Inflation is surging again and it’s driving savvy investors to
rethink how to manage their portfolios. So, what assets should
you buy right now to protect your wealth?
On this episode of In the Money with Amber Kanwar, James Davolos,
Portfolio Manager and Director of Research at Horizon Kinetics,
breaks down why investors need to reconsider everything they know
about portfolio construction in a higher inflation world. He
explains why a simple “buy gold” strategy isn’t enough, why real
assets are still early in a long-term cycle, and why targeting
10%+ returns is essential just to stay ahead of rising prices.
From infrastructure and commodities to royalties, land, and even
water, Davolos lays out the framework for building a portfolio
designed to generate growing cash flows that outpace
inflation—and why traditional equity benchmarks may no longer
offer true diversification.
On gold, Davolos remains constructive long term, arguing that
structural deficits, central bank demand, and the need for a
store of value continue to support the thesis—even if short-term
volatility and macro crosscurrents create noise along the way.
In the Mailbag, the focus turns to silver, which he describes as
a higher-beta version of gold with both monetary and industrial
demand tailwinds. He explains why he prefers to play it through
royalty and streaming companies like Wheaton Precious Metals
(WPM) to reduce operational risk—before broadening out to other
real asset opportunities, including Brookfield (BEP.UN / BIP.UN),
Glencore (GLEN), RB Global (RBA), and the long-term uranium trade
through Cameco (CCO) and NextGen Energy (NXE).
In Pro Picks, Davolos revisits past ideas like PrairieSky Royalty
(PSK.TO) and TMX Group (X.TO), reinforcing his conviction in
royalties and exchange businesses as high-margin,
inflation-linked compounders. He then introduces three new
high-conviction names: Miami International Holdings (MIAX), a
fast-growing exchange gaining share in a structurally expanding
derivatives market with significant upside tied to new index and
options products; Sprott Inc. (SII.TO), a 70%+ margin asset
manager leveraged to sustained inflows into physical real asset
strategies; and LandBridge (LB), a unique Permian Basin land and
water infrastructure play with built-in growth from energy
production and additional upside from AI-driven data center
demand. Across all three, the common thread is clear: scarce
assets, powerful operating leverage, and asymmetric return
potential in an inflationary world.
Timestamps
00:00 Trailer
02:20 Intro
04:15 Why James has an even higher conviction on higher inflation
and buying real assets
06:00 First principles -how to protect against inflation
08:00 It comes down to real assets
09:15 What gives James confidence in his inflation outlook
13:20 How do we explain gold’s drop in the context of
inflation
17:50 Is the ‘hard assets’ thesis too consensus?
20:00 Are semiconductors hard assets?
21:40 Why buying the index won’t protect you
24:45 How bitcoin fits into the thesis
29:40: Hamilton ETFs: Mixed Asset Allocation ETF: MIX
31:40: ITM Mailbag: Silver & Wheaton Precious Metals
(WPM)
35:35 Brookfield, Brookfield Renewables & Brookfield
Infrastructure (BN, BEP, BIP)
37:20 Glencore stock (GLEN)
41:15 Bunge stock (BG)
43:20 RB Global (RBA)
45:05 NexGen Energy (NXE)
48:50 James’s Past & Pro Picks (ARIS, PSK, X, MIAX, SII, LB)
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
Pro Picks is brought to you by ATB Financial. Visit
https://ATB.com/inthemoney for more information
The mailbag is sponsored by Hamilton ETFs. For more information
on the Hamilton Enhanced Mixed Asset Allocation ETF visit:
https://hamiltonetfs.com/etf/mix/
Links
https://inthemoneypod.com/
https://instagram.com/inthemoneypod
https://facebook.com/profile.php?id=61569721774740
https://twitter.com/inthemoneypod
https://tiktok.com/@inthemoneypod
questions@inthemoneypod.com
DISCLAIMERS
The content provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
Hamilton ETFs Disclaimer
This podcast is sponsored by Hamilton ETFs. The information
contained herein should not be construed as investment advice or
considered as a recommendation to purchase or sell the mentioned
securities.
The index performance returns are for informational purposes only
and are not indicative of the future returns of the ETF. The
returns do not reflect any management fees, transaction costs or
expenses. Investors cannot invest directly in an index.
Certain statements contained in this podcast may constitute
forward-looking information within the meaning of Canadian
securities laws. Forward-looking information may relate to a
future outlook and anticipated distributions, events or results
and may include statements regarding future financial
performance. In some cases, forward-looking information can be
identified by terms such as “may”, “will”, “should”, “expect”,
“anticipate”, “believe”, “intend” or other similar expressions
concerning matters that are not historical facts. Actual results
may vary from such forward-looking information. Hamilton ETFs
undertakes no obligation to update publicly or otherwise revise
any forward-looking statement, whether as a result of new
information, future events or other such factors which affect
this information, except as required by law.
Commissions, management fees and expenses all may be associated
with investments in exchange traded funds (ETFs) managed by
Hamilton ETFs. Please read the prospectus before investing. ETFs
are not guaranteed, their values change frequently, and past
performance may not be repeated.
Source: S&P Global, Solactive AG, Hamilton ETFs. Data from
November 18, 2004, to April 30, 2026.
The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the
S&P 500 Total Return Index with annual compounded total
returns and the potential impact of 1.25x leveraged exposure to
SOLHAMMA. This is discussed for informational purposes only and
intended to demonstrate the historical impact of the indexes
compound growth rate. It is not a projection of future index
performance, nor does it reflect potential returns on investments
in the ETF. Investors cannot directly invest in the index. All
performance data assumes reinvestment of distributions and
excludes management fees, transaction costs, and other expenses
which would have impacted an investor’s returns. SOLHAMMA data
prior to March 14, 2025, is hypothetical back-tested data using
actual historical market data. Actual performance may have been
different had the ...
Kommentare (0)
Melde dich an, um einen Kommentar zu schreiben.