Latest / Financial Survival Network / Unlocking Wealth in Uncertain Times: Jay Martin Shares Commodity Investment Strategies #5939

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Unlocking Wealth in Uncertain Times: Jay Martin Shares Commodity Investment Strategies #5939 · Financial Survival Network

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The broad equity market in the United States has been such a favorable game for
0:03
the last twelve years. Why would you look for value at unloved industries right,
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Why would you look towards the commodity sector. And so as a consequence
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of that, that sector has been starved of cash and that just means we're
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locking the supply that we need to meet demand. And you know, there's
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a lot of conversations around okay, but we're looking at maybe a pretty severe
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recession, maybe a globally coordinator recession, and what will that do to the
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demand for commodities? And it's a really important question to ask. You are
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listening to Carrie Letz's Financial Survival Network, where you get valuable information you just
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can't find anywhere else to thrive in today's trying times. You need the Financial
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Survival Network now more than ever. Go to Financial Survivalnetwork dot com and get
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your free newsletter and gift. Financial Survival Network now more than ever. Welcome
0:57
you are watching and listening to the Financial Survival Network. I'm your host,
1:00
Kerrie Lutz. Well got a new guest today, somebody who I have run
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into a number of times over the years, never really connected with you know,
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well, Jay Martin, the best place to find them at this particular
1:12
moment is the Commodity University dot com. And you know, I'm from Cambridge
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House, from the Virick, the Vancouver Resource Investment Conference. Jay. Really
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glad that we got this opportunity to connect here and to talk about what's going
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on in the world, why commodities are the place to be, especially with
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what's heading down the path. Hey, what's your take on where the world
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is at right now and especially commodities. Hey, well, Kerrie, first,
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thanks for having me on. I'm excited to chat with you, and
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it's good to be here. That's a colossal question. You just do act
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Where is the world? Edit? Now, let's do it, man,
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let's do it. It's because you know, it plays into my commodities thesis.
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I suppose it's too major trends that I'm watching you're probably watching the same
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too. And the first one is, you know, we're in this transition
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at a high level. Some people call it deglobalization, so im to look
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at the de dollarization. So I'm just looking at the fracturing of various geopolitical
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relationships. But inevitably, I think we're heading from one era that we've existed
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in for my entire life, which is the era of increased globalization, which
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has just meant more sharing of goods and raw materials wide, a variety of
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access to products and services at cheaper and cheaper prices. I mean, that's
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what opening up a global marketplace does. It creates abundance pretty much everywhere you
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look. And I don't think that trend of increased abundance is over, but
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I think that this decade is going to be going to continue to be a
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massive hiccup along the way, and largely because that that era of trust that
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we've existed in for the last forty years is over. The trust has been
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shattered and we will not be sharing raw materials the way we were over the
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previous twenty thirty and even forty years. Is a handful of directions and reasons
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you could point to. I mean, the hot wars kind of explain it
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all. But we've been in We've been at war for a lot longer than
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the hot wars in Europe in the Middle East, right. If you think
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about the economic wars, trade wars, currency wars, a theme that doctor
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Pipa. Malmgrid covers in depth is the hot war in cold places, which
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doesn't get a lot of media attention. But this is the satellite wars that
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have been occurring between Russia, China, and the United States. Fascinating by
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the way, if your audience is key to take a look into that concept
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of the hot war and cold places. But this is literal warfare that's been
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occurring in outer space. For example, Russia blowing up their own satellites with
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the intention of scattering debris fields through various orbits, making them inaccessible to American
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satellites. That crazy stuff like this, you know North Stream too. If
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another example, well, the hot war in cold places, that one got
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a lot more media attention. But you know what that concept refers to is
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the infrastructure war that's been occurring deep sea and then space on technology infrastructure.
