Portfolio Manager Django Davidson joins Travis Riccardo and Jonas Dorling on the Money of Mine podcast to discuss the capital cycle in mining and commodities.
In this episode, Django covers:
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The capital cycle framework
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Why supply is measurable but demand is storytelling
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Why Implats returned 100x over a decade
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A deep dive into PGMs — the geology, the geography, the EV narrative, and why these companies still trade below replacement cost
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How BHP and Rio’s iron ore assets have generated better returns on capital than Microsoft over 30 years
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Why mining represents just 1.6% of the S&P 500 and what that signals for the decade ahead
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The case for natural diamonds
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Where uranium sits in the cycle, and why he is cautious at current prices
