We’ve got a new teaser pitch out from Katusa Resource Opportunities ($1,995/yr, 30-day refund period), and, like so many ads these days, it’s about the nexus of electricity and artificial intelligence… so let’s see what he’s touting, and what we might think about it.

Here’s the opener of the ad:

“The AI Kill Switch

“Hidden 35 miles from Washington, D.C. is the location of the one thing which could bring the entire A.I. revolution to a screeching halt…

“And one company is preparing to unleash a 1,000% windfall to stop it.”

That “35 miles from Washington, D.C.” bit is just about the huge concentration of data centers in the Virginia suburbs, west of D.C., which is the data center capital of the world (why? Connection to some of the original big internet nodes that led to more interconnections, local government policies, pretty cheap power, cheap land out by Dulles Airport in the 1990s and early 2000s, etc.)

More from Katusa…

“… about $20 trillion in global economic activity flows through this area…

“Making it a bigger focal point of the tech world than California.

“This area of Virginia now bears the distinction of being the single greatest concentration of wealth in America….

“Wealthier than the new tech “mecca” of Austin, Texas, where Tesla, Apple, Google, Facebook, and Oracle have all opened up offices and headquarters.

“Making this area the backbone of the global digital economy.

“And it is also the root of what is now being recognized as the A.I. Kill Switch – a single point of failure which could cause the entire revolution of artificial intelligence to come to a screeching halt….

“… the A.I. Kill Switch represents perhaps the single greatest investment opportunity I’ve come across in over a decade….

“Allowing one company to scream 1,000% or more over the next 12 months.”

And it emerges that he’s teasing three different investment ideas as part of “saving AI from the kill switch”… this is the big picture argument:

“I’m going to show you where the smart money is already pooling their resources…

“I’m talking about firms like BlackRock, Vanguard, and Goldman Sachs.

“In fact, these companies understand the real power isn’t going to be buying Nvidia or Amazon or Microsoft…

“It’s financing the ‘toll booth’ companies which will control the very future of AI…

“Without building a single microchip or writing one line of code.”

And here he starts to lay out the three investments…

“You could see gains in excess of 1,000% over the next 24 months as one major company saves AI from the Kill Switch…

“You’ll have the unique ability to profit every single time someone types a new request into ChatGPT, or says, ‘Hey, Siri’ – right now, there are more than 10 million ChatGPT searches a day. Siri processes more than 1 billion voice searches each month. I’ll show you how to convert this into a lifetime Toll Booth royalty of income on every search.

“And, third, you’ll have a chance to profit from a special opportunity – by discovering an almost monopolistic ‘landlord’ of AI. Almost nobody realizes this exists – but I’m going to lay it out in full detail for you today – because right now, one firm controls the ‘housing’ for 70% of AI breakthroughs in the world.”

Much of the ad is about the extreme stress that the U.S. electric grid is already under, since it remains quite antiquated in many parts of the country… and about the need for more electricity generation as A.I. continues to consume more and more electricity, and as companies race to build more and more power-hungry data centers.    Particularly in Loudoun and Prince William Counties in Virginia, despite the fact that their utility provider, Dominion Energy, has been slow-rolling approvals and power deals for years because they were already failing to keep up with growing data center demands, largely because of a lack of transmission capacity, even before AI started to increase those demands last year.

And that first one, the 1,000% potential gainer, comes without many specific cluies… but it’s something nuclear, which certainly ties in with a great many other “nuclear power to save AI” teasers we’ve covered over the past year.

“Conservatively, my #1 nuclear energy investment has the potential to unleash a gain of 1,000% over the next 12 months.

“And I consider that the floor – not the ceiling.

“When combined with the potential lifetime of income from the next gen green energy company I outlined…

“As well as the dominate positioning of the AI “Landlord” I shared…

“I’ve laid out the perfect triple-crown win to play the AI revolution…”

I’m not sure we’ll be able to ID that nuclear power pick from Katusa, since the clues are light, but let’s take a look…

“Step 1: Invest in the Next Wave of Energy

“As the world wakes up to this situation, most people are going to think to pile into oil.

“And they’ll probably do fine.

“There’s simply no way the price of oil won’t be pushed higher – probably to north of $100 a barrel.

“I expect companies like Exxon, Chevron, and many of the ‘Big Oil’ Royals will post record profits over the next few years.

“Let me remind you – even Elon Musk has said it would be catastrophic to stop using fossil fuels right now.

