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Nutstuff Comes Alive in Switzerland - March 12, 2026
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Phenomenal Nutstuff alpha from my UK North Sea and Wider Energy Portfolio, also Coal and Shipping names. Now we see the Wider Geo-political Games really begin. See Putin: the Kremlin would stop sharing intelligence information with Iran, such as the precise coordinates of U.S. military assets in the Middle East, if Washington ceased supplying Ukraine with intel about Russia. Pls. In the REAL WORLD: Diesel (via my Brother!) just told you the truth before the market did. When the real economy’s fuel jumps 60% in a week, that isn’t noise, it’s the system repricing from the ground up and markets are still trading like it’s a rotation, not a regime change. What’s unfolding isn’t about Iran, or even oil, it’s about the cost of energy resetting the entire stack: capital, compute, logistics, food, everything. The crowd is still long duration dreams, but the edge is shifting hard toward constraint. The next Nutstuff lays out exactly where that flow goes and the 2nd and 3rd derivatives, and also where it breaks.
Coming Sunday/Monday:
• ⚡ Energy > Everything: why the marginal unit of power now sets all prices
• 🛢️ Oil, Coal, Uranium: the price makers vs the narrative trades
• 🚢 Shipping & Chokepoints: Hormuz isn’t closed — it’s repriced
• 🌾 Food & Fertiliser: diesel shock → agricultural inflation loop
• 💻 AI Reality Check: data centres as energy sinks, not software multiples
• 🇨🇳 China’s Edge: energy → compute → export arbitrage at scale
• 🇭🇰 Hong Kong: hated, turning, levered to capital + policy + people
• 💥 Portfolio Positioning: trim duration, add scarcity, own the constraint
Coming Sunday/Monday:
• ⚡ Energy > Everything: why the marginal unit of power now sets all prices
• 🛢️ Oil, Coal, Uranium: the price makers vs the narrative trades
• 🚢 Shipping & Chokepoints: Hormuz isn’t closed — it’s repriced
• 🌾 Food & Fertiliser: diesel shock → agricultural inflation loop
• 💻 AI Reality Check: data centres as energy sinks, not software multiples
• 🇨🇳 China’s Edge: energy → compute → export arbitrage at scale
• 🇭🇰 Hong Kong: hated, turning, levered to capital + policy + people
• 💥 Portfolio Positioning: trim duration, add scarcity, own the constraint
And to add: WAR BABBLE: please spare us….
https://www.telegraph.co.uk/news/2026/03/20/iran-war-hormuz-covert-special-forces-sas-sbs-seals-sea/
This whole thing of the SAS and SBS can re-open the straits of Hormuz is again all too typical from Battle comic reader and Journalist Hamish “made up second name”, and reads like a retired Colonel’s commando fantasy scribbled over a few glasses of whisky 🥃, all dagger flashes and derring-do but sorry, geography topography and the map, dear boy, ruins it. The Strait of Hormuz and its hinterland from Kharg Island down through a maze of islands, coves and coastline is not suited to some plucky weekend raid, it’s an oceanic sprawl the size of a small country, saturated with missiles, drones, mines and men who have spent forty years preparing precisely for this moment. To suggest that a handful of Britain’s finest might nip in and tidy it up is rather like sending the Chelsea Flower Show committee to reorganise the Somme. And the central absurdity is even richer: the “mission” is to re-open the strait which btw isn’t closed. The oil still flows, the tankers still sail; it’s simply that the price of passage has been repriced in risk, insurance, and geopolitics. In other words, it’s been dollarised in fear. Iran doesn’t need to shut the door; it merely needs to make walking through it expensive enough that the West starts arguing with itself. This isn’t a special forces problem it’s a balance sheet problem dressed in camouflage!
Put another way maybe: “Iran’s power here is not material superiority but simply narrative coherence. A weakened regime has created a believable story of control over the world’s key energy chokepoint, and that story is actually reorganising global flows more effectively.”
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https://www.telegraph.co.uk/news/2026/03/20/iran-war-hormuz-covert-special-forces-sas-sbs-seals-sea/
This whole thing of the SAS and SBS can re-open the straits of Hormuz is again all too typical from Battle comic reader and Journalist Hamish “made up second name”, and reads like a retired Colonel’s commando fantasy scribbled over a few glasses of whisky 🥃, all dagger flashes and derring-do but sorry, geography topography and the map, dear boy, ruins it. The Strait of Hormuz and its hinterland from Kharg Island down through a maze of islands, coves and coastline is not suited to some plucky weekend raid, it’s an oceanic sprawl the size of a small country, saturated with missiles, drones, mines and men who have spent forty years preparing precisely for this moment. To suggest that a handful of Britain’s finest might nip in and tidy it up is rather like sending the Chelsea Flower Show committee to reorganise the Somme. And the central absurdity is even richer: the “mission” is to re-open the strait which btw isn’t closed. The oil still flows, the tankers still sail; it’s simply that the price of passage has been repriced in risk, insurance, and geopolitics. In other words, it’s been dollarised in fear. Iran doesn’t need to shut the door; it merely needs to make walking through it expensive enough that the West starts arguing with itself. This isn’t a special forces problem it’s a balance sheet problem dressed in camouflage!
Put another way maybe: “Iran’s power here is not material superiority but simply narrative coherence. A weakened regime has created a believable story of control over the world’s key energy chokepoint, and that story is actually reorganising global flows more effectively.”
Subscribe: https://www.nutstuff.co.uk/subscribe
The Telegraph
A long-ago covert operation shows how special forces could reopen Hormuz
The US and UK need to replicate a daring 1980s mission
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Remember Bob Dylans lyric: "When you ain't got nothing, you got nothing to lose"….(Tx Bob)
The market’s great mistake is assuming everyone optimises for prosperity; they don’t. Some regimes simply optimise for survival and will absorb extraordinary economic pain to preserve it which renders Western tools of pressure far less effective than assumed. Layer onto this a domestic backdrop of political fatigue and elite detachment, and you have a leadership vacuum at precisely the moment credibility matters most. In that world, escalation is not deterred by threats, it is invited by misreading incentives and markets are only just beginning to price that reality. You could come up with a plethora of reasons why Iran should be neutered. But Iran isn't America, just like Vietnam was not America. These “little” people don't have the same values as Americans, they don't see the world the same way, they're willing to sacrifice, just about everything, to maintain power. We've seen this over and over. Even with the Taliban. We think they're fighting by our rules. They're just not. So life is all about reading the room. And Trump it seems on almost every metric has failed to do this. I increasingly see a US administration that have no idea how the "little people" live. Nor do the billionaires.
