Aaron Edelheit

In this episode, Marcelo Lopez spoke to cannabis investor Aaron Edelheit. Aaron has been doing extensive research in the cannabis sector and has a knack for opportunities, like the purchase of properties after the GFC. Aaron mentioned the similarities between the cannabis investment now and the property market in 2009. He also talked a lot about interstate commerce, which he views as a hindrance for the sector, and probably the most important thing at the moment. Besides, Aaron gave his opinion on legislation, schedule review, illegal production and much more. 

In this episode, Marcelo Lopez spoke to cannabis investor Aaron Edelheit. Aaron has been doing extensive research in the cannabis sector and has a knack for opportunities, like the purchase of properties after the GFC. Aaron mentioned the similarities between the cannabis investment now and the property market in 2009. He also talked a lot about interstate commerce, which he views as a hindrance for the sector, and probably the most important thing at the moment. Besides, Aaron gave his opinion on legislation, schedule review, illegal production and much more.

Podcast #3: Aaron Edelheit - Cannabis

Jesse Redmond

In this episode, Marcelo Lopez had a very interesting conversation with Jesse Redmond, Head of Cannabis Research at Water Tower Research. Jesse discussed the current situation of the cannabis market in the USA and the investment perspectives. Redmond also explained the role states play in this universe, the existing political catalysts, including SAFE Banking Act, schedule review, tax-related issues, and what to expect from the Garland memo.

In this episode, Marcelo Lopez had a very interesting conversation with Jesse Redmond, Head of Cannabis Research at Water Tower Research. Jesse discussed the current situation of the cannabis market in the USA and the investment perspectives. Redmond also explained the role states play in this universe, the existing political catalysts, including SAFE Banking Act, schedule review, tax-related issues, and what to expect from the Garland memo.

Podcast #2: Jesse Redmond

Jim Grant

In this episode, Marcelo Lopez had a very interesting conversation with Jim Grant, founder and editor of Grant’s Interest Rate Observer. Jim talked about the many risks that are present in the markets today, from private equity to high yield bonds. Besides, Jim gave his views on interest rates and inflation, and its potential impacts in the economy. He also lecture us about his preferred commodity, gold, and talked about nuclear energy and uranium. Last but not least, he left us with 3 excellent book recommendations. 

In this episode, Marcelo Lopez had a very interesting conversation with Jim Grant, founder and editor of Grant’s Interest Rate Observer. Jim talked about the many risks that are present in the markets today, from private equity to high yield bonds. Besides, Jim gave his views on interest rates and inflation, and its potential impacts in the economy. He also lecture us about his preferred commodity, gold, and talked about nuclear energy and uranium. Last but not least, he left us with 3 excellent book recommendations.

Podcast #1: Jim Grant

Mark Nelson

In today's episode, Marcelo López spoke with Mark Nelson, executive director of the Radiant Energy Fund, a non-profit organization focused on the energy market. Mark is a nuclear engineer who started his career working with the famous Michael Shellenberger, author of the book “Apocalypse Never” and a great defender of nuclear energy as a source of clean and sustainable energy. Nelson spoke about ESG investments – these are investments in line with best practices regarding environmental, social and corporate governance aspects. Mark questioned the ESG title that giants in a few sectors, especially technology, claim they hold . Mark explained in detail how energy is a topic of great relevance, but it is not given the proper credit. Mark also explained the cultural war being waged against nuclear energy and its impacts on the world and told us how to deal with differences of opinion in communication. When asked how wind and solar power would have supposedly gotten cheaper in recent years, while people who live in regions where there is a lot of availability of these types of energy sources end up paying more for electricity, Mark gave a surprising explanation. He demonstrated that the metric used by the sector is wrong and misleading (LCOE -levelized cost of energy) and gave a fantastic example to substantiate his point. Mark also spoke about the situation in France, the anti-nuclear youth movement today, its origins and how to deal with the issue. In addition, it addressed an interesting item, the reverse carbon tax. Nelson also spoke about the German situation and the major problem that nuclear energy will have to face in that country. Finally, Mark explained, from his point of view, why it is easier to develop nuclear projects and build atomic reactors in Asian countries than in Western countries.

In today's episode, Marcelo López spoke with Mark Nelson, executive director of the Radiant Energy Fund, a non-profit organization focused on the energy market. Mark is a nuclear engineer who started his career working with the famous Michael Shellenberger, author of the book “Apocalypse Never” and a great defender of nuclear energy as a source of clean and sustainable energy. Nelson spoke about ESG investments – these are investments in line with best practices regarding environmental, social and corporate governance aspects. Mark questioned the ESG title that giants in a few sectors, especially technology, claim they hold . Mark explained in detail how energy is a topic of great relevance, but it is not given the proper credit. Mark also explained the cultural war being waged against nuclear energy and its impacts on the world and told us how to deal with differences of opinion in communication. When asked how wind and solar power would have supposedly gotten cheaper in recent years, while people who live in regions where there is a lot of availability of these types of energy sources end up paying more for electricity, Mark gave a surprising explanation. He demonstrated that the metric used by the sector is wrong and misleading (LCOE -levelized cost of energy) and gave a fantastic example to substantiate his point. Mark also spoke about the situation in France, the anti-nuclear youth movement today, its origins and how to deal with the issue. In addition, it addressed an interesting item, the reverse carbon tax. Nelson also spoke about the German situation and the major problem that nuclear energy will have to face in that country. Finally, Mark explained, from his point of view, why it is easier to develop nuclear projects and build atomic reactors in Asian countries than in Western countries.

Podcast #35: Mark Nelson - Energy and ESG

Brandon Munro

In today's episode, Marcelo López spoke with Brandon Munro, CEO of Bannerman Resources, a company listed on the Australian stock exchange, ASX, focused on the exploration and development of uranium mines in Namibia. Brandon, a frequent participant in the L2 Capital podcasts, returned to discuss important topics such as the restart of the Cigar Lake mine, the 20% cut in Kazatomprom's estimated production for 2022, the World Nuclear Association (WNA) Symposium, the latest developments in the spot market, the situation in Iran at the moment and the latest news from Bannerman Resources. Marcelo had already mentioned in the last podcast recorded with Munro, in early June, that he expected the production of Cigar Lake to return this year and Brandon starts talking about the stock market's response to Cameco's announcement. The reopening procedures of the mine that had been closed due to the pandemic are due to start in September. Brandon also discusses the decision of Kazatomprom, the world's largest uranium miner, to reduce the estimated production of the metal by 20% in 2022 and the importance of this attitude for the market. Munro talks about the consequences of this and the possible repercussions for the coming years. He comments on the uranium spot market, the main factors that are affecting the price at the moment and how real investors are reacting. Brandon explains that the WNA (World Nuclear Association) Symposium will be virtual this year and discusses what the implications will be for nuclear fuel buyers and sellers. Munro also talks about the Iran sanctions waivers, which end on August 27, and what the United States are doing about it. Finally, Brandon talks about the changes at Bannerman Resources and how it can affect the company and investors' view of it.

In today's episode, Marcelo López spoke with Brandon Munro, CEO of Bannerman Resources, a company listed on the Australian stock exchange, ASX, focused on the exploration and development of uranium mines in Namibia. Brandon, a frequent participant in the L2 Capital podcasts, returned to discuss important topics such as the restart of the Cigar Lake mine, the 20% cut in Kazatomprom's estimated production for 2022, the World Nuclear Association (WNA) Symposium, the latest developments in the spot market, the situation in Iran at the moment and the latest news from Bannerman Resources. Marcelo had already mentioned in the last podcast recorded with Munro, in early June, that he expected the production of Cigar Lake to return this year and Brandon starts talking about the stock market's response to Cameco's announcement. The reopening procedures of the mine that had been closed due to the pandemic are due to start in September. Brandon also discusses the decision of Kazatomprom, the world's largest uranium miner, to reduce the estimated production of the metal by 20% in 2022 and the importance of this attitude for the market. Munro talks about the consequences of this and the possible repercussions for the coming years. He comments on the uranium spot market, the main factors that are affecting the price at the moment and how real investors are reacting. Brandon explains that the WNA (World Nuclear Association) Symposium will be virtual this year and discusses what the implications will be for nuclear fuel buyers and sellers. Munro also talks about the Iran sanctions waivers, which end on August 27, and what the United States are doing about it. Finally, Brandon talks about the changes at Bannerman Resources and how it can affect the company and investors' view of it.

Podcast #34: Brandon Munro - Uranium

Tavi Costa

Fernando Ulrich

Fernando Ulrich e Tavi Costa

No episódio de hoje, segunda parte de uma conversa que foi dividida em duas, Marcelo López conversou com Fernando Ulrich, sócio da Liberta Investimentos, e com Otávio Costa, mais conhecido como Tavi, portfolio manager da Crescat Capital. Marcelo começa falando do atual estado dos mercados e de uma possível bolha que está se formando nas bolsas pelo mundo afora, especialmente após a entrada mais expressiva do varejo. López cita o exemplo da Tesla e compara o patrimônio de Warren Buffett com o de Elon Musk, sugerindo que isso pode ser um indicador. Fernando menciona alguns exemplos de empresas que estão quebradas e viram suas ações disparar nos últimos meses, como resultado de aplicativos como Robin Hood. Tavi comenta sobre frases como “fundamentos não importam” e as críticas ao Warren Buffett. Nesse contexto, ele discute sobre a solidez dos fundamentos da economia e, mais especificamente, sobre o mercado de mineração, os setores bancários, imobiliário e de tecnologia. Fernando faz uma provocação dizendo que o mercado só está subindo por causa do Fed e dos estímulos dos bancos centrais. Marcelo fala sobre a tese de investimento em urânio e da assimetria favorável ao investidor paciente e compara com a relação risco x retorno no caso dos investimentos em tecnologia. Tavi complementa os argumentos e conclusões com alguns exemplos e mostra que a dívida das empresas está alta e continua subindo e faz um questionamento com relação ao mercado de urânio e de commodities em geral. Marcelo explica em mais detalhes o mercado de urânio, salienta aspectos ligados ao crescimento do mercado consumidor (reatores nucleares) e aos cortes de produção das mineradoras. Ele ainda destaca haver um déficit crescente entre oferta e demanda e acredita que o ajuste será feito por meio do preço do metal. Marcelo também conta sobre a Coca-Cola e o que realmente está mudando nas empresas, e contrasta o aumento do endividamento e das recompras de ações com as receitas e margens dos negócios. López pergunta sobre a visão dos convidados sobre bolsa, dólar e taxa juros. Tavi chama a atenção para o estresse no câmbio dos mercados emergentes e destaca problemas na economia chinesa que podem repercutir pelo mundo afora. Fernando discute os impactos da atual taxa de juros no Brasil e da situação fiscal no câmbio, além das consequências da volatilidade na moeda, e defende uma mudança na meta de inflação. Marcelo traz à discussão o tema bitcoin e Fernando explica o racional por trás da sua tese de investimento, que foca primeiro em reserva de valor e depois em meio de troca. Tavi também dá sua opinião sobre a moeda digital e sobre uma possível forma de diversificação.

