Free Weekly Email 11.6.24
More Bullish Than Ever On Uranium | Ben Finegold
Ben Finegold of Ocean Wall discusses his thesis on uranium and why he is more bullish than ever.
NEW ENERGY PIVOT: Platinum, Uranium & Coal Will Fuel the Future
As the world pivots to new energy sources, the role of traditional materials like platinum, uranium, and even coal is evolving. While electric vehicles and renewables are front and center in the narrative, these powerhouse resources are still critical to the energy landscape.
In this discussion, we explore how platinum is driving fuel cells, uranium is fueling clean nuclear energy, and coal’s role is shifting as the energy mix diversifies.
Tribeca Investment Partners | JMM & Tribeca Nuclear Energy Forum | 14 October 2024
Comment on Kazatomprom
“Anyone that believes their 2025 guidance, I'm telling you now. You heard it here. It's wrong! It's never going to get there. They'll be lucky to get flat year-on-year growth."
These African cities to double US$ centi-millionaires by 2040
Henley & Partners, an advisory firm for wealthy and ultra-wealthy individuals as well as governments trying to attract wealthy investors as residents, recently released The Centi-Millionaire Report 2024 which showed the Top 50 cities in the world for centi-millionaires.
No, the list did not include any African cities. But the report included “Cities to Watch” which was defined as:
These wealth hubs are worth keeping an eye on for companies operating in the luxury goods, wealth management, and hi-tech spaces.
Out of 66 cities forecast to grow centi-millionaires by 50% to 150%, eight of them are from Africa:
I have been bullish on Africa for years. However, it has not really paid off. Many places in Africa are still recovering from the pandemic. Nevertheless, it has many resources, and the demographics are favorable. There are 52 countries in Africa with a wide range of governance and various potentials.
I have a position in the newsletter in a private equity firm that invests in various African countries and businesses. The company partnered with Fairfax Capital in Canada to provide a conduit for investing institutional capital in Africa. The company had to deal with the pandemic and clean up the mess that a previous management created. They are now investing in areas like NBA Africa and various entertainment enterprises in Africa. The shares trade at a significant discount to NAV, and the management has had long-term success in Africa.
ISM is not confirming the stock market moves
The latest ISM manufacturing PMI dropped to 46.5 (vs expected 47.6) — which is a 16-month low.
One of these is wrong. Either the market is wrong and headed for a fall, or the ISM will head higher. It is also possible that the previous correlation is broken, and we are in a new world. However, I doubt it.
Argentina is the world’s best-performing stock market
Despite the run in Argentine stocks, they are still relatively cheap.
I own an Argentina-based stock in the AIA portfolio that should perform well if Argentina's reforms continue to lead to an economic turnaround. I am considering adding additional Argentina-based companies. The reforms President Milei has pushed through are beginning to take root. I have to admit that I am positively surprised he has been able to make the progress he has made.
Uranium and nuclear funds are now bigger than all other clean energy combined
I remain highly bullish on nuclear.
That is it for this week.
John Polomny
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