Alpha Trader talks EV infrastructure plays with Pieter Taselaar

WEBVTT

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The economy is very strong and inflationary
pressures are high, and it is therefore

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appropriate, in my view, to
consider wrapping up the taper of our asset

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purchases, which we actually announced that
the November meeting, perhaps a few months

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sooner. Fed Chair J Pale testifying
before Congress on Tuesday, adding to a

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risk off sentiment that began last week
with news about the new on the crome

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viroant of the covid nineteen, a
disease that is definitely put a chill on

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risk appetites on Wall Street. Welcome
to Alpha trader Aaron task and Stephen Alpher,

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joining us later on the show.
Peter Tstlar. He's the founding partner

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and portfolio manager of looser and capital
management and investment firm with roughly one and

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a half billion dollars of assets.
He's also the CEO of the European Sustainable

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Growth Acquisition Corp, which is a
spack, so we can talk to him

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about spacks and electric vehicles. But
first, Stephen. You know we always

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say you can't make too much of
any one day of trading, but it

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did seem like Friday of last week, when the news hit about this veryant

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out of South Africa. It definitely
sent a chill. There was a big

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down day. Obviously that after Thanksgiving
holiday shortened session, but that kind of

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nervousness is carrying over as we start
this week and head into December. Yeah,

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and and before you know, it's
my instinct to kind of Pooh Pooh

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any any this news about the varying
at all. But you know, I

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was probably on here and you know, February, two thousand and twenty Poop,

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Poo and covid. So you never
know. You know what's going to

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happen and, more importantly, you
never know what the government response or around

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the world. You didn't never know
what that what that's going to be.

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So you know, clearly was a
thin trading session Friday and everything got killed

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at. It seemed like everything was
maybe chilled out a little bit this morning

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and there was kind of a rough
overnight session. Some comments from the Maderna

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see that he didn't think that our
seem to be effective and it could be

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months before vaccine could come out for
this. They really said. Things tumbling,

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but by the time the open had
come around, your up to bounce

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back to nearly flattened US stocks were
were rolled down a little bit, and

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then then j pal hit us with
some really surprising, kind of hawkish comments,

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given given this new variant and giving
kind of his previous comments. Right,

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and I should know. We're talking
leave morning on Tuesday, and as

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we're speaking now, the dad,
the UMP and the NASDAC each down about

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one point three percent. Crude oils
down four percent. Probably a more interesting

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development there, because it was just
a couple weeks ago we were talking about

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hundred dollar oil as maybe in the
offing. Doesn't look that's happening anytime.

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See obviously direct reaction to fears of
more lockdowns and economic activity slowing down because

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of this, I'm crime variant,
and you meant in the Madonna CEO,

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Stephane Ban Cell, I believe,
is how a pronounce his name, predicted

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a, quote, material drop in
the existing shots efficacy and damped expectations that

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a new one could be ready any
time soon. That was an interview with

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the FT and then the cofounder of
Maderna on new Bar afion, told Bloomberg

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television, quote, this threat is
something we have not seen before the number

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of mutations on this virus are surprising. We have to take it for the

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serious threat that is pooses. Now
he went on to say we're you know,

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these guys are scientists. We need
to get the data together and see

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if the existing vaccine works or not, or do we have to create a

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new one. I believe is last
week the CEEO fires or said they thought

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a hundred days to get in a
new vaccine specific for the amacrom variant,

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which, in the greatest scheme of
things, is incredible that it would only

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take a hundred days, but that
seems like a long time, certainly for

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financial markets, and I'm I guess
I'm kicking myself a little bit Steven,

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because I think you and I have
talked offline about covid and we mentioned a

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couple times in this podcast. But
I think maybe all of us have been

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sort of load into a false sense
of security that this was all behind us,

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and clearly it's not. No,
it's not. But again I'm shocked

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at Pale doing this. And this
is kind of like I don't know if,

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now that he's got to nominate his
new nomination security feels like he can

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get hawkish. Wouldn't surprise me if, after after his testimony's ever, somebody

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from the Biden Administration or Congressional leadership
reminds and Hey, you've only been renominated.

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Your nomination is not yet past past
Congress yet, so be really ligous.

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You know, if he kind of
what do they call that, amend

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and revised his remarks at some future
date. Right, that you make.

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You make a great point indirectly that
this is a political appointment. The Biden

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is free administration is certainly concerned about
inflation and the impact it's having on consumer

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sentiment and thus voter sentiment. You
know, the recent polling data for the

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bid administration has not been good,
and that's an understatement. And you know

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Powell retiring the word transitory. I
think that was Faye to complete, but

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you're right, maybe now that he's
got renomination he thinks okay, my mandate

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now is really to focus on the
inflation side of the picture and not the

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the employment side of the picture,
which you've been talking a lot about,

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and certainly Jenny Yellen's talking a lot
about that. She's also testifying today,

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on Tuesday as we're speaking, oh
by the way, talking about the need

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for the Congress to address the dead
ceiling and they need some kind of stop

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gap funding bill to avoid another government
shutdown. So there's a lot of drama

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and swirl in the air. And
again our friend Hollie and misler always says,

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you know, it's price dictates sentiment. So the markets going down and

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it had been going down before Friday. You know, I remember we had

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Jim Muray on a week ago.
Thing he was short the SMP that,

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you know, you just thought things
have got a little bit ahead of themselves.

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Not Looking for a huge the climb, but the market was down,

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you know, a couple of percents
before Friday's big cell off. And the

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amicrome data keep, you know,
coming out and that's scare. So not

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to read too much into it.
But again, all the headlines seem negative

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when the market is moving down as
it has been. You know, let's

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say caught the last week or so. I've been saying for months that he

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fed rhetoric was was completely out of
comportment with what was going on in the

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economy, which was, which is
undergoing an inflationary boomlet and for them to

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be saying rate hikes are off the
table until late in two thousand and twenty

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three. You know, they were
saying that as recently as a summer was

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just ridiculous. So they have moved
up the time table. Most are expecting,

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you know, some sort of rate
hike in two thousand and twenty two

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one or two, which to me, with with seven six, seven percent

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inflation, seems crazy. But it
just couldn't. It can't continue in this

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fashion. The inflation rate, the
boom and finance the boom and asset markets.

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There has to be some sort of
response from the Fed. Yeah,

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it's just it's just interesting, you
know. That said, as it always

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does, you know, behind the
curve, and it took them a while

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to sort of come around to this
idea that. Yeah, and Flatian's not

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transitory, which we've been talking about
it with various guests for six months now

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at least, and they're saying,
oh, there's an inflation problem just now,

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as this variant of covid poses the
potential to slow down the global economy,

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which just looked like it was getting
back on its legs, and the

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supply chain bottle next work we're starting
to resolve to be determined whether we go

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back into that kind of, you
know, bottleneck concern. But I'm going

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to take the under on how many
times the Fed raises rates next year just

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as a general rule. That's that's
served me well the last decade plus and

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you know, I think lacy hunt, you know, gave an even better

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explanation as to why when he was
here a couple weeks ago and encourage folks

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to listen to that episode of the
haven't already. But it is interesting.