No episódio de hoje, segunda parte de uma conversa que foi dividida em duas, Marcelo López conversou com Fernando Ulrich, sócio da Liberta Investimentos, e com Otávio Costa, mais conhecido como Tavi, portfolio manager da Crescat Capital. Marcelo começa falando do atual estado dos mercados e de uma possível bolha que está se formando nas bolsas pelo mundo afora, especialmente após a entrada mais expressiva do varejo. López cita o exemplo da Tesla e compara o patrimônio de Warren Buffett com o de Elon Musk, sugerindo que isso pode ser um indicador. Fernando menciona alguns exemplos de empresas que estão quebradas e viram suas ações disparar nos últimos meses, como resultado de aplicativos como Robin Hood. Tavi comenta sobre frases como “fundamentos não importam” e as críticas ao Warren Buffett. Nesse contexto, ele discute sobre a solidez dos fundamentos da economia e, mais especificamente, sobre o mercado de mineração, os setores bancários, imobiliário e de tecnologia. Fernando faz uma provocação dizendo que o mercado só está subindo por causa do Fed e dos estímulos dos bancos centrais. Marcelo fala sobre a tese de investimento em urânio e da assimetria favorável ao investidor paciente e compara com a relação risco x retorno no caso dos investimentos em tecnologia. Tavi complementa os argumentos e conclusões com alguns exemplos e mostra que a dívida das empresas está alta e continua subindo e faz um questionamento com relação ao mercado de urânio e de commodities em geral. Marcelo explica em mais detalhes o mercado de urânio, salienta aspectos ligados ao crescimento do mercado consumidor (reatores nucleares) e aos cortes de produção das mineradoras. Ele ainda destaca haver um déficit crescente entre oferta e demanda e acredita que o ajuste será feito por meio do preço do metal. Marcelo também conta sobre a Coca-Cola e o que realmente está mudando nas empresas, e contrasta o aumento do endividamento e das recompras de ações com as receitas e margens dos negócios. López pergunta sobre a visão dos convidados sobre bolsa, dólar e taxa juros. Tavi chama a atenção para o estresse no câmbio dos mercados emergentes e destaca problemas na economia chinesa que podem repercutir pelo mundo afora. Fernando discute os impactos da atual taxa de juros no Brasil e da situação fiscal no câmbio, além das consequências da volatilidade na moeda, e defende uma mudança na meta de inflação. Marcelo traz à discussão o tema bitcoin e Fernando explica o racional por trás da sua tese de investimento, que foca primeiro em reserva de valor e depois em meio de troca. Tavi também dá sua opinião sobre a moeda digital e sobre uma possível forma de diversificação.

Podcast # 33B: Fernando Ulrich e Tavi Costa – economia e finanças

No episódio de hoje, primeira parte de uma conversa que foi dividida em duas, Marcelo López conversou com Fernando Ulrich, sócio da Liberta Investimentos, e com Otávio Costa, mais conhecido como Tavi, portfolio manager da Crescat Capital. Tavi começa discutindo sobre os 3 itens que ele e a Crescat estavam acompanhando desde o ano passado: a situação na China, os metais preciosos e a bolha nos mercados internacionais. Ele fala sobre sua expectativa em torno dos estímulos monetários e discorre sobre o impacto disso nos metais preciosos. Fernando completa o raciocínio com sua visão mais macro e questiona sobre a conversibilidade do dólar de Hong Kong e os impactos na economia local. Tavi fala sobre os hedges que a Crescat Capital está usando no momento e suas expectativas sobre o futuro da economia chinesa. Ulrich então traz suas expectativas com relação a tão sonhada recuperação em “V” das economias mundiais e compara com o pensamento corrente. Ele fala sobre o business cycle, indicadores antecedentes e sobre a rápida queda e retorno dos mercados internacionais. Marcelo expõe sua visão de que essa é uma crise de solvência, não de liquidez, e que a impressão de dinheiro desenfreada não vai resolver o problema. Tavi completa com sua opinião sobre a atual crise e destaca alguns setores estão sendo prejudicados mais do que outros, além de comparar o setor de tecnologia com o setor de bancos. Fernando diz que ainda tem muita coisa para acontecer em termos de “saneamento financeiro” e elabora sobre o tema, citando exemplos como o da Boeing. Além disso, ele levanta o questionamento sobre inflação e deflação. Marcelo conta sobre o respeito que tem pelo mercado de bonds e diz que ainda não está claro o caminho que o mundo vai seguir, ou seja, se haverá inflação ou deflação. Nesse confronto, ele traz bons argumentos para ambos. Do lado da inflação, há a impressão de dinheiro absurda, do lado da deflação, existe o icônico caso Japão, que vem imprimindo dinheiro há décadas, sem que a inflação incomodasse.

No episódio de hoje, primeira parte de uma conversa que foi dividida em duas, Marcelo López conversou com Fernando Ulrich, sócio da Liberta Investimentos, e com Otávio Costa, mais conhecido como Tavi, portfolio manager da Crescat Capital. Tavi começa discutindo sobre os 3 itens que ele e a Crescat estavam acompanhando desde o ano passado: a situação na China, os metais preciosos e a bolha nos mercados internacionais. Ele fala sobre sua expectativa em torno dos estímulos monetários e discorre sobre o impacto disso nos metais preciosos. Fernando completa o raciocínio com sua visão mais macro e questiona sobre a conversibilidade do dólar de Hong Kong e os impactos na economia local. Tavi fala sobre os hedges que a Crescat Capital está usando no momento e suas expectativas sobre o futuro da economia chinesa. Ulrich então traz suas expectativas com relação a tão sonhada recuperação em “V” das economias mundiais e compara com o pensamento corrente. Ele fala sobre o business cycle, indicadores antecedentes e sobre a rápida queda e retorno dos mercados internacionais. Marcelo expõe sua visão de que essa é uma crise de solvência, não de liquidez, e que a impressão de dinheiro desenfreada não vai resolver o problema. Tavi completa com sua opinião sobre a atual crise e destaca alguns setores estão sendo prejudicados mais do que outros, além de comparar o setor de tecnologia com o setor de bancos. Fernando diz que ainda tem muita coisa para acontecer em termos de “saneamento financeiro” e elabora sobre o tema, citando exemplos como o da Boeing. Além disso, ele levanta o questionamento sobre inflação e deflação. Marcelo conta sobre o respeito que tem pelo mercado de bonds e diz que ainda não está claro o caminho que o mundo vai seguir, ou seja, se haverá inflação ou deflação. Nesse confronto, ele traz bons argumentos para ambos. Do lado da inflação, há a impressão de dinheiro absurda, do lado da deflação, existe o icônico caso Japão, que vem imprimindo dinheiro há décadas, sem que a inflação incomodasse.

Podcast #33 (A): Fernando Ulrich e Tavi Costa

In today's episode, Marcelo López spoke to Brandon Munro, CEO of Bannerman Resources, a company listed on the Australian stock exchange, ASX, focused on the exploration and development of uranium mines in Namibia. Brandon, who has participated in L2 Capital's Podcasts # 05, # 14 and # 18, returned to discuss the Russian Suspension Agreement (RSA), the Iran waivers and the outcome of the Nuclear Fuel Working Group (NFWG). Munro starts by explaining what the Russian Suspension Agreement (RSA) is in a very clear and objective way. Then, when asked about a potential disruption in the supply of nuclear fuel to the US due to this suspension as early as 2021, Brandon explains what can be done to mitigate this situation. He also discusses the Corfu Declaration, an agreement similar to the RSA, but in Europe, and its practical effects. Through this Declaration, Russia would be unable to supply more than 20% of Europe’s enriched uranium demand. Brandon explains how global regulation and control of uranium is carried out in the context of the global nuclear fuel supply chain, as uranium can be mined in Australia, converted and enriched in Russia, produced as a fuel in Sweden and be used in an American reactor. Brandon comments on the situation in Iran, the agreement signed by President Obama, the US discontentment and subsequent withdrawal from that agreement, on the waivers granted to some companies, the recent withdrawal of three of these waivers and the consequences this could have. Munro also talks about the release of the Nuclear Fuel Working Group (NFWG) report at the end of April, its main points, the consequences for the global nuclear industry and, specifically, for the USA. Finally, Brandon and Marcelo discuss Cigar Lake, the Cameco mine whose production was suspended this year, the movement in Port Hope and the difficulties that traders are facing to find uranium in the midst of this bull market.

In today's episode, Marcelo López spoke to Brandon Munro, CEO of Bannerman Resources, a company listed on the Australian stock exchange, ASX, focused on the exploration and development of uranium mines in Namibia. Brandon, who has participated in L2 Capital's Podcasts # 05, # 14 and # 18, returned to discuss the Russian Suspension Agreement (RSA), the Iran waivers and the outcome of the Nuclear Fuel Working Group (NFWG). Munro starts by explaining what the Russian Suspension Agreement (RSA) is in a very clear and objective way. Then, when asked about a potential disruption in the supply of nuclear fuel to the US due to this suspension as early as 2021, Brandon explains what can be done to mitigate this situation. He also discusses the Corfu Declaration, an agreement similar to the RSA, but in Europe, and its practical effects. Through this Declaration, Russia would be unable to supply more than 20% of Europe’s enriched uranium demand. Brandon explains how global regulation and control of uranium is carried out in the context of the global nuclear fuel supply chain, as uranium can be mined in Australia, converted and enriched in Russia, produced as a fuel in Sweden and be used in an American reactor. Brandon comments on the situation in Iran, the agreement signed by President Obama, the US discontentment and subsequent withdrawal from that agreement, on the waivers granted to some companies, the recent withdrawal of three of these waivers and the consequences this could have. Munro also talks about the release of the Nuclear Fuel Working Group (NFWG) report at the end of April, its main points, the consequences for the global nuclear industry and, specifically, for the USA. Finally, Brandon and Marcelo discuss Cigar Lake, the Cameco mine whose production was suspended this year, the movement in Port Hope and the difficulties that traders are facing to find uranium in the midst of this bull market.