So where does that leave us on Sunday Evening? Well, $150 oil is very possible here and an S&P could get hit hard. AGAIN ask your self how much of US Mkt cap and Index weight is Energy and Commodity Price TAKERS vs the Mkt cap and index weight in Energy and Commodity Price MAKERS. Nutstuff has repeatedly said this and that Markets have spent months treating a live hand-grenade like a paperweight and now the pin’s been pulled and everyone’s suddenly rediscovering physics and indexes and most investors are on the wrong side of it. This from someone over the weekend: Consider that Dubai airport is just 70 miles from the Strait’s 21-mile wide choke point, and Emirates has resumed service despite intermittent drone strikes. Similarly, foot traffic at the Dubai Mall (the world’s largest) has returned to 95%. If a country living directly across from Iran can experience drone strikes and yet operate almost normally, you can be assured that the rest of the world will follow in short order. AJ I love your optimism! When everyone wakes up tomorrow morning I suspect the reality might be that this is not now another tidy, self-contained geopolitical wobble you can get your 28yr old AI wielding CFA qualified macro expert to run your “When to buy the dip model ”. This feels right now like a full-fat supply shock smashing straight into an already fragile, debt-saturated system. Energy infrastructure is being physically removed from the global balance sheet not repriced, not rerouted, but destroyed and that turns volatility into scarcity, and scarcity into structurally higher prices. The Strait of Hormuz isn’t “closed”, it’s selectively weaponised, Kharg hangs in the crosshairs, and LNG just lost real capacity for years, not weeks. Meanwhile central banks, still traumatised by 2022, are squinting at this like it’s demand-led inflation they can bully with rate hikes which is how you take an energy shock and metastasise it into a full-blown financial accident. This is the escalation trap in motion: no off-ramp, no adult in the room, just reflexive tit-for-tat where every move tightens the noose on growth while pushing oil, gas and freight relentlessly higher. If you don’t own the inputs energy, resources, real assets and the alternative system, you’re not investing, you’re asking to be imminently taxed by reality. On the basis of what I see right now, (and I sincerely hope I am wrong and maybe this 48hr threat is the precursor to a deal but I see very little sign) Trump therefore looks finished and the the midterms lost, a lame duck President at best , then more Epstein disclosures and full attacks on his business interests which I think will be theme from the summer.
The market’s great mistake is assuming everyone optimises for prosperity; they don’t. Some regimes simply optimise for survival and will absorb extraordinary economic pain to preserve it which renders Western tools of pressure far less effective than assumed. Layer onto this a domestic backdrop of political fatigue and elite detachment, and you have a leadership vacuum at precisely the moment credibility matters most. In that world, escalation is not deterred by threats, it is invited by misreading incentives and markets are only just beginning to price that reality. You could come up with a plethora of reasons why Iran should be neutered. But Iran isn't America, just like Vietnam was not America. These “little” people don't have the same values as Americans, they don't see the world the same way, they're willing to sacrifice, just about everything, to maintain power. We've seen this over and over. Even with the Taliban. We think they're fighting by our rules. They're just not. So life is all about reading the room. And Trump it seems on almost every metric has failed to do this. I increasingly see a US administration that have no idea how the "little people" live. Nor do the billionaires.
So where does that leave us on Sunday Evening? Well, $150 oil is very possible here and an S&P could get hit hard. AGAIN ask your self how much of US Mkt cap and Index weight is Energy and Commodity Price TAKERS vs the Mkt cap and index weight in Energy and Commodity Price MAKERS. Nutstuff has repeatedly said this and that Markets have spent months treating a live hand-grenade like a paperweight and now the pin’s been pulled and everyone’s suddenly rediscovering physics and indexes and most investors are on the wrong side of it. This from someone over the weekend: Consider that Dubai airport is just 70 miles from the Strait’s 21-mile wide choke point, and Emirates has resumed service despite intermittent drone strikes. Similarly, foot traffic at the Dubai Mall (the world’s largest) has returned to 95%. If a country living directly across from Iran can experience drone strikes and yet operate almost normally, you can be assured that the rest of the world will follow in short order. AJ I love your optimism! When everyone wakes up tomorrow morning I suspect the reality might be that this is not now another tidy, self-contained geopolitical wobble you can get your 28yr old AI wielding CFA qualified macro expert to run your “When to buy the dip model ”. This feels right now like a full-fat supply shock smashing straight into an already fragile, debt-saturated system. Energy infrastructure is being physically removed from the global balance sheet not repriced, not rerouted, but destroyed and that turns volatility into scarcity, and scarcity into structurally higher prices. The Strait of Hormuz isn’t “closed”, it’s selectively weaponised, Kharg hangs in the crosshairs, and LNG just lost real capacity for years, not weeks. Meanwhile central banks, still traumatised by 2022, are squinting at this like it’s demand-led inflation they can bully with rate hikes which is how you take an energy shock and metastasise it into a full-blown financial accident. This is the escalation trap in motion: no off-ramp, no adult in the room, just reflexive tit-for-tat where every move tightens the noose on growth while pushing oil, gas and freight relentlessly higher. If you don’t own the inputs energy, resources, real assets and the alternative system, you’re not investing, you’re asking to be imminently taxed by reality. On the basis of what I see right now, (and I sincerely hope I am wrong and maybe this 48hr threat is the precursor to a deal but I see very little sign) Trump therefore looks finished and the the midterms lost, a lame duck President at best , then more Epstein disclosures and full attacks on his business interests which I think will be theme from the summer.
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The Trump Tweet just commeth ! As someone just messaged; “wow, got on the ski lift 4% down, and got off 4% up. Bears asking. (Yes we all can cynically wonder how much Trump, friends & family made this morning”?!)
Maybe its just that Common sense prevails over mutually assured destruction today. But I would still argue this cannot be spun as anything other than a back down from an idiotic 48hr Trump ultimatum & unavoidable escalation where none of his Gulf allies wanted to run the risks of what was coming in retaliation from Tehran.
The Market may conclude war is over. Thats to me feels very premature.
Energy infrastructure damage is real and extensive.
Any Country that imports energy is still screwed.
Its will take trust and a whole bunch more to re-open Hormuz.
Trump also might have just effectively Quid pro Quo agreed to remove all bases from the middle east.
Again: “Whether the USA and Israel could destroy Iran was never the question; it was what comes next that matters. Israel's fear was of a more modern country rather than a destroyed country like the rest of the Middle East. Most I talk to think that declaring peace with a wounded but not totally destroyed & chaotic Iran is a very dangerous move, and IMHO China and Russia wouldnt have let much more of this happen. Getting away from the Western Media babble, and the thing I worry most about is the danger Israel faces, not Iran.”
Nutstuff….
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Maybe its just that Common sense prevails over mutually assured destruction today. But I would still argue this cannot be spun as anything other than a back down from an idiotic 48hr Trump ultimatum & unavoidable escalation where none of his Gulf allies wanted to run the risks of what was coming in retaliation from Tehran.
