Hey guys! I'm stoked to have Mike Alkin on the podcast this week. Mike runs Sachem Cove Capital, a private investment fund. Mike is known as the "Uranium Guy" on Twitter and this week he provides the Ultimate Uranium Crash Course. It's everything you need to get up to speed on the Uranium Bull Thesis. 
We discuss supply/demand drivers, how to build demand and supply models, forecasting potential uranium prices, and how to structure a trade based on the underlying macro/fundamental thesis.
I know you'll love this episode. 
If you enjoy it, check out Mike on Twitter @Footnotesfirst.
Check out the time-stamp here: 

 [0:00] Who is Mike Alking?
 [2:00] The Uranium Industry
  [20:00] The supply and Demand Model
  [30:00] Decorbanization
  [43:00] The best risk reward in the Uranium Value Chain
  [1:00:00] Input Cost Inflation
  [1:15:00] The Uranium Bear Case
  [1:26:00] More from Mike Alkin and Closing Questions

Finally, a big thanks to the following sponsors for making the podcast a reality.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created emergingmanagers.org, a website for emerging manager stockpickers.
For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!
Tegus
Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.
I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to tegus.co/valuehive for a free trial to see for yourself.
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at TIKR.com/hive.

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Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Mike Alkin: The Ultimate Uranium Crash Course

Welcome to The Hive! It's nice in here, isn't it? 

The Hive is a collection of investors, entrepreneurs, thinkers and individuals dedicated to getting a little smarter each day. 

If you're a fan of value investing, business models, eclectic success and failure stories -- this is your podcast. 

Our goal is to provide you the highest quality interviews with new twists on old topics. Fresh perspectives on antiquated ideas. Passionate discourse on all things investing. 

Join us as we strive to improve a little bit each day: https://macro-ops.com/

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The first time I released this podcast it was two days before Christmas. Probably not the best timing if I wanted people to listen to the podcast. 
That's why I'm re-releasing this conversation with Judd Arnold today. 
If you like crazy finance stories, you will love this podcast. 
I hope you enjoy and tell your friends!
I'm excited to share this week's podcast with Judd Arnold. This is Judd's third appearance on Value Hive and he never disappoints.
This week we're doing something completely different. We're dissecting one of Judd's past off-market deals that involves the TSA, The US Government, tons of patent litigation, and an 60+ year old inventor who made something obvious that wasn't so obvious.
It's a great Christmas/Holiday break from my current content of investor letters and individual stock ideas. I hope you enjoy it.
Please note that neither Judd Arnold nor myself are legal professionals or attorneys and we DO NOT play ones on the internet. Nothing you listen to is investment or legal advice.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠, a website for emerging manager stockpickers.
I highly recommend the site for those looking to start a stock-picking fund or just learning about how others have done it. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers, and more!
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠.

--- 

Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

[REPLAY] Judd Arnold: TSA, US Government, and a Fund Analyst Walk Into A Bar

I'm stoked to bring you my conversation with Doug Ramshaw, CEO of Minera Alamos $MAI.V. 
PLEASE NOTE: I AM NOT A SHAREHOLDER OF MAI.V AS OF THIS RECORDING. I DO NOT PLAN TO OWN SHARES FOR AT LEAST TWO WEEKS AFTER THIS PODCAST IS RELEASED AS I'M STILL DOING DUE DILIGENCE. 
THIS IS MINING PEOPLE, IT'S RISKY. DO YOUR OWN WORK. MOST MINES FAIL. ITS HARD. NONE OF THIS IS INVESTMENT ADVICE. 
Now with that out of the way ... 
Doug knows how to build profitable mines that scale, period. That's what he's done in the past, and that's what he's doing with MAI.V. 
I spend 90 minutes dissecting Doug's process for: 

 Identifying good projects/drill results
 Building a profitable mining company
  Finding the right people
  Aligning company interests with shareholders
  Protecting shareholders from dilution
  Using cash from operations to expand a resource

And more. 
If you're a metals/mining investor, you will love this episode. 
If you're a generalist, you will love this episode. Doug gets it. That's all I can say. 
Finally, a big thanks to the following sponsors for making the podcast a reality.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.
For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!
Tegus
Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.
I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠ for a free trial to see for yourself.
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠.

--- 

Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Doug Ramshaw: How To Build A Mine That Makes Money

What better time to replay my 2022 Twitter Spaces on Carvana (CVNA) and its ability to survive a potential bankruptcy than this week? 
If you haven't heard, CVNA has ripped over the past two years, rising from a low of ~$4/share to over $100/share. 
This is easily one of the most controversial stocks on Twitter. You either LOVE or HATE Carvana. There's no in-between. 
Fast-forward to 2024 and my Twitter audience has grown, so a lot of people probably missed this conversation. 
It's also a great way of reviewing past priors and seeing how those have changed over time. 
I hope you enjoy!
----------------------------------------------------------------
This week, we’re chatting all things Carvana ($CVNA) from a Twitter Spaces I organized on July 7, 2022. The goal was to figure out the +20 billion dollar question… Will Carvana ($CVNA) survive? 
We discussed how much liquidity Carvana has, what could cause a liquidity crunch, and whether the valuation is attractive enough. 
Plus, we had amazing guests such as Henry Rearden (@integrity4mkts), @GuyDealership, and Marc Cohodes (@AlderLaneEggs).

