Kontrarian Korner

On Friday afternoon I had Rudy Havenstein and Robert from Infranomics on the podcast. We talked about recent events in the Middle East and the disruptions that are coming, the political situation and midterms, and why the Fed is stuck between a rock and a hard place. I thought the most interesting part of the conversation was the back and forth on the political system. I wasn’t able to convince Rudy that the US should have a monarchy, but we all agreed that the system is very broken today. You can find Rudy’s Substack below, and he’s a must follow on Twitter. You can find Robert’s work on Twitter as well as his YouTube channel. Podcast Summary* How the recent events will feed into supply chains, inflation, and the complacency in financial markets. * The political interference with financial markets, and the pattern of jawboning the markets.* Why the Fed is stuck between a rock and a hard place, and why all roads lead to the big print.* Why they aren’t surprised by the effectiveness of the Iranian resistance and why Rudy thinks this could be a rerun of the Iraq war. * The problem with the mainstream media environment and the propaganda environment on social media. * How the midterm elections might turn out after the recent adventure in Iran and that abandonment of most of Trump’s campaign agenda. * Anarchotyranny, frontier justice, and fix it politics.* The push to reindustrialize the US and undoing some of the side effects of hyperfinancialization. * The potential for a completely different political system, and why the system can’t be reformed through the system.* The pros and cons of monarchy versus the current system.* Book Recommendation: Sinister Forces by Peter Levenda.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had John Polomny back on the podcast to talk about where he sees opportunities in financial markets and how recent events in the Middle East play a part in where those opportunities are. We also talked about some of the changes the US needs to make, why they will be difficult if not impossible, and several other topics. You can find John’s Substack below, but you can also find him on Twitter, and his weekly market updates on YouTube are a must watch. Podcast Summary* The supposed ceasefire in the Middle East, and the unavoidable supply chain disruptions that are already baked into the cake with recent events in the Strait of Hormuz. * Why he has unwound some of his energy exposure over the last couple days, and why agricultural commodities are an opportunity.* Adding to some of his positions in precious metals, why it’s a buying opportunity, and the long term secular drivers for gold in particular.* The series of events that he would have to see to be convinced that the US has control over the Strait of Hormuz. * Why the Fed is stuck between a rock and a hard place, and the only two choices are the big print (yield curve control) and letting rates rise. * The problems with US industrial policy and why it will take longer than most people think to course correct.* Why the US won’t exist in its current form in 10-15 years and the soft secession that is already happening. * Opportunities in emerging markets, base metals, and other places to look for potential investment.* Book Recommendation: How To Be Rich by J. Paul Getty.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Dexter White on the podcast as the perfect follow up to Tom Luongo on Monday. This was before the ceasefire, so we will see how that plays out and how markets react. We talked about the Strait of Hormuz and other international choke points, some of the nuances of AI and the media environment, and the national security importance of the great power competition with China. For anyone interested in a look at some of the most important topics facing the US right now, this one is worth a listen. You can find Dexter on Twitter and at Gold Goats n’ Guns. Podcast Summary* The situation with the Strait of Hormuz, what it means for the US, and the various supply chains that are impacted by it. * The nuances that are involved with the situation in Iran, and the lack of second and third order thinking from different media personalities.* The legal problems facing Netanyahu, and why Israel has influence, but they aren’t the only driving force behind the recent operations in Iran. * Why the US approach to China’s access to energy is a matter of national security. * The different islands in play in the Strait of Hormuz, from Qeshm and other islands in the narrowest part of the channel, and why he wouldn’t be surprised to see US Marines taking Qeshm, Hormuz, Larac, and the other small islands. * The importance of Kharg Island farther north, and why the US has to cut off the flow to reorder the political situation in Iran. * Why the US is targeting different international choke points, and how other countries have benefited from our role as guarantor of global shipping lanes. * The AI spending and the brute force approach of the LLM models that make it more power and data hungry than they need to be. * Why we won’t get AGI until you start working with neural tissue chip arrays.* The potential for data centers to be used for a digital control grid. * Why the waves of layoffs are not driven as much by AI and it’s more driven by the middle management bloat that has built up in the system over the last several decades. * The problems with the hyperfinancialized economy and globalization, how this was tied into the push towards egalitarianism, and the return to a reality based economy.* How the media environment shapes and pushes different narratives.* Where things lead with China, and why the US needs to address supply chain deficiencies rapidly because we are behind on that front.* Canada, why each province is a colonial exploitation zone, and the future of Alberta and Quebec. * Book Recommendation: On War by Carl von Clausewitz.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Tom Luongo back on the podcast to talk about all of the chaos going on in the world. Instead of getting tied up in day to day events, I wanted to pull on the threads of the big picture in our conversation. He thinks that we are near the end of a cycle that has been building for centuries, a fourth turning of a fourth turning if you will. Right now, we are seeing the return of power politics, the rewiring of the flow of money around the world, and the end of the rules based order. For anyone that needs some food for thought on these big picture topics, this one’s for you. You can find Tom on Twitter and his podcast at Gold, Goats n’ Guns. Podcast Summary* The 30,000 foot view of the situation in the Middle East, and why it will rewire the flow of money around the world. * The return of power politics and the end of the “rules based order”. * Why there are no coincidences in geopolitics, and the win conditions for the US in the Middle East. * The power the City of London has over global trade with controls of the levers of insurance, forex, and the Brent oil contract. * The consequences of what has happened so far in the Middle East and what comes next. * Why we will see the old petrodollar system change into a different version after the Iran conflict comes to a resolution. * The future of NATO, Europe, their economy, and why the European powers are chomping at the bit to go to war with Ukraine.