Letters by company
Wheaton Precious Metals Corp.
7 letters discussing WPM. Everything written about it on this site is on its ticker page.
- First Eagle Investments Overseas Equity ETF Commentary Overseas Equity ETF repositioned into international stocks viewed as attractively valued while warning that AI infrastructure spending and US asset prices may be difficult to sustain. It favored Samsung, Merck, Richemont, TSMC and FANUC on earnings and durable franchises, while retaining Shell, Imperial Oil, Agnico Eagle, Jardine Matheson and Wheaton through commodity-price pressure. second quarter 2026 AEM $93BCFRHF $122BFANUF $36B
- First Eagle Investments Gold Fund Commentary Gold’s second-quarter selloff reflected tighter-policy expectations after the Iran war, even as central-bank reserve buying persisted. The fund retained gold as a strategic hedge against geopolitical turmoil and fiscal strain, while backing Agnico Eagle and Wheaton for balance-sheet strength, operating quality and long-term growth. second quarter 2026 AEM $93BBTG $9.6BPAAS $19B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics defended long-duration ownership of land, royalty and exchange businesses, arguing that index-driven market structure creates discounts in smaller and illiquid companies. It reduced precious-metals royalty exposure as valuations absorbed gold-price optionality, while maintaining conviction in LandBridge, securities exchanges and bitcoin's supply-and-network economics. 2nd Quarter 2026 TPL $24BAMZN $2.7TCBOE $29B
- 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 $2.8BCME $97BEME $35B
- Horizon Kinetics 1st Quarter Commentary Horizon Kinetics argues that crowd-driven abandonment of commodity and hard-asset sectors has created durable value in asset-light royalty companies, strategic land holdings and securities exchanges. It describes opportunistic income investments in Cheniere, Hawaiian Electric, partnership structures and senior CLO tranches, while positioning TPL-linked relationships as a source of private-market ideas. 1st Quarter 2026 TPL $24BHE $1.5BLNG $56B
- Horizon Kinetics 4th Quarter Commentary Texas Pacific Land anchors the commentary’s case that Delaware Basin land, water and disposal infrastructure gain strategic value as AI data centers require dedicated power and cooling. The firm contrasts the capital burden and obsolescence risk facing chip buyers with royalty and exchange businesses that collect fees with limited capital at risk. 4th Quarter 2025 TPL $24BAMG $9.8BATUSF $2.8B
- Horizon Kinetics 2nd Quarter Commentary Horizon Kinetics argues that passive indexation has concentrated equity exposure in a handful of large technology companies as the disinflationary forces behind decades of margin expansion fade. It favors hard-asset exposure in the Permian Basin, particularly LandBridge, as AI-driven electricity and water needs raise the value of gas, land and infrastructure. 2nd Quarter 2024 LB $6.6BTPL $24B
