| Ticker | Name | Research | View | What he said | At |
|---|---|---|---|---|---|
| LB | LandBridge | QT · SA · STK · FA | Positive | Third pro pick, highest conviction (Horizon Kinetics owns ~20%). A triple-net Permian land lease (72k-acre Hanging H Ranch) — WaterBridge funds the growth; ~25%/yr growth, ~90% EBITDA margin, ~70% FCF conversion, with an asymmetric AI-data-center-water right tail. | 1:08:30 |
| MIAX | Miami International Holdings | QT · SA · STK · FA | Positive | First (new) pro pick — small-cap exchange (Stahl was foundational; IPO'd last year). ~18% share of US multi-listed options in a market that 4×'d (16M→63M/day, '19–'26); you get the exchange at fair value plus a "very large call option" in its Bloomberg B500/B100 rules-based index futures. Possible takeover candidate. | 57:36 |
| SII | Sprott Inc | QT · SA · STK · FA | Positive | Second pro pick — ~$65B precious-metals/real-asset manager (~$50B physical trusts). 30% AUM CAGR since 2021; adjusted-EBITDA margin 53%→72%; no leverage, ~13–15× fwd EBITDA. A high-margin flywheel "eloquent way to express this view longer term," with a uranium-trust call option; sticky physical holders insulate it from outflows. | 1:02:13 |
| X | TMX Group | SA · STK · FA | Positive | Prior pick he still owns & loves despite a "garbage year." Financial infrastructure: matches buyers/sellers (derivatives most profitable) at 40–60% margins with zero balance-sheet risk; volume tracks nominal GDP, so high nominal growth + volatility flow straight through. The recent exchange sell-off (AI-disintermediation fear + the illogical Bitcoin-perps reaction) is an opportunity. | 55:26 |
| PSK | PrairieSky Royalty | SA · STK · FA | Positive | Prior pick, up 52% — "like it a lot." 20M+ acres in the Western Canadian sedimentary basin with huge long-term optionality, an astute team, new extraction tech and growing LNG-Canada visibility. A 5–10-year hold. | 51:37 |
| WPM | Wheaton Precious Metals | QT · SA · STK · FA | Positive | His preferred silver play (lower-risk than miners). Canadian streaming/royalty pioneer (ex-Silver Wheaton); enough silver beta without single-mine/cost-overrun risk, and non-producing assets are a "free call option" as they turn economic at $50–80/oz. | 32:38 |
| CCJ | Cameco | QT · SA · STK · FA | Positive | His preferred way to play the uranium thesis — large, liquid, geopolitically stable, plus a Westinghouse call option (AP1000 builds + an enrichment/treatment backlog). Valuation has run up but it'll be a flow beneficiary as uranium ascends. | 46:29 |
| GLNCY | Glencore | QT · SA | Positive | "Really difficult to ignore" special situation: the hated thermal-coal business masks a copper/zinc/nickel/ferrochrome business that would trade at a far higher multiple. The plan to roll in the Canadian tech-coal assets, cash-flow them and eventually separate coal means you're "almost getting the coal for free." Needs patience (~14× fwd EPS vs Freeport ~25×). | 37:29 |
| BG | Bunge Global | QT · SA · STK · FA | Positive | Global food infrastructure (source/process/merchandise/distribute). Just closed the Viterra deal, diversifying away from soybean-crush sensitivity; up 70% but he maintains a position in some funds and has "some confidence there's more room to run." | 41:28 |
| RBA | RB Global (Ritchie Bros.) | QT · SA · STK · FA | Positive | "I love this business. We own it." Dominant, AI-resilient heavy-equipment auctioneer (physical + online); the market misprices its cyclicality. ~15× EBITDA for a ~30% margin, dominant business — "a pretty obvious long-term winner." | 43:36 |
| Bitcoin | Bitcoin | — | Positive | Long-term constructive through a 50% drawdown — the finite-supply thesis "rhymes with gold," and young real-asset-sympathetic accumulators express it via crypto. Short-term it trades with QQQ/tech beta; leverage-buying treasury companies aren't good for market structure. Distinguish Bitcoin from other cryptos; zoom out. | 26:21 |