* Why he thinks the consensus on Republicans getting blown out in the midterm will be wrong.* A key date to watch: April 28, when the King of England comes to the US to address Congress. * Book Recommendation: Foundation by Isaac Asimov.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday morning I had Tommy Carrigan on the podcast for the first time. I was on his podcast a while back and it was time to return the favor. We talked about current events, the changing media environment and what it means for future psyops, and how new technology could lead to an age of abundance or something a lot worse. It was a fun conversation and a change of pace from focusing exclusively on current events and markets, and if you enjoy going down rabbit holes and talking conspiracies, you will enjoy this one. You can find Tommy’s Podcast on all the podcast platforms, and he’s definitely an entertaining follow on Twitter (when he’s not banned). Podcast Summary* His experience during COVID, and being one of the first to have doctors like Robert Malone and Peter McCullough on his podcast.* The situation in the Middle East, his problems with putting boots on the ground, and the parallels to the Global War On Terror.* The difference in the generational point of view when it comes to current events and media.* How current events and changes in the Overton Window are either a long-term psyop or an emergent phenomenon. * How psyops and conspiracies have a shorter shelf life today compared to a couple decades ago. * The modern day Operation Mockingbird equivalent that is happening on social media and podcasts. * Changes in technology, why we could see power that is too cheap to meter, and the future of AI, and where that leads over the next couple years and for future decades. * Book Recommendations: Base Nation by David Vine & The Generals Have No Clothes by Will Arkin.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Veles back on the podcast for the first time since last March, and it was one of the rare episodes that I listened to the whole thing while editing it last night. We obviously talked about recent events in the Middle East, but he made a compelling case that both sides are pulling punches by refraining from destroying electricity infrastructure and desalination plants. If you want a podcast that talks about the different competing factions of the elite and the birth of a new economic system, among other topics, this is the one for you. You can find Veles on RogueNews, where I also have a weekly show. Podcast Summary* Why some of the recent chaos in the Middle East is an opportunity to clean house for some of the governments.* The US and Iran pulling their punches, despite all of the infrastructure that has been damaged or destroyed. If it was total war, we would have already seen power infrastructure and desalination plants being hit.* The “laundry fire” on the USS Ford, and how it is out of commission for over a year for repairs.* Why it is near impossible to know exactly what is happening on the ground right now with the propaganda flying in all directions.* Why Iran has been heavily targeting GCC countries instead of focusing as heavily on Israel. * The importance of Kharg Island and Iran’s distributed network approach to launching missiles and drones.* The problems with putting boots on the ground, and why we won’t know all of the details about the US strategy for years. * Why Congress has to get involved at the 30 day mark of the conflict (9-10 days from now)* How the conflict with Iran is targeting the London Corporation, and it’s not just Israeli influence.* The economic systems breaking down and how we have all been caught up in the competition between the different elite factions over the last decade.* Why the layoffs at major corporations are not driven by AI (at least for now) and how it will push down the value of labor and certain goods and/or services. Physical assets are the only thing that are immune. * How we could see western Canada break away from the eastern part, and what that would mean for the US and the City of London.* Why we could see the global economy moving away from a system of scarcity, and building out the power grid with nuclear.* Why AI data centers need nuclear power as much as nuclear power needs the data centers, and how some of the companies building these operations have used the buildout to secure water rights. * The difference between world models and language learning models. * How the US is planning to lock down the sphere of influence across North and South America, and what it means for trade, tariffs, and our Navy patrolling global shipping lanes.* Why the US is planning to remove ourselves from the Middle East, after some resolution is reached in the current conflict.* How the US move on Venezuela has cut Cuba off from oil, and what that means for Cuba moving forward. * Why the international debt load is unsustainable and monetization is coming, and why CBDCs are one path for that. * The importance of having a turbulent period before a new economic model can be put in place, and why the conflict with Iran is one phase in that period.* Why major economic and financial market events tend to happen in October, and why physical assets is where he is hiding out. * The importance of having physical books and DVDs because moving forward online information or content might not be reliable.* Book Recommendations: Beyond Atlantis: Vestiges of the World’s Lost Civilizations by Mark Carlotto & Entitled: The Rise and Fall of the House of York by Andrew Lownie.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

On Friday I had Dave Collum back on the podcast to rant about the state of the world and everything that has been going on lately. It’s been too long since I had him on the podcast and it was fun to chat with him about the situation in the Middle East, the competition between factions going on in the Trump administration, and the structural problems with financial markets. We were able to mix in some optimism on a couple topics despite all of the crap that is flying around lately, but for anyone interested in the intersection of current events, conspiracies, and markets, this one is for you. You can find Dave on Twitter (and under his desk, as he likes to say). Podcast Summary* The Joe Kent departure and his podcast with Tucker Carlson and how it shows some of the competing factions inside the Trump administration.* The legitimacy issues that our institutions are facing.* How social media accelerates narrative changes, the divisions in society, and identity politics. * The various psyops and conspiracies, including if Netanyahu and other prominent Israeli leadership are actually dead, and how the shelf life of conspiracies is getting shorter and shorter.* Why he thinks we have already crossed the Rubicon in Iran and Israel as far as causing serious problems for energy markets and supply chains.* How targeting desalination plants could lead to a collapse very quickly.