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For months after the Trump administration dismantled the U.S. Agency for International Development, critics warned that America’s global health programs were being gutted. What drew far less attention was what replaced it. 

In December 2025, the White House quietly rolled out the America First Global Health Strategy, shifting control of U.S. global health aid from USAID to the State Department and fundamentally rewriting how billions of dollars in foreign assistance are distributed.

The transition has been shaped in part by a small group of former officials now advising the White House from the private sector, including former USAID administrator Mark Green and former lawmakers Ted Yoho and Chris Stewart. They are not running the programs, but they have been involved in pressing for clearer accountability standards, tighter performance metrics and congressional guardrails they say are necessary if the new framework is going to last beyond a single administration.

At the core of the strategy is a sharp break from how U.S. health aid traditionally has worked. The America First Global Health Strategy replaces USAID’s grant-heavy, nongovernmental organization-driven model with country-by-country agreements that tie funding to performance benchmarks and push foreign governments to assume greater responsibility over time. The framework promises tighter control over spending, but many of its enforcement details — including how benchmarks will be set and applied — are still being developed.

So far, the strategy has been implemented through a limited number of bilateral health agreements negotiated country by country. In December 2025, the United States signed a five-year health cooperation agreement with Kenya, covering areas such as HIV/AIDS, malaria and tuberculosis, with U.S. funding tied to continued performance and increased co-investment by the Kenyan government. Similar memorandums of understanding have since been signed or are under negotiation with countries including Nigeria and Cameroon, according to State Department disclosures.

Congress has long appropriated global health funding at a high level, giving USAID broad discretion over how programs were designed and implemented — a structure that left lawmakers with oversight but little involvement in individual funding decisions. Yoho said that discretion allowed the agency to drift over time.

‘It lost the purity of purpose of what it was designed to do,’ Yoho said. ‘They lost their mark and they became political and ideological.’

The new strategy, by contrast, explicitly frames global health assistance around U.S. national security, bilateral relationships and economic interests. But because it has not been codified into law, those priorities could be redefined or reversed by a future administration.

‘If it’s not codified in the law, how aid is supposed to be done, it’ll go away if we flip to a Democratic administration,’ Yoho said.

Former Rep. Chris Stewart, who served on both the House Intelligence Committee and the Appropriations subcommittee responsible for funding foreign assistance, said that even lawmakers who approved global health spending often had limited visibility into how programs operated once money left Washington.

‘Even as an appropriator — someone who supposedly wrote the checks — we didn’t have the oversight that we needed,’ Stewart said.

Under the America First Global Health Strategy, Stewart said oversight is intended to begin earlier, with clearer priorities and closer alignment between U.S. objectives and what recipient countries actually want. During his travels, Stewart said foreign leaders repeatedly told him they were less interested in open-ended aid than in building their own capacity.

‘We don’t really just want aid,’ Stewart said. ‘We want trade. We want to build our own capacity.’

Stewart said the shift toward government-to-government agreements is intended to make spending more traceable and more directly attributable to the United States, while still requiring firm controls to prevent waste or abuse.

‘That doesn’t mean every government we work with is perfect,’ he said, ‘but it does make it easier to know where the money is actually going.’

Supporters of the new framework point to longstanding disease-specific programs as evidence that tighter oversight does not require abandoning global health investments altogether. Yoho, Stewart and Green all cited PEPFAR, the U.S. government’s HIV/AIDS initiative, as a model of bipartisan foreign assistance that has saved lives while strengthening U.S. relationships abroad. 

Stewart and Green also pointed to malaria prevention efforts, while both emphasized child health and nutrition as areas Congress should continue to prioritize.

Yoho also cited the use of ready-to-use therapeutic food (RUTF) to treat severe childhood malnutrition, describing it as a low-cost intervention with clear humanitarian impact and broad bipartisan support.

Former USAID administrator Green said the strategy is built around accelerating what he calls the ‘journey to self-reliance,’ moving countries from long-term aid recipients to partners — and eventually, in some cases, donors themselves.

‘We want every country to go from being an aid recipient, to a partner, to — in a perfect world — a fellow donor and investor,’ Green said.

Under the new framework, Green said global health assistance is negotiated nation by nation through bilateral agreements tailored to local conditions and reciprocal obligations. 

‘This isn’t a handout,’ he said. ‘This instead is a joint venture between the U.S. and the government in another country,’ designed to build local capacity and shift responsibility over time.

The strategy also places greater emphasis on leveraging private-sector tools alongside government funding. 

Green pointed to partnerships with U.S. companies such as Zipline, which uses drone technology to deliver blood and medical supplies in hard-to-reach areas, as an illustration of how the framework seeks to pair public health goals with American innovation.

Still, Green acknowledged that much of the system remains a work in progress. While the agreements are intended to tie funding to performance and burden-sharing, he said many of the specific benchmarks and enforcement mechanisms are still being finalized.

‘A wedding is easy and a marriage is hard,’ Green said, describing the challenge of translating broad agreements into measurable, enforceable outcomes.

For supporters of the new strategy, the tighter focus on accountability is also meant to address longstanding skepticism on the right about foreign aid itself. Yoho said he once shared that skepticism.

‘I was one of those that wanted to get rid of foreign aid,’ he said. ‘Then I got up there and realized how ignorant I was about good, effective foreign aid.’

He said the argument becomes easier when programs are clearly defined and measurable.

‘If representatives have credible information and can go back to their constituents and explain why we should support something — because it makes America safer, stronger, and more prosperous — the majority of people will support it,’ Yoho said.

Whether the America First Global Health Strategy ultimately delivers on its promises — or exposes new risks — may depend less on its design than on how much authority Congress chooses to formalize, and how rigorously the administration enforces the accountability standards it has laid out.


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A federal judge on Tuesday appeared receptive to the claim from Sen. Mark Kelly, D-Ariz., that the Pentagon is retaliating against him for protected political speech, raising concerns about potential violations of the First Amendment.

U.S. District Court Judge Richard Leon is considering whether to issue a preliminary injunction that would halt War Secretary Pete Hegseth’s efforts to reopen Kelly’s military retirement grade, a process that could result in a reduction of his pension, while the case proceeds.

