Jérémie Boyer — research hub

Jérémie Boyer · co-founder, Aurelion Research (independent cross-asset research on Substack, commodities specialist) — model portfolio of long-only equities.

Sections: stock index · overall thesis · the product · transcripts. Last updated 2026-SEP-20.

Stock & name index

▲ Positive

Ticker	Name	Current thesis	Research	Seen in	Total $k
LB	LandBridge	Owned in the Aurelion model portfolio: Permian land, water and data-center royalty with 97–99% gross margins, bought at ~20–25× P/E vs a ~35× history while TPL trades ~50×.	QT · SA · STK · FA	2026-SEP-20	15
TPZ.TO	Topaz Energy (royalty)	Admired, not held: a Canadian oil royalty that keeps buying land while operators carry the risk — “royalties are amazing business.”	SA · STK · FA	2026-SEP-20	—

► Neutral / referenced

Ticker	Name	Current thesis	Research	Seen in	Total $k
AMZN	Amazon.com	Passing mention, no view: an expected data-center counterparty on LandBridge's Texas acreage.	QT · SA · STK · FA	2026-SEP-20	—
CVX	Chevron	Passing mention, no view: Trump publicly pressing Chevron and Exxon to cut prices is one more cap on crude and crack spreads.	QT · SA · STK · FA	2026-SEP-20	—
D.E. Shaw	D.E. Shaw & Co. (private hedge fund)	Private — its ~$50M 13F stake in Aurelion's unnamed copper-gold producer is read as confirmation from a smart PM (possibly one leg of a hedged spread).	—	2026-SEP-20	—
Kinetics Mutual Funds	Kinetics Mutual Funds (Horizon Kinetics)	Referenced only: the concentrated long-term holder behind TPL and LandBridge — a thin float dampens volatility, but its intentions are an unknown overhang.	—	2026-SEP-20	—
LITE	Lumentum Holdings	Cited as evidence, no view: its IR contact volunteered that copper has more upside — AI hardware makers now flag copper as a cost risk.	QT · SA · STK · FA	2026-SEP-20	—
META	Meta Platforms	Passing mention, no view: a possible data-center tenant on LandBridge land.	QT · SA · STK · FA	2026-SEP-20	3.0
SCCO	Southern Copper	Valuation comparable, not a pick: ~$200B at ~40× P/E and crowded, vs Aurelion's own ~$10B, ~17× copper-gold holding.	QT · SA · STK · FA	2026-SEP-20	—
TPL	Texas Pacific Land	The pricier comparable: ~50× P/E vs LandBridge's ~35× history is why Aurelion owns LB instead; both carry concentrated-holder (Horizon Kinetics) risk.	QT · SA · STK · FA	2026-SEP-20	3.3
WBI	WaterBridge Infrastructure	Passing mention, no view: the Permian water name “really linked with” LandBridge.	QT · SA · STK · FA	2026-SEP-20	—
XOM	Exxon Mobil	Passing mention, no view: named with Chevron as a target of Trump's pressure to cut prices.	QT · SA · STK · FA	2026-SEP-20	15

▼ Negative

Ticker	Name	Current thesis	Research	Seen in	Total $k
FCX	Freeport-McMoRan	Won't own it: the default copper name funds pile into (~36× P/E), “not a quality producer”; Aurelion prefers a smaller, overlooked producer in its earning phase.	QT · SA · STK · FA	2026-SEP-20	—
HUN	Huntsman	Exited: held as a petrochemical price winner (+40%), sold once construction customers said the price rises could not be passed on — down ~40% since.	QT · SA · STK · FA	2026-SEP-20	—

Overall thesis

In one line: a long-only, commodity-heavy stock picker with a 6–12 month horizon (“we're not big prediction guys”): bullish gold, copper and uranium, bearish crude, neutral-to-bearish fertilizer (2026-SEP-20).

Gold — most bullish. Upgraded once gold decoupled from oil in July (it had traded inversely through the Hormuz spike); record ETF/fund inflows and Chinese central-bank buying; “I don't see how it won't go back to $5k.” Rates are “maybe 30%” of the gold story now. Would go neutral if Hormuz reopens and fear fades.
Copper — bullish, $7 by Christmas (from ~$6.50). A demand story happening now, not a deficit a decade out; even AI hardware firms (a Lumentum IR contact) flag copper upside. Prefers a mid-sized producer in its earning phase (capex falling, FCF rising) at ~17× P/E over crowded FCX / ~40× SCCO.
Uranium — bullish, long-term. Reactor pipelines (China ~70, UK 7, France 5) and reactors that can't be switched off; held both as a big producer and a physical holder. Main risk: countries not building what they promise.
Crude oil — bearish, not extremely. China's import cuts were the demand destruction nobody priced; inventories are rising and the dark fleet is under-counted; not above $120. Only US boots on the ground in Iran would flip him. Bearish oil still allows a low-break-even Permian royalty (LB).
Royalties are the favourite business model — valued against their own history and closest peer, not producers: LB at ~20–25× vs a ~35× norm and TPL at ~50×; admires TPZ.TO.
Process: check whether customers can absorb a price rise (the HUN exit, down ~40% since); keep cross-commodity calls consistent; ~5% weights and a 5–7% cap per theme even when bullish; pre-researched “cards” bought only when the catalyst lands.

The product — Aurelion Research

What it is: an independent, cross-asset research firm on Substack (aurelionresearch.com), specialising in commodities, run by Jérémie Boyer with his partner Léo Trudel (“a non-commodity guy” — each new idea has to convince the other partner). It publishes a long-only equity model portfolio (no options, no ETFs), up ~38% YTD and ~130% since its July 2025 inception per the host, which Plutus can mirror automatically in a self-custody brokerage account. Some reports are free (the five-commodity outlook is free on the site and Substack).

Grounded in his own description on 2026-SEP-20.

Offering	What it is	How he runs it	Seen in the index
Model portfolio	Long-only equities; commodities ~25–30% of it (kept under 50%), incl. ~10% shipping and ~15% mining.	~5% typical weight; theme caps (gold miners 5–7%); winners trimmed early; low volatility of the “Aurelion index” is a stated goal.	LB (held); HUN (exited)
Price targets	1-, 3- and 5-year targets on every pick.	No DCFs: a chosen EV/P/E/FCF multiple from history and comps, stepped down as growth matures; sell as the target is reached.	LB vs TPL multiples
Commodity outlooks & primers	Directional calls on individual commodities (e.g. a uranium primer, the five-commodity outlook).	6–12 month horizon; views change when the data do.	Gold / copper / uranium bullish; oil bearish

How it serves retail investors:

A concrete, trackable portfolio rather than loose views — followable automatically through Plutus.
Stated sizing and exit rules (weight caps, targets, early trims) that a retail investor can copy.
Company channel checks (customers, IR calls) and 13F reading brought down to a Substack price point.

Transcripts

One dated page per appearance — each has its stock table (when securities are named), talking points, and the saved transcript. Newest first.

Date	Title / analysis page	Show	Link	Transcript	Actionable insights
2026-SEP-20	Metals bull market is just getting started: gold decoupled from oil, copper to $7 by Christmas, uranium bullish, oil and fertilizer bearish — plus LandBridge vs TPL	Other People's Money (The Monetary Matters Network)	▶ YouTube	transcript	insights

To process — backlog

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For personal study — not investment advice.