* The potential for US boots on the ground, and why it makes sense to prepare and stockpile food and other things with some of the supply chain problems we could see.* The structural problems with the hyperfinancialization of the economy and markets, private equity and private credit, and other things that need to be fixed.* How the US needs to significantly change the economic system and incentives, and why he thinks things need to wash out first.* The economic distortions that have happened over the last several decades.* Why real estate needs to get cheaper by price instead of trying to manipulate affordability by lowering rates.* His thoughts on the precious metals selloff and where there might be opportunities.* The technological changes coming for the financial system and how we have been resisting creative destruction. * Book Recommendation: Rage In The Republic by Jonathan TurleyKontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Moritz Bierling on the podcast for the first time. We talked about the competing elite factions, how the conflict between the US and the British Empire has evolved, and where the world will go from here. He also got into the importance of having a positive vision for the system that should be built, and several other civilizational and cultural topics that are top of mind for anyone paying attention to the rapid changes that have been happening since 2020. It was a great conversation for anyone interested in the high level view for where the West is headed over the next couple decades. You can find Moritz on his website, Modern Minuteman, and on Twitter. Podcast Summary* The different groups in the upper class, and how they are distinct and what incentives they have. * The competing elite factions, and the different groups in the US and Europe.* How the remnants of the British Empire have used soft power and influence after WWII. * Why the right wing has to develop a positive view of what should replace the current system. * How the conflict between the US and Britain has changed since the Revolution.* The deterioration across the West after WWII, and how losing a huge portion of that generation’s men in the war has had ripple effects that we feel today. * Why it’s important for people to understand the history and the cultural and legal foundations of their civilization.* The problems with the legal system, and how people should examine the local court system to see where some of the problems are in their area. * How 2020 and COVID is the dividing line from the before times, and how the Overton Window has been shifting rapidly in recent years.* Elon Musk, the connections between the technology companies and the existing power structure, and how he has the potential to be the first of this generation’s robber barons. * Book Recommendation: Tribal Future Of The West by Mike Maxwell. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Craig Tindale on the podcast for the first time. For anyone interested in commodity and physical supply chains, it’s a must listen. We dove into the recent events in Iran and their impact on supply chains (not just for energy), and how insurance plays a role in global shipping markets. We also talked about China’s Unrestricted Warfare approach to global commodity supply chains and refining, and what the US needs to do to catch up. Then we spent some time on bottlenecks for the AI and data center buildout, and which commodities investors should keep an eye on with everything going on. You can find Craig on Twitter, and his Substack is below. Podcast Summary* The recent events in Iran, the impact on global supply chains, and how the Strait of Hormuz is kind of the jugular vein of the global trade system. * How the global trade system has gotten more complex over the last several decades, and where that leaves us with the West trying to decouple some of these systems from China.* The shipping insurance industry and the US DFC plans to step in to insure ships traveling through the Strait.* The massive copper demand for building data centers and transmission lines, and the bottlenecks in the West for copper production and the smelting/refining capacity. * How the Chinese have used economic warfare to take control of several important supply chains over the last couple decades, and how that has hollowed out industrial capacity across the West.* How the economic models we currently use can be improved and connected to the real economy.* The AI CAPEX boom, and how the companies involved don’t know if they will see a return on that investment over the next five years.* How Nvidia could run into issues with their new chips as far as deployment and the supply chains for the metal inputs. * Why he’s watching silver, and how you could have a hierarchy of demand with what price different customers are willing to pay.* How Western commodity markets evolved as paper and derivative markets, while the Chinese markets are designed for physical delivery.* Some of the different applications for rare earths, and how the US could address the bottlenecks we currently face.* How the financial economy is extractive of the material economy, and why the material economy is way more important than the financial economy. * Book Recommendation: Secret of the Veda by Sri Aurobindo. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Jordan Webster (Geólogo Trader 🇦🇺) on the podcast for the first time to discuss Andina Copper, where he is VP of Technical Communications. He has a background as a geologist in Australia before moving to Argentina several years ago. We got into each of the company’s assets and the exploration plans they have, along with some of the recent drill results and assays that are pending. We also talked about the recent financing that was upsized. You can find Jordan’s Substack below, but he’s also worth a follow on Twitter. The podcast will be available to everyone on Sunday morning. Podcast Summary* How Jordan ended up in Argentina and how he got involved with Andina Copper.* The 30,000 foot view of the company and how they acquired Rugby Resources.* The Cobrasco Project in Colombia.* The logistics involved in restarting exploration in an area of Colombia that is isolated in the jungle.* Recent drill results, the assays pending, and the geology in the area.* How the area is very underexplored, and the benefits of having Rio Tinto as a neighbor.* The Piuquenes Project in Argentina.* Closeology to Aldebaran’s Altar deposit, and other nearby projects.* Recent drill results, the assays pending, and the geology in the area.* What they have done at the project during this drill season, and how the snow limits access to the project.* The different parts of the project in the North, Central, and East sections. * The Mantau Project in Chile.* Closeology to Marimaca’s project, other nearby projects, and the existing infrastructure that is nearby.* Why they are focusing primarily on the other two projects for now. * The recent financing that was upsized from $20M to $27.5M, and how it sets the company up for the next year.* Podcast Recommendation: The History of the Grasberg Mine.