Podcast #32: Brandon Munro - Uranium

No episódio de hoje, Marcelo López conversou com Rodrigo Constantino, chairman do Instituto Liberal, autor de vários livros famosos e comentarista no programa 3 em 1 na Jovem Pan. Rodrigo começa falando sobre os efeitos econômicos do isolamento e distanciamento social causados pela pandemia do coronavírus no mundo. Em seguida, ele que já trabalhou com o atual ministro da economia Paulo Guedes, nos conta sobre o backgroundintelectual do ministro e comenta sobre os efeitos da pandemia no Brasil e da enorme oportunidade que o país tem no momento de fazer o dever de casa e se sair bem. Constantino expõe sua visão sobre a situação econômica do país e sobre a relação entre Paulo Guedes e Bolsonaro. Nesse contexto, ele avalia as possibilidades de haver um desmantelamento de parte da equipe econômica do governo, tendo em vista fatores como a situação histórica do Brasil, a política do Centrão e o corporativismo brasileiro. Em referência a um episódio recente, Rodrigo explica a situação da saída do ex-ministro Moro do governo, suas razões (ou falta delas) e implicações políticas para ele e o presidente. Constantino traz sua opinião sobre a atual situação chinesa com relação a Hong Kong e Taiwan, e como o mundo está lidando com isso. O sistema vigorante até pouco tempo era o de 1 país, 2 sistemas, e a democracia sempre foi um ponto importante em Hong Kong. Como economista, Rodrigo discute sobre a recente desvalorização da moeda brasileira, o real, e suas consequências disso para o país. Rodrigo, como libertário que é, dá sua opinião sobre o bitcoin, a principal criptomoeda do mundo. Aliás, esse foi um ponto interessante e controverso da discussão. Por fim, Constantino comenta sobre um de seus livros, intitulado “Brasileiro é otário?”, explicando por que o tão famoso jeitinho brasileiro é, na verdade, uma draga para o desenvolvimento do país.

No episódio de hoje, Marcelo López conversou com Rodrigo Constantino, chairman do Instituto Liberal, autor de vários livros famosos e comentarista no programa 3 em 1 na Jovem Pan. Rodrigo começa falando sobre os efeitos econômicos do isolamento e distanciamento social causados pela pandemia do coronavírus no mundo. Em seguida, ele que já trabalhou com o atual ministro da economia Paulo Guedes, nos conta sobre o backgroundintelectual do ministro e comenta sobre os efeitos da pandemia no Brasil e da enorme oportunidade que o país tem no momento de fazer o dever de casa e se sair bem. Constantino expõe sua visão sobre a situação econômica do país e sobre a relação entre Paulo Guedes e Bolsonaro. Nesse contexto, ele avalia as possibilidades de haver um desmantelamento de parte da equipe econômica do governo, tendo em vista fatores como a situação histórica do Brasil, a política do Centrão e o corporativismo brasileiro. Em referência a um episódio recente, Rodrigo explica a situação da saída do ex-ministro Moro do governo, suas razões (ou falta delas) e implicações políticas para ele e o presidente. Constantino traz sua opinião sobre a atual situação chinesa com relação a Hong Kong e Taiwan, e como o mundo está lidando com isso. O sistema vigorante até pouco tempo era o de 1 país, 2 sistemas, e a democracia sempre foi um ponto importante em Hong Kong. Como economista, Rodrigo discute sobre a recente desvalorização da moeda brasileira, o real, e suas consequências disso para o país. Rodrigo, como libertário que é, dá sua opinião sobre o bitcoin, a principal criptomoeda do mundo. Aliás, esse foi um ponto interessante e controverso da discussão. Por fim, Constantino comenta sobre um de seus livros, intitulado “Brasileiro é otário?”, explicando por que o tão famoso jeitinho brasileiro é, na verdade, uma draga para o desenvolvimento do país.

Podcast #31: Rodrigo Constantino - economia e política no Brasil

Adam Rozencwajg

In today's episode, Marcelo López talked to Adam Rozencwajg, managing partner at Goehring &amp; Rozencwajg, a company specialized in natural resource investments, such as mining, energy and agriculture. Adam explains the model developed by G&amp;R to understand the dynamic of the shale oil production in the United States and the conclusions drawn regarding the level of productivity and quality of each oil well. Rozencwajg talks about the price war between Russia and Saudi Arabia and the impact that the clash has had on the oil market. He mentions the strengths and weaknesses that each side has in this dispute, such as, for example, the ability to deal with low prices, oil price needed to balance the budget and the influence of the currency on the costs and profitability of oil companies. Adam comments on the impact that the COVID-19 pandemic is having on world oil demand and stocks so far and his expectations going forward. In the face of low oil prices, Rozencwajg discusses the ability of U.S. shale producers to continue to pump oil after price normalization and highlights the role and importance that shale has in meeting global energy demands. Adam explains the behaviour of prices in the oil futures market, which is currently in contango, and the possibility of returning to backwardation. Rozencwajg comments on the discrepancies he has found and as well as the upcoming potential opportunities in the oil and gas companies, then finally, on what is important to take into account when analyzing the sector now. As for the gold-oil ratio, which represents the ratio between the price of gold and the price of a barrel of oil, Adam acknowledges that it is at a very high level and gives his interpretation to the number and how it can be an indicator for positioning in shares of the energy sector in relation to the shares of producers of the precious metal. Another index, the gold-silver ratio, (which is the ratio between the price of gold and that of silver), also at multi-year high levels, is discussed with Adam, who believes one has to have exposure to precious metals and the shares of companies that produce them. Finally, Rozencwajg talks about uranium, the fundamentals of the sector and his expectations for the price of the commodity.

In today's episode, Marcelo López talked to Adam Rozencwajg, managing partner at Goehring &amp; Rozencwajg, a company specialized in natural resource investments, such as mining, energy and agriculture. Adam explains the model developed by G&amp;R to understand the dynamic of the shale oil production in the United States and the conclusions drawn regarding the level of productivity and quality of each oil well. Rozencwajg talks about the price war between Russia and Saudi Arabia and the impact that the clash has had on the oil market. He mentions the strengths and weaknesses that each side has in this dispute, such as, for example, the ability to deal with low prices, oil price needed to balance the budget and the influence of the currency on the costs and profitability of oil companies. Adam comments on the impact that the COVID-19 pandemic is having on world oil demand and stocks so far and his expectations going forward. In the face of low oil prices, Rozencwajg discusses the ability of U.S. shale producers to continue to pump oil after price normalization and highlights the role and importance that shale has in meeting global energy demands. Adam explains the behaviour of prices in the oil futures market, which is currently in contango, and the possibility of returning to backwardation. Rozencwajg comments on the discrepancies he has found and as well as the upcoming potential opportunities in the oil and gas companies, then finally, on what is important to take into account when analyzing the sector now. As for the gold-oil ratio, which represents the ratio between the price of gold and the price of a barrel of oil, Adam acknowledges that it is at a very high level and gives his interpretation to the number and how it can be an indicator for positioning in shares of the energy sector in relation to the shares of producers of the precious metal. Another index, the gold-silver ratio, (which is the ratio between the price of gold and that of silver), also at multi-year high levels, is discussed with Adam, who believes one has to have exposure to precious metals and the shares of companies that produce them. Finally, Rozencwajg talks about uranium, the fundamentals of the sector and his expectations for the price of the commodity.

Podcast #30: Adam Rozencwajg - commodities

Welcome to the L2 Capital Podcast, focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

L2 Capital

In today's episode, Marcelo López talked to Otávio Costa, better known in the financial markets as Tavi Costa. Tavi is a portfolio manager at Crescat Capital and he is responsible for macro research. Tavi begins by talking about his trajectory in the financial markets and tells us more about Crescat Capital, an American company that manages hedge funds. He has been working for this company for the past 6 years. Then Tavi talks about the main topics he's looking at right now and gives us an overview of those topics. Tavi then discusses each of the themes in more detail, exploring historical data and using Crescat's proprietary models. He has a very interesting insight into the US position in the current cycle, and presents data to justify his opinion. When it comes to precious metals, Tavi discusses the current scenario and outlook for the sector. Also, Tavi talks about the relationship between the US Dollar and gold, with a very different point of view from the market. Tavi also talks about China, likely future developments in that country, and what Crescat Capital is doing now. Finally, Tavi reviews his investment thesis and says what can make him change his mind about his investment positions.

In today's episode, Marcelo López talked to Otávio Costa, better known in the financial markets as Tavi Costa. Tavi is a portfolio manager at Crescat Capital and he is responsible for macro research. Tavi begins by talking about his trajectory in the financial markets and tells us more about Crescat Capital, an American company that manages hedge funds. He has been working for this company for the past 6 years. Then Tavi talks about the main topics he's looking at right now and gives us an overview of those topics. Tavi then discusses each of the themes in more detail, exploring historical data and using Crescat's proprietary models. He has a very interesting insight into the US position in the current cycle, and presents data to justify his opinion. When it comes to precious metals, Tavi discusses the current scenario and outlook for the sector. Also, Tavi talks about the relationship between the US Dollar and gold, with a very different point of view from the market. Tavi also talks about China, likely future developments in that country, and what Crescat Capital is doing now. Finally, Tavi reviews his investment thesis and says what can make him change his mind about his investment positions.

