Adrian Day: Increasing Oil Exposure, The Most Undervalued Resource Stocks & Gold

Oil presents a strong buying opportunity due to chronic underinvestment and peaking US shale, with a plausible base case of $150 per barrel.

Resource stocks are near 100-year lows relative to equities, signaling a long-term cycle shift favoring undervalued international markets over US tech.

Gold and gold stocks offer the best risk/reward, supported by robust central bank buying and historically attractive free cash flow valuations.