| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 917 | $16.31 | $14,956 | 0.61% | $10.59 | $5,243 | +54.0% | — |
In short: Passing mention — "Glencore around," one of the majors in the belt.
33:34map right in the middle of a camp like the Domes region, what does that create? It creates the perfect storm for M&A. And you don't only have Barrick, First Quantum, Ivanhoe. Think about all the groups that are there. China Molybdenum sits just above us with Tenke Fungurume, another amazing deposit, but you have Freeport-McMoRan working there, you have Rio Tinto working there, you have Anglo American working there, you have BHP around, Glencore around. Every major copper producer on the planet is in this region, and most of those groups
In short: Peer comparison: less copper-weighted mix than Anglo Teck; also named among those who only started spending heavily on copper capex from 2024.
2:35And if you look at comparing to others, they are getting a pretty good exposure to copper. Look at just Vale or Rio or Glencore or BHP. So, this is a pretty good mix. Now, Anglo Teck would become a top five global copper producer, giving it major scale. Alongside, you have, of course, BHP, Freeport-McMoRan, and it would be one of the largest copper-focused producers.
In short: "An especially interesting story": copper growth plus a marketing/trading arm that earns more in war-driven commodity volatility, which he expects in a more fragmented world. Gross debt ~$45bn looks alarming but net debt is ~$10bn; BBB-range credit, buybacks, likes the coal; Australian listing this October should help liquidity and multiples. Fairly priced; he owned it before (bought ~10–11, sold ~13–14).
Glencore both mines (copper, coal and more) and runs one of the world's biggest commodity-trading desks. Traders make more money when prices swing wildly, which is why the stock jumped when the Ukraine and Iran wars broke out; Lukacs expects a more divided, volatile world, which suits that business.
Its debt looks huge (about $45bn) because trading needs lots of short-term borrowing, but it also holds large sellable inventories and cash, so debt minus those assets is only about $10bn. He calls it fairly priced, likes that it buys back shares, and notes a new Australian stock listing in October could attract more buyers. He has owned it before.
12:03So they are also just paying dividends, no buybacks and my weakness on the story is really their valuation. Glencore you have strong copper growth plus the marketing exposure that benefits from war driven commodity volatility. So Glencore is an especially interesting story to me from that perspective. If you watch my video on my macro framework, I'm convinced that we are looking at a more fragmented world going forward.
In short: Named only as the concentration risk inside the CENX thesis: "Glencore owns 30% of Century's shares, and accounted for roughly 44% of its Q2 2026 consolidated net sales. Glencore has been a supportive shareholder and partner, but that high concentration is worth noting." No view expressed on Glencore itself.
In short: Owned since late 2024, added on Liberation Day 2025 when commodity names sold off. A long-term proxy for commodities: dominantly copper, then coal/nickel/zinc, plus a marketing arm that "mints money." Likes the capital allocation and capital structure. (Transcript garbles the dates as 2004/2005.)
Glencore is a giant mining-and-trading company Smead owns as a broad bet on commodities in general. It mines mostly copper, plus coal, nickel and zinc, and runs a "marketing" arm that trades physical commodities and reliably "mints money." He bought it in late 2024 and added on "Liberation Day" in 2025, when tariff fears knocked commodity stocks down — a chance to buy more cheaply. He thinks of it as a durable, long-term proxy for the whole commodity complex, and likes both its capital allocation and its balance-sheet structure.
45:20Other commodity businesses like you mentioned, we got involved with Glencore in late 2004 when Ivan Glasenberg bought more in the spring of 2005 during liberation day when everyone scared. We got a chance to get some more of that stock. It's done really well for us. They're a good proxy for commodities in general. They're in the copper business dominantly and secondly in the coal business and nickel and zinc and they have this great marketing arm that just tends to mint money in commodities in general.
In short: Cited as a "major" — one of the large global miners with the scale to acquire scarce copper development assets.
In short: Counterparty to Wheaton's existing 33.75% Antamina silver stream — context for how Wheaton reaches 67.5% of the mine's silver after the BHP deal.
In short: Owned — the commodity expression. "We own Glencore in the copper market" (copper, zinc, nickel, coal). Their way to participate in the 20-year rotational commodity bull without owning the gold miners ("a terrible place to get wealthy — even when gold's good they don't make money").
31:25Um it's not dissimilar to kind of the price moves we saw in oil when that ripped. — But you're not participating in it and you're still convicted of let me we own Glen Core like in the copper market. They're in copper, zinc, nickel in the coal business. So we're we're involved in there, but here here's I mean let's just use gold.
In short: Pro pick — recently started buying. ~30–40% coal (thermal + met), plus copper/zinc + a trading arm. Through-cycle ~10% ROIC on long-cycle, hard-to-replace tangible assets; M&A "in their DNA" (took out Teck's Elk Valley/EVR). "When commodities become a small-g god, Glencore becomes a small-g god among generalists."
Glencore is a giant miner-and-trader Smead recently started buying as a broad commodity bet. Roughly a third of it is coal (both the kind burned for power and the kind used to make steel), plus copper and zinc, plus a trading desk that reliably makes money. His contrarian point: everyone assumes coal is dying, but every energy transition actually increases use of the old fuel — 2024 was the biggest year for coal in history, because poorer countries just want reliable electricity. The assets are hard to replace, the returns are steady through the cycle, and dealmaking is in the company's DNA.
56:53Um, we've owned some of the thermal coal business. We own currently one called White Haven um in Australia as well. So um those are energy businesses in the case of the thermal coal and the in the steel making um steel making because of the views of China has been very negative. If you look at their other parts their metal and mining copper and zinc are big businesses for them.
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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.