‘You don’t need a weatherman to see which way the wind is blowing,’ Leon said, invoking Bob Dylan and suggesting he needed little additional information to determine whether Kelly’s First Amendment rights were violated.

The case stems from a video posted on social media in November in which Kelly and five other Democratic lawmakers told members of the U.S. military to refuse illegal orders.

Hegseth issued a letter of censure against Kelly on Jan. 5, accusing him of undermining the chain of command, counseling disobedience, and engaging in conduct unbecoming an officer.

Kelly sued Hegseth days later, arguing the censure and effort to reopen his military retirement grade amounted to unconstitutional retaliation for protected political speech.

Kelly’s defense team argued in court that the situation is unprecedented, and that Hegseth is ‘openly admitting they are punishing a decorated war veteran and senator’ for exercising his First Amendment rights.

Justice Department lawyers arguing for Hegseth contended that Kelly is still subject to the Uniform Code of Military Justice as a retired officer and that his comments undermined order and discipline within the armed forces.

They also suggested an injunction from the judge could take power away from the government to administer personnel matters in its own military.

Judge Leon did not rule from the bench but acknowledged that he knew Kelly was up against looming deadlines and would make an effort to issue a ruling in the coming days.

Democrats tell military to ‘refuse illegal orders’ in viral video:

Kelly said after the high-stakes hearing that the case is not only about his First Amendment rights, but those of all retired military personnel. 

‘Since taking office, this administration has repeatedly gone after the First Amendment rights of Americans,’ he said. ‘That’s not how we do things in the United States of America. We have the Constitution and the law on our side.’


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~ Previously announced Light-Duty divestiture providing non-dilutive capital that strengthens Westport’s cash position~

Westport Fuel Systems Inc. (‘Westport’) (TSX:WPRT Nasdaq: WPRT), a supplier of alternative fuel systems and components for the global transportation industry, today announced that it has received $6.5 million (Euro 5.5 million) as part of its previously announced sale of the Light-Duty segment. The escrow payment was triggered under the terms of the sale agreement following the achievement of a defined post-closing milestone.

‘This milestone payment reflects continued progress in the post-closing steps of our Light-Duty business divestiture,’ said Elizabeth Owens, Chief Financial Officer at Westport. ‘While additional payments are expected as the transaction phases are completed, this interim payment strengthens our cash position today to support ongoing operations and our strategic initiatives. We remain disciplined in executing the remaining elements of the divestiture process along with our ongoing operational efficiency improvements.’

Additional information relating to the Light-Duty divestiture can be found in news releases posted on Westport’s website HERE.

About Westport
Westport is a technology and innovation company connecting synergistic technologies to power a cleaner tomorrow. As a leading supplier of affordable, alternative fuel, low-emissions transportation technologies, we design, manufacture, and supply advanced components and systems that enable the transition from traditional fuels to cleaner energy solutions.

Our proven technologies support a wide range of clean fuels – including natural gas, renewable natural gas, and hydrogen – empowering OEMs and commercial transportation industries to meet performance demands, regulatory requirements, and climate targets in a cost-effective way. With decades of expertise and a commitment to engineering excellence, Westport is helping our partners achieve sustainability goals—without compromising performance or cost-efficiency – making clean, scalable transport solutions a reality.

Westport is headquartered in Vancouver, Canada. For more information, visit Westport.com.

Cautionary Note Regarding Forward Looking Statements
This press release contains forward-looking statements, including statements regarding the receipt and timing of additional milestone-based payments related to the divestiture of our Light-Duty business, the impact of the Euro 5.5 million escrow release disclosed herein, expectations regarding our cash position, and our ongoing operational and strategic initiatives, including efficiency improvements. These forward-looking statements are neither promises nor guarantees but involve known and unknown risks and uncertainties and are based on both the views of management and assumptions that may cause actual results to differ materially from those expressed or implied. These risks, uncertainties and assumptions include those related to the completion of remaining post-closing obligations connected to the Light-Duty divestiture, the timing and satisfaction of conditions required for any additional milestone payments, general economic conditions of and access to the capital and debt markets, solvency, governmental policies and regulation, foreign exchange rate fluctuations, supply-chain factors and other risks and assumptions described in our most recent Annual Information Form and other filings with securities regulators. Readers should not place undue reliance on any such forward-looking statements, which speak only as of the date of publication. We disclaim any obligation to publicly update or revise such statements to reflect any change in our expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in these forward looking statements except as required by National Instrument 51-102. The contents of any website, RSS feed or twitter account referenced in this press release are not incorporated by reference herein.

Contact Information
Westport Investor Relations
T: +1 604-718-2046

        

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NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Osisko Metals Incorporated (the ‘Company’ or ‘Osisko Metals’) (TSX: OM,OTC:OMZNF; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce the successful closing of its previously-announced ‘bought-deal’ private placement financing, pursuant to which the Company issued an aggregate of 11,812,000 common shares of the Company that will qualify as ‘flow-through shares’ (within the meaning of subsection 66(15) of the Income Tax Act (Canada)) (the ‘Flow-Through Shares’) at a price of C$1.27 per Flow-Through Share for gross proceeds to the Company of C$15,001,240 (the ‘Offering’).

The Company will use an amount equal to the gross proceeds from the sale of the Flow-Through Shares under the Offering to incur eligible ‘Canadian exploration expenses’ that will qualify as ‘flow-through critical mineral mining expenditures’ (as both terms are defined in the Income Tax Act (Canada)) (the ‘Qualifying Expenditures‘), in respect of the Company’s projects in Canada. The Qualifying Expenditures will be incurred on or before December 31, 2027 and will be renounced by the Company to the initial purchasers of the Flow-Through Shares with an effective date no later than December 31, 2026.

The Offering was co-led by Canaccord Genuity Corp. and BMO Capital Markets.

The Company understands that Agnico Eagle Mines Limited and Hudbay Minerals Inc., two of its existing strategic investors, along with Toronto-based fund Rosseau Asset Management Ltd., have purchased, as part of a follow-on transaction to the issuance of the Flow-Through Shares, all of the Common Shares issued under the Offering at a price of C$0.85 per Common Share for an aggregate purchase price of approximately C$10 million.