| NXE | NexGen Energy | QT · SA · STK · FA | Neutral | "Incredible assets" and one of the higher-quality junior (soon-to-be) producers — but big spot-price exposure and the chronic uranium-project risk of delays/cost overruns. For higher-risk-tolerance investors only; he'd rather play uranium through the liquid Cameco stake. | 45:28 |
| ARIS | Aris Water Solutions | QT · SA · STK · FA | Neutral | His April-2025 pick (~$23) — a subscale Permian produced-water player taken out by Western Midstream at $25. Still loves the water thesis ("a decade-plus of growth in price and volume") but sees better ways to play it now (→ LandBridge). | 49:45 |
| WES | Western Midstream Partners | QT · SA · STK · FA | Neutral | The large gas-gathering system that acquired Aris at $25 — Aris chose to merge in rather than fight for scale. | 49:45 |
| SEI | Solaris Energy Infrastructure | QT · SA · STK · FA | Neutral | Where the PE-backed Aris/Solaris management team has focused — a "zeitgeisty AI" beneficiary making generators (ex-frac-site) now used for direct power generation. Mentioned, not rated. | 50:38 |
| FNV | Franco-Nevada | QT · SA · STK · FA | Neutral | Named as the royalty peer he compares Wheaton's silver beta against; he prefers Wheaton for more precious/silver exposure. | 33:01 |
| FCX | Freeport-McMoRan | QT · SA · STK · FA | Neutral | The clean copper comp for Glencore — trades ~25× vs Glencore's ~14×, illustrating how the coal stub undervalues Glencore's copper. | 39:03 |
| BEP | Brookfield Renewable | QT · SA · STK · FA | Neutral | Won't be collapsed/merged (unlike Brookfield Property Partners) — Brookfield keeps both the tax-pass-through trust/LP and the easier-for-institutions corporate share class. | 35:49 |
| BIP | Brookfield Infrastructure | QT · SA · STK · FA | Neutral | Same as BEP — he doesn't expect Brookfield to internalize it; the dual trust/corporate structure stays. | 35:49 |
| BN | Brookfield Corp | QT · SA · STK · FA | Neutral | Referenced as where the internalized Brookfield Property Partners now sits — the parent, distinct from BAM the asset manager. | 35:49 |
| BAM | Brookfield Asset Management | QT · SA · STK · FA | Neutral | Referenced as the asset manager, distinct from Brookfield Corp (BN), in explaining the group's share-class structure. | 35:49 |
| CME | CME Group | QT · SA · STK · FA | Neutral | Named in the exchange peer set (TMX/CME/ICE/BATS/MIAX); thinks newly-approved US Bitcoin perpetual futures are really CFTC swaps — the sell-off in exchanges over them was "illogical." | 53:20 |
| ICE | Intercontinental Exchange | QT · SA · STK · FA | Neutral | Named in the same exchange peer set — financial-infrastructure businesses unfairly hit by the Bitcoin-perps reaction and the AI-disintermediation fear. | 54:55 |
| ADM | Archer-Daniels-Midland | QT · SA · STK · FA | Neutral | Named with Cargill & Bunge as the global-food-infrastructure majors behind his pre-COVID agribusiness thesis (he expresses it through Bunge). | 41:48 |
| SPGI | S&P Global | QT · SA · STK · FA | Neutral | The index maker — critiqued for arbitrary-committee reclassification "games" (Apple/Amazon as consumer-discretionary, Meta as telco) that hide a "borderline preposterous" concentration; credited for rejecting SpaceX's fast-track inclusion. | 21:22 |
| SPCX | SpaceX | QT · SA · STK · FA | Neutral | Private — S&P rejected its attempt to fast-track index inclusion at its valuation with no stock in the float; he applauds that ("would have been the end of indexation"). Also cited as a near-term IPO Bloomberg's index could admit quickly. | 23:02 |
| Bloomberg | Bloomberg L.P. | — | Neutral | Private — its rules-based B500/B100 indices (a fully-rules-based S&P 500 rival that admits IPOs quickly) are the high-margin index-futures call option embedded in MIAX. | 59:28 |
| WaterBridge | WaterBridge (Five Point) | — | Neutral | The Five-Point-controlled Permian water midstream that funds growth on LandBridge's surface (pipelines/easements + saltwater-disposal injection); the LandBridge thesis runs through it. | 1:08:07 |
