What We Cover

What we cover, and what we leave alone

A narrow beat: the assets and businesses whose value does not depend on conditions staying good.

01 / HARD ASSETS

Things that exist physically

Precious and industrial metals, timber, farmland, and the producers and royalty companies attached to them. Real reserves, real production, real cost curves — examined at the asset level, not the narrative level.

02 / ENERGY

The input everything else needs

Oil, gas, uranium, and power generation. Demand for energy is the last thing to fall in a downturn, which makes the economics of the businesses supplying it worth understanding properly.

03 / DEFENSIVE EQUITIES

Businesses that keep earning

Companies whose customers cannot easily stop buying — utilities, staples, infrastructure, and essential services. We care about balance sheets, debt maturities, and pricing power over story.

How something earns a write-up

  1. Screen. Public filings, production reports, and regulatory disclosures. Never an inbound pitch or a paid list.
  2. Stress-test. What happens to this business if its output price falls by a third and stays there for two years? If the answer is unclear, the answer is no.
  3. Check the balance sheet. Debt maturities, covenants, and cash. Most businesses that fail in a downturn fail on financing, not on operations.
  4. Publish. With the bear case intact and every commercial relationship disclosed.

What each issue contains

What we do not cover

No price targets, no chart patterns, no options strategies, no cryptocurrency, and no survival-goods affiliate marketing. We do not sell freeze-dried food, water filters, or bullion, and we do not take commissions from anyone who does.

We also do not publish predictions about when a crisis will arrive. Anyone who tells you they know that is selling something.

Appearing here is not a recommendation to buy anything. Defensive characteristics are not the same as good value, and good value is not the same as suitable for you. Hard assets and commodity producers can and do lose money for years at a time. See our disclaimer.