Stock price when the opinion was issued
Mining shares have been on a tear recently; copper and gold have performed exceedingly well. Outlook for mining materials is still probably OK. Especially if Trump is re-elected, there's the belief that there's going to be more growth going forward, and this is what typically drives the mining sector.
He doesn't have a lot of this type of exposure. He tends to gravitate away from any company whose earnings and revenue depend on a tradeable commodity; makes it very difficult to predict cashflow 5-10 years out. It doesn't mean that the shares can't be accretive, but the path to cashflow is less visible.
In basic materials, iron ore's had a hard time partly due to slowdown in China. And that's a big part of its business. Longer term, we're in early stages of a long-term bull market in commodity prices. Big cashflow generators will pay a lot of dividends along the way. Mixed economic data before an easing cycle impacts this company.
He prefers copper. Owns TECK.B, a bit frustrating, but he can see the runway.
The commodity price and tariffs happened. He sold half his position at $70 a few years ago. He will double his position at $40. Wouldn't sell it here.