You on this program have talked about maybe even getting to three figures, which I know is a very big call, right? Still comfortable with BHP?

Yeah, it's still our largest holding.

I think it's a buy at these levels.

I still think we're in the early phase of a new commodities bull market.

Copper prices look like they're going to continue heading higher.

Other commodities look like they'll continue heading higher.

The US dollar looks like it's peaked for the moment and will head lower.

What's your view on Paladin, which of course is a leading uranium mine?

Yeah.

yeah look i mean it's they obviously have a have a good product and they have you know quite a bit of market share but um yeah they have been headwinds over time i mean i you know we've been in and out of this stock i think that um you know if we recall back a few years ago with the the talk of the you know zembik and glp ones and stock got belted i mean that was a gift um it was overdone but you know, those products are here to stay.

You know, you've got Philips, who was a competitor, was sort of out of the market.

I think they're coming back in in 2028.

You've got rising input costs.

So look, there are some headwinds, I think, and also it's this stock, along with other healthcare stocks, has been subject to a bit of sort of rotation by, you know, the big market forces over the past year where we've seen sort of money come out of healthcare and into other areas and then back into healthcare.

So look, I think it's a stock that you need to be a bit nimble with.

So when you look at a small cap company like this, do you go on the fundamentals or do you let the price action guide you as well?

Mm.

It's really pulled back.

Um, this is a weekly chart, and we can see that for the period for 2026, you know, we started the year at $10, we were up at sort of 14-something, and now we've been as low as where we are today in the, in the mid eights.

So it has been very volatile.

All the while, the, um, the term price of uranium has been going up all year.

So you've got this situation where the commodity price is going up, the share price is, has fallen quite a bit, so that's an opportunity.

I think the reason for that is the term price has been going up on very low volumes this year, so there hasn't been contracting from utilities or even now we're seeing the large tech companies getting involved with nuclear energy.

Mm.

Paladin has been your preferred pick, but what do you think of Deep Yellow, which is leading the charts today?

Yeah, it's also also a buy.

So I mean, in terms of what I'll add, yeah, big, big gap between the supply and demand of uranium.

And this is before.

So it's interesting.

So we've had this announcement overnight.

There's been so many announcements in the past year or two like this.

So how do you look at New Hope?

Why Remelius?

Look, yeah, it's a good business.

I mean, it's more of a commentary on gold, really.

I think, you know, any of the sort of top Aussie gold stocks are worth buying.

I think it's a buy at these levels.

It's been trending well.

Yeah, I think ultimately if you find a business which, you know, it's well run, has no debt, there's very low costs, then basically all you need from there is a rising commodity price.

Michael, what's your view on Waypoint?

specifically about uranium.

So I think, so when it comes to commodities, and I believe we're at the start of a commodities bull market, these bull markets come about because of the lack of investment in supply.

And of all the commodities out there, The most supply constrained one, I believe, is uranium.

So, you know, it all started, I guess, about 15 years ago with the Fukushima disaster in Japan.

Japan was shutting down its nuclear reactors.

There was a lot of uranium lying around.

So that hit the secondary market and prices became so depressed that a lot of mines couldn't make money.

So is Santos one that you would hold? Michael, with your energy bent.

Mm

... um, the, the one-year chart of CBA, but, um, you know, I was having a look at a few other indicators as well, um, on CBA.

It does look like it got a bit oversold down there in the 155s, and does look like it wants to head higher.

The other big four banks look like they wanna head higher.

I mean, pote- you know, potentially this is because of, you know, ETFs and just, you know, passive investing.

If the market looks like it wants to go up-

Mm.

So I was talking before about Brambles, where you had a bit of a range there, um, and the fact that it was near the top end of that range was a good sign.

Michael, what are your thoughts?

Um, yeah.

So look, I mean, it, it looks like there's a bit of upside, um, on this one here.

It's not very well covered, I suppose.

I mean, they took over, um, the local alumina, um, sort of venture and, um, I, I don't think there's too many analysts covering it at, at the moment.

But I mean, on the positive side, aluminum demand is increasing.

Um, and again, we've got a situation where, you know, there are supply issues.

Have you, have you taken a look at this before?

Yeah.

Um, went to a new high.

It's come back a bit, but, but that's okay.

That's not a, that's not a huge negative.

But, um, yeah, it looks like, you know, this, you know, ultimately this big trading range from the past year, um, looks like we're gonna leave it behind and head higher.

And, um, you know, when we have a look at the major constituents in our market, we could see that, um, you know, the resources are starting to move again.

