Title:   AIA Weekly Free Email 6.24.26 — Kopernik on dollar debasement & private-credit gates, EM/Latin America, Strait of Hormuz commodities, margin debt at highs, uranium
Source:  Actionable Intelligence Alert (AIA Weekly Email, Substack)
Author:  John Polomny
Date:    2026-JUN-24
URL:     https://actionablenews.substack.com/p/aia-weekly-free-email-62426
Type:    Written Substack post (free weekly link-roundup with Polomny's commentary; no video, no timestamps). Saved for personal study.
Note:    Macro/themes weekly — part curated round-up (Kopernik / Dave Iben, Mike Alkin) with Polomny framing his own views and reiterating his uranium bull thesis. NO specific current tickers named (Pets.com cited only as a defunct dot-com-bubble example — not a security). Text saved as key points organized by John's items; wording close to source, lightly condensed where noted.

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ACTIONABLE INTELLIGENCE ALERT
AIA Weekly Free Email 6.24.26
JOHN POLOMNY — JUN 24, 2026

Kopernik Global Investors Commentary (June 2026)

John highlights Kopernik / Dave Iben as among his favorite value-investor analysts to follow. Quoted themes from the commentary:

- The next 30 years will be much worse, given how comfortable governments have become with perpetual $2 trillion deficits.
- Over the past century, the dollar has lost over 99.5% of its value relative to gold.
- Devaluation is endemic to all systems, and especially to democracies. Cites Alexander Fraser Tytler: "democracies can only last until the voters discover that they can vote themselves largesse from the public treasury."
- Worrisome signs for holders of debt: politics is increasingly trumping the rule of law — mortgages forgiven, student loans and rents deferred, and Liability Management Exercises (LMEs) becoming commonplace (cites Jim Grant).
- In the overdone private credit arena, the increasing usage of GATES in recent months (limiting or halting investor withdrawals) suggests a reallocation of wealth is underway. "Caveat Emptor."

John: "Good read and a great follow."

2026 Emerging Market Performance

Several South American markets are performing. As the political landscape shifts toward more market-friendly government, perception will shift, enabling capital flows.

John: "We might be looking at a decade of outperformance in Latin American markets."

A blast from the past

A look back at picks on 1999–2001 internet-bubble stocks, with Pets.com as one of the most egregious examples — a cautionary analogy about valuation manias, not a current holding.

Strait of Hormuz commodities

Many resources besides oil and gas travel through the Strait of Hormuz. In particular, the price of sulfur has doubled since the conflict began.

Margin debt is making new highs

In the past, when margin debt reached current levels, the market has been at a top and then suffered a big drawdown. Does this mean the market has topped?

John: "No — but as I have stated before, I deal in probabilities."

Time Arbitrage & Fourth Grade Math (Mike Alkin)

Bottom line: nuclear power is growing but uranium supply is not keeping pace with demand. The stocks fluctuate due to sentiment and liquidity, but "we are in a bull market, and uranium will move higher over the next decade." (John's own reiterated uranium bull thesis.)

That's it for this week.
John Polomny