Bizarro World Podcast,
with Nick and Gerardo
Sept. 2, 2024
All healthy markets hinge on the earnings of one company.
The 284th episode of Investing in Bizarro World kicks off with a tongue-in-cheek obligatory look at Nvidia’s earnings, which came out while we were recording.
For what it’s worth, their top and bottom line slightly beat but the forward guidance disappointed.
Nvidia went down on the news but the market shook it off as it looks towards its next great catalyst: the rate cuts expected to materialize in September.
Those rate cuts are now getting fully priced in, which is why gold and utilities and real estate are now leading while tech and communications are lagging.
A rotation is on.
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The bulk of the discussion this week then focuses on mining’s coming digital disruption. It’s an old and outdated business, and new blockchain and AI technologies are allowing for vast — and vastly profitable — improvements. Some of them are even being mandated by governments, as in the case of coming “Battery Passports” that will require lifecycle emissions and location data for all critical metals used in batteries.
This is going to be a very large and long-lived investment theme. And you are going to be hearing much more about it from us in the coming weeks.
From there we go over gold, which remains very strong amid falling bond yields and a weakening dollar. And copper, which has held up well just above $4.00 but seems to be pricing in a period of slower economic growth. And uranium, which has now fallen to a key technical support level.
We wrap up with a discussion on the cost of saving whales and how it relates to runaway debts and fiat currencies.
It’s all in the 284th fun and informative episode of Investing in Bizarro World.
You can watch the full episode here.
0:00 Intro
3:00 Did Nvidia Earnings Really Matter?
13:05 Mining’s Digital Disruption
22:23 Market Updates: Gold, Copper, Uranium
31:08 Killer Whales & Deadly Debts