Three Stock Picks Reviewed & Jurisdictional Insights Most Miss with Massif Capital’s Will Thomson

Will Thomson of Massif Capital reviews three stock picks he has shared on MSE over the years and discusses two other stocks he currently owns. He also explains why “country risk” is company-specific and depends on the relationship between a firm and the state, not an inherent risk in a country. Thomson argues consistent returns in real-asset equities come less from predicting commodity prices and more from identifying management teams that execute, noting commodity price explains much of day-to-day moves but little of longer-term equity returns beyond about 90 days.

00:00 Show Intro and Guest

01:29 Easy Money vs Full Cycle

03:00 Why Commodities Cancel Out

07:15 Where Massive Cap Invests

09:05 Equinox Gold Playbook

12:17 Kazatomprom Fundamentals Win

15:10 Global Atomic and Niger Risk

22:05 Fixers Versus Bribes

23:06 Playing the Lobbying Game

24:29 Mexico Cartel Risk

27:17 Jurisdictional vs Geological Risk

27:57 Alphamin Exit Strategy

30:15 Security Versus Jurisdiction Risk

31:15 Lithium Americas Trade Lessons

32:54 Favorite Metals Right Now

33:45 Fund Management Marketing

36:46 Where to Follow Will