| Five Point Infrastructure | Five Point Infrastructure | — | Neutral | Private Houston PE firm — the largest Permian-water investor; controls WaterBridge (public) and Deep Blue (private), and assembled LandBridge from the Hanging H Ranch. | 1:06:26 |
| OpenAI | OpenAI | — | Neutral | Private — named (with SpaceX and Anthropic) as the IPO pipeline a rules-based Bloomberg index would admit faster than the S&P committee; investment merits "aside." | 59:49 |
| Anthropic | Anthropic ("Tropic") | — | Neutral | Private — named in the same IPO-pipeline breath (auto-transcript "Tropic"); cited only as a venue/trading point for a rules-based index, not on fundamentals. | 59:49 |
"View" is James Davolos's stance in this conversation (Positive / Neutral / Negative), not a price rating. He also discussed gold, silver, copper, uranium and semiconductors at the commodity/sector level (see talking points) and is structurally negative on owning the Mag-7/big-tech business models ("not a business model that fits within our mandate"). Research: QT Qualtrim · SA Seeking Alpha · STK Stock Analysis.
A jargon-free summary of the thesis behind each pick — what the business actually does and why he likes it. (Plain-language companion to the analyst framing in the table above; renders on each ticker's consolidated page.)
MIAX runs stock-options exchanges — the marketplaces where options (contracts that let people bet on or hedge a stock's price) get bought and sold. Like any exchange, it earns a tiny fee on every contract that trades, and it costs almost nothing to handle more volume, so profits scale fast as trading grows.
Two things make Davolos like it. First, the core business is cheap and growing: MIAX already handles ~18% of all US multi-listed options, and that whole market has quadrupled since 2019 (from 16M to 63M contracts a day) — you're buying a fast-growing toll booth at a fair price. Second, the "free upside": MIAX is launching futures on Bloomberg's new B500/B100 stock indexes — a rules-based rival to the S&P 500 that can add hot IPOs (think SpaceX, OpenAI) faster than the S&P's committee. If that takes off it could be worth far more than the whole company today, and you're paying almost nothing for that shot (what he calls a "very large call option"). It's also small (~$3B) enough to be a takeover target.
Sprott is a money manager (~$65B) whose main business is physical-metal trusts: investors buy shares, Sprott uses the cash to buy and vault real gold, silver, copper and uranium, and clips a small annual fee on the pile.
It's a "flywheel" — when metal prices rise and money flows in, the asset pile grows, and because managing a bigger pile costs almost nothing extra, profit margins have jumped from 53% to 72%. There's no debt, and people who buy physical-metal trusts tend to hold for years, so the fee income is unusually steady. On top of that, its uranium trust is a free kicker if uranium keeps climbing.
LandBridge owns 72,000 acres of West Texas (Permian) land and simply rents it out. It's a "triple-net lease," meaning the tenants pay all the costs and LandBridge just collects rent — closer to a royalty than an operating business, with ~90% of revenue dropping to profit.
Oil-and-water companies pay to run pipelines and dispose of saltwater on its land, and that income is growing ~25% a year. The real prize (the "right tail") is that giant AI data centers now being built in West Texas need exactly what LandBridge sits on — land for buildings, transmission and fiber, plus water for cooling. Davolos's firm owns ~20% of it, his highest-conviction name: a solid lease business today with a big optional payoff if the data-center build-out lands on its acreage.
TMX runs Canada's main stock and derivatives exchanges — the same toll-booth model as MIAX. It collects a small fee on every trade (derivatives are the most profitable), carries no balance-sheet risk, and earns 40–60% margins. Trading volume rises with the overall economy and with market volatility, so both growth and turbulence feed its revenue.
