Ideas
Avoid expensive AI leaders on valuation risk
Wellum sees familiar dot-com-style warning signs in AI stock valuations. While AI is transformative, he is uncomfortable with companies like Nvidia and Palantir, where valuations have run to extreme multiples of sales; if the rush of capital slows, those multiples could compress sharply. He is not shorting but is avoiding paying up for the most expensive AI leaders.
Play AI via infrastructure, not hype
Wellum's value-oriented way to participate in AI is to own infrastructure assets that benefit from data-center buildout, digitization, and robotics without paying hyped AI multiples. He specifically owns Prologis and some Brookfield companies, which he expects to be lifted by the buildout while offering more reasonable valuations and cash-flow characteristics.
Copper demand supports royalty-company exposure
Wellum is increasingly looking at copper as an AI-driven demand beneficiary and prefers getting exposure through royalty companies. As more copper mines are developed and need capital, royalty companies can provide financing via metal streams, giving them upside while the world needs more copper.
Insurance laggards offer profitable value
Wellum likes the insurance sector because many insurers have lagged despite growing earnings 8-15% annually, trading near or not far above book, generating strong profits, and holding conservative investment portfolios. He specifically owns Tura, Kinsale, and American Coastal as value opportunities in specialty and commercial insurance.
Amazon is reasonably valued Mag Seven
Amazon is one of Wellum's largest long-standing positions and he has not reduced it. He views it as a Mag Seven company that still trades at sane, not ridiculous, valuations, and he likes the business and its use of AI, automation, and robotics.
ServiceNow is reasonably priced AI beneficiary
Wellum has built a position in ServiceNow because it uses AI to integrate systems for S&P 500 businesses. He considers it a sophisticated software company with a reasonable price, strong growth trajectory, strong cash flow, and a very high client retention rate that embeds it in customers' operations.
AI disruption fears overstate software risk
Wellum thinks the market has overreacted to fears that AI will disrupt established vertical software companies. Roper Technologies and Tyler Technologies have kept growing consistently but were hit hard anyway, creating an opportunity because their businesses are more resilient than the AI-disruption narrative implies.
Uranium and Cameco benefit AI power demand
Wellum uses uranium and Cameco as another way to play AI's growing electricity demand and the shift toward greener energy. He has held Cameco for a couple of years and expects continued growth and investment opportunities in the uranium/nuclear supply chain.
US growth beats Canada; overweight US
Wellum is far more optimistic on the US than Europe, the UK, the Far East, or Canada, seeing potential for 4-5% US GDP growth from tax cuts, deregulation, capital inflows, reshoring, and fast depreciation. He allocates roughly 80-85% to US investments, while he sees Canada as capital-hostile, stagnant per capita, over-indebted, and burdened by a housing bubble and poor policy direction.
US growth beats Canada; overweight US
Wellum is far more optimistic on the US than Europe, the UK, the Far East, or Canada, seeing potential for 4-5% US GDP growth from tax cuts, deregulation, capital inflows, reshoring, and fast depreciation. He allocates roughly 80-85% to US investments, while he sees Canada as capital-hostile, stagnant per capita, over-indebted, and burdened by a housing bubble and poor policy direction.
Gold and silver protect against fiat debasement
Despite huge 2025 gains, Wellum remains committed to gold and silver because the long-term drivers are intact: government debt and deficits, aging populations, currency wars, deglobalization, central-bank buying, supply shortages, and likely inflation. He keeps clients at 25% or more in precious metals and would only trim for clients who became overweight.
Royalty companies leverage precious metals upside
Wellum expresses most precious-metals exposure through royalty companies, about 70% of the allocation, because they provide leveraged upside to gold and silver with lower operating risk. He names big positions in Wheaton Precious Metals, Franco-Nevada, Royal Gold, and a smaller position in Vox Royalty, praising their business quality and management.
Miners offer leveraged precious metals exposure
Wellum allocates about 20% of precious-metals exposure to miners for additional upside. He has long-standing positions in Agnico Eagle and Pan American Silver and has been adding smaller, well-financed miners with good balance sheets and locations.
Gold Royalty is undervalued and well positioned
Wellum backed into Gold Royalty through Abitibi Royalties and has kept buying because the stock was knocked down by impatient investors even though it owns some of the best royalties. He sees smart management, good acquisitions, and a well-positioned business, and the stock recovered from about $1.18 to over $4.
Power Metallic Mines has smart money
Wellum recently took a position in Power Metallic Mines, a more speculative Quebec polymetallic company. He likes the people involved and the smart money in the business, and is willing to take a little extra risk with profits from the royalty side for more upside.
Sprott is fee-based commodity play
Wellum has been adding to Sprott Inc. because it offers a fee-based play across commodities, including nickel, copper, uranium, gold, and silver, through its funds. He likes its strong North American brand, sees potential takeover appeal with Rick Rule as a large shareholder, and prefers owning the fund manager rather than just the funds.
Oil is cheap and underowned
Wellum has small oil positions, about 2-3% of the group, but expects to add because oil is hated, valuations are cheap, and fossil fuels remain critical with rising daily consumption. He believes prices below production economics will eventually force capital discipline and make great oil stocks attractive.
Avoid Canadian banks on weak economy
Wellum is significantly underweight Canadian banks, with roughly 4% exposure versus their 30-35% weight in the TSX. He thinks they cannot keep outpacing a stagnant Canadian economy, faces a weakening housing market and loan-loss risk, and will find growth much harder over the next year or two.
This Wealthion video, published January 06, 2026,
features Jonathan Wellum
discussing NVDA, PLTR, PLD, Brookfield companies, COPPER, Tura, KNSL, ACIC, AMZN, NOW, ROP, TYL, URA, CCJ, United States (economy), EWC, GLD, SILVER, WPM, FNV, RGLD, VOXR, AEM, PAAS, GROY, PNPN.V, SII, WTI, XLE, Canadian banks.
18 trade ideas extracted by AI with direction and confidence scoring.
Speakers:
Jonathan Wellum
· Tickers:
NVDA,
PLTR,
PLD,
Brookfield companies,
COPPER,
Tura,
KNSL,
ACIC,
AMZN,
NOW,
ROP,
TYL,
URA,
CCJ,
United States (economy),
EWC,
GLD,
SILVER,
WPM,
FNV,
RGLD,
VOXR,
AEM,
PAAS,
GROY,
PNPN.V,
SII,
WTI,
XLE,
Canadian banks