“But everyone who fixes their eyes on oil is going to miss the real homerun.

“Because there is one source of energy which is experiencing a renaissance.

“Nuclear.”

And then he goes into why nuclear power is shifting…

“The game changer?

“The usage of AI in the regulation of nuclear reactors.

“In fact, the International Atomic Agency outlined seven ways AI will change nuclear science.

“And it’s already pushing nuclear energy companies up.

“Constellation Energy Group has doubled in the last year.

“NuScale Power Corporation jumped 300% in 3 months.

“And Talen Energy is up more than 100% in less than 12 months….

“But this is still the very early innings…

“Because the real game changer has only just emerged.

“The AI Energy Miracle: 1,000% Riding The Next Atomic Wave.”

Really? Well, we’re probably nowhere near using AI in the regulation of nuclear reactors — most nuclear reactors in the US are very old and were built on 1960s and 1970s technology, with control rooms that would look familiar to the Apollo astronauts and could still stand in as the locations for the early James Bond movies… and I doubt there has ever been a sector of the economy in the U.S. that changes more slowly, with more regulatory attention on every detail, than nuclear power. If nuclear power is to have a real renaissance — and that does seem likely, given the focus on green energy and the need for more electricity without more carbon emissions — then it is indeed in the early innings now. And it will probably take a very long time.  The goal is to boost nuclear power in the US by 2050… which means a lot of work needs to be done over the next couple decades, and that will probably provide good investment returns for some companies, but that’s not a timeline a lot of investors are likely to be comfortable with.

Back to Katusa…

“This is a chance to mint generational wealth as the world renovates its technologies and energy infrastructure.

“The closest comparison I can make is when the covid crisis ignited a situation that floored some of the biggest tech companies in the world…

“And sent others through the roof.”

That’s a reference to the surge of the chip companies in 2020-2021 and, after a respite, again in 2023 and so far in 2024 — stocks like ASML, Taiwan Semiconductor, and, of course, NVIDIA.

More from the ad:

“The AI Revolution Needs a Breakthrough to Survive.

“Not only is the need for energy skyrocketing to the point it’s overwhelming the grid…

“But it also cannot produce enough with the current systems.

“See, this strain on the grid comes from two factors:

“Outdated systems which were built for populations half the size they are now – pre-Internet and Data Centers, which add a nation’s worth of electricity demand

“The war on fossil fuels – which creates massive gaps in energy supply and wild swings in voltage.”

To be clear, AI is bringing is a change in marginal demand growth, and a surprising growth in new demand, it’s not quite as shocking as some sources might indicate.   The surge in demand for electricity for data centers might push them to consume 50% more electricity over the next few years, as is widely expected… but that would mean going from about 4% of power consumption in the US in 2022 to a projected 6% in 2026.  It might be more than that, I’m certainly no expert on electricity consumption, and several of the big utility and grid operators are nervous about future demand… but the problem is not that suddenly we need twice as much electricity as before — it’s that even a relatively small change in electricity consumption, driven by EVs and re-industrialization and AI data centers, is a shock to the system after a couple decades of US electricity consumption remaining pretty flat.

The problem is not that the surge is absurdly dramatic, the problem is that nobody was ready for it, and the system was already pretty close to maxed out in terms of grid capacity and resilience, and, in some parts of the country, a lack of surplus power generation capacity… at the same time that a lot of older nuclear plants have been retired, or are about to retire, and most areas are trying to shut down their coal plants.

And this fight over power is probably going to get more intense, and to create yet more competition both between potential power customers and between states, which already fight over every potential new power transmission line, (which is part of the reason the grid is so out of date and inflexible).

More from Katusa…

“Remember – stable energy is what keeps voltage spikes from blowing up transformers. Not only has new well production and approval fallen 60% since 2020, but pipeline construction has taken a devastating blow…

“The rejection of the Atlantic Coast Pipeline, the Dakota Access Pipeline, and Keystone XL over the last few years have forced existing pipeline operators to squeeze every drop they can.

“And it wouldn’t matter anyway – the Big tech companies that need the power for their AI data centers have a unique set of obligations: Internationally enforced Environmental, Social, and Governance mandates.

“The AI “Kill Switch” created by these energy hungry data centers cannot be allowed to flip. This means the electricity Electron Rush must continue. The flow of electricity to power the data centers (Electrodollar) is more vital to America’s economy than the Petrodollar.