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You know, the other ten years
it's back below one point five percent.

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was at one point four one percent
earlier this morning. To your earlier point

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that things got a little bit better
as the morning war on. But crude

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is that I mentioned earlier, you
know, still getting taken to the woodshed.

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It's down four percent now. West
Texas at sixty seven dollars and fourteen

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cents. And again it was just
a week ago with Jim Muryo it was

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in the high s and we talked
about is it going to a hundred?

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And so it's just amazing to me
how quickly the story changes with the narrative

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changes in the financial markets. If
it's state, if it's stays get down

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there, it's going to ease some
pressure on headline inflation, right. So

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that might big things a little bit
easier for the Fed man not do anything

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into cornflation? I don't know,
but but it will certainly he that headline

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rate, which the last last we
look with six point two percent. That's

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going to ease if the price of
oil stays low. So that'll that'll be

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good for them. I would also
know Germany, she used to be home

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of of the of the rock solid
Deutsche Mark, no longer, is also

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experiencing six percent inflation and their ten
year yield is negative thirty four basis points

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right now. Yeah, that's a
pretty that's that's crazy, crazy, ridiculous.

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Negative yields, negative real yields for
for the investors in German bluns.

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Yeah, you remind me of two
things. That there was. I saw

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a headline on the Bloomberg earlier today
quote odds wager on negative rates return as

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fed hike bets are paired. So
now I believe that that came out before,

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before Palas testimony. Robets that federers
are policy reats may actually drop.

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Those zero are once again being made
as the onset of the omicron variant cast

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doubts on the economic outlook. And
that's those are Eurodollar contracts on the CME

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group are sponsor. Thank you,
with always. So it's just these are

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thinly traded for the most part securities. But interesting that that talk is once

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again those whispers around in the air
and the other then you run me up.

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Is that your favorite currency? This
was frank, has been rallying,

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not so much today but the last
few days, again as a flank to

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safety trade. And you know,
at least I'm like the Dotsch Bake.

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It's still serving. It's a storic
purpose. Yeah, as far as the

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negative rate bet, you know,
I speak of someone who is, who

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actually made that bet around the time
of the global financial crisis. I buying.

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I bought, you're a dollar calls
struck at a hundred. I didn't.

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I didn't take on nearly enough size
and I didn't hold onto the hill,

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hold onto the trade nearly long enough. So I've been there, done

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that. Regretted to this day that
I didn't pour every every pain I have

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into it. So it and you
know, to your point about taking the

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under unfed tightening, it may not
be the worst worst thing in the world

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to take. Take a few dollars
and make that bet. Yeah, interesting,

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and and look if your regrets are
you did enough for hold it long

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enough. That tells me you made
some money on the trade, which is

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better than losing your shirt on something. I think those are the ones I

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really regret. And would you be
better? So you're saying, would you

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be betting today that we have negative
rates through in the US, or is

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it is that? Obviously that's a
speculative investment or bet. I don't see

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any were all with tape making a
very small bet on something like that.

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To me it's not as much of
a no brainer as it was in two

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thousand and eight, two thousand and
nine. But you never know, if

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this cod covid, this covid variant, comes comes roaring back and it causes

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more shutdowns, the fat is going
to, you know, stop worrying about

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inflation and they're going to bail like
crazy, and that's going to include cut

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of cutting rates back to zero.
Yeah, exactly. And so before we

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move on to to our guests,
Peter and our discussion of specific stocks,

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you know I often hearkened back to
but our guests say on this program the

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some I'm going to point to myself
a couple weeks ago, I don't recall

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who we were talking to you,
but I said we were talking about how

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the consensus is we're going to have
like a big, you know, explosive

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movements the end of the year,
and I asked our guests, you know,

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are you worried about that? Because
it's consensus and there was, you

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know, generally bullish chatter in the
air. And you again, everyone everybody's

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looking for something usual. The opposite
happens. And you know the it was

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just a week ago the doubt was
nearly at thirty six thousand. Seemed like

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everything's wonderful and we've had a sharp
job. Only a couple percentage points.

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You know, again, I don't
see any evidence that there's going to be

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a crash of any kind or this
is the end of the bull market or

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anything of that nature. Because again, as you reference before, if,

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if things get too scary in the
financial markets, you know, Japal will

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take their foot off the break.
You know, he's just he's basically put

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his foot over the break. Now
he's hovering over it. He hasn't really

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tapped it yet. He's just talked
about tapping it and he may not do

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that. I mean, we'll see, obviously, what transpires. Does December

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obviously traditionally gets strong moved into the
end of the year. We shall see

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how that pans out. But again
I'm just always amazed at how quickly the

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narrative changes. More than ever in
the financial markets. It seems to me

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it's like the risk on, riskoff
thing. And then used to be this

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way. I now know I'm beating
the night, I'm dating myself. So

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moving on from that, I know
you had some thoughts about the other what

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seemed like the big news to start
the week twitter, Jack Dorsey stepping down

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as CEO. Parague Agrowall, I
believe, type announce his name, who

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had been the CTEO, is going
to become the CEO. Twitter stock at

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first jumped on that news and then
didn't really do much at the clothes as

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of yesterday. What are your thoughts
on on twitter here? Yeah, my

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thinking about twitter's changed over time,
but if you'd asked me a year ago,

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I would say twitter needs new leadership. Jack Dorsey's more more interested and

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and picking political fights and he is
and and running the company. That is

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that evolved over the last year where
I came to see Dorsey actually like almost

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like a prisoner at that company,
maybe the only adult in the room.

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You know, I think he was
kind of almost like forced out, like

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he's lost, he's kind of he
doesn't really have control over over kind of

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what twitter's doing anymore and it just, you know, he's in He's into

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Dick coin, he's into kind of
maybe some some I don't know, for

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lack of a better word, libertarian
leaning things, and he just I think

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he just wants to be done with
twitter and with all the little fights that

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twitter's picking with seemingly everybody nowadays.
The stock reaction since he left has,

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you know, has been really bad. I think it's down. It's down

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five percent today. After a big
rap, after a big pop yesterday that

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ended up in the red. Twitter
move very quickly this morning to a point.

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A new head of of think I
guess they called moderation, other people

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called head of censorship, and they
also introduced a new policy, very vague

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but basically, you know, kind
of against the posting of pictures or personal

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information of other folks. That could
be really extrapolated out to all kinds of

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things, all of which, seeming
seems to me, would be to hurt

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engagement with the platform, maybe opening
the door to, you know, some

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competitors. I saw somebody from mark
and Andrews and reason's shop, Asicstin Z,

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you know, kind of very excited
about the what they think are negative

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develops of twitter as popular maybe opening
the door to to something else coming in.

