Macroscopic Podcast Rick Rule: 90% Of Mining Stocks Are Dead Money
Mar 5, 2026
Rick Rule, veteran natural-resources investor with five decades in mining and precious-metals investing. He explains contrarian timing like buy hate, sell love. He discusses why gold led, why miners often lag, why royalty/streaming structures appeal, and why most junior miners are non-viable. He also outlines practical exposure lanes from bullion and royalties to developers and explorers.
AI Snips
Chapters
Transcript
Episode notes
Prioritize Mentorship And Self Education
- Invest aggressively in educating yourself and finding mentors early in your career.
- Rick Rule credits mentors like Peter Cundell and Adolph Lundin for teaching mining fundamentals that saved him from repeated mistakes.
How Early Success Nearly Bankrupted Him
- Rick wasted his first bull market by mistaking rising commodity prices for personal skill and taking on too much debt.
- He went from wealthy to negative net worth, learning that capital-intensive cyclicals require contrarian timing and humility.
Buy Hate Sell Love
- Buy hate and sell love: allocate to sectors people hate and exit when public sentiment flips to love.
- Rick says contrarian timing in cyclical resource businesses is essential because markets swing from oversold to overbought.