Blencowe is definitely well on my radar and has been for a while, but I missed the run up from 2.5p. My concern is that the IRR is so crazy high that it might be seen as a fraud or incompetence by some investors... Plus Uganda is still run by an old-skool gerontocratic, erratic dictator with no clear successor (>>> possible infighting or civil war after he finally dies), and so is not as stable or business-friendly as Namibia, Botswana or even Malawi or Angola.
I personally believe it’s a case of when, not if, the AI bubble bursts. The frontier models have no moat and open source versions like DeepSeek are almost as good. If you can’t host your own they offer cloud api options at much cheaper rates than OpenAI/Anthropic. Heck, I can even run half decent models direct on my iPhone. Not sure how much Apple will ever deploy AI as there are some significant security issues that nobody has managed to overcome yet which I think is one reason they dialled back their AI integrated with iPhone apps deployment.
I’m looking forward to reading the S-1 filings for those IPO’s. Anyone sensible should run a mile from them!
Fingers crossed for $14,000 gold. My greatland shares would probably cover the losses from everything else if the markets crash 😀
Will the UK pensions industry start withdrawing from the big 7 with the PE way too high? I won't hold my breath as I think their investment managers are not that great. UK has lost a lot of small investment funds due to the cash being splurged into the tech boom. Crash is going to be brutal
Your ~35% correction to mean, mirrors the expectation of a number of other analysts I follow. Veteran investor, J Grantham thinks it could be as grim as a the great depression!
Do you intend to ride out the storm with all the stocks in your portfolio?
What % of portfolio will you maintain as cash to go on a shopping spree when the big sale takes place?
You are always so enthusiastic when you write these updates that it makes me want to own most of them . Unfortunately many are too small for my liking . I own itm and Ceres so will have a look at AFC …right place , right time sort of thing . I’ve also been watching Helix , trying to be a bit clever with timing a buy but think it will be this week. Thanks , love your insights.
Have you ever looked at Ferro Alloy Resources? A vanadium play (redox batteries as well as steel) but its carbon by-products will significantly eclipse vanadium revenues, mining-friendly jurisdiction, excellent economics, backed by mining titan Sir Mick Davies, FEED underway, Chinese funding package likely to close late 2026, and all for a market cap of less than $50m. Yes, I have a holding :-)
Appreciate the updates, Charles. Thank-you!
Blencowe is definitely well on my radar and has been for a while, but I missed the run up from 2.5p. My concern is that the IRR is so crazy high that it might be seen as a fraud or incompetence by some investors... Plus Uganda is still run by an old-skool gerontocratic, erratic dictator with no clear successor (>>> possible infighting or civil war after he finally dies), and so is not as stable or business-friendly as Namibia, Botswana or even Malawi or Angola.
I personally believe it’s a case of when, not if, the AI bubble bursts. The frontier models have no moat and open source versions like DeepSeek are almost as good. If you can’t host your own they offer cloud api options at much cheaper rates than OpenAI/Anthropic. Heck, I can even run half decent models direct on my iPhone. Not sure how much Apple will ever deploy AI as there are some significant security issues that nobody has managed to overcome yet which I think is one reason they dialled back their AI integrated with iPhone apps deployment.
I’m looking forward to reading the S-1 filings for those IPO’s. Anyone sensible should run a mile from them!
Fingers crossed for $14,000 gold. My greatland shares would probably cover the losses from everything else if the markets crash 😀
Will the UK pensions industry start withdrawing from the big 7 with the PE way too high? I won't hold my breath as I think their investment managers are not that great. UK has lost a lot of small investment funds due to the cash being splurged into the tech boom. Crash is going to be brutal
Personally, I still think some UK aristocrats will benefit - hence, staying invested. Cash will be inflated away, so what you gonna do?
Brilliant monthly sysnopsis as ever Charles, many thanks.
Loved the macro insights.
Your ~35% correction to mean, mirrors the expectation of a number of other analysts I follow. Veteran investor, J Grantham thinks it could be as grim as a the great depression!
Do you intend to ride out the storm with all the stocks in your portfolio?
What % of portfolio will you maintain as cash to go on a shopping spree when the big sale takes place?
Thank you.
You are always so enthusiastic when you write these updates that it makes me want to own most of them . Unfortunately many are too small for my liking . I own itm and Ceres so will have a look at AFC …right place , right time sort of thing . I’ve also been watching Helix , trying to be a bit clever with timing a buy but think it will be this week. Thanks , love your insights.
Charles another great roundup thanks.
Have you ever looked at Ferro Alloy Resources? A vanadium play (redox batteries as well as steel) but its carbon by-products will significantly eclipse vanadium revenues, mining-friendly jurisdiction, excellent economics, backed by mining titan Sir Mick Davies, FEED underway, Chinese funding package likely to close late 2026, and all for a market cap of less than $50m. Yes, I have a holding :-)