Podcast #21: Tavi Costa - Macro Research

Harris Kupperman

In today's episode, Marcelo López talked to Harris Kupperman, mostly known as Kuppy. Harris is the founder of Pretorium Capital and is famous for being a fund manager with unconventional investment ideas, some of which he writes in the blog “Adventures in Capitalism” (https://adventuresincapitalism.com/). He is always looking for asymmetrical investment opportunities in sectors that are disregarded or even scorned by most investors, which generally end up being the ones with huge potential for appreciation. Initially, Kuppy discusses his views of the current market and system situation, the possibility of a crash, the factors involved, inflation, central bank performance and comments on what he calls Ponzi stocks. In this context, Kupperman discusses private equity, the preference of institutional investors for businesses involving privately held companies to the detriment of publicly traded ones, players' perception of volatility and the risks involved in this type of market. Kuppy talks about being short on the market under current circumstances and how he prefers to be long on some assets as a way to position himself for a market turnaround. From this perspective, he presents the investment thesis of the second largest position in his portfolio, with considerations on micro and macroeconomic aspects, which show his thinking when seeking investments. Harris also compares the latest financial crisis of 2007-08 against the current scenario, with considerations and analysis of interest rates, defaults, the real estate and mortgage markets. Kuppy talks about commodities and explains why he believes they are the biggest investment opportunity at the moment. On this occasion, he highlights uranium and its peculiarities. Kupperman, who participated in the last uranium bull market, describes the factors that influenced the last cycle of appreciation of the commodity, and draws a comparison with the current situation in the sector. Harris explains the investment thesis involving shipping companies, which today is the largest position in his portfolio. He highlights the cyclical behavior of the industry and the factors that may be critical to a huge appreciation of companies in this industry.

In today's episode, Marcelo López talked to Harris Kupperman, mostly known as Kuppy. Harris is the founder of Pretorium Capital and is famous for being a fund manager with unconventional investment ideas, some of which he writes in the blog “Adventures in Capitalism” (<a href="https://adventuresincapitalism.com/" rel="nofollow" target="_blank">https://adventuresincapitalism.com/</a>). He is always looking for asymmetrical investment opportunities in sectors that are disregarded or even scorned by most investors, which generally end up being the ones with huge potential for appreciation. Initially, Kuppy discusses his views of the current market and system situation, the possibility of a crash, the factors involved, inflation, central bank performance and comments on what he calls Ponzi stocks. In this context, Kupperman discusses private equity, the preference of institutional investors for businesses involving privately held companies to the detriment of publicly traded ones, players' perception of volatility and the risks involved in this type of market. Kuppy talks about being short on the market under current circumstances and how he prefers to be long on some assets as a way to position himself for a market turnaround. From this perspective, he presents the investment thesis of the second largest position in his portfolio, with considerations on micro and macroeconomic aspects, which show his thinking when seeking investments. Harris also compares the latest financial crisis of 2007-08 against the current scenario, with considerations and analysis of interest rates, defaults, the real estate and mortgage markets. Kuppy talks about commodities and explains why he believes they are the biggest investment opportunity at the moment. On this occasion, he highlights uranium and its peculiarities. Kupperman, who participated in the last uranium bull market, describes the factors that influenced the last cycle of appreciation of the commodity, and draws a comparison with the current situation in the sector. Harris explains the investment thesis involving shipping companies, which today is the largest position in his portfolio. He highlights the cyclical behavior of the industry and the factors that may be critical to a huge appreciation of companies in this industry.

Podcast #23: Harris Kupperman - Opportunities

Mark Gordon

In today's episode, Marcelo López spoke with Mark Gordon, CIO of the Ascent Oil Fund. Before taking his current position, Mark worked for companies such as Goldman Sachs, Soros Fund Management and Janus Henderson, where he focused on investments linked to the energy sector. Mark explains that the Ascent Oil Fund was formed under the view that there will be a migration in the oil market’s perception from abundance to scarcity, which will cause shares of companies in the sector to rise substantially. In the context of recent tensions involving the US and Iran, Gordon explains how conflicts in the Middle East may or may not impact oil prices, depending on the factors involved. From a historical perspective, Mark discusses the role that perception and sentiment, regarding oil scarcity or abundance, plays on prices and market performance. He also lists the reasons why he believes we are in a transition period in regards to this sentiment. Gordon still contrasts the inventory and sentiment factors from the point of view of their influence on the price of the commodity and its related assets. Mark talks about shale companies, highlighting the operational and financial aspects compared to conventional oil companies, their advantages and also points criticised by analysts. After that he puts forward his expectations for the industry. On the recent performance of oil and gas stocks, Gordon provides insights into the possible reasons for the poor performance of securities, especially the E&amp;P ones, even amid higher oil prices. Mark brings a totally unexpected perspective on the impact that electric vehicles have on the oil sector and the consequences he sees on the development of the EV industry. Finally, Gordon talks about how he is investing to capture what he believes to be a turnaround in the oil and gas industry, highlighting the types of companies he is fond of in the current scenario and the ones he believes should benefit from the change in sentiment, from abundance to scarcity.

In today's episode, Marcelo López spoke with Mark Gordon, CIO of the Ascent Oil Fund. Before taking his current position, Mark worked for companies such as Goldman Sachs, Soros Fund Management and Janus Henderson, where he focused on investments linked to the energy sector. Mark explains that the Ascent Oil Fund was formed under the view that there will be a migration in the oil market’s perception from abundance to scarcity, which will cause shares of companies in the sector to rise substantially. In the context of recent tensions involving the US and Iran, Gordon explains how conflicts in the Middle East may or may not impact oil prices, depending on the factors involved. From a historical perspective, Mark discusses the role that perception and sentiment, regarding oil scarcity or abundance, plays on prices and market performance. He also lists the reasons why he believes we are in a transition period in regards to this sentiment. Gordon still contrasts the inventory and sentiment factors from the point of view of their influence on the price of the commodity and its related assets. Mark talks about shale companies, highlighting the operational and financial aspects compared to conventional oil companies, their advantages and also points criticised by analysts. After that he puts forward his expectations for the industry. On the recent performance of oil and gas stocks, Gordon provides insights into the possible reasons for the poor performance of securities, especially the E&amp;P ones, even amid higher oil prices. Mark brings a totally unexpected perspective on the impact that electric vehicles have on the oil sector and the consequences he sees on the development of the EV industry. Finally, Gordon talks about how he is investing to capture what he believes to be a turnaround in the oil and gas industry, highlighting the types of companies he is fond of in the current scenario and the ones he believes should benefit from the change in sentiment, from abundance to scarcity.

Podcast #24: Mark Gordon - Oil Fund

In today's episode, Marcelo López spoke with Adam Rozencwajg, founding partner of Goehring &amp; Rozencwajg, an investment firm linked to natural resources such as mining, energy and agriculture. Prior to founding G&amp;R’s, the partners were responsible for $ 5 billion of AUM at Chilton Investment Company. Adam talks about the investment process and how they look for opportunities in the commodities sector, with a value investing approach, meaning that they look for commodities that currently have depressed prices at the same time that present a strong possibility of course reversion and price appreciation.  Adam Rozencwajg analyses the relationship between the price of commodities as a whole and the price of the financial markets today and makes a retrospective of the past, showing that at times, when this relationship was that insane, great returns followed. The first commodity that Adam talks about is oil. He highlights a historical difference between the per capita GDP and a country's oil consumption and the way the S curve behaves. When asked about electric vehicles, Adam Rozencwajg explains his views in a detailed, comprehensive analysis. He talks about the effects that the adoption of electric vehicles brings to the energy market and the impact on oil consumption. He mentioned Tesla, which is the most famous brand of EVs at the moment, and makes a very funny comparison with the Concorde.  Adam also talks about shale oil, the companies that operate in the industry, and the fundamentals he pays attention to in his analysis. Rozencwajg talks about his experience investing in uranium and explains what made him come back again and invest in the commodity in 2018. His explanation covers the strong fundamentals he is seeing and the outcomes he expects for the sector. Adam explains his confidence in copper, highlights the various elements associated with the demand and talks elaborately about why he is optimistic about it. When asked about the gold market, Adam Rozencwajg talks about the relationship between the price of gold and oil as an evaluation measurement and the outlook for the yellow metal and silver, another precious metal. Finally, Adam explains why he is optimistic about agricultural commodities, with a range of reasons, from climate change, crop yield to sunspot activity.   To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media:  Twitter Linkedin Youtube  Follow our podcast on all platforms:  Anchor Spotify Google Podcast Radio Public Stitcher Breaker Pocket Casts iTunes 

In today's episode, Marcelo López spoke with Adam Rozencwajg, founding partner of Goehring &amp; Rozencwajg, an investment firm linked to natural resources such as mining, energy and agriculture. Prior to founding G&amp;R’s, the partners were responsible for $ 5 billion of AUM at Chilton Investment Company. Adam talks about the investment process and how they look for opportunities in the commodities sector, with a value investing approach, meaning that they look for commodities that currently have depressed prices at the same time that present a strong possibility of course reversion and price appreciation.  Adam Rozencwajg analyses the relationship between the price of commodities as a whole and the price of the financial markets today and makes a retrospective of the past, showing that at times, when this relationship was that insane, great returns followed. The first commodity that Adam talks about is oil. He highlights a historical difference between the per capita GDP and a country's oil consumption and the way the S curve behaves. When asked about electric vehicles, Adam Rozencwajg explains his views in a detailed, comprehensive analysis. He talks about the effects that the adoption of electric vehicles brings to the energy market and the impact on oil consumption. He mentioned Tesla, which is the most famous brand of EVs at the moment, and makes a very funny comparison with the Concorde.  Adam also talks about shale oil, the companies that operate in the industry, and the fundamentals he pays attention to in his analysis. Rozencwajg talks about his experience investing in uranium and explains what made him come back again and invest in the commodity in 2018. His explanation covers the strong fundamentals he is seeing and the outcomes he expects for the sector. Adam explains his confidence in copper, highlights the various elements associated with the demand and talks elaborately about why he is optimistic about it. When asked about the gold market, Adam Rozencwajg talks about the relationship between the price of gold and oil as an evaluation measurement and the outlook for the yellow metal and silver, another precious metal. Finally, Adam explains why he is optimistic about agricultural commodities, with a range of reasons, from climate change, crop yield to sunspot activity. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media: <ul> <li><a href="https://twitter.com/L2Capital" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.linkedin.com/company/l2capital/" rel="nofollow" target="_blank">Linkedin</a></li> <li><a href="https://www.youtube.com/channel/UCIDUp0o_lCJqGESi-3bn_-g" rel="nofollow" target="_blank">Youtube</a></li> </ul> Follow our podcast on all platforms: <ul> <li><a href="https://anch.co/get_anchor" rel="nofollow" target="_blank">Anchor</a></li> <li><a href="https://open.spotify.com/show/6OTHlO3TMwKLLQL1QZunKh" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://www.google.com/podcasts?feed=aHR0cHM6Ly9hbmNob3IuZm0vcy84NTFjZTc4L3BvZGNhc3QvcnNz" rel="nofollow" target="_blank">Google Podcast</a></li> <li><a href="https://radiopublic.com/l2-capital-69aV9w" rel="nofollow" target="_blank">Radio Public</a></li> <li><a href="https://www.stitcher.com/podcast/anchor-podcasts/l2-capital" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://www.breaker.audio/l2-capital" rel="nofollow" target="_blank">Breaker</a></li> <li><a href="https://pca.st/rPw2" rel="nofollow" target="_blank">Pocket Casts</a></li> <li><a href="https://itunes.apple.com/us/podcast/l2-capital/id1449901488?mt=2&amp;ign-mpt=uo%3D4" rel="nofollow" target="_blank">iTunes</a></li> </ul>