 [2:00]@WolfofMStreet bullish view
 [12:30] Bull Case: Carvana is not a fraud but falling used car prices are a big danger
  [21:00] @sixdegreestech take
  [24:00] How much liquidity does Carvana has?
  [29:00] What could make Carvana to have a liquidity crunch?
  [32:00] Valuation is not attractive yet: CVNA is not increasing and Inventory is increasing
  [43:00] Leverage + Garcia’s Management: Formula for disaster.
  [57:00] Henry’s Research
  [1:03:00] @GuyDealership insights

Finally, a big thanks to the following sponsors for making the podcast a reality.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.
For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!
Tegus
Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.
I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠ for a free trial to see for yourself.
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠.

--- 

Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

[REPLAY] Carvana $CVNA: Will It Survive? (July 2022)

I'm excited to share my conversation with Raging Bull Cap on BQE Water $BQE.V. 
DISCLAIMER: I DO NOT OWN SHARES IN $BQE AS OF THE DATE OF THIS PODCAST OR AT ANY POINT BEFORE THE PODCAST. THAT COULD CHANGE IN THE FUTURE AND I WILL PROBABLY BUY SOME SHARES ON A PULLBACK IF I EVER GET ONE. DYODD PEOPLE NONE OF THIS IS INVESTMENT ADVICE. 
With that out of the way, I think you'll love this conversation. BQE is right up my alley and a perfect way to play the metals and mining cycle. It's a picks and shovels water play with low float, decent insider ownership, and an inflecting business model with multiple near-term catalysts. 
Raging Bull does a great job breaking down the thesis. If you like this podcast and want to learn more about him, check him out on Twitter/X @RagingBullCap or on substack ragingbullinvestments.substack.com. 
Finally, a big thanks to the following sponsors for making the podcast a reality.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.
For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!
Tegus
Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.
I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠ for a free trial to see for yourself.
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠.
Marhelm
Marhelm is an information service for investors to find real value in an overvalued market. With a focus on shipping and commodities, Marhelm helps you stay on the pulse of global trade, track global sentiment, and identify compelling investment opportunities. Get 20% of your subscription by using the code VALUE at checkout. Check it out ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.

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Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

@RagingBullCap: BQE Water $BQE.V Deep Dive

I'm excited to share my conversation with @Erik_YWR. Erik runs the fantastic Substack YWR.world. 
This conversation covers all things inflation. We discuss the main drivers of inflation/deflation, what has happened over the past 20 years in the US, why this time might be different, and how to profit from a higher-for-longer inflationary world. 
I really hope you enjoy this as much as I did. If you want to learn more about Erik, check him out on Twitter @Erik_YWR. 
Finally, a big thanks to the following sponsors for making the podcast a reality.
Mitimco
This episode is brought to you by MIT Investment Management Company, also known as MITIMCo, the investment office of MIT. Each year, MITIMCo invests in a handful of new emerging managers who it believes can earn exceptional long-term returns in support of MIT's mission. To help the emerging manager community more broadly, they created ⁠⁠⁠⁠⁠emergingmanagers.org⁠⁠⁠⁠⁠, a website for emerging manager stockpickers.
For those looking to start a stock-picking fund or just looking to learn about how others have done it, I highly recommend the site. You'll find essays and interviews by successful emerging managers, service providers used by MIT's own managers, essays MITIMCo has written for emerging managers and more!
Tegus
Tegus has the world’s largest collection of instantly available interviews on all the public and private companies you care about. Tegus actually makes primary research fun and effortless, too. Instead of weeks and months, you can learn a new industry or company in hours, and all from those that know it best.
I spend nearly all my time reading Tegus calls on existing holdings and new ideas. And I know you will too. So if you’re interested, head on over to ⁠⁠⁠⁠⁠tegus.co/valuehive⁠⁠⁠⁠⁠ for a free trial to see for yourself.
TIKR
TIKR is THE BEST resource for all stock market data, I use TIKR every day in my process, and I know you will too. Make sure to check them out at ⁠⁠⁠⁠⁠TIKR.com/hive⁠⁠⁠⁠⁠.
Marhelm
Marhelm is an information service for investors to find real value in an overvalued market. With a focus on shipping and commodities, Marhelm helps you stay on the pulse of global trade, track global sentiment, and identify compelling investment opportunities. Get 20% of your subscription by using the code VALUE at checkout. Check it out ⁠⁠⁠⁠⁠here⁠⁠⁠⁠⁠.

--- 

Support this podcast: https://podcasters.spotify.com/pod/show/valuehive/support

Mike Alkin: The Ultimate Uranium Crash Course

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