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Anyways, now we're in the Hallware era. It's real now, you know,
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it's tanks, it's guidance, and it bleeds, it leads. Now
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the media is covering it excessively. And how this factors into my commodity thesis
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carry is just that we've had a pretty predictable supply of pretty much everything we've
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needed. Right for my entire life back to that whatever it was you wanted,
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whatever raw material, if you have the cash or the credit, you
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could go to the global marketplace and seek that out build whatever you needed,
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blot material from wherever you want it. That era is the era that's over
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and in this new paradigm. And I don't think we know exactly how the
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cards going to fall yet. I don't think it's going to be simple,
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you know, fast or easy to predict. But what I do know is
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that countries will be a lot more guarded with the resources they have, and
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they'll be a lot more guarded with who to sell and those resources too,
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And they'll be a lot more specialized with the deals they're doing between allies or
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adversaries. You know, China selling or sorry, Russia selling natural gas to
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China at fifty percent the cost they'll sell to Europe this winter, for example.
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Right we're seeing lots of deals like this occur, and that just means
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that the supply of copper, the supply of nickel, the supply of energy,
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all this stuff isn't as secure as it was three years ago. When
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something becomes less secure, less abundant, the value goes up and that's the
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air that we're in today, where the value of every input that we require
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to build and grow our economies will go up because our source of that supply
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has become volatile, vulnerable, and unpredictable. All right, So I see
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an investment thesis emerging from this. And I do agree with you that I
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got a couple more years on you, and I'm a boomer, and we've
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had the best of everything during my brief lifetime on the planet here from the
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time, you know, in the fifties to present. But yeah, I
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see what you're saying. You know, one thing find quite disturbing. The
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middle class in America. There was something sixty somewhat million families. Now it's
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fifty something million. It's a huge decline. That never saw anything like that
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in my lifetime. You know, since since the beginning the dawn of the
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twentieth century, the middle class has only increased, and now we see it
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reversing. And this is happening in countries all over the planet, especially in
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the emerging economies, places like China, where really the economic growth, however
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it occurred, and we could debate to whether it's depth driven and inflation driven
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and all that but the net result was a lot more people were living a
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lot better of their caloric intake. You know, you could debate the quality
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of the food, but they were getting you know, food was more abundant
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than ever before, feeding all these people. And now this is all,
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like you said, kind of come to an end, and we're entering unshorted
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territory. And then add the hot wars into that, which are huge generators
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of inflation and commodity consumption, because what do you do. You take commodities,
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you make weapons, and you blow up a capital. On the other
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side, you destroy capital. That's what wars do. And it's great for
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the defense industry. It's not so great for the rest of us, though,
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is it. No, No, it's not. You know, we
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sometimes mistake wars as being GDP boosters because for a minute, they look like
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it, But because of the destructive nature of wars, they actually destroy a
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lot more than they produce, as you mentioned, so in the long term
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they're far from the opposite of GDP boasters. And the second thread that's pushing
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on that commodity gas pedal is the fact that capital has been super scarce in
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that industry for the last twelve years. I mean, if you wanted to
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generate easy capital gains, you could just throw money at the tech growth stocks.
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For the last decade plus, that game has been so easy. And
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that's a brief window of time the grand scale of history. But you know,
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in terms of recency bias, it seems like forever that that game would
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continue forever. And so because the broad equity market in the United States has
8:16
been such a favorable game for the last twelve years, why would you look
8:20
for value at unloved industries right, why would you look towards the commodity sector.
8:24
And so as a consequence of that, that sector has been starved of
8:26
cash and that just means we're locking the supply that we need to meet demand.
8:31
And you know, there's a lot of conversations around okay, but we're
8:35
looking at maybe a pretty severe recession, maybe a globally coordinator recession, and
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what will that do to the demand for commodities? And it's a really important
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question to ask. And all I can do on that front is look at
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history and say, well, historically, what have depressions and recessions done to
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demand? And if you look at oil demand, for example, over the
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last fifteen years, you'll see two really important events, one being the two
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thousand and eight financial crisis, second being twenty twenty, when we literally locked
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everybody in their houses, landed airplanes, shuttered hotels, parked cruise ships,
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we paused the economy. You would expect that in that scenario where you pause
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the economy in twenty twenty, that oil demand might fall. You know,
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twenty percent, thirty percent, forty percent wouldn't be a stretch, but afelt
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eight percent, single digit one. You're only bounced back in twenty twenty one
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without fail. You think back to or you look back to the two thousand
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and eight financial crisis. This is the great financial crisis at my lifetime.
