Otavio (Tavi) Costa: Miners reach record discount to tech on free cash flow yield

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14.09.2026

Otavio (Tavi) Costa: Miners reach record discount to tech on free cash flow yield — Miners hit record discount to tech

Otavio (Tavi) Costa, portfolio manager at Crescat Capital, points out that miners are currently trading at their lowest valuation compared to technology companies when measured by free cash flow yield.

Costa adds that metals are essential for the AI revolution, implying that the mining sector remains a crucial foundation for technological advancements.

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Costa previously observed that gold serves an enduring role as true money during periods of major monetary adjustment. He has also noted that agricultural commodities recently surpassed a two-decade resistance level while key input prices rose. These prior views reflect Costa’s continued focus on core resource sectors within the global economy.

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