Jan 24 • TRADE LOGS
🪨 Venture / Small-Cap Resource Names - Weekly Recap
Sorry folks I had to travel to Texas last Friday to Tuesday and haven't really been at my desk but a lot has happened in the market since then! Here are some of my plays from the increasing interest in commodities and the intensification of uncertainty in regard to the dollar.
Why I added these names to my international account
I’ve been building out my international sleeve, and these adds weren’t random. They’re all tied to the same broader thesis: late-cycle markets reward selectivity and real-asset exposure, not blanket index buying.
🪨 Venture / Small-Cap Resource Names
EMN, FSY, WUC, LCE, NMI, LUCA, SPMC, MM8, AAU
These are high-beta, asymmetric positions outside the crowded U.S. trade.
Why I like them:
- Leverage to commodities and real assets
- Jurisdictions that are underfollowed compared to U.S. markets
- Valuations that haven’t fully repriced yet
- Optionality if the next leg of the resource cycle plays out
Position sizing reflects the risk here — this is optionality, not core capital.
🌍 Why hold these internationally
I want this sleeve to:
- Be less correlated to U.S. indices
- Benefit from regional divergence
- Capture upside where capital hasn’t fully rotated yet
This isn’t about swinging for the fences — it’s about owning the right kind of risk at this stage of the cycle.
Bottom line
This basket is:
- Selective
- Asymmetric
- Built with patience
Some names will go nowhere.A few won’t work.I don’t need many winners for this sleeve to matter.
If anyone wants a breakdown on a specific name, happy to go deeper 👇
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🪨 Venture / Small-Cap Resource Names - Weekly Recap
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JHR Trade Notes is a focused trading journal and discussion group centered on process, discipline, and repeatable setups.
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