Cameco Corporation (CCO.TO)

Sometimes a stock just gets ahead of itself, or the market thinks expectations are too high. Pretty mature, and great, business in the space. His team only buys or sells if there's a significant change in the business or valuation.

He focuses on companies earlier in their cycle, such as NXE.

Nuclear renaissance, and then Russian invasion of Ukraine really tightened up supply and turbo-charged the idea. Cigar Lake producing steadily. Mothballed mine reopened. Low-cost, long-life reserves. Joint venture with Kazakhstan facing issues, but that's a small piece of the puzzle.

Deals with data centres continue. Uranium price is firm, but not high enough to stimulate new supply. Westinghouse JV has signed numerous deals, moving CCO price higher recently. Finding its way into green energy portfolios. Still likes.

On fire. He used to be in and out, but then it broke out and held for more than a few days. Took some profits (50%) recently, as it's a bit parabolic. Still likes it, wouldn't bail out. Bit overbought, could retrace a bit. 

(Note the short timeframe.)  Alternative energy play. Westinghouse acquisition sets them up really well for the future. One of his largest positions; hasn't trimmed yet because it hasn't become too big a percentage. Everyone should have 2-3% as a long-term investment.

Uranium and nuclear companies have a long way they can go. Very early stages of big growth cycle for modular nuclear reactors and large-scale reactors. Nuclear infrastructure purchase gives lots of opportunity for growth. Leader in the group, first to break out to new highs. Big move recently, suspects it'll be a multi-bagger over next 5 years.

Nuclear sentiment really starting to accelerate. Mini reactors are the trend, hyperscalers are jumping on board, and that will feed the trend. Cigar Lake struggles have gone away, now world leader. Earnings and technicals moving up. Tends to be volatile, so move in by tranches.

Likes uranium, the world needs more, and Canada has lots. The world particularly likes uranium from geopolitically stable countries.

He sold part of his position around $90 last year. RSI says it is now way overbought. He likes it, but expects it to pull back to slightly above its old high.

Nuclear resurgence has been strong, and CCO plays a key role. Saskatchewan assets are very high grade, the best you can get. If you own it, sit tight. If not, watch and wait. Don't chase. So much hype in the space. Executing well, but there's only so much uranium that can be mined and sold.

The whole nuclear energy theme has really jumped back into the spotlight. No matter what happens with tariffs and other things, we know that there will be expanded (perhaps exponential) demand for energy. Some of that will come from natural gas, and some from nuclear.

A new position for him. Good, and getting better. Can't ignore the breakout from a multi-year base. Westinghouse business is getting better.

It's in the right space, uranium, given demand for nuclear power. The share price is high, so wait for a pullback. Also, commodities are volatile. A well-run company.

Extended in the short term, likely to see a pullback to around $74-75. Once that's done, broader reacceleration after that. But downtrend definitely broken, and it's in a new intermediate-term uptrend.

A rising tide floats all boats, and that's where we are now in the market. But remember that August and September are typically the worst months for equities. So you can hold this name till then, but then look to manage some risk.

Uranium stocks had a fantastic run. Not at a 12-month low but, fundamentally speaking, you have utilities that aren't properly covered in terms of their needs. Supply issues. Not many are starting new mines, as they wait for prices to get back to $100/pound. It takes time to start new mines. Buy it now, knowing of the fundamental global energy trend in place. Modular reactors will become reality over the next 10 years.

Spot market is what people look at every single day, and that's where you see the gyrations in uranium prices. Right now, ~$65/pound. Term market is where most of the long-term contracting gets done, such as by utilities; and that one's been fairly steady.

Super bullish on AI, it's just getting started. We're going to run out of power before we run out of demand for AI. Need energy, cooling, construction, labour, chips, racks. Hard to tell what future's going to bring. Demand for data centres will be a bumpy story as the economy ebbs and flows.

Nuclear is exciting, but unsure how quickly you're going to make money. CCO is a great business with great operations. Good for those who bought the dip in April. He'd prefer nat gas via TOU.

Think of it as a core position in a Canadian context. Uranium has really come into its own. Outside of speculative companies, is the best low-cost producer. Nuclear servicing via Westinghouse purchase. Not something you need to jump into with both feet today.