L2 Capital Podcast #16: Chat with Adam Rozencwajg - Commodities

Fred Hickey

In today's episode, Marcelo talked to Fred Hickey, editor of the famous publication The High Tech Strategis (HTS). The HTS is a monthly publication with more than 32 years of existence that brings to its readers an independent view on macroeconomic aspects, investments in the technology and precious metals sector.  Fred explains that he began following and writing about precious metals in the early 2000s, as he believed it was necessary to protect oneself against financial measures taken by central banks.  Fred Hickey brings his insight on technology companies and stresses that he is seeing a new bubble. In particular, he comments on the case of Huawei and the possibility of it being banned from doing business in the US.  In the macroeconomic arena, he discusses the possibility of a global economic downturn and recession, bringing various metrics, indicators and examples to support his views.  Fred talks about how the central bank's action has led to a poor allocation of investments worldwide and the consequences that this can bring. He also commented on the companies that burn cash extravagantly, but somehow are able to exist today.  Fred Hickey explains in details his arguments about the bubble he believes we are in now, the role that passive investment has had in shaping it, the stage of the cycle we are in, cryptocurrencies, the possibility of a crash and the reaction of central banks in the midst of all this.  Fred comments on his point of view regarding controversial electric car maker Tesla and its founder Elon Musk.  When asked about how to invest in the current scenario, Fred Hickey suggests allocations that he considers sensible, given all his views at the moment, going through the issue of currency devaluation, the impact on asset inflation and the cost of living.  When the subject is gold, Fred describes the recent movements in the price of the metal, which he believes is now in a new bull market. He also highlights how the participation of extremely leveraged traders affect the price of gold and he describes in detail what he characterizes as a gold transfer west to east.  In addition to talking about his expectations for gold prices in the future, Fred Hickey commented in detail on mining stocks he follows, such as Agnico Eagle Mines and Kirkland, to name a few, and talked about their operations, characteristics and other investment-related metrics that are relevant.  Fred closed his remarks talking about his views on the risks that people are not taking into account, especially expectations regarding the monetary policy of the Fed.

In today's episode, Marcelo talked to Fred Hickey, editor of the famous publication The High Tech Strategis (HTS). The HTS is a monthly publication with more than 32 years of existence that brings to its readers an independent view on macroeconomic aspects, investments in the technology and precious metals sector. Fred explains that he began following and writing about precious metals in the early 2000s, as he believed it was necessary to protect oneself against financial measures taken by central banks. Fred Hickey brings his insight on technology companies and stresses that he is seeing a new bubble. In particular, he comments on the case of Huawei and the possibility of it being banned from doing business in the US. In the macroeconomic arena, he discusses the possibility of a global economic downturn and recession, bringing various metrics, indicators and examples to support his views. Fred talks about how the central bank's action has led to a poor allocation of investments worldwide and the consequences that this can bring. He also commented on the companies that burn cash extravagantly, but somehow are able to exist today. Fred Hickey explains in details his arguments about the bubble he believes we are in now, the role that passive investment has had in shaping it, the stage of the cycle we are in, cryptocurrencies, the possibility of a crash and the reaction of central banks in the midst of all this. Fred comments on his point of view regarding controversial electric car maker Tesla and its founder Elon Musk. When asked about how to invest in the current scenario, Fred Hickey suggests allocations that he considers sensible, given all his views at the moment, going through the issue of currency devaluation, the impact on asset inflation and the cost of living. When the subject is gold, Fred describes the recent movements in the price of the metal, which he believes is now in a new bull market. He also highlights how the participation of extremely leveraged traders affect the price of gold and he describes in detail what he characterizes as a gold transfer west to east. In addition to talking about his expectations for gold prices in the future, Fred Hickey commented in detail on mining stocks he follows, such as Agnico Eagle Mines and Kirkland, to name a few, and talked about their operations, characteristics and other investment-related metrics that are relevant. Fred closed his remarks talking about his views on the risks that people are not taking into account, especially expectations regarding the monetary policy of the Fed.

L2 Capital Podcast #13: Chat with Fred Hickey – Technology and Precious Metals

In this special episode Marcelo López shares his insights on the uranium investment thesis. It has been recorded in Portuguese. Please share it with your Portuguese-speaking friends. - No episódio especial de hoje, invertemos os papéis. Marcelo López ocupou o lugar de convidado num bate-papo com Rafael Siqueira sobre a oportunidade de investimento em urânio. Quer entender por que a L2 Capital acredita tanto na tese de investimento em urânio? Compartilhamos com você de forma clara e abrangente as conclusões das análises dessa oportunidade que está fora do radar dos investidores. Marcelo conta sobre sua trajetória no mercado financeiro, sua experiência como hedge fund manager em Londres, como se deparou com essa tese e o que o motivou a ir mais a fundo para entender as peculiaridades do setor. Após viajar por diversos países, dedicar muito tempo e recursos, e conversar com todos os players do setor, como executivos de mineradoras, de usinas nucleares (utilities) e de enriquecedores, geólogos e analistas, Marcelo identificou no urânio uma oportunidade que ele considera ímpar. Nesse podcast, Marcelo responde às principais perguntas dos investidores. Por que os preços estão tão baixos e como eles chegaram lá? Marcelo explica detalhadamente como uma confluência de fatores contribuiu para a queda da commodity. O que mudou nesses fatores desde então? Como é a dinâmica do setor, os aspectos da demanda, da oferta e do preço? No que devemos prestar atenção ao analisar o setor? O que está puxando a demanda? Como a oferta está reagindo ao cenário? Qual o preço de equilíbrio? Como foi o último bull market e quais fatores o impulsionaram? O que o atual bull market tem de diferente do último? O que esperar daqui para frente? Qual o horizonte para consolidação da tese? Quais são os catalisadores? O que é a petição da Section 232 e qual o impacto dela para o mercado e para os investidores? Como se posicionar para lucrar com a correção dos preços? Tudo isso trazido a você de forma direta e informativa.   To know more about L2 Capital Partners, please check out our website!The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.Follow us on social media:  Twitter Linkedin Youtube  Follow our podcast on all platforms:  Anchor Spotify Google Podcast Radio Public Stitcher Breaker Pocket Casts iTunes 

In this special episode Marcelo López shares his insights on the uranium investment thesis. It has been recorded in Portuguese. Please share it with your Portuguese-speaking friends. - No episódio especial de hoje, invertemos os papéis. Marcelo López ocupou o lugar de convidado num bate-papo com Rafael Siqueira sobre a oportunidade de investimento em urânio. Quer entender por que a L2 Capital acredita tanto na tese de investimento em urânio? Compartilhamos com você de forma clara e abrangente as conclusões das análises dessa oportunidade que está fora do radar dos investidores. Marcelo conta sobre sua trajetória no mercado financeiro, sua experiência como hedge fund manager em Londres, como se deparou com essa tese e o que o motivou a ir mais a fundo para entender as peculiaridades do setor. Após viajar por diversos países, dedicar muito tempo e recursos, e conversar com todos os players do setor, como executivos de mineradoras, de usinas nucleares (utilities) e de enriquecedores, geólogos e analistas, Marcelo identificou no urânio uma oportunidade que ele considera ímpar. Nesse podcast, Marcelo responde às principais perguntas dos investidores. Por que os preços estão tão baixos e como eles chegaram lá? Marcelo explica detalhadamente como uma confluência de fatores contribuiu para a queda da commodity. O que mudou nesses fatores desde então? Como é a dinâmica do setor, os aspectos da demanda, da oferta e do preço? No que devemos prestar atenção ao analisar o setor? O que está puxando a demanda? Como a oferta está reagindo ao cenário? Qual o preço de equilíbrio? Como foi o último bull market e quais fatores o impulsionaram? O que o atual bull market tem de diferente do último? O que esperar daqui para frente? Qual o horizonte para consolidação da tese? Quais são os catalisadores? O que é a petição da Section 232 e qual o impacto dela para o mercado e para os investidores? Como se posicionar para lucrar com a correção dos preços? Tudo isso trazido a você de forma direta e informativa. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>!The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.Follow us on social media: <ul> <li><a href="https://twitter.com/L2Capital" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.linkedin.com/company/l2capital/" rel="nofollow" target="_blank">Linkedin</a></li> <li><a href="https://www.youtube.com/channel/UCIDUp0o_lCJqGESi-3bn_-g" rel="nofollow" target="_blank">Youtube</a></li> </ul> Follow our podcast on all platforms: <ul> <li><a href="https://anch.co/get_anchor" rel="nofollow" target="_blank">Anchor</a></li> <li><a href="https://open.spotify.com/show/6OTHlO3TMwKLLQL1QZunKh" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://www.google.com/podcasts?feed=aHR0cHM6Ly9hbmNob3IuZm0vcy84NTFjZTc4L3BvZGNhc3QvcnNz" rel="nofollow" target="_blank">Google Podcast</a></li> <li><a href="https://radiopublic.com/l2-capital-69aV9w" rel="nofollow" target="_blank">Radio Public</a></li> <li><a href="https://www.stitcher.com/podcast/anchor-podcasts/l2-capital" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://www.breaker.audio/l2-capital" rel="nofollow" target="_blank">Breaker</a></li> <li><a href="https://pca.st/rPw2" rel="nofollow" target="_blank">Pocket Casts</a></li> <li><a href="https://itunes.apple.com/us/podcast/l2-capital/id1449901488?mt=2&amp;ign-mpt=uo%3D4" rel="nofollow" target="_blank">iTunes</a></li> </ul>