The Flow-Through Shares issued under the Offering are subject to a hold period expiring four months and one day from the date hereof, pursuant to applicable Canadian securities laws. The Offering remains subject to final acceptance of the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act‘), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals sector, with a focus on copper and zinc. The Company acquired a 100% interest in its flagship project, the past-producing Gaspé Copper mine, from Glencore Canada Corporation in July 2023. The Gaspé Copper project is located near Murdochville in Québec’s Gaspé Peninsula. The Company is currently focused on resource expansion of the Gaspé Copper system, with current Indicated Mineral Resources of 824 Mt grading 0.34% CuEq and Inferred Mineral Resources of 670 Mt grading 0.38% CuEq (in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). For more information, see Osisko Metals’ November 14, 2024 news release entitled ‘Osisko Metals Announces Significant Increase in Mineral Resource at Gaspé Copper‘. Gaspé Copper hosts the largest undeveloped copper resource in eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

In addition to the Gaspé Copper project, the Company is working with Appian Capital Advisory LLP, through the Pine Point Mining Limited joint venture, to advance one of Canada’s largest past-producing zinc mining camps, the Pine Point project, located in the Northwest Territories. The current mineral resource estimate for the Pine Point project consists of Indicated Mineral Resources of 49.5 Mt at 5.52% ZnEq and Inferred Mineral Resources of 8.3 Mt at 5.64% ZnEq (in compliance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects). For more information, see Osisko Metals’ June 25, 2024 news release entitled ‘Osisko Metals releases Pine Point mineral resource estimate: 49.5 million tonnes of indicated resources at 5.52% ZnEq’. The Pine Point project is located on the south shore of Great Slave Lake, Northwest Territories, close to infrastructure, with paved road access, an electrical substation and 100 kilometers of viable haul roads.

For further information on this news release, visit www.osiskometals.com or contact:

Don Njegovan, President
Email: info@osiskometals.com
Phone: (416) 500-4129

Cautionary Statement on Forward-Looking Information

This news release contains ‘forward-looking information’ within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans projections, objectives, assumptions, future events or performance (often, but not always, using phrases such as ‘expects’ or ‘does not expect’, ‘is expected’, ‘interpreted’, ‘management’s view’, ‘anticipates’ or ‘does not anticipate’, ‘plans’, ‘budget’, ‘scheduled’, ‘forecasts’, ‘estimates’, ‘potential’, ‘feasibility’, ‘believes’ or ‘intends’ or variations of such words and phrases or stating that certain actions, events or results ‘may’ or ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. This news release contains forward-looking information pertaining to, among other things: the ability for the Company to obtain the final approval of the Toronto Stock Exchange; the anticipated use of proceeds of the Offering; the tax treatment of the Flow-Through Shares; the timing of incurring and renunciation of the Qualifying Expenditures; and the ability to advance the Company’s properties (and results thereof); and Gaspé Copper hosting the largest undeveloped copper resource in eastern North America.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: general market conditions impacting the Company; the ability of exploration results, including drilling, to accurately predict mineralization; errors in geological modelling; insufficient data; equity and debt capital markets; future spot prices of copper and zinc; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; and availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the ability of the Company to obtain required approvals, the ability of the Company to complete further exploration activities, including drilling; the results of exploration activities; risks relating to mining activities; risks relating to the global economic climate and metal prices; environmental risks; changes in tax and regulatory regimes; and community and non-governmental actions. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company’s public disclosure record on SEDAR+ (www.sedarplus.ca) under Osisko Metals’ issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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The list of Trump administration foreign-policy moves in recent weeks is long. It conducted an attack on Venezuela, brought President Nicolas Madura and his wife Cilia Flores to stand trial in New York for illegal drug smuggling and secured sway over massive petroleum reserves. Along with this far-reaching action, Trump pursued control of Greenland “one way or another” and said that Cubans should prepare for collapse, Colombia and Mexico should tread lightly and Iran should expect “very strong action” if protestors there are executed.

Asked in an interview if there were any constraints limiting what he might do on the world stage, Trump replied: “Yeah, there is one thing. My own morality. My own mind. It’s the only thing that can stop me.” He added “I don’t need international law. I’m not looking to hurt people.”

Some Trump critics — no matter how shocked or opposed to his actions they are— may be welcoming the thought that he, like most of the rest of us, is thinking about conscience and how it affects behavior. By no means does this ensure peaceful outcomes, but it’s not unreasonable to think that it makes those outcomes more likely.

Conscience is a virtue; acting on it is also a tool of self-interest. As moral philosopher and economist Adam Smith proposed in his 1759 Theory of Moral Sentiments, we are each equipped with an “impartial spectator” — a “man within the breast” — who observes and affects our actions. Smith argued implicitly that this helps form an invisible hand, similar to that of the free market, which enables self-interested people to become more moral creatures.

The mental process Smith described, similar to what Sigmund Freud termed the “super ego,” chastens what might otherwise be driven by greed, jealousy, an insatiable desire for power and other less divine appetites. Smith’s spectator develops from social interactions that result from the human tendency to desire respect, welcome the larger community’s praise and, for politicians, to keep their base aligned. These form habits of the heart that lead us toward long-term gains in social settings.

Smith more famously explained how self-interest enables the most efficient allocation of society’s resources. Describing human action in a world where force and coercion are not an option, he remarked that it was not from “the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest” as they earn customers through superior products and pricing.

When there is competition (or even the threat of competition) in our commercial dealings, each person’s self-interest balanced against that of others can have a positive effect on overall human wellbeing; indeed, it’s a necessary part of freedom’s machinery that delivers a happy outcome.

But what about the world of international politics, where force and coercion are part of the equation? Can the competing self-interests of surging and receding world leaders still lead to a balance that serves the whole? Can such a process be chastened by the “man within the breast”?

Trump’s deputy chief of staff, Stephen Miller, suggests that this is no time to rely on “niceties” to do the right thing: “We live in a world … that is governed by strength, that is governed by force, that is governed by power. These are the iron laws of the world since the beginning of time.”

