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Global X Uranium ETF

Hard Assets the Place to Be in ’23: Kyrill Asatur, Centerfin (Szn 4, Ep. 34)

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Kyrill Asatur, co-founder and CEO of Centerfin, joins the podcast to discuss his view on asset allocation going into 2023: why he is bullish on hard assets like energy and bearish on fixed income — and why the inflationary environment is likely going to stick around.

Content Highlights

  • How Centerfin was set up coming into this year and what went into its contrarian decision to avoid fixed income (4:06);
  • Current views on the market after a tough year (5:25);
  • Centerfin’s take is to be long hard assets, including commodities and commodity-linked equities while continuing to avoid fixed income like bonds (7:44);
  • The environment is different now. There has been a regime change since 2017. Inflation can’t just be exported anymore (9:48);
  • There will likely be a recession. Once we emerge from it, leading industries will probably be different than they were in past recoveries (11:18);
  • Why Centerfin is bullish energy and how they are playing it (12:55);
  • Their chosen ETF to get exposure to clean energy (14:48);
  • There is no need to buy international (ex-US) energy stocks (16:36);
  • Short discussion on the concept of introducing different prices for different uses of energy (18:48);
  • Re-shoring from China with Apple (AAPL) moving all its production out of the country and how to potentially play that trend (20:46);
  • Background on the guest and what got him to start Centerfin (25:53);
  • Distressed investing remains out of reach for most investors but Centerfin is considering ways to change that… (30:52);
  • The bullish case for copper (39:13);
  • How best to gain exposure to uranium (40:00).

More on Kyrill Asatur and Centerfin

This podcast is for informational purposes only. Nothing here is intended as investment advice. Do your own research, make your own decisions.

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Hugh Hendry, OG Contrarian (Szn 4, Ep21)

Hugh Hendry is a man who needs no introduction to contrarians. Over the course of this 90-minute conversation, he provided many views on markets, the economy, the Federal Reserve, China, and a lot more. Of particular interest to investors are his bullish views on commodities, oil producers, and luxury goods makers…

Content Highlights

  • Hendry’s most contrarian opinion right off the bat: The Fed is not responsible for the asset price bubble (2:40);
  • “We find ourselves in the fourth depression of the last 200 years” after “les miserables” period of 1830 to ~1855, 1870 to the late 1890s, and the 1930s (8:11);
  • “I don’t think we have inflation.” Sales of non-discretionary items are not increasing (13:53);
  • Very few people understand money and money creation. What are they missing? (28:56);
  • What’s behind the stock market rally this summer? It may be commodities, at least in part… (39:49);
  • Markets are ‘bucking broncos.’ Volatility can be a major distraction and nothing happens in a straight line. But commodity producers and uranium should be in good shape over the long term (46:55);
  • Background on the guest. As an ‘OG contrarian’ Hendry joins an exclusive list (54:58);
  • A little insight into Hendry’s current life and psychology (1:10:40);
  • Betting on the Chinese yuan weakening (1:14:37);
  • The odds of the 10-year treasury making new lows (1:22:44);
  • China invading Taiwan? Hendry sets the odds at 20% and says China will never have a stronger bargaining positioning vis-a-vis the U.S (1:24:16).

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The Fallacy of Renewable Energy: Leigh Goehring, Goehring & Rozencwajg Associates (Szn 4, Ep 10)

Leigh Goehring, managing partner of Goehring & Rozencwajg, joins the podcast to discuss his view that most renewable energies are ineffective at reducing carbon output and pointless as investments.

Content Highlights

  • The consensus opinion is that renewable energy will solve many of the problems of CO2 production and energy needs. This is false (3:12);
  • The “terrible energy efficiency” associated with renewables will make the world poorer (5:00);
  • What is the problem with solar and wind and why are they so inefficient? (7:20);
  • It’s no coincidence that the energy crisis started in Germany, which is now forced to import coal (12:20);
  • Vaclav Smil and the premise that there has never been a new technology with inferior energy efficiency that displaced the old technology (13:59);
  • The ulterior motives behind China’s green energy push (18:33);
  • The “great hope” for a Moore’s Law of wind mills and solar panels is a fallacy. Input prices have declined because energy prices have (21:05);
  • Where does that leave electric cars? (25:00);
  • Background on the guest (33:42);
  • What parts of the energy industry are better targets for investment right now? Look to uranium for starters, “the perfect solution to our problems” (37:17);
  • Copper is “the quintessential green metal” also facing a supply/demand imbalance. Also agricultural commodities, grains, fertilizers, nitrogen, and potash (41:26);
  • Mosaic (MOS) is one of the world’s largest phosphate and potash producers, and a stock the guest is particularly bullish on — it trades at just 5x earnings versus 25x at the peak (47:07);
  • An agricultural crisis could soon be upon us, leading to hoarding of supplies (49:58).

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