L2 Capital Podcast #10: Chat with Marcelo López - Uranium Investment thesis

Bram Vanderelst

In today's episode, Marcelo López spoke with Bram Vanderelst, head of the uranium trading desk at Curzon Resources. Bram, who attended the World Nuclear Association (WNA) Symposium in early September, agreed to come to the L2 Capital podcast and share with us his market insights and his experience in this profession, which is so little known. Bram Vanderelst, who is a chemical engineer, tells us about his experience and professional career and explains that at Curzon they have a dedicated desk for buying and selling uranium daily in the spot and long term markets. He, who has accumulated more than 6 years in the profession, talks about the role that a uranium trading desk has for the nuclear fuel market and how it provides liquidity for the industry, even though there are large participants from both sides, i.e., utilities and miners. Bram talks about the daily life of a trader's profession in a niche commodity such as uranium, the kind of information that has to be researched, contacts that need to be made, and the analysis that needs to be done. Bram Vanderelst discusses his view of the market with an analysis that begins with the events of Fukushima, the reverberations that the incident caused on the market, on uranium stocks and how the situation has evolved since then. He also comments on the commodity supply deficit and the outlook for supply / demand balance, with comments on the sources actually available. Bram Vanderelst also discusses the issue of inventories’ tracking, the availability of data and figures related to them compared to other commodities such as oil, for example. Vanderelst analyzes the effects that Cameco's announced purchase in the spot market of 10m lbs of U3O8 by year-end should have on prices, with considerations of material availability at different price levels and locations. On the possibility of price variation between locations, Bram explains the arbitrage practices and the reasons that lead to divergences within the context of the nuclear fuel cycle. Vanderelst makes an assessment of the factors that led to a sharp rise in the conversion prices of U3O8 to UF6 and the possibility that something similar could occur with yellow cake, going through current price levels, mining incentives and the specificities of the uranium market. Finally, Bram draws attention to what he considers to be the risks that investors, utilities and miners could be ignoring or not paying due attention to.  To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media: Twitter Linkedin Youtube

In today's episode, Marcelo López spoke with Bram Vanderelst, head of the uranium trading desk at Curzon Resources. Bram, who attended the World Nuclear Association (WNA) Symposium in early September, agreed to come to the L2 Capital podcast and share with us his market insights and his experience in this profession, which is so little known. Bram Vanderelst, who is a chemical engineer, tells us about his experience and professional career and explains that at Curzon they have a dedicated desk for buying and selling uranium daily in the spot and long term markets. He, who has accumulated more than 6 years in the profession, talks about the role that a uranium trading desk has for the nuclear fuel market and how it provides liquidity for the industry, even though there are large participants from both sides, i.e., utilities and miners. Bram talks about the daily life of a trader's profession in a niche commodity such as uranium, the kind of information that has to be researched, contacts that need to be made, and the analysis that needs to be done. Bram Vanderelst discusses his view of the market with an analysis that begins with the events of Fukushima, the reverberations that the incident caused on the market, on uranium stocks and how the situation has evolved since then. He also comments on the commodity supply deficit and the outlook for supply / demand balance, with comments on the sources actually available. Bram Vanderelst also discusses the issue of inventories’ tracking, the availability of data and figures related to them compared to other commodities such as oil, for example. Vanderelst analyzes the effects that Cameco's announced purchase in the spot market of 10m lbs of U3O8 by year-end should have on prices, with considerations of material availability at different price levels and locations. On the possibility of price variation between locations, Bram explains the arbitrage practices and the reasons that lead to divergences within the context of the nuclear fuel cycle. Vanderelst makes an assessment of the factors that led to a sharp rise in the conversion prices of U3O8 to UF6 and the possibility that something similar could occur with yellow cake, going through current price levels, mining incentives and the specificities of the uranium market. Finally, Bram draws attention to what he considers to be the risks that investors, utilities and miners could be ignoring or not paying due attention to. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="ugc nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media: <a href="https://twitter.com/L2Capital" rel="ugc nofollow" target="_blank">Twitter</a> <a href="https://www.linkedin.com/company/l2capital/" rel="ugc nofollow" target="_blank">Linkedin</a> <a href="https://www.youtube.com/channel/UCIDUp0o_lCJqGESi-3bn_-g" rel="ugc nofollow" target="_blank">Youtube</a>

Podcast #20: Chat with Bram Vanderelst – Uranium Trader

Paul Ma

In today's episode, Marcelo López spoke to Paul Ma, director of CGN Mining, a company that is part of the China General Nuclear Power Group (CGN), the world's third largest nuclear power corporation, and a member of the board of directors of Fission Uranium. Paul has more than 10 years of experience in the uranium industry, including exploration, development, mining and investment activities. He is responsible for CGN Mining's overseas operations, including development, mergers and acquisitions. When asked if the uranium market is an opportunity, Paul brought an elaborate explanation, putting into place the most relevant events for the sector over the past 20 years from an historical perspective. He highlighted the characteristics of the last bull market along with several important factors and how they have changed, such as the role of low-cost producers, the Fukushima incident, expectations, the installed capacity of nuclear reactors worldwide and the signing of long-term contracts. Ma highlighted the existence of a deficit between world demand and primary uranium production and discussed the availability of the commodity in the spot market, the possibility of taking advantage of prices to increase inventories and the importance of guaranteeing a sustainable and reliable supply throughout several decades of a reactor's useful life. Paul spoke about jurisdictions that he considers interesting for carrying out asset acquisitions in the uranium mining sector, provided some details about two projects recently acquired in one of these locations and mentioned the characteristics he seeks in an M&amp;A operation. Paul commented on his perspective regarding the expansion of nuclear energy production in the Asian giant, highlighting the technologies used, the importance of reactor standardisation and economies of scale in the process. Ma also talked about the level of uranium stock in the country, the level of prices observed today and ended by explaining the main risks he sees for the sector.

In today's episode, Marcelo López spoke to Paul Ma, director of CGN Mining, a company that is part of the China General Nuclear Power Group (CGN), the world's third largest nuclear power corporation, and a member of the board of directors of Fission Uranium. Paul has more than 10 years of experience in the uranium industry, including exploration, development, mining and investment activities. He is responsible for CGN Mining's overseas operations, including development, mergers and acquisitions. When asked if the uranium market is an opportunity, Paul brought an elaborate explanation, putting into place the most relevant events for the sector over the past 20 years from an historical perspective. He highlighted the characteristics of the last bull market along with several important factors and how they have changed, such as the role of low-cost producers, the Fukushima incident, expectations, the installed capacity of nuclear reactors worldwide and the signing of long-term contracts. Ma highlighted the existence of a deficit between world demand and primary uranium production and discussed the availability of the commodity in the spot market, the possibility of taking advantage of prices to increase inventories and the importance of guaranteeing a sustainable and reliable supply throughout several decades of a reactor's useful life. Paul spoke about jurisdictions that he considers interesting for carrying out asset acquisitions in the uranium mining sector, provided some details about two projects recently acquired in one of these locations and mentioned the characteristics he seeks in an M&amp;A operation. Paul commented on his perspective regarding the expansion of nuclear energy production in the Asian giant, highlighting the technologies used, the importance of reactor standardisation and economies of scale in the process. Ma also talked about the level of uranium stock in the country, the level of prices observed today and ended by explaining the main risks he sees for the sector.

Podcast #28: Paul Ma – CGN Mining

Marc Faber

In today's episode, Marcelo López talked to Marc Faber, editor and publisher of the famous report Gloom Boom &amp; Doom and a contrarian investor known for bold investment decisions in the past. Marcelo begins the conversation by asking about the behaviour of markets from December 2018 to the present. Marc Faber attributes the December declines and reaction seen in 2019 to a number of factors, including the Fed’s capitulation, Modern Monetary Theory and the flow of investor’s capital. He also brings his perspective to the stock market in 2019 and comments on the possibility of a crash. Following on, Marc discusses the monetary policy of the Fed and other central banks, about their recent decisions, asset bubble, Quantitative Easing (QE) and his expectation regarding the next steps that will be taken by the American central bank. He also talks about the economy in some European economies, in the US, in Japan and in China. Marc Faber comments on the possibility of a recession in the US and China, for which he makes an interesting sector analysis, highlighting sectors that may suffer great contraction and others that may even benefit by an expansion. Marc then reflects on the impacts of monetary expansionism on the real economy, on the effectiveness of this kind of policy as a growth stimulus and he cites the examples of Japan and Europe. Faber, who has almost 50 years of investment experience, talks about negative interest rates and gives his opinion on why investors would look for assets with this so unusual feature. When questioned about where to find yield at the moment, Marc Faber talks about the countries he follows in Asia, especially Vietnam. As for his expectation on the foreign exchange market, he mentions some emerging currencies and what he thinks about how the US dollar should behave in the long run. When it came to America versus Emerging Markets stock market, Faber offers his insights into how the relative pricing between them is at the moment and what he considers the best strategy to profit from this difference. Regarding commodities, Marc stated specific examples of how some types may perform according to the global economic environment and also gave his assessment as to the current pricing of the asset class as a whole. Specifically on gold, Faber talks about his views on the metal as a form of investment, especially in the current context of high liquidity injected by central banks. Finally, Marc highlighted those he believes are the main risks to the financial markets and asset prices, such as the issue of political polarization and China's slowdown.    To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

