Hard Assets, Atoms, and Appetite
GiulioX@giulioxilo
−2.8%
since Oct 1
The idea
I believe paper money is debasing broadly, so the hedge is hard assets rather than betting one currency against another. Nuclear is the long term answer to energy, but the grid is the real bottleneck, so I lean into grid equipment, SMRs, and gas power near data centers, alongside GLP-1s and peptides reshaping health spending and wellness and live entertainment picking up the slack.
What it owns
- Even as nuclear capacity grows, immediate power needs for data centers outpace grid expansion, so equipment makers, small modular reactors, and on-site generation fill the gap between demand and available transmission. · GE VernovaIt sells both the gas turbines that bridge immediate power needs and the grid equipment for system upgrades, sitting on both sides of the energy bottleneck., EatonIt makes the electrical equipment and switchgear every grid upgrade and data center needs, keeping its order book full as electrification accelerates., Quanta ServicesIt owns the crews that physically build and maintain grid upgrades, providing the labor and execution layer of transmission expansion., Vertiv HoldingsIt sells the power and cooling equipment inside data centers, sitting exactly where AI energy demand and grid bottleneck constraints meet., Bloom EnergyIts fuel cells provide onsite power generation for data centers, letting them bypass the grid queue and avoid years of connection delays., OkloIt is the direct small modular reactor bet for data centers, early and speculative with no revenue yet but licensing and deployments on track.27%
- When major currencies weaken together, assets outside any government's control become havens for capital seeking safety from debasement. · SPDR Gold SharesIt is the cleanest way to hold physical gold as a hedge against simultaneous debasement across major currencies., Newmont CorporationIt is the largest gold miner, so if debasement pushes gold prices higher, its earnings rise faster than the metal itself., iShares Bitcoin TrustIt holds bitcoin directly as the non-sovereign asset outside any government's control, capturing demand when debasement drives capital away from currency., Franco-NevadaIt collects royalties on other companies' gold mines, gaining from higher gold prices without the operating risk of running mining operations.18%
- Weight-loss drugs are opening a broader class of peptide medicines; the companies developing them and their supply chains capture the shift as adoption spreads into new conditions and insurance coverage expands. · Eli LillyIt leads the GLP-1 market with the strongest pipeline, positioned to capture the shift as peptide adoption expands beyond weight loss into broader health conditions., Novo NordiskIt pioneered GLP-1s and offers a second engine for the peptide revolution, trading at a lower valuation than competitors with a competitive pipeline., West Pharmaceutical ServicesIt makes the injector components nearly every GLP-1 pen needs, so it wins on volume regardless of which drugmaker gains market share., Viking TherapeuticsIt is the speculative edge of the peptide revolution, developing next-generation obesity drugs that could become a big winner or acquisition target.18%
- Nuclear power is the structural solution to meeting long-term energy demand; fuel suppliers, reactor operators, and enrichment providers capture the buildout directly. · CamecoIt is the largest Western uranium supplier, so every reactor built or restarted increases demand for its fuel., Constellation EnergyIt operates the largest US nuclear fleet, the scarcest asset if nuclear re-anchors the energy system and data centers pay premiums for that power., BWX TechnologiesIt makes reactor components and fuel, earning from nuclear buildout regardless of which reactor design wins., Centrus EnergyIt is the only US company enriching uranium, so it captures the push to onshore fuel supply and reduce reliance on hostile or unstable regions.17%
- Lighter work schedules shift spending toward fitness, music, and live experiences, benefiting companies that own platforms and venues for those activities. · SpotifyIt is the platform capturing expanded leisure time from lighter work schedules, with pricing power only beginning to be deployed., Live Nation EntertainmentIt controls most of live entertainment from venues to ticketing, capturing the shift in spending toward experiences as work becomes lighter., Planet FitnessIt owns the mass-market fitness platform capturing the shift toward wellness spending and the overlap with GLP-1 users seeking exercise.12%
- Cash8%