Legendary value investor Adrian Day—Founder & CEO, Adrian Day Asset Management—joins Steve to unpack the big macro shifts: the slow erosion of the U.S. dollar’s reserve-currency dominance, why central banks have diversified reserves over the past two decades, and how that backdrop supports gold, copper, and uranium over the long run. We dig into investor psychology, “doing nothing” as an edge, and why resource equities remain under-owned despite improving fundamentals.
Who is Adrian Day?
A long-time global value investor focused on resources and quality compounders. Adrian lays out a long-term, global, value framework, the case for holding cash until price meets value, and how to size volatile sectors so you can sleep at night.
Key Topics
Why a single global reserve currency era is ending—and the implications for inflation and the dollar.
Central banks’ dollar share falling (~78% → ~48%) and what they’re buying instead.
Gold’s “old-fashioned” strength, non-price-sensitive buyers, and why investors haven’t “missed it.”
Valuations: gold miners vs. history; example frameworks (e.g., free-cash-flow focus).
Resources vs. financial assets near ~100-year relative lows; supply/demand in copper & uranium.
Discipline: “Sometimes doing nothing is the right thing to do.”
Guest Links (Adrian Day)
🌐 Website: https://www.AdrianDay.com
🏢 Adrian Day Asset Management: https://www.AdrianDayAssetManagement.com
✉️ assetmanagement@adrianday.com
Host & Channel Links
Natural Resource Stocks — Official Channel
🌐 Website: https://www.NaturalResourceStocks.net
📺 YouTube: https://www.youtube.com/@naturalresourcestocks
🐦 X (Twitter): https://twitter.com/NRS_Stocks
💼 LinkedIn: https://www.linkedin.com/company/natural-resource-stocks/
Andy Millette — Host
🌐 Website: https://www.NaturalResourceStocks.net
🐦 X (Twitter): https://twitter.com/AndyMillette
💼 LinkedIn: https://www.linkedin.com/in/andymillette/
Steve Yang — Co-Host
🐦 X (Twitter): https://twitter.com/SteveYang_Market
💼 LinkedIn: https://www.linkedin.com/in/steveyang88/