“Otherwise America surrenders its dominant position to nations like China…”

So what’s the story?

Well, Katusa is primarily a resource investor… so it seems quite likely that he would lead off this nuclear power pitch with a uranium investment — though it’s possible he’s pitching something else.   It’s tempting to think he might be pitching one of the small modular reactor (SMR) companies, like NuScale (SMR) or Oklo (OKLO), as potential sources of the technological breakthrough that will lead to a wave of new power plants being built, and that’s quite possible… but my first guess would be uranium, since he has been a uranium enthusiast for many years and has often promoted his friend Amir Adnani’s company, Uranium Energy (UEC), as well as the somewhat related company GoldMining (GLDG), which owns a legacy uranium deposit/exploration project.  It could be either of those, or the related Uranium Royalty (UROY, URC.TO), which is partially owned by UEC and also led by Amir Adnani.  UROY is interesting in part because they own some physical uranium, which could be worth more than 2/3 the UROY market cap at the moment, and some small royalties on two of Cameco’s larger producing uranium mines in Saskatchewan, as well as some development-stage royalties on UEC and other projects… but I don’t really trust those Adnani companies, after an earlier foray with UEC a decade ago, so I’ll leave those to you.

And Katusa could be talking up a smaller uranium exploration story, its in junior mining that you’re most likely to come across a 1,0oo% winner… though you also get so very many near-100% losers, and there is enough shuttered capacity in old US and Canadian uranium producing areas, including giant Cameco’s (CCJ) mines, that it’s a little hard to imagine demand growing dramatically enough that any of these little exploration projects will ever get produced — my impression is that there’s no real shortage of uranium deposits that are known or even past-producing in the US, Canada, Australia, Africa or Kazakhstan, it’s just that it hasn’t really been worth putting capital into increasing production for a decade or more.   Now, it might be… but the existing, mothballed stuff will doubtless be easier to restart than any newer discoveries.

There are a lot of other ways to play the “nuclear renaissance,” even if I think it’s very optimistic to expect 1,000% gains on any of them within the next two years… let’s run down a few possibilities, just to give you something to ponder:

We could be looking at the nuclear fuel companies — that’s mostly Centrus (LEU), teased by Adam O’Dell in May and Alex Koyfman in June… though there’s also the earlier stage penny stock hopeful Lightbridge (LTBR), which Keith Kohl called the “AI Master Key” last month (and has promoted for years), and part of the business at BWX Technologies (BWXT) is also nuclear fuel production and refueling.

Or as I noted, we could be dealing with the pure-play SMR hopefuls — that’s mostly NuScale (SMR), which believes it will be the first SMR developer in the US, thanks to its approved design… and Sam Altman’s newly public Oklo (OKLO), which also believes it will be first, though both companies have seen some of their early projects fizzle (the first to break ground on a project is Bill Gates’ Terrapower, which is private, though they’ve only broken ground on the prep work, they don’t have approval for their reactor yet).  Oklo is still saying they think they can have “first deployment” by 2027, and NuScale’s most ambitious timeframe is 2029, for their Ohio project, with Terrapower looking at 2030, but they’re all (along with other early entrants) really all hoping for federal support to speed up the regulatory process.

Since much of the hope is for development of new nuclear power plants in the US (and globally), which would need more nuclear fuel (which needs more uranium production, eventually), it could be some of the larger companies in the nuclear supply chain, too — like GE-Hitachi (with GE’s half now owned by spinoff GE Vernova (GEV)), Honeywell (HON) or Westinghouse (owned by Brookfield funds), or the one I bought some shares of and have covered a few times, BWX Technologies (BWXT), whose primary business is in US Navy reactors… but who will also be manufacturing a lot of components for various SMR projects, and touches a lot of other nuclear businesses, from engineering to cleanup (BWXT has been teased relentlessly as the “AI Keystone” by Porter Stansberry).

And while there’s no way any of them could reasonably generate 1,000% returns in a couple years, the utilities who own most of the current fleet of nuclear power plants are sometimes benefitting from the “clean energy” demands from data center owners — the ones we see pitched most often are Constellation Energy (CEG), Vistra (VST, which I own a little of), Duke Energy (DUK), and probably the most important utility for the data center world, just because they cover most of Northern Virginia, Dominion Energy (D) — Dominion and Duke haven’t soared like CEG and VST have, but they’re all large utilities that generally benefit from higher electricity demand.

