A few months ago, Lovis joined Adrian Day for dinner in San Juan, Puerto Rico.
At the time, most investors were talking about AI, rate cuts, and the usual market narratives. (This was Feb 27th… and then Iran happened.)
A lot has changed since then.
Today, energy security is back on the front page. Supply chains feel less certain. Geopolitics is no longer background noise. And questions that once seemed theoretical suddenly matter again.
In this episode, we sat down with Adrian to discuss what may be a much bigger story than gold itself.
While Adrian remains bullish on gold, his most interesting argument might be that gold is only the first phase of a much larger shift. He believes we may be entering a period where hard assets, commodities, and undervalued international markets outperform the areas that have dominated investor attention for the last decade.
Some of the topics we explore:
Why gold may still be in the early stages of its bull market
Why copper, uranium, and energy could outperform gold over the coming years
The growing importance of resources, energy, and physical production
Whether we are moving toward a bipolar world dominated by the United States and China
Why Adrian sees compelling opportunities outside the United States
How families and investors can position themselves during periods of major change
One of Adrian’s observations stood out to me:
“We’re much closer to the beginning than the end.”
Whether he’s right or wrong, it is hard to ignore that many of the assumptions that shaped the last twenty years are being challenged all at once.
As always, our goal is not to provide investment advice.
It is to learn from people who have spent decades thinking independently and navigating uncertainty.
We hope you enjoy the conversation!
Lovis & Jason
PS.: Toward the end of the conversation, we lost Jason for a bit, so we don’t hear him asking his final question, but Adrian gives an answer that pretty much explains itself. See if you can spot it. :)
