On this episode of the Stock Spin-off Investing Podcast, Iinterview Dom St. George of Cayucos Capital. Dom has 15 years of experience investing in emerging markets. Today he shares his investment case on recent spin-off, Valterra Platinum.

You can follow Dom on X here and subscribe to his substack here.

Here's what we covered:

1:05 – Dom’s Background

2:05 – How Dom decided on the name Cayucos Capital

3:05 – How Dom finds his investment ideas

7:00 – How Dom approaches investing in spin-offs

9:30 – The opportunity in emerging market stocks vs.developed markets

11:59 – Why is Valterra Platinum an interesting opportunity

14:55 – Why do mining companies have a poor track record oftiming their own cycles?

16:05 – Why have platinum prices been strong recently?

20:15 – What is the main use for platinum?

21:20 – Why Dom is confident in the long-term outlook for platinumdespite the rise of EVs

25:45 – The use of catalytic converters in hybrids

27:15 – The competitive landscape for platinum group metals

30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months

33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra

33:20 – How Dom thinks about Valterra’s valuation

36:00 – Capital allocation for Valterra

38:45 – Valterra’s hedging policy

40:10 – How to get in touch with Dom