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Jason Perz on the podcast for the first time, and we discussed the different trends going on in the financial markets. We talked about the commodities complex and which areas he finds most appealing right now, along with the reasons to avoid large cap tech and bonds as we move through this inflationary regime. It was a fun conversation and I’ll definitely be having him back on to discuss how these trends have developed over time. You can find him on Twitter, Substack, along with his YouTube.Podcast Summary* The changing investment environment and what it means for stocks, bonds, and commodities.* The concentration in megacap tech stocks, and how it mirrors past cycles.* How rising energy prices create issues for the broader equity market, and why he thinks the trend for the sector is just getting started.* The different things to look for when it comes to news failures and mean reversion, and how that feeds into a setup for a trade.* How sector equities moving ahead of a commodity signify risk on for that sector.* The gold to oil ratio and why he thinks it will rubber band back to something closer to a historical relative valuation. * Why the trend in the precious metals complex has time to run, and why we could see the move in the miners continue from here.* Copper being one of the biggest opportunities right now, and why he prefers to get exposure through the major ETFs.* Why nickel has the most upside out of all the industrial metals, and why he avoids the LME.* His exposure in the uranium space, and why his current exposure is in the juniors.* Agricultural commodities being the next space to move. * Book Recommendation: The Fountainhead by Ayn Rand.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Giacomo Prandelli on my podcast for the first time. He has an interesting vantage point as a commodities trader in Switzerland when it comes to geopolitics and commodities markets. We talked about the geopolitical chessboard and the tensions between the US, Europe, China, and Russia. We also got into the commodities complex and talked about where he sees opportunities and why it’s important to look at the global picture for each commodity. You can find him on Substack, Linkedin, and Twitter. Podcast Summary* The setup for the geopolitical chessboard, and the increasing tensions between the US, Europe, China, and Russia.* Why he doesn’t think Europe will prioritize the production capabilities for oil, gas, and other commodities, and the fragility of European supply chains.* Why copper and oil are top of mind for him right now. * How he occasionally expresses a view on a certain commodity with directional exposure. * Why it’s important to look at the global picture for the different commodities.* Why he pays attention to shipping, and why he thinks the rising rates in certain subsectors is more due to geopolitical factors than rising demand.* His view on the precious metals complex.* Opportunities in smaller commodities that are off the radar, including nickel and rare earths.* Book Recommendations: The Prince by Niccolo Machiavelli and The World For Sale by Javier Blas and Jack Farchy. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Tommy Lee on the podcast to talk about Transocean’s $RIG acquisition of Valaris $VAL . For anyone interested in energy, Tommy is an expert on the deepwater subsector of offshore oil services, and we dove into the transaction, how it deleverages RIG’s balance sheet, and the potential synergies between the two fleets. We also talked about other subsectors of offshore oil services, but our conversation was a good look at the transaction and where the sector is headed over the next several years. You can find Tommy on Twitter, but he’s also working on a service over at Deepwater Insight that he is close to launching. He also has his Substack that is definitely worth a follow. The podcast will be for paid subscribers for now, but it will be available to everyone on Sunday morning. Podcast Summary* How this transaction deleverages the balance sheet for Transocean, and accelerates the potential for capital returns.* Why he doesn’t think the transaction will lead to problems with antitrust issues.* The synergies between the two fleets, and why the estimated cost savings might be a little high. * How the jackup fleet fits into the new company, and why they might look to sell some or all of the fleet in the future.* The view on day rates, new builds, future scrapping, and the potential for more consolidation in the future. * The jackup market and what it means for Borr, and some color on what is going on in Saudi Arabia and Mexico. * OSVs, Tidewater, and expectation for M&A in that sector. * Seismic, subsea equipment manufacturing, and other overlooked opportunities in and around the offshore oil services sector. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Mark Mitchell of Rasmussen Reports on the podcast for the first time. He’s an independent pollster and a very entertaining follow on Twitter. We talked about his expectations for the midterm elections, geopolitics, and how the generational divide is going to be one of the most important topics for determining the future of the US over the next decade. If you’re not following his work, you should be, and you can also find him on YouTube. Podcast Summary* His thoughts on the midterms, why he thinks it will be ugly for the Republicans.* The Republicans as the party of beautiful losers.* The generational divide and the different perception of the economy, and how that will play a big role in politics over the next decade.* How the US is in a cold civil war right now, and the impact of gerrymandering on the upcoming elections.* America’s view on deportations and immigrations, why the Trump administration hasn’t done enough, and how they could use laws on the books to go after employers* Cultural enshittification, the offshoring and his experience in the tech industry with H-1B visas, and how H-1Bs are a logic trap.* How the feminization of our culture has impacted the US, and what it might take to return to a more concrete hierarchical culture.* The difference between doing things that look good and doing things that are right.* Why he thinks the US and the rest of the world is gearing up for war.* Why he thinks Vance is sitting in a good position for a Presidential run 2028. * Book Recommendation: Stolen Elections by Ralph PezzulloKontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comI hope everyone is enjoying the long weekend, and I wanted to do a quick update on all of the stuff going on recently, from the talk about Greenland and Canada to the upcoming World Economic Forum and Trump’s speech set for Wednesday. It has been everything, everywhere, all at once on the geopolitical stage so far in 2026, and it’s worth keeping an eye on as this year develops. I also talked about news updates from several companies that I own, along with some talk on silver and the disconnect for the miners. For anyone that prefers to read instead of watching the video, the transcript should be a quicker way to roll through the updates. I also included a link to the podcast I mentioned in the video below.Whirly Bard Interview on Contrarian Codex (for anyone interested in LibertyStream)The first half is on LibertyStream (LIB.V), and the second half is on Comstock $LODE (no position).

