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Doug Casey Interview at StockHouse at Trader’s Narrative

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Doug Casey is an investment advisor and founder of Casey Research. Eventhough I don’t agree with everything he says, I really like his approach to the markets:


StockHouse: Tell me a bit about your investment philosophy - how is it different from others?

Doug Casey: I guess everybody at least likes to say they are a contrarian. But I try to walk the walk, not just talk the talk. … That’s one reason why I’m in Argentina. The blood was in the streets here in 2001, and it’s gotten vastly better since then. … So that would be number one-looking at contrarian opportunities that others are afraid of, or unaware of. Number two would be that most people tend to invest 100% of their money in something looking to get a 10% return. I’d rather invest 10% of my money someplace looking for a 100% return by going for volatile issues.

SH: There are a lot of investors very interested in some of these junior uranium companies, but you have some concerns about them?

DC: Yes. On the one hand, I’ve always been a big believer in nuclear power. It’s not only by far the safest and cleanest, but it’s almost certainly the cheapest form of mass power available. The only reason I don’t say it’s definitely the cheapest is because the government is so involved in nuclear power with subsidies and taxes and regulations, you can’t tell what the true economics of anything really are. But eventually the truth will be out. There are going to be hundreds of nuclear power plants built in the next generation all over the world. And they mostly run on uranium. Now there’s plenty of uranium in the world; it’s not, for practical purposes, a diminishing asset like oil. That’s the good news for society.

But right now, the world is living out of inventory; we’re only mining about 60 % of the uranium that’s being consumed. So as far as the fundamentals of uranium are concerned, I think it’s going a lot higher. I think we’re going to see $100 uranium in the next few years, and that’s going to result in the stocks of some of these uranium companies just going to the moon. That’s the good news for investors. The bad news is that whereas five years ago you had a handful of uranium companies out there, now you’ve got something like 200 companies that either have uranium in their name or claim that they’re looking for the stuff. So these companies have grown like poison mushrooms after a rainstorm and most of them are going to be disasters as investments.

Although there’s another old expression in this business-when the wind blows, even the turkeys fly. So some of the worst companies that have the worst chance of ever producing any uranium could turn out to be the best stocks to own because the management is going to concentrate much more on promotion in getting the public to buy those stocks.

Source: StockHouse Editorial.

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