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Timberland is the rare real asset that keeps adding wood while its owner declines to sell. The feature is the right to wait, and the ownership structure holding the land decides whether that right survives.
Gold produces no cash, so its entire return depends on what a later buyer will pay. After an exit it is best understood as insurance against a loss of trust in money — and judged as insurance, not by what it earns.
Every megawatt, every mile of transmission, and every new data center runs through copper. As AI’s power needs collide with physical reality, the metal at the center of electrification is repricing — and long-term investors are paying attention.