Okay, so I wanted to introduce somebody. This is an incredible story of a turnaround of a business that impacts a lot of us in America, if you care about climate change, etc. His name is Jim Latinsky, and here's a guy who had all the success in the world running a hedge fund successfully.

A business called Mollicorp goes into bankruptcy. He basically puts his entire fund in it, brings it out of bankruptcy, manages to build one of the first mines that was completely cleared. You heard what Elon said about California in California, that mines some of these rare earths and critical metals that we need to make permanent magnets that we use in electric motors on the front lines of climate change, building factories now in South Carolina with GM, etc.

So Jim's just going to walk you through a few things, and we're going to talk about some climate change stuff after this. Hey, everyone. So I'm Jim. I used to run a hedge fund, and now I'm an accidental industrialist. So I want to take you through that journey. And then while I do that, it'll, you know, we'll go through the process.

And then I'm going to talk to you about some of the things that I've done. And then I'll talk to you about some of the problems that I've done. And then I'll talk to you about some of the problems that I'd like to solve. Just to provide some context.

So I think if we think about a lot of the things that just came up with respect to the economy, it's been about a decade plus since the global financial crisis. And in that decade plus, we've been in this environment where there's been essentially a full-on boom, a lot of money printing, and essentially a very low or negative cost of capital in growth, in technology, right?

And what we've seen is that the economy has been in a very low or negative cost of capital in growth, in technology, right? And so we've seen that the economy has been in a very low or negative cost of capital in growth, and so we've seen that the economy has been in a very low or negative cost of capital in growth, and now I guess we're on the beginning stages of the aftermath of experiencing that economic enema, as was just discussed.

But we have just been through this period of over a decade where there's been, you know, all this money that has gone to growth. And what has happened during that time simultaneously is the real economy has been starved. You haven't seen, I doubt many of you have friends that are investing in new steel mills or aluminum mills or nickel mines, maybe nickel mines, but you haven't seen, I doubt many of you have friends that are investing in new steel mills or aluminum mills or nickel mines, but you haven't seen, I doubt many of you have friends that are investing in new steel mills or nickel mines, now, right?

But while the real economy has been starved, actually, interestingly, we haven't noticed it so much, one, because we're just starting to scale into electrification, but China's made investments. So pretty much all of the incremental steel and aluminum and commodities capacity in the world over the last decade has come online because, you know, China has led the way.

And, you know, as an aside, interestingly, about 80% of the aluminum and 80% of the steel production in China is done with coal. So not only has this been, you know, not only have they sort of taken over the real stuff, and this isn't about, you know, wherever you are on the spectrum of, you know, are they just a really tough competitor or is this, you know, some kind of economic World War III?

It doesn't matter. What matters is, is that the incremental stuff in the real world has really, in a way, has been led by China. And so when we think about what's now happening in the world as we electrify, I want to move on to the next one here. I think one good thing about going after Elon is I don't have to really explain this chart.

We are electrifying. And as we electrify, what a lot of people might not fully understand is that while all this real stuff has come online, the Chinese have actually moved downstream very intelligently. And so when we think about a lot of people may have heard of China 2025, but a lot of people probably haven't heard of China 2035, which is the current MO, which is to move downstream into standardization.

And so actually, when we look around the world today, four of the top 10 OEMs are Chinese by global battery electric share. And so when we think about the world today, when we think about the single largest private employer in the country, the auto industry, we think about all these industries that are mineral intensive.

The Chinese are actually have moved downstream. And these are these are very mineral intensive industries. So what this slide shows is as we go from a fossil fuel world to an electrification world, which, you know, we all I think everyone in this room believes is is fake complete. And this actually excludes steel and electric.

Just in the content of copper, nickel, lithium, and then what I focus on, rare earths, and some of these other things, there's seven times as much content. And so, when we think about the past of the fossil-fuel-driving geopolitical gamesmanship and power in the world, the future is about minerals.

And what I focus on are rare earths. So, and I'm going to get to my journey as an accidental industrialist in a minute, but what you can see here is rare earths, they're kind of, the way to think about it is sort of like a young cousin of semiconductors to the EV business.

So regardless of how electrification happens, regardless of battery chemistry, how that energy gets to a motor, that motor moves via magnets, and so this industry is expected to explode. And it's not just EVs, it's wind turbines, drones, robots. Can anyone actually guess where this robot is from? This is actually from Short Circuit, Johnny #5, but I'm hoping Elon will get us a better robot of the future.

But when we think about all these industries, magnetics, it's really powerful. So that's where I'm focused, and this is just an example of the commodity needs, as we electrify. If we take those projections of what's going to happen in electrification, just in my space, so this is NDPR, this is the stuff that we make, the input into magnetics, you can see there's a huge deficit that is looming.

And just moving on, look at my space, here's the challenge. So outside of us, this entire supply chain is essentially domiciled in China. And it doesn't even have to be nefarious. But what happens when the largest manufacturers in the world are all competing for what I showed you on that prior slide, a shortage of supply, and we've seen lots of headlines, whether it's the semiconductor issue, or just today there was a headline that Rivian is fighting with a supplier over seat costs.

All of these things where we're seeing the shortages in the supply chain that are flowing through, if there's an allocation of materials, and the materials are controlled, then we don't have to worry about what's happening in the supply chain. So what happens when the supply chain is being dominated by China, or another geopolitical rival, which downstream businesses do we think are going to get those materials?

And this is actually now an existential issue for all of us. So back to my story. So this is Mountain Pass. This is the mine Chamath mentioned that we bought this out of bankruptcy in my fund. So going back about five years ago, this site went bankrupt. It was a public company.