Yesterday I had E.M. Burlingame on the podcast to talk about the fast start to 2026 as far as geopolitics and financial markets. We touched on everything from Venezuela, to the Middle East and China, as well as the current political situation in the US. We also got into some of the changes happening in financial markets, and what we could see long-term as far as a complete change in the financial system. You can find E.M.’s Substack below, but he’s also worth a follow on Twitter.Podcast Summary* Recent events in Venezuela, what comes after Maduro, and how it impacts other parts of the world.* Why he thinks Cuba will change on its own, and the potential for the US to buy Greenland. * How certain factions think that Europe is planning for war against the US through Canada, and how Alberta and a potential secession factor in.* Why he’s keeping an eye on Iran and Israel and the Middle East, and the current state of Iran, and the ongoing regime change efforts.* Recent events in Ukraine, the use of another Oreshnik missile, and why a chain of geopolitical events can happen in bursts before pausing for a bit of a reset.* What to watch for at next week’s World Economic Forum meeting in Davos.* The power struggle going on in China, and why they are likely to be the center of gravity in that region of the world moving forward. * China’s economic system of political capitalism and how the US used to have a similar system before 1971. * What the next year holds for the US, and why deportations are a twenty to thirty year problem. * The setup for the midterms this year, and the multiple dimensions of the current political situation.* Why it’s important to focus on the local level, and the importance of the next generation of young men.* The tremors that are becoming more obvious in the financial system, and why the City of London’s ability to price metals (not just gold and silver) is breaking.* Why all metals will probably continue to increase in price, and why he thinks they will try to prop up the broad equity market.* How stablecoins could be used to link the debt market to the rest of the economy.* Why we could see a return to the gold standard in a tokenized system, but why we are probably going to try a tokenized form of cryptocurrency first.* Book Recommendation: The Financialist Kill Chain by E.M. Burlingame.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

On Friday, I had Sara (TripleS Special Situations) and Albert Collette on the podcast to discuss the tin market, why it presents an interesting opportunity, and why First Tin is an attractive way to play that opportunity for investors. Sara has experience in the commodities space as an operator and investor in opportunities that are off the beaten path, and Albert is a former board member of the company. Both of them own a decent sized stake in the company, and they lay out a compelling case for the potential upside over the next couple years for the company. If they can get permitting and financing for the Taronga asset, today’s share price is going to look like a bargain. Podcast Summary* A brief history of the tin market, how it was regulated by the International Tin Council, and how today’s setup was decades in the making. * The supply and demand outlook for tin, and why it points to higher prices for the metal moving forward. * Several of the uses for tin, and how there is a structural tailwind for tin demand moving forward. * A high level overview of First Tin and their assets. * Metals X as a large shareholder of First Tin, along with the video Sara mentioned below.* The Taronga asset, what the open pit will look like, and the potential to expand the resource significantly. * The dilution that has happened over the last couple years, and why they both think that the worst of the dilution is behind us. * The expected timeline for the permitting process (first half of 2026 is their expectation), and how EXIM financing will likely follow after that.* Why Metals X could look to acquire First Tin in that window between permitting and financing. * The European assets of the company, and some background on the tin and other critical minerals at Tellerhäuser in Germany.* How Tellerhäuser was discovered during Soviet occupation, and the historical drill results they have from that era, which would have been hundreds of millions in today’s money. * The resource nationalism when it comes to the supply chains for different commodities. * The potential upside for investors if First Tin can advance the Taronga project through permitting and financing.DisclaimerI own shares of First Tin (1SN on the London Stock Exchange). You should do your own research before making any investment decisions. Different investment strategies have different risk/return profiles which should be considered before making any decisions.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comI wanted to do a video as a follow up to my post yesterday and talk about recent events in Venezuela, how it might impact different energy subsectors, with a focus on $OIH and $SLB for example. I also took a look at some long term ratio charts for different assets and commodities of interest. I have included links below for stuff I talked about in the video, but it’s worth a watch for investors looking at where money might continue to flow in 2026. Silver: A Broken Market Before a “Reset”? by Cyrille JubertIndonesia to cut mining output quotas to support prices, minister says. -ReutersKontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Yesterday I had Vince Lanci back on the podcast to discuss everything going on precious metals and his outlook for the sector in 2026. We talked about the recent move in silver, some of the current events, and why he’s still bullish. We also talked about gold leading the whole commodities complex, platinum flying under the radar, but breaking out to its highest level since 2011, and everything else that he is watching as 2025 draws to a close. You can find Vince’s Substack below, but he’s also worth a follow on Twitter.Podcast Summary* The physical shortage of silver in London, how they are caught in a rolling squeeze, and the backwardated market for physical silver.* Silver as a critical mineral, China restricting silver exports, and other shifts in the supply chain for silver.* Other recent events with silver, including the Black Friday blackout and margin raises.* Why he is sustainably bullish on silver for the next several years, his expectations for triple digit silver in that timeframe, and how silver becomes more precious as gold goes higher in price.* How the physical market for silver is starting to assert dominance over the paper market.* The tug of war between silver as an industrial metal vs. precious metal, and the tug of war between industrial demand for silver and investment demand.