Value Hive Podcast

Oliver Friesen, founder and CEO of Guardian Metals, discusses the tungsten market, its critical importance to U.S. national security, and his company's two Nevada-based tungsten projects. He covers the supply chain risks from China's dominance, the DOD's growing investment in domestic critical minerals, and the broader shift in investor sentiment toward U.S. mining.

Brian Leeners, CEO of Home Run Resources, discusses his company's vertically integrated high-purity silica sand mining operation in Brazil's Bahia state, explaining how their exceptionally low-iron silica (under 10 ppm) positions them uniquely for solar glass production and advanced technology markets. The conversation covers silica's underappreciated role across solar, photonics, AI, and semiconductor supply chains, and why ex-Chinese silica assets are strategically important. Leeners argues Home Run can compress the typical 15-20 year mine development timeline into 3-5 years through creative capital deployment and vertical integration.

Open Square Capital (Nelson Wu) returned 47.7% in Q1 2026 driven by oil positions amid a U.S.-Iran war that closed the Strait of Hormuz, creating a massive supply shock estimated at 700-800 million barrels lost. JDP Capital (Jeremy Deal) was down 15.1% but sees extreme fear as a buying opportunity, initiating a position in MercadoLibre while exiting Caesars Entertainment over governance concerns.

Jason Jessup, CEO of Magna Mining, discusses the company's rapid growth from 25 to 200+ employees, the discovery of a high-grade copper-gold R2 zone, and the multi-pillar strategy of production, exploration, and acquisition across Sudbury's mining district. The conversation covers operational culture, nickel market dynamics, financing strategy, and Magna's ambition to become a major Canadian mining company with four to five producing mines.

Gavin McCracken, an AI PhD student, achieved a 2000x return on his account by concentrating heavily in specific commodity plays, notably Andean Precious Metals during the gold bull market. He emphasizes timing commodity cycles, finding low-cost producers with strong management, and using leverage strategically while protecting downside risk.

Will Thomson discusses how geopolitical volatility affects natural resources investing, then analyzes CVW Sustainable Royalties' business model of financing clean tech companies in exchange for perpetual revenue royalties. He concludes by explaining his research on commodity purity index, which shows most commodity stocks are less correlated to underlying commodity prices than investors assume.

Harris Kupperman discusses his bullish thesis on Brazil ahead of elections, arguing that Latin America is shifting right politically while Brazil remains undervalued. He also covers his Hong Kong investments, disappointments in his 2024 performance despite getting major themes right, and critiques of current global economic policies.

Calvin Froedge discusses the closure of the Strait of Hormuz and its massive economic implications, arguing that markets are severely underpricing this geopolitical crisis. He views this as potentially the most significant economic event in American history, comparable to 1970s energy crises.

Three investment fund managers discuss their Q4 2024 performance and outlook, focusing on shifts from US tech dominance to international markets and physical assets. All three emphasize opportunities in undervalued sectors while noting concerns about AI disruption to software companies and currency devaluation risks.