Executive Summary
Travis Koldus argues we're in an 'Echo Bubble' reminiscent of Japan 1989, where the US represents 62% of global market cap (vs Japan's 42% peak). The Market Consensus believes AI mega-caps justify 100x price-to-sales multiples. The Variant Perception: This creates a historic valuation arbitrage where quality companies like Newmont trade at 15% free cash flow yields while NVDA trades at 2%. Koldus specifically targets the 'forgotten' sectors - precious metals and REITs - that have reset valuation...
Key Investment Opportunity
The Precious Metals FCF Arbitrage
Newmont represents the perfect contrarian setup: a $91B market cap company generating $6.12B in free cash flow (15% yield) while trading at only 13x P/E. Even if gold retreats to $3,200/oz, Newmont maintains double-digit FCF yields. This contrasts sharply with AI darlings like Palantir at 100x price...
...and 1 more investment opportunities
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