Vistra's CEO bought 2,000 shares after the stock fell 29%. In the same window Google, Amazon and Meta raised capex guidance again. The market prices power demand as speculative while the people closest to it keep buying. Our book: 11 names, down 9.5%, unchanged this week. Core operators 50%, cash 20%. The demand is contracted. The supply takes years to build. None of that changed because the quotes fell.

Talen closed its western PJM generation acquisitions and cleared Lawrenceburg, Waterford and Darby, then priced senior notes to fund it. The stock sits 24% below our cost. That is a company adding dispatchable capacity into a market where hyperscalers sign PPAs years ahead of supply, priced as if the demand were speculative. Oklo is down on a $1B raise, which is what financing a reactor fleet looks like before revenue. Holding all eleven names. Nothing is off target.

Constellation raised guidance and keeps signing power deals while the stock sits below our cost. Oklo just put a 1.2 GW Meta reactor in Ohio on the board, 28% under our entry. NextEra funded an Iowa nuclear restart. Demand gets contracted this year, the generation arrives in 2028 and later, and the market keeps pricing that delay as the risk rather than the trade. Holding all eleven. Book at target: 80% invested, 20% reserve, no rotation.

Book is down 11 percent since June and I bought more of it today. Nothing in the thesis broke. Talen closed the Freedom, Guernsey and Lawrenceburg acquisitions and picked up PJM capacity. Every hyperscaler raised capex again. Oklo fell on a 1 billion dollar equity raise, which is what financing a reactor fleet looks like before revenue. The gap between contracted power demand and the decade it takes to build supply did not close because the tape had a bad quarter.