In today's episode, Marcelo López talked to Marc Faber, editor and publisher of the famous report Gloom Boom &amp; Doom and a contrarian investor known for bold investment decisions in the past. Marcelo begins the conversation by asking about the behaviour of markets from December 2018 to the present. Marc Faber attributes the December declines and reaction seen in 2019 to a number of factors, including the Fed’s capitulation, Modern Monetary Theory and the flow of investor’s capital. He also brings his perspective to the stock market in 2019 and comments on the possibility of a crash. Following on, Marc discusses the monetary policy of the Fed and other central banks, about their recent decisions, asset bubble, Quantitative Easing (QE) and his expectation regarding the next steps that will be taken by the American central bank. He also talks about the economy in some European economies, in the US, in Japan and in China. Marc Faber comments on the possibility of a recession in the US and China, for which he makes an interesting sector analysis, highlighting sectors that may suffer great contraction and others that may even benefit by an expansion. Marc then reflects on the impacts of monetary expansionism on the real economy, on the effectiveness of this kind of policy as a growth stimulus and he cites the examples of Japan and Europe. Faber, who has almost 50 years of investment experience, talks about negative interest rates and gives his opinion on why investors would look for assets with this so unusual feature. When questioned about where to find yield at the moment, Marc Faber talks about the countries he follows in Asia, especially Vietnam. As for his expectation on the foreign exchange market, he mentions some emerging currencies and what he thinks about how the US dollar should behave in the long run. When it came to America versus Emerging Markets stock market, Faber offers his insights into how the relative pricing between them is at the moment and what he considers the best strategy to profit from this difference. Regarding commodities, Marc stated specific examples of how some types may perform according to the global economic environment and also gave his assessment as to the current pricing of the asset class as a whole. Specifically on gold, Faber talks about his views on the metal as a form of investment, especially in the current context of high liquidity injected by central banks. Finally, Marc highlighted those he believes are the main risks to the financial markets and asset prices, such as the issue of political polarization and China's slowdown. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

L2 Capital Podcast #07: Chat with Marc Faber – Gloom Boom & Doom

Mike Alkin

In today's episode, Marcelo López spoke with Mike Alkin, co-founder of Sachem Cove Partners and manager of an American uranium-focused hedge fund. Mike has been following this market for over 4 years as an investor and was a speaker at the International Uranium Fuel Seminar hosted by the Nuclear Energy Institute (NEI) in Nashville, USA, in the last week of October. Alkin, who also attended the World Nuclear Association (WNA) Symposium in London, commented on the biennial report released by the organizers and on the differences between the two events, highlighting the significant attendance of uranium buyers at the NEI-hosted seminar in the USA. Mike spoke about his presentation at the conference, which focused on the uranium price discovery, i.e., the process of pricing the U3O8 market from a macro and historical perspective. He drew attention to the fact that this industry is scarcely covered by sell-side analysts, and that the consensus adopted by the uranium buyers lacks important and easily refuted fallacious aspects. In addition to highlighting factors that are hindering the industry, such as the Section 232 petition and the Trump administration's creation of the Nuclear Fuel Working Group, Mike talked about the functioning of the spot market, its peculiarities and the movements it has observed in terms of player participation and trading volumes in contrast to other times and circumstances. Finally, Alkin discussed a major issue for investors in the industry, which is the inactivity of buyers in the face of low and unsustainable prices in an attempt to anticipate a price hike and secure low-priced material. Mike explains how the activities of buyers' professionals are structured, the incentives they have and the way they have acted historically.

In today's episode, Marcelo López spoke with Mike Alkin, co-founder of Sachem Cove Partners and manager of an American uranium-focused hedge fund. Mike has been following this market for over 4 years as an investor and was a speaker at the International Uranium Fuel Seminar hosted by the Nuclear Energy Institute (NEI) in Nashville, USA, in the last week of October. Alkin, who also attended the World Nuclear Association (WNA) Symposium in London, commented on the biennial report released by the organizers and on the differences between the two events, highlighting the significant attendance of uranium buyers at the NEI-hosted seminar in the USA. Mike spoke about his presentation at the conference, which focused on the uranium price discovery, i.e., the process of pricing the U3O8 market from a macro and historical perspective. He drew attention to the fact that this industry is scarcely covered by sell-side analysts, and that the consensus adopted by the uranium buyers lacks important and easily refuted fallacious aspects. In addition to highlighting factors that are hindering the industry, such as the Section 232 petition and the Trump administration's creation of the Nuclear Fuel Working Group, Mike talked about the functioning of the spot market, its peculiarities and the movements it has observed in terms of player participation and trading volumes in contrast to other times and circumstances. Finally, Alkin discussed a major issue for investors in the industry, which is the inactivity of buyers in the face of low and unsustainable prices in an attempt to anticipate a price hike and secure low-priced material. Mike explains how the activities of buyers' professionals are structured, the incentives they have and the way they have acted historically.

Podcast #22: Mike Alkin - Uranium

Jeffrey Snider

In today's episode, Marcelo spoke with Jeffrey Snider, Head of Global Investment Research at Alhambra Investments, a Florida-based company that provides portfolio management services to institutions with a focus on risk management. Jeffrey Snider is one of the few people to openly and consistently talk about the Eurodollar System and he spoke to Marcelo extensively about the subject in this episode. Jeff begins by explaining exactly what the Eurodollar system is. It originated through US currency deposits outside the US and outside the US’s regulation, but evolved to become a large, interconnected global network with an enormous volume of transactions. It has been key to financial dynamics for some decades now. Asked about how the system really works, Jeffrey Snider sets an example to clarify the mechanics behind it and the effects on the economy and the financial markets in general, noting that the opacity of the system justifies the “shadow currency” nickname. Speaking about the financial crisis of 2007-2008, Snider brings a surprising perspective about what happened. In addition to pondering the share of subprime mortgages in the context of the crisis, he lists some of the various signs that point to Eurodollar as the factor that exacerbated the problem and led to the financial dimensions it got to. Still about the crisis, Jeff comments on the Fed's reaction and the adoption of quantitative easing (QE), drawing an elaborate and interesting explanation on the state of the world's monetary system and the ability of central banks to deal with the situation. To conclude, Jeffrey Snider describes China's role and exposure to the Eurodollar market and provides insight into how to position oneself in regards to our own investments, in order to profit from the possible outcomes that he mentioned.  To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media:  Twitter Linkedin Youtube  Follow our podcast on all platforms:  Anchor Spotify Google Podcast Radio Public Stitcher Breaker Pocket Casts iTunes 

In today's episode, Marcelo spoke with Jeffrey Snider, Head of Global Investment Research at Alhambra Investments, a Florida-based company that provides portfolio management services to institutions with a focus on risk management. Jeffrey Snider is one of the few people to openly and consistently talk about the Eurodollar System and he spoke to Marcelo extensively about the subject in this episode. Jeff begins by explaining exactly what the Eurodollar system is. It originated through US currency deposits outside the US and outside the US’s regulation, but evolved to become a large, interconnected global network with an enormous volume of transactions. It has been key to financial dynamics for some decades now. Asked about how the system really works, Jeffrey Snider sets an example to clarify the mechanics behind it and the effects on the economy and the financial markets in general, noting that the opacity of the system justifies the “shadow currency” nickname. Speaking about the financial crisis of 2007-2008, Snider brings a surprising perspective about what happened. In addition to pondering the share of subprime mortgages in the context of the crisis, he lists some of the various signs that point to Eurodollar as the factor that exacerbated the problem and led to the financial dimensions it got to. Still about the crisis, Jeff comments on the Fed's reaction and the adoption of quantitative easing (QE), drawing an elaborate and interesting explanation on the state of the world's monetary system and the ability of central banks to deal with the situation. To conclude, Jeffrey Snider describes China's role and exposure to the Eurodollar market and provides insight into how to position oneself in regards to our own investments, in order to profit from the possible outcomes that he mentioned. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise. Follow us on social media: <ul> <li><a href="https://twitter.com/L2Capital" rel="nofollow" target="_blank">Twitter</a></li> <li><a href="https://www.linkedin.com/company/l2capital/" rel="nofollow" target="_blank">Linkedin</a></li> <li><a href="https://www.youtube.com/channel/UCIDUp0o_lCJqGESi-3bn_-g" rel="nofollow" target="_blank">Youtube</a></li> </ul> Follow our podcast on all platforms: <ul> <li><a href="https://anch.co/get_anchor" rel="nofollow" target="_blank">Anchor</a></li> <li><a href="https://open.spotify.com/show/6OTHlO3TMwKLLQL1QZunKh" rel="nofollow" target="_blank">Spotify</a></li> <li><a href="https://www.google.com/podcasts?feed=aHR0cHM6Ly9hbmNob3IuZm0vcy84NTFjZTc4L3BvZGNhc3QvcnNz" rel="nofollow" target="_blank">Google Podcast</a></li> <li><a href="https://radiopublic.com/l2-capital-69aV9w" rel="nofollow" target="_blank">Radio Public</a></li> <li><a href="https://www.stitcher.com/podcast/anchor-podcasts/l2-capital" rel="nofollow" target="_blank">Stitcher</a></li> <li><a href="https://www.breaker.audio/l2-capital" rel="nofollow" target="_blank">Breaker</a></li> <li><a href="https://pca.st/rPw2" rel="nofollow" target="_blank">Pocket Casts</a></li> <li><a href="https://itunes.apple.com/us/podcast/l2-capital/id1449901488?mt=2&amp;ign-mpt=uo%3D4" rel="nofollow" target="_blank">iTunes</a></li> </ul>

L2 Capital Podcast #11: Chat with Jeffrey Snider - Eurodollar system and financial crisis

Alex Molyneux

In today's episode, Marcelo Lopez spoke with Alex Molyneux, a senior executive and investor in natural resources, who today acts as an advisor to an investment fund solely focused on capturing opportunities in the uranium market. Having already held various executive positions in companies in the sector, as he himself explains, he is able to have a deeper technical understanding of uranium particularities, such as operational issues, production, licensing and jurisdiction, which gives him a different approach when investing. Alex Molyneux curriculum gives him credibility to talk about uranium. After a decade working as a specialist mining investment banker at large banks in locations such as Melbourne, Beijing, London and Hong Kong, he took up executive positions in publicly traded mining companies, founded a uranium mining company, Azarga Uranium, and held the position of CEO of Paladin Energy during its restructuring phase. Asked about what he considers important in the pursuit of investment objectives in the sector, Alex talked about what aspects he prioritizes in the analysis and comments on what his expectations for the price of uranium are. Marcelo asks about the recurring assertion that excess inventory is putting pressure on the commodity and it is responsible for the current low price. Alex Molyneux draws up a detailed explanation of different types of inventory, such as those held strategically by governments and those held by utilities. He also talks about the trends he observes and the perspectives he has for each type of inventory, as well as the impact of this on the market. Alex also comments on the long-term contract maturities and the uncovered demand for nuclear power generators with the insight of someone who was the main executive of the world's second largest pure-play uranium company. When questioned as to why utilities are not taking advantage of low prices to buy more uranium, Alex clarifies how they deal with price and what actually motivates them to enter into contracts. He draws a parallel to the latest bull market and lists the factors that are influencing the current scenario. Alex Molyneux then gives his insight into the relevance of the Separative Work Units (SWUs) and what the price and volume dynamics of the spot and long-term market should look like from now on. What price range is required for the start up or ramp up of production projects? How long will it take to reactivate the McArthur River mine? Will there be an overshooting in the price? Is it possible to cover the production deficit in the coming years? Alex gave his opinion about all of this. When it came to KazAtomProm, Alex gave his point of view on the company’s production costs, capex, and the impact the exchange rate has on the company's decisions. He also talked about the role KazAtomProm has as an asset to compose a uranium-focused portfolio. Finally, Molyneux, who has worked as an investment banker focusing on mining, discusses the challenges that uranium producers could encounter if they need to obtain funding to bring projects online.    To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

