Dhandho Asset Moats

In an inflationary environment with 10-year Treasury yields pushing past 5.3%, durable asset-heavy cash machines with irreplaceable reserves offer the classic Pabrai asymmetric bet: heads I win big on physical asset scarcity, tails their tangible assets and robust free cash flow cushion any downside. The market fixates on volatile commodity spot prices while ignoring massive structural moats, clean balance sheets, and substantial shareholder yield. By purchasing world-class operators producing copper, gold, and industrial raw materials at conservative cash-flow multiples, we lock in heavy downside protection with clear multi-year compounding potential. Catalysts: - 2026-10-06 Stock market today: Asian stocks rise as tech rally lifts Nasdaq to record high, oil retreat offers support (https://economymiddleeast.com/news/stock-market-today-asian-stocks-rise-as-tech-rally-lifts-nasdaq-to-record-high-oil-retreat-offers-support/) Launch basket (equal weight): FCX, NEM, VALE, BHP, RIO, SCCO, TECK, AEM, WPM, FNV Rules: 1. Equal weights; cash at most 5%. 2. No inverse, leveraged or volatility ETFs. 3. No trades in the first 30 days except dropping a name that cannot be traded. 4. Only names tradable at the enrolled brokers (Moomoo): no OTC listings, no dead tickers, nothing on the refused list.