53. Robert Mullin - Upstream Downstream
Mutiny Investing Podcast
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The Asymmetric Bank and the Keynesian Beauty Contest
When we talk about rare earths or some kind of like off the run, so to speak, you know, metals, et cetera, there's not liquid commodity futures markets for that. They're only spot markets. And so then it's maybe better to go into the resource equity markets like you do. But now you got another set of problems. We all have nuance trade offs, right? And now you have a management problem. You also have that Keynesian beauty contest that we were talking about yesterday with how does what's the markets voting machine doing to that equity. So maybe it's actually me who prefers the natural resource equities than necessarily playing in the futures markets
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