Newmont Mining Corp. Of Cda Ltd. (NMC.TO

• Horizon Kinetics 3rd Quarter Commentary ↗ Horizon Kinetics argues that index concentration has created opportunities in securities exchanges, which monetize persistent trading volume with limited incremental capital. It favors royalty and infrastructure businesses tied to gold, potash, natural gas and Permian water, positioning them as asset-light beneficiaries of localized scarcity and data-center power demand. 3rd Quarter 2025 ATUSF $2.2BCME $110BEME $31B +5
• AH Andrew Hill Investment Advisors The Client Letter: Pivoting Investment Strategy ↗ Andrew Hill Investment Advisors expects pandemic-driven supply constraints to ease while labor and housing shortages keep longer-term inflation elevated. The firm harvested gains in speculative growth holdings, shifted from Nvidia to Apple, and favors recurring-revenue growth companies, renewable energy, financials and healthcare as Federal Reserve policy tightens. Year to Date (as of December 15, 2021) AAPL $5.1TABBNY $151BABBV $504B +10

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