The Market may conclude war is over. Thats to me feels very premature.
Energy infrastructure damage is real and extensive.
Any Country that imports energy is still screwed.
Its will take trust and a whole bunch more to re-open Hormuz.
Trump also might have just effectively Quid pro Quo agreed to remove all bases from the middle east.
Again: “Whether the USA and Israel could destroy Iran was never the question; it was what comes next that matters. Israel's fear was of a more modern country rather than a destroyed country like the rest of the Middle East. Most I talk to think that declaring peace with a wounded but not totally destroyed & chaotic Iran is a very dangerous move, and IMHO China and Russia wouldnt have let much more of this happen. Getting away from the Western Media babble, and the thing I worry most about is the danger Israel faces, not Iran.”
Nutstuff….
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A reminder…
Nutstuff “Pair” of LONG HOG/ SHORT FWONK:
HOG / Harley-Davidson is the mirror image: unloved, cyclical, cash-generative and priced as if decline is inevitable. HOG trades on roughly 6–7× forward EV/EBITDA with a high-single-digit free-cash-flow yield, despite a balance sheet that has been de-risked, disciplined capital returns, and a brand that remains one of the few genuinely global cultural franchises in consumer discretionary. The bear case, ageing riders, EV confusion, lifestyle dilution is well known and already in the price. What is not priced is operating leverage in a normalising rate environment, the resilience of the core heavyweight segment, and management’s explicit shift from volume to margin, cash flow and buybacks. This is not a growth fantasy; it is really an arithmetic story. Even flat revenues support meaningful equity upside via buybacks and dividends, while any cyclical rebound in discretionary spending or modest success in adjacent segments drops straight to free cash flow. In a market that has spent years overpaying for “scarce” sporting narratives. HOG offers a contrast and something far rarer: real cash-flow, low expectations and a brand that people still actually tattoo on their bodies. That is a better risk-reward than underwriting ever-richer team prices in an increasingly crowded paddock.
Nutstuff “Pair” of LONG HOG/ SHORT FWONK:
HOG / Harley-Davidson is the mirror image: unloved, cyclical, cash-generative and priced as if decline is inevitable. HOG trades on roughly 6–7× forward EV/EBITDA with a high-single-digit free-cash-flow yield, despite a balance sheet that has been de-risked, disciplined capital returns, and a brand that remains one of the few genuinely global cultural franchises in consumer discretionary. The bear case, ageing riders, EV confusion, lifestyle dilution is well known and already in the price. What is not priced is operating leverage in a normalising rate environment, the resilience of the core heavyweight segment, and management’s explicit shift from volume to margin, cash flow and buybacks. This is not a growth fantasy; it is really an arithmetic story. Even flat revenues support meaningful equity upside via buybacks and dividends, while any cyclical rebound in discretionary spending or modest success in adjacent segments drops straight to free cash flow. In a market that has spent years overpaying for “scarce” sporting narratives. HOG offers a contrast and something far rarer: real cash-flow, low expectations and a brand that people still actually tattoo on their bodies. That is a better risk-reward than underwriting ever-richer team prices in an increasingly crowded paddock.
A few thoughts from Nutstuff.
The level of naivety and crass ignorance on Geo-politics is really now ATH’s and thats not just in the White House!
Armchair Generals Media Babblers and retired Political ghastlies fanning the flames.
Sorry to offend: but its opportune to remind of that old adage: “Wars exist to teach Americans geography” ( and many others!) They however need to understand a whole bunch more than geography, including history and religion!
6bn + living East ( many pained as Energy price takers) looking at 1.5-2bn beating each other up for what?!
A war yet again around arrogance, vested interests and new/ old lies reformatted.
All when the Hopium of Globalisation of Maslows Needs has only shown levels of concentration and the choke-points that are all too easy to exploit!
Then there are Markets; it is hysterical how many Market commentators overcomplicate things. Daily obsession with flies crawling up and down windows. Exhausting.
Lets try to simplify: 85%+ of indexes and exposures are in stuff that is “short” energy imputs and are (higher) price TAKERS. 15% of the Mkt which people are still woefully under exposed to are Energy & Commodity Price MAKERS.
The Nutstuff Portfolio is +4% YTD. We are doing very little but we have the story right.
As Nutstuff sees it the only “trade” here for de-escalation is a swap of Kharg ( which US does not have control of yet” for Straits of Hormuz. This requires escalation first.
This Deal also only happens if sanctions are lifted. Israel would fight this as it is they who aspire to be the Hegemon of the middle east which to me is now extreme naivety .
As to the “Iran imminent threat”, lets again be brutal, prepare for a new world, no-one wants to be Syria or Lebanon so get used to many more having nuclear weapons. You’d be mad not to!
Finally I wrote this a year ago…
“Everyone gathers in the town square for a scrap if everyone has a machine gun and I have a knife then I have no chance …
I have to get myself a machine gun and fast!”
Nutstuff.
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The level of naivety and crass ignorance on Geo-politics is really now ATH’s and thats not just in the White House!
Armchair Generals Media Babblers and retired Political ghastlies fanning the flames.
Sorry to offend: but its opportune to remind of that old adage: “Wars exist to teach Americans geography” ( and many others!) They however need to understand a whole bunch more than geography, including history and religion!
6bn + living East ( many pained as Energy price takers) looking at 1.5-2bn beating each other up for what?!
A war yet again around arrogance, vested interests and new/ old lies reformatted.
All when the Hopium of Globalisation of Maslows Needs has only shown levels of concentration and the choke-points that are all too easy to exploit!
Then there are Markets; it is hysterical how many Market commentators overcomplicate things. Daily obsession with flies crawling up and down windows. Exhausting.
Lets try to simplify: 85%+ of indexes and exposures are in stuff that is “short” energy imputs and are (higher) price TAKERS. 15% of the Mkt which people are still woefully under exposed to are Energy & Commodity Price MAKERS.
The Nutstuff Portfolio is +4% YTD. We are doing very little but we have the story right.
As Nutstuff sees it the only “trade” here for de-escalation is a swap of Kharg ( which US does not have control of yet” for Straits of Hormuz. This requires escalation first.
This Deal also only happens if sanctions are lifted. Israel would fight this as it is they who aspire to be the Hegemon of the middle east which to me is now extreme naivety .
As to the “Iran imminent threat”, lets again be brutal, prepare for a new world, no-one wants to be Syria or Lebanon so get used to many more having nuclear weapons. You’d be mad not to!
Finally I wrote this a year ago…
“Everyone gathers in the town square for a scrap if everyone has a machine gun and I have a knife then I have no chance …
I have to get myself a machine gun and fast!”
Nutstuff.
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
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More than normal for free here, PLEASE subscribe in link below.
