Sep 22, 2026 · 1h 22m
Wellum urges Canada to repair capitalism and deepen U.S. ties
We Must Not Abandon Capitalism For Socialism | Jonathan Wellum
The conversation connects Canada’s resource and security choices to a wider argument about individual liberty, centralized power, and investing through economic uncertainty.
- 1Wellum argues Canada should develop its resources and strengthen alignment with the United States rather than pursue distant geopolitical blocs.
- 2He links healthcare bureaucracy, regulatory capture, and technology concentration to broader risks created when government and economic power become centralized.
- 3His investment outlook favors durable businesses, technology infrastructure, commodities, and precious metals while guarding against debt, inflation, and currency debasement.
Don't miss
Jonathan Wellum weighs whether Canada’s healthcare problems are mainly bureaucratic failures or symptoms of a deeper debate over collectivism and centralized authority.
The brief
Jonathan Wellum argues that Western societies should reform capitalism rather than replace it with socialism or centralized collectivism, which he says threatens individual liberty.
The discussion frames Canada’s resource wealth, Arctic vulnerability, and relationship with the United States as strategic questions, especially amid tensions over trade and political alignment.
Wellum connects immigration policy, resource restrictions, healthcare bureaucracy, regulatory capture, and emerging technology cartels to a broader concern about concentrated power.
The investment outlook balances near-term economic expansion against longer-term debt, inflation, and currency risks, favoring technology infrastructure, commodities, precious-metals royalties, and durable businesses.
The standout tension is whether Canada’s publicly funded healthcare system represents a fixable policy failure or evidence of deeper problems with collectivist administration.
The conversation closes by tying frugality and delayed gratification to wealth building, while Wellum explains Rocklinc’s disciplined investment approach and client process.
What was said on this episode
34 statements · 28 positive · 3 negative · 3 neutral
Mark Carney is a committed globalist pursuing a global agenda.
“he is a true globalist. global agenda.”
Listen at 13:35
Carney seeks a middle-country bloc capable of countering China and the United States.
“he believes that if he could pull it off, he gets these so-called middle countries, because smaller countries, they all band together, and they can then act as a power block against, say, China and the U.S.”
Listen at 13:41
The EU has weak growth and substantial demographic, social, and tax problems.
“The EU are countries that aren't growing very quickly. They have massive demographic problems. They have massive social problems. They also have huge tax issues. These are not growing countries.”
Listen at 14:04
Canada should maintain close relationships with the United States and European Union.
“our better advantage would be, again, to have a very close relationship with the United States and also with the EU.”
Listen at 14:14
A stronger, more competitive Canada benefits the United States.
“it's always better. The United States is better off if we're stronger and we're also more competitive.”
Listen at 14:55
Canada becoming stronger and more competitive benefits the United States.
“The United States is better off if we're stronger and we're also more competitive.”
Listen at 14:56
Canada should deregulate, reduce costs and taxes, and permit broader capital inflows.
“just open it up, deregulate. cut the costs cut the taxation for everybody and let the capital come in under you know proper rules and regulations”
Listen at 15:44
U.S. tax cuts pressure Canada to avoid tax increases and reduce taxes.
“whenever Trump cuts taxes in the United States, it puts pressure on Canada also to not put taxes up and try to get them down a little bit too”
Listen at 16:38
A North American deal would unlock additional resources across the Western Hemisphere.
“if we can get a deal done i think that uh you know it will unlock more resources for north america also mexico down into south america and the western hemisphere”
Listen at 17:01
The Trump administration’s Greenland deal is strategically valuable.
“I like the deal that the Trump administration has done in Greenland. Now, that's a very important strategic area.”
Listen at 17:22
Investors need exposure to technology.
“I think that you have to.”
Listen at 58:27
Technology now functions as basic infrastructure.
“Technology has become basic infrastructure.”
Listen at 58:30
Apple will benefit from artificial intelligence.
“they'll benefit from ai”
Listen at 58:55
Reshoring will benefit certain infrastructure organizations.
“Reshoring is going to be helpful for some of these organizations.”
Listen at 59:32
North American energy demand is expected to grow 2–4% annually.
“you've gone from zero growth in energy in North America because of efficiency gains to two, three, 4% a year growth in energy demand”
Listen at 1:00:15
Rolls-Royce is well run and positioned for greater defense demand.
“if you believe in a world that needs more defense and they get into these long-term contracts it's a really well-run company”
Listen at 1:00:57
Rolls-Royce provides remote energy and data-center energy systems.
“they're providing, again, a lot of remote energy and energy for data centers and so forth.”
Listen at 1:01:13
Royalty Pharma funds early-stage drug development.
“they provide funding to drugs, early stage drug development.”
Listen at 1:01:34
Royalty Pharma has strong cash flow and margins above 90%.
“a very, really big cashflow business and margins at 90% plus.”
Listen at 1:01:44
Royalty Pharma offers diversified exposure and continually adds investments.
“Royalty Farming gives you a really nice basket of portfolio and it's constantly investing more and more that are coming on stream.”
Listen at 1:02:52
Owning Sprott is preferable to buying its commodity funds.
“that's a much better position to be in than buying their funds by the company.”
Listen at 1:03:26
Sprott Inc. could become an acquisition target over time.
“that's, I think, also a great takeout candidate over time, too.”
Listen at 1:03:37
Some insurance companies trade at seven to eight times earnings while generating substantial cash.
“Some of these companies are trading at seven, eight times earnings and generating lots of cash.”
Listen at 1:04:03
Selected insurance companies are growing book value at low-double-digit rates.
“they're growing book value very steadily, you know, low double digits in a very tough environment.”
Listen at 1:04:31
Some selected insurance companies trade below ten times earnings.
“you're buying them at, you know, under 10 times earnings in some cases.”
Listen at 1:04:37
Markel’s assets are undervalued by the market.
“there's a company that they're just not valuing some of the assets on the balance sheet.”
Listen at 1:05:15
Markel is a safe value investment with strong equity and bond portfolios.
“we look at that as a value play, safe play, great investors, good active equity portfolio, also a very, very, very strong bond portfolio.”
Listen at 1:05:20
Investors should remain invested rather than exit markets entirely.
“you have to be in the game”
Listen at 1:07:31
Wellum’s firm holds approximately 15–18% in short-term interest-bearing securities.
“we do have maybe 15%, 18% in short-term interest-bearing security, so close to cash.”
Listen at 1:07:35
Excessive cash allocation can be problematic for investors with long horizons.
“if you're overly weighted in cash and especially if you have a reasonable time horizon, I guess what I would, in terms of parting comments”
Listen at 1:08:07
Investors should make deliberate decisions rather than act hastily.
“you want to be just careful, deliberative, not making quick, rash decisions.”
Listen at 1:08:35
Hasty investment decisions tend to cause financial losses.
“If you're hasty, you tend to lose money.”
Listen at 1:09:24
Investors should systematically save and maintain investments.
“have a systematic investment program so that you've got some precious. precious treasure and some oil in your own place in your own account”
Listen at 1:10:07
Investment discipline and consistency matter more than income for long-term outcomes.
“it's not how much money they make it's how disciplined they are and how consistent they are in terms of the application of their investments that's what makes the difference”
Listen at 1:10:27
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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