One of the best ways to judge an investment manager isn’t by what they’re saying today — it’s by what they were saying yesterday. New analysts enter our inbox every day, and the first thing we do is pull up their old notes. Did they get it right? Did they have conviction? Were they looking in the right direction?
We hold ourselves to that same standard. So, let’s rewind the tape to September 2024. The Song of the Week back then was called “Back in Time - Exploring Nuclear Power.” To travel back, read the note below.
👉 Click here to revisit last year’s SOTW
In that piece, we argued that uranium demand was about to surge. At the time, plenty of smart people — even friends of the firm — rolled their eyes. Nuclear? Really? Sometimes, the most valuable trait in investing isn’t consensus. It’s conviction.
From 2024 SOTW:
“The thesis — the power needed for our technology-fueled world will require more energy than many understand. As the world looks for clean sources of efficient power, nuclear will emerge as a key piece our future.”
The Uranium ETF (URA) has climbed 88% in the last year. For comparison, the S&P 500 gained a respectable 16%. The chart displays the previous twelve months ending 9/19/25.
Source: Bloomberg
The chart tells the story — a dip in URA (white line), then a spike higher. A little patience, a little conviction, and a lot of reward.
Many pieces fell into place for our thesis. Chief among them: the appointment of Chris Wright as Secretary of Energy. This week, Secretary Wright gave yet another speech signaling the administration’s full embrace of nuclear power.
But the writing was on the wall long before the speech. The current administration has clearly stated their strategy to push nuclear forward.
Source: World Nuclear News
Here’s the kicker: we’ve analyzed more than 100 competitor portfolios this year. The average portfolio held roughly 150 securities. Do you know how many had more than 0.2% in uranium?
Zero.
Why? Uranium isn’t in the S&P 500 Index. The index huggers never showed up to the party. They missed it entirely because they are tethered to the index sectors.
The world has changed. Index hugging is out. Blind diversification is out. The leaders of governments and the CEOs of the largest companies are telling us exactly where capital is going.
The question is: do you want to listen to the crowd, or to the music?
Lear Investment Management (“LIM”) is a Registered Investment Advisor based in Dallas, Texas and registered with the Securities and Exchange Commission. Registration does not imply a certain level of skills or training. This content is an example of past analysis performed by LIM, is for informational purposes only, contains the observations and opinions of LIM, is not intended to provide investment advice, and should not be relied upon for investment decisions. Past performance is no guarantee of future results and information pertaining to LIM’s processes is subject to change at any time without notice.
This document is intended for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. The information contained herein is not intended to be, and should not be construed as, investment advice. The views and opinions expressed in this document are those of the authors and do not necessarily reflect the official policy or position of any SEC registered investment firm.
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