Banks are looking, um, fairly well supported on a whole.

Yeah.

Michael?

Um, yeah, same view.

Happy to hold.

Um, I like the sector.

It is very small, so, um, as Zac mentioned, you know, could be funding risks.

There'll obviously be some sort of raising, um, later on.

I think, you know, if we recognize where we are in the cycle, um, you know, these smaller cap stocks, I think it's got a market cap of about $70 million.

[coughs]

Um, what do you think about Woodside now, though?

Yeah, it's, it's a buy.

So, um, so if we backtrack, um, we were buy Woodside last year, end of last year.

We got overweight energy last year.

So, you know, the analysis that we were looking at suggested that, um, you know, there wasn't an oil glut before the Iranian war.

So again, many years of underinvestment in oil supply, the de- the demand was there.

Um, and, you know, it was the most hated sector.

Michael, JB Hi-Fi.

What about you?

Yeah, look, I noticed that Levisa, JB Hi-Fi, a few of the retailers are looking like they're starting to potentially bottom out.

So obviously, yeah, the big question is, where do we go from here with sort of interest rates, consumer confidence? We did see last week that in the latest inflation data, spending is still pretty strong.

We could see on the chart there that it's been trading sideways for the last sort of several weeks.

Looks like it is trying to form of base.

It's not in an uptrend yet.

So I guess if you wanted to be a little bit more certain that things are improving, you might want to wait for a push above sort of 25-ish, which would still be fairly cheap for the stock.

I'll start with you on this, Michael Gable.

So what's the chart telling you? Are there some opportunities here?

Yeah, look, the chart does look negative.

Um, yeah, that, that sort of pullback a few years ago was a gift.

Um, we could see there [laughs] in 2023, um, that, you know, you backed up the truck back then, but yeah, obviously there's, um, it's been in a downtrend since the middle of last year.

So, um, look, even longer term, I mean, if, you know, as a long-term hold, this is a, you know, poor investment, sort of fi- if you bought it five years ago, you haven't, you haven't made a return.

You've underperformed the market.

I mean, at least it's better than, than CSL.

How's ANZ stand?

Yeah

... "BHP and buy, you know, Pro Medicus or whatever that's been beaten up." Completely the wrong thing to do in my opinion.

Get rid of those tech stocks.

This is, you know, we're in the s- early phase of a commodities bull run.

You know, BHP, as we know last week, burst through 60.

Um, this is a monthly chart, so if we could look on the far right-hand side, we could see that, that breakthrough, that key $50 area.

Um, and now it's commencing the, the big run, and I don't think it'll be any different to what we saw in the last commodities bull market, which is at the bottom left-hand side of the screen, $6 to $36.

So now?

What is the panel's thoughts on nickel and the prospect of this company more broadly?" And, uh, Michael, I note that over the past few years, share prices struggled, just picked up over the past 12 months.

Yeah.

Yeah.

It's, um...

Look, the share price is, you know, it is looking good at the moment.

I mean, it's not...

This isn't a company that I've followed.

[laughs]

Yeah.

Um, you know, maybe costs are a little bit higher.

Sales, uh, you know, a bit of a timing issue with some contracts.

But no, look, broadly speaking, um, you know, I've been quite, you know, bullish on, on the uranium sector for the past, past couple of years.

Um, I think there's this huge upside, um, in this.

We could talk about it all day, but, you know, to, to drill down, it's essentially there's, you know, there's this huge divergence between, um, the supply that, that's out there, um, and the demand.

And this ...

Yeah.

Michael, I'll start with you.

Yeah, so when it comes to oil, I mean, you know, there was a bit of a looming supply issue before the war.

So, you know, as I've said before the war started, energy was, in my opinion, was going to be the biggest opportunity for 2026.

So there were issues before the war started and the war has just made it worse.

So In my opinion, the price of oil was always going to go up anyway.

At the end of last year, we moved clients to about a 20% to 30% weighting in energy.

So I think that ultimately, yes, the oil price will be high.

So if the shorts are on valuation, what are the technicals telling us about where the share price will head?

Let's get a view on Karun.

Yeah, so obviously, as you mentioned, its prospects are very much tied to the oil price.

So we need to talk about oil for the next sort of minute or so.

Yes, I'm very bullish on oil and energy for the past few months.

I've been saying that the biggest opportunity in 2026 is in the energy sector.

So ultimately, when this war is over and supply starts running again, even though it reduced levels, the oil price is not going back to where it was at the start of the year.

It was already rising.

There's

Any insights, Michael?

