Been revisiting some interesting takes from EB Tucker on where the real opportunities were heading into 2025, and honestly, a lot of it makes sense in hindsight.

Here's the thing most people got wrong: just because gold performs well doesn't mean you should be chasing mining stocks. EB Tucker nailed this observation. The disconnect between commodity performance and mining equity performance is real, and it's something a lot of retail investors miss. They see gold going up and assume the miners will follow proportionally. Usually doesn't work that way.

But where EB Tucker was really focused was on energy. And looking back, that call was spot on. As AI infrastructure demands exploded through 2025 and into 2026, energy became the unglamorous but essential play. Everyone was talking about AI chips and software, but the actual bottleneck? Power. Data centers need electricity, and that's where the real secular trend is.

The broader philosophy from EB Tucker that stuck with me: "The first of the year is the best time to stop doing things that don't work." Simple but powerful. Most traders and investors hold onto positions or strategies out of habit or ego. Clean slate thinking actually matters.

So if you're thinking about positioning for the next wave, it's worth stepping back and asking what's actually working versus what you're holding onto because of inertia. The energy thesis has definitely proven more durable than a lot of other narratives from that period.