E Taking A Long View

Worldwide last year 4 new reactors connected to the grid. Currently there are 57 reactors under construction worldwide, most expected to come online in the next 3 years, if startups occur as planned.

There is a growing realization that global climate change goals require using to all non-carbon-emitting energy sources, including nuclear. The World Nuclear Association's target is 25% nuclear by 2050.

Costs can also be brought down if the research work now being done with GE and Hitachi of laser enrichment of uranium bears fruit. CCJ owns 24% of the venture.

I also like that CCJ at its May 16 AGM backs an end to the practice of seating the CEO on the board. I think boards cannot actively question management if the senior managers sits with them.

Energy

US energy independence requires sales to China from the shale sector. China could put tariffs or quotas on US petrochemicals, crude oil, and, liquefied natural gas to retaliate against Trump's threats to hit Chinese imports with tariffs. China is the biggest regional importer of US crude, as net US exports of oil more than doubled last year from 2016 to ~435,000 barrels per day last year. Chinese LNG imports were ~750 mn cu ft/day in Q4 2017.

Oppenheimer downgraded Ormat Technologies of Nevada to perform from outperform. ORA develops geothermal sites for electricity generation and also builds Viridity storage systems for solar and wind power to be able to get power from them at night or when the wind isn't blowing. Viridity is sold both to utilities and users.

ORA is majority Israeli owned but is a US company, hence a bonus stock. It part owns geothermal power stations in Kenya, Guadalupe (a French Caribbean Island), Honduras, Guatemala, Costa Rica, Chile, New Zealand, the Philippines, and Turkey and Indonesia.

Funds

SPDR Gold, GLD, is behaving as it should after renewed market volatility and bearishness over employment and trade. It is up 0.5%.

Mexican Equity & Income Fund lost money last FY (to Jan. 31 2018, when it ended) but soundly beat its index, the Mexbol, thanks to a 55% focus on high growth shares with lower p/e ratios. It also played news themes like energy reform and special situations. Maria Eugenia Pichardo remains the senior analysis person despite dropping the role of company president, and our MXE fund benefits from the Pichardo group's in-house prowess in Mexican investment management. She wrote in its SEC report today that PAM's internal code of ethics should give certainty to clients of its fund and other clients.

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Vivian Lewis 2 years ago Author's comment

I always inform my bank if I plan to travel to foreign lands to make sure that my credit cards will work and I can get money from local ATMs. The problems arise DESPITE my warning the bank. I think it is poor internal communications and overuse of cheap Asian labor.

Kurt Benson 2 years ago Member's comment

I've had the same problem. I remember one time there was several thousand dollars of fraud on my account. But then another time I was unable to use my credit card because of a "suspicious charge" for $1.50. A charge I had actually made. Baffling.

Gary Anderson 2 years ago Contributor's comment

Fascinating discussion of HSBC and international banking glitches. It is also a great argument why going cashless can put travelers at risk in the future.

Vivian Lewis 2 years ago Author's comment

yup