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Yet, if you look at oil demand, it fell by slightly over one
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percent in two thousand and eight, and jump right back on track in two
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thousand and nine. If you if you zoom out and look at a ten
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year trend, you don't even notice it. It's not even a blip on
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the radar. And so you know, I think about that when I hear
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the arguments about demand destruction in response to recessionary events, like do I think
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we're heading for a deeper recession? I do? I think things you're going
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to get. I think the question like are we headed for a session is
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ridiculous because we're there, we can be of metrics that kind of provide evidence.
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I don't know what people are waiting for, as if they need see
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an end to provide affirmation that yes, we are. It's like, we
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get through this, man, It's easy. But having said that, like,
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you know, history tells me that demand destruction isn't nearly as dramatic as
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some pundits claim it to be or forecast it to be. So, you
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know, the startation of capital, the perpetually increase in demand as human beings
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continue to grow and progress sets us up. You know, this is a
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decade a return to value in the equity markets, I believe, away from
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specuative growth and a return to value and yield and common sense. You can
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only hope, you know. But at the same time, where we need
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you know, we've got the so called green dream economy, We've got an
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energy transition that I do believe is eventually going to take place. I don't
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believe that governments can force it like they're trying now. I think it will
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only lead to disaster and then and to some extent the environmental movement, which
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to some of the things we've had in the past. It's probably a somewhat
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reasonable response to a point. But now the very materials that we need to
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get this grain economy, the very things that we need to make the energy
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transition happen, all of these forces are fighting against it, even though this
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is supposedly what they're espousing. They're pushing for electrification, and yet hey,
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try go getting a permit for a copper mine, right, yeah, try
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You know, we got the IRA Act, and it's thrown billions upon billions
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of dollars at this sector to anybody with a trough willing to suck it up.
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But I don't see results yet, do you. No. No,
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And investors are catching onto that. You know. I just pulled out actually
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one of my more recent newsletters, because there's a couple of quotes I threw
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in there exactly in response to how Yesg's kind of pivoted Kerrie in the last
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really only like a couple of years. So you know, in twenty twenty
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one, for example, forty eight percent of investors were not convinced by ESG.
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Claims that numbers now up to sixty one percent. This is investor is
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just no longer believing in the promises made by corporates or governments. One and
12:20
the same the responsible investment category. So our record drawdowns of half a billion
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dollars in twenty twenty three, I mean, capital is exiting the space.
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But it's not hard to understand why, right, you could make these promises
12:33
of energy transition, and it's easy to agree with. So, yes,
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we need a clean, emissions free source renewable power. We need to protect
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the habitat, you know, and I'm all for that. I've got three
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young kids. I spent a lot of my life in very remote small town
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surrounded by beautiful wilderness, like quite intimately connected with what we stand to lose
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if we don't take care of the environment. But to say that we need
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to transition to renewable power, that's something we can in all agree. Way
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to think through step two is where not what he seems to be going.
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It's like, Okay, how do we build that infrastructure? Where are those
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materials going to come from? Do we expect that the same crowds of protesters
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who are trying to who are pounded at table saying leave it in the ground
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right, band, fossil fuels outright, all this stuff. Are they suddenly
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going to turn the side around it? On that side, it says,
13:20
and permit every mind globally because we need the copper, the nickel, the
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lipy and the cobalt that we don't have today. Like that's not going to
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happen, right, And so nobody wants to think the step two the strategy.
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I mean, setting a goal is fun, it's exciting, right,
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creating the vision like that's we can get behind that, but doing the work
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like the important part. Now we're there, that's where we are now.
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And it's no surprise that it's sort of being blown off as the smoke with
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which it was. And so I'm not shocked. I think probably, like
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you, we know, we were waiting for this event to occur because you
13:52
know, it's easy for a politician to promise something in twenty thirty five.
