Episode Details

Inflation is surging again and it’s driving savvy investors to rethink how to manage their portfolios. So, what assets should you buy right now to protect your wealth?

On this episode of In the Money with Amber Kanwar, James Davolos, Portfolio Manager and Director of Research at Horizon Kinetics, breaks down why investors need to reconsider everything they know about portfolio construction in a higher inflation world. He explains why a simple “buy gold” strategy isn’t enough, why real assets are still early in a long-term cycle, and why targeting 10%+ returns is essential just to stay ahead of rising prices.

From infrastructure and commodities to royalties, land, and even water, Davolos lays out the framework for building a portfolio designed to generate growing cash flows that outpace inflation—and why traditional equity benchmarks may no longer offer true diversification.

On gold, Davolos remains constructive long term, arguing that structural deficits, central bank demand, and the need for a store of value continue to support the thesis—even if short-term volatility and macro crosscurrents create noise along the way.

In the Mailbag, the focus turns to silver, which he describes as a higher-beta version of gold with both monetary and industrial demand tailwinds. He explains why he prefers to play it through royalty and streaming companies like Wheaton Precious Metals (WPM) to reduce operational risk—before broadening out to other real asset opportunities, including Brookfield (BEP.UN / BIP.UN), Glencore (GLEN), RB Global (RBA), and the long-term uranium trade through Cameco (CCO) and NextGen Energy (NXE).

In Pro Picks, Davolos revisits past ideas like PrairieSky Royalty (PSK.TO) and TMX Group (X.TO), reinforcing his conviction in royalties and exchange businesses as high-margin, inflation-linked compounders. He then introduces three new high-conviction names: Miami International Holdings (MIAX), a fast-growing exchange gaining share in a structurally expanding derivatives market with significant upside tied to new index and options products; Sprott Inc. (SII.TO), a 70%+ margin asset manager leveraged to sustained inflows into physical real asset strategies; and LandBridge (LB), a unique Permian Basin land and water infrastructure play with built-in growth from energy production and additional upside from AI-driven data center demand. Across all three, the common thread is clear: scarce assets, powerful operating leverage, and asymmetric return potential in an inflationary world.

Timestamps

00:00 Trailer
02:20 Intro
04:15 Why James has an even higher conviction on higher inflation and buying real assets 

06:00 First principles -how to protect against inflation
08:00 It comes down to real assets
09:15 What gives James confidence in his inflation outlook
13:20 How do we explain gold’s drop in the context of inflation
17:50 Is the ‘hard assets’ thesis too consensus? 

20:00 Are semiconductors hard assets?
21:40 Why buying the index won’t protect you
24:45 How bitcoin fits into the thesis
29:40: Hamilton ETFs: Mixed Asset Allocation ETF: MIX
31:40: ITM Mailbag: Silver & Wheaton Precious Metals (WPM)
35:35 Brookfield, Brookfield Renewables & Brookfield Infrastructure (BN, BEP, BIP)
37:20 Glencore stock (GLEN)
41:15 Bunge stock (BG)
43:20 RB Global (RBA)
45:05 NexGen Energy (NXE)
48:50 James’s Past & Pro Picks (ARIS, PSK, X, MIAX, SII, LB)

Sponsors

For over 25 years, Raymond James has been helping Canadians achieve their financial goals. Visit https://raymondjames.ca today to discover how you can live a life well planned.

Pro Picks is brought to you by ATB Financial.  Visit https://ATB.com/inthemoney for more information

The mailbag is sponsored by Hamilton ETFs. For more information on t