Harris “Kuppy” Kupperman sits down with Mike Alkin, CIO and Founder of Sachem Cove Partners from the floor of the 2023 World Nuclear Association (WNA) Symposium to discuss how attending this conference has opened both of their eyes to the unique mindsets that pervade the nuclear power industry. Filmed September 8th, 2023, in London.
At this point industry conferences are ubiquitous across Wall Street, but usually large public companies dominate the events, booth babes abound, buysiders compete for meetings with management teams, and whether it is the TAM of the industry itself or the story from a particular company, it feels like everyone is trying to sell you something. That is not what the WNA feels like to Kuppy and Alkin. Instead, the majority of the attendees are within the industry, with only a handful of investors even bothering to attend. Those corporate attendees who dominate the event are largely privately held or quasi government entities who answer questions matter-of-factly and still don’t fully understand why the hell anyone form Wall Street even cares about their niche sector.
Whether it is the industry’s apparent uranium price agnosticism, anchoring of expectations to the recent past, willingness to accept their own projections at face value, or lack of concern over where they will acquire uranium in spite of the growing acknowledgement that supply-demand deficits are very real, both Alkin and Kupperman agree you can’t fully understand just how differently this industry operates until you come and see it for yourself.
Alkin also highlights that in spite of how slow the industry can be to recognize shifting dynamics that the tone at the 2023 WNA has markedly changed since he first started attending the event over 5 years ago. From fuel buyers who used to tell him uranium would never again cost more than $20/lb begrudgingly acknowledging that it looks like a new bull market is well underway to management teams that he used to corner in elevators just to get 5 minutes of face time offering to sit down for hour long meetings, it’s clear that rising uranium prices are no longer being ignored.
Don’t forget to read our blog on the 2023 WNA experience, “The Bigger Short”.