* Increased investment demand for gold and silver miners over the next 12 months, and why we could see the miners catch up when gold and silver prices consolidate.* The valuation gap between streamers and royalty plays in precious metals vs. the miners.* Why he wants to look at gold miners that are looking to add copper exposure.* His outlook for gold in 2026, why we could see a 10-20% selloff, and why he expects gold to continue to drag the commodities complex higher.* Platinum and palladium as a pair, why platinum still flying under the radar, and how platinum could be ripe for a short squeeze and/or a sustained rally.* Why silver and other commodities are going to go up relative to gold, and why commodities are going to trade at their fundamental natural ratios relative to gold in coming years.* How he looks at ratio charts of different assets, comparing the S&P to gold, silver, and miners. * Gold vs. silver vs. copper, and other ratios he looks at as a signpost to compare where different assets are, and how they can signal a regime change.* The high level view on copper, and why he sees a potential catalyst for a spike in the copper price. * Why oil is going to be the last part of the commodities complex to wake up, and why he’s paying attention to vertically integrated oil producers looking ahead to 2026.* The Fed becoming an arm of the Treasury.* Other things that he’s paying attention to for 2026, including inflation, rates, yield curve control and QE, as well as other asset classes.* Book Recommendations: Absolute Batman & The Tower Of Basel by Adam LeBor.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday, I had PurpleDrinkCapital back on the podcast for an update on what he is seeing in markets. We talked about the recent Fed meeting and broader markets, and we also bounced around the different commodity sectors. He explained what he looks for in the charts and how it impacts his strategy, but it was a great conversation for a broad look at financial markets as we head into 2026. For anyone listening on Apple Podcasts or Spotify, we were looking at charts a fair bit, so you might want to switch over to Substack or YouTube. You can find his Substack below, but you can also find him on Twitter.Podcast Summary* The recent Fed meeting, and how it sets up the market from here. * Signs of life in the small caps $IWM and the Dow Jones Transportation Index. * Skepticism around AI CAPEX and the tech sector.* Why he focuses on price action, market cycles, and why he thinks the broader market should be fine until inflation rears its ugly head.* The whole periodic table lighting up as we get rate cuts with relatively stubborn inflation.* What he expects for gold and silver in 2026.* Why he thinks copper will really kick into gear when China kicks into gear.* Why he focuses on bellwethers for different sectors, like Newmont $NEM for gold, Freeport $FCX for copper, and Exxon Mobil $XOM for oil and gas.* What his process looks like, and why focuses on charts as a way to distill where buyers and sellers are willing to step in for any security.* Natural gas, his career experience in energy, and why he hates the sector with volatility and its exposure to weather.* Uranium, the Trump Administration involvement in the sector, and why he likes the setup for the next couple years. * How oil and gas is out of favor, why he likes the setup for back half of 2026, and why he pays more attention to Exxon breaking out than the oil price. * Podcast Recommendation: The Athletic Football Show.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Ross Jennings on the podcast to talk about Millennial Potash. He’s the largest shareholder and owns more than a quarter of the stock, and our conversation got into many of the questions I have received on the company. We talked about everything from the political risk in Gabon, what the company has to do to get into production and how long he expects it to take, to the upside case if the company does get the Banio project online. For anyone interested in the company, this one is definitely worth a watch. You can also find Ross’ writeup on Millennial Potash below.Podcast Summary* A little bit on his background, and how he first got involved with Millennial Potash.* Why he thinks Millennial is as undervalued now as it was a year ago due to the progress the company has made.* Why he thinks port logistics will be resolved in 2026, so the Banio project can produce significantly more than the 800,000 tons/year in the PEA. * How Millennial Potash has a structural logistics advantage shipping into Brazil (which imports 13-14M tons a year of potash), to the tune of at least $20/ton in dry bulk shipping costs. * Why investors should pay attention to the CAPEX and OPEX numbers when Millennial releases their feasibility study.* Comparing Millennial in the future to China’s largest potash producer, QSLI, and the growth in potash imports in China over the last several years.* The nuance of the drill results, why the Banio project offers huge economies of scale, and how it is ideally located as far as export logistics as well as the extraction process. * Why he expects full production in 2028 or 2029. * The political and legislative risk in Gabon, and why he thinks many investors are inflating the risk profile. The government has already been supportive to the company, and they are actively seeking foreign direct investment. * Funding the project with the project financing and a potential offtake agreement, and why he thinks they could begin operations without a massive amount of equity dilution.* The items that could break the bull case, and why a material increase in expected CAPEX and OPEX are at the top of the list.* A discussion on M&A, and the different parties that might be interested in the company. * Why the stock is probably in the process of turning over the shareholder base, and why he thinks it’s valued today at one third of where it should be. * Why he thinks that the Banio project could be producing 5M tons annually in 5 years time.* Book Recommendations: Fooled By Randomness & Antifragility by Nicholas Nassim Taleb & Margin Of Safety by Seth Klarman. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comI wanted to do a video this week and get into some of the things that are looking interesting as we look ahead to 2026. I talked about a lot of the different commodities, sector ETFs (including South America), and other commodities that I have started to look at, including tin and lithium. Also, I am having Ross Jennings on the podcast tomorrow to talk Millennial Potash and hopefully dig even deeper, so if you have questions or topics that you want to hear about, feel free to leave a comment or send a message. I think it’s going to be interesting for anyone on the fence on that one.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.

