Coal and lithium are down 60 - 90% from their highs, uranium stocks have risen tenfold, and copper is on the cusp of breaking out. Where does a contrarian put capital next?
In this episode, Brian Laks (Old West Management) shares how he’s positioning after being early and right on uranium:
• Why coal and lithium are attractive again after brutal selloffs
• How he identifies large, low-cost supply before the cycle turns
• What uranium looks like today vs. five years ago
• Why copper still has room to surprise to the upside
• How he rotates portfolios—harvesting crowded trades, redeploying into hated ones
If you want to understand how a contrarian fund manager is navigating today’s commodity cycles, this is a must-listen.
Connect with Brian on LinkedIn on X:
• linkedin.com/in/brianlaks
• x.com/brianlaks
Companies mentioned include:LUN.TO, ADT, AFM.V, NGEX.TO, WA1, MLX, SQM.NYSE, ALB.NYSE
This was recorded on September 8th 2025.
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TIMESTAMPS
(0:00) – Intro
(5:50) – Portfolio Approach
(9:30) – Where are we within the uranium cycle
(12:50) – How much he has invested in Uranium
(17:00) – Did he stock up on Uranium while it’s been down?
(20:00) – Restart and new Projects
(25:20) – Copper
(28:10) – NGEX and FILO
(31:20) – Argentina problems
(33:30) – Tin market
(39:30) – Commodity Ratings
(55:50) – Final Thoughts
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