There's No Value in Gold Right Now (Will Thomson)

Описание: We sat down with Will Thomson of Massif Capital, fresh off a standout year for the fund, to dig into his high-conviction bets across materials, energy, and industrials.

Will is a deep, contrarian thinker who has grown his fund by finding value where others aren’t looking. This episode is no different, with some punchy views on gold, mining management & commodity investing.

In this conversation, Will covers:

• Why he sees little value in gold miners right now — and what would change his mind
• His deep dive on Equinox Gold and why new CEO Darren Hall is the key variable
• Lundin Mining’s Vicuña project — what the $18B capex really means
• Why management teams matter more than the commodity
• Whether he’s rotating toward energy and niche industrials — including a hot take on offshore wind

Follow Will on socials:

X - https://x.com/wmthomson22

Stocks mentioned: EQX.TO, LUN.TO, AFM.TO, LRV, MAG, HBR.L

If you enjoy deep dives on mining, energy, and capital allocation, make sure to subscribe and turn on notifications so you don’t miss future episodes.

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▶️ CHAPTER TIMESTAMPS

00:00 - Real Assets Rotation
03:20 - Inbound Interest Signals
07:00 - Why Gold Looks Overpriced
15:10 - Equinox Underappreciated
19:00 - Lundin Copper Masterclass
31:50 - What Drives Miner Returns
33:50 - Management Fit by Lifecycle
37:50 - Larvotto and Distressed Assets
44:30 - Tin Outlook and Alphamin
53:10 - Rebalancing Beyond Mining

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⚠️ DISCLAIMER

All information in this podcast is for education and entertainment purposes only and is of general nature only. The hosts of Money of Mine are not financial professionals. Money of Mine and our contributors are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional. Money of Mine doesn’t operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. MoM strive to ensure the accuracy of the information contained in this podcast but we don’t make any representation or warranty that it’s accurate or up to date. Any views expressed by the hosts of Money of Mine are their opinions only and may contain forward-looking statements that may not eventuate. Please read the full Disclaimer here: https://www.moneyofmine.com/privacy-p...