Will Thomson

Will Thomson Profile Photo

Managing Partner

Will Thomson is the Founder and Managing Partner of Massif Capital, which invests in liquid real assets across materials, energy, industrials and infrastructure.

Before starting Massif, Will co-managed a $750 million portfolio of credit and political risk insurance in the New York office of Chaucer, a Lloyd’s of London syndicate. He underwrote project finance credit risk across the real asset sector, wrote bespoke political risk policies for companies operating in emerging and frontier markets, and supported physical commodity traders on cross-border trades.

Earlier in his career, Will served as a strategic and economic adviser to NATO ISAF in Kabul. He advised senior military leadership on economic development, counter-corruption and planning for Afghanistan’s 2014 presidential election. He also has experience in private equity.

Will is a graduate of Trinity College and holds a master’s in government from Harvard University. He is a member of the Value Investors Club and has won or been a finalist in several investment contests, including Sohn and the VanBiema Small Cap Challenge hosted by SumZero. He consistently ranks among the top analysts on SumZero.

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Nov. 4, 2026

Mispriced Risk in Mining and Energy with Massif Capital’s Will Thomson

Massif Capital Managing Partner Will Thomson joins Jim Paterson and Brien Lundin for the first in-studio episode of Forward Looking Statements. His firm invests in liquid real assets across materials, energy, industrials and infrastructure, and it is built on one idea: the market misprices risk. Will came to resources by way of investment banking, a year in Afghanistan analyzing project economics and corruption, and a political risk insurance book serving commodity traders. He started Massif after hedge fund after hedge fund told him nobody makes money in mining. He explains why copper is still early in its cycle, why he backs management teams before commodity prices, and why the market is undervaluing gold miners’ free cash flow and European oil producers. His closing advice: look where other investors won’t even visit, because many of those geopolitical discounts aren’t deserved.
Guest: Will Thomson