Brokerage, Bank Ownership and Risk Culture

Rick recounts differences between his private brokerage and public bank experiences during the GFC.

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Episode notes

We sat down with the great Rick Rule, one of the natural resource industry's biggest names of the last 50 years, to dig into his career spanning bull markets, busts, banking, brokering, and everything in between.Rick is a true contrarian, as overused as that expression is, who combines deep commodity knowledge with hard-won wisdom on speculation, capital allocation, and experience in working with the sector's best.This episode goes deep into his history.In this conversation, Rick covers:• Why he sat out the 2008 to 2011 precious metals bull market• How he deployed capital during the GFC when other banks couldn’t• Why allocating capital is getting harder• What he learned from the greats Friedland, Lundin, Sprott and others• His standout experiences with these unique individuals

Follow Rick:

X: https://x.com/RealRickRule

LinkedIn: https://www.linkedin.com/in/rick-rule-1058921a/

If you enjoy deep dives on natural resource investing, commodity cycles, and the history of the mining industry, make sure to subscribe and turn on notifications so you don’t miss future episodes.

Episode recorded: 03/16/2026

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TIMESTAMPS

(0:00) - Intro

(1:50) - Market Cycles and Missed Bull

(9:30) - Sprott Deal and Risk Styles

(17:30) - Pouring Drinks & Learning the Trade

(22:05) - What Legacy Means

(26:50) - Experiences with Adolf Lundin Lessons