Yesterday I had Melody Wright on the podcast to talk about all things real estate. We got into the changing demographic trends, institutional and foreign ownership of real estate, and the different narratives around equities, AI spending, and real estate. We also talked about the privatization of Fannie Mae and homebuilder sector, among other things. For anyone interested in real estate, Melody is a must follow, and you can find her Substack below, or on Twitter.Podcast Summary* The problems with the 50 year mortgage idea.* Demographic trends that could have a huge impact on residential real estate, from generational turnover to immigration and potential remigration.* The crosscurrents between property taxes, insurance costs, and affordability.* Investor ownership and foreign ownership of residential real estate, and the problems with government interfering with the real estate market by subsidizing demand.* The generational divide topic when it comes to real estate, and how it gets amplified by social media.* Why she doesn’t think Fannie Mae will be privatized, and the issues from the real estate market that could have an impact.* The issues with the homebuilders and the seller concessions they have been making to move inventory.* Her view on equities, the AI spending bubble, and how it is connected to real estate.* The narratives changing on real estate, AI, equities, and how markets have started to price in narrative changes faster.* Why she thinks we will return to historical norms for real estate prices relative to median income, and the price declines that have to happen to bring that back inline. * How some of the institutions are net sellers of residential real estate.* Rental prices, the overbuilding of multifamily apartments, and concessions on rent.* Where money could flow over the next couple years.* Her thoughts on crypto, and the issues there.* Book Recommendations: The Price Of Time by Ed Chancellor, Bubble In The Sun by Christopher Knowlton & The Swamp Peddlers by Jason Vuic. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

On Friday I had first time guest Scott Osheroff on the podcast. He runs Yurta Capital and is focused on overlooked opportunities in frontier markets and commodities. We talked about his experience traveling and investing all over the world, and why he thinks we will see a capital rotation to markets outside of the US. We also bounced around different commodities sectors, and which ones he finds appealing today. You can find him on Twitter and on Telegram. Podcast Summary* His experience in Asia, Eastern Europe, and looking at opportunities in overlooked areas of the market.* Why we in the early stages of a multi-year reallocation to the rest of the world, and why it doesn’t take much money to move markets outside of the US.* Getting more conservative and the potential for a market correction where correlations go to one.* The torque available in offshore oil services, and the outlook for the next several years.* Precious metals, and how investors all seem to focus on the same handful of ideas.* Avoiding the herd mentality when it comes to commodities.* Iron ore, coal, natural gas, and why the traditional hydrocarbons companies are near the top of his list right now.* The multi-speed global economy, and how different major economies and markets have different policies.* Chemicals, and why he’s paying attention to Chinese policy for that sector.* Agricultural companies, the importance of cheap natural gas for the sector, and why he thinks the gap between US natural gas prices and European prices will converge.* Why he thinks the dollar is in the early stages of a secular decline, and the potential for capital rotation.* Book Recommendations: Burmese Days by George Orwell, How Asia Works by Joe Studwell & Asian Godfathers by Joe Studwell.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Doug Casey on the podcast, and we got into a bunch of different topics across the commodities space and financial markets. We talked about the bubble forming in the tech sector with the AI capex boom, the future of the US, and other things to keep an eye on for the next several years. You can find Doug at The International Man, The Crisis Investing Substack, and the YouTube channel, Doug Casey’s Take. You can also find the new book that he released recently with Matt and Maxim Smith, The Preparation, which provides an alternative experience to college. It’s a book I wish I had when I was in high school. Podcast Summary* The last bull market for gold as it becomes a central part of the financial system again.* Silver and platinum as industrial metals, and why he’s bullish on those metals as well.* The bull case for energy, including uranium and coal.* The future of the US and the breakdown of our political system. * The AI capex boom, how it could change society, and how a lot of the technological developments are net negatives on society. * The different geopolitical brushfires around the world, from the Middle East, to Eastern Europe, Venezuela, and China. Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comI led off with a quick rant on Sable and the equity raise last week and the 10-Q, but I got into a couple things that I covered in my thread the other day. After that I got into commodities, money rotating into certain sectors, and a couple trades I’m looking at. Energy, OIH & SLB

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comAfter the recent talk of 50 year mortgages over the weekend, I wanted to share my thoughts on the topic and rant a little bit. I touched on a couple things there, and why it’s a bad idea that would only make the affordability issue worse in the long run. It sounds like the government shutdown might be coming to an end here soon, and there has also been talk of a so-called tariff dividend of $2,000. We will see if anything comes of it, but that would just be adding fuel to the inflationary fire. I also spent some time looking at several individual names, and where I might be looking at trades on those.

Yesterday Robert from Infranomics joined me on the podcast to talk about interest rates, financial plumbing, issues facing the US, and how to fix them. We got into the financialization of the economy, distortions in financial markets, and how inflation has eaten away at real wages and purchasing power. You can find Robert on Twitter and on YouTube, and for anyone who wants to dig into financial plumbing, he’s a must follow.Podcast Summary* SOFR spreads, liquidity issues, and what is going on in the repo markets. * His view on interest rates, how the US stacks up with Europe, and why he thinks there will be a debt crisis in France and the UK.* Wealth inequality being worse than it was in the Gilded Age, and the hyperfinancialization of the US economy.* Why he expects higher levels of inflation over the next decade, and why the dollar will be weak against gold and other currencies moving forward. * Wages, Social Security and Medicare, and Home Equity as a percent of GDP.* Hourly wages in gold terms, the loss of purchasing power over the last couple decades, and the increase in deaths of despair. * Potential fixes for the situation the US is in, including stricter immigration policy (legal and illegal), coordinating fiscal and monetary policy to compete with China, reindustrializing the economy, and ending the system that has prioritized capital over labor for the last 50 years. * Book Recommendation: Ages of Discord by Peter Turchin.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

This is a free preview of a paid episode. To hear more, visit www.kontrariankorner.comThis will be a bit of a different format, but it’s something that I’m thinking about doing on a weekly basis. I kept it short and sweet this week, but I wanted to talk briefly about why I chose to sell puts on the newest holding instead of buying shares outright. I think it’s worth a look with the elevated implied volatility if you’re fine owning the stock.

