The Acquirers Podcast Liquid real assets with Will Thomson of Massif Capital; Natural gas, tungsten and tin | S07 E33
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Sep 26, 2025 Will Thomson, Founder and Manager at Massif Capital, dives into the world of liquid real assets, emphasizing energy and critical minerals like tungsten and tin. He discusses how his concentrated portfolio approach thrives during tough market cycles, arguing that management often outweighs asset value. The conversation touches on the impact of political risk on investment strategies and the significance of timing in the resource sector. Thomson also reveals his bullish stance on European natural gas stocks, driven by geopolitical dynamics and dividend strength.
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Liquid Real Assets Defined
- Massif Capital invests in energy, materials, select industrials and infrastructure via public companies owning big projects.
- They focus on project companies building tangible assets rather than generic commodity exposure.
Concentrate Around Operational Catalysts
- Build a concentrated portfolio focused on company-specific catalysts rather than broad commodity beta.
- Hold 15 longs with top-five concentration to capture operational catalysts over cycle noise.
Bet On Management Over Asset
- Management quality often trumps the underlying asset across cycles.
- In booms you can tolerate mediocre assets; in troughs you need both asset and team.