Old West's Brian Laks dives into metals, mining, and uranium (podcast #330)
In this episode of the Yet Another Value Podcast, host Andrew Walker welcomes back Brian Laks of Old West Management for his third appearance on the show. Brian shares deep insights into uranium, copper, gold, and the broader metals market. They revisit Old West’s early uranium thesis and how it has evolved, assess copper’s growing strategic importance, and examine gold’s unique demand drivers. The conversation covers supply-demand imbalances, government involvement in critical minerals, tariffs, and how AI’s energy demands tie back to metals. Brian also explains how Old West balances long-term macro views with valuation discipline and opportunistic trading within metals and mining.
Today’s podcast is sponsored by PortraitAnalytics.AI
People ask me all the time: what’s your favorite screen for generating ideas? Low P/E? High dividend yield? Something else?
My answer is always the same: I don’t use quantitative screens. I doubt alpha is hiding in a simple screen anyone can put together in thirty seconds.
But Portrait Analytics has changed all that. Using AI, they let you blend quantitative screens with qualitative metrics to narrow down to companies and stocks that are actually interesting to you. For example, instead of screening for a low P/E, you can screen for companies with a low price to earnings where the stock dropped 20% because it missed earnings but the CEO argued the miss was one time and that the company is planning to buyback shares.
Check out Portrait Analytics today and see how they can improve your screening and filtering tools!
Please follow the podcast on Spotify, iTunes, or most other podcast players, as well as on YouTube if you prefer video! And please be sure to rate / review the podcast if you enjoy it, or share it with someone else who would enjoy it (more listeners is a critical part of the flywheel that keeps this Substack and podcast going!).
Disclaimer: Nothing on this podcast or on this blog is investing or financial advice; please see our full disclaimer here. The transcript below is from a third party transcription service; it’s entirely possible there are some errors in the transcript
Transcript for premium subs begins below