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11/30/21 Capitalist Times Investing Live Chat
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AvatarRoger Conrad
1:57
Hello everyone and welcome to our all-in November webchat for our Capitalist Times investment community. We thank you for your business and look forward to your questions and comments.
 
As always, there is no audio. Please type in your questions to the Q&A box and Elliott and I will get to them just as soon as we can concisely and comprehensively. We will stay on so long as there’s anything in the queue, and from what we’ve received prior to this event.
We will send you a link to a pdf transcript of the entire Q&A following the conclusion of the chat. And it will also be posted on our websites.
 
Let’s get started with some questions we received prior to the chat.
 
 
 
Q. Dear Elliot & Roger:
 
Thank you for taking questions. I have two.
 
First, I never bought any Tesla Inc (NSDQ: TSLA) stock and haven't see anything in the EV space in recent years to get excited about. Now I see Rivian Automotive (NSDQ: RIVN) and wonder if this is finally the one to get excited about? I've also been following NIO Inc (NYSE: NIO) and XPeng Inc (NYSE: XPEV). Do you have any thoughts on these three?
 
Second, is Suncor (TSX: SU, NYSE: SU) the better of Canadian Natural Resources (TSX: CNQ, NYSE: CNQ) or EQT Corp (NYSE: EQT). I can only buy one of them. Thank you—Bill G.
 
 
A. Hi Bill. Starting with question two, though all three companies produce oil and gas, we’re really talking about apples and oranges. For one thing, EQT is all about Appalachian natural gas. Canadian Natural and Suncor are primarily Canadian oil sands producers, though Suncor is also a major refiner in that country. Accordingly, EQT is going to be heavily impacted by natural gas prices, which we continue to believe will moderate going forward.
 
The oil sands producers are going to follow oil, and to some extent the spread between various Canadian oil benchmarks like Western Canada Select and WTI Cushing. These spreads have been declining this fall, in part because Enbridge Inc’s (TSX: ENB, NYSE: ENB) Line 3 has entered service and in part because US oil output remains restrained and has freed up space on other pipeline systems. Our view is the larger and more diversified Canadian companies are probably safer and may offer more upside as well.
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As for the electric vehicles question, Rivian has certainly excited a lot of people with its IPO, which they obviously planned and timed very well. On the other hand, they are at this point basically a concept company that so far has only spent cash, rather than make it. And the launch of their first real product has now been delayed until March.
 
One suggestion I would make for anyone who wants to find out more about Rivian and its products is to stream episodes of Ewan McGregor’s now legendary “The Long Way Up” series. Charlie Boorman and a Rivian prototype-driving support team join the actor on an all-electric motorcycle ride from the tip of South America to his southern California. Long Way Up is the third in a series of treks involving McGregor and Boorman. But those interested in Rivian will be most interested in the performance of the trucks in a series of extreme environments, and their occasional shortcomings.
I appreciate you pitching NIO and XPeng to us. They differ from Rivian in that they have real revenue, which appears to be rising. On the other hand, neither appears to be close to turning an actual profit, and both are still bleeding cash—meaning they’re still relying on outside financing to keep the lights on and the business plan moving ahead.
 
As Rivian’s IPO proved again, there’s a lot of investor appetite for their stories. And when the money flows, solutions will usually be found. On the other hand, EVs are still more expensive than conventional cars. There’s still a lack of charging stations. And where they are around, it still takes far longer to “fill up” than a gas tank. And there are also a lot of people working on building the best EV, which means very fierce competition when solutions are found.
 
That doesn’t means some of these stocks can’t do spectacularly well. But anyone who buys in now should be prepared to watch their investment wax and wane also—with the possibility it may disappear
Q. Small cap indexes (IWM, UWM, IWD, IWN) were down 2x more than other major indices on Friday, November 26 and were trending lower even before the selloff on Friday. The incredibly poor relative performance is startling. Would you please review our strategy for small cap value stocks and when should we thrown in the towel on this strategy, which just has not been working since March. Should we switch to large cap growth or technology indexes?—James T.
 
A. Hi James. The first thing I would say is even traders shouldn’t draw too many conclusions based on one day of underperformance, no matter how startling. That’s especially true for the truncated trading day after Thanksgiving, which is notorious for wild swings. And that certainly did happen last week, as word of a new coronavirus strain circulated and revived fears of another lockdown/market crash.
 
