Everything in Resources Is Cheap (Rob Mullin)

Rob Mullin returns, a year on from his last visit. The founder and CIO of Marathon Resource Advisors in San Francisco has been investing in natural resources since the early 1990s, running a long short book built around cash flow and dividends rather than stories. We check in on the predictions he made last time, then work through what a genuinely multipolar world does to supply chains, correlations and the case for owning resources. In this ep, Rob covers: . Why a 30 to 50% drawdown in precious metals equities was exactly what the doctor ordered, and how Agnico got to its cheapest relative PE in company history . The rare earths arbitrage: what happens when governments throw tens of billions at a sector used to surviving on tens of millions . Riding tanker rates from $30,000 a day to $300,000, and why he is now rotating toward dry bulk . Quickfire takes on nickel, PGMs, tin, tungsten, vanadium and silver versus gold 📰 THE DIRECTOR'S SPECIAL Join 16k+ subscribers to the Director’s Special: one daily email with all the news that matters in mining https://www.moneyofmine.com/subscribe ------------------------------------------------------- ▶️ CHAPTER TIMESTAMPS 0:00 - Welcome and Rob Returns 6:30 - Gold Selloff and Reserve Shift 13:50 - Government Push and Multipolar Supply Chains 32:20 - Hard Assets Portfolio Mix 38:40 - Non-Consensus Resource Plays 47:30 - Scaling and Position Sizing 57:10 - Gold vs Silver Decision 58:50 - Lithium Outlook and Wrap ------------------------------------------------------- 🤝 OUR PARTNERS Thank you to the mining services businesses that make this show possible: Sandvik Ground Support – The only ground support you’ll ever need | http://www.rocktechnology.sandvik/gro... Metalshub - The leading supply chain software to buy, sell and trade raw materials | https://www.metals-hub.com/en/money-o... Focus by Marketech – All your mining news and market needs in one powerful platform | 10-day free trial: https://marketech.com.au/focus?utm_so... SS&C Intralinks - Powering deals with unmatched security and efficiency | https://www.intralinks.com/ Exceed Capital – Diversify your portfolio with Exceed’s property trusts - https://www.exceedcapital.com.au/the-... ------------------------------------------------------- 📌 FOLLOW US Join our group chat: Discord:   / discord   Subscribe to our podcast: Spotify: https://open.spotify.com/show/0LsIJIs... Apple: https://apple.co/3Fdocwx Follow us on all social platforms to stay up-to-date: Twitter: https://x.com/moneyofminepod Instagram:   / moneyofminepod   LinkedIn:   / moneyofmine   Facebook:   / moneyofminepod   TikTok:   / moneyofminepod   Our personal Twitter accounts: Travis Ricciardo:   / travmoneyofmine   Jonas Dorling:   / jdmoneyofmine   ------------------------------------------------------- ⚠️ 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...