Or who knows, since transmission is one of the key challenges, maybe you’ll be interested in the one that owns and operates the most transmission lines and probably the largest single chunk of the national grid, American Electric Power (AEP) (which is one of the larger regulated utility companies in the US… but might also be the utility that’s most reliant on coal in the US).

None of this is new, and none of it is probably going to change fast enough to delight investors who are riding the AI speculation wave… but it is going to have to change over the next decade.  And we’ve known that for more than a decade, as the push for electrification and energy transition has grown, and in growing has highlighted the fact that the electric grid isn’t ready for everyone to switch to electric vehicles and heat pumps… let alone for a surge of growth in data center demand.   CNBC did a pretty good series of articles called “Transmission Troubles” last year, if you’d like another overview.

Finally you could invest in some of the electrical infrastructure companies — the ones who benefit from doing new construction of power projects or power lines, or distribute or sell the needed parts.  Lots of the very large electrical industry companies are certainly involved, like ABB and Siemens and Eaton, but I usually think some of the more interesting ones are on the smaller side, like construction contractor Mastec (MTZ), distributor WESCO (WCC), conduit manufacturer Atkore (ATKR), and wiremaker Encore Wire, though that last one was acquired by an Italian company recently.   I own ATKR and WCC, personally.

Brookfield (parent BN or asset management arm BAM) remains one of my favorite plays on the need to invest heavily in the energy transition, and in the energy grid in general — not just because they bought and have turned a good profit on Westinghouse, still the leader in nuclear services (and still own a lot of it, both in Brookfield Renewables and in some of their private funds), but because they’re building out utility-scale renewable energy around the world… and they’re one of the big conduits through which money is flowing to finance more buildout of energy transition capacity. But they’re not going to go up 1,000% in a year, for sure, they’re a gigantic company — and they have some downside risk as well, even if I think the risk of their still-large exposure to commercial real estate is already essentially written down to zero in the minds of most investors.

So that’s a long way of saying that I don’t know what Katusa’s “1,000% in two years” nuclear power stock is… but given his history, and the better likelihood of finding a crazy gain in the junior mining space, it’s probably in the uranium business.

Personally, I think it still makes sense to invest in the electrical infrastructure space, even though the big federal spending on the grid and other projects has been slow to be released… and I hope we see this push for small modular reactors kick up a notch and get accelerated by the government, but until then that’s mostly a “story stock” area where there will probably be a lot of volatility — one never knows if Oklo or NuScale might get a big project approved and soar for a moment because of investor excitement, but the real economics of those deals will take a long time to emerge, and I’m happier with BWXT as more of a background player in the nuclear business (partly because their Navy work provides a pretty steady earnings foundation as we await that “renaissance”).  I also went through some of this theme in more detail when I covered Whitney Tilson’s “nuclear renaissance” ad last month.

Next idea?

“Step 2: Collect a Lifetime of Income From Energy

“While the biggest gains to be made from the AI Kill Switch situation won’t be in oil…

“There is one class of investments in the oil sector which will pay a lifetime of income.”

That’s accompanied by a pipeline map of the United States, showing all the big oil and natural gas pipelines that move those fuels around the country.

“What you probably don’t know is that a few, powerful groups own all these pipelines…

“And they are paid for every drop of oil, natural gas, and natural gas liquid which runs through them.

“It doesn’t matter what the price of oil is.

“As long as oil needs to be transported, a few companies operate as the toll both.

“One of them has become perhaps one of the best, most consistent energy plays of the decade.

“Their total return over the last 30 years is 2,000%.

“Last year, they transported 30% of the total amount of crude oil produced in North America.”

We’re talking over 4 billion barrels per day.

So that’s what Katusa is pitching here, one of the pipeline companies.  Which one?

“… they’re a king of the energy toll booths… And it shows.

“They’ve grown at an annual average rate of 12% – crushing the S&P.

“And the best part is…

“They pay a skyrocketing dividend.

“I’m talking 7-times more than the average dividend stock…

“It’s why, from their holdings alone, three of the executives at this company receive an AVERAGE quarterly payout of $258,000.”

And we get a few other clues…

“Not only do I expect this company to jump 500% in the next couple of years…

“But because of the unique structure of the company, they could start paying you out a significant return within 3 months.

“And here’s another bonus – they’re also in the renewable energy game, with 23 wind farms between the US and Canada.

