12. Dom St. George of Cayucos Capital on Valterra Platinum

On this episode of the Stock Spin-off Investing Podcast, Iinterview Dom St. George of Cayucos Capital. Dom has 15 years of experience investing in emerging markets. Today he shares his investment case on recent spin-off, Valterra Platinum.You can follow Dom on X here and subscribe to his substack here.Here's what we covered:1:05 – Dom’s Background2:05 – How Dom decided on the name Cayucos Capital3:05 – How Dom finds his investment ideas7:00 – How Dom approaches investing in spin-offs9:30 – The opportunity in emerging market stocks vs.developed markets11:59 – Why is Valterra Platinum an interesting opportunity14:55 – Why do mining companies have a poor track record oftiming their own cycles?16:05 – Why have platinum prices been strong recently?20:15 – What is the main use for platinum?21:20 – Why Dom is confident in the long-term outlook for platinumdespite the rise of EVs25:45 – The use of catalytic converters in hybrids27:15 – The competitive landscape for platinum group metals30:45 – Why has Valterra’s stock price lagged its public competitorsin the last 6 months33:05 – Timing of when Anglo America could sell its remaining19.9% stake in Valterra33:20 – How Dom thinks about Valterra’s valuation36:00 – Capital allocation for Valterra38:45 – Valterra’s hedging policy40:10 – How to get in touch with Dom