Real Assets Over Dollars
Chris Perrotta🇺🇸🇨🇴@chrisperrotta
−4.2%
since Oct 9
The idea
I believe ongoing deficits wear down the dollar's purchasing power over the next one to five years, so this take leans into real assets instead. It holds physical gold and silver plus bitcoin as a steady core, gold and silver miners and royalty companies for added torque, and copper and oil producers for a real-economy tilt. Alongside that sits a crypto layer of exchanges, miners, and a small bitcoin treasury play, plus nuclear power and data center landlords that should grow regardless of what the dollar does. A small cash buffer stays on the side, with no single name dominating the mix.
What it owns
- These assets hold value when currency loses purchasing power, providing a counterweight to dollar-denominated holdings. · BitcoinIt represents digital money with a fixed supply that cannot be created by any government, making it a direct hedge against currency depreciation., SPDR Gold SharesIt tracks the price of physical gold, the most straightforward way to own an asset that historically maintains purchasing power during periods of currency weakness., iShares Silver TrustIt tracks silver prices, which typically move more dramatically than gold in both directions, adding volatility if dollar depreciation accelerates.23%
- Mining companies and royalty holders capture outsized gains when commodity prices rise, since their profits grow faster than the underlying metal prices. · Franco-NevadaIt collects royalties from mining operations without bearing the costs of running the mines, so its profits rise sharply when metal prices climb., Wheaton Precious MetalsIt buys precious metals from miners at fixed low prices and sells at market rates, so higher commodity prices flow almost entirely to its bottom line., NewmontIt is the world's largest gold miner, so when gold prices rise faster than its production costs, profits grow significantly with scale., Agnico Eagle MinesIt runs low-cost gold mines in politically stable countries, turning rising gold prices into growing profits with relatively predictable operations., VanEck Junior Gold Miners ETFIt holds a diversified basket of junior gold and silver miners that can deliver much larger price swings than the metals themselves when commodities rally., Pan American SilverIt produces silver at scale, so when silver prices rise alongside gold as a store of value, its profits grow faster than the metal price increase.22%
- Electricity demand from artificial intelligence infrastructure grows regardless of currency conditions, creating a second driver of returns for the take. · CamecoIt supplies uranium to nuclear plants that are running longer and expanding to power data centers, positioning it to benefit from growing nuclear demand., Constellation EnergyIt operates the largest fleet of nuclear plants in the US and supplies power to data centers under long-term contracts at stable prices., Digital RealtyIt builds and leases large data centers to major technology companies, capturing returns from the growing electricity needs of artificial intelligence., VistraIt owns nuclear and gas generating plants in regions where data center demand is pushing electricity prices higher and securing long-term supply contracts., EquinixIt owns data centers globally where companies rent space and power, benefiting from accelerating demand driven by artificial intelligence infrastructure., BWX TechnologiesIt manufactures components and fuel for nuclear reactors serving the US Navy and civilian power plants, benefiting from growth in nuclear capacity and government investment.20%
- Trading venues and mining operations generate profits that often grow faster than cryptocurrency prices themselves when capital flows into digital assets. · Coinbase GlobalIt earns revenue from trading and custody fees when more people adopt cryptocurrencies as alternatives to traditional currencies., Robinhood MarketsIt operates a platform where retail investors trade stocks and cryptocurrencies, capturing more revenue when capital flows into digital assets., MARA HoldingsIt mines bitcoin with significant operating leverage, so its profits swing harder than bitcoin price movements when the asset appreciates., Riot PlatformsIt operates bitcoin mining facilities in Texas with access to low-cost electricity, improving margins and profitability as bitcoin prices move higher., 21Shares Hyperliquid ETFIt provides exposure to the HYPE token of a leading decentralized trading platform, sized as a smaller position because cryptocurrency assets can experience sharp price swings., CleanSparkIt operates bitcoin mining facilities with among the lowest per-unit production costs in the industry, maximizing profit from each unit of bitcoin produced., Bitdeer Technologies GroupIt mines bitcoin and manufactures its own mining hardware, potentially creating a cost advantage that improves profitability when bitcoin prices rise.18%
- Commodities priced in dollars tend to rise when the dollar weakens, and copper also benefits from buildout of electrical grids and data centers. · Freeport-McMoRanIt produces copper and gold, both priced in dollars and in demand for power infrastructure, giving it exposure to currency weakness and electricity buildout., Southern CopperIt controls some of the world's largest copper reserves, a scarce physical asset that tends to appreciate when currency values decline., ConocoPhillipsIt produces oil priced in dollars, so when the dollar weakens relative to other currencies, the price and its cash flow tend to rise.11%
- Cash6%