“I lay out this company fully in my 2nd special report – The Payday Protocol: A lifetime of income thanks to America’s Pipelines.”

So hoodat?  Thinkolator sez that with the reference to moving 30% of the crude oil in North America, and the 23 wind farms, he must be teasing Enbridge (ENB in both NY and Toronto), the big Canadian midstream company that owns large pipeline networks in both Canada and the US, as well as a natural gas utility and, yes, a small portfolio of onshore and offshore wind projects.   Their crude oil pipelines are the biggest conduit for oil to move from Canada to the US, and they also move about 20% of the natural gas in North America… and they own the largest single natural gas utility in North America, and have been buying up more US gas utility companies.

Enbridge owns the largest network of pipelines on the continent, edging out the big US MLPs who also own thousands of miles of pipelines, but is itself not a partnership — it’s a regular corporation, which has plenty of appeal for a lot of investors who don’t like dealing with MLP tax reporting, or who have no use for the tax advantages of MLPs.  And it pays out a similar dividend to the big pipeline partnerships, and should have relatively steady growth in earnings.  And they have, as Katusa noted, handily outperformed the S&P 500 over the past 20+ years.

The outlook from Enbridge is that they expect roughly 5% EBITDA growth going forward, which should be enough to power similar dividend growth — the dividend has not really grown over the past three years, in part because of the weakness of the Canadian dollar, but they’ve started to get it rising again.  So with Enbridge you get a 7.5% yield, much better than the non-MLP pipeline or utility companies in the US, and you probably get a little growth on that, thanks to the contracts they already have in place.  They’ve got good exposure to LNG exports, and to rising gas and oil demand generally, but are not specifically exposed to data centers and electric power… it’s a little bit of an indirect connection.  Still, relatively conservative and relatively safe, mostly likely — and perhaps more appealing than their biggest competitor, TC Energy (TRP, the former TransCanada Pipeline co. that was teased last year by Tim Melvin), even though both have arguably been hurt by the push to restrict oil sands exports to the US (through the TRP’s Keystone pipeline, the expansion of which was canceled, as well as several large existing pipelines owned by both companies).

Seems like A 7.5% yield that can probably grow 5% a year is worth owning, even though I generally avoid stock-picking in the pipeline space and just own the Alerian MLP ETF (AMLP) — and for what it’s worth, Enbridge has had a much steadier dividend than the average MLP over the past decade, and their dividend has grown much more over the long term.  Here’s the total return of ENB compared to AMLP over the past ten years, just FYI (I started buying AMLP at the COVID collapse, when it was a no-brainer, and it has handily outperformed since then, but the setup might well be better for ENB today):

And on to the final pick…

“Step 3: Profiting From The Landlords of AI

“Most people don’t realize the situation in Loudoun County has minted a new tech dynasty…

“And the firms who hold the keys to the future of the AI revolution… aren’t even tech companies themselves.

“Yet, one company in particular stands equal to Nvidia… to ARM Holdings… to Taiwan Semiconductor… in its ability to influence the future of artificial intelligence.

“In one fell swoop, this company has become the de facto ‘landlord’ of AI – quietly controlling the operation of more than 12 MILLION sq ft of data center space….

“And this one company – the Landlord of AI – is going to reap the king’s ransom by not only orchestrating the correction of the problem…

“But requiring all these data centers, and therefore all these AI giants, abide by their rules.

“To say this is a loaded situation isn’t doing it justice…

“BlackRock, Vanguard, and State Street all know it – and have taken huge stakes in the AI Landlord.

“Which is why I’ve put the full details in a third report, The Landlord of AI: Profiting From Tech’s New Superpower.

“I fully expect this little known firm to double… maybe triple in the next 12 months.”

So who might this be?  Well, frankly, it could be one of several big data center owners — pretty much every stock of any consequence counts Vanguard, BlackRock and State Street among its largest shareholders, because those are the three companies who manage most of the index funds that both individuals and institutions rely on for market exposure, so that’s not much of a clue.  12 million square feet of data center space is big, even though data centers are usually described in power terms, not by square footage… but that also doesn’t narrow it down all that much — Amazon Web Services probably owns at least 12 million square feet of data centers, and leases at least that to double their capacity… the big global leaders in data center real estate operate more than that, including Equinix (EQIX, ~32 million sq ft) and Digital Realty (DLR, ~40 million).   Heck, Meta Platforms (META) has built out a single data center campus in Oregon that’s well over five million square feet.