He's owned it for years and still loves it despite a "garbage year." The recent slump came from two scares — a fear that AI would make exchange-owned data worthless, and an overreaction to newly-approved Bitcoin futures — both of which he thinks are wrong, making the sell-off a buying opportunity.
PrairieSky owns the mineral rights under 20M+ acres of western Canada and collects a royalty whenever other companies drill there — it pays none of the drilling cost and takes none of the operating risk, just a cut of whatever comes out of the ground.
It's up 52% for him and he "likes it a lot." The appeal is the enormous untapped optionality — new extraction technology and growing LNG-Canada exports could unlock far more production over time — plus a sharp management team. He holds it as a 5-to-10-year position, not a quick trade.
Wheaton is a "streamer": instead of digging mines itself, it pays miners cash upfront in exchange for the right to buy a slice of their future silver and gold at a low fixed price. That delivers silver-price upside without the operational headaches — cost overruns, accidents, a single mine going bad.
It's his preferred way to own silver (lower-risk than the miners). As a bonus, the deposits in its portfolio that aren't producing yet are a "free call option" — they cost nothing extra and become valuable if silver climbs to $50–80/oz.
Cameco is one of the world's largest uranium miners — big, easy to trade, and based in politically stable Canada — which makes it his preferred way to bet on a nuclear-power revival without taking on small-miner risk.
On top of the mining, it owns a stake in Westinghouse, which builds reactors and handles fuel enrichment — an extra kicker as new reactors get built. The stock has already run up, but he expects it to keep benefiting as money flows into the uranium theme.
Glencore is a mining-and-trading giant. Its unloved thermal-coal business makes the whole stock look cheap and masks a valuable copper/zinc/nickel/ferrochrome business that would command a much higher price on its own.
The plan is to roll in its Canadian coal assets, milk them for cash, then eventually separate the coal — which means you're "almost getting the coal for free." It needs patience: it trades around 14× earnings versus pure-copper peer Freeport at ~25×, and you have to tolerate the messy structure in the meantime.
Bunge is global food infrastructure — it sources, processes, ships and sells crops around the world, effectively taking a toll along the food supply chain.
It just closed its purchase of Viterra, which reduces its dependence on the volatile soybean-crushing business. The stock is up 70%, but he still holds it in some funds and has "some confidence there's more room to run."
RB Global is the dominant auctioneer of used heavy equipment — construction machinery, trucks and the like — both at physical yards and online. It's a business AI can't disrupt; it just matches buyers and sellers and takes a cut.
The market overreacts to its lumpy, cyclical auction volumes. At roughly 15× earnings for a dominant business with ~30% margins, he calls it "a pretty obvious long-term winner" over the next five years.
He treats Bitcoin like digital gold: its supply is capped, so it can't be debased the way currencies can — which "rhymes with" his gold thesis. A younger generation that's sympathetic to hard assets tends to express that view through crypto.
Short-term, it trades like a tech stock (it moves with the Nasdaq), and he warns that companies borrowing money to hoard Bitcoin are bad for market stability. Still, he's constructive over the long run even through 50% crashes — and stresses that Bitcoin is different from other cryptocurrencies, so zoom out.
NexGen owns "incredible" undeveloped uranium deposits and is one of the higher-quality soon-to-be miners. But it isn't producing yet, so it's fully exposed to swings in the uranium price and to the chronic risk that mine projects run late and over budget.
That makes it a higher-risk-tolerance name only. He'd rather get his uranium exposure through the bigger, safer, easy-to-trade Cameco.
Aris handles the huge volumes of salty wastewater that come up alongside Permian oil drilling — treating, moving and disposing of it. It was his April-2025 pick (~$23) and got bought out by Western Midstream at $25.
He still loves the long-term water-handling theme ("a decade-plus of growth in price and volume"), but with Aris gone he now sees better ways to play it — chiefly LandBridge.
Summary & timestamps derived from the public YouTube video (transcript in transcript.txt) for personal study. Not investment advice. © In the Money with Amber Kanwar for source material.