Show notes
Inflation is surging again and it’s driving savvy investors to rethink how to manage their portfolios. So, what assets should you buy right now to protect your wealth?On this episode of In the Money with Amber Kanwar, James Davolos, Portfolio Manager and Director of Research at Horizon Kinetics, breaks down why investors need to reconsider everything they know about portfolio construction in a higher inflation world. He explains why a simple “buy gold” strategy isn’t enough, why real assets are still early in a long-term cycle, and why targeting 10%+ returns is essential just to stay ahead of rising prices.From infrastructure and commodities to royalties, land, and even water, Davolos lays out the framework for building a portfolio designed to generate growing cash flows that outpace inflation—and why traditional equity benchmarks may no longer offer true diversification.On gold, Davolos remains constructive long term, arguing that structural deficits, central bank demand, and the need for a store of value continue to support the thesis—even if short-term volatility and macro crosscurrents create noise along the way.In the Mailbag, the focus turns to silver, which he describes as a higher-beta version of gold with both monetary and industrial demand tailwinds. He explains why he prefers to play it through royalty and streaming companies like Wheaton Precious Metals (WPM) to reduce operational risk—before broadening out to other real asset opportunities, including Brookfield (BEP.UN / BIP.UN), Glencore (GLEN), RB Global (RBA), and the long-term uranium trade through Cameco (CCO) and NextGen Energy (NXE).In Pro Picks, Davolos revisits past ideas like PrairieSky Royalty (PSK.TO) and TMX Group (X.TO), reinforcing his conviction in royalties and exchange businesses as high-margin, inflation-linked compounders. He then introduces three new high-conviction names: Miami International Holdings (MIAX), a fast-growing options exchange gaining share in a structurally expanding derivatives market with significant upside tied to new index and options products; Sprott Inc. (SII.TO), a 70%+ margin asset manager leveraged to sustained inflows into physical real asset strategies; and LandBridge (LB), a unique Permian Basin land and water infrastructure play with built-in growth from energy production and additional upside from AI-driven data center demand. Across all three, the common thread is clear: scarce assets, powerful operating leverage, and asymmetric return potential in an inflationary world.Timestamps00:00 Trailer02:20 Intro04:15 Why James has an even higher conviction on higher inflation and buying real assets 06:00 First principles -how to protect against inflation08:00 It comes down to real assets09:15 What gives James confidence in his inflation outlook13:20 How do we explain gold’s drop in the context of inflation17:50 Is the ‘hard assets’ thesis too consensus? 20:00 Are semiconductors hard assets?21:40 Why buying the index won’t protect you24:45 How bitcoin fits into the thesis29:40: Hamilton ETFs: Mixed Asset Allocation ETF: MIX31:40: ITM Mailbag: Silver & Wheaton Precious Metals (WPM)35:35 Brookfield, Brookfield Renewables & Brookfield Infrastructure (BN, BEP, BIP)37:20 Glencore stock (GLEN)41:15 Bunge stock (BG)43:20 RB Global (RBA)45:05 NexGen Energy (NXE)48:50 James’s Past & Pro Picks (ARIS, PSK, X, MIAX, SII, LB)SponsorsFor over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.Pro Picks is brought to you by ATB Financial. Visit https://ATB.com/inthemoney for more informationThe mailbag is sponsored by Hamilton ETFs. For more information on the Hamilton Enhanced Mixed Asset Allocation ETF visit: https://hamiltonetfs.com/etf/mix/ Linkshttps://inthemoneypod.com/ https://instagram.com/inthemoneypodhttps://facebook.com/profile.php?id=61569721774740 https://twitter.com/inthemoneypod https://tiktok.com/@[email protected] The content provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions.Hamilton ETFs Disclaimer This podcast is sponsored by Hamilton ETFs. The information contained herein should not be construed as investment advice or considered as a recommendation to purchase or sell the mentioned securities.The index performance returns are for informational purposes only and are not indicative of the future returns of the ETF. The returns do not reflect any management fees, transaction costs or expenses. Investors cannot invest directly in an index.Certain statements contained in this podcast may constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. 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Data from November 18, 2004, to April 30, 2026.The Solactive Hamilton Mixed Asset Index (SOLHAMMA) vs. the S&P 500 Total Return Index with annual compounded total returns and the potential impact of 1.25x leveraged exposure to SOLHAMMA. This is discussed for informational purposes only and intended to demonstrate the historical impact of the indexes compound growth rate. It is not a projection of future index performance, nor does it reflect potential returns on investments in the ETF. Investors cannot directly invest in the index. All performance data assumes reinvestment of distributions and excludes management fees, transaction costs, and other expenses which would have impacted an investor’s returns. SOLHAMMA data prior to March 14, 2025, is hypothetical back-tested data using actual historical market data. Actual performance may have been different ...