As certain as Miller sounds, there is another reality to acknowledge: competition has its role to play. Yes, the United States has the power to forcibly remove a leader in Venezuela and to secure a different relationship with Greenland. But we are not the only game in town to partner with. There are other world powers — small and large — which have something to offer these nations, and to us for that matter.

We are seeing this competition unfold now as Canada signals an end to a long-term special U.S. friendship and discusses trade deals with India and China. We see it as Denmark moves to strengthen NATO after enduring the president’s threats to take over Greenland.

Though there are many things at play, the incentive still exists for powerful nations and their leaders to heed the impartial spectator, encourage trade and seek a more harmonious world.

For the past few years, the world has been falling into what Foundation for Individual Rights and Expression (FIRE)’s Matthew Harwood calls a “free speech recession.”

It’s tempting for those of us who grew up in a robust culture of free speech to think that the problem is just limited to authoritarian regimes like China and Iran and Russia. But unfortunately the problem runs much deeper. Many developed countries, including countries that pride themselves on their democracy and international respectability, are deciding that they ought to have the power to imprison citizens who say anything that these countries’ leaders disagree with.

In the United Kingdom, for instance, police approached Gideon Falter, who was walking near a pro-Palestinian march dressed in a kippah, and told him that if he didn’t leave he would be arrested for breaching the peace. What was Falter’s crime? Police told him that he appeared “quite openly Jewish,” and as such his appearance might provoke the nearby protestors.

Last year (and also in the United Kingdom), Iraq war veteran Jamie Michael was arrested and spent 20 days in jail for a Facebook video. After seeing stories about the brutal murder of three children by a second-generation United Kingdom immigrant, Michael had argued in the video that his community was “under attack” by “scumbags” and “psychopaths.” He was promptly arrested for what police termed “dehumanizing language.”

It’s not just Falter and Michaels. In 2023 alone, the United Kingdom made over 12,000 arrests for online speech. Thousands of people have had to pay exorbitant fines or else languished in jail because they had the nerve to express an opinion that ran contrary to the will of police and elected officials.

It’s also not just the United Kingdom. 

In Germany, American satirist CJ Hopkins was prosecuted for tweeting that the facemasks required by many governments during the COVID-19 pandemic were just “symbols of ideological conformity” (quote translated from German). 

Also in Germany, after a 15-year-old girl was gang-raped by nine perpetrators, a woman in Hamburg sent one of the convicted rapists messages on WhatsApp calling him a “disgusting rapist pig.” The rapist complained, and the woman who messaged him was sentenced to a weekend in jail. She’s hardly the only one: Hamburg authorities investigated an astounding 140 suspects for insulting or threatening the rapists.

Many European countries have passed laws against so-called hate speech on the grounds that such laws are essential to protect the dignity of minority communities. Apparently that now includes tiptoeing around the feelings of convicted rapists.

Earlier this month, ten Parisians were found guilty of cyber-harassment of France’s first lady, Brigitte Macron. The perpetrators, eight men and two women, accused Macron of being transgender, and equated her age difference with her husband (Brigitte is 24 years younger than husband Immanuel) to “paedophilia.” For that, the ten Parisians were given fines and jail sentences ranging up to eight months.

I’m sure that being accused of being born male hurt the first lady. But do such online comments really warrant eight months in jail?

Unfortunately, the list goes on. 

In Norway, lesbian filmmaker Tonje Gjevjon was prosecuted after she argued on Facebook that biological males cannot be lesbians. Gjevjon was never convicted, but as FIRE president Greg Lukianoff writes, “the process is the punishment.” Being dragged through the courts for making a common-sense statement threatened to chill the speech of Gjevjon and of anyone else who might challenge the prevailing orthodoxy.

In Finland, Päivi Räsänen criticized the Evangelical Lutheran church leadership because it supported Helsinki Pride, and posted a photo of Romans 1:24-27 (which condemns homosexual relations). Police charged her with “agitation against a minority group.” They even charged the Lutheran Bishop who co-published a pamphlet she wrote arguing that gay marriage is sinful.

In Switzerland, Emanuel Brünisholz posted on Facebook that, “If you dig up LGBTQI people after 200 years, you’ll only find men and women based on their skeletons. Everything else is a mental illness promoted through the curriculum.” For this allegedly hateful comment, he was forced to pay a fine of 500 Swiss francs. Brünisholz refused to pay on principle, and instead will serve 10 days in jail.

Such censorship is even making its way to the United States.

On January 12 of this year, Raquel Pacheco received a visit from police over a Facebook comment she made criticizing Miami Mayor Steven Meiner. After Meiner posted that, “Miami Beach is a safe haven for everyone. We will always stand firm against any discrimination,” Pacheco replied with, “‘We will stand firm against any discrimination’ — unless you’re Palestinian, or Muslim or you think those people have a right to live” and “Careful your racism is showing.”

Public officials ought to have thick enough skins to brush off the occasional rude comment. But instead, Pacheco found herself investigated and intimidated; as one policeman told her, “I would think to refrain from posting things like that, because that can get something incited.”

Meiner’s response is even more chilling. In a statement following the police visit, he wrote that “In this situation, our police department believed that inflammatory language that is false and without any factual basis was justification for follow-up to assess the level of threat and to protect the safety of all involved.”

Meiner’s statement displays a shocking disregard for the First Amendment. While true threats are not protected speech, Pacheco’s fiery comment falls far short of that standard. And there is no First Amendment exception for speech that a public official claims is false.

It’s not just Meiner who’s willfully ignoring the freedoms our forefathers fought and died for. 

In response to widespread ICE raids, a new app called ICEBlock enables users to report sightings of ICE officers. The app serves a clear democratic purpose in a country in which citizens often film interactions between law enforcement and ordinary people, and even explicitly warns its users not to use it “for the purposes of inciting violence or interfering with law enforcement.”

Nonetheless, the Trump administration threw a fit at the mere existence of the app. The administration claims that the app puts ICE agents in danger, and threatened to prosecute the app’s developer. Even more chilling, the administration is actively trying to prosecute CNN for writing about the app. Secretary of Homeland Security Kristi Noem announced that her agency is “working with the Department of Justice” to see if they could prosecute the news network.

