advance work.
Goldfields PEA: At $2,600 gold, the study indicates ~$610M after-tax NPV5, 44% IRR, 1.7-year payback, with significant upside at higher gold prices; robust resource quality (97% indicated) and historical reconciliation support confidence.
Permitting in Saskatchewan: Existing 2008 EIS can be amended, targeting sub-5,000 tpd to keep approvals in-province; early First Nations/community engagement planned, with studies indicating manageable environmental risks near Lake Athabasca.
Fast-Track Concentrate Option: Gravity plus flotation concentrate pathway could halve plant capex, fit within the original EIS footprint, and accelerate timelines; SGS testwork underway to confirm mass pull and recoveries.
Exploration Upside: Planned 4,500–5,000m program focuses on down-dip step-outs at Box, targets near Athona, and historical showings (Frontier, West Mine Granite) to add ounces and assess underground potential.
Financing & Execution: $8M raised (no warrants) with $2M flow-through for drilling; remaining funds allocated to PFS-enabling studies, permitting, and team expansion to accelerate project delivery.
Mexico Theme: Chiapas project community agreements are 70–90% along by management’s estimate, with aim to start drilling in Q2/Q3 once permits are secured; large porphyry potential noted alongside acknowledged social-risk management.
Uranium Exploration: Partner-funded uranium projects in northern Saskatchewan continue, providing potential discovery optionality and fee income to offset G&A without diverting core capital.
Market Outlook: Guests largely view recent weakness as a consolidation within a bull market, citing inflationary policy and supply-chain reshoring as commodity-supportive forces.
Gold Bull Market: Extended discussion on gold’s surge, volatility, and historical analogs suggests continued strength, even if equities take time to digest vertical moves.
Junior Miners: Emphasis on survival and value creation via strong balance sheets, flexible spending, liability management, and the ability to raise capital even in tougher markets.
Exploration Success: Discovery is highlighted as the key countertrend driver in bear markets, with historical examples showing outsized equity gains from high-grade drill results.
Key Companies: Barrick Gold (GOLD) profiled through its discovery-led rise; Alamos Gold (AGI) praised for buying grade and Island Gold performance; Maple Gold Mines (MGM), Riverside Resources (RRI), and Element 29 Resources (ECU) detailed with funding runways and upcoming catalysts.
High-Grade Focus: “Grade is king” underpins strategies, enabling margin resilience and outperformance for quality mines and advancing projects across cycles.
Copper: Structural demand growth and scarcity are stressed, with deglobalization and electrification themes supporting exploration and development agendas.
Funding & Risks: Companies underscore managed dilution, permitting milestones, and JV/major backing as buffers, while acknowledging cyclicality and the need to time financings.
Nevada Gold Platform: Guest pitches building a Nevada-centric gold production hub-and-spoke platform targeting 100,000+ oz/year through Borealis, Sandman, and selective acquisitions.
Ticker Highlight: Borealis Mining (BOGO) is the focus, with recent gold pours, more expected near-term, and a planned Q1 restart next year supported by contractor mobilization in January and first blast targeted for February.
Heap Leach Focus: Strategy emphasizes low-capex heap leach operations, detailing residency times, carbon loading/stripping, and pad dynamics to drive cash flow and scalability.
Sandman Project: Updated PEA and a forthcoming PFS aim for 35–40k oz/year potential, with loaded carbon to be trucked to Borealis; permitting targeted for 2027 under a phased plan.
Financial Position: Company indicates it is fully funded through restart with ~C$12M cash and a US$5M working-capital bridge; open to opportunistic equity raises but avoiding debt.
Operational Risks: Key challenges include clay-related crushing slowdowns, heap leach breakthrough timing, contractor execution, weather, and air permitting (Class 5), though mitigations are underway.
Growth via M&A: Plan to add 30–50k oz assets within Nevada to reach mid-tier scale while maintaining share structure discipline and prioritizing free cash flow reinvestment over dividends.
Comparables and Market: References to peers and operators (e.g., i-80 Gold, Hecla, Fortitude Gold) frame the model and risks; a future NYSE American listing is a goal to broaden U.S. investor access.
Nevada Gold: The discussion centers on Viva Gold’s Tonopah project in Nevada’s Walker Lane, pursuing a modest open-pit heap leach and CIL operation focused on cash flow.
Ticker Highlight: Viva Gold (VAU) is profiled in depth, including its ~0.5Moz Au M&I resource plus Ag, PEA-stage moving to feasibility, institutional ownership (incl. Dundee), and valuation per ounce.