1:59
 
The test of whether we’ve seen a real swing will come the next few days. For those unfamiliar, our CT Trader service has a position in UWM, which is the trading symbol for the ProShares Ultra Russell 2000. Not surprisingly, in the “risk-off” frenzy of Friday, that position did take a substantial one-day hit. It has stabilized this week and recovered to right around the 50, 100 and 200 day moving averages, which have converged the past couple months. That’s roughly the level held before the small cap value stock Russell 2000 lifted higher in early November.
 
You are right to point out that this trade has so far failed to generate the gains we thought it might by this time. On the other hand, any time we enter a trade our investment team also sets a stop that we track internally. And when that price point is breached for any reason, we close the position. You may wind up being right about small cap value. But at this point, our stop has not been breached. So we’re still in the trade. Note that we will send
an Alert if that changes. And in the meantime, our weekly updates will keep you abreast of current thinking.
 
 
 
Q. Hi Roger. I have two questions.
 
First, I know you recommend Kinder Morgan Inc (NYSE: KMI), especially since it continues to be substantially below your dream price of 18. But given their history of not being the most dependable on following through on their promises (remember-wasn’t there a big promotion/promise by them to raise their dividend from $1 to 1.25 in 2019?), would it not just be safer to buy Enterprise Products Partners’ (NYSE: EPD) stability with an 8% dividend than KMI’s instability with its 6.5% dividend? What am I missing here?
 
Second, what is the reality that Magellan Midstream Partners (NYSE: MMP) would really be acquired? What players out there are serious candidates to buy it? Thanks. Sincerely—Barry J
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.
 
A. Hi Barry.
 
Though Kinder has returned better than 26 percent this year—actually beating Enterprise’s bit better than 20 percent—I won’t deny it’s been a bit frustrating to hold. And the same is true of other best in class midstream companies as well. They continue to prove quarter after quarter in their operating numbers that they’ve adapted to the current stage in the energy cycle, where volumes remain restrained. But investors still appear disappointed by the fact that
 volumes haven’t rebounded, with underperformance of oil and gas producers lengthening in the few weeks since Q3 earnings were announced.
 
In Kinder’s case, dividend coverage remains very strong, And the company is routinely generating enough free cash flow after all CAPEX to cover dividends, pay down debt and make acquisitions, such as the Stagecoach system and alternative fuels company Kinetrex this year. Yes they did guide toward a much larger dividend increase in 2018 than they actually delivered in subsequent years. Nonetheless,
they still went from 12.5 cents a quarter to 27 cents this year, and at the same time 90% of their competitors were forced to cut dividends.
 
I actually call that pretty compelling evidence of stability, though Enterprise certainly demonstrated the same over that time period. Bottom line is I like both companies and advise patience. Eventually producers will ramp up output again, as lack of investment continues to tighten supply and energy prices. That will trigger the long awaited volumes recovery and compelling cash flow growth in North American midstream. In the meantime, these companies have adapted to low volumes and dividends are therefore safe.
 
Magellan fits the same bill as Kinder and Enterprise, with the dividend increase announced for this month the latest proof it’s weathered the tough environment. What makes it attractive as a takeover is (1) a very low valuation (yield near 9%), (2) a modest market capitalization ($10 bil) relative to giants like Kinder, TC Energy (TSX: TRP, NYSE: TRP) etc,
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(3) attractive assets including ownership stakes in vital crude oil pipelines and refined products pipelines servicing Valero Energy (NYSE: VLO) refineries, and a strong balance sheet (BBB+ rating), meaning an acquirer would assume low debt with the assets.
 
How likely is a takeover? The company and its assets would be attractive to a full range of potential acquirers, from other midstream companies to super majors and private capital. And its assets will only become more valuable the more difficult it becomes to build new pipelines and other assets. I can’t speak to the timing. But I can say Magellan and its nearly 9% dividend is a company I wouldn’t mind owning even if there never was an offer for it. And that’s always my number one condition for betting on a prospective takeover target.
.
 
 
Q. Santos Ltd (ASX: STO, OTC: SSLZY) seems like a better opportunity than Woodside Petroleum (ASX: WPL, OTC: WOPEY) with the Pikka asset… your thoughts.—Jerry J.
 