In today's episode, Marcelo Lopez spoke with Alex Molyneux, a senior executive and investor in natural resources, who today acts as an advisor to an investment fund solely focused on capturing opportunities in the uranium market. Having already held various executive positions in companies in the sector, as he himself explains, he is able to have a deeper technical understanding of uranium particularities, such as operational issues, production, licensing and jurisdiction, which gives him a different approach when investing. Alex Molyneux curriculum gives him credibility to talk about uranium. After a decade working as a specialist mining investment banker at large banks in locations such as Melbourne, Beijing, London and Hong Kong, he took up executive positions in publicly traded mining companies, founded a uranium mining company, Azarga Uranium, and held the position of CEO of Paladin Energy during its restructuring phase. Asked about what he considers important in the pursuit of investment objectives in the sector, Alex talked about what aspects he prioritizes in the analysis and comments on what his expectations for the price of uranium are. Marcelo asks about the recurring assertion that excess inventory is putting pressure on the commodity and it is responsible for the current low price. Alex Molyneux draws up a detailed explanation of different types of inventory, such as those held strategically by governments and those held by utilities. He also talks about the trends he observes and the perspectives he has for each type of inventory, as well as the impact of this on the market. Alex also comments on the long-term contract maturities and the uncovered demand for nuclear power generators with the insight of someone who was the main executive of the world's second largest pure-play uranium company. When questioned as to why utilities are not taking advantage of low prices to buy more uranium, Alex clarifies how they deal with price and what actually motivates them to enter into contracts. He draws a parallel to the latest bull market and lists the factors that are influencing the current scenario. Alex Molyneux then gives his insight into the relevance of the Separative Work Units (SWUs) and what the price and volume dynamics of the spot and long-term market should look like from now on. What price range is required for the start up or ramp up of production projects? How long will it take to reactivate the McArthur River mine? Will there be an overshooting in the price? Is it possible to cover the production deficit in the coming years? Alex gave his opinion about all of this. When it came to KazAtomProm, Alex gave his point of view on the company’s production costs, capex, and the impact the exchange rate has on the company's decisions. He also talked about the role KazAtomProm has as an asset to compose a uranium-focused portfolio. Finally, Molyneux, who has worked as an investment banker focusing on mining, discusses the challenges that uranium producers could encounter if they need to obtain funding to bring projects online. To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

L2 Capital Podcast #09: Chat with Alex Molyneux - Opportunities in the Uranium Market

Anas Alhajji

In today's episode, Marcelo López spoke with Anas Alhajji, a partner at Energy Outlook Advisors, as well as an internationally recognised author, speaker, researcher and specialist in the energy markets. Anas begins by discussing how the issue of the types and quality of oil is important and how that impacts the world trade in this commodity. In this context, he talks about the characteristics of shale oil produced in the USA, the structure and capacity of North American refineries, the country's exports and imports of oil, the future demand for oil products and the impact of natural gas on the market. Alhajji talks about the sharp drop in the price of oil this year and how the crisis that the sector is going through is unprecedented and the inconveniences and uncertainties that this creates for OPEC. He talks about his expectations regarding the impact of the coronavirus on oil demand and price. Anas highlights in his analysis the influence that the American presidential election has on oil producing countries and how this is a decisive factor for the price of the commodity in 2020. Alhajji points out that the years 2021 to 2023 should be very interesting for the sector and predicts a major global energy crisis, to which he attributes different factors, such as, the underestimation of future demand for oil products and the hype of electric vehicles. Anas also states his point of view on the dynamics involving shale oil from the United States and Canadian tar sands. When it comes to investment, Alhajji talks about how he prefers to position himself and where he sees more value along the sector's production chain. He also lists the main risks he sees for the sector and what can be done about the crisis he foresees. Alhajji discusses his point of view on the expectations of oil demand made by many analysts and the exaggerations that these analysts make when estimating the impacts of certain changes.

In today's episode, Marcelo López spoke with Anas Alhajji, a partner at Energy Outlook Advisors, as well as an internationally recognised author, speaker, researcher and specialist in the energy markets. Anas begins by discussing how the issue of the types and quality of oil is important and how that impacts the world trade in this commodity. In this context, he talks about the characteristics of shale oil produced in the USA, the structure and capacity of North American refineries, the country's exports and imports of oil, the future demand for oil products and the impact of natural gas on the market. Alhajji talks about the sharp drop in the price of oil this year and how the crisis that the sector is going through is unprecedented and the inconveniences and uncertainties that this creates for OPEC. He talks about his expectations regarding the impact of the coronavirus on oil demand and price. Anas highlights in his analysis the influence that the American presidential election has on oil producing countries and how this is a decisive factor for the price of the commodity in 2020. Alhajji points out that the years 2021 to 2023 should be very interesting for the sector and predicts a major global energy crisis, to which he attributes different factors, such as, the underestimation of future demand for oil products and the hype of electric vehicles. Anas also states his point of view on the dynamics involving shale oil from the United States and Canadian tar sands. When it comes to investment, Alhajji talks about how he prefers to position himself and where he sees more value along the sector's production chain. He also lists the main risks he sees for the sector and what can be done about the crisis he foresees. Alhajji discusses his point of view on the expectations of oil demand made by many analysts and the exaggerations that these analysts make when estimating the impacts of certain changes.

Podcast #27: Anas Alhajji – Oil markets

Alasdair Macleod

In today's episode, Marcelo Lopez spoke with Alasdair Macleod, who besides being a very experienced investor, is the Head of Research at Goldmoney.  Alasdair talks about Goldmoney acting as custodian for clients around the world who wish to store precious metals outside the banking system and also the interesting services it provides to its investors.  When questioned about the recent market performance, marked by pronounced declines in late 2018 and a bullish reaction in January 2019, Macleod explains these events and establishes a connection between decisions made by the Fed, the stage of the credit cycle and economic protectionism, in addition to giving his vision of what to expect for this year.  He also draws a distinction between the credit cycle and the business cycle and highlights the factors that characterize the current cycle and uses recent data to give an opinion on the stage we are in today.  Asked what the direction of central bank interest rates should be in the face of current circumstances, Macleod gives his prognosis for rates, as well as its consequences for the economy and markets.  He then discusses inflation measured by governments around the world and points to the discrepancy between what is seen in practice and what is recorded by official price indexes.   When asked by Marcelo about what can be expected of the performance of gold in the scenario that is being drawn, Alasdair highlights the metal's ability to preserve the purchasing power of those who have it in situations of currency devaluation and cites historical examples to prove his point.  Macleod then shares his view on investments in gold stocks as well as ETFs and how they can react in scenarios of global deceleration and appreciation of the commodity.  He reveals his expectation for Fed decisions from now on and draws a parallel between the crisis of 1929 and today, highlighting the current unprecedented factors such as high public debt and deficits and dependence on foreign borrowers. Besides that, Alasdair conjectures the impacts of these potential decisions to the dynamics of interest rates.  Alasdair also brings a positioning of the electorate on the political spectrum. About Brexit, he meticulously comments about the stage of the process and the impacts that could be felt in the markets.  Finally, responding to a request for guidance on how to position the portfolio to deal with the events he believes are on the way, Macleod talks about analogous situations of the past, specifically about Germany in the 1920s.     To know more about L2 Capital Partners, please check out our website! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

In today's episode, Marcelo Lopez spoke with Alasdair Macleod, who besides being a very experienced investor, is the Head of Research at Goldmoney. Alasdair talks about Goldmoney acting as custodian for clients around the world who wish to store precious metals outside the banking system and also the interesting services it provides to its investors. When questioned about the recent market performance, marked by pronounced declines in late 2018 and a bullish reaction in January 2019, Macleod explains these events and establishes a connection between decisions made by the Fed, the stage of the credit cycle and economic protectionism, in addition to giving his vision of what to expect for this year. He also draws a distinction between the credit cycle and the business cycle and highlights the factors that characterize the current cycle and uses recent data to give an opinion on the stage we are in today. Asked what the direction of central bank interest rates should be in the face of current circumstances, Macleod gives his prognosis for rates, as well as its consequences for the economy and markets. He then discusses inflation measured by governments around the world and points to the discrepancy between what is seen in practice and what is recorded by official price indexes.  When asked by Marcelo about what can be expected of the performance of gold in the scenario that is being drawn, Alasdair highlights the metal's ability to preserve the purchasing power of those who have it in situations of currency devaluation and cites historical examples to prove his point. Macleod then shares his view on investments in gold stocks as well as ETFs and how they can react in scenarios of global deceleration and appreciation of the commodity. He reveals his expectation for Fed decisions from now on and draws a parallel between the crisis of 1929 and today, highlighting the current unprecedented factors such as high public debt and deficits and dependence on foreign borrowers. Besides that, Alasdair conjectures the impacts of these potential decisions to the dynamics of interest rates. Alasdair also brings a positioning of the electorate on the political spectrum. About Brexit, he meticulously comments about the stage of the process and the impacts that could be felt in the markets. Finally, responding to a request for guidance on how to position the portfolio to deal with the events he believes are on the way, Macleod talks about analogous situations of the past, specifically about Germany in the 1920s.  To know more about L2 Capital Partners, <a href="http://l2capital.com.br/en/" rel="nofollow" target="_blank">please check out our website</a>! The L2 Capital Podcast focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.

L2 Capital Podcast #06: Chat with Alasdair Macleod – Goldmoney

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