Been thinking about EB Tucker's take on where money actually flows in 2025, and honestly some of his observations hit different when you zoom out.

So everyone's bullish on gold, right? Tucker gets it - gold's doing its thing. But here's what most people miss: just because the underlying commodity moons doesn't mean the mining stocks follow. That's the trap. A lot of capital gets stuck chasing the obvious play when the real opportunity is elsewhere.

Tucker's been pretty vocal about this - energy is where he's actually positioning. And not just because it's trendy. The AI boom is real and it's infrastructure-hungry. Data centers, power grids, all of it needs energy. While everyone's debating which gold miners to buy, the actual wealth transfer is happening in the energy sector. That's the narrative most people haven't fully priced in yet.

What stuck with me from Tucker's commentary though is this: "The first of the year is the best time to stop doing things that don't work." Simple but brutal. How many of us are still holding positions or following strategies that haven't delivered? The beginning of a year - or any reset point really - is when you audit your actual returns versus your thesis.

The broader point here is that 2025 was about recognizing where the real flows go, not just following the consensus narrative. Gold, mining, energy - they're all part of the picture, but the winners were the ones who understood the hierarchy. That's the lesson worth taking into whatever's next.