"This Is An All Hands On Deck Situation" Featuring John Dowd, GoGreen Investments
Today we had the pleasure of hosting John Dowd, CEO of GoGreen Investments, in our offices. John has spent the past 30 years investing in and analyzing energy, most recently at Fidelity, and in 2021 raised over $275 million to create GoGreen Investments. A few months ago, GoGreen announced they were taking Lifezone Metals public, creating the first nickel resource listed on NYSE. We were thrilled to visit with John for a minerals and mining focused discussion. Our conversation spanned several elements of the energy transition. We touch on John’s story and how and why he chose to focus on minerals, the GoGreen team, their nickel sulfide project in Tanzania, the geopolitics involved in mining, the massive amount of investment needed across the full energy spectrum, and the effects of the IRA on sourcing minerals around the world. We also discuss John’s observations on the energy transition from starting almost two years ago to today, investor attitudes and structural features of spacs, the technology involved in mining, electric vehicles overall, the auto companies and supply chains, lessons learned from oil and gas investing, political risks from Tanzania to Massachusetts, what Wall Street has right and perhaps wrong on energy investing today, and many more topics made possible by John’s thoughtfulness and his deep energy experience. We ended the session with John’s optimistic view for the energy world ten years from now. Mike Bradley kicked off the show by flagging that the substantial move higher in Treasury yields (10 year - nearing 4%) was “taking the wind out” of the stock market. He also highlighted the continued plunge in US natural gas price with both prompt and the 12-month natural gas strip trading at/near two-year lows. He noted that with the current 12-month natural gas strip below $3.00/MMBtu that it would result in multiple natural gas rig drop announcements by E&Ps over the coming weeks/months. He ended the conversation by signaling that this week would be a very heavy week of Q4 energy reporting, and one dominated by E&Ps. Todd Scruggs also joined the crew for today’s discussion. As always, thanks to you all for your support and friendship!