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Nutstuff just landed in Africa. A reminder that it is April Fools day today, and as the adage goes “there’s no fool like an Old fool!“
I honestly have no edge here on outcomes, maybe Trump IS going to ‘cut and run’ over a Chinese off-bridge as some think. If that happens then no way this gets spun as victory beyond avoiding the prospect of mutually assured destruction. If he does retreat, the China dominance vs US mean-reversion post the 1820-1950 period happens 10yrs earlier than it should!
I have some sympathy with saying “It’s not over until Chris Wright lands in Tehran!”
And as for the scurrilous rubbish being peddled, maybe this is 1st April or?! “Trump is being blackmailed by Israel with more revelations to come in the Epstein files. So that means US Marines could be deploying to cover up Trump's crimes? “
Well, Life is a Netflix series!!!
To the average person THE LAST MONTH looks like: “The strait was open. Trump starts a war. The strait closes. The world economy gets f***. He doesn’t know what he’s doing, he gets bored, he declares victory, and he tells the rest of the world to open the strait, to clean up his mess. Trump is a narcissistic bovine destructive pr***. ( if only the US had an alternative!)
So lets think PORTFOLIO & MARKETS:
Nutstuff ( out thursday) will go through thoughts on stocks!
***You have to subscribe for that.
Again YTD the Portfolio has protected Capital / and is +3% + in last 24 hrs so feels like we have the right “bar-bell”
What I will say on stocks:
1. Are there really still 27x “Muppet” Buy ratings on NIKE? ( another long time vocal “avoid” calls. The call for me is Harley/HOG vs NIKE!
2. RASBERRY PI in UK 🇬🇧 🚀. I said £1bn at £600m by yr end, prob sooner!
3. Decent China Date= ⬆️ China Real Estate/ + China Equities.
4. If any ceasefire follow-through, my +ve airlines work from a few days ago will prove prescient. WIZZ.
5. UK & NORTH SEA: Focus names: 100% resolute here; 2 names of absolute HUGE focus ( more in Nutstuff) as to Bullsh***ing / lying politicians on the North Sea running out of Oil & Gas it is plain and simple WRONG at conservative recovery rates there are 2 oil fields alone that can yield 800m bbls!
( data/ thoughts out tomorrow).
6. MACRO OVERLAY: just added more exposure to the US’s “back yard”. A Chart for your walls tomorrow!
Nutstuff…
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff just landed in Africa. A reminder that it is April Fools day today, and as the adage goes “there’s no fool like an Old fool!“
I honestly have no edge here on outcomes, maybe Trump IS going to ‘cut and run’ over a Chinese off-bridge as some think. If that happens then no way this gets spun as victory beyond avoiding the prospect of mutually assured destruction. If he does retreat, the China dominance vs US mean-reversion post the 1820-1950 period happens 10yrs earlier than it should!
I have some sympathy with saying “It’s not over until Chris Wright lands in Tehran!”
And as for the scurrilous rubbish being peddled, maybe this is 1st April or?! “Trump is being blackmailed by Israel with more revelations to come in the Epstein files. So that means US Marines could be deploying to cover up Trump's crimes? “
Well, Life is a Netflix series!!!
To the average person THE LAST MONTH looks like: “The strait was open. Trump starts a war. The strait closes. The world economy gets f***. He doesn’t know what he’s doing, he gets bored, he declares victory, and he tells the rest of the world to open the strait, to clean up his mess. Trump is a narcissistic bovine destructive pr***. ( if only the US had an alternative!)
So lets think PORTFOLIO & MARKETS:
Nutstuff ( out thursday) will go through thoughts on stocks!
***You have to subscribe for that.
Again YTD the Portfolio has protected Capital / and is +3% + in last 24 hrs so feels like we have the right “bar-bell”
What I will say on stocks:
1. Are there really still 27x “Muppet” Buy ratings on NIKE? ( another long time vocal “avoid” calls. The call for me is Harley/HOG vs NIKE!
2. RASBERRY PI in UK 🇬🇧 🚀. I said £1bn at £600m by yr end, prob sooner!
3. Decent China Date= ⬆️ China Real Estate/ + China Equities.
4. If any ceasefire follow-through, my +ve airlines work from a few days ago will prove prescient. WIZZ.
5. UK & NORTH SEA: Focus names: 100% resolute here; 2 names of absolute HUGE focus ( more in Nutstuff) as to Bullsh***ing / lying politicians on the North Sea running out of Oil & Gas it is plain and simple WRONG at conservative recovery rates there are 2 oil fields alone that can yield 800m bbls!
( data/ thoughts out tomorrow).
6. MACRO OVERLAY: just added more exposure to the US’s “back yard”. A Chart for your walls tomorrow!
Nutstuff…
Nutstuff
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OpenAI; has to be said IMHO.
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Honestly I would avoid it like the plague: OpenAI is a capital furnace priced as a crown jewel hundreds of billions of future depreciation chasing tens of billions of revenue, a narrowing edge as Google closes fast, and a governance structure still held together with philosophical duct tape; this is late-cycle private money pre-selling a trillion-dollar IPO to the public and at the same time everyone is stampeding into the least defensible layer of the stack, because LLMs are already becoming commodities. From where Nutstuff sits and in great conversations with GeorgeO, this means the real money will sit one layer up in applications built on proprietary data, distribution and a workflow lock-in; honestly let Sam Altman burn the tens of billions training ever-better models, because models are simply the new electricity, abundant, ruinously expensive to build, and worthless on their own while the returns will accrue to whoever owns the factory that is plugged into it.
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Honestly I would avoid it like the plague: OpenAI is a capital furnace priced as a crown jewel hundreds of billions of future depreciation chasing tens of billions of revenue, a narrowing edge as Google closes fast, and a governance structure still held together with philosophical duct tape; this is late-cycle private money pre-selling a trillion-dollar IPO to the public and at the same time everyone is stampeding into the least defensible layer of the stack, because LLMs are already becoming commodities. From where Nutstuff sits and in great conversations with GeorgeO, this means the real money will sit one layer up in applications built on proprietary data, distribution and a workflow lock-in; honestly let Sam Altman burn the tens of billions training ever-better models, because models are simply the new electricity, abundant, ruinously expensive to build, and worthless on their own while the returns will accrue to whoever owns the factory that is plugged into it.
Nutstuff
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Nutstuff and King Coal! Just landing next door to Richards Bay Coal Terminal (RBCT) is a major coal export facility located in Richards Bay, KwaZulu-Natal, South Africa. It is among the world’s largest coal terminals and serves as the principal gateway for South African coal exports to global markets, notably Asia and Europe.
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EASTER IS ABOUT PEACE & RENEWAL, lets hope for both…
A THOUGHT: "It might not be easy to tell the truth, but that's precisely why it's worth doing."
