Steven Feldman

Given the extreme complacency and overvaluation in the equity market, which feels like a tinderbox, investors should hedge by owning gold. Gold is like life insurance—you buy it hoping not to need it, but it protects against the severe downside of a potential bear market. The current market conditions warrant a meaningful allocation to gold as a diversification and risk-off asset.

Pipeline and midstream energy companies provide exposure to oil with lower volatility, dividend income, and some latency to commodity price swings, making them suitable for a permanent portfolio.

Gold and silver serve as monetary assets and real assets that are essential to support innovators; they provide a hedge and long-term value in a nonlinear economy.

Long copper as EV adoption accelerates with better technology (e.g., faster charging) and more consumers switching, driving massive demand for copper in charging infrastructure, batteries, and power grids.

Long uranium because AI data centers require reliable, baseload power, and small modular nuclear reactors are a key solution—driving sustained demand for uranium.

Feldman argues the global narrative has shifted from "globalism to mercantilism" and "resource nationalism." He specifically highlights that "metals, the miners, the steel makers, the electricity makers" have been completely underinvested. As nations on-shore supply chains and secure their own resources (mercantilism), demand for domestic industrial inputs (Steel, Electricity, Mining) will outstrip supply due to decades of underinvestment (CAPEX starvation). Long Metals & Mining (XME), Steel (X), and Utilities/Electricity (XLU). A global recession crushing industrial demand or peace treaties that restore globalized trade efficiency.

Feldman argues the global narrative has shifted from "globalism to mercantilism" and "resource nationalism." He specifically highlights that "metals, the miners, the steel makers, the electricity makers" have been completely underinvested. As nations on-shore supply chains and secure their own resources (mercantilism), demand for domestic industrial inputs (Steel, Electricity, Mining) will outstrip supply due to decades of underinvestment (CAPEX starvation). Long Metals & Mining (XME), Steel (X), and Utilities/Electricity (XLU). A global recession crushing industrial demand or peace treaties that restore globalized trade efficiency.