Rates Aren’t Coming to Save You

Podcast: The Noble Update Podcast · George Noble

Opublikowano: 2026-09-12

1. Strategic Actions and Decisions * Transition portfolio allocations toward scarce, capital-light real assets: Shift away from long-duration growth assets toward tangible asset oligopolies to protect capital against sticky inflation and rising baseline capital costs. * Avoid over-allocating capital to hyper-cyclical semiconductor producers: Recognize the structural risks of chasing record margins in tech hardware as major tech firms build proprietary chips and capacity expansions mean-revert. * Rebalance natural gas holdings toward royalty trusts and infrastructure: Target pure-play royalty vehicles (e.g., White Hawk) that capture nominal price increases without incurring direct operating expenses or heavy capital expenditure...