Welcome to another podcast - you’re listening to the Royalty King.
Although to be honest, the title is far better suited to my guest today - James Davolos.
James is the portfolio manager of the INFL 0.00%↑ ETF which has over $1 Billion of AUM and is a key member of Horizon Kinetics (HK), an asset management and research firm based in New York with over $10 Billion in AUM.
You all know I’m a disciple of HK and my largest stock position is in a little-known OTC Co. which was set up as an intellectual capital holding company by the Horizon founders Peter Doyle, Steve Bregman and of course my hero, Murray Stahl.
James’ 2023 white-paper on Royalties as a business model changed my investment perspective completely and has led to my conviction in the superiority of Royalty-type business models as the most reliable way to outperform inflation and compound capital over multiple business cycles.
ICYMI - check out our previous podcasts
In this episode, we explore the impact of central banks on real asset inflation, the strategic importance of real assets, and the evolving landscape of global markets. James shares his expertise on navigating these changes and the role of innovative business models in today's economy.
I consider it a privilege to be able to bounce ideas back and forth with James who’s a great example of someone at the top of their game.
Key Topics
The unique approach and performance of the INFL ETF The future of gold, Bitcoin, and real assets in a changing economic environment The critical role of water and energy in technological advancements Understanding the equity yield curve and its implications Insights into the future of global exchanges and investment strategies
Key Take Aways
The INFL ETF has never had a down year.
Inflation is a persistent issue, not transitory.
Gold and Bitcoin are gaining traction as safe havens.
Scarcity in real assets drives demand and value.
Energy demand is shifting towards emerging markets.
Water scarcity is a critical factor in energy production.
The equity yield curve concept helps identify investment opportunities.
Investing in water infrastructure is essential for future growth.
Many generational compounders are misunderstood by the market.
Chapters
00:00 Introduction to James Davolos and INFL ETF
01:26 Understanding INFL ETF's Unique Approach
02:40 Market Dynamics and Inflation Perspectives
09:35 Structural Drivers of Hard Asset Inflation
10:58 Energy Demand and Future Trends
16:58 The Importance of Water in Energy Production
23:22 Equity Yield Curve and Investment Strategies
26:19 The Role of Water in Oil Production
30:26 Investment Opportunities in Water Management
34:50 Challenges and Innovations in Produced Water Management
41:27 Long-Term Investment Perspectives
43:54 Concerns and Optimism for the Future
47:15 Influential Books on Investing
Take care,
Benjamin.
P.S. Love the episode? Re-stack with your thoughts or questions—I’d love to hear them!
⚠️ Disclaimer: This is not financial advice. I document my investment journey for informational purposes only. Do your own research and consult a professional before making investment decisions.
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