"History is littered with the names of those who spoke up against the official narratives of their time, who were laughed at at least, locked up, tortured, burned at the stake, you name it and then who, long after they were gone they were revealed to have been right all along."
SO TRUE & POIGNANT TODAY: “A real soldier does not fight because he has something that he hates in front of him. He fights because he has something that he loves behind his back.”
GK Chesterton.
IT SEEMS COMRADE MILIBAND HAS FINALLY CAVED IN ON THE NORTH SEA.
“ Finally reality bites when platitudes meet physics.”
It seems Ed Miliband IS going to approve first major North Sea gasfield project in decade. (Some caveats below, but if the UK has to ration Avation fuel and diesel a full pivot has to come IMHO) (thanks WP.)
Nutstuff has been on this North Sea Energy call for over two years now, it was avery lonely place back then, but we have stuck with a large and diversified portfolio of UK listed and North Sea assets so not just babbling platitudes, but backing the call with £££.
My deeply contrarian call back then was and has been consistent, and simply that economic reality would eventually collide head-on with political ideology in the North Sea, and that there would only ever be one winner!
***In NUTSTUFF I go through the 6 key stocks we own (alongside a number of others in US drillers & Boats etc) all +>40%-90% YTD, and my clear rationale with valuations for ownership of each. If I had to just own 1 or 2, I make clear which these are too.
***Please Subscribe at www.nutstuff.co.uk . Take a 6 week trial!
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A THOUGHT: "It might not be easy to tell the truth, but that's precisely why it's worth doing."
"History is littered with the names of those who spoke up against the official narratives of their time, who were laughed at at least, locked up, tortured, burned at the stake, you name it and then who, long after they were gone they were revealed to have been right all along."
SO TRUE & POIGNANT TODAY: “A real soldier does not fight because he has something that he hates in front of him. He fights because he has something that he loves behind his back.”
GK Chesterton.
IT SEEMS COMRADE MILIBAND HAS FINALLY CAVED IN ON THE NORTH SEA.
“ Finally reality bites when platitudes meet physics.”
It seems Ed Miliband IS going to approve first major North Sea gasfield project in decade. (Some caveats below, but if the UK has to ration Avation fuel and diesel a full pivot has to come IMHO) (thanks WP.)
Nutstuff has been on this North Sea Energy call for over two years now, it was avery lonely place back then, but we have stuck with a large and diversified portfolio of UK listed and North Sea assets so not just babbling platitudes, but backing the call with £££.
My deeply contrarian call back then was and has been consistent, and simply that economic reality would eventually collide head-on with political ideology in the North Sea, and that there would only ever be one winner!
***In NUTSTUFF I go through the 6 key stocks we own (alongside a number of others in US drillers & Boats etc) all +>40%-90% YTD, and my clear rationale with valuations for ownership of each. If I had to just own 1 or 2, I make clear which these are too.
***Please Subscribe at www.nutstuff.co.uk . Take a 6 week trial!
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As its a quiet day..
IRAN/ MIDDLE-EAST: CONNECTING DOTS:
So, its seemingly Classic Trump again, the Bovine tweet to “outrage” and shock, every armchair Pundit and General war-gaming impending Armageddon between Easter eggs and guess what, it seems there might just be a real plan for a deal and DE-escalation!
It seems as if Washington might be floating a two-phase arrangement brokered via Pakistani, Egyptian and Turkish channels, with Witkoff and Araghchi reportedly exchanging direct messages.
Phase 1: a 45-day ceasefire with no reopening of Hormuz, no rollback of enrichment, no structural concessions, just a pause.
Phase 2: the supposed “end state”, A full reopening of the strait, sanctions relief, and a nuclear framework with no sunset clause.
In other words, everything that matters is deferred, conditional and reversible. Iran keeps its leverage exactly where it wants it, 400–450kg of 60% enriched uranium, control over the Hormuz chokepoint, and an economy poised for relief while the US gets a headline and a window to regroup. That agreed how convenient Trump’s inevitable tweet, some variant of “we destroyed all we needed to”, the familiar bluster of a man declaring victory over objectives that were never actually achieved, because the reality is this was never about a cinematic extraction or a neat military win; it was about systems, and on that score the outcome is, at best, ambiguous and, at worst, a quiet admission that the old playbook no longer works.
Markets, as ever, seemed to be pricing the wrong war: after shrugging off a month of Hormuz disruption, they would likely panic at the first whiff of a data centre going dark. As Nutstuff has constantly made the point about where all the stock markets index weight sits! Oh the irony of “electrons being worshipped but molecules that make them possible are ignored”. The deeper signal here is credibility: failed expectations, aborted missions, and overpromised outcomes don’t just embarrass leadership, they recalibrate adversaries and accelerate alignment elsewhere. Which is why the real endgame is not uranium but whether Iran is kept economically engaged or pushed decisively into a Sino-Russian system of yuan-settled energy and parallel infrastructure. Get that wrong and you are no longer negotiating within the old order, you are financing the emergence of a new one. Meanwhile Gold margins are exploding, hydrocarbons are tightening, capital is rotating back to molecules and hard assets, and if a portfolio built on rigs, tankers and energy density is up 30%+ YTD, it is not an anomaly but an early read on where the real repricing sits. Owning “Energy and Chips = Victory” the mistake is thinking the market has yet worked out which side of that equation still runs the world so you have to have exposure to both!
NUTSTUFF PORTFOLIO & MARKETS: + 4.5% YTD.
Amazing to think vs massive Mag 7 valuations that the world's 50 biggest mining stocks just hit a combined $2.4 TRILLION in Mkt Cap in Q1 2026. That number is plain and simply wrong by at least 100% IMHO. Now come the earnings!…
On stocks….
Well you’ll have to subscribe here!!!
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
IRAN/ MIDDLE-EAST: CONNECTING DOTS:
So, its seemingly Classic Trump again, the Bovine tweet to “outrage” and shock, every armchair Pundit and General war-gaming impending Armageddon between Easter eggs and guess what, it seems there might just be a real plan for a deal and DE-escalation!
It seems as if Washington might be floating a two-phase arrangement brokered via Pakistani, Egyptian and Turkish channels, with Witkoff and Araghchi reportedly exchanging direct messages.
Phase 1: a 45-day ceasefire with no reopening of Hormuz, no rollback of enrichment, no structural concessions, just a pause.
Phase 2: the supposed “end state”, A full reopening of the strait, sanctions relief, and a nuclear framework with no sunset clause.
