Mailbag: Insurance ideas and valuation

Gold and silver have been rocked in recent weeks, so what should investors do now? According to Jonathan Wellum gold isn’t just a trade — it’s insurance. The President & CEO of ROCKLINC Investment Partners and former money manager to Canadian billionaire Michael Lee-Chin, joins In the Money with Amber Kanwar to lay out why soaring government debt, currency debasement, and rising geopolitical friction have pushed him to one of his most conviction-heavy stances yet: a portfolio anchored by gold, silver, and precious-metal businesses. Jonathan explains why this cycle still feels early despite the recent sell-off, how central-bank buying has reshaped the gold market, and why sharp volatility hasn’t shaken his long-term thesis.

Drawing on decades of experience as a disciplined value investor, Jonathan explains why precious-metal royalty companies form the backbone of his exposure, offering cash-flow durability without the same operational risks as miners. He also walks through silver’s extreme swings, why supply deficits still matter despite violent pullbacks, and how electrification, AI infrastructure, and data-centre demand are quietly tightening metals markets — all while stressing that gold’s role in portfolios is protection first, speculation second.

While precious metals are a core pillar of his strategy, Jonathan makes it clear he’s far from a one-theme investor. He also breaks down how he’s selectively allocating to insurance, industrials and global compounders — areas where valuations have reset and disciplined capital allocation still offers long-term upside.

In the Mailbag, Jonathan weighs in on whether investors have “missed” the move in Wheaton Precious Metals (WPM), breaks down the upside torque in Agnico Eagle Mines (AEM) if gold prices stay elevated, and explains why royalty models continue to outperform through cycles. He also addresses volatility in silver-exposed names, comments on Cameco (CCO) amid the nuclear renaissance, and shares why he’s cautious about junior miners despite the temptation of leverage. He also fields questions on Berkshire Hathaway (BRK.B), Fairfax Financial (FFH), Markel (MKL), and Trisura Group (TSU). The discussion extends to technology names caught in the AI-driven selloff — including ServiceNow (NOW) and Thomson Reuters (TRI), and he also gives his take on Constellation Software (CSU) as he outlines how he separates true value opportunities from potential value traps.

In Pro Picks, Jonathan shares three high-conviction ideas that reflect his diversified, valuation-driven approach. He highlights Carlisle Companies (CSL), a quietly dominant industrial with strong returns on capital; MercadoLibre (MELI), a leading Latin American e-commerce and fintech platform with years of growth runway; and Sprott Inc. (SII), a leveraged way to participate in a broad commodity and precious-metals cycle through asset management rather than direct exposure.

To vote on your favourite In the Money swag ideas head to: https://www.surveymonkey.com/r/XKGW2HT 

Timestamps
00:00 show trailer 

02:10  intro 

04:30 Jonathan’s history as a value investor 

06:50 Following the Buffett rules 
 11:00 Debt problems & Why 25% of Wellum’s portfolio is in precious metals 

14:00 Volatility in gold? We’re in the 3rd or 4th inning 
 18:10 Wellum explains his belief in gold 

19:50 Silver is a wild, wild ride 
 23:00 What else is in the fund? 

23:40 The bloodbath in software- what’s Jonathan buying?  

30:30 ITM Mailbag: Wheaton Precious Metals stock (WPM)

34:10 Agnico Eagle stock (AEM) 

38:10 Cameco stock (CCO)
 40:40 Berkshire Hathaway stock (BRK.B) 
 44:25 Fairfax Financial, Trisura, Markel, American Coastal Insurance Company (FFH, TSU, MKL, ACIC) 
 49:40 Constellation Software stock (CSU) 

54:05 Jonathan’s Pro Picks (CSL, MELI, SII)

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.

To explore BMO ETF tools, head to https://www.bmoetfs.com and check out the Tools section.

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

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DISCLAIMERS 

The information provided in this podcast is for informational purposes only and does not constitute financial, investment, or professional advice.The views expressed by the host and guests are their own and do not necessarily reflect the opinions of any organization or company. The host and guests may maintain positions in any securities discussed on the podcast. Always consult with a qualified financial advisor or professional before making any investment decisions. In this episode we discuss Constellation Software and Equinox Gold which are both stocks Amber owns. 

In the Money delivers expert stock picks, actionable ideas, and timely money management tips. Hosted by business journalist Amber Kanwar, each episode features interviews with top portfolio managers who suggest ways to achieve good returns. Covering everything from ETFs and Canadian stocks to global investing trends, dividend strategies, and risk management, this show is made for DIY investors, stock market enthusiasts, and anyone looking to sharpen their financial strategy.

Contact: questions@inthemoneypod.com

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