And you want the best operators, so Newmont (NEM), Barrick Gold Corp (GOLD), and Goldcorp (GG), and so on. Recently I sat down with James Davolos and Alan Swimmer to discuss INFL’s trajectory, Horizon Kinetics’ path to ETF land, and how royalty companies can provide returns that actually benefit from inflation. The world was moving toward modern portfolio theory and the efficient market hypothesis, and within the private banking construct, they weren’t able to do their type of unique thinking.