In other words, everything that matters is deferred, conditional and reversible. Iran keeps its leverage exactly where it wants it, 400–450kg of 60% enriched uranium, control over the Hormuz chokepoint, and an economy poised for relief while the US gets a headline and a window to regroup. That agreed how convenient Trump’s inevitable tweet, some variant of “we destroyed all we needed to”, the familiar bluster of a man declaring victory over objectives that were never actually achieved, because the reality is this was never about a cinematic extraction or a neat military win; it was about systems, and on that score the outcome is, at best, ambiguous and, at worst, a quiet admission that the old playbook no longer works.
Markets, as ever, seemed to be pricing the wrong war: after shrugging off a month of Hormuz disruption, they would likely panic at the first whiff of a data centre going dark. As Nutstuff has constantly made the point about where all the stock markets index weight sits! Oh the irony of “electrons being worshipped but molecules that make them possible are ignored”. The deeper signal here is credibility: failed expectations, aborted missions, and overpromised outcomes don’t just embarrass leadership, they recalibrate adversaries and accelerate alignment elsewhere. Which is why the real endgame is not uranium but whether Iran is kept economically engaged or pushed decisively into a Sino-Russian system of yuan-settled energy and parallel infrastructure. Get that wrong and you are no longer negotiating within the old order, you are financing the emergence of a new one. Meanwhile Gold margins are exploding, hydrocarbons are tightening, capital is rotating back to molecules and hard assets, and if a portfolio built on rigs, tankers and energy density is up 30%+ YTD, it is not an anomaly but an early read on where the real repricing sits. Owning “Energy and Chips = Victory” the mistake is thinking the market has yet worked out which side of that equation still runs the world so you have to have exposure to both!
NUTSTUFF PORTFOLIO & MARKETS: + 4.5% YTD.
Amazing to think vs massive Mag 7 valuations that the world's 50 biggest mining stocks just hit a combined $2.4 TRILLION in Mkt Cap in Q1 2026. That number is plain and simply wrong by at least 100% IMHO. Now come the earnings!…
On stocks….
Well you’ll have to subscribe here!!!
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff
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NUTSTUFF A FEW THOUGHTS “From the African road”….
PORTFOLIO & MARKETS: +6.3% YTD which right now stacks up pretty well!
The “Bar-bell” is working. As I see it, Apocalypse hasn’t been cancelled, just pushed out a quarter. To me it seems the Markets aren’t pricing a lasting peace, just pricing a delay.
I am adding a UK Bank to the Portfolio! (More Monday in Nutstuff.)
Diversity in exposures with high conviction thematics underlying and still very little Digital asset support too which frustrates, and if that turns any corner that will be a massive +ve kicker. Stocks (top 3 in last mth) like NEBIUS, PANTHEON (UK), CRDL.
I like the idea of some of these Big “Pairs”: All make sense with some healthy anti-consensus thinking. (Tx Shrub!)
*** VS TSM
*** VS QQQ
*** VS WMT
2 to Watch:
For all those banging on about quantum this is near term now!
https://www.youtube.com/watch?v=3DaFcVKzfkJPk
An excellent 10minutes on enriched Uranium:
https://youtu.be/68lNiatVLfc
Time Travelling is good for Thought:
“It is always tempting to pin a civilisation’s decline on a single man, to dress the moment in the theatre of personality, and in Donald Trump there is certainly enough spectacle to oblige. But that is far too neat, and far too flattering to the system that produced him. Trump is not the disease; he is the symptom that learned to speak. What we are watching is not the derailment of the West by one figure, but the exposure of a long, comfortable abdication an empire that outsourced seriousness to markets, morality to branding, and judgement to algorithms, only to find those same systems now holding up a mirror it no longer recognises. And beyond that mirror, stretching east of Istanbul across the 7 billion who never signed up to the Western story but were written into its footnotes, something else is stirring: a vast, connected awakening, not ideological but experiential, carried not by manifestos but by smartphones, satellites, and the quiet, relentless arithmetic of comparison. Silicon Valley, in its pursuit of frictionless information, has done something profoundly unfashionable, it has democratised perspective. The village now sees the empire, the worker sees the margin, the periphery sees the centre not as myth but as mechanism. And with that comes a shift not of outrage, but of memory. The colonised no longer need to be told they were exploited; they can measure it, map it, and monetise the grievance. This is not revolution in the romantic sense, but something colder and more enduring: a rebalancing driven by awareness. Trump, then, is merely the loudest note in a much deeper chord, the West talking to itself while the rest of the world, newly literate in power, quietly rewrites the terms. And so we arrive here, blinking in the half-light, speaking again of values as if they were misplaced rather than abandoned, discovering rather late that no amount of power can reassemble a society unwilling to examine itself. The language of atonement sounds unfashionable because it is exacting; it requires not the identification of villains, but the admission of complicity, a far rarer and more uncomfortable skill. Nations, like men, prefer to be humbled by events rather than by reflection, and so they wait, as this one has, to be brought to their knees rather than to choose it. Yet even now there is the faintest and most unfashionable optimism: that this moment, so often described as an ending, may instead prove to be a fever, unpleasant, clarifying, and, if survived, the body’s last honest attempt to remember what health once felt like.” (Nutstuff).
Bitcoin is bullish: “because it is no longer merely a speculative asset but a fallback financial rail when the dollar system is switched off; the Iranian oil case makes that brutally clear.
PORTFOLIO & MARKETS: +6.3% YTD which right now stacks up pretty well!
The “Bar-bell” is working. As I see it, Apocalypse hasn’t been cancelled, just pushed out a quarter. To me it seems the Markets aren’t pricing a lasting peace, just pricing a delay.
I am adding a UK Bank to the Portfolio! (More Monday in Nutstuff.)
Diversity in exposures with high conviction thematics underlying and still very little Digital asset support too which frustrates, and if that turns any corner that will be a massive +ve kicker. Stocks (top 3 in last mth) like NEBIUS, PANTHEON (UK), CRDL.
I like the idea of some of these Big “Pairs”: All make sense with some healthy anti-consensus thinking. (Tx Shrub!)