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That's right. So something that's coming
in meaning an acquirer or a competing

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product, a competing product developed along
the along the lines of like what they're

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calling web three, which is kind
of decentralized, which wouldn't be necessarily run

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by by is. That isn't that? Edit? I guess that's you know,

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but we're at it. No more
that read it certainly is no more

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like that. That's they've got.
Yeah, it was interesting. So,

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you know, twitter, on March
first of this year the stock was seventy

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seven dollars and sixty three cents.
As you mentioned it. It had a

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brief pop on the needs of Dorsey's
resignation, which a lot of folks were

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attributing to the idea of maybe him
stepping away opens the door for someone to

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come in and buy the company.
But there doesn't seem to be a natural

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bidder. By the way, facebook
is facing even more anti trust concerns overseas.

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England today telling him they have to
sell leave a Jiffy is the name

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of their gift platform that they bought. So you know twitters now you know

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under forty five dollar a season,
under forty four dollars, forty three and

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changes. We're talking currently. It's
you know, I'm a active, avid

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user of twitter right I'm I would
have addicted to it more than I like

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it. But the problem with twitter
always has been is that it's it's too

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small. You know, in the
world of social networks, other than journalists,

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politicians and celebrities, there really isn't
a natural place for most, I'll

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call them civilians, and many people
come to twitter and they can't figure it

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out and they leave. And if
you think about since twitter's founding, you

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know, snapchat has come along,
had its movement, instagrams had its moment,

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tick tocks having its moment. Now
they just they've never captured the youth

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market, which you know is what
you need on an ad driven world,

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certainly, and you know there's been
a lot of frustration with how the company's

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been run. When you think about
how Donald Trump, as president, used

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twitter as his main form of communication. How many times did we see people

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who own the stock or let this
stock say, like, how can they

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not monetize this thing better? Right? They just haven't been able to figure

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that out, you know, for
for worse for shareholders for sure. So

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I don't know what happened. What
becomes of twitter and who might acquire it

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other than, you know, a
private equity firm, but they're going to

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wait for much of the lower prices
before they do that. The fact that

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it's the CTEO, I guess,
became CEO. Now I don't know much

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about this guy might have. He's
obviously way more brilliants, got skills beyond

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anything I can even imagine. But
if you're talking about bringing in somebody who's

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going to lead a this great monetization
push of twitter, is is is this

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the fellow who's going to do it? All right, so we'll be break

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back when take a quick break and
we'll be back with our guests. Peter

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Taslar. He is founding partner and
portfolio manager of looser and capital management,

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which has roughly one and a half
billion dollars of assets. You're listening to

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Alpha trader. Welcome back to Alpha
trader are in task and and Steven Alpher.

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We are joined now by our guests, Peter Teslar. He's founding partner

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and portfolio manager of Lucer and capital
management, which is roughly wouldn't have billion

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dollars of assets. He's also the
CEO of the European Sustainable Growth Acquisition Corp,

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which, yes, is a spack, and recently announced plans to acquire

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ats tech energy, a German based
company that manufactures ev charging stations that can

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charge batteries in minutes without putting stream
on a city's electrical grids. Sounds maybe

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too good to be true, but
Peter, it's great to have you here.

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Welcome to Alpha trader. Thanks for
having me and yeah, that was

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a great introvection. That's it's good
I have learned to read, so you

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know, before we get into the
the nuts and bolts of your investments,

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Steve and I just talked at linked
about some of the big picture concerns that

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seemingly have propped up and just the
last week the Yamacrom variant of Covid obviously,

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and then on Tuesday morning j Palell
coming out with much more hawkish testimony

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than I think people expected. Does
any of that change how you're investing as

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we speak here today? Tuesday mid
day. Well, yeah, it's okay.

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The two elements right that are on
everybody's mind on a daily, it's

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not hourly, basis. Right now
it's the the new coverage variant on the

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crown, and then it's the fact
of whether inflation it's transitory or whether we

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are entering a period of sustainably higher
inflation levels. And everybody has their personal

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opinions about it. I think about
the new covid variant. I don't think

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we have enough information really to to
really make any finite decisions about whether this

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is more lethal or more transmissible or
whether the vaccines are working or not.

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I think you know the MODERNA CEO
came out with with the statement this morning

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that the vaccines may not work as
well for the new variant as for previous

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ones. They sometimes also wonder how
how independent the view is, right of

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commercial organization like Maderna. I think. I think it's to their advantage if

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they would have to actually come up
with a new booster Oka and new cocktail.

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Right. Think it's really in his
interest, or the share, their

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share all these interest that the existing
boosters are working against the new variants.

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But so so, I think I'm
sure they have the AI of the scientists

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will put proper checks and balances in
place, but I think all the statements

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that you're reading now or just too
early to draw conclusions from. Okay,

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00:22:19.539 --> 00:22:25.220
so short, so, Siye,
so short story. Have you sold anything

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or taking any defensive steps since last
week when the report to the South African

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variant first started really getting a lot
of attention? Yes, yeah, so

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what we have done is, you
know, we've not really we've not really

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taken, if, a different stance
in terms of, okay, we want

300
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to be more or less exposed to
real economy, stocks or value or growth

301
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to certain factor. But what we've
done across the board is basically we reduced

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the gross exposure of the book a
little bit, expecting more volatility into year

303
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end. And Yeah, I think, I think. I think the lower

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00:23:04.509 --> 00:23:12.619
gross exposure is appropriate, an appropriate
adjustment to make to its that and and

305
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you know, we don't have any
firm views as to whether this is going

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to have a lasting impact on of
course, the covid had a lasting impact

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on the economic growth, but where
whether this is going to be so much

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worse than any previous variants. Like
the debate and the Delta variant. So

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in terms of you know, pals
comments today, I think he has access

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the more data than we have.
But you know, our fundamental view is

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that, yes, you know,
there's spent of demand in the economy right

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now. On the other hand,
you see a lot of capacity being added

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in first week every vertical, every
industry worldwide. And then I think global

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GDP right now is not really that
much higher and pre covert of not nothing

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00:24:11.819 --> 00:24:15.380
else, it's at the same level. So a lot of the lot of

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the inflation are our view, is
coming from bottle necking. So it's really

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00:24:22.259 --> 00:24:30.410
shortage of shipping, bottle necking in
the ports and you know, the startup

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00:24:30.609 --> 00:24:33.849
of facilities not going very smoothly.
Like them, and when the factories being

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shut down for a year, you
know, you invariably face some hiccups restarting

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those operations again. So we think
you could very well look at a situation

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about, you know, maybe twelve
eighteen months from now, and it may

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take longer than than that even but
where you you look at very low inflation

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00:24:55.829 --> 00:25:00.390
rates again because no, number one, the comps will be very easy right

