The Ledger
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Rodman: Rosatom's Exclusion From the West Will Create a Massive Fuel Deficit
“They're close to 50% of the market, and over time, they'll be cut out of western markets, in our opinion, which will create a very big deficit.”
Rodman: Uranium market will stay in structural deficit for many years
“The market, which will, in our opinion, remain in structural deficit for many years, regardless of capital.”
Rodman: There Has Never Been a Stored Nuclear Waste Accident in History
“There has never been an accident with nuclear waste in the history.”
Rodman: Southern Company's Vogtle Nuclear Plant Has Been a Disaster
“They use the Vogel plant by Southern Company as the comp in the West, and it's been a disaster. It's big, it's over budget, it's over timeline, but it's our United States comp.”
Rodman: No Credible Academic Path to Net Zero Exists Without Nuclear Energy
“There is not one credible academic institution that sees us on a path to net zero without nuclear growth.”
Rodman: Uranium enrichers will shift from suppliers to net buyers
“What the market hasn't fully digested yet, because this market moves in slow motion, is that on a go forward basis, you probably aren't going to get supply from enrichers, and it's very likely that you actually have demand from enrichers, which is a process th…”
Rodman: Advanced Nuclear Reactors Feature Meltdown-Proof Fuels and Passive Safety
“Advanced designs have walk away passive safety features, in some cases have cores that can't melt down, fuel that cannot melt down. They have lower waste profiles. Proliferation risk is reduced.”
Rodman: Energy Crises Cause Radical Public Shifts Toward Nuclear
“You're seeing it in every country where the failed energy policy is actually starting to bite, either because electricity prices are through the roof or because there's energy rationing. If those countries have shut nuclear and had that as a consequence, popul…”
Rodman: Solar and carbon capture scaled through vast subsidized lending
“Buried deep in the layers of how we've gotten solar scaled and Certainly, carbon capture or some of the other technologies that we have lingering around are a huge amount of subsidized lending, and it is very encouraging to see how nuclear is improving its pos…”
Rodman: US nuclear energy has bipartisan support for first time in 40 years
“Most may not be aware, but nuclear is a bipartisan support issue for the first time in probably 40 years or so.”
Rodman: Segra's positions should make investors want to puke
“If our positions don't make you want to puke, we're not doing our job.”
Rodman: Mark Hart Ordered a $2B Greek CDS Trade on Day Three
“I think it might've been my second or third day at Corriente and Mark just told me to whack up the phone and buy two billion dollars of notional Greek protection, which was somewhere around five or six basis points over Germany at the time.”
Rodman: Uranium at $50 is not a balancing price and will rise
“It's around 50 dollars now. It's still not a balancing price. We still think there's quite a bit to go”
Rodman: Best Uranium Development Assets Are Likely Four Years From Production
“And even high-quality development assets, the best ones that we see out there are probably four years out from producing.”
Rodman: Lifetime Nuclear Power Leaves Half a Soda Can of Waste
“For all the electricity used and power they used, I think half a Coke can is about how much uranium
Waste you'd have left over, whereas you'd probably have your whole yard stacked up five stories of coal.”
Rodman: All US Nuclear Waste Ever Accumulated Fits on One Football Field
“In the United States, all the nuclear waste we've ever accumulated, you know, over the last
Can fit on a football field 10 feet.”
Rodman: Investor Skepticism on Nuclear Shifted From Safety to Economics
“Three years ago, when we would talk about our funds, or frankly, just our views on energy, most investors would say to us, but isn't nuclear dangerous? The truth of the matter is, in a few short years, nuclear is dangerous does not come up much with anybody wh…”
Rodman: Chinese nuclear reactors are built on Westinghouse designs
“In certain cases, the Chinese who are building scalable, inexpensive reactors built on the Westinghouse design”
Rodman: Nuclear Fuel Demand Forecasting Is Far More Predictable Than Oil and Gas
“The operating reactors and those that are under construction and have licenses are very, very well defined. You know about them five, if not 10 years in advance. You know about decommissionings because of the impact on the grid multiple years in advance. So yo…”
Rodman: Institutionalization shifted hedge funds away from concentrated swings
“Volatile, taking big swings, conviction, and it felt to me, hedge fund industry truly was becoming too institutionalized. Which works. Obviously it's great for asset aggregation. So it's not to take anything away from the incredible businesses. I think that's …”
Rodman: Kazakhstan Mines 40% of Global Uranium While Russia Only Mines 5%
“Russia does not do much direct ethereal-weight mining. They're maybe five percent global supply or so. But Kazakhstan, fully independent neighboring country, former satellite, is 40%.”
Rodman: Fuel Is 15% of Nuclear Plant Costs vs. 80% for Gas
“Fuel costs are a relatively small percentage of operating a plant. People who don't know nuclear economics that well maybe assume that light coal or gas plant feedstock is 80% of running. It's flipped on its head for a nuclear reactor. It's all Upfront, CapEx,…”
Rodman: Uranium Miners Make Up the Vast Majority of Public Nuclear Plays
“The public markets are mostly dominated by fuel cycle plays and a fuel cycle plays. Uranium miners are vast majority of the opportunity set.”
Rodman: Public Nuclear Investable Universe Is Only 100 to 120 Companies
“It's probably about a hundred, a 120. It's pretty small.”
Rodman: Nuclear Fuel Processing Begins Two to Four Years Before Reactor Insertion
“Nuclear fuel starts its process two, three, four years before it finds its way into a reactor.”
Rodman: Uranium Miners Shrank From 450 to 30 Between Market Cycles
“Where famously there were probably some 450 uranium miners or so in the last cycle, we launched our fund, it was down to 30 or so, the rest had gone away.”
Rodman: Segra Avoids Top 10 Positions That Allocators Have Heard Of
“We used to joke me and the team that if we were pitching an allocator and they had heard of any of our top 10 positions, long or short, that they could stop the meeting short because we weren't doing our job. It wasn't always the best open. Some people took it…”