Prosecuting a news network for writing about an app might be a new low, but it’s far from the only time the Trump administration has blatantly disregarded the First Amendment. Last year, when Congresswoman Alexandria Ocasio-Cortez published flyers and a webinar reminding people of their constitutional rights when it came to interactions with ICE, border czar Tom Homan asked the Department of Justice to investigate her for “impeding our law enforcement efforts.” Given that a Congresswoman reminding constituents of their rights is hardly illegal, it’s tough not to see this as naked political persecution.

Supporters of hate speech laws often couch their support in terms of wanting to protect the dignity of marginalized communities from hateful comments. That’s a worthy goal, but again and again, we see that it doesn’t work out that way in practice. Instead, governments wield the powers granted to them by hate speech laws in order to punish dissent, shut down conversation, and prosecute political opponents.

If we really care about the rights of marginalized people, perhaps it’s time to stand up for the free speech rights of the ordinary citizens who dare to make statements that politicians and law enforcement don’t agree with.

About 10 years ago, economist Matthew Mitchell and the Mercatus Center published a short video titled “The Wrath of CON: How Certificate-of-Need Laws Affect Access to Health Care.” The video described certificate-of-need (CON) laws, an obscure niche in healthcare policy known best by a handful of policy wonks and healthcare professionals, and the barriers CON laws create.

Under the video’s humor lay a dark truth: CON laws hurt patients and providers at their outset and the laws’ continued existence compounds that harm. Repealing CON laws can help improve access and affordability in healthcare.

Fortunately, over the past decade, many states have moved to reform or repeal their respective CON laws. However, there is still much progress to be made. Mitchell’s 2024 paper, “Certificate of Need Laws in Health Care: Past, Present, and Future” and a 2025 review of academic literature from economists Charles J. Courtemanche and Joseph Garuccio provide updates on CON laws and guidance for future research and policy.

What is CON?

Certificate-of-Need (CON) laws require the approval of states’ health planning agencies for health care providers to engage in regulated actions such as opening or expanding facilities or purchasing equipment. Additionally, in many states with CON regulations, the decision to grant a CON is made by a board whose members may work for incumbent providers. This is sometimes referred to as a “competitor’s veto.” Mitchell also notes that in all but six CON states, incumbent providers are allowed to participate in the process and object to the application of a would-be competitor and often use the objection as leverage against the potential competitor from encroaching on their territory. Mitchell calls it “a type of territorial collusion that would be a per se violation of the Sherman Antitrust Act were it not facilitated by the state.”

CON laws were first applied to healthcare by New York State in 1964, and by 1970, 25 additional states had similar regulations. In 1974, Congress passed the National Health Planning and Resources Development Act (NHPRDA), where the federal government threatened states into adopting CON regulations by saying they would withhold federal funding for healthcare for any state without CON laws. 

The desire to push CON came from a misguided belief that such regulations could, in Mithcell’s words, “cause hospitals to acquire fewer beds, fill them with fewer patients, and therefore spend less money.”

The threats to withhold federal funding never materialized, but by the early 1980s every state had a CON program for healthcare. As Medicare reimbursement switched from retrospective (hospitals get paid whatever they spend with little incentive to control costs) to prospective reimbursement (hospitals are paid a fixed, predetermined amount for services), CON policies were reexamined. 

Finding that CON laws did little to control costs, especially under prospective reimbursement, policymakers in DC rolled back CON requirements. While the federal CON requirements were repealed, most states maintained CON regulations, which led to greater variation among state CON regulations. By 1990, eleven states had followed suit and repealed CON laws, with only Wisconsin reinstating the program. By 2000, Indiana, North Dakota, and Pennsylvania had repealed most CON laws. 2000 Wisconsin has since re-repealed its CON regulations. In 2016, New Hampshire was the last state to fully repeal CON.

In their 2025 review of the academic literature on CON, Courtemanche and Garuccio find “in at least some cases, CON laws restrict both entry of new competitors and expansion of existing hospitals. The reduction in competitors increases the number of procedures in hospitals.” They continue by noting such findings provide

“[L]ittle evidence that this translates to increased prices or higher hospital profitability, and hardly any research tests for reduced closure rates. Studies on hospital efficiency and quality of care for procedures performed exclusively at hospitals mostly point to null or negative effects, but evidence on quality is more favorable for services that can be provided outside of hospitals.”

While there may be other factors at play (such as government subsidies, the Affordable Care Act implementation, or the variation of CON laws among states), costs can still be passed onto patients without changing prices. Higher costs may look like longer wait times (whether in a hospital or fewer scheduling options), staffing shortages, or the opportunity cost of patients traveling to see a specialist either on the other side of their state or in other states.

If one thing is clear, CON regulations have failed to deliver on the promise of affordable and accessible healthcare.

Mitchell’s Findings on State Experiments with CON Reform

As of December 2025, 15 states have fully repealed CON regulations. Additionally, numerous states have reformed their CON regulations to shrink the healthcare services that require a CON. Mitchell’s map is reprinted as Figure 1 and table is reprinted as Table 1.

 Figure 1. Number of Health Care Services in Which a CON is Required (2023)

Reprinted from Mitchell MD. Certificate of Need Laws in Health Care: Past, Present, and Future. Inquiry. 2024 Jan-Dec;61.
Reprinted from Mitchell MD. Certificate of Need Laws in Health Care: Past, Present, and Future. Inquiry. 2024 Jan-Dec;61.

Figure 1 summarizes the number of health care services subject to CON regulation while Table 1 identifies the services most commonly regulated. Arizona, Minnesota, and New Mexico limit CON requirements to ambulatory services while Indiana, Ohio, and South Carolina (as of 2025) only apply CONs to nursing homes. Hawaii regulates the most activities, requiring CON approval for 28 services and technologies. Mitchell finds that nursing home beds are the most frequently regulated, followed by psychiatric services, new hospitals, and intermediate care facilities for individuals with intellectual disabilities. Investment thresholds triggering CON review vary from state to state and are generally lower for non-hospital providers (a $3 million expenditure trigger for ambulatory services in Maine) than for hospitals (excess of $12.365 million in capital expenditures in Maine).