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They're not going to have to keep that promise, right, somebody else's so
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it might be good bye, them will be dead at least wine we all,
14:03
yeah, for sure, we got only hope. But yeah, so
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yeah, and I think this is uh, you know, those narratives sell
14:13
really well in bull markets and strong economic times. It's not a surprise to
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me that has things have become tougher, debt's become more expensive, credits become
14:24
twier, liquidity is drying up, that suddenly the ESG hype is dissipating in
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tandem. It's not a surprise to me at all, which is why energy
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transitions need to be dictated. I'm speaking my opinion here. They need to
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be dictated and implemented by the market, not by governments. Once upon the
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time in New York City, you know, you'd go downtown and before there
14:46
were cars, and there was mountains of the horsemen were there, and it
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was disease outbreaks all over the place. And then we got the car and
14:56
all of that went away. But then the car, the automobile, the
15:00
transportation mass transit sector brought a whole bunch of other problems, but they weren't
15:05
as bad as problems that they replaced. There was improvement. And it's that
15:11
failure to grasp history of how we got where we are that makes it impossible
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for these so called planners to actually have a vision for the future. They
15:24
don't, which is why the market. You know, I'm a libertarian at
15:28
heart, and a free market proponent to a point. You know, this
15:35
is why we're in this situation and why it's probably going to lead to disaster
15:39
here, Jay, on so many fronts. Maybe, yeah, I'm a
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short term I think it's going to be rough. The horse maneuver crisis is
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such a great example because we're really challenged and we try to think through you
15:52
know, long term future. We all factor in innovation, right, and
15:56
technological improvements. I think during that crisis, the economists of the day and
16:02
the city planners, by the way, we're just predicting that New York was
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going to be buried under ten feet of horse manure within fifty years. It
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was the doom and story, right. It was thee You know, it's
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actually like remarkably similar to the climate conversations we hear today about the inevitable doom
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and gloom that's maybe fifty years away from us. Right. It was the
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exact same narrative, different enemy, same results, and innovation took us out
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of it. Right. And you can say, oh, but cars are
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way dirty. The horses not in that number, right. Not when you
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were shuffling your feet through, you know, eighteen inches of horse manure,
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you get down on New York City Street, and all kinds of diseases were
16:38
born out of that. And you know, the medicine didn't exist to treat,
16:42
and so it was actually a very unsanitary way to live and it needed
16:45
to be solved. And sure enough, you know, eventually it was solved,
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and we'll solve this too. Like, you know, it's easy to
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get really down on things carried because of how dire the economic outlook is,
16:56
because of how irresponsible our government lead are. You know, we live in
17:00
in solvent countries. It's like, how is this sustainable? All this stuff
17:03
right, and it's it's easy to get get it bail like desire. But
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you know, long term, I'm an optimist. I'm long human ingenuity in
17:11
progress, you know, and if you look at the long trend, it's
17:14
hard not to be right. But there's volatility along the way. You know,
17:18
there's always periods of reset in anything, right, Like, so we
17:22
were talking about the commodity cycle that I think we're both played a line that
17:26
our thesis there and I'm bullet commodities this decade. Like I'm not a short
17:30
term guy. I'm a long term value investor. Having said that, you
17:33
know, when you see these long term secular bull trends, nothing goes up
17:37
in a straight line because there's two factors of play. There's the long term
17:41
starvation of capital geopolitical shocks, and this is going to create the commodity supercycle.
17:48
But along the way, traders get in there and the overbuy and the
17:49
over sell, the overbuy and the over cell and so you know, you
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got to ride those waves if you were in copper, if you're in energy,
17:56
if you're in gold, whatever it is. Because you know, twenty
17:59
twenty was a crazy easy, hot gold market, right, and it's been
18:02
pretty tough ever since. And we throw our hands with that, like the
18:04
market's over No no, no, no, no no. This is how
18:07
this is how secular bull markets work. Right, they're super hot for a
18:10
period, and then they're super cool for a period. Right, Things get
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overbought, they get over sold, and then the puck rotates. Right.
18:15
So you know, a commodity supercycle expands beyond just metals. I mean,
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if you look at a three year chart of live cattle futures, it's like
18:22
the hottest chart in the world. Right, greens had its turn. Energy
18:26
has been hot and cooled off it's hot again, right, uranium's firing now.
18:30
But you know it's not all systems go at the same time, right,
18:32
And so it's hard to time markets, like I don't even try.