324
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you looking at at very high prices
right now. So maybe a year from

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now prices will not be that high
if that extra capacity and supply it's coming

326
00:25:11.500 --> 00:25:15.940
on stream. With the bottle necking, it's sort of easy and the pent

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00:25:17.099 --> 00:25:21.970
of demand is also sort of easying. So we think all the all the

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lot of the underlying factors that sort
of were the cause for low inflation figures

329
00:25:30.369 --> 00:25:33.450
are still in place. And and
the and the and the big factor,

330
00:25:34.170 --> 00:25:44.119
we believe is is really technology.
Sort of people can comparison shop, you

331
00:25:44.200 --> 00:25:51.029
know, companies become more efficient,
more higher automation levels. So we think

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that that's really those driving factors are
still in place. So we think long

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00:25:55.990 --> 00:26:00.109
term. Yes, short term,
I can see why my power wants to

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00:26:00.349 --> 00:26:07.619
temper pretty primarily inflation expect expectations is
it can spin out of control right it's

335
00:26:07.140 --> 00:26:12.099
people think inflation is going to be
higher than let's become sort of a self

336
00:26:12.180 --> 00:26:15.819
fulfilling prophecy. So I can see
why he said what he said today.

337
00:26:15.940 --> 00:26:21.930
But again, I longer term I
wouldn't pay too much, you know,

338
00:26:22.170 --> 00:26:26.170
credence to it. You are musk, who has a little bit to do

339
00:26:26.250 --> 00:26:29.690
with Ev's tweeted out yesterday quote.
Oh Man, this year has been such

340
00:26:29.730 --> 00:26:33.079
a supply chain nightmare. And it's
not over. I'll provide an updated product

341
00:26:33.119 --> 00:26:40.480
robot on next earnings call and quote. So to the extent that there are

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00:26:40.799 --> 00:26:45.319
shortages, that there are supply chain
issues, maybe that's a good thing for

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00:26:45.440 --> 00:26:48.789
the companies it actually supply, the
nuts and bolts that drive it, that

344
00:26:48.869 --> 00:26:55.150
are driving vs because if, if, if, there are shortages, seems

345
00:26:55.150 --> 00:26:59.109
to me they have some pricing power. Yeah, so what we, as

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00:26:59.190 --> 00:27:03.900
loose certain capital of done is really
we looked at that and the supply chain

347
00:27:03.980 --> 00:27:07.980
issues are real and and you know, in spite of our sort of Benine

348
00:27:08.059 --> 00:27:14.220
view on an eighteen to twenty four
months view basis, I think on the

349
00:27:14.339 --> 00:27:18.009
next twelf to eighteen months they will
continue to be real. And so what

350
00:27:18.170 --> 00:27:25.130
we have what we have done?
We basically went back and study to supply

351
00:27:25.289 --> 00:27:32.200
chain, particularly and EV's and all
other a lot of other technology supply chains.

352
00:27:32.279 --> 00:27:38.039
And where you see particularly shortage is
in the semiconductors. So well,

353
00:27:38.240 --> 00:27:45.190
we have invested quite aggressively is in
the in the catax place, right,

354
00:27:45.309 --> 00:27:52.710
so the the companies that make the
machinery to make semi conductors. And that's

355
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that's sort of you know, as
you can tell from my accent, probably

356
00:27:56.789 --> 00:28:00.259
I'm European. I was born and
raised in the Netherlands. That also happens

357
00:28:00.339 --> 00:28:07.980
to be a technology have in terms
of semiconductor technology. She have some world,

358
00:28:07.420 --> 00:28:18.009
global world leaders like ASML which as
the world's, you know, most

359
00:28:18.049 --> 00:28:27.160
sophisticated way for technology. You have
be semiconductors, which is basically making,

360
00:28:27.559 --> 00:28:34.319
you know, more manufacturing equipment for
the back end for the semi conductor manufacturers.

361
00:28:34.799 --> 00:28:44.549
So so all guys like Intel,
Taiwan semiconductors, their their clients.

362
00:28:45.150 --> 00:28:49.029
They need to expand capacity because they
are supplying, in turn, to the

363
00:28:49.109 --> 00:28:57.059
ones like, you know, Samsung
and apple and producers of of consumer electronics.

364
00:28:57.619 --> 00:29:03.500
So but we decided to invest right
at the beginning of supply chain and

365
00:29:04.180 --> 00:29:11.890
we talked to these guys like asmlb
semiconductors, etc. On a weekly basis,

366
00:29:12.490 --> 00:29:17.970
and on a weekly basis they see
their order back lock still increasing.

367
00:29:18.609 --> 00:29:23.559
You see players like Intel, Taimewan
semi sort of panicking. They need to

368
00:29:23.599 --> 00:29:30.359
expand capacity and it's expanded yesterday.
So they keep ordering and they're willing to

369
00:29:30.640 --> 00:29:33.960
pay higher prices because it's like,
okay, whoever base the most will get

370
00:29:34.319 --> 00:29:41.990
get get the most products the most
quickly. So there's a couple questions maybe

371
00:29:42.029 --> 00:29:47.069
more clarification for me on those points. So, first of all, you

372
00:29:47.230 --> 00:29:55.220
focus on Europe, you only invest
in European stocks. We do only invest

373
00:29:55.259 --> 00:30:00.220
in European stocks, but I think
it's a little bit of a misconception that,

374
00:30:00.579 --> 00:30:04.140
you know, if you only invest
in European stocks, you just invest

375
00:30:04.220 --> 00:30:07.769
in Europe. Actually, as a
matter of fact, that complete like asml

376
00:30:07.890 --> 00:30:15.369
and a company like be semiconductor,
the ones that just mentioned. They happened

377
00:30:15.410 --> 00:30:19.609
to be listed in the Netherlands,
but their revenues are maybe, maybe,

378
00:30:19.730 --> 00:30:25.200
maybe twenty five percent Europe and the
rest is Asia. Right, they're globe

379
00:30:25.200 --> 00:30:27.000
there, global players, for sure. Yeah, they go their global players.

