Tavi Costa, partner at Crescat Capital, joins "In It To Win It" to deliver a sweeping macroeconomic outlook that spotlights the growing opportunities in commodities and emerging markets. Born and raised in Brazil, Tavi shares how his family's business collapse and a scholarship tennis journey to the U.S. shaped his disciplined, contrarian investment philosophy—rooted in long-term macro trends and value.

Costa outlines his core thesis: the weakening U.S. dollar and suppressed interest rates are laying the foundation for a generational rotation into hard assets and non-U.S. equities. He identifies gold, silver, copper, and zinc as top beneficiaries of this shift, driven by global underinvestment in resource development and structural supply deficits. He highlights Brazil and Latin America as key destinations for capital, pointing to his own real estate investments as evidence of conviction.

Key themes include Crescat's leveraged buyout of Bolivia's San Cristobal mine—now the world's fourth-largest silver producer—as well as Tavi's bullish views on silver's breakout potential, the role of oil as a hedge for mining operations, and the overlooked opportunity in zinc amid looming infrastructure demand. With the macro setup aligning across commodities and emerging markets, Costa believes the next leg of the cycle is only just beginning.

Connect with Tavi Costa!

Website: https://www.crescat.net

LinkedIn: https://www.linkedin.com/in/otavio-tavi-costa-76368628/

X: https://x.com/tavicosta

🔥 Key Topics Discussed

✅ Major gold discovery in a historic Alaskan district

✅ Strong financial position: $13.5M CAD cash, zero debt

✅ Backed by Alaska's largest native corporation (10% owner)

✅ Experienced team with $3B in deals and 30M oz discovered

✅ Alpha Bowl drill intercept: 27 g/t gold, open mineralization

✅ Near-term catalysts: August drill results, Q1 2026 resource estimate

✅ Tight share structure: 67M shares, 30% insider/institutional ownership

✅ Proximity to Donlin Gold's 40M oz deposit (40km)

✅ Six high-impact targets across a 99,000-acre land package

✅ Over $2B raised by team in previous ventures

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Chapters:

00:00 Introduction and Tavi's Background

02:42 Family Business Collapse and Early Lessons

05:28 Tennis Journey and Move to the US

06:58 Global Macro Outlook and Fiscal Constraints

09:50 Weak Dollar Commodities and Emerging Markets

13:32 Gold to Silver Ratio Historical Trends

16:42 Silver Outlook and Investment Mindset

18:38 Silver vs Housing Market Comparison

21:22 Silver vs S&P and Profit Strategy

26:19 Indicators of a Commodity Cycle Peak

28:40 Copper Breakout and Long-Term Drivers

30:50 Copper to Gold Ratio and Risk Rotation

34:58 Nickel and Onshoring Investment Themes

38:47 Zinc Opportunity and Supply Risks

40:42 Mergers Acquisitions and Junior Miners

44:13 TSX Venture Index and Market Signals

46:16 Major Takeovers vs Junior Miners

48:42 Oil Market Outlook and Positioning

53:32 Oil as Hedge for Mining Margins

54:52 Brazilian Bonds and Yield Potential

01:00:06 China Macro Trends and Dollar Liquidity

01:04:30 Where to Follow Tavi Costa's Work

DISCLAIMER: I am not a financial advisor. This is not financial advice. I only express my opinion based on my experience, and your experience may be different. These videos are for educational and motivational purposes only. Investing of any kind involves risk. Do your own due diligence. Every investment and bet comes with the risk that your capital could go to zero.

WHAT I DO: I spread out my investments. It's not all on one thing. For every bet that I make, I devote one hour of study per month to that investment. I keep the number of bets to what I can feasibly study.

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