Azarias Capital

Concentrated small cap value focused on fundamental recoveries.
Bullish on #uranium
Social Media Disclosures:

[Azarias Capital @AzariasCapital]

Interested in learning more about #uranium? We discuss our research and analysis in our #uraniumpodcast series. Episode 1 is our #uranium101 #uraniumoverview
https://t.co/VqSrnYU23G

[Tobias Carlisle @Greenbackd]

Value is 4th percentile cheap.

[Nick Jones @Grainjones]

Think this is a must listen. AP1000 announcements soon (actually).

$CCJ

https://t.co/XwOxGhaF7R

[Azarias Capital @AzariasCapital]

@kofinas @TSGResearch Your podcast with him a couple of years ago is one of my all time favorites 👍🏻

[Rudy Havenstein, Senior Markets Commentator. @RudyHavenstein]

Jeff Gundlach on Private Equity, Private Credit, offshore re-insurance, and other menaces to society:

“I’m getting that feeling that I had in 2005, 2006, where I feel like everybody’s lying about everything.”

[Azarias Capital @AzariasCapital]

@HankRuehl @rekurencja …of making positive long term returns in well run mining companies

[Azarias Capital @AzariasCapital]

@HankRuehl @rekurencja Spot on. I believe it’s well established that very long term returns in commodities is zero. Yet the volatility around zero is very high for any individual commodity so opportunities present themselves to profitably trade them. And as you point out, plenty of examples…..

[Lee Roach @leevalueroach]

I have read approximately 3,000 10-Ks in my life. I have read my wife’s emotional state correctly maybe 11 times. This is troubling because the skills should transfer. Both require you to look past the headline. Both require you to read the footnotes. Both require you to notice what was said last quarter that is not being said this quarter.

I can spot a goodwill impairment from 40 pages away. I cannot spot that my wife has been quietly furious since Tuesday. In a 10-K I notice when management changes the word “challenging” to “dynamic” and I correctly interpret this as a warning. In my marriage my wife changed the word “fine” to “fine.” and I did not notice the period. The period was the entire disclosure.

I missed it. I read a footnote last week in a packaging company’s annual report that disclosed a related-party transaction worth $400,000 and I caught it in 90 seconds. My wife told me three times this month that she was tired and I interpreted this as “tired” when in fact it was a Level 3 disclosure requiring immediate management response. I have a system for 10-Ks. I read the MD&A first, then the risk factors, then the cash flow statement, then the notes. I have no system for my wife. She is a company that does not file. She reports continuously and without warning and the format changes every quarter. Her risk factors are not enumerated.

Her MD&A is delivered through sighs of varying length and I have not yet developed the ear. Last week she said “do whatever you want” and I did whatever I wanted and it turns out the correct interpretation of “do whatever you want” was “do not do that specific thing” and I have no idea how I was supposed to know that, and yet, looking back, the signals were all there. The signals are always there. I have been trained to find signals. I find them in companies I will never meet. I miss them in the person I have lived with for nine years. My wife has started saying things like “you would notice this if I were a stock” and she is correct. She is correct. If she had a ticker I would have already built a 6,000-word model on her. I would know her seasonality.

I would know her capex cycle. I would know which quarters historically run hot. Instead I treat her like a private company and I am surprised every time the auditors arrive. I am going to bed now. She said good night in a tone. I do not know what the tone meant. I will find out in the morning. Or I will not. The 10-K of my marriage is filed in real time and I am, as always, three quarters behind.

[Azarias Capital @AzariasCapital]

@evantindell Great work, Evan!

[FredrikAce @FredrikAce]

The complete list of publicly traded #uranium miners that are ACTUALLY mining uranium right now:

🇰🇿 $KAP Kazatomprom
🇨🇦 $CCJ Cameco
🇳🇦 $PDN Paladin Energy
🇦🇺 $BOE Boss Energy
🇺🇸 $UUUU Energy Fuels
🇺🇸 $UEC Uranium Energy Corp
🇺🇸 $URG Ur-Energy
🇺🇸 $EU enCore Energy
🇲🇼 $LOT Lotus Resources

9 publicly traded uranium producers. That's it.
The rest are developers, explorers, or state-owned.

[Azarias Capital @AzariasCapital]

@kieranwgoodwin LO active small cap. Maybe not killed, but put it in the ICU

[Uranium Insider @uraniuminsider]

During WNFM last week, Jonathan Hinze, president of @UxC_Nuclear stated that based on the 'known' growth of nuclear capacity (~400GW today to ~500GW ~2032) he is concerned about the supply chain. When pressed on this, he stated that he is most concerned about "uranium." (1/x)

[Azarias Capital @AzariasCapital]

@SantiagoAuFund @theoperip @BrianKuszmar @vtchakarova I don’t disagree with your main point but I do believe there’s long term value to signal a willingness to play a cooperative game rather than a competitive (aka zero sum) game in geopolitics. But when the rubber meets the road it’s always about power.

[Jeremy Raper @puppyeh1]

Asking Druckenmiller this question and getting this kind of answer is - for like 99.9% of investors - maximally value destructive. Recipe to blow up basically everyone who hears it and then tries acting on it.

Some kinds of greatness are too dangerous to approach, let alone imitate.

[George Noble @gnoble79]

What an awful take by @marcuslemonis

For all those who believe that the @SECGov should protect the public interest and prevent such garbage as Spacex from going public.

For all those who believe that the index providers should not change their rules for index inclusion.

For all those who believe that Goldman Sachs and Morgan Stanley should care about enabling this forced wealth transfer.

The mechanics of the Spacex IPO are a disaster for millions of investors who own index funds.

Everyone knows this is just plain wrong.

This is legal fraud.

Marcus Lemonis, by not calling out the bad actors, you are part of the problem.

SHAME ON YOU.

[Michael Antonelli @BullandBaird]

Give it a read

[Azarias Capital @AzariasCapital]

@nnzp1730 Watch out for those water buffalos on your way home.

[Azarias Capital @AzariasCapital]

@piterloskot82 @CounterCynical @Hitthebidsayuhh @UraniumKevin Nothing but respect for your work Pitor. Are you saying secondary supply will grow enough to offset the primary supply deficit?

[Azarias Capital @AzariasCapital]

@marketplunger1 Thanks to your query I learned that @AKWilk has 14k followers! Holy smokes nice job Adam! Guess you don’t qualify 🤷‍♂️

[Azarias Capital @AzariasCapital]

@HedgeDirty If you’re not familiar with Mike Green’s @profplum99 work, you should check it out

[Azarias Capital @AzariasCapital]

@chamath Dunning Kruger effect fully engaged.