380
00:30:27.079 --> 00:30:33.759
So you know, we we we
use that portal of investing in Europe

381
00:30:34.640 --> 00:30:41.710
just to maximize performance and we like
Europe as a portal because it's not as

382
00:30:41.789 --> 00:30:45.549
well covered by cell side and by
side analysts as many of the as the

383
00:30:45.630 --> 00:30:48.910
US stocks. For sure we have
more, we have more of an edge

384
00:30:49.059 --> 00:30:55.099
in European stocks than any new US
stocks. But look, if we if

385
00:30:55.140 --> 00:30:57.539
we like, if we like the
growth profile, growth picture in the US

386
00:30:57.660 --> 00:31:03.059
better than Europe, then we would
pick some stocks in Europe that have that

387
00:31:03.140 --> 00:31:07.609
are very heavily exposed to the United
States and similarly to Asia. We like

388
00:31:07.769 --> 00:31:12.089
that, or emerging markets. We
would like domestic you're if you think you

389
00:31:12.170 --> 00:31:17.890
know, Germany's and a coffee mode
and we focus on that. So we

390
00:31:18.089 --> 00:31:23.079
definitely you have a very global view
of the world, global investments to and

391
00:31:23.599 --> 00:31:29.960
again I we we use Europe as
a portal and and that's mostly because I

392
00:31:30.079 --> 00:31:33.829
was born and race there and my
business partner was born and raised there and

393
00:31:33.549 --> 00:31:37.710
we just knowed very well got it
to that. That certainly makes sense and

394
00:31:37.990 --> 00:31:44.829
you've you've answered my other misconception,
which was that you focus exclusively on the

395
00:31:45.589 --> 00:31:51.819
EV segment. You were you were
pitched to us from a PR firm a

396
00:31:51.900 --> 00:31:53.500
couple weeks ago. It seems like
a long time ago, but you know,

397
00:31:53.579 --> 00:31:57.660
ev stocks were you know, had
a bit of a mini craze in

398
00:31:57.740 --> 00:32:07.009
mid November after President Biden's infrastructure spending
bill was signed into law, which allocated

399
00:32:07.049 --> 00:32:13.210
seven have billion dollars to the development
of five hundred thousand public ev charging stations.

400
00:32:13.289 --> 00:32:15.480
We also had the Ribby and Ipoh
which people were very excited about for

401
00:32:15.519 --> 00:32:20.599
a hot minute. It doesn't sound
like you would be invested in Ribbyan.

402
00:32:21.720 --> 00:32:30.230
But you know what was was that
a momentary bit of a rational bisubrians from

403
00:32:30.269 --> 00:32:32.750
the investing public, or or was
a legitimate reason for people to get excited

404
00:32:32.789 --> 00:32:36.589
over the sector? Here? I
should also know, for it's had a

405
00:32:36.670 --> 00:32:39.589
big jump GM you know, it's
had a big rally, in part on

406
00:32:39.710 --> 00:32:45.500
the you know, the expectation and
evidence that they are becoming more focused on

407
00:32:45.579 --> 00:32:50.779
the evs. Yeah, I think
it's interesting. Right. So, because

408
00:32:50.940 --> 00:32:55.940
coming from Europe, especially northern Europe, I think the whole concept of sustainability,

409
00:32:57.819 --> 00:33:02.210
carbon neutrality, etc. Is Much
more ingrained in the in the culture

410
00:33:02.329 --> 00:33:08.009
and into people's daily lives and also
into the corporate cultures. So maybe that's

411
00:33:08.049 --> 00:33:13.200
why I was pitched to you as
a as like an easy sustainability grew or

412
00:33:13.279 --> 00:33:16.640
something like that. If you I
have to say if you look at if

413
00:33:16.640 --> 00:33:21.680
you look at Scandinavia, if you
look at countries like Sweden, Norway,

414
00:33:21.799 --> 00:33:25.559
Denmark, Finland, etc. There
is a lot of innovation going on in

415
00:33:25.680 --> 00:33:32.589
terms of sustainability, carbon, carbon
capture technology, electric veh called, battery

416
00:33:32.670 --> 00:33:37.309
technology etc. So it is it
is a very good area to be exposed

417
00:33:37.349 --> 00:33:45.579
to if you if you want to
invest in ev related ev related themes and

418
00:33:45.740 --> 00:33:52.779
sustainability related themes and the way,
the other reason probably have a why I

419
00:33:52.900 --> 00:33:59.210
came across as an ev expert is
that we did IPO, our blank check

420
00:33:59.289 --> 00:34:07.409
company, Europeans Sustainable Growth Acquisition Corporation, in January and the symbols USG and

421
00:34:08.329 --> 00:34:15.719
through our European network we found this
company just outside of Stuttgart which makes these

422
00:34:16.119 --> 00:34:23.429
ultra fast battery buffort chargers, and
you know that that's something that we think

423
00:34:23.630 --> 00:34:31.190
is is going to be a big
part of the whole ECO ecosystem in terms

424
00:34:31.230 --> 00:34:38.139
of Eva's right, because if if
the forecast that Tesla loose it, etc.

425
00:34:39.219 --> 00:34:43.659
Giving you about the number of cars
that're going to sell, and you

426
00:34:43.860 --> 00:34:47.019
you pretty quickly like a five years
down the road, you be looking at

427
00:34:47.179 --> 00:34:52.340
thirty million cars annually that are being
sold. They all have to be charged

428
00:34:52.420 --> 00:34:55.010
and there's no way that even the
Biden plan, what you said, you

429
00:34:55.130 --> 00:35:00.090
know, getting compli thousand chargers in
the nation, is going to be able

430
00:35:00.130 --> 00:35:07.010
to to charge those cars that are
going to to be hitting the road.

431
00:35:07.159 --> 00:35:15.599
So I think you're going to see
massive investments in infrastructure and right now there's

432
00:35:15.639 --> 00:35:22.349
a big limitation in terms of the
great capacity. So most chargers are level

433
00:35:22.949 --> 00:35:27.989
one, two and three chargers.
They're all AC chargers. That put a

434
00:35:28.030 --> 00:35:32.110
lot of a lot of pressure on
the grid and the electric grid in the

435
00:35:32.150 --> 00:35:38.739
United States and elsewhere are just not
powerful enough to it. You know,

436
00:35:38.820 --> 00:35:43.179
it's so step or stable enough.
You know, the Rickety was the whole

437
00:35:43.219 --> 00:35:46.659
other conversation. But yeah, yeah, happen in Texas last year. So,

438
00:35:46.820 --> 00:35:52.489
as I mentioned, the top that
company is Ats Tech Energy and he

439
00:35:52.570 --> 00:35:55.250
doesn't. Yeah. So we hope
to close this deal. I mean,

440
00:35:55.449 --> 00:36:00.570
you know, it's this quite a
backup now at the SEC with with a

441
00:36:00.650 --> 00:36:07.280
lot of companies despecting etc. But
we did our final, hopeously final F

442
00:36:07.400 --> 00:36:15.440
for filing and we hope to be
closed and listed under a different symbol,

443
00:36:15.440 --> 00:36:22.829
ads e. by about middle of
December and and then I think it will

444
00:36:22.989 --> 00:36:27.909
get a lot more attention because then
it will be truly an easy, easy

445
00:36:28.070 --> 00:36:32.260
stock. Got It. What's interesting
because when you were talking about the Scandinavian

446
00:36:32.300 --> 00:36:36.179
countries, I was thinking, yeah, of course, you know, we

447
00:36:36.300 --> 00:36:38.739
all want to be like ninaving countries. You know, they're beautiful, the

448
00:36:38.780 --> 00:36:44.500
people are beautiful, everyone seems healthy
and happy hum and if I wanted to,

449
00:36:44.820 --> 00:36:46.210
if I wanted to invest there.
You know, is there an ETF?