Permitting Window: The guest stresses a unique U.S. permitting window and plans to file a Plan of Operations and EIS, noting permitted Nevada assets can command roughly a 3:1 premium versus unpermitted.
Water Management: Key risk addressed via reinfiltration rights, dewatering plans, potential commercial water from Tonopah Public Utilities, and a robust hydrological baseline with 36+ monitoring points.
Financing Strategy: Options include vendor financing, capital leases for mining fleet, prepaid gold forwards, and selective equity raises, with an investor outreach tilt toward Europe.
Project Advancement: Target is to complete feasibility, convert resources to reserves through infill drilling, and submit permitting documents with an estimated two-year path to final permits.
Valuation Upside: Management argues re-rating potential from roughly $30/oz to $100–$170/oz upon permitting, with a plan to build to cash flow and expand via hub-and-spoke M&A.
Risks and Mitigation: Permitting remains the primary risk; mitigants include dense drilling (mostly M&I), oriented core and geotechnical work, metallurgy confirmation, and active community engagement.
Canadian Economy: Structural low productivity and cyclical shocks from tariffs and weak oil prices are pushing unemployment higher and keeping growth near stall speed.
Auto Sector: Significant focus on Canada’s auto ecosystem risk from U.S. tariffs and plant closures, with concern about a cascading decline similar to Australia’s experience.
Tickers Highlighted: STLA (Stellantis) detailed for Brampton plant closure and Illinois expansion; GM (General Motors) discussed for shutting an Ingersoll EV van plant after weak demand.
Canadian Equities: TSX strength diverges from the weak economy due to international exposure, profit resilience, BoC easing, and gold-stock contributions; caution advised given elevated valuations.
Canadian Real Estate: BoC cuts intersect with a mortgage renewal cliff, while falling rents and home prices and a shrinking municipal tax base point to ongoing property-market pressure.
US-Canada Tariffs: Outcomes of KUSMA renegotiation are pivotal; lower effective tariffs plus stimulus could avert recession, while higher tariffs imply a deep, broad downturn.
Portfolio Positioning: The guest recommends de-risking—reducing Canadian equity exposure, shifting toward bonds, and diversifying internationally (e.g., Asia and EM) to buffer tail risks.
Hard Assets Rotation: The guest argues capital is shifting from financial assets into hard assets due to massive fiscal/monetary expansion and global policy excess.
Precious Metals: Bullish on gold and silver with central-bank demand and financial repression as drivers; suggests a staged buy strategy using GLD levels and highlights silver’s relative value.
Energy Equities: Strong pitch for natural gas and coal stocks, citing AI-driven power needs and high free-cash-flow yields; highlights AR and RRC as beneficiaries and expects these to outperform tech.
Oil Equities: Despite efforts to keep crude prices low, oil stocks remain cheap with structural supply limits; potential rotation from mega-cap tech into Energy supports OIH-type names longer term.
Copper Allocation: Advocates rotating a slice of gold gains into copper (e.g., COPX) given extreme gold/copper and gold/oil ratios, signaling early innings of a broader commodity bull.
AI Arms Race Risks: Notes vendor-financing dynamics and aggressive depreciation in semis and hyperscalers with potential blowoff risk; cites NVDA and META as central to the debate.
Credit Stress: Warns of a developing private credit and subprime-like cycle impacting software lenders and BDCs, alongside regional bank stress and consumer finance weakness.
Liquidity, Dollar, Leverage: Tightening liquidity and a likely weak-dollar trend favor commodities; elevated leverage via products like TQQQ and new high-beta ETFs raises blowoff and reversal risk.
Bitcoin: Guest views the recent pullback as a buying opportunity, citing leverage washouts and fiat debasement cycles as supportive of higher prices ahead.
Crypto Derivatives: Detailed explanation of perpetual futures, funding-rate mechanics, and the attractiveness of basis trades, with key risks centered on counterparty and operational exposure.
Coinbase (COIN): Discussion of Coinbase’s international derivatives platform and 50x leverage move within the broader context of perps history, market-maker utility, and retail access limits.
Tokenization: Tokenized assets offer 24/7 trading, faster settlement, and easier collateralization versus ETFs, but face high switching costs and will likely see gradual adoption in developed markets.
Emerging-Market Use Cases: Tokenization may advance faster in places with weak registries (e.g., land titles), providing superior ownership proofs versus legacy systems.
