At the Rule Symposium in Boca Raton, which our team attends as a fixed part of our annual research process, there is one type of executive that stands out time and again. Not the polished CEO who has rehearsed his presentation and drops the right buzzwords at the right moment. But the founder who talks about his company as if it were his child, who has put his own money into it, and who knows he will become richer or poorer depending on how the business performs. In the commo

Rick Rule gets the access; we weigh the investment case. Our independent read on Ecora, McEwen and Arizona Sonoran Copper ahead of the 2026 Rule Symposium — and what we’ll verify for the Beaver Natural Resources Fund.

Last week the European Central Bank once again made a decision that bears directly on the financial situation of everyone who saves, invests, or carries a loan. The ECB cut its policy rate for the fourth consecutive time, to 2.0 percent. At almost the same moment, the U.S. Federal Reserve held its rate unchanged at the considerably higher level of 3.50 to 3.75 percent, with new chair Kevin Warsh signalling that further cuts in 2026 are unlikely for the time being. Two of the

There is a metal that rarely makes the front page, yet quietly and more profoundly changes the world than almost any other material. Copper. Not gold, not lithium, not oil. Copper. The red metal that humankind has used for more than ten thousand years, and that has once again proven indispensable to the greatest industrial transformation of our time: the shift from fossil fuels to clean energy. The copper price reached record levels in 2025 and has risen further in 2026. This

A quiet shift is under way in how foundations approach their work. Whether a foundation was established by a family, an institution, a company, a church, or in partnership with government, the same question is being asked more and more often: are we giving in a way that lasts? A new generation of donors and trustees, many of whom built or led organisations with discipline and long-term thinking, is now applying those same instincts to philanthropy. They no longer simply disbu

Last week, the financial world stood once again in the sign of extremes. Gold hit a new historic peak around 4,446 dollars per ounce, US equity markets closed at record levels, and the oil price rose and then fell back in rhythm with the geopolitics around Iran. In Washington, the new chair of the Federal Reserve took the reins, while investors watched the inflation figures closely. For anyone who tracks the markets every morning, it can feel as though an enormous amount is h

The US and China reached an agreement last week on a substantial reduction of their mutual trade tariffs. US tariffs on Chinese goods drop from 145 to 30 percent, and China lowers its retaliatory tariffs from 125 to 10 percent. Markets responded with one of the strongest weeks of the year. The S&P 500 rose more than 5 percent, and industrial stocks and commodity names were the big winners. The news is being widely viewed as a turning point — or at least a breather — in a trad

This week produced two events that both deserve the attention of long-term investors: the summit between Trump and Xi Jinping in Beijing about a possible trade deal, and Moody's downgrade of the US credit rating. At first glance these look like sharply opposing signals — the first hopeful, the second worrying. But together they tell a story that hangs together more coherently than the initial market reactions suggest, and that story has direct relevance for how a thoughtful i

Lithium is back. After a sharp drop of more than 80 percent from its 2022 peak and two years of sector pessimism, lithium prices in 2026 have risen nearly 50 percent year-to-date. Spodumene, the hard mineral that sits at the start of the battery chain, has risen even more sharply. The causes are both structural and cyclical: strong demand from electric vehicles and large-scale energy storage, an export ban on lithium concentrate from Zimbabwe that removed a significant supply

Four times a year, the major listed companies report their quarterly results. This period — known as earnings season — is one of the most informative moments in the investment year. Not because the numbers themselves are so important, but because they reveal something macroeconomic forecasts and news headlines rarely can: an honest picture of how real businesses are actually performing in a specific economic climate. This week illustrated that contrast sharply. Caterpillar, t

The IMF lowered its global growth forecast this week to 3.1% for 2026. Conflict in the Middle East, ongoing trade tensions, and persistent inflation are weighing on global economic activity. The risks are clearly tilted to the downside. For many investors, this feels like a signal to be cautious, to wait, or to sell. But history consistently shows the opposite: periods of economic uncertainty are precisely when long-term investors build positions, not reduce them. The questio

April 2026 began with a shock. The so-called fear index of the U.S. equity market reached its third-highest level ever recorded in the first week of April, surpassed only by the peaks during the COVID-19 pandemic and the global financial crisis of 2008. Markets declined sharply, investors repositioned en masse, and major financial institutions began revising their growth expectations downward. But what is really driving this unrest? The answer does not lie in a single event,

With tensions between the US and Iran drawing renewed attention, investors are once again asking the same question they always ask in moments like this: should I do something? Over the past five weeks, markets have been gripped by the US-Iran conflict and the closure of the Strait of Hormuz, a narrow waterway that carries roughly one-fifth of the world's petroleum. Oil surged above $100 a barrel. Equity indices swung wildly on every diplomatic headline. And investors, unders

Something is currently unfolding in the global financial markets that is receiving little attention in the daily news cycle, yet has far-reaching consequences for anyone who saves, invests, or has a loan. Government bond yields are rising sharply, and this is not a technical detail for specialists. It is a signal that the price of money is changing, and with that change, many things in the economy are shifting. To understand this, a brief explanation helps. Governments borrow

Oil prices remain one of the most important drivers of the global economy, even though technology companies and interest rate movements often dominate financial headlines today. When oil prices rise suddenly, financial markets usually react quickly. The reason is simple: energy still plays a central role in almost every economic activity. Oil is not only important as fuel. It is also essential for transportation, manufacturing, and logistics. When oil prices increase, it beco

When geopolitical tensions rise or a conflict breaks out, financial markets often react immediately. Prices suddenly move, oil prices rise, and investors temporarily seek safety in gold or government bonds. Yet history shows that wars often have a less lasting impact on stock markets than initially expected. The first reaction of the market is usually based on uncertainty. As soon as a conflict erupts, investors try to assess the possible economic consequences. This often lea

Political tensions, trade conflicts, and central banks adjusting their course create the feeling that the economic rules of the game are constantly changing. Uncertainty seems to be a permanent part of the landscape. Yet uncertainty itself is not a new phenomenon. Financial markets have historically always been shaped by periods of ambiguity. Wars, oil crises, recessions, waves of inflation, and technological revolutions have followed one another. And each time, companies ada

In investing, the most important trends are often not the loudest ones. While markets move from one headline to the next, some shifts develop slowly and steadily beneath the surface. Copper may be one of those shifts. For decades, copper has been viewed primarily as a cyclical industrial metal. It rises when economies expand and falls during recessions. That part has not changed. What may be changing is the structural backdrop against which those cycles unfold. Copper sits at

After years in which financial markets were dominated by technology, growth narratives, and digital concepts, a gradual shift is becoming visible. Increasingly, attention is turning toward tangible, productive assets. Think of energy, infrastructure, commodities, farmland, and economically functional real estate. These so-called real assets are quietly making a comeback. This development is no coincidence. The global economy has entered a phase in which supply security, strat

Commodities have long remained out of the spotlight. While equity markets reached new highs, interest in metals like gold, silver, and copper was relatively muted. That phase now seems to be over. Rising prices are drawing renewed attention, and commodities are increasingly featured in headlines and investor conversations. This isn’t surprising in itself. Commodities move in long cycles. Periods of low prices lead to reduced investment. When demand picks up again, shortages a