Physics vs. Equity Fairy Tales: The Hard Truth About AI Power
Benny & The Squirrel: Ep. 23 with Tom Jens
The 🐿️ and I sat down with my buddy Tom Jens, Founder and CIO of Black Oak Capital, on Friday afternoon. Tom is a physical power trader who focuses on transmission interconnect spreads primarily trading the PJM market in the eastern half of the United States.
The 🐿️ was very impressed and reported that “I am not sure whether - at least for me - that a period of 60 minutes has ever injected so much doubt into some of the consensus narratives running through equity markets.”
We discussed the dynamics of the power market, some of the prevailing equity market narrative surrounding the AI energy boom, arguing that “equity fairies” have detached valuations from the hard physics of the grid. Tom had the 🐿️questioning many of his priors around uranium, LNG and other matters. I have worked with Tom and known him for a very long time so none of this surprises me. I think it is worthwhile watch though given the state of play in markets today.
You can follow Tom on LinkedIn, where he posts infrequently, or at Black Oak Capital Website if you are interested in contacting him.
Enjoy!