18:34
I don't think anybody can, to be honest with you. And so if
18:37
you acknowledge that you can time markets, but you believe in the big picture
18:41
trend of where the world's going because it's hard to predict you know, what
18:45
the world's going to look like in a quarter, or like what are interest
18:48
rate's going to be? And I don't know, But you can make some
18:49
assumptions about what the world's going to look like in ten years, And that's
18:52
actually an easier game to play because those big trends they're far less volatile,
18:56
and they're they're like the big supertanker this point in one direction and you know
19:00
those little waves along the way. But to try to visualize how the world
19:03
may function in a decade is actually an easier game to play than trying to
19:07
predict markets over the course of six months. So let's distance ourselves from that
19:11
and say, you know, if you're a long term value investor, then
19:14
make that bet and then be called out of your time horizon. I'll protect
19:18
your emotional state from the short term volatility. When when a period like now,
19:22
if you're a metals investor and liquidity is non existent and prices are depressed,
19:26
sixty seventy eighty percent, can be pretty tough out there, right,
19:30
So you got to like, you got to step back and say, what's
19:32
my time arising? What's my time rising? Very important question to ask.
19:36
And the experts are always wrong, all right, Going back to what you
19:40
were saying, Like oil, we were supposed to be out of the stuff
19:42
by now, Joe Jay, hey mean, and we're supposed to run out
19:47
of oil now. We're producing more than ever before in the United States.
19:52
Even with the administration's anti petroleum policies, which are clearly enunciated and being brought
19:59
into play, the United States is still producing record amounts. I read the
20:03
other day thirteen million barrels a day of oil. When I was a kid,
20:10
it was about six or seven million barrels. And that number would go
20:14
even higher if the government would get out of the way. But you know,
20:18
this is what I need about the market being responsible to figure out what
20:22
we're using. Because back when they had the orismon or crisis in Manhattan.
20:27
Nobody was thinking of the automobile, but there it was. It appeared just
20:32
when we needed it and took us out of it. So looking ahead in
20:36
that ten years, precious metals, we're going to see them rapidly accelerate at
20:41
some point or is it boom and bust kind of like it's been since I
20:48
since I bought my first ounce of gold. Yeah, it's a good question.
20:52
I it's a good place to be, Okay. So here's how I
20:55
think about that. Here's how I answer that question. Again. I can't
20:57
find markets and I don't try. A game that every investor can play is
21:02
you can identify when things are cheap and when they're expensive. And that should
21:06
be our mission as investors to buy things when they become cheap and sell those
21:10
things when they become expensive. So when I look at the precious metals equities
21:15
right now, I'm buying companies that are in production, that are cash flow
21:18
positive, that have great management teams. And I define great management by saying,
21:23
as CEO who's built and sold a couple goal mining companies, I mean
21:26
these companies are at massive discounts to what they're trading at twelve months twenty four
21:32
and even thirty months ago, and I could walk in and build my position
21:36
in these companies right now again, cash flowing, profitable companies, sustainable business
21:40
models with no competition in the open market. Now, whenever I'm purchasing an
21:45
equity in anything, a question I like to ask myself is I acknowledge that
21:49
I'm having a disagreement with somebody? Right because it's a marketplace. If I'm
21:53
buying somebody selling, that means that person and I are having a disagreement.
21:57
So if you're buying, you know, Nvidia shares or Tesla, you know,
22:00
when you're on the open market picking up shares, you go out to
22:03
acknowledge that somebody's on the other side of that transaction. And while you are
22:06
buying because you believe that stock is undervalued and going to go up, somebody
22:10
else is saying, no, I think it's overvalue and it's going to go
22:11
down, So I'm going to sell. Then you're going to buy. So
22:15
you disagree with somebody, can you tell me what you know that the seller
22:19
doesn't. What is your competitive advantage in that transaction? Because you're squaring off
22:23
with somebody right now, Like, what do you know that they don't.
22:26
And if you can't answer that question, think very thoroughly about whether you should
22:29
be engaging in this, because otherwise you just walk it in blind. This
22:33
is fomo buying, this is price chase. It's a horrible strategy. So
22:37
with those mid tier gold producers that I was just talking about, you know,
22:40
ask myself that same question. Right. So, I'm in the market
22:41
right now building a position. Somebody is selling to me, why are they
22:45
selling? And I've been in this game long enough to know exactly why.