From Mitchell’s findings and his survey of the academic literature, he finds that CON laws are generally associated with high variable costs in general acute hospitals, fewer available hospitals, higher Medicaid costs for at-home care and long-term care, and higher health expenditures. The more stringent and numerous the CON laws in the state, the worse access and affordability for healthcare.

In states that did repeal CON laws, Mitchell found that hospital charges in states without CON are 5.5 percent lower five years after CON repeal. Additionally, safety-net hospitals in states without CON had higher margins than similar hospitals in states with regulation. While repealing or reforming CON will not fix all healthcare policy challenges, doing so can help increase affordability and healthcare access.

What Comes Next?

As Mitchell’s map shows, many states have the opportunity to reform and repeal CON to their betterment. States such as West Virginia (one of the most stringent CON states) have residents that seek healthcare in neighboring states like Pennsylvania (0 CON regulations) because there is greater access to care outside of the state.

To this end, there are a myriad of options for CON reform. Aside from a full immediate repeal or a regulatory sunset provision, state policymakers can also eliminate the competitor’s veto. 

Preventing incumbent providers from participating in the CON review process (including requesting hearings and appeals) can help reduce cronyism in the CON application process. Increasing transparency in the CON application process and CON laws can also help reduce cronyism as well.

Americans are strained by the cost of healthcare. Reforming CON laws can help alleviate some of that strain. A full repeal can provide even greater help.

Japan announced that it has successfully retrieved mineral-rich seabed sediment from nearly 6,000 meters below the ocean’s surface near the remote island of Minamitorishima.

Officials say the technical milestone could help reduce the country’s dependence on China.

The work was carried out by deep-sea drilling vessel Chikyu, which collected the sediment as part of a government-backed test program aimed at assessing the feasibility of mining rare-earths-bearing mud from the deep ocean.

According to Japan’s Agency for Marine-Earth Science and Technology, Chikyu departed last month for Minamitorishima — about 1,950 kilometers southeast of Tokyo — and arrived at the test site on January 17.

The first batch of sediment was recovered on February 1.

“It is a first step toward industrialization of domestically produced rare earth in Japan,” Prime Minister Sanae Takaichi said in a statement posted on X. “We will make efforts toward achieving resilient supply chains for rare earths and other critical minerals to avoid overdependence on a particular country.”

Rare earths are essential in the high-performance magnets used in electric vehicles, wind turbines, electronics and defense systems. China currently dominates global production and processing of heavy rare earths, giving Beijing significant influence over prices and supply, a vulnerability that has increasingly worried world governments.

Japan’s latest test comes amid heightened geopolitical tension in the region.

Tokyo has grown more concerned about potential supply disruptions after China recently suspended exports of certain dual-use goods to Japan. While rare earths were not explicitly named, the move raised fears that Beijing could use its control over critical minerals as leverage as it has in the past.

Japanese researchers first identified rare-earth-rich mud deposits around Minamitorishima in the 2010s. Since then, the government has funded research, development and feasibility studies under its Strategic Innovation Promotion Program, focusing on whether those resources could support a domestic supply chain.

The current trial is designed to test not only the ability to retrieve sediment from extreme depths, but also the logistics of deep-sea mining. Officials cautioned that the work is still at an early stage. Details such as the concentration of rare earth elements in the retrieved mud and the overall recovery rates are still being analyzed. Moving toward commercial production would require demonstrating the entire process, from seabed extraction to separation and refining.

Japan plans to continue testing through mid-February. If the trials are successful, larger-scale demonstrations could follow, potentially including the construction of a dedicated processing facility on Minamitorishima later this decade.

US targets rare earths security with Project Vault

While Japan pushes deeper into rare earths supply diversification, developments in the US underscore how deeply critical minerals policies are shaping markets on both sides of the Pacific.

On Monday (February 2), the Trump administration rolled out Project Vault, a roughly US$12 billion strategic critical minerals reserve aimed at reducing US dependence on China for rare earths and other essential metals.

The initiative, anchored by a US$10 billion loan from the US Export‑Import Bank and about US$2 billion in private capital, is designed to stockpile strategic materials like rare earths, cobalt and lithium.

The program’s backers say the reserve will function much like America’s Strategic Petroleum Reserve, offering a buffer against global supply disruptions and insulating manufacturers from price shocks that have plagued markets during recent US-China trade tensions. Analysts say the effort signals an ongoing shift toward industrial policy that treats critical minerals as strategic assets, even as completion details and long‑term execution remain uncertain.

The financial markets responded quickly. Shares of Australian rare earths producer Lynas Rare Earths (ASX:LYC,OTCQX:LYSDY) rallied more than 3 percent on Tuesday (February 3), closing at AU$15.25, reflecting renewed investor interest tied to the policy news and the broader rare earth narrative.

Lynas’ recent movements come against a backdrop of broader gains in non‑Chinese mineral producers, as investors reposition around supply chain security and government policy support.

Rare earths stocks more generally saw upticks in the US market after the country’s critical minerals plan came into focus, with producers like MP Materials (NYSE:MP) and USA Rare Earth (NASDAQ:USAR) gaining on reports of increased government engagement in critical mineral sourcing.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Elon Musk’s Neuralink has captured the public’s attention and imagination with its futuristic vision of connecting the human brain to computers.

Neuralink has drawn interest to the brain computer interface (BCI) sector with its N1 implant, which is undergoing human trials in patients with spinal cord injuries (SCIs) and ALS.

Musk’s company is far from the only one developing BCI tech to assist users with conditions such as SCIs, ALS and neurological disorders.

‘The number of new firms entering the space and the amount of venture funding being distributed to startups surpasses any other product category we have seen in the 25 years we have been covering the neurotechnology industry,’ Neurotech Reports stated in June 2025.

As Neuralink continues to make strides, investors are wondering how to get a piece of the action by investing in the neurotechnology venture.

Because it is privately held, Neuralink stock isn’t accessible to the average person — but that doesn’t mean it’s impossible to get exposure to this future-looking medical research company. Read on to learn how to participate in the growth of this exciting business, and other BCI firms you can invest in.

In this article

    What is Neuralink?

    Neuralink is a neurotechnology startup that was founded in 2016 by Tesla (NASDAQ:TSLA) CEO Musk and a team of eight scientists and engineers in 2016.

