China has spent decades building its dominance over the world's critical mineral supply chains. Now, that dominance has become an extraordinary geopolitical advantage. Sprott Asset Management CEO John Ciampaglia made a striking observation during our latest conversation: “But if you cut off the supply chain, you literally cripple $6 trillion of the global economy.” Rare earths represent a relatively small market in dollar terms, yet they are essential to industries worth trillions. That is the extraordinary paradox. The world is discovering that control over the smallest commodity markets can carry some of the greatest geopolitical power. Watch: youtube.com/watch?v=THyquRvn…

The replay of today's UI Members Webinar with Art Hyde, Partner and Portfolio Manager at @SegraCapital can be viewed here: bit.ly/48a6FA7

The world’s largest known #uranium deposit is owned by a company that, in practice, is completely indifferent to the current uranium price 😅 🇦🇺 $BHP chairman Ross McEwan, yesterday 👇

#Nuclear Power Now Has Bipartisan Support Majorities of Both Major Parties now recognize its potential as a More Clean & Stable #Energy Source. LINK: yahoo.com/news/politics/arti… #EnergySecurity #Uranium

"I think there is no suffering greater than what is caused by the doubts of those who want to believe."
— Flannery O'Connor Stocks routinely develop a religious following… Every investor with real conviction knows this feeling. It's not the people on the sidelines who suffer. It's the ones who are in deep, who want the thesis to be true, and still wake up at 3 a.m. questioning it. That tension isn't weakness. It's the job. Doubt the price and you'll shake out at the bottom. Ignore doubt about the thesis and you'll ride a mistake to zero. The edge is knowing which doubt you're feeling. There is zero substitute for doing one’s own due diligence and then deciding based on one’s personal financial circumstances if they should have a position in any particular investment and what that size should be. In my book, I describe the work I due to obtain true conviction as also how I manage position sizing. It’s always amazing how fast momentum changes. How much narratives and perspectives can change valuations. The most difficult thing to do is learning to sell your joy and buy your pain. Along with that, riding stocks to 10x or 20x returns is also a serious challenge. Managing greed and fear is a monumental challenge. Skepticism is healthy. I love digging deep and looking for all holes in the thesis I develop. There’s always plenty of things to consider that could go wrong. But, the goal is to find companies with enough things that look like they should go right, such that if they do the risk reward appears exceptionally good. There is absolutely no substitute for doing one’s own risk reward assessment.