22:48
These are individuals who saw how hot the market was the gold market in twenty
22:52
twenty continued into twenty twenty one. They piled in, thinking that rally was
22:57
going to continue for years. Didn't. So in twenty two they saw,
23:02
you know, a thirty percent fifty percent draw down, or maybe in twenty
23:04
twenty one they saw twenty percent draw it out, and they're like, ooh,
23:07
I'm not taking a loss. I'll wait this out till the market recovers.
23:11
Then in twenty twenty two they're down fifty percent and they're like, I'm
23:12
not taking it fifty percent cut. I'll wait till the market recovers. Now
23:15
it's twenty twenty three and they're down sixty percent, seventy percent. But what's
23:22
happening today is that look like auto loan delinquencies are creeping out towards all time
23:26
highs. People can't make their car payments. Mortgage delinquencies creeping out towards all
23:30
time highs, people can't pay their mortgages. New credit card application rejections are
23:36
at all time highs. People seeking out new debt and they're not getting it.
23:40
Consumers are squeezed. Those consumers are retail investors who need capital because for
23:45
the reasons we just mentioned, loan payments, credit access, all this stuff,
23:48
they're priced out of their monthly budget and so they need cash. And
23:52
now they'll take liquidity at any price meeting. They'll take that eighty percent draw
23:56
down because maybe they bought twenty thousand dollars an XYZ company, it's only worth
24:00
four thousand today, but they really need to have four thousand dollars, so
24:03
they'll take my bid, you know, And that's it's predatory, but that's
24:07
capitalism. And this is when you need to be bold and move in and
24:10
do this because that's the selling motivation. Right now, these individuals who have
24:12
banned the market for eighteen months, twenty four months, thirty months, and
24:17
they got it. They got to hit the bid now because they're running a
24:18
cash So that's our opportunity is as contrarian investors. That's why you run into
24:23
the fire, because you know the house is on fire right now. You
24:27
know that's what It takes great heat. And we also have the fact that
24:32
the markets at any given time, at any given moment, are dominated by
24:37
the short term buyers and sellers, right the institutions who by nature really cannot
24:44
take a longer term perspective. Yes, there are funds that take a longer
24:48
term perspective, but the traders out there, they're all short term and they're
24:52
looking for immediate profits. So that's where we as longer term investors, don't
24:59
have have to be swayed by that, and we can actually capitalize on what
25:03
for them is short term better knowledge than you and I can ever have,
25:07
because they know who's buying and who's selling, and where all the stops are
25:11
and all the bids are. So we don't have to concern ourselves with that
25:17
because we're playing the longer term trend. It's an easier game to play too.
25:21
Carrie like duration wins. If you think about the moguls in any industry
25:26
that have outperformed their peers, it's because they stayed at the table for longer
25:30
than anybody else. Right. You know, Rick Rule, a common name
25:33
in our business, has been at the table near fifty years. And you
25:37
ever had more than you could afford to lose. He was patient, he
25:41
understood his time rise and Warren Buffett, by the way, right, the
25:44
oracle of Omaha. The reason he is who he is is because he's been
25:47
an investor for eighty years eighty right, he started in his early teens in
25:52
his nineties. Now, had he run the exact same portfolio strategy but started
25:56
when he was thirty and quit when he was sixty five, he'd be worth
26:00
less than one percent of his current network, and nobody would have ever heard
26:03
his name, by the way, he so would have made a lot of
26:04
money. That would have been a great thirty five year stretch, and he
26:07
would be wealthy. Yeah, because that's still duration, right, But it's
26:11
eighty years of duration that's gotten where he is. You know other factors as
26:15
well, do time and place matter, But there's a reason that the number
26:18
one asset Invester ever ends up owning is their house. And it's not because
26:22
real estate always outperforms. It's because that's the one asset that people hold for
26:26
twenty five years duration wins. But we want to get rich today. We
26:30
want to, you know, beat the market. And you know, it's
26:33
like, I get it, I get it, I get it. Getting
26:33
rich is actually easy if you have patience and discipline. Getting rich today that's
26:40
the harder. I can't help with that. Getting rich quick. Hey,
26:44
you know, I've seen the money come in real fast and I've seen it
26:47
go out real fast. But like I think Peter Lynch used that as an
26:52
example, there's no indicator that you can just pop up even Zillow and know
26:56
exactly what your house is worth today and o gee, my house went down
27:00
twenty five thousand dollars. I better sell it right exactly. We don't have
27:06
the information, so therefore we don't have the ability to really know. We
27:11
kind of know it's going up, or it's staying the same, or house
27:14
housing price is one of five percent last year across the US, But we
27:18
don't really know what our house is worth at any given moment. And that's
27:22
probably a good thing. For the bulk of home owners out there, because
27:26
if they did, they'd be having a nervous breakdown every eighteen months when there's
27:32
a recession. Right, yeah, I mean, and what you just said
27:34
is so valuable because we own our home, that's how we think about it.