Stablecoins: Tether/USDT exemplifies tokenized USD velocity; the issuer captures T-bill yields and has become a major Treasuries holder, enabling rapid movement of liquidity across crypto venues.
Gold and Tokenized Gold: Comparison of Bitcoin vs. gold properties and correlation, plus tokenized gold advantages over GLD (GLD) for payments, weekend trading, and collateral mobility.
FRNT Financial (FRNT): The guest’s firm is a publicly traded specialty digital-asset investment bank with capital markets and advisory services for institutions entering crypto.
Market Outlook: The guest is bullish on the United States with robust growth, healthier GDP composition, and strong private sector employment versus stagnant developed peers.
US Equities: He argues the S&P 500/Nasdaq are not expensive relative to soaring global money supply and expects a supportive backdrop for risky assets into 2026.
Energy Commodities: He sees an “interesting” setup to start looking at energy commodities, noting OPEC’s production stance and the monetary backdrop supporting commodities.
Argentina: Positive on reforms under Milei, citing falling inflation, rising real wages, budget surplus, and recovering growth, while acknowledging more deregulation and monetary normalization are needed.
Inflation Risk: The main 2026 market risk is inflation re-accelerating; an oil spike to $80-$100 could trigger recessions in commodity-importing Europe and pressure global equities.
Monetary Policy: He expects Fed rate cuts to aid SMEs and households, with money supply growth likely lifting risky assets, but warns ongoing deficit spending remains a structural concern.
Tickers: No specific public companies or tickers were pitched; the focus was on macro themes like US Equities and Energy Commodities.
Monetary Policy Critique: The guest argues central banks abandoned the quantity theory of money, causing policy errors that drive inflation and asset cycles.
Money Supply & Inflation: Post-COVID U.S. money growth peaked near 26% YoY, leading with a lag to 9.1% CPI, followed by contraction and disinflation as policy tightened.
Neutrality of Money: Advocates for neutral monetary policy to minimize sectoral distortions and inequality, adding neutrality as a third policy goal alongside price stability and growth.
Inequality Dynamics: Non-neutral money inflated asset prices, disproportionately benefiting asset owners; billionaire wealth as a share of GDP rose significantly post-2020.
Policy Risks: Warns that politically driven rate cuts (e.g., a 300 bps cut) could push long-term yields higher, worsening government interest costs.
Fiscal-Monetary Link: Deficits are framed as deferred taxes; interest expense is now the second-largest U.S. budget item, burdening future taxpayers.
Global Comparisons: Switzerland is praised for disciplined money growth and low inflation, contrasted with Argentina and Venezuela where money mismanagement fuels high inflation.
Market Implications: Liquidity surges typically boost stocks, real estate, and hard assets; the guest emphasizes tracking broad money growth over stock-picking.
Market Outlook: The S&P 500 and NASDAQ are in downtrends with elevated FOMO spikes, and a further 6%+ decline is possible; staying sidelined until trend confirmation is advised.
Nvidia (NVDA): Despite blowout earnings, NVDA repeatedly gapped up into resistance and was sold into; guest expects a 7–11% pullback and broader pressure on indices given its weight.
Microsoft (MSFT): MSFT has broken key support with a strong downtrend, implying further downside; its OpenAI exposure does not offset current technical weakness.
AI Sector: The guest sees a frothy AI bubble with increasing institutional distribution, warning of a sharp unwind as sentiment reverses.
Precious Metals: Bullish on Gold and Silver after consolidation, with potential targets near $5,000 for gold and $70–$80 for silver; prefers bullion over Gold Miners due to equity market drag.
US Dollar (DXY): The dollar appears to be bottoming with potential to 110–121, which could later pressure metals after a near-term rally and exacerbate risk-asset selloffs.
Oil: Crude is in a bearish setup with potential to fall to the $45–$30s range, easing inflation optics and improving miners’ margin outlook if gold rises.
Bitcoin and Proxy: Bitcoin may see a short-term bounce but trend remains down with potential toward 50,000; MSTR shows a bearish double-top structure and is viewed unfavorably.
Premium Cannabis: The guest emphasizes a strict focus on premium cannabis, highlighting quality, genetics, and consumer experience as core differentiators.
Key Company (ROMJ): Rubicon Organics (ROMJ) is presented as Canada’s leading premium cannabis house with brands Simply Bare, 1964 Supply Co., and Wildflower driving category leadership.
Canadian Cannabis: Discussion centers on converting legacy-market consumers, premium’s sub-20% share opportunity, and a market shift toward brands and channels rather than commodity production.
