Weekend Show – Tavi Costa & Dan Steffens – Metals Repricing, Energy Reawakening: Deep-Value Plays
On this Weekend Show, Tavi Costa and Dan Steffens walk through where they see real value today: high-quality junior precious and base metal names positioned for M&A, and a structurally tightening energy market led by natural gas and overlooked oil producers. It’s a big-picture roadmap for investors who want to own the next leg of the resource bull market.
- Segment 1 & 2 – Tavi Costa, Partner at Crescat Capital, joins us to share his big-picture outlook on where he sees the best value in the resource space, from junior precious-metal explorers and the majors’ slow approach to M&A, to his growing conviction in copper, zinc, and energy (oil and gas) as both key opportunities and a hedge for mining investors.
- Click here to visit the Crescat Capital website
- The opinions and information shared by Tavi in this discussion are his own, and not necessarily those of Crescat. Any investments discussed may or may not be held by Crescat. Investments carry risk including risk of loss.
- Segment 3 & 4 – Dan Steffens, President of the Energy Prospectus Group, wraps up the show sharing his bullish outlook on natural gas driven by winter weather, rising LNG exports, and growing power demand, while also outlining why he believes oil fundamentals remain tighter than current prices suggest and where he sees the best opportunities in oil and gas equities amid an active M&A environment.
- Click here to visit the Energy Prospectus Group website for more energy market and stock analysis
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Investment disclaimer:
This content is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell any security. Investing in equities and commodities involves risk, including the possible loss of principal. Do your own research and consult a licensed financial advisor before making any investment decisions. Guests may own shares in companies mentioned.
I assume that Dana Lyons is of the opinion that over the next few months or longer, that the trend of stock prices will be toward much lower levels.
I believe that most of the investing public and indeed most people are not alive to the dangers of the situation.
Few men like to assume the responsibility of spreading alarm, especially when they have unsold securities in their possession and it might make it difficult for them to dispose of them.
The decline in stock prices is likely to forecast a serious recession or depression in business. Anyone who doesn’t see the danger in the debt held by almost all governments worldwide and in particular the US and somewhat China are only setting themselves up for failure.
DT
https://www.tradingview.com/x/Vxt8JORK/
Natural Gas : Replay? : Gaps?
https://www.tradingview.com/x/NoWCWi4A/
Natural Gas : No Significant Retest?
The US National debt now stands at 38 trillion 226 billion, each tax payers share is $328,221, and I’m not sure of even those figures because everything these days is made to look rosy when the real truth will only be discovered after a reckoning! DT
Are Investors Dreaming The Impossible Dream?
Jesse Felder – The Felder Report (11/22/2025)
Eric Cinnamond writes, “Whether it’s extrapolating unsustainable earnings growth, trusting the Fed will always come to the rescue, or refusing to mark asset prices to market, investors in late-cycle booms have a tendency to believe the unbelievable. In our view, we are in another such period, with participants eagerly riding the wave of easy money and seemingly unlimited gains.”
https://mailchi.mp/thefelderreport/dreaming-the-impossible-dream
Gee who knew stocks can be volatile! Universe is expanding, so is fed’s balance sheet and money supply. One would think, with gas at $2,75, the odds for recession are very low. Stocks go up and down but overall equites are the place to be if you pull up S&P chart for last 75 years or so.
The price of physical Gold has beat the performance on the S&P, but that is not a good thing because the stock market has been artificially induced by massive fiat money printing backed by nothing. Gold moving higher has signaled how reliant the markets are on artificial liquidity instead of real growth with honest money backed by Gold, which produces an honest economy. DT
They are blaming the stock market decline on the deflation in Bitcoin, that is only one of The Black Swans out there. The Japanese carry trade is unwinding and that too is dragging money out of The US stock market.
Money has been flowing into The US from Europe because of the fear of a NATO-Russia War. A lot of that money went into tech stocks. If Trump ends The Ukraine War and NATO stands down The US balloon will start to deflate even more, even faster.
The valuations in the Magnificent Seven tech stocks is way out of whack, but the investors like they did in 1999 believed that the tech wave was here to stay, it wasn’t it crashed and this time is no different. The herd has a short memory and believes otherwise. DT
Yes, longer term, US equities tend to move higher with the inflation of the money supply and devaluation of the fiat dollar unit, but they are very overextended in their present valuations. Nothing goes up in a straight line, and the markets are well overdue for a multi-year corrective cycle.
It is quite telling that 3 of our generalists this week (Joel Elconin, Dana Lyons, and the interview with Rick Bensignor that we’ll be releasing on Monday morning) that have been bullish during this cycle were all warning of the corrective move the markets are facing… at least in the medium-term.
I sure wouldn’t recommend piling into the overbought general equity markets at these nosebleed valuations.
Tesla has a P/E ratio of 269. That is totally nuts and these bloated tech stocks, that are priced for perfection have way more downside risk that upside opportunity at this late stage of the bull market that began coming out of the GFC in 2009.
Does the ‘Universe’ expand, or simply become different iterations?
Einstein’s “finite yet unbounded” may be correct. BDC
Hi Ex, its an added bonus to see pictures of the various people that you meet and know at the investment conferences, the visual is a nice touch. DT
Thanks DT. You must be referencing the latest article on my Substack channel on the New Orleans Investment Conference.
Here’s that link for anyone interested:
NOIC 2025 Key Resource Investor Takeaways and Interviews – Part 1
Excelsior Prosperity w/ Shad Marquitz (11-22-2025)
https://excelsiorprosperity.substack.com/p/noic-2025-key-resource-investor-takeaways
NOIC 2025 Key Resource Investor Takeaways and Interviews – Part 2
Excelsior Prosperity w/ Shad Marquitz (11-23-2025)
https://excelsiorprosperity.substack.com/p/noic-2025-key-resource-investor-takeaways-f2a
https://www.tradingview.com/x/ecVvhAWx/
BitCoin : Weekend Turn Underway?
Holiday Rally Still Possible!
https://www.tradingview.com/x/dvASi7mB/
NVDA : Current Possible AB.CD
Like I alluded last weekend, META stock is probably one of the best bargains right now.
https://finance.yahoo.com/news/legendary-billionaire-ken-griffin-makes-174700716.html
A few more days of choppy chop then Mag 7 ready to rocket!
META, MSFT, GOOGL my top 3 holdings.
CJ: Possible explosion North right out of the box!
Ethereum may be the beast percentage play, esp. ETHU.
BDC, I made money with BMNR and FETH this summer but don’t hold positions any longer. I think everything is ready to go up – stocks, silver cryptos. I’m just focusing on Mag7 stocks right now though.
I’ll be attending Santa Cruz Silver’s shareholder/3Q earnings report meeting this Tuesday. If anyone has a question for mgmt post it here and I’ll do my best to ask it.
Rick Ackerman on Rick’s Picks had a good article
Nvidia’s Dive More Than Merely Disappointing
Couldn’t copy the link so find it on Rick’s Picks
Boatload on one side.
I give the other a chance.
No downloads this week?