27:40
We didn't invest in our home. Now, you know, sure,
27:41
real estate investments a whole different thing. But when we buy equity in a
27:45
company, we are now an owner of that company. But when it comes
27:48
to the markets, we don't think about that. We identify as traders.
27:52
Many people identify as traders but operate sorry, identify as investors, but operate
27:57
like traders. They don't think of themselves as owners in a company when they
28:00
buy ownership in that company, which is what you're doing when you're buying equity.
28:04
But that mindset, chef, like, imagine, hey, if we
28:07
could all flip that switch and our equity portfolios and think of ourselves as owners
28:12
of companies as opposed to you know, traders or investors of shares. Most
28:17
people, right, they're trading share prices, they're not actually investing in companies.
28:21
It's a different game. Yeah, yeah, so true, And that
28:23
would eliminate a lot of the emotion. Generally, the emotions are what costs
28:29
you the money or inability. Myself, what I've lost big, it's been
28:33
fear and greed, you know. Always I got into something I shouldn't have
28:37
because of either fomo or just another word of saying greed, and I sold
28:42
something because of fear that had I been rational without emotion, I would have
28:48
held on to It's that simple. So hey, well we covered a lot
28:51
of territory. We're going to have it all in the show notes. Jay,
28:53
just tell us get in the best place to find you? How do
28:56
we connect with you on social media and all that good stuff. Yeah,
29:00
easy to find on social It's at J Martin BC, like Bravo, Charlie
29:03
J Martin BC. And have got a few projects, so the Vancouver Resource
29:07
Investment Conference every January. It's coming up, easy to find online. I
29:11
write a substack. It's just the J. Martin Letter. But my newest
29:15
venture, which I'm super fired up about, is the Commodity University. So
29:19
this is for any investors who are looking to build a portfolio in the commodity
29:23
sector. If you don't know where to start, I mean, we built
29:26
this course in response to literally hundreds of conference attendees, subscribers, et cetera
29:32
emailing and asking how do I get started building a commodity portfolio? And so
29:36
it's like, well, there's one hundred ways to start, and they're all
29:37
kind of right depending on who you are, and so we build the Commodity
29:41
University. It's a ten chapter course led by myself, begins with the absolute
29:45
basic fundamentals and principles. Ten chapters later, you're in portfolio construction. I'm
29:51
joined by a havele of experts like Rick Rule sort of leaning in where their
29:53
area of expertise is. Rick joins us for the risk management chapter. But
29:59
it's super fun course, easily consumable, access is easyfy. It's at doc
30:03
Comodityuniversity dot com. And I'm stoked on this project. So I'd love to
30:07
hear people think about it, right, I'm going to take a look at
30:08
it myself. We've got a link in the show notes to this interview on
30:11
Financial Survival Network dot com. So when you're there, sign up for your
30:15
free newsletter. Jay bet a pleasure. I'm glad we finally connected and we
30:21
will definitely talk to you again soon. Sounds good, Kerrie, Thanks man,
30:23
Thanks for listening to Carrie Letz's Financial Survival Network, your solution to today's
30:30
trying times. For the latest, go to Financial Survivalnetwork dot com. Financial
30:34
Survival Network now more than ever,