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While the US extricated Maduro and his wife, the government of Venezuela hasn't particularly changed. The people around Maduro still control the mechanism of the state, and they still control many local and regional governments. To suggest that regime change has occurred is probably premature. Not saying that the US can't cause this to occur, but the process of asserting US control in Venezuela, if it's going to progress, has just started. People need to pay attention to that.

There's zero doubt that if the US were to get control of the reins of power in Venezuela, that could begin to change the dynamic of the world oil market. That would impact Canada over time as the Canadian heavy sour crudes, the Athabasca oil sands as an example, compete directly with some of the Venezuelan crudes. In fact, it was Venezuelan and Mexican heavy sour crudes that fueled the US Gulf Coast refining business and led to such demand for Canadian crudes.

Also worth noting that there are substantial opportunities in conventional oil & gas in the Maracaibo Basin precisely because Venezuela hasn't elected to make sustaining capital investments or new project investments. That could open up opportunities for North American companies, but would also present challenges for incumbent producers in other parts of the world, including Canada and the US Gulf Coast.

That's above his pay grade ;)  It'll depend on whether the US has the ability to really effect regime and political change in Venezuela, and how much social turmoil the US encounters from Maduro's hold on at least the poorer elements of Venezuelan society. 

Note that between 6-8 million Venezuelans fled the country over the last 20 years. So some of the groundswell of support that the US may be counting on is a groundswell of support that now resides in Texas, Colombia, or Panama.

He's been a consistent bull on this one for all of 2025. Neither the upside nor the downside of Venezuela has anything to do with that. He's bullish about the O&G industry over the next 5 years generally. Best deployer of capital among the global large caps. Really, really likes it. Would absolutely invest at current levels.

Thinks it has more room to go. Need to be patient with uranium stocks, as they've had a pretty good move through 2025. Five-year outlook for high-quality uranium stocks is very attractive. 

This name is one of the more attractive in the junior subset. A holding company, with a holding company discount -- but these discounts tend to work themselves out over time. Sum of the parts is worth more than the price of the whole. Yes, has assets in Canada, Australia, Argentina, Colombia, and Bolivia.

High quality on the junior side. Understand that if you're in low-cap or mid-cap in oil & gas, you're taking on more risk than with names like XOM. But if you're patient, names like this are probably where the leverage is. Doesn't own, but admires the company and management.

High regard for management. Bit of trouble reaching capacity after finishing recent construction, but bigger issue probably is that it operates in Burkina Faso (facing political challenges with Islamic fundamentalists, plus increasing social rents extracted from mines). This company is not alone with these challenges, and that won't change until we get more evidence of the sanctity of contracts.

Increasing embrace of Russian interests, replacing Western ones, in terms of providing regime security.

Has been around for 20 years. Part of a very large and profound discovery in Ecuador, a country with its own political challenges. Takeover offer from largest shareholder (Chinese company, which has overt backing of China), which he suspects will work. The nature of its business requires very deep pockets.

Still a buy today for those who don't own it. Finest goldmine operating company in the world. Track record as capital allocators over the last 15 years speaks for itself. Production growth is absolutely baked in the cake for the next 5 years, so there's no risk on that side. Importantly, growth will be from existing assets they already control. Top-quality holding.

Disclosure: A featured presenter at his conference, so he has lots of conflicts of interest ;)

It depends on what your portfolio looks like. If you're already stocked up on gold stocks, it absolutely might be prudent to wait before you add to your positions. If you don't have positions in physical gold and gold stocks, the writing is on the wall and he'd average in for portfolio protection starting now.

Likes its collection of assets. Where he's hesitant is on the efficacy of underground in situ recovery, which hasn't been tried before. He needs to see it work on the ground, not just in the lab. If it works, it's an absolute gamechanger for this company and the industry. Jury's out on how it works.

High regard for company and management. But too much of net present value of the company is tied up in technology he doesn't understand.

Holding company. His preference is to be a long-term investor -- so if nothing goes wrong, he holds for a long time. This company is a great example of that, as he's a founding shareholder (for 20 years now) of 2 of its constituent companies. At the time, the appeal was management and its exploration approach in West Africa and Eastern Europe. Royalty overlay was a good move. Probably the finest of the smaller royalty companies.

If you're willing to take on the risks of exploration, consider adding this as a speculative name in your portfolio. A lower-risk way to participate in a very, very risky business.

Checkered past on community relations, and he needs to see improvement on that before investing. Spent $80M in a legal fight with a First Nations band. If they can bring the band members on board, has a wonderful opportunity with Trump administration.