Stock of the day: Jubilee Metals Group ($JUB:TSE)

Used to be Jubilee Platinium, mines all sorts of minerals. Small cap (~CAD 500MM), strong cash flow, rapid recent growth in earnings, P/E still < 12, low debt, no large exceptional items. Based in London, traded on the TSX Venture exchange in Toronto and Montreal (this is a purely electronic exchange). This is worth a look, as it is below the radar of the big funds and cannot be traded in large size.

Finding the guilty ones

Noah Smith has a great piece on substack this week. You can read it here.

It makes a case that technology has moved on so much that removing our dependence on fossil fuels is now free. That the argument that relying on wind and solar power would be expensive is based on a failure to understand how much the technologies have improved. He argues that we are still stuck in a fossil fuelled world because, well, we’re conservative. I don’t know enough quantitatively to challenge this. He doesn’t give any numbers either, so it’s hard to know. But it just seems unlikely that there are there really is a free lunch in this decarbonization lark.

It’s not a slam-dunk argument, but energy prices in the USA, which is notoriously reluctant to decarbonize, are a great deal cheaper than those in Germany, which has been in the vanguard of the Green movement. Some data is here. UK energy-intensive industry has largely shut down and the production moved overseas. This has resulted in the UK showing excellent progress in mitigating its CO~2~ emissions. This can work for one old, post-industrial country, but it can’t be applied to the whole world.

Wrap

No idea: late post!