How Capital Cycles Create 100 Baggers (Django Davidson)

About this episode

Django Davidson discusses the capital cycle framework and its implications for investing in mining and commodities.

We sat down with Django Davidson, portfolio manager at Hosking Partners, to discuss the capital cycle framework, one of the most sensible lenses for investing in mining and commodities. Hosking manages ~US$8B in capital, using a model honed over 40 years. Django's approach is rooted in supply-side analysis, contrarian positioning, and the discipline to average into cycles. We believe this approach to be one of the most effective methods for natural resource investing. In this chat, Django covers: The capital cycle framework — what it is & where it came from Why supply is measurable but demand is storytelling Why Implats returned 100x over a decade - what that tells us about today His deep dive into PGMs — the geology, the geography, the EV narrative, and why these companies still trade below replacement cost How BHP and Rio’s iron ore assets have generated better returns on capital than Microsoft over 30 years Why mining represents just 1.6% of the S&P 500 and what that signals for the decade ahead The case for natural diamonds Where uranium sits in the cycle, and why he is cautious at current prices Follow Django: LinkedIn…

People in this episode

Guest: Django Davidson

Topics covered

• capital cycle framework
• mining and commodities investing
• supply-side analysis
• natural resource investing
• PGMs
• iron ore assets
• uranium market

Keywords

• capital cycles
• 100 baggers
• supply and demand
• Implats
• BHP
• Rio
• natural diamonds
• uranium
• PGMs

Mentioned in this episode

Organizations: Hosking Partners, BHP, Rio

Products: PGMs, natural diamonds, uranium

Places: S&P 500

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