Cannabis Genetics: A multi-year genetics program (“Fight Club”) aims to deliver novel, terpene-rich strains, building global leadership and long-term brand equity.
Capacity Expansion: A newly acquired licensed facility (Cascadia) adds ~40% capacity with first revenues expected in H1 and a Q3 inflection, targeting strong demand for large-format premium products.
International Cannabis: Early demand in Germany, Poland, and Australia supports a brand-led export approach, with current test-and-learn shipments and future GMP pathways considered.
Financial Snapshot: Record revenue as of June 30, solid liquidity (cash and working capital), and a valuation multiple noted as discounted relative to broader markets despite profitability.
Opportunities & Risks: Key catalysts include ramping Cascadia, international brand development, and ROI under two years for the new facility, with execution and regulatory certification as watch items.
Core Pitch: Zoomd Technologies (ZOMD) offers performance-based customer acquisition on the open internet, paid on CPA only when it delivers paying users.
Open Internet Strategy: The company targets the open internet beyond walled gardens, orchestrating campaigns across millions of sites and apps to diversify acquisition sources.
AdTech Positioning: It integrates with DSPs and programmatic channels rather than owning media assets, contrasting with platforms like META/GOOGL and peers such as APP and TTD.
AI and ML: Zoomd has embedded AI/ML to optimize creatives and workflows (e.g., automated creative requests), reducing operating costs and improving campaign efficiency.
Mobile Focus: A mobile-first approach emphasizes app installs and in-app transactions, leveraging SDK-based measurement partners to drive upsell and cross-sell.
Growth and Profitability: Revenue CAGR ~50% over the last two years with improving profitability; focus on scaling existing clients across 10–15+ geographies and expanding wallet share.
Revenue Dynamics: Transactional revenues can be lumpy due to client budgeting; management advises evaluating YoY growth and profitability/EBITDA over quarter-to-quarter swings.
Pipeline and Catalysts: Targets partnerships with large agencies not focused on performance marketing and is considering M&A; notable enterprise clients include Amazon and NBA.
Cannara Biotech (LOVE): Management pitched a profitable, cash flow positive Canadian cannabis LP with scalable assets and a disciplined Canada-first growth plan.
Quebec Cannabis: Emphasis on Quebec’s structural advantages (low electricity and labor costs, no paid marketing, limited store density) and strong brand loyalty supporting durable market share and pricing.
Canadian Cannabis: The company targets expansion from 12 to 24 rooms, aiming for ~100,000 kg/year and broader national penetration beyond Quebec where it is already #2 with ~13% share.
Cannabis Vapes: Quebec’s November vape launch (15–20% category of provincial sales) is a key catalyst, with Cannara awarded 5 of 25 SKUs, expanding shelf presence and expected revenues.
Operations & Scale: Two Quebec facilities including a world-class 600,000 sq ft hybrid greenhouse (24 rooms; 12 active) and a processing hub, enabling low-cost, consistent production.
Financial Profile: Recent run-rate net revenue of ~$27M per quarter with ~44% gross margins, 17 straight quarters of positive EBITDA, and ~$5–6M quarterly free cash flow reinvested into capacity.
Brands & Genetics: Portfolio centered on Tribal and Nugs with a rigorous in-house genetics and pheno-hunting program to drive product differentiation and customer retention.
Risk/Discipline: Capacity additions are paced with demand and inventory levels; international sales are a minor optionality, keeping execution focused on Canadian distribution.
Europe Focus: The guest highlights Europe as the most compelling hunting ground right now, citing attractive valuations, strong rule of law, and many owner-operated companies.
Industrials & Lagging Tech: She is concentrating on European industrials and lagging edge technologies, where complexity and niche positioning can create mispriced opportunities.
Key Company: Melexis (MELE), a Belgian automotive sensor designer, is discussed in depth as a dominant niche player with high ROE and focus on magnetic latch, switch, and position sensors.
Semiconductors: Detailed analysis of analog and automotive sensors underpins a positive view on specialized semiconductor businesses with defensible niches.
Owner-Operators: Preference for owner-operated structures due to stronger economics and alignment; this focus is especially relevant in financials and European small/mid caps.
Research Edge: A “financial archaeology” process tests market share via product catalogs, platform and geospatial analysis, and unit-level data to build owner-level conviction.
AI Context: AI currently increases the value of deep, original human research rather than replacing it, helping differentiate substantive work from generic outputs.