450
00:36:46.329 --> 00:36:52.369
That sort of you know, covers
that area of the world. And,

451
00:36:52.929 --> 00:36:57.010
prankly, you know I'm the only
big hesitation I would have about investing

452
00:36:57.010 --> 00:37:00.530
in your spack is the fact that
it's a SPEC. Yeah, you know

453
00:37:00.650 --> 00:37:04.719
have why did you go that route? And do you think spacs have gotten

454
00:37:04.800 --> 00:37:08.599
a bad name? Well, yeah, I think spects have gotten a bad

455
00:37:08.639 --> 00:37:16.590
name because I don't think for I
think for a lot of valid reasons.

456
00:37:16.630 --> 00:37:21.309
I actually because you could look,
you know, if I would play devil's

457
00:37:21.309 --> 00:37:25.949
advocate, you could say, okay, well, Yo, specs of gotten

458
00:37:27.070 --> 00:37:32.139
very popular and a lot of people, maybe unprofessionals, have gotten involved into

459
00:37:32.179 --> 00:37:38.739
the game for for such in order
to make a quick back right and maybe

460
00:37:38.820 --> 00:37:44.769
have been a quote unquote, misleading
retail investor. So I can see that

461
00:37:44.929 --> 00:37:49.809
the SEC would be worried about that, because you basically list of blank check

462
00:37:49.889 --> 00:37:53.570
company and the blank check company does
not know yet what kind of business it's

463
00:37:53.610 --> 00:37:59.800
going to buy. So in a
way you could see it as circumventing,

464
00:38:00.239 --> 00:38:04.639
in my opinion at least, you
could see it as a way of circumventing

465
00:38:06.039 --> 00:38:13.309
SEC regulations that wanted to go through
and one does an ip over normal company,

466
00:38:13.389 --> 00:38:17.949
right, you have to sort of
have to sort of state, you

467
00:38:19.030 --> 00:38:22.230
know, the last ten years ordered
it, figures, etc. ETC,

468
00:38:22.469 --> 00:38:27.940
etc, and and and so so
I can see how the SEC has become

469
00:38:28.059 --> 00:38:31.980
tougher on specs and its clam down
on them, but then you know that

470
00:38:32.179 --> 00:38:38.139
there are exceptions like and I think, of course I'm biased, but when

471
00:38:38.260 --> 00:38:44.250
we saw an opportunity was that we
saw the valuation gap, the differences between

472
00:38:44.769 --> 00:38:52.570
Europe and the US. If you
look at two similar companies in almost any

473
00:38:52.650 --> 00:38:59.760
industry in the US and the Europe, Europe, European companies, we tend

474
00:38:59.800 --> 00:39:04.639
to play a sort of a fifty
two, eighty percent discount to the US

475
00:39:04.760 --> 00:39:08.000
beers, and I think the reason
for that is that you have a lot

476
00:39:08.079 --> 00:39:13.190
more there's much more of an equity
culture in the US. You got more

477
00:39:13.309 --> 00:39:17.230
retail money involved, you got more
broken etc. And then Europe is a

478
00:39:17.269 --> 00:39:21.909
little bit more backward in that way
that you know it did. The big

479
00:39:21.989 --> 00:39:24.820
pension funds in the retail investors don't
really look at equity markets that much.

480
00:39:24.940 --> 00:39:30.059
They invest in real estate, the
investing fixed income and just other asset classes.

481
00:39:30.699 --> 00:39:35.500
But that's that's where we thought was
the opportunity if we we find a

482
00:39:35.619 --> 00:39:43.969
European company in our in our backyard, yeah, where there's not a lot

483
00:39:44.010 --> 00:39:47.690
of competition to look for targets,
and we can list it in the US,

484
00:39:49.570 --> 00:39:52.880
then we number one. We can
buy it at an a high technology

485
00:39:52.960 --> 00:40:00.960
company and attractive price and listed on
an exchange with where there's very deep pockets

486
00:40:00.000 --> 00:40:06.760
of capital. And if you look
at a technology that scalable globally, you

487
00:40:07.079 --> 00:40:10.190
need access to the capital markets and
there's no, no capital market like like

488
00:40:10.670 --> 00:40:14.550
the US, you know, and
as that put new stopper sing. So

489
00:40:15.269 --> 00:40:17.829
we think we picked the best of
both worlds. We did a lot of

490
00:40:17.909 --> 00:40:22.940
due diligence on this company. It's
partly owned by boss, the German conglomerate,

491
00:40:23.699 --> 00:40:30.300
and it didn't fit within the core, within the course frateed won term

492
00:40:30.380 --> 00:40:36.130
strategy of boss. So we were
able to buy it an attracted multiple and,

493
00:40:37.809 --> 00:40:40.050
yeah, and and listed on that
that can scale it from there.

494
00:40:40.570 --> 00:40:45.489
Ten minutes, taking a fast charging. I wanted to talk about a stock

495
00:40:45.570 --> 00:40:49.650
that you like, which is wolfs
Bee, which is the old cree if

496
00:40:49.690 --> 00:40:53.760
I'm not mistaken, it's at a
rough couple of days along with the market.

497
00:40:53.840 --> 00:41:00.480
I guess stand about ten percent.
You talked earlier about maybe raising some

498
00:41:00.639 --> 00:41:04.309
cash or getting prepared for a little
more of alatility. Was this a name

499
00:41:04.389 --> 00:41:07.710
that you kind of lightened up on, or are you buying the dip and

500
00:41:07.829 --> 00:41:10.510
Wolf speed? Now? I will
speed out definitely that by the dip.

501
00:41:12.070 --> 00:41:15.590
I might compare. I compare this. It's a little bit further down the

502
00:41:16.269 --> 00:41:23.099
down the chain right of semiconductors.
But what what Wolfspeed is making is they

503
00:41:23.179 --> 00:41:30.260
make silicon car by IT semiconductors,
and Silicon car by is very important material

504
00:41:31.139 --> 00:41:42.369
because the likes of loose said,
the test lautc they have to buy silicon

505
00:41:42.449 --> 00:41:50.559
car by semiconductors because Silic car byte
basically enables a battery to charge faster,

506
00:41:52.199 --> 00:42:00.760
remain charged longer while not getting hot. That silicon car byte, in terms

507
00:42:00.800 --> 00:42:07.030
of battery technology, is is a
critical, critical material, and wolf speed

508
00:42:07.469 --> 00:42:14.110
as really, I won't say perfected. I don't think they are a hundred

509
00:42:14.110 --> 00:42:17.739
percent there yet, but they are
a couple of years ahead of the competition

510
00:42:17.860 --> 00:42:24.059
in terms of producing silicon car bytes
semiconductor. So so for for all these

511
00:42:24.099 --> 00:42:30.769
electric vehicle producers, also the traditional
guys like Ford and General Motors, everybody

512
00:42:30.809 --> 00:42:37.889
who's getting into the EV space.
They basically have only one go to manufacture

513
00:42:37.050 --> 00:42:40.690
to buy these semiconductors, and that's
wolf speed, you know, formerly cree.