A. Hi Jerry.
 
The big issue with Santos right now is its proposed merger with fellow Australia-based oil and gas producer Oil Search (ASX: OSH, OTC: OISHY). Oil Search shareholders will vote on the deal on December 7, under which they’ll receive 0.6275 new Santos shares and roughly 38.5% of the merged entity. The deal has faced challenges in Papua New Guinea, the country of Oil Search’s largest asset in its ExxonMobil (NYSE: XOM) LNG joint venture. But it still looks likely to close early next year.
 
Santos has expressed interest in the Pikka project in Alaska, an ownership interest Oil Search had on the backburner. In my view, when or whether that gets developed or not is a questionmark. But the opportunities in Australia and Papua New Guinea alone are plenty to super charge output as the energy cycle moves on. And Santos’ track record has
been to share the wealth with investors with dividends that closely follow profits.
 
That’s incidentally also the case for Woodside, which has a big ongoing deal of its own with the acquisition of BHP Group’s (ASX: BHP, NYSE: BHP) soon-to-spin off oil and gas production assets. And we like both companies. Oil Search, Santos and Woodside are all tracked in our Canada and Australia coverage universe of Energy and Income Advisor.
 
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Q. Thanks to all at Capitalist Times for all your valuable services and your new monthly all inclusive chat format. Happy Thanksgiving.--Dragomir P.
 
A. Thanks Dragomir. I hope everyone else is also finding the new format useful, and maybe a little window on the breadth and depth of what we provide at CT. We’re always looking for ways to improve what we do and also welcome any suggestions.
 
 
Q, Reaves Utility Income Fund (NYSE: UTG) sure looks attractive with a 6.8% yield. But for most quality utilities I know, that seems high. Where is the risk in this fund? Also, Occidental Petroleum (NYSE: OXY) keeps talking about paying down debt, have they paid off Buffett yet? Isn't his debt the highest interest rate?--Eric
 
A. Hi Eric. Closed-end funds typically pay distributions from a range of sources other than dividends paid by holdings. And Reaves’ payout is now more than twice the average yield of its top 10 holdings, which means it’s affording the rest with a combination of short and long-term
capital gains, return of capital and by using leverage—including debt and very likely by writing options.
 
I don’t mind Reaves’ management doing that because they have a great track record not only maintaining but also growing their distributions over time, including during the pandemic. But there are two caveats. First, the more a closed end fund pays out, the slower it will build net asset value—which its market price will ultimately follow higher or lower. That means the distribution yield will be the lion’s share of the return. Second, while funds have to post NAV regularly based on market prices, we never really know what’s in them, since all management provides is snap shots of the portfolio when it files financial documents. For disclosure purposes, I’ve been an independent director for Miller Howard High Income Equity Fund (NYSE: HIE) the past seven years.
Regarding Occidental, they continue to target total debt of around $25 billion (currently $30.7 billion), which management believes will enable the company to restore investment grade credit ratings. The latest development on that front is Moody’s boost in the outlook for the Ba2 rating to “positive,” which the rater says reflects improved free cash flow and lower debt levels. And based on management statements from the Q3 earnings call, we should expect free cash flow ($7.7 bil expected for full year 2021) to be deployed for more debt reduction in Q4 as well.
 
As you’ve pointed out, Berkshire loans never come cheap. But the company continues to do a good job slashing its highest cost debt. It won’t be able to cut the privately issued 8% preferred until August 2029. But there’s plenty else to cut long before that can allow management to reach its financial goals, after which it intends to step up return of capital to shareholders with dividend increases and stock buybacks.
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Q. I have a loss in AT&T Inc (NYSE: T). Rather than waiting for the stock to turn around, I am considering selling and using the proceeds to invest in another telecom. Does this idea make sense to you? Would you consider any or all of Verizon Communications (NYSE: VZ), BCE Inc (TSX: BCE, NYSE: BCE) or TDS (NYSE: TDS)?--Sheldon C.
 
A. Thanks Sheldon. AT&T continues to disappoint. And it’s also a pretty good example of how a very cheap stock can get even cheaper in the near term, if management does nothing to address the reasons why. I think we’ll all look back at AT&T shares as extraordinarily inexpensive selling for less than 7.7 times expected next 12 months earnings, and a yield close to 4.5% even assuming a 50% dividend cut next year. But until management says what it’s post-Warner spinoff dividend is going to be, this stock is going to keep getting sold no matter how strong its operating numbers appear to be.
 
