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Jonathan Wellum: AI Valuations, U.S. Growth & Why Gold Still Wins in 2026

14 snips
Jan 6, 2026
Jonathan Wellum, CEO of Rocklinc Investment Partners and a seasoned market commentator, shares insights on navigating investments in an AI-driven market. He warns against overpaying for AI stocks and suggests capitalizing on infrastructure and commodity plays instead. Wellum envisions robust U.S. growth in 2026, driven by supportive monetary policy and business-friendly regulations. He also explains why gold and silver remain essential for capital protection and critiques Canadian policies that deter investment, revealing a wealth of strategies for discerning investors.
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INSIGHT

Bubble Signals In AI Valuations

  • Jonathan Wellum warns AI valuations resemble the late-1990s tech bubble and may slow when capital rush diminishes.
  • He prefers owning businesses that benefit from AI indirectly rather than overpaying for poster-child names like NVIDIA.
ADVICE

Get AI Exposure Without Chasing Hype

  • Do seek AI exposure via infrastructure, energy, and commodity companies that support data centers and automation.
  • Avoid paying sky-high multiples for headline AI names and instead buy durable cash-flowing businesses at sensible prices.
INSIGHT

Under-the-Radar Growth Areas

  • Wellum highlights insurance and specialty software as undervalued areas that grew without headline attention.
  • He sees durable growth in companies with high client retention and conservative balance sheets.
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