514
00:42:42.449 --> 00:42:47.199
So they've tremendous the tremendous market share
in that area. The target market

515
00:42:47.280 --> 00:42:52.119
is growing thirty, two, fifty
percent a year and there have a lot

516
00:42:52.159 --> 00:42:58.360
of pricing power because they are the
only guys producing it. So we we

517
00:42:58.559 --> 00:43:02.190
love those kind of positions. It's
the same with a seml in the Netherlands

518
00:43:02.230 --> 00:43:09.230
in wait for technology. You need
any manufacture of semiconductors, whether you know

519
00:43:09.389 --> 00:43:16.980
Silicon Carbide or not. They have
to buy facilities and equipment from ASML,

520
00:43:17.539 --> 00:43:22.340
and ASML has a nine percent market
share. So they the best technology and

521
00:43:22.579 --> 00:43:27.809
sort of a virtue cycle, right. So the guys that are head get

522
00:43:27.929 --> 00:43:30.170
further and further ahead because they've more
cash low, they have more money to

523
00:43:30.250 --> 00:43:37.329
put into Rd. so so they're
their head start is only increasing, improving

524
00:43:37.489 --> 00:43:39.769
if they are well managed, and
I happen to like the management of Wolf

525
00:43:39.849 --> 00:43:45.440
speed very well, very much,
and asml's and other one we like very

526
00:43:45.480 --> 00:43:54.199
much. There's some smaller ones in
Europe that it would probably be hard to

527
00:43:54.519 --> 00:44:00.829
buy. That for retail vestors.
Some brokers can can buy in local exchanges,

528
00:44:00.909 --> 00:44:07.630
but your one we're extremely excited about, and this is probably take a

529
00:44:07.789 --> 00:44:12.500
pain out to to lie down all
the vowels, but it's in Germany.

530
00:44:12.539 --> 00:44:20.059
It's called P va Tepla, and
what they make is they again they're very

531
00:44:20.219 --> 00:44:27.809
early on in the kpex cycle.
So they make the machinery that crystallizes silicon

532
00:44:27.929 --> 00:44:35.289
carbide. So they are delivering to
the likes of Wolf speed right, so

533
00:44:35.489 --> 00:44:39.199
wolves be disapplied there. So you
again you go a little bit earlier in

534
00:44:39.360 --> 00:44:44.880
that in that supply chain, and
that to us is ideal. And this

535
00:44:45.079 --> 00:44:49.440
PVA TEPA again is one of the
two companies in the world that can make

536
00:44:49.559 --> 00:44:53.630
that sort of equipment and again they've
a tremendous head start against the competition.

537
00:44:54.429 --> 00:45:04.150
So I think, I think in
these volbels. Yeah, you have to

538
00:45:05.030 --> 00:45:09.019
believe in the technology investing. You
have to believe in the long term growth

539
00:45:09.300 --> 00:45:16.260
trends of the markets you invest in
and the company's market but it position and

540
00:45:16.380 --> 00:45:23.130
that they have the mote to maintain
that market position and with the company mentioned

541
00:45:23.289 --> 00:45:27.809
that we definitely have that. So
it gets these volbels, I think you

542
00:45:27.889 --> 00:45:31.849
know. Yeah, today people may
think that, you know, ten year

543
00:45:31.889 --> 00:45:36.239
rates will go to five, six
seven percent. Even if that were the

544
00:45:36.360 --> 00:45:39.280
case, the problem probably the stocks
would not perform very well for six months,

545
00:45:39.320 --> 00:45:44.559
but they will sort of know,
they will come over compensate for that

546
00:45:44.719 --> 00:45:49.320
and they'll keep growing in spite of
that rning. Just for those curious,

547
00:45:49.400 --> 00:45:57.150
PBA Keepla, the symbol is TPL
KF calm, Peter, Larry Kevin Frank.

548
00:45:58.110 --> 00:46:00.989
So No vowels in the symbol,
but a lot of Gals in the

549
00:46:00.989 --> 00:46:07.179
name the company and either. Appreciate
your time and insights here and I appreciate

550
00:46:07.420 --> 00:46:13.780
our audience for firsting tuned if we
made it this far. So you obviously

551
00:46:13.820 --> 00:46:19.969
you're investing in the infrastructure of the
electronic vehicle market, electric being mark,

552
00:46:19.969 --> 00:46:23.530
excuse me, the picks and shovels, as it were. So do you

553
00:46:23.650 --> 00:46:29.570
care, for lack of the better
word, whether it's Tesla or Ribban or

554
00:46:29.650 --> 00:46:35.480
loosen or Ford or GM or Volkswagon
or Mercedes or whoever else is out there?

555
00:46:35.679 --> 00:46:37.400
You know there's all the Chinese EV
makers we haven't even talked about.

556
00:46:37.880 --> 00:46:42.719
You know who emerges as the dominant
player or has that ship parady sell?

557
00:46:42.760 --> 00:46:46.230
There's something that's why some people are
so enamored of Tesla, because they think

558
00:46:46.269 --> 00:46:50.989
they have such a leadership place that, to your earlier point, they're going

559
00:46:50.989 --> 00:46:53.550
to get, you know, it's
going to continue to accrue to the positive

560
00:46:53.590 --> 00:46:59.309
for them. I think it's a
very good question actually. And Number One,

561
00:46:59.389 --> 00:47:04.179
I don't care. Number two,
I wouldn't invest in those companies because

562
00:47:04.179 --> 00:47:08.500
I think it's going to be very
commodetized. So so, for now Teslam

563
00:47:08.579 --> 00:47:14.619
may have a head start, but
you know, I'm pretty plugged into the

564
00:47:14.780 --> 00:47:21.849
likes of BMW, folks, Swag
and Audi, etc. The plowing a

565
00:47:21.929 --> 00:47:28.409
lot of resources into a battery technology, etc. And and I'm I'm I'm

566
00:47:28.530 --> 00:47:32.320
going to send sure that they'll all
catch up and it will become a commoditized

567
00:47:32.760 --> 00:47:38.280
product. The Chinese are onto it, you know, Fort General Motors,

568
00:47:38.559 --> 00:47:45.750
Chrysler, whatever, that they can
hire all the smart people and I think

569
00:47:45.789 --> 00:47:52.550
it would become again a commoditized product. I like the internal combustion engine vehicles

570
00:47:52.590 --> 00:47:57.269
are right now. So so would
you short Tesla if you could? Don't

571
00:47:57.269 --> 00:48:01.980
know if you can shorten the firm
now. Weekend Short but I think it's

