October 2, 2025
Here’s what was covered in episode 336:
Macro Musings - The week began with a government shutdown—the first since 2018. Nick and Gerardo reminded listeners that these shutdowns are more political theater than existential threat, yet they highlight the dysfunction and partisanship tearing at the fabric of the country. Rates and the dollar have stabilized lower, while both the S&P 500 and gold hit fresh all-time highs. Silver closed September at its highest monthly level ever, above its 2011 peak. The VIX sits at subdued levels, underscoring the “everything is awesome” feel in markets. Still, wealth inequality is worsening, and central banks continue buying gold hand over fist.
Market Takes - Billions of dollars have poured into junior mining in just the last 24 hours, from $30 million raises at Guanajuato Silver and Omai Gold to $400 million at NexGen. The bull market is here and financings are flowing. Gold knocked on $3,900, silver briefly topped $48, and copper is closing in on $5. Prospector Metals delivered spectacular drill results — 13.79 g/t gold and 1.84% copper over 44 meters — sending the stock up 300% in a day. Sterling Metals also surged after a new asset hit, both examples of how discovery success is finally being rewarded. Nick and Gerardo reminded listeners that exploration is hard, patience is key, and you can’t own every stock. Quality teams with capital markets savvy will continue to deliver the wins.
Bizarro Banter - Closer to home for Nick, Spokane served as the backdrop for another lesson in government overreach. After raising taxes last year, the city is already back with another budget shortfall and plans to hike sales taxes again — this time to fund a new jail. Property crime is rampant, fentanyl-fueled chaos fills the streets, and politicians spin semantics rather than make any meaningful progress. Nick and Gerardo argued that neither side of the aisle is serious about spending cuts, and that the middle class bears the brunt of failed policies. It’s the very definition of the Fourth Turning cycle, with dysfunction accelerating even as asset owners prosper.
Premium Portfolio Picks - Two standouts this week:
The New Orleans Investment Conference (Nov. 2–5) is next on deck. Nick, Gerardo, and Jeff Phillips will all be presenting—including a rare pre-conference workshop on share structure. Many portfolio companies will be there too. Subscribers are encouraged to attend and meet the team in person. Register here.
October 2, 2025
Here’s what was covered in episode 336:
Macro Musings - The week began with a government shutdown—the first since 2018. Nick and Gerardo reminded listeners that these shutdowns are more political theater than existential threat, yet they highlight the dysfunction and partisanship tearing at the fabric of the country. Rates and the dollar have stabilized lower, while both the S&P 500 and gold hit fresh all-time highs. Silver closed September at its highest monthly level ever, above its 2011 peak. The VIX sits at subdued levels, underscoring the “everything is awesome” feel in markets. Still, wealth inequality is worsening, and central banks continue buying gold hand over fist.
Market Takes - Billions of dollars have poured into junior mining in just the last 24 hours, from $30 million raises at Guanajuato Silver and Omai Gold to $400 million at NexGen. The bull market is here and financings are flowing. Gold knocked on $3,900, silver briefly topped $48, and copper is closing in on $5. Prospector Metals delivered spectacular drill results — 13.79 g/t gold and 1.84% copper over 44 meters — sending the stock up 300% in a day. Sterling Metals also surged after a new asset hit, both examples of how discovery success is finally being rewarded. Nick and Gerardo reminded listeners that exploration is hard, patience is key, and you can’t own every stock. Quality teams with capital markets savvy will continue to deliver the wins.
Bizarro Banter - Closer to home for Nick, Spokane served as the backdrop for another lesson in government overreach. After raising taxes last year, the city is already back with another budget shortfall and plans to hike sales taxes again — this time to fund a new jail. Property crime is rampant, fentanyl-fueled chaos fills the streets, and politicians spin semantics rather than make any meaningful progress. Nick and Gerardo argued that neither side of the aisle is serious about spending cuts, and that the middle class bears the brunt of failed policies. It’s the very definition of the Fourth Turning cycle, with dysfunction accelerating even as asset owners prosper.
Premium Portfolio Picks - Two standouts this week:
The New Orleans Investment Conference (Nov. 2–5) is next on deck. Nick, Gerardo, and Jeff Phillips will all be presenting—including a rare pre-conference workshop on share structure. Many portfolio companies will be there too. Subscribers are encouraged to attend and meet the team in person. Register here.
October 2, 2025
Here’s what was covered in episode 336:
Macro Musings - The week began with a government shutdown—the first since 2018. Nick and Gerardo reminded listeners that these shutdowns are more political theater than existential threat, yet they highlight the dysfunction and partisanship tearing at the fabric of the country. Rates and the dollar have stabilized lower, while both the S&P 500 and gold hit fresh all-time highs. Silver closed September at its highest monthly level ever, above its 2011 peak. The VIX sits at subdued levels, underscoring the “everything is awesome” feel in markets. Still, wealth inequality is worsening, and central banks continue buying gold hand over fist.
Market Takes - Billions of dollars have poured into junior mining in just the last 24 hours, from $30 million raises at Guanajuato Silver and Omai Gold to $400 million at NexGen. The bull market is here and financings are flowing. Gold knocked on $3,900, silver briefly topped $48, and copper is closing in on $5. Prospector Metals delivered spectacular drill results — 13.79 g/t gold and 1.84% copper over 44 meters — sending the stock up 300% in a day. Sterling Metals also surged after a new asset hit, both examples of how discovery success is finally being rewarded. Nick and Gerardo reminded listeners that exploration is hard, patience is key, and you can’t own every stock. Quality teams with capital markets savvy will continue to deliver the wins.
Bizarro Banter - Closer to home for Nick, Spokane served as the backdrop for another lesson in government overreach. After raising taxes last year, the city is already back with another budget shortfall and plans to hike sales taxes again — this time to fund a new jail. Property crime is rampant, fentanyl-fueled chaos fills the streets, and politicians spin semantics rather than make any meaningful progress. Nick and Gerardo argued that neither side of the aisle is serious about spending cuts, and that the middle class bears the brunt of failed policies. It’s the very definition of the Fourth Turning cycle, with dysfunction accelerating even as asset owners prosper.
Premium Portfolio Picks - Two standouts this week:
The New Orleans Investment Conference (Nov. 2–5) is next on deck. Nick, Gerardo, and Jeff Phillips will all be presenting—including a rare pre-conference workshop on share structure. Many portfolio companies will be there too. Subscribers are encouraged to attend and meet the team in person. Register here.