    It was first reported on in 2017, and two years later, in June 2019, the company held and streamed its public launch event to showcase the technology it is developing: an innovative brain-computer interface.

    Instead of using traditional electrodes, which, according to a company whitepaper, can be bulky and damaging to brain tissue, Neuralink’s BCI uses “ultra-thin threads” that are implanted into the brain using a robotic device that resembles a sewing machine. Once implanted, the electrodes develop a BCI, stimulating the brain and monitoring activity, and the threads connect to a custom-designed chip that can read data from groups of neurons.

    Musk announced the coin-sized Telepathy chip, with over 1,000 electrodes 20 times finer than hair, in January 2024.

    Potential uses of BCI technology include helping paralyzed individuals regain control of their limbs and restoring vision. Musk told his audience during Neuralink’s 2019 launch event that this technology could have a wide range of applications in medicine, such as restoring sensory and motor function in people with spinal cord injuries or neurological disorders. Additionally, an early goal of development is translating neuron signals into computer commands, which would allow humans to control devices like computers and smartphones with their brainwaves.

    Musk has claimed that BCI could even facilitate direct communication between humans and machines, although some members of the neuroscientific community are skeptical.

    Other experts have suggested that Neuralink’s work is not necessarily novel, as Dr. Jason Shepherd, an associate professor of neurobiology at the University of Utah, told Business Insider in 2020. “All the technology that he showed has been already developed in some way or form,’ he said. ‘Essentially, what they’ve done is just package it into a nice little form that then sends data wirelessly.”

    Other experts in the field have ethical concerns about how Neuralink is conducting its clinical trials and the broader implications of disregarding established standards.

    “If you decide to play with fire in a house, you increase the risk threshold not only of yourself but of the whole house,” Marcello Ienca, a professor of ethics of AI and neuroscience at Technical University of Munich, told Forbes in 2024. “My fear is that Neuralink’s disregard for the ethical aspects of their technology may cause a backfire effect for the entire neurotechnology community.”

    How much is Neuralink worth?

    Neuralink was valued at around US$9.7 billion as of June 2025, but as a privately held business, much of its financial information is kept under wraps. That said, US Securities and Exchange Commission (SEC) documents containing information about its funding rounds provide some insight.

    The earliest came in 2017, when the company raised US$27 million out of a planned US$100 million in a Series A funding round. In April 2019, SEC filings show the company acquired US$39 million out of a planned US$51 million in a Series B funding round. A limited amount of information has been made available to the public, and the identities of the investors have not been publicly disclosed. However, some news outlets have speculated that funding could have come from a combination of venture capitalists, or from Musk himself and the Neuralink team.

    In 2021, Neuralink received what was then its largest amount of money to date, raising US$205 million in a funding round led by tech investment firm Vy Capital. Other participants included Google Ventures, the venture capital arm of Alphabet (NASDAQ:GOOGL); OpenAI CEO Sam Altman; Fred Ehrsam, co-founder of Paradigm and Coinbase Global (NASDAQ:COIN); and Ken Howery, co-founder of PayPal Holdings (NASDAQ:PYPL) and Founders Fund.

    In May 2023, as Neuralink faced public backlash over accusations of animal mistreatment, it received clearance from the US Food and Drug Administration (FDA) to run the first human trial of its brain implant. Just months later, in August, Neuralink closed a US$280 million funding round led by Founders Fund. The filing was amended in November 2023 to reflect an additional US$43 million, bringing the total to US$323 million.

    Most recently, the company announced the closure of a US$650 million Series E funding round in June 2025.

    Is Neuralink approved for human trials?

    In May 2023, Neuralink received clearance from the US Food and Drug Administration (FDA) to run the first human trials of its brain implant. The company opened a patient registry in early 2023 that allowed people who had at least one of a qualifying list of conditions to volunteer for upcoming clinical trials. It is also approved for human trials in Canada, Great Britain and the UAE.

    The first US study, dubbed PRIME — Precise Robotically Implanted Brain-Computer Interface — is specifically focused on patients with cervical spinal cord injuries or amyotrophic lateral sclerosis (ALS). It has an estimated primary completion date of January 2026 and is estimated to be fully completed by January 2031.

    The study’s first participant, a patient with quadriplegia, received the implant on January 28, 2024; Musk reported a quick recovery and ‘promising neuron spike detection’ the following day.

    A month later, Musk said the patient, who is named Noland Arbaugh, could control a cursor mentally. Arbaugh shared 100-day positives in May 2024, calling it a success over prior tech. One of the largest benefits is that it allows him to operate his computer and other devices lying down, while he needed assistance for setup and repositioning with prior devices. He explained that the change gives him more freedom to live on his own time.

    The study’s next two participants were a patient who became paralyzed following a spinal cord injury from a diving accident and another who lost use of his limbs to ALS. The company issued an update on their progress in February 2025, with all three patients touting positive changes following the procedure.

    As of January 2026, Neuralink has now implanted devices in 21 trial participants across the US, Canada, the UK and the UAE.

    The UAE-PRIME trial began recruiting in May 2025 via the Cleveland Clinic Abu Dhabi, while the GB-PRIME study launched in Great Britain two months later.

    Neuralink is also conducting the CONVOY study in the US, announced in November 2024, testing the use of the implant to control an investigational assistive robotic arm. It is open to participants of the PRIME study.

    Meanwhile, the company received FDA breakthrough device designation for Blindsight, a capability being developed to generate visual perception by activating brain areas responsible for visual function, as well as for its speech restoration technology, in 2024 and 2025, respectively. Blindsight trials aimed at restoring vision for the blind are reportedly planned to begin soon in the UAE.

    Looking ahead, Musk says the company will begin high-volume chip production in 2026. In a January update, Neuralink shared plans to improve the implant, including raising electrodes from 1,000 to 3,000. It is also investigating a change to the surgical procedure that would reduce invasiveness by inserting the implant’s threads through the dura mater, the brain’s tough outer membrane.

    How to invest in Neuralink?

    With Neuralink continuing to move forward, how can investors get a piece of this up-and-coming technology?

