The idea
I believe AI and robotics will eventually make knowledge work and manufacturing much cheaper, which shifts value toward things software can't copy: materials still in the ground, land and water, the power grid and rail that everything runs through, and the companies building the chips and robots themselves. This basket owns all four layers at once, spread across many names rather than single bets, with a slice kept in cash. I plan to hold for years and would only reconsider if AI progress stalls, robotics stays too expensive, or power and materials demand never shows up.
What it owns
- Mining and extraction of commodities require large capital investment, decades-long development cycles, and geographic constraints that limit competition and create structural scarcity. · Freeport-McMoRanIt mines copper at scale, and copper goes into every data center, factory, and grid upgrade, so growth tracks electrification and AI infrastructure buildout., BHP GroupIt mines copper, iron ore, and other industrial metals at huge scale, benefiting from broad demand for the basic inputs in machines and infrastructure expansion., Rio TintoIt produces iron ore, copper, aluminum, and lithium across a portfolio spanning most raw inputs needed if physical production genuinely scales up., Southern CopperIt holds some of the largest and cheapest copper reserves, benefiting from electrification demand with more margin cushion if commodity prices weaken., Franco-NevadaIt collects royalties on gold and other mines without operating them, offering exposure to scarce physical assets with lower operational risk., CamecoIt is one of the largest uranium miners, and nuclear is a leading candidate to power the data centers and factories expected to drive electricity demand., MP MaterialsIt runs the main rare earth mine in the US, producing magnet materials robot motors depend on, with Western buyers seeking supply outside China., AlbemarleIt is a top lithium producer, and lithium powers the batteries in mobile robots and electrified transport, though it is most sensitive to commodity price cycles.34%
- Semiconductors and robotics are capital-intensive industries where scale, design expertise, and supply chain integration create durable competitive advantages that are difficult to replicate. · NVIDIAIt supplies the chips that train and run artificial intelligence systems, so growth depends on sustained demand for AI compute and its position as the default supplier., Taiwan SemiconductorIt manufactures nearly all advanced AI chips at the cutting edge, including those from major fabless designers, making it central to any expansion in chip production capacity., ASML HoldingIt makes the only extreme ultraviolet lithography machines needed to print advanced chips, so every new chip factory expansion runs through it., Rockwell AutomationIt sells the control systems and software that automate factories, earning as manufacturing accelerates and cheaper robotics replace human labor., TeradyneIt tests chips from the AI expansion and owns a leading collaborative robot maker, making it a direct bet on rising chip volumes and factory automation adoption.29%
- Companies that control essential inputs or processes in critical supply chains have pricing power and switching costs that protect their position from disruption. · GE VernovaIt builds gas turbines, grid equipment, and nuclear technology needed to power massive increases in electricity demand from data centers and automated factories., EatonIt makes electrical components inside data centers, factories, and power grids, sitting in the path of most new capacity buildout across those infrastructure segments., Quanta ServicesIt physically builds and upgrades power lines and grid infrastructure, so its backlog reflects whether the grid is expanding to feed new electricity demand., Union PacificIt owns rail lines across the western US that cannot be rebuilt or rerouted, earning more as physical production increases and freight volumes grow.17%
- Real assets like land and water rights are finite, non-replicable resources whose value derives from scarcity and cannot be easily displaced by technological innovation. · Texas Pacific LandIt owns productive acreage in West Texas and collects royalties on oil, water, and increasingly data centers and power projects on that land., American Water WorksIt owns regulated water systems that cannot be replicated, earning steady returns as regulators approve rate increases matching its capital investment., WeyerhaeuserIt owns millions of acres of timberland, productive land no software can replace, benefiting if timber values hold and construction becomes cheaper., Gladstone LandIt owns farmland and the water rights beneath it, offering a direct claim on acreage that produces food regardless of how inexpensive labor becomes.12%
- Cash8%