Some good stuff on the Twitter machine recently.
A warning about too much Artificial Intelligence.
Equities
PE portfolio companies are smaller, more leveraged, pay higher interest rates, and have lower margins than public companies.
When to leap with microcaps.
Some (in my opinion valid) warnings on Iris Energy, a former portfolio holding. It’s the capex raise required that’s the concern.
Rick Rule on valuing gold producers.
The origins of my aversion to hedge funds holding control blocks of public companies. Something to consider if you own Strathcona or MEG Energy these days.
Economy
The copper tariff is insane (paywalled). More importantly this specific tariff is counterproductive if the long-term goal is to bring manufacturing back to the United States. This is the logical endgame when you stop building things.
Commodities
They came to Congo with an offer from Washington: release three American prisoners on death row and, in return, Donald Trump will accept your minerals-for-security proposal. Two days later, they fled the country.
The surprising part of the International Energy Agency’s latest monthly outlook isn’t its demand forecast, which remains pessimistic, but rather what it says about how much oil an OPEC+ stalwart pumped last month.
