In short: Owned in his personal portfolio — "I love that company." On the Q2 result: mineral production "isn't necessarily expanding," but the trading profits "were tremendous… a really good result." What he likes is the whole-value-chain capture — mining plus marketing/trading — which he's seeing more mining and oil companies move into. "Something to take a look at."
Glencore does two things: it digs up metals and coal, and it runs one of the world's biggest commodity trading desks — buying, shipping, blending and selling other people's material as well as its own. Polomny owns it in his personal account and says plainly, "I love that company."
What he singles out in the Q2 result is that mine production isn't really growing, yet the profits were excellent because the trading arm did so well. That's the point of the business: when commodity markets get dislocated — wars, export bans, shortages — a trader with ships, storage and contracts gets paid on the chaos, whether or not it produces one extra tonne. He calls this capturing the whole "value chain," and it's the same quality he admires in TotalEnergies on the energy side. In a world where he expects more supply disruptions, that's a business that profits from the disruption rather than merely surviving it.
36:33I love that company. If you look at their earnings from Q2, their production of various minerals isn't necessarily expanding, but their ability — one of the reasons I like them and what I'm seeing more and more of these mining and oil companies get into is trading. They're involved in the whole value chain.
In short: Named with BHP and Rio as a top multi-commodity miner to buy-and-hold for the multi-year resource upcycle.
Glencore is a giant miner-and-trader of copper and other commodities. Rule lists it with BHP and Rio as a top multi-commodity major worth buying and holding for the 5–7-year payoff of the resource bull — a cash-rich way to own the base-metals theme without picking small-cap explorers.
10:30Similarly, if that same investor constructing a natural resource portfolio, bought the biggest of the multi-commodity mining companies, the BHPs, the Rio Tintos, the Glencores, they would over the next 5 to 7 years become very, very happy. And similarly, should they buy as an example Exxon Mobil, well, they might not be happy in 2026, maybe 2027, they'd probably be ecstatic by 2029 or 2030.
In short: His former employer — "one of the world's largest mining companies… the DHL or the FedEx of commodities." Its ethos of long-life-asset optionality (Ivan Glasenberg: only own "really long life investments") shaped his thinking. Recounts the failed Glencore–Teck merger attempts (Glencore took the coal assets) and the irony that Glencore now employs more Canadians than Teck.
Glencore is one of the world's biggest mining companies and commodity traders — Pandoff calls it "the DHL or FedEx of commodities." It's where he worked before Lumina, so it comes up as background, not a recommendation. The useful takeaway is a philosophy he carried over from Glencore's Ivan Glasenberg: only own very long-life assets, because over 30–100 years you catch enough price cycles that timing the market matters far less. He also tells the story of Glencore repeatedly trying (and failing) to merge with Teck Resources, and the irony that Glencore now employs more Canadians than Teck does.
5:08Yeah. No, exactly. And when you're working at Glencore, it's unique because it's one of the world's largest mining companies. It's one of the world's largest commodity trading houses. And
5:17it's really the DHL or the FedEx of commodities. And so the reach the global reach of Glencore through all of
In short: "I've liked Glencore a lot" — ironically more for its coal than its copper (bought a Colombian 30-year mine life at 1.5× free cash flow). Lots of political risk and acquisition-tactics/corruption questions, but "easily the best of the major mining companies" on capital allocation / return on capital — more a multi-strat miner than a copper play, with management as very large shareholders.
Glencore is a sprawling miner-and-trader Rule likes — but, as with the others, for a reason that isn't the obvious one: he rates it more for its coal than its copper, pointing to a Colombian coal mine it bought dirt-cheap (a 30-year mine for 1.5× its annual cash flow) when nobody wanted coal. He calls it the best of the big miners at allocating capital and earning returns, with management owning huge personal stakes. The caveats are real: lots of political risk and lingering questions about how it does deals in emerging markets, including corruption allegations. He thinks of it as a "multi-strategy" miner rather than a pure copper bet.
37:19It bought coal assets when nobody wanted them, including one particular asset in Colombia, where they bought a 30-year mine life for one and a half times free cash flow. I mean, a stupid deal. There is a lot of political risk inside Glencore. There are a lot of questions around the company's acquisition tactics in emerging markets, which is to say allegations of corruption.
In short: "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×).
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.
37:29— Yeah, so I I think if you if Glencore didn't have its coal exposure, then I think Glencore would be trading at many multiples higher than it is today. If you were to look at any of the copper-focused mining companies in the world, but uh again, they really play the long game, and they do have a legacy thermal coal business that the market hates.
In short: Named as a most-efficient copper producer minting cash at $6 copper; iron-ore exposure = recession-sensitive with a multi-year payoff.
Glencore is named among the lowest-cost big copper producers minting cash at $6 copper. Same trade-off as its peers: heavy iron-ore exposure makes it recession-sensitive, so the big payoff may take several years to arrive — but it's a core way to own the structural copper shortage.
28:03there's a recession. The most efficient copper producers are companies like Glenor, BHP, and Rio, which are also large iron ore producers. Uh iron ore is particularly economically sensitive. So to the extent that we have a recession, uh it may be four or five years before these companies pay off in a big way, but then they pay off in a very big way.
In short: International equity that "owns lots of assets" — the kind of hard-asset name that outperforms in stagflation.
Glencore is a global mining and commodity-trading company — it owns and trades physical metals and materials. It's a foreign (international) stock, which he favors as cheaper than U.S. names.
He groups it with the miners that "own lots of assets" — the type of hard-asset business that tends to beat tech and growth stocks during stagflation (rising prices plus slow growth).
16:48Companies — your Glencores, your BHP's, your Freeport-McMoRan, your companies that own lots of assets. Cuz in that stagflationary world, those types of stocks outperform. — Yeah, those types of stocks outperform like the Mag 7 or just growth stocks. — Okay, back to the Mag 7.
In short: Owns the neighboring El Pachon copper project in Argentina — flagged as a natural ALDE acquirer and infrastructure-sharing partner ("Why not team up with Glencore at El Pachon down the road like Filo did with Jose Maria? One road, power line, and water supply is cheaper than two").
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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.