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Money of Mine
Why the uranium shorts are wrong (Guy Keller interview)
Mar 14, 2025
Guy Keller, a leading uranium bull at Tribeca Funds Management, shares his expertise on the uranium market's current dynamics. He dives into the surprising short-interest in uranium stocks and the implications for investors. Keller discusses EnCore's recent 50% drop and shares valuable insights on portfolio management strategies. The conversation touches on pricing challenges influenced by regulatory factors, as well as the intricate dynamics of uranium drilling and contracting. His seasoned perspective sheds light on the evolving landscape and opportunities within the sector.
01:02:28
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Quick takeaways
- The significant short-interest in uranium stocks reflects investor reluctance and could signal a potential tactical error among hedge funds.
- A disconnect between spot and term prices is complicating contract negotiations in the uranium market, causing volatility and trader caution.
Deep dives
Uranium Market Sentiment
The current sentiment in the uranium market is characterized by a significant amount of short interest, with many investors expressing reluctance to engage with uranium stocks. This is evident as three of the top five most shorted stocks on the ASX belong to uranium miners, indicating a general bearish outlook. Despite this, the conversation suggests that a negative consensus among hedge funds could be a tactical mistake, as a shift in sentiment could quickly reverse the current trends in stock prices. The prevailing view is that the market may be mispricing the inherent value and potential demand for uranium, especially as fundamentals for nuclear energy remain strong.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode