The 4th Pillar: April 2024

The 4th Pillar

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It has been quite the month in commodity markets. Gold making new all time highs above $2300/oz and oil trading back above $90 might attract the headlines, but this is a very broad based move.

From cocoa to copper and silver to tin, commodity inflation is once again rearing it's head.

As long time readers know, this price action is very much in line with our investment thesis. Unsurprisingly then, this has been a good month for the companies in the 4th Pillar Portfolio.

However, we must retain our vigilance and discipline — markets can turn very quickly and our best protection is to invest in high quality companies, particularly those that are in excellent financial health.

The company we feature today fits that criteria and operates in a market we have not previously covered.

“Just because there’s tarnish on the copper, doesn’t mean there’s not a shine beneath.”   Laurence Yep, author Copper has been an integral part of human civilization for at least 8,000 years. There are very few elements– gold and silver included— which can make such a claim.  And there are plenty of reasons why. As…

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