Theory of Thing Investment Podcast

James Whelan and Heath Moss of HLM Investments are back after a big conference month. It’s been a wild week to return to.Wall Street had its best day since April 2025 after the Democrats’ midterm win, then its worst day since April 2025 a day later. The blue wave set off a backlash against data centres: 40 of 41 data-centre ballot measures went against server farms, and Texas and Virginia have flagged pauses on new approvals. Heath explains why he still sees this as a speed bump rather than the end of the AI trade, and where the build-out could move next.At home, NextDC jumped more than 50% after Goodman Group and Digital Realty swooped on a 9.9% stake. The RBA lifted rates to 4.85%, the highest since 2008, but the board split 6–3. NAB fell 7% after painting a grim picture of the Australian economy, and Heath asks whether rates have now peaked. James shares his street interview with the ABC on the collapse of David Jones.Plus the SmallCaps headlines: Skylark Minerals, Viridis, Cobalt Blue, IODM, SciDev, Rox Resources, Aldoro, Caprice, Impact Minerals and Metal Powder Works. Heath closes with the charts. He looks at the S&P 500 and Nasdaq, falling yields and copper’s link to the AI trade, and explains why gold may be the place to hide as the US dollar softens.Powered by SmallCaps. For the latest ASX small-cap news and CEO interviews, visit smallcaps.com.au.General information only. This podcast does not take into account your objectives, financial situation or needs. Speak to a licensed adviser before acting on anything you hear.

**CPD Link Below**Most people have never thought about who owns the right to catch the fish on their plate. It turns out it’s a real asset, and it trades.This week James Whelan and Heath Moss head out to sea with Anthony Ciconte, head of Atlantis Fisheries Consulting Group.Anthony traces his path from selling lobster tanks in Chinatown to managing statutory fishing rights for investors. He explains how quota works as a title to a share of the catch in perpetuity, and why southern bluefin tuna has gone from near-collapse to a global management success story. The global catch limit has just been lifted to 23,647 tonnes a year for 2027–29.They also cover how investors earn a return through leasing and capital growth, and the new country-of-origin labelling rules for seafood that started on 1 July. Anthony also explains why Australia’s science-based management and on-board camera monitoring underpin the sector.Back on shore, James runs through the week’s SmallCaps headlines: Mount Ridley Mines, CurveBeam AI, Cobalt Blue, LinQ Minerals, BSA and Cleo Diagnostics. Heath unpacks Wall Street’s sell-off, bond buying, oil’s risk premium, and the hyperscaler earnings and US midterms ahead.00:00 Intro02:30 Anthony Ciconte: from lobster tanks to Atlantis05:15 What is a statutory fishing right?07:15 Quota vs water rights and farmland08:45 Science, sustainability and the bluefin tuna comeback13:25 How a quota increase flows to investors17:15 Where the returns come from18:30 Ways to invest: direct quota or a managed fund20:20 Country-of-origin labelling23:10 Demand, exports and compliance25:45 Who’s investing, and resilience through the GFC and COVID33:35 SmallCaps headlines36:45 Heath’s market wrapDisclosure: This podcast is general information only and not financial advice. It does not take your personal circumstances into account. Speak to a licensed adviser before making any investment decision.visit https://atlantisfcg.com/ for more informationCPD Link Here: https://quiz.cpdcheck.com/VOLA-26102309-53200001

Firmus pulled its float. It had been pitched as the biggest Australian IPO since Telstra: A$11 a share, a A$7.1bn raise and a A$43.7bn valuation. James and Heath unpack why the market gave it a firm no:brokers reporting little client interesta thin prospectus with no clear plan for funding A$50–70bn of capexa large slice of the register free to sell on day oneGPU depreciation math that didn’t add upHeath then runs the market report. The S&P 500 slipped after the FT reported OpenAI’s revenue may be smaller than first thought. Fed Governor Waller backed one more hike. Long-end Treasury yields eased, and Heath thinks they look toppy. Central banks bought another 39 tonnes of gold in September, and oil is holding in a range.James closes with the SmallCaps headlines: Renascor, Lake Resources, Antimony Resources, Iltani, Dalaroo, Cyclopharm, xReality and more.00:00 Intro 00:52 Firmus pulled: what went wrong 04:53 The bull and bear case 05:45 The GPU depreciation problem 08:24 MGH trading halt and why James doesn’t like it 11:41 Market report: S&P 500, OpenAI revenue, the Fed 14:37 Bond yields and the case for duration 17:22 Gold and central bank buying 18:30 Oil, Iran and shipping costs 20:14 SmallCaps headlines 23:40 WrapGeneral information only, not personal advice.Theory of Thing, powered by SmallCaps. Hosted by James Whelan (SmallCaps) and Heath Moss (HLM Investments).

