Barron's Streetwise The Quality Signal That Beats the Market. Plus, Can Metals Stay Hot?
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Jan 2, 2026 Jared Woodard, Head of the Research Investment Committee at BofA Securities, dives into the importance of free cash flow as a stock-picking metric. He explains how focusing on cash can lead to better investment decisions. The conversation then shifts to metals, with Jack Hough discussing trends in gold, silver, and copper, as well as factors driving their rising prices. Jared also highlights opportunities in international small-cap value and the significance of diversified credit strategies.
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Metals Rally Fueled By Debasement Fears And FOMO
- Precious and industrial metals rallied sharply in 2025 with silver up ~140% and gold ~69% mid-December.
- Metals' moves reflect both debasement fears and FOMO, not the same fundamentals as stocks.
Miners Spend Windfall Prudently For Now
- Gold miners are generating vast cash as prices soared from ~$3,400 to much higher in 2025.
- Miners have used profits to pay down debt and buy back stock instead of overpaying for acquisitions.
Favor Copper Exposure And Mining Stocks
- Consider copper and select miners as Wall Street's consensus bullish metal for 2026 due to supply risk and Chinese demand.
- Use ETF exposure if you prefer not to pick individual mining stocks.