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Adrian Day, President of Adrian Day Asset Management | Rule Symposium 2026: Rick Rule interviews

Rule Investment Media May 13, 2026

Summary

Adrian Day argues gold still offers the best risk-reward of any asset class over the next three to five years.

He sees copper, oil and gas, uranium, and agriculture as significantly undervalued relative to gold, with more upside in mid-cycle.

Fifteen years of US outperformance have left foreign stocks at 50-year relative lows, setting up a multi-year period of international leadership.

As a bottom-up value investor, he favors well-stocked ponds like Britain, Hong Kong, and Brazil, where quality companies stayed cheap for decades.

Day says investors should assess risk-reward at the starting point rather than make predictions — cheap markets with visible problems can still be attractive.

Key points on Franco-Nevada Corp

  • Adrian Day says he first invested in Franco-Nevada in 1985, citing it as evidence of how long he has been around the royalty business, while stressing he remains a generalist.

Adrian Day's takeaways

  • Top takeaway Argues gold is probably still the best asset class on a risk-reward basis for the next 3 to 5 years, and says as of the May 2026 interview the correction tied to the Iran conflict is a good time to add to positions.
  • Sees copper, oil and gas, uranium, and agricultural commodities as significantly undervalued relative to gold and silver, expecting other commodities to lead in the middle phase of the commodity bull cycle while gold and silver lead at the start and end.
  • Believes a multi-year period of foreign-market outperformance versus the US is beginning, noting foreign markets trade at roughly 50-year relative lows and would need about 20% per year of outperformance for five years just to reach the last cycle low.
  • Favors the British, Hong Kong, and Brazilian markets as 'well-stocked ponds' that went essentially nowhere for two decades while good companies became undervalued, while stressing he is a bottom-up investor and not making a macro or political call.
  • Frames money management as assessing risk-reward at a given starting point rather than making predictions, and describes running the money management firm he founded in 1991 as his main occupation with his newsletter now a weekend pursuit.

Rick Rule's takeaways

  • Top takeaway Argues Adrian Day's UK, Hong Kong, and Brazil picks are a valuation call after a decade of underperformance — companies 'too cheap and too globally competitive to ignore' — rather than a bet on political turnarounds.
  • Promotes the July 6-10, 2026 Boca Raton symposium on the grounds that every exhibiting public company must be owned in the sponsor's accounts as vetting, backed by a money-back guarantee he says has been claimed on only about one-tenth of 1% of tuition over 30 years.
  • Contends the City of London is the least ethnocentric capital market on the planet and says ignoring it leaves an investor under-informed on Africa, Europe, and parts of Asia.
  • Notes he has known Adrian Day since 1987 and says the conference pre-interviews every speaker and exhibitor and re-records all sessions so attendees can allocate their time and attention efficiently.

Warren Buffett's takeaways

  • Top takeaway Adrian Day recalls Warren Buffett's earlier position that the many opportunities in the US made foreign investing unnecessary, but notes Buffett has 'changed a little bit' since then.
  • Day cites Buffett's advice to 'fish in well-stocked ponds' to explain his focus on undervalued markets such as Britain, Hong Kong, and Brazil.