Goodbye, Spain
Back on the road, your next rabbit hole, and a Soviet joke my father actually lived.
Lau here, writing from France.
Not a typo. Yesterday we packed up the car, said our goodbyes, and crossed the border.
The Spanish adventure is over, and the family is on the road again. I’m typing this from a hotel room a couple of hours after waking up, so today’s letter will be a short one.
Spain kept me well supplied with material these past weeks. A World Cup victory, wildfires, migrant waves, and an out-of-control socialist government presiding over it all. Something tells me it will keep making news without me.
Before I get to the week that was, though, a question for you.
The response to the recent China oil essays surprised me. Part two went out on Wednesday (it’s linked below, along with Saturday’s essay), and judging by the comments, restacks, and emails, this kind of piece resonates. The long ones, I mean. Where I pick a rabbit hole and keep going until I hit the bottom, even if it takes two parts. Or three.
So here’s my question: what should I dig into next? I keep a list of candidates of my own, and if there’s one thing this world isn’t running out of, it’s SNAFUs. But I also know from experience that some of the best leads often come from readers. So I thought I’d ask you. If enough of you point in the same direction, that might become my next research subject. The comments are open. And if you’d rather keep it between us, write me at lau@snafuinvesting.com.
In the meantime, I’ll be working on more essays for you, plus this month’s first regular issue for paid subscribers, as well as the silver special report. That last one is taking longer than I expected. But I don’t put anything out until I’m 100% happy with it, so I’ll ask you to bear with me. I promise it’ll be worth the wait.
With that out of the way, let me share a Soviet joke I posted over the weekend as a Substack Note, which most of you probably haven’t seen. This one is almost personal. My father spent years in exactly this situation before finally getting his hands on his first shiny Moskvitch.
You’ll find the China oil piece Part 2, along with the other essay, below.
America Just Got More Dependent on Foreign Uranium
So about a week ago, the Energy Information Administration (EIA) quietly put out its Uranium Marketing Annual Report for 2025.
Why China Canceled the Oil Apocalypse
A little over a week ago, I showed you how China quietly absorbed the biggest oil shock in history and saved the world, the United States very much included, from $200 oil.
From the Comments
One of the things I’ve come to appreciate most about writing here is the conversation that happens in the comments. Here are six that stood out, for different reasons. Each one links back to the piece it appeared on, so you can click through if you’re interested in the context, including my replies and the conversations that followed.
Thanks again to everyone who left a comment last week. I read all of them, even the ones I don’t get a chance to reply to individually. Over the coming days, I’ll try to catch up on the questions and the longer threads.
See you in the comments this week.
Regards,
Lau Vegys
P.S. If you joined as a paid member last week, welcome aboard. A few links to help you find your way around:
The first recommendation: a uranium play, with the full thesis, buy-up-to price, and tranche levels.
The second recommendation: a silver pick, same treatment: the whole thesis, and exactly what to do about it.
The live portfolio: the scorecard of every open position and where each one stands.
The first Special Report: a deep dive into uranium and the opportunity behind it.
Lau, You asked for suggestions. Here goes. I know you're humping full speed to write and research and grow your newsletter business while being the best husband, father, family man, and friend that you can. You're very busy. I, and I suspect, most of your readers really value the personal details of your daily life with family, and your biographical geopolitical reflections. It helps us to understand what your perspective is which in turn, for me, validates what you recommend.
I remember a similar period in my life, but had to take a sabbatical, under doctor's orders, or burn out perhaps irreparably. So I did, about 40 years ago. That's 1/2 of my life. I never went back, although I loved it. I was a lawyer, and still this morning woke up from a stress dream in which I was trying to help a family through a divorce where no one was "bad" and everyone, especially the kids, was suffering.
So, I'm suggesting you look for ways to pace yourself and optimize what you've already done, which I'm sure you do anyway. Specially, here, the letter your wrote to me in response to my question about reuse of "spent" uranium for our atomic fleet was lucid, informative, comprehensive enough that with a bit more would make a good introductory essay. Then perhaps, in the paid subscription part, add an update on your uranium mining recommendation. Together, those two parts would make a nice piece without needing to do much additional work. Thanks again. Enjoy France.
Saluting you. Jay
Hi Lau, do you speak Spanish and French?