    The firm has yet to go public, so purchasing Neuralink stock is not an option for many investors. However, there are still ways for investors to potentially profit from Neuralink’s growth before it goes public.

    The vast majority of Neuralink’s funding has come from venture capitalists and a handful of billion-dollar companies. Investors can gain indirect exposure to Neuralink before its IPO by buying publicly traded companies that have invested in the company. This includes Alphabet (NASDAQ:GOOGL), which has funded Neuralink via its subsidiary Google Ventures. This strategy captures potential upside from Neuralink’s growth.

    Those who qualify as accredited investors could also potentially invest in a Neuralink funding round. According to the SEC, an accredited investor must have a net worth of at least US$1 million, not including the value of their primary residence, or an annual income of at least US$200,000 for individuals and US$300,000 for married couples. There must also be a reasonable expectation of the same level of income in the year of filing.

    Individuals can also qualify as accredited investors if they are investment professionals in good standing. In that case, the SEC’s guidelines indicate that they need to hold either a general securities representative license, an investment advisor representative license or a private securities offerings representative license.

    Entities like banks, insurance companies or investment firms with total assets of at least US$5 million may also qualify as accredited investors. Certain types of entities, such as private business companies and small business investment companies, may be exempt from the standard asset value requirements for accredited investor status.

    It’s also worth noting that Neuralink is just one of several companies currently working on developing BCI technology:

      The potential for BCI to impact various industries such as robotics, medicine and biotech has generated a growing amount of interest and excitement. Additionally, heightened interest in the artificial intelligence (AI) sector has led to more research and exploration in related fields, and has attracted increased investment in fields benefiting from AI advancements, including robotics and medicine.

      AI is also being used as a tool to help discover new insights and make moves that might not have been possible without its use. Scientists in California have even developed a brain implant capable of decoding and vocalizing inner speech.

      Finally, one of the simplest ways to gain exposure to Neuralink would be through an exchange-traded fund (ETF) that invests in companies related to BCI technology. While there isn’t an ETF that exclusively focuses on BCIs, there are funds that offer exposure to related themes.

      In the health sector, some options covering similar themes include medical device ETFs and the iShares Healthcare Innovation ETF (LSE:HEAL,OTCPK:BLKIF), a fund that consists of companies that are developing new and innovative healthcare technologies.

      Two other options are the Global X Robotics & Artificial Intelligence ETF (NASDAQ:BOTZ), which includes companies that are involved in the development of robotics and AI, and the ARK Innovation ETF (ARCA:ARKK), which focuses on disruptive technologies across multiple industries, including healthcare and robotics.

      As with any investment decision, it’s important to perform due diligence on available options, including comparing ETFs, to ensure they align with one’s investment goals.

      Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.

      This post appeared first on investingnews.com

      Speaking against a backdrop of record-high gold and silver prices, Fabi Lara, creator of the Next Big Rush, delivered a timely reality check at this year’s Vancouver Resource Investment Conference.

      Addressing a packed room that included a noticeable influx of first-time attendees, she urged investors to balance excitement with discipline as the commodities bull market accelerates.

      Lara framed her talk around advice she would give her daughter based on hard-earned lessons from more than a decade in the resource sector, including surviving long stretches of disappointment before a surge.

      “What we’re going through this year is not normal,” she said. “We’re not usually this fat and happy and joyful. This is completely outside of what the last number of years have been.”

      Lara, often dubbed the “uranium girl” for her early conviction in the sector’s 2021 to 2022 rally, drew parallels between uranium’s past run and current moves in the gold and silver market.

      Prices, she warned, are rising so fast that even seasoned investors are uneasy.

      “The price is moving too quickly,” she said, noting that her presentation charts were outdated almost as soon as they were prepared. “That’s how quickly this market is moving.”

      During the conference, which ran from January 25 to 26, gold breached US$5,000 per ounce, while silver reached triple digits, continuing on even higher as the week continued. Ultimately, those high levels proved as unsustainable as Lara anticipated — by Monday (February 2) gold was sitting in the US$4,600 range, while silver was at US$79.

      What stage is the market in?

      While some investors see parabolic prices as a signal to exit entirely, Lara cautioned against all-or-nothing thinking. Instead, she emphasized understanding where the market sits within the broader arc of a bull cycle.

      Referencing Doug Casey’s framework, she outlined three phases: the stealth stage, the wall of worry and the mania.

      In her view, today’s market sits uncomfortably between the latter two.

      “Some people think we’re already in mania because of the price,” Lara said. “I don’t think we’re quite there yet.”

      She pointed to lagging indicators, including subdued valuations across the TSX Venture Exchange and conservative assumptions in mining feasibility studies, as signs that the cycle still has room to run.

      That said, Lara acknowledged the risks of complacency.

      She recounted stories of investors who rode bull markets too long, only to find “no bids” when they tried to exit. Her solution: gradual repositioning. “Don’t wait too long,” she said. “Start to leave your positions slowly.”

      For her own portfolio — and hypothetically, for her daughter’s — Lara favors selling in thirds rather than making dramatic moves. Trimming positions can relieve pressure without sacrificing exposure to further upside. Fully exiting, she warned, risks missing the very payoff investors have waited years to see.

      Equally important is what happens after selling. Holding large amounts of cash, Lara admitted, doesn’t suit every personality, especially active speculators.

      To impose discipline, she has redirected some profits into dividend-paying oil stocks held in a separate account. “You get paid to wait,” she said, calling oil historically cheap by multiple measures.

      Beyond precious metals, Lara highlighted emerging areas of interest among veteran investors.

      Copper is getting increasing attention, and will likely receive more if prices stay stable. Nickel remains overlooked, while oil continues to offer a combination of value and income that contrasts sharply with the volatility of junior miners.

      Ultimately, Lara framed successful investing as a psychological exercise as much as an analytical one.

      “Doing this well is a result of greed and fear,” she said. “In a bear market, you need to be greedy. In a bull market, you need to be somewhat fearful.”

      Her closing message for newcomers and longtime investors: participate, but don’t lose perspective. Bull markets reward patience and punish excess.

      “We’re all salespeople, including me,” Lara reminded the audience. “So don’t believe everything you hear.”

      Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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