Risk/Setup: Favors heads-I-win, tails-I-win-more setups, strong balance sheets, capital-cycle awareness, and preparing ahead so opportunities can be seized quickly.
Normalization Phase: Crypto is entering institutional viability, echoing the late-1990s internet adoption curve with ~7% global penetration and growing network effects.
Regulatory Momentum: Bipartisan U.S. progress and fair value accounting are key enablers, though final rulemaking and state-level fragmentation keep some policy risk alive.
Stablecoins: Positioned as the killer app—“dollars with an API”—driving multi-trillion-dollar settlement volumes with 24/7, low-cost global payments.
Onchain Settlement: Visa (V) runs USDC merchant settlement at scale; Mastercard (MA) launched an end-to-end stablecoin layer; JPMorgan (JPM) processes corporate/interbank flows via Onyx/JPM Coin.
Picks and Shovels: Cloud, payments, and semiconductors offer scalable exposure without token risk, benefiting from compute-heavy blockchain workloads and payment rail modernization.
Bitcoin’s Role: Framed as “digital gold” and a long-term treasury sleeve—volatile but asymmetric—where small institutional allocations could materially move the asset class.
Durable Revenue: Growth is shifting from trading to recurring blockspace demand and stablecoin economics, as onchain rails become the “financial plumbing.”
Macro Setup: The guest argues the US economy is increasingly dependent on asset bubbles, creating a K-shaped environment where asset owners feel wealthy while wage earners struggle.
US Equities: The S&P 500’s elevated CAPE (~39) is flagged as bubble-like, with parallels to 1929 and 2000 and risks from buy-the-dip behavior and eventual capitulation.
US Housing: Housing is portrayed as a low-probability bet given the extreme divergence of prices versus inflation/wages, implying likely mean reversion via lower prices or much higher incomes.
Gold: Gold is highlighted as a superior risk-adjusted alternative that has outperformed at points and carries lower downside risk compared to richly valued US equities.
Risk Management: Emphasis on probabilities over certainties, advocating contrarian strategies to protect and potentially grow wealth if asset bubbles deflate.
Opportunistic Investing: Suggests seeking undervalued markets and assets (e.g., past case of Greek equities) rather than chasing bubbles in housing or broad US equities.
AI Bubble Note: Mentions a current AI bubble as part of broader overvaluation risks, reinforcing the need for disciplined positioning.
Market Outlook: Speaker highlights worst October job-cut announcements in 22 years, a still-inverted yield curve, and falling Treasury yields as signals of an economic slowdown.
US Treasuries: Emphasis on declining growth and inflation expectations driving the 2-year and 10-year yields lower, positioning Treasuries as a favored trade.
Automotive Retail: Used cars cited as a key real-economy barometer, with CarMax signaling consumer stress via weak Q3 outlook and leadership change.
CarMax (KMX): Shares plunged ~24% on the day and ~62% YTD; CEO ouster and weak guidance reflect deteriorating demand in used autos.
Restaurants: Restaurants flagged as another consumer health gauge, indicating pressure when traffic and spending soften.
Chipotle (CMG): Reported poor same-store sales, with weaker spending notably among younger demographics, underscoring consumer belt-tightening.
Risks & Catalysts: Upcoming nonfarm payrolls could swing yields sharply; broadening layoffs and weak hiring plans reinforce downside risks to consumer-exposed equities.
US Housing: Extensive critique of proposed 50-year mortgages, arguing they would push home prices higher, slow equity buildup, and increase systemic risk for buyers.
Stimulus Checks: Strongly bearish on renewed stimulus or a tariff-funded “dividend,” warning it would stoke inflation and reduce purchasing power after the short-term boost fades.
US Treasuries: Concerns about deficits and potential need for 50-year Treasuries to match mortgage duration, highlighting risks to financial plumbing and duration mismatches.
Tariffs: Argues tariffs are effectively a tax on US importers rather than foreigners, do not reduce import prices, and would still increase Treasury issuance if proceeds are spent.
Key Companies: Frequent references to Fannie Mae (FNMA) and Freddie Mac (FMCC) as ultimate holders/packagers of long-dated mortgages, with taxpayers bearing losses if they fail.
AI: Notes data center buildout tied to an AI bubble and warns of malinvestment and potential job displacement pressures.
Inflation Outlook: Expects a disinflationary recession followed by higher inflation akin to the 1940s if policies move toward UBI and renewed stimmies.
Distributional Effects: Highlights a K-shaped economy where asset owners benefit from rising home prices while young and asset-light households face worsening affordability and risk.