*** VS TSM
*** VS QQQ
*** VS WMT
2 to Watch:
For all those banging on about quantum this is near term now!
https://www.youtube.com/watch?v=3DaFcVKzfkJPk
An excellent 10minutes on enriched Uranium:
https://youtu.be/68lNiatVLfc
Time Travelling is good for Thought:
“It is always tempting to pin a civilisation’s decline on a single man, to dress the moment in the theatre of personality, and in Donald Trump there is certainly enough spectacle to oblige. But that is far too neat, and far too flattering to the system that produced him. Trump is not the disease; he is the symptom that learned to speak. What we are watching is not the derailment of the West by one figure, but the exposure of a long, comfortable abdication an empire that outsourced seriousness to markets, morality to branding, and judgement to algorithms, only to find those same systems now holding up a mirror it no longer recognises. And beyond that mirror, stretching east of Istanbul across the 7 billion who never signed up to the Western story but were written into its footnotes, something else is stirring: a vast, connected awakening, not ideological but experiential, carried not by manifestos but by smartphones, satellites, and the quiet, relentless arithmetic of comparison. Silicon Valley, in its pursuit of frictionless information, has done something profoundly unfashionable, it has democratised perspective. The village now sees the empire, the worker sees the margin, the periphery sees the centre not as myth but as mechanism. And with that comes a shift not of outrage, but of memory. The colonised no longer need to be told they were exploited; they can measure it, map it, and monetise the grievance. This is not revolution in the romantic sense, but something colder and more enduring: a rebalancing driven by awareness. Trump, then, is merely the loudest note in a much deeper chord, the West talking to itself while the rest of the world, newly literate in power, quietly rewrites the terms. And so we arrive here, blinking in the half-light, speaking again of values as if they were misplaced rather than abandoned, discovering rather late that no amount of power can reassemble a society unwilling to examine itself. The language of atonement sounds unfashionable because it is exacting; it requires not the identification of villains, but the admission of complicity, a far rarer and more uncomfortable skill. Nations, like men, prefer to be humbled by events rather than by reflection, and so they wait, as this one has, to be brought to their knees rather than to choose it. Yet even now there is the faintest and most unfashionable optimism: that this moment, so often described as an ending, may instead prove to be a fever, unpleasant, clarifying, and, if survived, the body’s last honest attempt to remember what health once felt like.” (Nutstuff).
Bitcoin is bullish: “because it is no longer merely a speculative asset but a fallback financial rail when the dollar system is switched off; the Iranian oil case makes that brutally clear.
YouTube
How Is Enriched Uranium Made? The Dangerous Process Behind Nuclear Power
Have you ever wondered how enriched uranium is made? From deep underground mining to high-speed centrifuges and nuclear fuel production, uranium processing is one of the most complex and powerful industrial processes in the modern world.
In this video, we…
In this video, we…
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If you are cut out of dollars, euros and formal banking, your options collapse fast and gold, for all its historical romance, simply doesn’t function at scale in a live shipping artery like the Strait of Hormuz; you are not settling millions of barrels by shuttling bullion across contested waters. Bitcoin, by contrast, moves instantly, permissionlessly and in size. This isn’t ideology, it’s plumbing. Every sanction, capital control or geopolitical fracture forces actors onto alternative rails, and once that behaviour exists it does not disappear. What begins as workaround liquidity becomes parallel liquidity, and markets consistently underestimate how quickly “last resort” infrastructure becomes “just another way to settle” especially when trust in the incumbent system is being actively weaponised.
LOTFW:
🇬🇧 I SAID IT MONTHS AGO, the notion of the UK as an AI CENTRE beyond being A creative lab, was just fanciful political BS. It really IS a peculiar national achievement to have invented the modern industrial world and then volunteer as the case study in how to dismantle it. Ed Miliband speaks of leadership on net zero, but what Britain is actually exporting is a warning label: this is simply what happens when ideological ambition outruns arithmetic. The country that once turned coal, steel and steam into global dominance now turns high energy costs into factory closures and calls it progress. Decarbonisation without competitiveness is emphatically not leadership, it is self-harm with a press release and the rest of the world is watching carefully, learning not to follow, but to absolutely avoid making the same mistakes.
NATO: “The alliance is not failing because of freeloaders. The alliance is trapped inside a feedback loop where the war meant to demonstrate American resolve is generating the revenue that funds the threat the alliance was built to deter. And the country profiting most from that loop just vetoed the only vote that could have broken it.” Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
LOTFW:
🇬🇧 I SAID IT MONTHS AGO, the notion of the UK as an AI CENTRE beyond being A creative lab, was just fanciful political BS. It really IS a peculiar national achievement to have invented the modern industrial world and then volunteer as the case study in how to dismantle it. Ed Miliband speaks of leadership on net zero, but what Britain is actually exporting is a warning label: this is simply what happens when ideological ambition outruns arithmetic. The country that once turned coal, steel and steam into global dominance now turns high energy costs into factory closures and calls it progress. Decarbonisation without competitiveness is emphatically not leadership, it is self-harm with a press release and the rest of the world is watching carefully, learning not to follow, but to absolutely avoid making the same mistakes.
NATO: “The alliance is not failing because of freeloaders. The alliance is trapped inside a feedback loop where the war meant to demonstrate American resolve is generating the revenue that funds the threat the alliance was built to deter. And the country profiting most from that loop just vetoed the only vote that could have broken it.” Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff
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More Trump ….
Macro: ITALY & BRAZIL. Both have key ETF’s and should be represented in any macro-overlay thematic. (Look at 5-10yr charts here, re-ratings continue.)
Stocks: ALLB US/ ALLBIRDS: wowww thats a crazy strategic pivot; from shoes to AI, stock explodes 195%!!!
Mag 7: GOOGL resumes its uptrend as AMZN also wakes up. (Nutstuff has. A key “pair” on here …)
2 key LAGGARDS, interestingly flagged by both those smart technicians at Strategas and also good friend Conor Smith! BLOOM US / Bloom energy & BLUE OWL US.
Nuclear/Uranium: Thoughts today on Nutstuff with 2x KEY focus ideas.
TESLA: The Tesla AI5 chip is now finalised for production, this IS big news to those that know.
2 KEY UK stocks making new highs, 1x DePin tech and another Biotech. 🚀 Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Macro: ITALY & BRAZIL. Both have key ETF’s and should be represented in any macro-overlay thematic. (Look at 5-10yr charts here, re-ratings continue.)
Stocks: ALLB US/ ALLBIRDS: wowww thats a crazy strategic pivot; from shoes to AI, stock explodes 195%!!!
Mag 7: GOOGL resumes its uptrend as AMZN also wakes up. (Nutstuff has. A key “pair” on here …)
2 key LAGGARDS, interestingly flagged by both those smart technicians at Strategas and also good friend Conor Smith! BLOOM US / Bloom energy & BLUE OWL US.
Nuclear/Uranium: Thoughts today on Nutstuff with 2x KEY focus ideas.
TESLA: The Tesla AI5 chip is now finalised for production, this IS big news to those that know.
2 KEY UK stocks making new highs, 1x DePin tech and another Biotech. 🚀 Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff
Subscriptions | Nutstuff
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We go into a weekend with roaring stock markets, benign bonds (thats the thing to watch!) the reality of a NEW ceasefire in Lebanon and HOPE of one holding in Iran. The Nutstuff Portfolio +11% YTD and +4% this week, so ‘protecting’ in a DOWN market and ‘participating’ in an UP.
On Iran/ Middle East:
FOX NEWS: “The USS George H. W. Bush strike group had to go around the southern tip of Africa after being overpowered by the Houthis in Yemen. $1.51B loss.”
