This week on Generating Alpha, I’m joined by Thomas Kaplan, one of the most successful commodities investors of our time, renowned for his rare ability to pair historical perspective with bold conviction in the markets. Over the course of his career, Thomas has made some of the most significant calls in silver, gold, and natural gas — building multibillion-dollar ventures like Leor Exploration and Electrum Group — while also emerging as the world’s largest private collector of Rembrandts and a passionate advocate for wildlife conservation through Panthera, the global wild cat conservation organization he founded.Thomas’s journey is anything but conventional. With a BA and PhD in Modern History from Oxford, he began as a historian before turning to the markets, where he quickly distinguished himself through contrarian bets that few others dared to make. His story spans silver discoveries in Idaho and South America, pioneering work in natural gas exploration, and his enduring commitment to gold as a store of value and strategic asset. Beyond investing, his pursuits reflect his deepest passions: from art and history to preserving the world’s most endangered species.In this conversation, we dive into how Thomas’s early passions for history, art, and wild cats shaped his worldview, how his background as a historian influences his investment philosophy, and the principles that guided his most audacious calls in the commodities markets. We also explore his partnership with John Paulson on Donlin Gold, his journey as a collector and custodian of Rembrandt’s legacy, and the timeless lessons he has drawn about human nature from decades navigating fear and greed.