Mike Alkin of Sachem Cove Partners stops by The Business Brew to share his journey in uncovering the uranium investment thesis. Bill found out about Mike when he began listening to Mike's podcast in 2018/19. At that time, Mike was telling everyone that would listen about how asymmetric the opportunity was. Mike interviewed industry insiders, other investors, and laid out his thesis in public. Bill found it inspiring.
This conversation dives deep into the complexities of the uranium market. The discussion includes a detailed analysis of nuclear power, supply-demand dynamics, and the industry’s challenges. Mike also provides valuable advice for young analysts and highlights the significance of contrarian investing. Additionally, they explore recent advancements in nuclear energy and the evolving markets of EVs, wind, and solar energy.
As always, this episode is for educational and entertainment purposes only, not financial advice.
Michael (Mike) Alkin is a principal of Sachem Cove Partners, LLC, the general partner of Sachem Cove Special Opportunities Fund, LP. He is also the Chief Investment Officer of Public Equities of Lloyd Harbor Capital Management, LLC, the investment manager of the Fund, and in that role is responsible for the Fund’s investment process. He has nearly 30 years of hedge fund experience with extensive investing experience across many cyclical industries. Prior to Sachem Cove and Lloyd Harbor, he was an analyst and partner for 7 years at Knott Partners. Prior to Knott, amongst the firms where held similar roles were Walker Smith Capital, Zweig-DiMenna, and Windsor Partners. Detailed Show Notes
00:00 Welcome to the Business Brew
00:08 Introducing Mike Alkin and the Uranium Thesis
00:48 The Inspiration Behind the Podcast
01:21 Disclaimer and Acknowledgements
02:32 Deep Dive into the Uranium Market
05:26 Challenges and Insights in the Uranium Industry
09:13 Understanding Market Dynamics and Investor Behavior
12:50 The Journey to Conviction in Uranium Investment
17:40 The Role of Nuclear Power in the Energy Market
42:39 The Impact of Geopolitical Risks on Uranium Supply
44:32 The Fuel Cycle and U.S. Fuel Buyers
45:23 Challenges with Industry Forecasts
46:11 Presenting at the NEI Conference
47:09 Confrontations and Convictions
48:56 Expert Networks and Market Misconceptions
52:10 Global Nuclear Power Dynamics
01:01:24 Kazakhstan's Uranium Production
01:10:42 The Future of Nuclear and Renewables
01:18:01 Investment Strategies and Advice
01:22:26 Conclusion and Final Thoughts
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