Alcoa is mentioned as an example of a company that fits the 'Heavy Asset, Low Obsolescence' (Halo) theme and is mixed into portfolios.
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The HEAT Investment Philosophy: Hedges, Edges, Asymmetry, and Themes
Sep 19, 2026
The creator outlines their HEAT investment philosophy (Hedges, Edges, Asymmetry, Themes) and how it's applied to ETFs and portfolio management. They discuss the importance of identifying themes, potential winners, suppliers, and asymmetrical plays, while also addressing the role of valuation, particularly in the context of AI and identifying companies that are AI-resistant like railroads, copper mines, and utilities.
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Freeport McMoRan is mentioned as an example of a company that fits the 'Heavy Asset, Low Obsolescence' (Halo) theme and is mixed into portfolios.
SanDisk is mentioned as an example of a company with a very high PE ratio that might not be attractive from a traditional value perspective.
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