Super-Spiked Videopods (EP92): Long-Takes From The Road: Terminal Value

For Super-Spiked subscribers that prefer that written posts, we have included a lightly edited transcript of the video (blue download button below) along with a downloadable copy of the slide deck.

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We would encourage those of you that only listen to or watch the video podcasts to go and read our written post from last week (here), as we plan to be more inclusive of coal, copper, and critical minerals going forward to go along with our analysis and commentary on traditional and new energy and power. The title was “Undirsuptable” and focused on the significant profitability and growth opportunities we see in oil, gas, coal, copper, and critical minerals amidst the A.I. boom and our new era of geopolitical competition.

This week we want to address a comment we received last weekend about how we think about terminal value in especially the legacy areas of energy; we will add coal and copper to that list. In a nutshell, that was the point of last week’s post! Here’s the punch line: Yes, we think traditional energy, coal, and copper companies are as a group deserving of terminal value recognition in their share prices especially for the leading companies that have most clearly demonstrated the potential for long-term returns and growth. We see the three key drivers of terminal value recognition as being (1) rising demand for all the raw material inputs to modern life; (2) double-digit full-cycle corporate-level returns on capital; (3) growth and risk taking.

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📜 Credits

* Intro & Outro music: Wolf Hoffman: Concerto for 2 Cellos in G Minor, Rv 531: I. Allegro Moderato.

* This episode of Super-Spiked Videopods was edited and produced by Veriten Productions.

⚖️Disclaimer

I certify that these are my personal, strongly held views at the time of this post. My views are my own and not attributable to any affiliation, past or present. This is not an investment newsletter and there is no financial advice explicitly or implicitly provided here. My views can and will change in the future as warranted by updated analyses and developments. Some of my comments are made in jest for entertainment purposes; I sincerely mean no offense to anyone that takes issue.

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit arjunmurti.substack.com