In short: "This is our big trade a year ago on the show. Our coal CNR is up 32% over the last year" — the coal leg of the hard-asset book, still owned but now a gain he wants to protect.
CNR is a coal producer. Coal is exactly the kind of unloved, physical, cash-generating business at the centre of his hard-asset thesis — and it powers the electricity grid the AI build-out is straining.
He points to it as a call that worked: "this is our big trade a year ago on the show. Our coal CNR is up 32% over the last year," alongside copper names up 82% and gold miners up 50%. Big tech, meanwhile, is up 4–5%.
Note the posture shift. He is not selling — "by no means have we been bearish" — but after a run like that, "now you want to protect those gains," which is what the bank puts and the VIXY rental are for.
38:52I'm just looking at the coal names are up and this is our big trade a year ago on the show. Our coal CNR is up 32% over the last year. The copper names up 82% over the last year. So you and the gold miners up over the last year 50%. So yeah, we've been, by no means we've been bearish.
In short: The coal pick that "worked out well" — Core Natural Resources +50% (the coal ETF +30%). "Power for AI… everyone's in the chips, no one's in the power." Still loves it.
Core Natural Resources is a coal miner — his coal pick that worked, up ~50% (the broad coal ETF up ~30%). The theme is "power for AI": data centers need electricity now, and coal is one of the fastest sources to ramp. "Everyone's in the chips; no one's in the power." He still loves it.
58:03I think it was up much more. Oh, yes. Core was much better. I was just looking at the coal ETF, which is up 30. Still love it. Power for AI. Once again, everyone's in the chips. No one's in the power. What would get you to trim? When would you be done with commodities? Oh, if we somehow went into a strong dollar regime where the federal deficit went from 1.
In short: His named coal pick — beautiful FCF yield, buying back stock, cheap small-cap. Coal is fastest to ramp for AI power; Hormuz (−20% LNG) gives global coal pricing power.
Core Natural Resources is a coal company — and coal is his contrarian favorite. It's a cheaper, smaller company that generates strong cash and is buying back its own stock, with a healthy balance sheet.
Why coal? It's the fastest power source to ramp up if AI data centers suddenly need more electricity. And with the Strait of Hormuz disrupted (cutting ~20% of liquefied natural gas supply), coal gains global pricing power as a substitute. Good cash flow plus a strong demand tailwind equals attractive risk/reward in his view.
22:21— So you feel like coal fits in there as well. You hear a lot about natural gas, but not many people talk about coal. Oh, big time. Because coal is the fastest to ramp up. So if something happens in terms of demand from artificial intelligence, coal's really the fastest to ramp up. If you look at CNR, Core Natural Resources, it's got a beautiful free cash flow yield. They're buying back a lot of the stock. It's very cheap.
In short: "I love the coal" — CNR ("Charlie-Nancy-Robert") ~15% FCF yield; bought back ~25% of the stock this year.
Core Natural Resources is a coal miner. "I love the coal," he says: it throws off roughly a 15% free-cash-flow yield (cash generated each year worth about 15% of the company) and bought back about a quarter of its own shares this year — both signs of a cheap stock gushing cash. Coal still powers a lot of the grid feeding AI.
35:02Gold or Bitcoin for 2026? If you have a lot of gold exposure right now, you want to be diversifying into Bitcoin, into energy equities, into your aluminums of the world. Especially, I love the coal names down here. I love the coal — Core Natural Resources (Charlie Nancy Robert) — literally 15% free cash flow yield, company bought back 25% of the stock this year. There are a lot more attractive places than gold right now, especially in the coal space.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.