It's not one that we hold, but this is one of those businesses going through a bit of a turnaround, a new CEO, sort of a restructure in terms of what they're doing, cost cutting, all the usual things that you hear.

So those sorts of situations have a higher risk reward.

So you've got a business that hasn't been just growing incrementally every year, and therefore you can get a nice little return over time.

You know, you're sort of betting on this sort of big, big turnaround happening.

And if you're right, you end up being rewarded.

And that's what's happened with Tabcorp shareholders over the past year, backing the new CEO.

call picks is how you can do so we love getting a bit of context whether you already own it if you're thinking about buying it just helps to inform the conversation although no need and of course we only use your first name so nobody will know it's you asking or you can make a name up i'm absolutely convinced that a lot of people out there too uh let's go to sims metals and i think they've got the chart lined up michael on the charts what is it looking like

Are you familiar with the company? What would you tell somebody like Bernard who obviously he likes what the CEO has to say, but it's not come to fruition?

Yeah, and that's always the case for these small companies, especially small mining companies.

So unless you have the tailwind behind you in terms of rising commodity prices, tailwind in the overall sector, They generally don't go anywhere because they're not making money.

They just raise capital every now and then.

And of course, the CEO is going to be very, very bullish about his own company.

I mean, he needs to be a salesman to keep people interested and keep people coughing up.

And that's not a negative comment.

Do you take the emotion out of it, whether or not you think it's a good long-term company? What does the price action tell you?

And I know that you still think that the gold price has room to run, but does West African resources still likely have a bit of juice left in it?

You know, as long as nothing crazy happens with the company and the gold price goes up, yes.

And the reason why I say nothing crazy is because obviously, yeah, Burkina Faso, I think that's how you say it.

Look, I'm not familiar with that jurisdiction.

But, you know, Michael did touch on the point that, you know, the government there is looking to get a bit more control over some of their mines.

You know, is it a friendly jurisdiction or not? I'm not sure.

We have seen instances, I think it was a bit over a year ago with, I think it was Resolute, where the CEO and a few other directors flew over there and then were detained and basically held up for some extra taxes.

Buy, hold or sell, Michael Gable.

So if you believed that it was overvalued, is now potentially a good time to get in if you agree with the fundamentals?

Yeah.

Look, I mean, I'll just quickly refer to the chart since we've got it up on the screen.

Yeah, we can quite clearly see that there was a lovely uptrend for a while.

And that blue line is a 50 day moving average, which is a very nice sort of filter for these tech stocks as to whether you should stay in or out.

Obviously, you know, it's very hard to know when to sell.

But I think if you use that as your trailing stop, in other words, when the blue line is sloping upwards and the stock is above it, you're in.

I'm still

Michael.

Yeah, look, CSL, we were buyers of it not that long ago, the first time in a number of years.

But then we had, you know, the August results and then their follow-up update.

So we actually sold out at a loss.

We had to take our medicine on that.

Yeah, it's, you know, there seems to be just too much uncertainty there.

in the US so yeah they could pull something out of the bag but yeah their last update was a bit of a I just found it a bit of a shocker they just don't seem to really know what's happening the sort of vaccine business in the US they are uncertain and sure it might look cheap but But, you know, if they come up with further bad news, then it may well not be cheap and may need to get cheaper.

production

to your point a great diversifier michael

Yeah, so obviously it is cyclical over the long run, very weather dependent.

So as we've sort of discussed on this show before, with stocks like this or select harvest, I think you have to sort of pick them up.

more at the more at the bottom of the cycle when no one likes them and then when they have a good few years things are likely to turn out of their control and usually that's the time you you sell it you don't sort of jump on the bandwagon after you know you've had a few years of of good conditions so Look, this one's a tricky one.

Ultimately, I'd say it's a hold.

We were actually buyers of this a few months ago, but we did recently sell it.

Just the volatility just started to concern us.

What's the chart telling you? I mean, this is a classic defensive, isn't it? Yeah, and

Michael, what do you think then?

Yeah, look, I mean, that trading update the other day has been analysed to death, but ultimately it wasn't the smoking gun that some analysts were hoping for to confirm that the share price is going to get belted because...

This is why the passive money flows into Westpac, because it's one of the largest stocks on the index.

And if you're holding the index, you have to hold a big portion of Westpac.

But also because it's got...

People say, well, why is CSL not going up? Well, it's because with Westpac and all the other banks, you can almost predict what their result's going to be to a very fine decimal point.

So it's just a reliable...

So that is a gold picks and shovels stock right there, Michael.