Money of Mine

We sit down with Matt Zabloski of Delbrook Capital, for a rare look inside how a long short resources fund actually generates returns, including a standout 151% year in 2025 and a strong start to 2026.

Matt’s core view is that commodities are entering a structural, not cyclical phase, driven by decades of underinvestment and a growing global supply imbalance. Rather than calling commodity prices, Delbrook focuses on mispriced companies, hedging the underlying exposure to isolate true alpha.

The fund operates across three key strategies. Thematic investing, backing long duration ideas like gold and critical metals. Event-driven trades, capturing opportunities around earnings and production updates. And relative value, exploiting pricing dislocations between securities.

We unpack how this is executed through a high conviction, concentrated portfolio, supported by deep fundamental research, site visits and direct company engagement. Matt explains why most investors end up “chasing commodity beta”, and how Delbrook stays ahead of the street.

We also cover gold equities, defence metals, and why volatility created by “tourists” is exactly where the opportunity lies.

Episode recorded: 04/07/26
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TIMESTAMPS  

(0:00) Gold as Currency
(1:30) Structural Commodity Shift
(5:20) Hedge Fund Playbook
(16:00) Portfolio Construction and Shorts
(24:50) Thematic Trades and Tin
(28:10) Critical Metals and Tungsten
(35:00) Lithium Winners and Key Names
(41:10) Uranium, Copper, and Closing

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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

JJ, who writes under the Substack name Alyosha, spent decades as a pit trader on the Comex and Nymex, trading precious metals, energy, and commodities in an era before Bloomberg terminals and algorithmic flow.

He has written over a million words on markets since 2024, publishing twice daily and building a body of work that blends hard won trading floor experience with sharp geopolitical analysis.

What makes JJ rare is the lens. He is not an analyst who reads about markets, he is someone who felt them, physically, in real time, for decades.

In this conversation, JJ covers:

• Why the Strait of Hormuz situation is more dangerous than markets are pricing and what needs to happen next
• What market prices are actually telling you right now and why the noise does not match the signal
• His framework for understanding gold and why it does not go up, everything else goes down
• The trading floor guild system and the two skills that separated survivors from everyone else
• His philosophy on writing, documenting how markets felt, not just what the data said

Follow JJ:

Substack - https://substack.com/@alyosha745
X - https://x.com/Alyosha745

Episode recorded: 04/06/26
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TIMESTAMPS  

(0:00) Meet JJ the Pit Trader
(3:10) Middle East Brinkmanship and Oil Shock
(21:10) From Floor Trading to Reading Markets
(28:50) Oil Glut and Strait Reopens
(32:50) Gold as True Money
(38:00) Silver Mania and Exiting Early
(44:50) Stops, Humility, and Farewell

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⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

Metalshub - The leading supply chain software to buy, sell and trade raw materials | ⁠https://www.metals-hub.com/en/money-of-mine/⁠

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• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
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• Email us Word on the Decline: [email protected]

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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Straight into it with Ferg Cullen (aka Trader Ferg) in a volatile tape.

Core view, energy security is back, and the system is tighter than markets are pricing. Europe is boxed in, storage low, and policy choices are starting to bite.

Coal remains his cleanest trade. Strong balance sheets, rising demand, and underappreciated upside as we move back toward winter.

The bigger shift is “just in case” over “just in time”. That drives higher costs, more redundancy, and structurally higher inflation.

We hit 1970s parallels, policy pivots, nuclear buildout, and why crises force reality over ideology.

Positioning, stay patient, avoid leverage, let volatility work. He’s leaning coal, grains, and oil services, while building cash for a broader flush.

On gold, long term constructive, near term chop. On uranium, love the commodity, be careful with the miners.