572
00:48:02.059 --> 00:48:07.019
too early. I think they have
the head starts for now and may have

573
00:48:07.179 --> 00:48:12.179
it for another one or two years, but but it will. So you

574
00:48:12.260 --> 00:48:16.809
know the shorting games tricky and you
know one or two years is a long

575
00:48:16.929 --> 00:48:22.849
time right, long time Arizon to
be short. So I would and it's

576
00:48:22.969 --> 00:48:28.840
tough to exactly pinpoint when they lose
their competitive advantas edge, it will and

577
00:48:29.599 --> 00:48:34.119
invariably and doubtedly it will happen.
But you know, if they maintain it

578
00:48:34.199 --> 00:48:37.639
for another two years the stock may
still chapple from current levels. So I

579
00:48:37.679 --> 00:48:45.909
wouldn't take that bat and before we
rappless, I don't know if Steven had

580
00:48:45.909 --> 00:48:52.150
any other questions for you. You
talked earlier about the penetration of the EV

581
00:48:52.309 --> 00:48:55.420
market and this is obviously very anecdotal. was recently in a conversation with a

582
00:48:57.739 --> 00:48:59.900
group of people, I would call
some of them car guys, you know,

583
00:48:59.900 --> 00:49:04.139
they're really into Automo, with autos. Yeah, and one of them

584
00:49:04.139 --> 00:49:09.010
said something that kind of struck me, talk about how quickly the iphone became

585
00:49:10.530 --> 00:49:15.170
pain market share and when it first
came out in no Kia was huge and

586
00:49:15.530 --> 00:49:20.289
you know people are like, what
do I need this phone for? Are

587
00:49:20.409 --> 00:49:24.719
we gonna be surprised at how quickly
the internal combustion engine is we know it

588
00:49:25.119 --> 00:49:29.159
goes away. I mean, what's
the time frame for that if true?

589
00:49:30.039 --> 00:49:32.280
Yeah, I think again, very
good point. I think we will be

590
00:49:32.480 --> 00:49:37.630
surprised and we actually have some live
examples of what might happen. So so

591
00:49:38.590 --> 00:49:45.230
a real, real life example is
the country of Norway. Tiny country Scandinavia,

592
00:49:45.030 --> 00:49:52.699
but they will basically ban the sale
of internal combustion engine cars by two

593
00:49:52.699 --> 00:49:58.780
thousand and twenty five, so which
is quite soon. If not completely ban

594
00:49:58.900 --> 00:50:02.460
it, they'll text it at such
a level that it's pretty prohibitly expensive to

595
00:50:02.579 --> 00:50:07.050
buy one. And what you see
now already is that the general public,

596
00:50:08.449 --> 00:50:14.250
if you look at the the current
run rate, about forty two fifty percent

597
00:50:14.329 --> 00:50:20.530
of all cars sold are electric vehicles
in Norway. So you see that the

598
00:50:21.130 --> 00:50:27.559
public is not waiting until two thousand
and twenty five to buy electric vehicles and

599
00:50:27.719 --> 00:50:34.639
to stop buying ICEU vehicles. Right. It's now twenty twenty one and already

600
00:50:35.199 --> 00:50:39.030
you seeing that half the sales are
electric vehicles. So I think if,

601
00:50:39.269 --> 00:50:45.670
if, if you get some sort
of regulation that by twenty thirty or two

602
00:50:45.949 --> 00:50:51.019
and thirty five. In us,
you know, you you prohibably tax.

603
00:50:51.860 --> 00:50:55.860
I see you cars, you know, internal combustion fossil fuel cars. I

604
00:50:57.059 --> 00:51:01.699
think the general public will react a
lot more quickly and act more quickly way

605
00:51:01.860 --> 00:51:07.369
before those deadlines are set. And
that's what you see in Norway. That's

606
00:51:07.369 --> 00:51:12.809
what she suit saw with the IPHONES. There were no no regulatory you know,

607
00:51:12.929 --> 00:51:16.730
or tax issues, but just,
you know, convenience etc. I

608
00:51:16.809 --> 00:51:22.559
think you'll see the same with electric
people. So I think the VAMPA will

609
00:51:22.639 --> 00:51:28.079
be a lot more quick than them. Then then consensus is thinking now and

610
00:51:28.199 --> 00:51:34.750
then then you you can derive from
all those analyst projections. So I just

611
00:51:34.989 --> 00:51:38.469
have I think, I think you
know the the sort of consensus growth for

612
00:51:38.670 --> 00:51:46.699
EV sales is thirty percent annually between
twenty one and twenty five. If you

613
00:51:46.780 --> 00:51:51.179
ask me personally, I would think, you know, I would double that

614
00:51:51.219 --> 00:51:55.500
number, just sixty percent growth or
even higher. But that's just based on

615
00:51:55.619 --> 00:52:00.179
my personal observation. Starting to companies
etc. Right well, in you're putting

616
00:52:00.179 --> 00:52:04.409
your money where your mouth is,
at least your firms money, which is

617
00:52:04.449 --> 00:52:07.650
what it's yeah, at least at
least for these purposes. And there's a

618
00:52:07.650 --> 00:52:12.409
lot of other areas to write.
I mean we think the whole energy area

619
00:52:12.650 --> 00:52:19.239
into the utilities. Utilities are moving
away from fossil fuel to alternative energy sources.

620
00:52:20.119 --> 00:52:27.039
You know hydro, you know Sol
our wind, and you know we're

621
00:52:27.119 --> 00:52:30.909
definitely finding a lot of ideas there
too and just playing into that. But

622
00:52:31.110 --> 00:52:37.349
you know, that's maybe for another
time and all the discussion, but definitely

623
00:52:37.349 --> 00:52:45.860
the the whole theme of Going Carbon
Neutral by twenty thirty has an impact on

624
00:52:45.340 --> 00:52:51.900
many industries, and not just the
automotive and transportation industry. All right,

625
00:52:51.940 --> 00:52:55.219
well, yeah, yes, let's
have you back to talk about beyond the

626
00:52:55.340 --> 00:52:59.969
EV's and get an update on how
they're doing. We do have to leave

627
00:53:00.010 --> 00:53:04.130
it there. Our guests has been
Peter Tastelar, he's portfolio manager and founding

628
00:53:04.130 --> 00:53:08.289
part in the loo certain capital management
and the CEO of the Europeans Sustainable Growth

629
00:53:08.329 --> 00:53:13.599
Acquisition Corp, which is is back. Peter, thanks for being with us

630
00:53:13.599 --> 00:53:16.800
today. Okay, good and so
one conclusion is like, if you see

631
00:53:16.800 --> 00:53:23.280
any setbacks in a market, sell
anything except anything easy related at okay,

632
00:53:24.000 --> 00:53:27.909
thanks for having thanks, Peter,
about our good bye.