Hey Guys! This episode, we hear from Tavi Costa, portfolio manager at Crescat Capital, and get his insights into the precious metals industry. Tavi talks about the importance of precious metals CAPEX and explains how the demand for precious metals, specifically gold, affects the industry. He also discusses the differing opinions of gold bears. Tavi shares his thoughts on the inflation super cycle and how it impacts investing criteria. He also talks about identifying mistakes and valuing precious metals equities.

• [0:00] Who is Tavi Costa?
• [6:00] Precious Metals CAPEX
• [22:00] PM Demand: The Use of Gold
• [33:00] Gold Bears
• [40:00] The Inflation Super Cycle
• [50:00] Investing Criteria
• [59:00] Identifying Mistakes
• [1:08:00] Valuing PM Equities
• [1:19:00] More from Tavi Costa and Closing Questions

If you enjoyed this podcast, please check out Otavio on Twitter @TaviCosta and read his latest research at Crescat Capital.

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I highly recommend the site for those looking to start a stock-picking fund or learn how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!

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