Uranium's term price hits an all-time high — "bull market intact"

00:56 — Record valuations & the liquidity lens ("Project Zimbabwe")

• Price-to-sales ratios are "the highest they've ever been" (Shiller / St. Louis Fed data). He's coming around to the idea that "we may be in Project Zimbabwe."
• Cites Raoul Paul's tweet showing liquidity is ~97% correlated with the NASDAQ — "in the short and medium-term, liquidity and sentiment drives stock prices," which explains much of the asset-price rise.

02:09 — Money-printing is the floor; the Cantillon effect

• "Money printing is now what the western democracies are wedded to because of the indebtedness" — a constant flow of new money has kept a floor under stocks and kept valuation metrics high since 2008.
• The Cantillon effect: created money has to go somewhere, and recipients push it into asset classes, making them expensive. Every crisis or disinflationary impulse is patched with printed money.

04:12 — "Own hard assets you can't print"

• His core takeaway: own things the Fed and government "can't create out of thin air… by fiat." More dollars/yen/euros don't translate into more oil, gold or uranium.
• Those assets have their own demand and fundamentals plus upward pressure from being priced in depreciating currencies.

05:52 — A starter biotech position (ARKG)

• "I've taken a position in the ARKG biotech fund." Biotech indices have "either bottomed or broken higher" after ~7–8 years out of favor; global biotech fund flow is up 73% year-over-year.
• He isn't a biotech expert, so he's using ETFs for a starter position, following experts, and betting AI/computing spills into drug discovery. The portfolio already holds an unnamed drug company that's "one of the best performers."

09:06 — Out-of-favor US regional/community banks

• He's looking at cheap US regional and small community banks — often founder-run, with the number of banks consolidating year after year. A thematic idea, no specific name.
• Adds to his existing out-of-favor themes: Latin America and Central Asia.

09:27 — The Strait of Hormuz "sugar rush"

• A chart of Strait-of-Hormuz transits shows a spike — "a chicken run, a prison break" of ships fleeing while they can, releasing tens of millions of barrels; one analyst called it "a sugar rush." Prices came down as a result.
• He reads the 60-day MOU as a political calculation by the Trump administration to get oil prices down and off the headlines — including easing sanctions to let Iran sell oil.

11:14 — "Kabuki theater" — not a lasting peace

• He calls the diplomacy a "Minsk agreement" — a temporary cooling to replenish armaments and "prepare for round two," not a durable peace between Israel and Iran.
• The MOU's bullet points (a $300B investment fund, a Gulf tolling arrangement) "won't come to fruition" — it's about getting crude to market and prices down before the US midterms, then rearming. "This is not over."

14:04 — China's demand is offline (for now)

• Gulf crude loadings are back to ~6–7 Mbpd vs ~20 Mbpd pre-war; "far from normalization."
• China has shrewdly stayed out of the market during the "meaty part of the conflict" — "if it wasn't for them… we probably would have had $150 oil." At some point they will reenter, another plate in the air.

15:48 — Uranium term price at an all-time high ($95.50)

• The June long-term (term) uranium price came in at $95.50/lb — "the highest term price ever." The bull market "continues slowly but surely, inching up month after month."
• Demand keeps increasing (another Chinese reactor went critical; SMRs in Idaho) while supply stays constrained; the billions in new-mine construction "are not there yet."

16:17 — Three uranium shutdowns on a sulfuric-acid shortage

• Per a John Quakes tweet: Orano shut the world's largest uranium mill (McClean Lake), Cameco (CCJ) shut the world's largest uranium mine (Cigar Lake), and Lotus indefinitely shut Kayelekera in Malawi — all three from sulfuric-acid shortages tied to acid-plant breakdowns and supply-chain issues.
• An undersupplied market getting tighter — supply woes keep piling up.

17:40 — The sulfuric-acid chain (Gulf → uranium & fertilizer)

• Gulf refining of heavy, high-sulfur crude produces the sulfur used to make sulfuric acid; military action limiting sulfur exports created the shortage. Prices spiked above 11,000 in June, back to ~9,000 — up 2.5–3× since hostilities began.
• A portfolio copper miner in Africa with a smelter was making "upwards of a million dollars a day" selling byproduct sulfuric acid to companies that need it. The shortage also hits phosphate-fertilizer processing — knock-on effects not yet resolved.

19:23 — Conversion & enrichment also at all-time highs

• North American conversion: long-term $55.50, spot $64. Enrichment (SWU): long-term up $4 to a new ATH of $180, spot $200.
• "All across the uranium supply chain you have all new all-time highs." Investment is being made in conversion/enrichment, but new greenfield mines are still missing — "where are they? Who's going to build them?"

20:58 — Friedland's copper math

• Echoing Robert Friedland (CEO, Ivanhoe): "we must mine as much copper in the next 25 years as in all of human history." ~700M tons mined over 10,000 years; another ~700M tons needed just at 3–3.5% GDP growth — and that excludes electrification.
• Add EVs, grids and AI and the University of Michigan models 1.1 billion tons by 2050 against just 23 million tons of annual mine supply. Lower grades and more dangerous jurisdictions set up a long-term bull market.

22:05 — Latin America's right-wing rerating

• Since Milei's election in Argentina, South America has swung from left- to right/center-right — from mostly-red in 2022 to right-wing across almost the whole Pacific coast, with Brazil's election in October (Lula "neck and neck").
• Left→right economic policy "can allow for a rerating of the stock market"; beaten-down markets have already rallied in anticipation. In Colombia the new president decreed replacing Ecopetrol's (EC) board/management; GeoPark (GPRK) and Parex (PXT) are independents to watch.

26:46 — LatAm cheap vs 20 years of US outperformance

• US stocks are at historic overvaluation while Latin American stocks are relatively cheap — and he sees an inflection in their relative performance just as political change turns the economies.
• The chart shows ~10-year cycles of LatAm out/underperformance vs the US; after almost 20 years of US outperformance, a decade-long rerating "can be a decade-long trend."

28:40 — Super El Niño & the fewest wheat acres in 149 years

• A possible "super El Niño" is coinciding with fertilizer not being applied and high diesel/fertilizer prices during planting — meaning less wheat production.
• The USDA projects US farmers will harvest just 32.1 million acres of wheat — "the fewest wheat acres in 149 years." With European heat, the Ukraine war and high input costs, he's "a little bit bullish" on food prices moving higher into 2027.

30:34 — A new "cannibal" for the newsletter (Singleton / Teledyne / AutoZone)

• He's adding a new company to the Actionable Intelligence Alert newsletter and has "become fond of cannibal stocks" — serial buyers of their own stock, citing Henry Singleton, who bought back ~90% of Teledyne over the 60s/70s.
• The new name: a management team he knew years ago that sold assets, paid down debt, and — with a large Saudi Arabian family office (non-royal) — created a "permanent capital vehicle" to roll up 5,000+ undervalued global cash-generating companies, buying back its own shares right after paying down debt. AutoZone (AZO) over 20–30 years is his example of how it can work. "We're not just about resources and commodities — we go anywhere to make money."