Real Assets, Weak Dollar
Mandy🧙🏻♀️@kmaxs41
+2.6%
since Oct 6
The idea
I believe persistent deficits keep weakening the dollar, and real assets that can't be printed hold value better than paper. This take spreads across three ways to own that: big energy producers whose dollar-priced cash flow rises directly with a weaker dollar, tight metals like copper and uranium where new supply takes a decade to build, and royalty and streaming companies that collect a cut of production without drilling costs. It's built as a broad, multi-year position weighted toward the steadiest cash generators, keeping 10% in cash to add on weak days rather than chasing any single name.
What it owns
- Copper and uranium supply can't grow quickly, so a weak dollar plus real demand squeezes prices higher. · CamecoIt is the largest Western uranium producer as reactors are built faster than mines can supply, capturing pure scarcity value., Freeport-McMoRanIt produces copper as demand keeps growing while new mines take a decade to build, so supply can't catch up to a weakening dollar., BHP GroupIt spreads real-assets exposure across copper, iron ore and other metals, capturing broad commodity strength as the dollar weakens., Southern CopperIt holds some of the biggest and cheapest copper reserves anywhere, earning through cycles and more when dollar weakness pushes prices up., Teck ResourcesIt is adding copper production while new supply industry-wide stays scarce, growing into the supply squeeze that dollar weakness will accelerate., NexGen EnergyIt owns what could be the next major uranium mine, and since new mines take a decade, this project holds scarce supply value., Uranium Energy CorpIt is restarting American uranium production as the US reduces foreign supply dependence, capturing domestic supply-squeeze upside.34%
- Large oil and gas producers earn in dollars and pay out more cash as commodity prices rise. · Exxon MobilIt sells oil and gas priced in dollars, so dollar weakness and rising deficits lift revenue while its real assets hold their value., ChevronIt converts dollar-priced oil into steady dividends as a large low-cost producer benefiting from dollar weakness., ConocoPhillipsIt pumps oil at low cost, so a weak dollar lifting prices flows almost directly to profit with minimal cost headwinds., Canadian Natural ResourcesIt holds reserves lasting decades, so as the dollar weakens, those long-life barrels get repriced upward year after year., EOG ResourcesIt produces shale barrels at costs low enough to profit in soft stretches, holding real production that benefits from dollar weakness.28%
- These companies take a cut of production without mining costs, giving commodity upside with steadier footing. · Franco-NevadaIt collects royalties across hundreds of mines and wells, profiting from rising commodity prices without drilling or digging., Wheaton Precious MetalsIt buys a cut of gold and silver production upfront, riding metal prices up without paying mining costs or taking exploration risk., Royal GoldIt earns a slice of gold production with almost no costs, so dollar weakness pushing gold higher drops nearly straight to the bottom line., Texas Pacific LandIt owns Permian land and collects royalties on oil pumped from it, holding an asset that cannot be printed and benefits from weaker dollars., Viper EnergyIt owns mineral rights under Permian wells and gets paid on every barrel without spending on drilling, collecting royalties that grow with oil prices.28%
- Cash10%