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SHOWING MATERIALS RESEARCH
INVITE | VMC, MLM, EXP | Adding VMC As Best Ideas Long | Heavy VMC & The Boys Learn More
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Please join us tomorrow, Monday, September 30th at 2pm ET for a Black Book on heavy construction materials / aggregates and Vulcan Materials Company (VMC)

Today @ 2p | *First Ever* Materials Themes Deck | Idiosyncratic Alpha Amid Chronic Underperformance
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INVITE | *First Ever* Materials Themes Deck | Idiosyncratic Alpha Amid Chronic Underperformance...
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MP, ALB, LTHM | Will EV Metals Perform Better In 24 After 23 Underperformance? Learn More
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In general, we still see EV metals as an area with growth within a problematically mature sector. We’re increasingly interested in the idiosyncratic downstream...

STLD, NUE, X, MP | Steel Update, Adding MP Back As Long | Frictions & Competitive Geographies Learn More
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We’ll review the outlook for MP, including IRA support and Stage II/III developments, and update our short view on the steel/industrial metals names in a black book today at 2PM ET. We see MP shares offering ...

NEM, GOLD | The Long Case for Gold? Primer Learn More
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Gold Miner Divergence, Key Quad 4 risk off winners

STLD, NUE, CMC | Adding NUE, STLD As Best Ideas Shorts | No, It's Not Different This Time Learn More
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Globally, the world produces about 1,900 million mt of steel. Ukraine’s pre-war exports were typically than 1% of the total, a deficit to which markets can adjust with time and EU subsidies. Russia has continued to ...

BALL, CCK | Cans Can…For Now | Adding BALL To Long Bench, CCK Off Short Bench Learn More
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ith growth & inflation decelerating into Fed tightening, the (now) lower valuation and not-so-cyclical end-markets make for it a reasonable long exposure in what is likely to be a ‘value trap’ Materials minefield. Capacity..

ECL | Quad 4 Outperformer With Tailwinds? Learn More
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Ecolab has fallen out of favor the past couple years, at least by Ecolab standards. It has been impacted by reduced volumes from the pandemic and, more recently, by rising...

APD, Linde, Air Liquide | Decent Spot To Wade In? Learn More
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Air Products has been a notable laggard in recent months, with concerns around major project/investment challenges, hurricanes, and activity in China, among others, impacting sentiment. Deploying excess capital, which Jaz...

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