I am looking at distressed industrials where there is some real value post-Liberation Day if you’re willing to venture down market cap.
Interesting links: July 20, 2025
Andrew Walker explains why he is sizing up on pre-deal SPACs, which he sees as a valuable call option.
Royalty report: Ecora, GROY, Morien, VOX
Once you start seeing royalties, it’s like seeing dead people or going to a strip club on a Tuesday afternoon. You can’t just unsee that.
Gold as unofficial BRICS currency
A reminder this week that Russia acts as a protection racket for African warlords to help pay for its war effort.
Royalty Report: Valuing Altius Minerals
Putting a value on Altius now that we can value the Silicon NSR. Vulcan Minerals and Atlas Salt show signs of life. Eagle remains halted.
Portfolio updates: Selling RMCO
Go buy Bitcoin with someone else’s money. Also, news on Metals X partial takeover of Greentech