Uranium Resurgence The Green Transition’s Nuclear Catalyst We’re spending the next few months looking at each of the arenas we bought into to create a portfolio with exposure to the inputs and innovations needed for the green transition. We went through each in the first six months of the letter…but that was almost a year ago! So it’s time to revisit our rationales, to help newer subscribers understand these investment theses and to update expectations based on how things played out in 2023. Peter took us through the updated agri-foods thesis last month. This month I will revisit the first green investment arena I introduced in this newsletter: nuclear energy. And it’s an incredible time to look at this investment arena. This is the starting point. This is a 25-year chart of the spot price of uranium. It was low and boring through the 1990s and early 2000s, which meant new mines weren’t built. By 2005 that left the market tight and the price soared. It was a short event. At that time there was actually a fair bit of uranium warehoused here and there that was put up for sale when the price jumped. In addition, Kazakhstan was just […]

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