 
In the December issue of CUI, I will be advising some end-year moves, including potential wash sales of underperformers like AT&T—where I believe in the long-term recovery but the near-term looks bleak. And that said, I do like Verizon, BCE and TDS as long-term telecom plays that have fewer questions than AT&T. I also like Comcast on that basis. Note that the entire communications sector has been generally underperforming since this summer, including all four of these stocks. But again, we know all four are going to be raising dividends next year.
 
 
 
 
Q. There are differences in buy ratings between the two lists in Energy and Income Advisor. Can you explain them?—Jerry M.
 
A. Hi Jerry. Thanks for pointing that out.
 
The two companies that currently have different buy up to targets in the High Yield Target List and Model Portfolio are Hess Midstream Corp (NYSE: HESM) at 30 in HY and 24 in the Model, and MPLX LP (NYSE: MPLX) at 35 in HY and 30 in the Model. In both cases, shares are trading slightly above the Model Portfolio price and below the High Yield Energy List price.
 
I realize this may be confusing. But remember that the Model is an actively managed portfolio where we recommend position sizes. The High Yield Energy List is, as its name indicates, a list of recommended companies for readers who are basically looking for big yields. We do post returns on each stock to give investors an idea of how well they’re performing. But the Model is what we consider to be our performance for track record purposes—and if someone wants to follow our advice
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to the letter. So while usually the advice will be the same usually between the Model and the High Yield Energy List, it may not always be the case.
 
 
 
 
Q. Central Maine Power has been so awful the last few years that Maine voters opted to shut down the corridor that renewable power from Canada would use to reach Massachusetts. There is a further movement to require both Central Maine Power and Emera Maine to be taken over by the state. People are so eager to punish CMP there is a good chance the movement will succeed. Does this possibility affect your recommendation for Avangrid Inc (NYSE: AGR) or is CMP too small to matter?—Teresa P.
 
A. Hi Teresa.
 
Central Maine Power as of the end of 2020 was a bit less than 25% of Avangrid’s total rate base, and will shrink to at least low teens when the company closes its pending acquisition of PNM Resources (NYSE: PNM). That deal now appears pretty much set for the end of the year now, with Avangrid agreeing to the New Mexico Hearing Examiner’s conditions. Regulators are expected to issue final approval by December 15.
Adding in the portion of Avangrid earnings that come from contracted wind and solar power and Central Maine Power’s importance to earnings is a low single digit percentage. And that will further diminish as several large offshore wind facilities now under construction enter service.
 
That said, relations in Maine are undeniably strained as citizens did vote to block a transmission line proposed by Avangrid to bring Canadian hydropower to New England. The company is now challenging the referendum in Maine Superior Court. And it would face a potential writeoff if its appeal fails, since 124 miles of transmission corridor have been cleared and 120 structures built on the route, though the project is being built entirely on property the company owns or controls through affiliates.
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I think at a minimum the vote will raise the cost of the project by triggering delays. Municipalizing Central Maine Power, however, would be far more difficult hill to climb than just winning a referendum. For one thing, it would require establishing and paying fair value for the unit, which in turn would mean an extensive capital raise for the state. There’s also the question of finding someone to run the utility at an economic price. And that could be difficult, since qualified companies will think twice about entering a state with a reputation for being contentious.
 
This is not to say municipalization can’t or won’t happen. But in Avangrid’s case, it’s (1) unlikely to and (2) if it did it wouldn’t hurt the company’ earnings, ability to pay dividend or to execute growth. Rather, the company would almost certainly walk away with a pile of cash it can then reinvest in more profitable areas like building pre-contracted offshore wind farms.
AvatarElliott Gue
2:05
Good afternoon everyone, I look forward to answering your questions today as well.
AvatarRoger Conrad
2:05
Q. Hi Roger. Thank you for all the hard work.
 
China Gas Holdings (Hong Kong: 381, OTC: CGHLY) is cheap and demand for power in China is growing. What are your thoughts on this stock?—Ben F.
 
A. Hi Ben.
 
Shares of China Gas, which we cover in Conrad’s Utility Investor, have come off a long way from where they were this spring. And I fully agree with your assessment that they are quite cheap, especially in light of rapid and what should be permanent growth in customers and system demand—as China’s government compels a switch in home/business heating from coal to natural gas.
 
