About this episode
We sat down with Will Thomson of Massif Capital, fresh off a standout year for the fund, to dig into his high-conviction bets across materials, energy, and industrials.Will is a deep, contrarian thinker who has grown his fund by finding value where others aren’t looking. This episode is no different, with some punchy views on gold, mining management & commodity investing. In this conversation, Will covers:• Why he sees little value in gold miners right now — and what would change his mind• His deep dive on Equinox Gold and why new CEO Darren Hall is the key variable• Lundin Mining’s Vicuña project — what the $18B capex really means• Why management teams matter more than the commodity• Whether he’s rotating toward energy and niche industrials — including a hot take on offshore windFollow Will on socials: X - https://x.com/wmthomson22Stocks mentioned: EQX.TO, LUN.TO, AFM.V, LRV, HBR.L…………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers to the ?????????????????????????????????????????????????Director’s Special?????????????????????????????????????????????????: one daily email with all the news that matters in mining …………… TIMESTAMPS (00:00) Real Assets Rotation(03:20) Inbound Interest Signals(07:00) Why Gold Looks Overpriced(15:10) Equinox Underappreciated(19:00) Lundin Copper Masterclass(31:50) What Drives Miner Returns(33:50) Management Fit by Lifecycle(37:50) Larvotto and Distressed Assets(44:30) Tin Outlook and Alphamin(53:10) Rebalancing Beyond Mining…………… PARTNERS ???????????????Exceed Capital??????????????? – Diversify your portfolio with Exceed’s property funds?????????????????????????? ???????????SS&C Intralinks??????????????? - Powering deals with unmatched security and efficiency ??????????????????????????????????????????????Sandvik Ground Support?????????????????????????????????????????????? – The only ground support you’ll ever need ?????????????????????????????????????????????Focus by Marketech??????????????????????????????????????
