Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
Where mining meets equity markets, and noise gets cut to signal. We unpack the stories moving commodities, companies, and capital without the fluff. Featuring candid conversations with fund managers, executives, and commodity specialists. Hosted by Travis Ricciardo and Jonas Dorling.
We continue our search for the world’s best natural-resource investors with today’s guest, Rob Mullin.
Rob is the Founder and CIO of Marathon Resource Advisors, a long-short fund that has compounded at extraordinary rates by doing what few others still do: buying real cash flow, not stories.
In this wide-ranging chat, Rob explains why gold stocks remain “super cheap” despite their strong run, why he’s finding his best ideas in overlooked European energy producers, and how he frames risk through volatility rather than avoiding it.
We dig into the structural forces reshaping the market, from the dominance of pod shops and passive flows to the slow return of generalist investors to resources. Rob also lays out why he believes tangible assets are set to outperform financial abstractions for years to come.
Along the way, he contrasts the speculative vibe economy of AI and crypto with the grounded reality of mining and energy cash flows, and why this cycle could belong to the real economy again.
Connect with Rob in LinkedIn here
Follow Marathon Resource Advisors on X here
Recorded on October 10, 2025.
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TIMESTAMPS
(00:00) - Intro
(01:40) - His view of the market
(04:40) - Appeal of natural resources to him
(11:30) - Gold miner valuations
(19:30) - Where the most value is in gold today
(30:00) - Energy companies valuations in the States
(36:20) - How he embraces volatility
(40:10) - How he deals with the unpopularity of what he does
(45:00) - The rise of pod shops and fund flows
(50:00) - What is the bear case in the medium term
(54:30) - USA writing cheques for resource companies
(58:00) - Uranium, critical metals, and closing thoughts
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All information in this podcast is for education and entertainment purposes only and is of general nature only. Please ensure you read our full disclaimer.