Follow Ferg:

X  - https://x.com/trader_ferg
Substack - https://traderferg.substack.com/
Episode recorded: 04/02/26
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TIMESTAMPS  
(0:00) Volatile Times Kickoff
(1:20) Energy Security and Nuclear Backlash
(4:20) Coal and LNG Investment Thesis
(8:30) 1970s Parallels and Market Winners
(25:10) Coal Basket and Switches
(28:30) Shipyards and Capital Cycles
(33:20) Gold Playbook and PGM Cycles
(40:10) Fertilizer Shock and Uranium Wrap
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⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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• Travis Ricciardo: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@TRAVmoneyofmine⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠
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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Matt Wilcox and his team have built six mines in the last 14 years and counting.

Most of them in West Africa. Some in places where logistics alone would stop most teams before they start.

He’s now running Robex and just pulled off one of the more interesting deals in the gold space, merging with Predictive to consolidate Bankan in Guinea.

This one is less about promotion and more about how things actually get built.

And Matt's genuine insights on potential corporate dynamics in West Africa.

Follow Matt on LinkedIn - https://www.linkedin.com/in/matthew-wilcox-2a731624/

Episode recorded: 03/30/26
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DIRECTOR'S SPECIAL EMAIL
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TIMESTAMPS  

0:00 - Matt Wilcox Intro
1:50 - Africa Trip and Listener Shoutout
1:50 - Background and Why West Africa
5:40 - Bankan Battle: Predictive vs Robex
8:00 - Competing With Perseus
13:30 - Tietto and Chinese Takeover
17:30 - Orebody Lessons: Tietto vs Robex
20:50 - Register and BlackRock
22:20 - Robex Production and Oxide Holiday
27:30 - Debt, Sprott, and Africa Finance
28:50 - Nordgold, Bissa, Lefa, Siberia
32:00 - Mine Build Philosophy
33:30 - West Africa vs Russia
36:50 - Builders: Endeavour, B2, FQM, G Mining
40:30 - West Africa Gold and Chinese Buyers
44:30 - Hedging: Why Not
46:20 - Chinese M&A: Allied, Agnico, Cardinal
54:30 - Where to Build Next
57:10 - Pipeline and Defending Bids
59:50 - ASX Dev Plays: Many Peaks, Hummingbird
1:06:00 - Guinea Permit Reset and Predictive
1:08:00 - Royalties and Government Take
1:11:20 - Dream Asset and 10-Year Vision

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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
Please ensure you read our ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠full disclaimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

We sat down with Django Davidson, portfolio manager at Hosking Partners, to discuss the capital cycle framework, one of the most sensible lenses for investing in mining and commodities.

Hosking manages ~US$8B in capital, using a model honed over 40 years.

Django's approach is rooted in supply-side analysis, contrarian positioning, and the discipline to average into cycles.

We believe this approach to be one of the most effective methods for natural resource investing.

In this chat, Django covers:
The capital cycle framework — what it is & where it came from
Why supply is measurable but demand is storytelling
Why Implats returned 100x over a decade - what that tells us about today
His deep dive into PGMs — the geology, the geography, the EV narrative, and why these companies still trade below replacement cost
How BHP and Rio’s iron ore assets have generated better returns on capital than Microsoft over 30 years
Why mining represents just 1.6% of the S&P 500 and what that signals for the decade ahead
The case for natural diamonds
Where uranium sits in the cycle, and why he is cautious at current prices

Follow Django:
LinkedIn - https://www.linkedin.com/in/django-davidson-332b9867/

If you enjoyed this conversation, subscribe and share it with someone who thinks about cycles the way we do.

Episode recorded: 03/25/26
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TIMESTAMPS  

(0:00) Supply Over Stories
(1:30) Capital Cycle Origins
(8:50) Incentives and Contrarian Guardrails
(17:30) PGMs Case Study Deep Dive
(38:30) Mining Incentives and Discipline
(43:40) Diamonds DeBeers and Lab Grown
(46:20) Diamond Valuations and 10x Bets
(57:00) Uranium Refining and Final Takeaways

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⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Focus by Marketech⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – All your mining news and market needs in one powerful platform | ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠10-day free trial⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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