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.

Adiós, España… 500 m to croissants and ‘bonjour’.

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.

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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.