So, we can’t get a strike group through the Bab-el-Mandeb Strait but Trump thinks he’s going to control the Strait of Hormuz.
POLITICS: The latest UK 🇬🇧 Westminster UK Political shenanigans with his hapless & hopeless and dishonest Government gives Nutstuff hope of a sooner end or possible change.
Details as am sure you can all read: Downing Street says that neither Keir Starmer nor David Lammy knew that Peter Mandelson failed his security vetting, and lays blame with Foreign Office official for overruling the decision.YET! the Foreign Office was ‘encouraged’ to deploy a rarely-used power to override the recommendation from security officials. Last night Olly Robbins resigns (pushed or jumped?!) as the top civil servant in the Foreign Office.
Nutstuff fully agrees with this: The only question which matters in British politics tonight is this: does Oliver Robbins lose his mobile suddenly or does he have the receipts? If he told a single person in No10/the private office or any minister, Starmer’s position is untenable! Lets hope “Greater love hath no man than this, that a man lay down his friends for his life”!
This arguably impacts my Energy & North Sea positioning also in my Contrarian exposures Bullish on broader UK opportunities; am adding another NEW position in the UK today. A Company founded pre 1900 with real assets, its tiny but is ludicrously undervalued cash rich and with real catalysts.
Everything I see is the increasingly logical undermining of Miliband….The Times: New oil and gas drilling in the North Sea is the ‘quickest way’ to boost supplies, Rachel Reeves has said; ministers were working ‘pretty intensely’ to open up ‘tie-back’ arrangements, which allow more fossil fuel extraction next to existing oil field
STOCKS:
How anyone could have stayed with big positions in Luxury Stocks makes you despair! It seems incredibly logical to see LIV golf as maybe the 1st casualty of Middle Eastern pull-back reality!
Nutstuff remains constructive and positive on Bitcoin, CRCL US, GRASS US (+64% in 6 weeks) and other related digital and Technology assets; NBIS being one of them. Conviction also remains on key Offshore Services and Seismic names and Uranium. ***Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
On Iran/ Middle East:
FOX NEWS: “The USS George H. W. Bush strike group had to go around the southern tip of Africa after being overpowered by the Houthis in Yemen. $1.51B loss.”
So, we can’t get a strike group through the Bab-el-Mandeb Strait but Trump thinks he’s going to control the Strait of Hormuz.
POLITICS: The latest UK 🇬🇧 Westminster UK Political shenanigans with his hapless & hopeless and dishonest Government gives Nutstuff hope of a sooner end or possible change.
Details as am sure you can all read: Downing Street says that neither Keir Starmer nor David Lammy knew that Peter Mandelson failed his security vetting, and lays blame with Foreign Office official for overruling the decision.YET! the Foreign Office was ‘encouraged’ to deploy a rarely-used power to override the recommendation from security officials. Last night Olly Robbins resigns (pushed or jumped?!) as the top civil servant in the Foreign Office.
Nutstuff fully agrees with this: The only question which matters in British politics tonight is this: does Oliver Robbins lose his mobile suddenly or does he have the receipts? If he told a single person in No10/the private office or any minister, Starmer’s position is untenable! Lets hope “Greater love hath no man than this, that a man lay down his friends for his life”!
This arguably impacts my Energy & North Sea positioning also in my Contrarian exposures Bullish on broader UK opportunities; am adding another NEW position in the UK today. A Company founded pre 1900 with real assets, its tiny but is ludicrously undervalued cash rich and with real catalysts.
Everything I see is the increasingly logical undermining of Miliband….The Times: New oil and gas drilling in the North Sea is the ‘quickest way’ to boost supplies, Rachel Reeves has said; ministers were working ‘pretty intensely’ to open up ‘tie-back’ arrangements, which allow more fossil fuel extraction next to existing oil field
STOCKS:
How anyone could have stayed with big positions in Luxury Stocks makes you despair! It seems incredibly logical to see LIV golf as maybe the 1st casualty of Middle Eastern pull-back reality!
Nutstuff remains constructive and positive on Bitcoin, CRCL US, GRASS US (+64% in 6 weeks) and other related digital and Technology assets; NBIS being one of them. Conviction also remains on key Offshore Services and Seismic names and Uranium. ***Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff
Subscriptions | Nutstuff
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“PUFFING WEED & MICRO-DOSING!” 3 KEY STOCKS; charts all scream 🚀
For years not months Nutstuff has talked Cannabis, Nuclear fuel stocks, rare earths and now the latest PORTFOLIO BUY: FERMI/ FRMI US.
…
For Context on Psychedelics and Cannabis…
“In the glittering circus of an indebted, entitled, increasingly materialistic, and morally bankrupt USA, where the masses stay blissfully plugged into their glowing screens, puffing cannabis, and micro-dosing psychedelics like it’s the new national pastime, there’s a deliciously brutal irony at play: President Trump, with his signature blend of chaotic communication and unfiltered bravado, has thrown policy lifelines to both industries. Gosh Nutstuff cannot think why!?
He signed the marijuana rescheduling executive order back in December 2025 and, just days ago on April 18, 2026, dropped another bombshell accelerating research into psychedelics (psilocybin, ibogaine, etc.) for serious mental illness, complete with FDA priority vouchers, $50 million in funding, and expanded Right to Try access framed around veterans’ PTSD and a mental health crisis, not some nefarious plot to numb the revolting masses into tolerating his “revolting” style, but because pragmatic deregulation apparently beats prohibition in this upside-down morality play.…..”
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
For years not months Nutstuff has talked Cannabis, Nuclear fuel stocks, rare earths and now the latest PORTFOLIO BUY: FERMI/ FRMI US.
…
For Context on Psychedelics and Cannabis…
“In the glittering circus of an indebted, entitled, increasingly materialistic, and morally bankrupt USA, where the masses stay blissfully plugged into their glowing screens, puffing cannabis, and micro-dosing psychedelics like it’s the new national pastime, there’s a deliciously brutal irony at play: President Trump, with his signature blend of chaotic communication and unfiltered bravado, has thrown policy lifelines to both industries. Gosh Nutstuff cannot think why!?
He signed the marijuana rescheduling executive order back in December 2025 and, just days ago on April 18, 2026, dropped another bombshell accelerating research into psychedelics (psilocybin, ibogaine, etc.) for serious mental illness, complete with FDA priority vouchers, $50 million in funding, and expanded Right to Try access framed around veterans’ PTSD and a mental health crisis, not some nefarious plot to numb the revolting masses into tolerating his “revolting” style, but because pragmatic deregulation apparently beats prohibition in this upside-down morality play.…..”
Subscribe: https://www.nutstuff.co.uk/pricing-plans/subscribe
Nutstuff
Subscriptions | Nutstuff
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