Productive Assets vs. The Bezel: A 54-Day Proof
We called the silver crash and predicted the traditional software recovery. Here is how our +12.09% return in 54 days crushed the market.
Ahead of my return appearance on Wall Street Bullion tomorrow, it is worth looking back at the commentary and allocations we laid out during my last appearance on June 13, 2026. At the time, market sentiment was once again consumed by speculative frenzy, whether in non-productive commodities or crypto, while real, cash-generating productive assets were dismissed as “boring.”
While Wall Street gets blinded by headline noise and speculative manias, true capital allocation comes down to a simple, unyielding discipline: buying productive cash-flow power at a substantial discount to intrinsic value.
📺 Watch: Fr. Emmanuel Lemelson on Wall Street Bullion (June 13, 2026)
54-Day Performance Tracking (June 13 – August 6, 2026)
Over the last 54 days, our select productive asset picks have delivered an average total return of +12.09% (including dividends), significantly outperforming major equity benchmarks and thoroughly outclassing speculative alternatives.
Reviewing the June 13 Commentary
Below is a review of what was highlighted during the June 13 broadcast regarding each core idea:
1. Adobe Inc. (NASDAQ: ADBE) — Total Return: +27.11%
“We have talked about our investment in Adobe... We think that that will be a very, very productive asset to own over the long run. Jensen Huang, the CEO of Nvidia, recently came out and said basically the entire thesis around traditional software as a service being dead is completely wrong or being killed by AI. We had that thesis, gosh, I don’t know, months before Jensen Huang came out and said it. So their shareholder returns are pretty extraordinary and I think it’s, you know, really almost like a once in a generation opportunity.”
— June 13, 2026 [00:05:23]
2. General Mills, Inc. (NYSE: GIS) — Total Return: +7.72%
“We own General Mills, for example. People probably think that’s more boring than anything they’ve ever heard of, but it pays a stable dividend, it has a very long track record of profitable operations. They sell Cheerios of all things.”
— June 13, 2026 [00:05:12]
3. Harley-Davidson, Inc. (NYSE: HOG) — Total Return: +1.44%
“A third issue that we believe very strongly in is actually Harley-Davidson... The shareholder yield is about 16% between buybacks and dividends, so you’re buying an extraordinarily productive asset at a pittance... You’re really buying the entire assets of the company, productive assets, for, like I said, a fraction of their worth—we could say maybe 30, 40 cents on the dollar.”
— June 13, 2026 [00:05:51]
4. Non-Productive & Sterile Assets (Precious Metals & Bitcoin) — Average Return: -1.45%
Gold Spot Return: +2.67%
Bitcoin (BTC) Return: +1.55%
Silver Spot Return: -8.57%
Average Non-Productive Asset Return: -1.45%
“Why would you gamble on Bitcoin and why would you gamble on precious metals where you can’t actually study their financial statements? It’s impossible to know what they’re worth... We were warning pretty overtly... that we felt that the gold, silver, and other precious metals were essentially akin to a bezel and that they were set to collapse.”
Disclaimer
The information provided in this article is for educational and informational purposes only and does not constitute investment advice, financial recommendations, or an offer to buy or sell any securities. Past performance is not indicative of future results. Investing involves risks, including the potential loss of principal. Readers should conduct their own research or consult with a licensed financial advisor before making any investment decisions. The views expressed herein are those of the author and do not necessarily reflect the views of any affiliated organizations.
Disclosure: Long ADBE, GIS