The World Is Underestimating the Coming Copper Crisis | Will Thompson

Copper's structural deficit is real but its severity — grade decline, 17.8-year permitting, jurisdictional risk — remains mispriced.

• Copper deficit underpriced: Thompson says the market correctly sees a structural copper deficit but underappreciates irreversible grade decline, 17.8-year average permitting timelines, and rising political risk in Chile, Peru, DRC, Zambia and Argentina.
• Position sizing framework: Massif Capital sizes a 'perfect' investment at 8% of portfolio day one, then scales down linearly across roughly a dozen variables for every other idea.

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