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Episode Description:

Adam Rodman is the Founder and Chief Investment Officer of Segra Capital Management, the largest fund dedicated to investing in nuclear power across public and private markets. Adam founded Segra in 2013 to focus on a concentrated portfolio of contrarian, underfollowed investment ideas. In turn, this led to a dedicated focus on nuclear power. Both Tom Steyer and Bill Orum discussed nuclear power as an essential, although very long-term component of addressing climate needs. Adam’s insights provide an understanding of the thesis as well as nuances in capitalizing on it.

Our conversation covers Adam’s early career, path to Segra, and shift in focus to nuclear. We discuss the fundamental case and market inefficiencies in the industry, supply and demand, the nuclear fuel cycle, safety and waste, and risks to thesis.

Show Notes
3:57 Background
5:25 Appeal of contrarian thinking
7:25 An edge in research
9:56 Focus on nuclear power
11:45 The case for nuclear
14:21 Nuclear power and energy transition
16:03 Opportunities in the nuclear value chain
17:09 ESG concerns in mining
18:37 Nuclear conversion and enrichment
22:36 Investing in public and private markets
26:09 Safety and reliability of nuclear
27:39 Understanding nuclear waste
31:35 Bringing capital to nuclear
33:19 An investment strategy for nuclear
35:00 Assessing company management
36:38 Counterpoints to the nuclear thesis
39:28 Closing questions

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