 
Gas volume sales for the first half of the fiscal year (end Sept 30) were higher by 21.1 percent from the year ago period. That was fueled by 9% residential 16.9% in townships, as well as an 18.9% lift in industrial users and 13.9% more commercial hookups. The company also expanded LNG sales in the country by 54.4%, building on its joint venture with Chinese energy giant CNOOC with rapid infrastructure construction.
 
The other side of that—and the primary reason for the decline in shares in my view—is that gas costs have risen even faster. And the result was a -19.3% drop in net income, as the Chinese government did not allow a full pass through due to concerns about soaring energy costs.
 
I think it’s likely regulators will allow enough pass through to keep China Gas’ balance sheet healthy, so it can make the needed investment in its system to meet gas conversion goals. And sooner or later, shareholders will see the earnings and dividend benefit from the customer growth. But this most recent batch of
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numbers does demonstrate that shareholders are also going to have to be patient, as regulators are going to make them share the pain.
 
The other concern investors should keep in mind is that the country’s tensions with the US government are currently high. And like the Trump Administration before it, the Biden Administration has had no compunction about banning US ownership in certain Chinese stocks. To date that hasn’t included China Gas. And it still seems that’s unlikely, given the nature of its business. But that may be a reason why some are shunning the stock, which now trades at just 8 times expected next 12 months earnings. I think it’s still a worthwhile holding, but only for investors willing to sell quickly if it looks like the US government is about to take negative action.
 
 
 
 
Q. I have a question for pertaining to Orion Office REIT (NYSE: ONL), which is a spin off from Realty Income (NYSE: O). It's down -17% since I received on 11-15-21. I’m unable to find info so thinking I should sell unless you know something I don't. Thanks Roger for your continued good advice. I've been with you for many years. Happy Thanksgiving!—Pam M.
 
A. Thanks Pam. I hope you had a nice one as well.
 
Realty announced it would spin off its office properties into a separate company after the close of its merger with the former VEREIT. That deal closed at the beginning of November, as I noted in the most recent REIT Sheet update.
 
One reason Orion shares have nosedived is simply overall weakness in the office property sector, which has picked up steam since the latest variant of the coronavirus picked up steam. I don’t think there’s anything particularly unattractive about the new REIT’s assets in particular. But like others who follow REITs, I do have real questions about future occupancy of office properties in general.
 
Mainly, pandemic-related shut-ins of the past couple years have shown managers that much (even all) of what their companies do doesn’t need to be done in a centralized location. And there’s no doubt many businesses, governments and other tenants are considering changing their post-Covid home/office work balance in ways that will require less office space—saving on rents and increasing employee satisfaction at a time when keeping workers has become more difficult.
 
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To date, most office REITs have avoided big drops in occupancy because a large percentage of leases are multi-year. But the bottom line is the business model is likely changed forever and they’re going to have to adapt. That’s likely to mean some combination of downsizing, repurposing properties and consolidation. We’ll see Orion’s first numbers as an independent company sometime next year. And I suspect we’ll hear more then about its plans, which are likely to involve some combination of all them. We’ll also see what kind of dividend shares will provide.
 
It seems to
me from the selloff in Orion shares that investor expectations are pretty low. That in my view is a good reason to wait for answers to those questions, rather than sell into the current weakness. One encouraging sign that those answers might be less gloomy than some apparently expect: EF Hutton has initiated coverage of the stock as a buy with a 12-month target of $28.50 per share. In any case, I’ll be picking up coverage in the REIT Sheet—which will publish its next full issue in December.
 
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Q. Can you figure out why Enterprise Products Partners (NYSE: EPD) and Pembina Pipeline (TSX: PPL, NYSE: PBA) are doing so poorly?—Frank J.
 
A. Hi Frank.
 
First off, Enterprise has a year to date total return north of 20%, while Pembina’s is more than 35%. So we’re not talking about stocks that are underwater this year. Both of them are, however, greatly underperforming oil and gas producers, as the S&P 500 Energy Index is ahead by more than 50%. And they’ve especially lagged since mid-summer, despite the strength we’ve seen up until recently in oil and gas prices.
 
I believe the main reason for the underperformance is the general lack of a volumes recovery for North American midstream companies. The link between higher energy prices and producer earnings is clear and direct, with the big recovery from 2020 dramatically lifting earnings and cash flow. But rather than use the money to increase capital spending and lift output and reserves, management has used it instead to cut debt. And when leverage
targets have been achieved, they’ve used it to buy back stock and raise dividends.
 
