Bizarro World Podcast,
with Nick and Gerardo
Jan. 5, 2026
Editor’s Note: This week’s episode of Investing in Bizarro World is a little different. With the holidays behind us, we’re sharing a special video edition: a Q4 Foundational Profits Member Call-In, normally reserved exclusively for paid subscribers. This gives you a free taste of the kind of portfolio positioning, macro outlook, and sector-level thinking that Foundational Profits members receive every quarter. Importantly, this discussion includes a forward-looking outlook for early 2026 — covering growth, inflation, commodities, and portfolio construction — so you can begin thinking about how to position your own portfolio for the New Year. See everything members get with this publication here.
The free version of the 347th episode of Investing in Bizarro World is now published.
Here’s what was covered:
Macro Musings - We walked through why a recession still isn’t materializing, with U.S. growth running hot and expected to slow — but remain positive — into 2026. The key shift discussed was the transition from reflation to approaching disinflation, driven primarily by falling rent growth and declining energy prices. With inflation inputs easing and growth holding up, we outlined why markets and algorithms continue to reward risk assets heading into the New Year.
Market Takes - We spent considerable time on precious metals and commodities, reviewing how gold’s October correction proved temporary and how silver has now moved into clear outperformance. We discussed the classic precious-metals bull market sequence — gold first, silver second — and how portfolio rotation earlier this year positioned us well for the current tape. You can see how we’re harnessing gold and silver’s upside here. Copper was highlighted as a core 2026 theme, with supply disruptions pulling forward structural deficits and banks now calling for materially higher prices. Uranium followed a similar framework: strong fundamentals, near-term consolidation, and long-term upside driven by reactor restarts, data centers, and energy security. We also covered oil’s continued weakness as a disinflationary tailwind, rather than a recession signal, and explained why a softer dollar and renewed balance-sheet expansion remain supportive for commodities. We discussed current positioning heading into 2026, including selective additions, areas still offering value, and why patience remains warranted in cyclical laggards like lithium.
Bizarro Banter - We touched on the ongoing expansion of government debt, the return of quantitative easing under new labels, and the reality that deficits continue to grow regardless of political leadership. The discussion reinforced the long-running theme that monetary debasement remains intact — and that hard assets continue to benefit as a result.
Premium Portfolio Picks - This episode includes a one-time free look at detailed macro portfolio positioning and buy-under levels that are usually reserved for paid members.
0:00 Introduction
1:15 Macro Musings: Outline. No Recession. Disinflation. Dollar and Rates.
10:01 Market Takes: Gold & Silver Positioning. Copper & Uranium for 2026. Cannabis?
23:28 Bizarro Banter: Money Supply Expansion. The Boot of Left & Right. Regime Change.
44:32 Premium Portfolio Picks: Free Macro Positioning This Week. Member Questions.
PLEASE NOTE: There are now two versions of this podcast.
- Bizarro World Live — Pay $2 per episode to watch us record the podcast live every Thursday and get Premium Portfolio Picks every week. Plus an archive of all premium episodes. Subscribe here.
- Bizarro World Free — Published the Monday after the live recording with no Premium Portfolio Picks.