Just James and Heath this week, and plenty to get through. Ten-year Treasury yields hit their highest level since 2002 before easing back, as PMIs and GDP data point to a genuinely strong global economy rather than just an energy-driven inflation scare. Heath walks through why that's a double-edged sword for markets — good for earnings, bad for the rate outlook — with tonight's US non-farm payrolls print shaping up as the next big catalyst.Gold's sitting at a real technical and fundamental crossroads: pulled back to around the $4,200 level where it originally broke out, with real rates decoupling from inflation expectations the key thing to watch. Heath still backs the structural case even as the strong US dollar remains a headwind.Elsewhere: oil bounced on China suspending October fuel exports, reports suggest the US and allies now control somewhere between 80–94% of pre-war Strait of Hormuz oil flow, Micron delivered a stellar beat-and-raise with memory supply tight into 2028, and locally the RBA hiked rates again amid a political slanging match over government spending. Plus a look at Firmus's $5 billion IPO — set to be Australia's largest listing since 1997 — and the usual SmallCaps roundup: Terra Metals, Flagship Minerals, Industrial Minerals, LTR Pharma, and trending names Litchfield Minerals, Lake Resources, Cobalt Blue Holdings, Sky Metals and Impact Minerals.James also previews a huge run of conferences coming up — the Australian Gold Conference, the MicroCaps Conference in Melbourne, and IMARC — so if you're attending any of them, come say hello. GOLD Conference Tickets: Bitly | bit.ly/4iFDxqZTheory of Thing is powered by SmallCaps.

Grand final eve, ten-year yields at levels not seen since 2007, and gold's just had its worst week in a while — James Whelan and Heath Moss break down a huge week of macro with no guest to slow them down. Heath makes the case for Meta as a buy off the back of Muse, its new agentic AI assistant — arguing it's the first genuine threat to Google Search in years, backed by Meta's 3.6 billion users' worth of purchasing data. On the flip side, Oracle tumbled after issuing a force majeure notice on its New Mexico data centre project (developed with Blue Owl Capital), raising fresh questions about how exposed the AI infrastructure build-out really is to project and private-credit risk. Also covered: the bond curve flattening as 2s, 10s and 30s all push higher on hot US PMI and retail sales data; oil's whipsaw on stalled-then-maybe-not Iran talks; gold pulling back to around $4,290–4,320/oz as real rates bite; and the usual SmallCaps roundup — Axel REE, Zimi, Elixinol Wellness, Viking Mines, ClearVue, plus trending names Alma Metals, Iltani Resources, Lake Resources and Resolution Minerals. And with the AFL Grand Final at the MCG tomorrow, Heath goes against the grain — tipping Brisbane by four to six goals for the three-peat, with Will Ashcroft his pick for a repeat Norm Smith. *Theory of Thing is powered by SmallCaps.*

For the first time in about three years, the Fed hiked instead of cut — and gold barely moved. James Whelan and Heath Moss break down why: yields easing off overnight after the Bank of England paused gilt sales, oil sliding even as Iran refuses to reopen the Strait of Hormuz until Trump and Netanyahu are out of office, diesel trading like oil is $150 a barrel, and copper bouncing back on a weaker US dollar. Then the main event: Kerry Stevenson, Founder and CEO of Gold Events and the woman behind the Australian Gold Conference (AGC), joins for a deep dive into currency debasement, central bank gold buying (289 tonnes in Q2 alone, per World Gold Council data), why she thinks the bearish case for gold has effectively disappeared, and the psychology of gold buyers who "pile in" the moment the price runs. Kerry also lays out what's on stage at AGC26 — 13–15 October, Crown Towers Sydney — including Rick Rule, John Forwood, Jordan Elieso and Alex Scanlon, and why she believes education, not hot tips, is what actually protects investors. Plus: SmallCaps standouts including Resolution Minerals, Viking Mines, Prospect Resources and Mount Ridley Mines, nine upcoming ASX IPOs including Glencore's local listing, and AFL/NRL finals picks to see you through the weekend. *Theory of Thing is powered by SmallCaps.*

Live from Resources Rising Stars on the Gold Coast, James runs through a huge list of company conversations from the floor — gold plays including Saturn Metals, Great Boulder, Great Southern and Gateway Mining, lithium exposure via PMET's James Bay project in Quebec, high-purity alumina producer Advanced Engineered Materials, and tin-tungsten-silver story Sky Metals. Plus takeaways from keynote speaker Charlie Aitken on how small the resources sector still is as a share of global indices, and a cycle-clock check-in with Line Selection Group's Hedley Widdup. Heath Moss joins from Adelaide for the market wrap — US equities sitting on prior highs with September seasonality weighing, yields pushing toward 2025 highs ahead of a critical CPI print, copper at fresh records near $6.90/lb, gold holding above $4,400/oz, and why Heath's steering clients toward globally-exposed Australian names over banks and discretionary retail. Plus AFL and NRL finals tips to close it out.

Collect CPD Here https://quiz.ensombl.com/VOLA-26083101-56510001Nvidia posted a $96.2 billion quarter — up 106% year-on-year, data centre revenue up 117% — and beat the Street on every line, yet the stock still wobbled in after-hours trade before rallying into the close. James and Heath ask whether beat-and-raise even moves the needle anymore for the world's biggest stock, and dig into the RAM purchasing commitments that could be the real story buried in the report. Plus: Scott Bessent's Treasury flags using the TGA to fund bond buybacks, yields ease, the US dollar weakens and gold rips to nearly $4,700 an ounce on central bank buying — with silver looking primed to follow. A look at this week's small caps worth watching (Rapid Critical Metals, Barton Gold, Redstone Resources and more), a Sydney stockbroker raided by the AFP, and the AFL finals kick off with Bulldogs–Collingwood and Melbourne–Carlton.