Yesterday I had Rudy Havenstein back on the podcast to discuss what is going on in the world, markets, and of course, we also talked about inflation. He’s full of a bunch of interesting information, anecdotes, and stories on financial markets, politics, and current events. Listeners will learn a thing or two and be entertained along the way, but for anyone interested in the intersection of markets, politics, inflation, and the Federal Reserve, this one’s for you. You can find Rudy’s Substack below, and he is one of the most entertaining follows on Twitter.Podcast Summary* Inflation, and the difference between cost levels and the rate of change.* Why there is nothing capitalist about the Federal Reserve, and how what happened in 2008 and 2020 led us to where we are today. * The political divide in the country, and why he criticizes both sides.* Why he expects we will see more politicians like Mamdani.* The religious void in the culture that people are looking to fill, and the campaign to destroy the nuclear family.* Why he is a free speech absolutist. * Private credit, real estate, and the problems with reaching for yield. * Foreign influence over US politics, and how most Americans are anti-war.* Why he doesn’t see a lot of opportunities in the market today.* Why the market won’t go back to allocating capital based on valuations and fundamentals until you put a leash on The Fed and get rid of the notion of “Too Big To Fail.”* Book Recommendation: Weird Scenes Inside The Canyon by David McGowan.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Maxim Benjamin Smith on the podcast to give us the firsthand account he has had over the last couple years as the test subject for The Preparation. We talked about some of his best and worst experiences from his travels, what he will be doing next, and how it has shaped his view of the world. We also talked about where he thinks the world is headed over the next couple decades, and why young men are becoming more right wing. It was a little different from my typical podcast, but if you happen to have boys in middle school or high school and are open minded about alternatives to college, you will enjoy this one. Podcast Summary* The story behind developing The Preparation.* Some of the best experiences he has had, from sailing in the Falkland Islands to becoming an EMT and fighting fires.* His experience working for a junior exploration company in Nevada.* How his experiences have shaped his worldview.* Where he sees the US and the world heading over the next couple decades.* Why young men are becoming more right wing. * The cultural issues facing the West and societal decay.* Book Recommendation: Education of a Wandering Man by Louis L’Amour.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had my friend, Dan Herrin, on the podcast. He’s a longtime private investigator, one of the best storytellers I have met, and has an interesting lens on financial markets. I was able to get a couple stories from his career (he’s got a ton), as well as some anecdotes from his current roadtrip. We also talked about his view on precious metals, energy, and why he’s starting to get optimistic about the path of things here in the US. It was a little bit different conversation from my typical podcast, but I’ll definitely have him back on in the future to get more stories out of him. You can find on Twitter, where he’s a very entertaining follow. Podcast Summary* A couple stories from his time as a private investigator, and several anecdotes from his current roadtrip, and how they tie into financial markets.* His view on precious metals, why he thinks it might be different this time, and how he’s playing it.* Why he’s keeping an eye on oil for 2026, why he thinks things get worse before they get better, and the next leg of his road trip taking him to the Bakken.* The Fourth Turning, the state of the US, and why he’s starting to get optimistic from his interactions with younger generations. * The shift from B.C. (Before COVID) to A.C. (After COVID), and how large narratives have been shifting in recent years. * Book Recommendation: The Road Less Traveled by M. Scott Peck.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

Yesterday I had Dave Collum back on the podcast to talk about everything going on the world of markets, current events, and we even got into a couple of our favorite rabbit holes. He doesn’t pull any punches and as always, he is very entertaining. Our conversation will have something for everyone, and if you want to find Dave, you can find him on Twitter. Podcast Summary* What he’s seeing in markets, and where he’s actually bullish (precious metals and platinum in particular).* How the current situation is different from past euphorias, and why he calls it a complacency bubble.* The problems that we will see in private equity and private credit.* Passive investment and markets no longer being a price discovery mechanism.* His thoughts on Charlie Kirk, and why he has questions around the official story.* The situation in Ukraine, and why it might continue to drag on longer than we expected.* Israel, the Middle East, and the USS Liberty. * The AI race with China, the circular AI economy, and the Ponzi feel to stablecoins.* The problem with the government taking equity stakes in companies.* Book Recommendation: The Wisdom Of Crowds by James Surowiecki & The Great Courses Series.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe

On Monday (before I got sidetracked over the last couple days), I had Matt Smith @ Crisis Investing on the podcast for an interesting conversation. We discussed their new book, The Preparation, which he wrote with his son, Maxim Smith, and Doug Casey. It will be very interesting for anyone that has a son that is approaching college, and it’s a book I wish I had 15 years ago. We also got into financial markets, commodities, current events, geopolitics, and how it all connects as we head into the Fourth Turning. Podcast Summary* The story behind The Preparation, and why it is worth considering as an alternative to college. * The Patron-Client relationship, the Generational Divide, and the importance of having relationships with older and younger generations. * Where the US is headed, and why we are headed for a monetary reset.* The impact of AI, and how that will have an impact on society and the job market.* The Fourth Turning and the potential for civil conflict in the US.* His view on bitcoin, cryptocurrency, and how some of the recent changes around bitcoin make him uncomfortable. * Why long-term sovereign debt is a toxic asset class.* Gold moving to the center of the financial system, and why Doug Casey thinks this will be the last gold bull market. * How the reshuffling of the global trade system has an impact on agricultural commodities. * How passive investing has created distortions in the market, and why it’s not a price discovery mechanism anymore. * Book Recommendation: The Rise and Fall of American Growth by Robert Gordon.Kontrarian Korner is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit www.kontrariankorner.com/subscribe