Why Management Matters more than Project (Will Thomson)
Episode description
We sat down with Will Thomson of Massif Capital, fresh off a standout year for the fund, to dig into his high-conviction bets across materials, energy, and industrials.Will is a deep, contrarian thinker who has grown his fund by finding value where others aren’t looking. This episode is no different, with some punchy views on gold, mining management & commodity investing. In this conversation, Will covers:• Why he sees little value in gold miners right now — and what would change his mind• His deep dive on Equinox Gold and why new CEO Darren Hall is the key variable• Lundin Mining’s Vicuña project — what the $18B capex really means• Why management teams matter more than the commodity• Whether he’s rotating toward energy and niche industrials — including a hot take on offshore wind
Follow Will on socials: X - https://x.com/wmthomson22
Stocks mentioned: EQX.TO, LUN.TO, AFM.V, LRV, HBR.L
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TIMESTAMPS
(00:00) Real Assets Rotation
(03:20) Inbound Interest Signals
(07:00) Why Gold Looks Overpriced
(15:10) Equinox Underappreciated
(19:00) Lundin Copper Masterclass
(31:50) What Drives Miner Returns
(33:50) Management Fit by Lifecycle
(37:50) Larvotto and Distressed Assets
(44:30) Tin Outlook and Alphamin
(53:10) Rebalancing Beyond Mining
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