To some extent, these decisions reflect management conservatism to protect against a potential relapse in prices, which is perfectly understandable given where were last year. I think it’s augmented this time around by concern about government action to curtail fossil fuels production and use, as well as worries that traditional funding sources for development may not be there when needed due to the proliferation of ESG strategies.
 
But whatever the cause, the result has been less oil and gas produced than has in the past been typical at this stage of the energy price cycle. And that’s meant lower throughputs for midstream gathering, processing, storage and pipeline systems, and therefore less revenue and cash flow for these companies than people expected to see in Q2 and particularly the recently released Q3 numbers.
 
 
I believe producers will ultimately turn up the taps, volumes will recover and midstream underperformance will eventually end. But I also think it’s clear in Q3 numbers that best in class midstream companies like EPD and PBA have adapted to the tepid volumes environment—meaning dividends and balance sheets are secure. Further, the longer it takes for volumes to recover, the more likely they’ll continue to extend dominance with strategic expansion even as rivals that haven’t adapted continue to fall by the wayside. And in the meantime, you’re getting the highest yields around for any company of equivalent quality. I think those are good reasons to continue to be patient with both of these stocks.
 
 
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Q. Good morning Roger, how are you doing? 
 
In the recent 6 months, I have been following a small lithium company (with uranium), American Lithium (OTC: LIACF). The company has won rights from the government for an area near Tonopah, NV called TLC project. Recently, the company has jumped from under $2 to now over $4. If you have time, perhaps you can take a look at this small company. Also, recent news, the company has registered for the NYSE, not sure how that works. Can you reply back if this company has potential in an account that's built for safety, income and best in class portfolios. I look at it as a homerun hitter amongst the best high average hitters in baseball. This company may have a hard time in the lithium arena and be best to avoid as well, I understand.
 
Our portfolio is providing us with good income, some capital appreciation with many best in class companies from Elliott and yourself. I always do my homework researching these companies before investing. And appreciate your
newsletters and guidance. Best—Robert P.
 
A. Hi Robert.
 
American Lithium’s home market is the Toronto Stock Exchange, where it trades good volume on a daily basis and has done so since the late 1980s. It also has a decent sized market capitalization of a bit less than $900 million, so listing NYSE shouldn’t be too much of a stretch. The company has, however, been seeing some pretty strong interest from private placements already, including an upsized deal in October from CAD20 to CAD35 million. So listing NYSE doesn’t appear to be mission critical.
 
The company does have real projects. We won’t see another round of full numbers until mid-January. As of the most recently issued numbers (through August 31, 2021), they did not appear to be close to making a profit or becoming cash flow positive. They also have a history of regulatory and legal challenges to development, which is pretty much the cost of doing business for mining companies. But they did have some good news for investors last week, with its
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Peruvian unit winning a favorable judicial ruling in relation to 32 of 151 disputed concessions in the country.
 
What this adds up to is a speculation on (1) The price and demand for lithium long-term and (2) this company’s ability to develop prospective reserves. I think there’s a high probability of lithium demand remaining strong for many years to come, given the need for energy storage and batteries’ likely role.
 
I believe there are limits on pricing, as the history of every commodity cycle is that high prices encourage more production, conservation and use of alternatives. But there’s a very good chance that if they can develop mines in a timely way, this stock will return to its old high in the mid-40s, and possibly go higher. It may even get there reasonably quickly if a larger player decides to acquire them.
 
 
The history of mining companies is that only a small handful will ever make it that far. And if American Lithium loses the ability to raise money before it starts earning revenue, it’s basically finished as expenses ultimately consume available cash. Those prospects are pretty well illustrated by the stock’s price history—which has seen it trade as high as $46 in mid-2006 and as low as 6 cents in late 2019. Bottom line is don’t bet more than you can afford to lose entirely.
 
 
Q. Dear Roger Conrad,
 
How I appreciate you!! For many years you have been our reliable, trusted and admired specialist in Utilities, amazingly covering every known detail!!! Thank you, thank you for the amazing, vast and reliable knowledge you possess which you pass along to your investors and students. May you continue to be the key for opening doors to your astounding knowledge for many many years to come. Thank you!!—Mary K.
 
A. Thanks Mary. I very much appreciate your comments. As we said in our Happy Thanksgiving message, we
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