Jonathan Wellum: The Great Divide - U.S. Strength, Canadian Decline, and the AI Bubble & Gold Play

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Oct 21, 2025

Jonathan Wellum, CEO and CIO of Rocklinc, shares his macro insights on investment trends. He highlights how U.S. pro-growth policies are attracting vast capital while Canada's overregulation hampers its economy. Wellum issues a caution about inflated AI valuations and stresses the importance of holding precious metals amid looming fiat debasement. He explains the potential in silver investment driven by rising demand and supply constraints, as well as his strategic portfolio allocations across key sectors.

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INSIGHT

AI Hype Has Inflated Valuations

Valuations driven by the AI hype are unsustainably high and risk sharp corrections.
Jonathan Wellum warns S&P near 30× earnings versus a healthier 18–20×, implying significant overvaluation.

ADVICE

Hold Cash And Avoid Overpaying

Maintain cash and avoid overpaying for high-multiple AI names to protect capital.
Wellum recommends conservative allocation and focusing on appropriately valued companies.

INSIGHT

U.S. Policy Is Pulling Trillions In

U.S. policy of lower taxes, deregulation and onshoring is attracting massive capital inflows.
Wellum expects up to $20 trillion of investment returning to the U.S., boosting growth relative to peers.

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💡Get a free portfolio review with Jonthan Wellum and his team at Rocklinc by going here: https://bit.ly/3L4qLU8

Is the U.S. quietly entering a new boom while Canada slips into a policy-driven slowdown? CEO and CIO of Rocklinc, Jonathan Wellum, joins James Connor to lay out a clear, data-grounded case: capital and industry are flowing back to America on pro-growth policy and tax incentives, while Canada’s over-regulation, carbon taxes, and hostility to energy have throttled investment and jobs. He also warns that AI-led valuations are stretched (S&P 500 PE of 30× vs a healthier 18–20×) and explains why his portfolios keep a sizable allocation to gold and silver as fiat currencies lose purchasing power.

Topics include:

Why U.S. policy (lower taxes, deregulation, onshoring) is attracting trillions in capital, and what that means for markets
How Canada’s policy mix has driven away investment (including an estimated $670B in lost energy capital) and risks rising unemployment
The AI bubble risk: why even great companies can’t command “infinite” prices forever
Portfolio positioning for the next cycle: quality software, healthcare, data-center infrastructure, and a 28–30% position in precious metals
The silver setup: constrained primary supply, rising industrial demand, and why shortages matter for investors
The macro through-line: high debt loads imply long-run fiat debasement, own real assets

💡Get To Know: Rocklinc's Jonathan Wellum https://youtu.be/ezMiX0FtZ7g

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