Jim Mellon: wary of US stocks, bullish on energy and clean food

Billionaire investor Jim Mellon says US stocks are "way overpriced," noting the country holds about 3% of the global population but more than 60% of world market capitalization. He sees stretched valuations, record margin debt, and Big Tech firms doing much the same work as they pour money into AI data centers.

Mellon has been a big buyer of gold and silver, recommends holding the Japanese yen, and calls the energy sector "probably the best place to invest" as AI boosts demand for power-hungry data centers and strains grids. Mellon, who chairs a venture firm backing cultivated-food companies, wants to remake the food system with cellular agriculture and precision fermentation.

He argues producing "clean food" in bioreactors would reduce environmental harm, avoid issues from hormones, antibiotics, heavy metals, and microplastics, and could soon be cheaper than raising animals. "If I don't make any money out of this, it doesn't matter," he said of the mission.

United States

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