In short: The high-leverage copper "lottery ticket" — a ~$280M small cap in Peru, "no permitting, no drilling, all air… so far from being anything real," but the assets look great and "if it works it's going to work big." A small personal allocation paid for with realized gains.
King Copper is the opposite end of his copper barbell: a tiny (~$280M) exploration company drilling a copper project in Peru. He's blunt that it's early and risky — "no permitting, no drilling, all air… so far from being anything real." But the geology looks great, and "if it works it's going to work big." It's a deliberate "lottery ticket" — a small position that can deliver outsized gains, paid for with profits he's already booked elsewhere — sitting alongside the safe COPX ETF.
27:24I am long the stock so I don't want to look like I'm trading my own book here. But King's Copper KCP, it is a highly levered play in Peru to copper and if it works it's going to work big. — And so it's a small cap 280 million and — no permitting, no drilling, all air. — Okay, good. At least you're getting it all out. I don't have to say that.
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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.