Still, it’s clear that the “AI Landlord” story has generated excitement in most of the owners of these properties — even Iron Mountain (IRM), which has struggled to stand out for years, got a big boost from investors remembering last year that they own a bunch of data centers (including about two million square feet at their campus in Northern Virginia).

But it’s very likely that Katusa is recommending one of the two remaining data center REITs, Equinix (EQIX) or Digital Realty (DLR).  Those are also the two biggest “pure play” data center operators in Northern Virginia… though the company that operates the largest number of facilities in the region, by far, is Amazon Web Services.  The second-largest number of properties are owned by Digital Realty, so I guess that’s a reasonable guess… though Equinix really owns the “core” of the Ashburn market and manages a lot of the interconnection through that campus.

I’d say both DLR and EQIX are on the expensive side these days, both are levered REITs which pass through the majority of their cash fllow in the form of dividends, and both have seen their margins compress in recent years, with earnings and cash flow growing more slowly than revenues.  DLR currently carries a dividend yield of 3%, EQIX 2.2%, and they are both huge (EQIX has a $75 billion market cap, DLR $50 billion)… and their really strong outperformance came more than a decade ago — here’s how they’ve done over the past 20 years…

But as you can see from the five-year and ten-year versions of that chart, they’ve not had anywhere near that kind of market-beating growth more recently — which is probably because there’s not much room for more multiple expansion, and growth is slower because they’re already so huge.

Still, they are dominant providers in an important industry, and they certainly have more levers to pull than do the owners of more conventional real estate, like office buildings or shopping malls (they have a lot of service revenue, from interconnection, and can expand within campuses if they have the power capacity).  If we judge them like most REITs are judged, based on their funds from operations (FFO), then EQIX is anticipating $35 in FFO for 2024, so they’re trading at about 23X expected FFO… DLR is anticipating $6.70 per share, so they’re at about the same valuation, roughly 23X 2024 FFO.   That’s a little more than we see with some other giant “technology REITs” like American Tower (AMT), which probably faces more of an earnings squeeze than the data center REITs but still trades at about 20X FFO, and that’s also about where the largest REIT, Prologis (PLD) trades.   I still think that’s too high a valuation for these companies, unless we really do end up with interest rates declining back to a very low level again… but comparatively speaking, the data centers can probably justify the valuation more easily than AMT or PLD.

Both DLR and EQIX are projected to grow at roughly 10% per year when it comes to both revenue and cash flow, so you can argue that a valuation a little over 20X cash flow is rational for such companies, but it does seem to be at the very top end of “reasonable” — you need the growing demand to become growing earnings, which is certainly possible, but it doesn’t seem likely that they’ll be accelerating in a crazy way.  It’s really hard to find properties and site data centers, given their space and power and interconnection requirements, so there is certainly some value in owning the lion’s share of the space that’s currently developed or in development… but it’s also a competitive business, with some pretty long-term contracts, and it remains to be seen whether these big data center operators will be able to squeeze better margins out of their tenants.

And, of course, the high-profile short-seller Hindenberg has been doubling down on the criticism of Equinix, alleging accounting manipulation and that they’re “selling an AI pipe dream” — I don’t know whether those arguments hold water or not, but I also don’t think the low-yield growth REITs are particularly appealing in this higher-rate environment, even if they operate in a hot industry that has a lot of potential growth.  Given the rush to own data centers, I think it’s a little more appealing to be a step back, on the financial side, with the private equity companies who are financing a lot of horse-trading in the data center space, like Digital Realty (DLR) and Brookfield (BN or BAM)… (I own DLR preferreds and both BN and BAM shares, as well as Amazon (AMZN), so I’m probably biased on that).

So there you have it — a series of wild guesses on the nuclear side, one clear answer for the pipeline company, and a coin flip among the two big data center REITs for the “AI Landlord” pitch.  Any of that sound appealing to you?  Have other ideas you like to ride those themes (or better answers than the Thinkolator)?  Let us know with a comment below… thanks for reading!

Disclosure: Of the companies mentioned above, I own shares of BWX Technologies, Atkore, WESCO, Brookfield Corp., Brookfield Asset Management, Digital Realty, Amazon, NVIDIA, Vistra, and Google parent Alphabet.  Other than a trailing stop order for part of my NVIDIA position, I will not trade in any covered stock for at least three days after publication, per Stock Gumshoe’s trading rules.