Welcome to the L2 Capital Podcast, focuses on potential opportunities in the market, and brings to you industry leaders and intelligent conversation about their respective areas of expertise.
Podcast #3: Aaron Edelheit - Cannabis
In this episode, Marcelo Lopez spoke to cannabis investor Aaron Edelheit. Aaron has been doing extensive research in the cannabis sector and has a knack for opportunities, like the purchase of properties after the GFC.
Aaron mentioned the similarities between the cannabis investment now and the property market in 2009. He also talked a lot about interstate commerce, which he views as a hindrance for the sector, and probably the most important thing at the moment.
Besides, Aaron gave his opinion on legislation, schedule review, illegal production and much more.
Podcast #2: Jesse Redmond
In this episode, Marcelo Lopez had a very interesting conversation with Jesse Redmond, Head of Cannabis Research at Water Tower Research. Jesse discussed the current situation of the cannabis market in the USA and the investment perspectives. Redmond also explained the role states play in this universe, the existing political catalysts, including SAFE Banking Act, schedule review, tax-related issues, and what to expect from the Garland memo.
Podcast #1: Jim Grant
In this episode, Marcelo Lopez had a very interesting conversation with Jim Grant, founder and editor of Grant’s Interest Rate Observer. Jim talked about the many risks that are present in the markets today, from private equity to high yield bonds. Besides, Jim gave his views on interest rates and inflation, and its potential impacts in the economy. He also lecture us about his preferred commodity, gold, and talked about nuclear energy and uranium. Last but not least, he left us with 3 excellent book recommendations.
Podcast #35: Mark Nelson - Energy and ESG
In today's episode, Marcelo López spoke with Mark Nelson, executive director of the Radiant Energy Fund, a non-profit organization focused on the energy market.
Mark is a nuclear engineer who started his career working with the famous Michael Shellenberger, author of the book “Apocalypse Never” and a great defender of nuclear energy as a source of clean and sustainable energy.
Nelson spoke about ESG investments – these are investments in line with best practices regarding environmental, social and corporate governance aspects. Mark questioned the ESG title that giants in a few sectors, especially technology, claim they hold . Mark explained in detail how energy is a topic of great relevance, but it is not given the proper credit.
Mark also explained the cultural war being waged against nuclear energy and its impacts on the world and told us how to deal with differences of opinion in communication.
When asked how wind and solar power would have supposedly gotten cheaper in recent years, while people who live in regions where there is a lot of availability of these types of energy sources end up paying more for electricity, Mark gave a surprising explanation. He demonstrated that the metric used by the sector is wrong and misleading (LCOE -levelized cost of energy) and gave a fantastic example to substantiate his point.
Mark also spoke about the situation in France, the anti-nuclear youth movement today, its origins and how to deal with the issue. In addition, it addressed an interesting item, the reverse carbon tax.
Nelson also spoke about the German situation and the major problem that nuclear energy will have to face in that country.
Finally, Mark explained, from his point of view, why it is easier to develop nuclear projects and build atomic reactors in Asian countries than in Western countries.
Podcast #34: Brandon Munro - Uranium
In today's episode, Marcelo López spoke with Brandon Munro, CEO of Bannerman Resources, a company listed on the Australian stock exchange, ASX, focused on the exploration and development of uranium mines in Namibia.
Brandon, a frequent participant in the L2 Capital podcasts, returned to discuss important topics such as the restart of the Cigar Lake mine, the 20% cut in Kazatomprom's estimated production for 2022, the World Nuclear Association (WNA) Symposium, the latest developments in the spot market, the situation in Iran at the moment and the latest news from Bannerman Resources.
Marcelo had already mentioned in the last podcast recorded with Munro, in early June, that he expected the production of Cigar Lake to return this year and Brandon starts talking about the stock market's response to Cameco's announcement. The reopening procedures of the mine that had been closed due to the pandemic are due to start in September.
Brandon also discusses the decision of Kazatomprom, the world's largest uranium miner, to reduce the estimated production of the metal by 20% in 2022 and the importance of this attitude for the market. Munro talks about the consequences of this and the possible repercussions for the coming years.
He comments on the uranium spot market, the main factors that are affecting the price at the moment and how real investors are reacting.
Brandon explains that the WNA (World Nuclear Association) Symposium will be virtual this year and discusses what the implications will be for nuclear fuel buyers and sellers.
Munro also talks about the Iran sanctions waivers, which end on August 27, and what the United States are doing about it.
Finally, Brandon talks about the changes at Bannerman Resources and how it can affect the company and investors' view of it.
Podcast # 33B: Fernando Ulrich e Tavi Costa – economia e finanças
No episódio de hoje, segunda parte de uma conversa que foi dividida em duas, Marcelo López conversou com Fernando Ulrich, sócio da Liberta Investimentos, e com Otávio Costa, mais conhecido como Tavi, portfolio manager da Crescat Capital.
Marcelo começa falando do atual estado dos mercados e de uma possível bolha que está se formando nas bolsas pelo mundo afora, especialmente após a entrada mais expressiva do varejo. López cita o exemplo da Tesla e compara o patrimônio de Warren Buffett com o de Elon Musk, sugerindo que isso pode ser um indicador.
Fernando menciona alguns exemplos de empresas que estão quebradas e viram suas ações disparar nos últimos meses, como resultado de aplicativos como Robin Hood.
Tavi comenta sobre frases como “fundamentos não importam” e as críticas ao Warren Buffett. Nesse contexto, ele discute sobre a solidez dos fundamentos da economia e, mais especificamente, sobre o mercado de mineração, os setores bancários, imobiliário e de tecnologia.
Fernando faz uma provocação dizendo que o mercado só está subindo por causa do Fed e dos estímulos dos bancos centrais.
Marcelo fala sobre a tese de investimento em urânio e da assimetria favorável ao investidor paciente e compara com a relação risco x retorno no caso dos investimentos em tecnologia.
Tavi complementa os argumentos e conclusões com alguns exemplos e mostra que a dívida das empresas está alta e continua subindo e faz um questionamento com relação ao mercado de urânio e de commodities em geral.
Marcelo explica em mais detalhes o mercado de urânio, salienta aspectos ligados ao crescimento do mercado consumidor (reatores nucleares) e aos cortes de produção das mineradoras. Ele ainda destaca haver um déficit crescente entre oferta e demanda e acredita que o ajuste será feito por meio do preço do metal.
Marcelo também conta sobre a Coca-Cola e o que realmente está mudando nas empresas, e contrasta o aumento do endividamento e das recompras de ações com as receitas e margens dos negócios.
López pergunta sobre a visão dos convidados sobre bolsa, dólar e taxa juros. Tavi chama a atenção para o estresse no câmbio dos mercados emergentes e destaca problemas na economia chinesa que podem repercutir pelo mundo afora.
Fernando discute os impactos da atual taxa de juros no Brasil e da situação fiscal no câmbio, além das consequências da volatilidade na moeda, e defende uma mudança na meta de inflação.
Marcelo traz à discussão o tema bitcoin e Fernando explica o racional por trás da sua tese de investimento, que foca primeiro em reserva de valor e depois em meio de troca. Tavi também dá sua opinião sobre a moeda digital e sobre uma possível forma de diversificação.