It sort of rose. And then it fell. And nobody believed that we could compete against China. And in fact, I had to-- we showed up. I showed up in the Delaware courthouse steps. I mean, it was literally like out of a movie. There were other creditors pushing to send this thing into bankruptcy.

And you look at this thing, and you're like, wait, this is one of the most valuable rare earth materials mines in the world. And this is the future. This is a material for electrification. And no one wants it. Not only does no one want it. This is a material for the future.

And we're not going to be able to do anything about it. And so we were like, we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this.

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And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this.

And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this.

And we're going to do this. And we're going to do this. And we're going to do this. And we're going to do this. So I think you actually said it perfectly well in the lead-in, which is just anything that is real stuff. And so yeah, all of it, lithium, copper, nickel, steel, aluminum, all of these areas that have been starved, the cost of capital is just so high across the board that if you can come up with solutions to deliver the shortages, and again, I'm not saying the next three months we could have a brutal recession for six months, but we see the long-term five, 10-year trend.

I think anywhere you look in this. In this space, you're looking in the right direction. It's a wind at your back as opposed to, and again, I'm not taking a view, but to come up with a new cryptocurrency right now. It's a huge wind at your back relative to a headwind.

Could you get your mind operational in today's political environment, do you think? Like if you had to start from scratch or if you found a new thing in Nevada or wherever it is? That's a great question. And that's the challenge is that it takes, to get any of these things, it takes a decade.

It takes, if you have all of the capital in place, all of the human capital, all that, just the going through that process to build it, the materials cost. And so could I do it? I think the world needs it. And I think that what we do environmentally is so unique that I think we could get it done.

But this is a big challenge. And I think frankly, it's a, you guys were talking in the last session about we need to come together. This is a big time area where we need to come together. There should be a grand bargain. There should be... And the panelists should say, "Okay, I accept that we need this stuff.

I accept that we don't want it to be only made in Russia and China." And they should loosen up on some of the permitting stuff. And I think the people who are just like, "Drill, drill, drill, mine, mine, mine, don't care," need to accept that we need to have really tough standards.

And I think we should have some kind of grand bargain and it could be tax policy focused on it. But there needs to be some kind of coming together in our country to recognize that we need this stuff. I mean, let's be intentional. Let's be intellectually honest. People are hypocrites.

The people in the EU, people in the United States, they want the energy. They want it cheap. They're complaining about the expense of even a modest increase in energy costs, 10%, 20%, which they could withstand. They will complain about it and they will not allow fracking in their country, but they're more than willing to let Russia frack for it.

They don't want the cobalt coming out of the ground in California. They're more than willing to let 15 year olds deal with it. They get out of the ground without a mess. Eight year olds. Eight year olds, as horrific as it is. And there is intellectually dishonest, it's hypocrisy.

And I think we have to own the fact that we want to live in large houses and we want to blow the air conditioner on some ridiculous setting. America's homes are three times bigger than other homes. So to build on this, two very quick stories. There's a massive deposit of lithium in Nevada, which would be enough to basically feed Tesla and another OEM.

Okay? So this would get... This would get probably somewhere between one and one and a half million cars, pure electric on the road by 2030. And they were completely permitted by the BLM, the Bureau of Land Management. And there was a lawsuit that was filed and it's still wrangling its way through the federal court system.

And what it is, is a claim that there is an upper wood grouse that could be endangered through this mining. They have yet to find an actual upper wood grouse in the... In the area. Right. But nothing can happen. Theoretically. And so the problem is that we've now delayed two years.

It could get resolved this year, but it could be another two or three years, which means the lithium isn't actually available until 2030. I mean, while global warming continues to happen. That's one story. Second story is that just yesterday, the California, the city of Costa Mesa rejected a bid to build an electrolysis facility to create a hundred million liters of clean water every single day.

Just a desal plant. The desal plant. Because they didn't want it. Because they're going to lose some jellyfish or something. No, they just didn't want it. They thought, ah, it's unsightly. I don't want this in Costa Mesa. Costa Mesa is pretty. And meanwhile, we're in a huge drought. It's a Costa, it's a Mesa.

So, you know. And so to your point, when the rubber meets the road, these unfortunate decisions get made and there's no way to, you know, sort of calm top down. These people want to take 30 minute showers. I mean, that's the hypocrisy of it. If Americans really want to talk about conservation...

First of all, 30 minute, there's nothing wrong with a 30 minute shower. Listen, I wasn't calling you out specifically, but since you unclothed yourself, it's gratuitous, in fact. It's completely gratuitous. And it's such a great point. And my entire argument is that we're going to, we will answer this question as a country either now or later.

And the point about four of the 10 largest auto OEMs in the world are now Chinese companies. And so this is now a competitive issue. And so we can, we can keep kicking the can or we'll face a crisis. Are you, are you beloved by the government? Are you beloved by like, can you kind of like beeline and just cut through the nonsense because of Nevada government looks like you?

Well, I think, I think that it's fair to say that the local officials are very happy with what we've done with what we've achieved in South Carolina, right? In Fort Worth, Texas, the magnetics facility, you know, we have some partnerships with DOD, the president announced those GM facilities, the GM things in Texas, Texas, Texas.

So I think that there is frankly support from both sides of the aisle for what we're doing. I think that we're doing a lot of work on the executive orders on the rare earth magnetics industry specifically, both in the Trump administration and in the Biden administration. So I think what we're doing is hopefully nonpartisan.

And frankly, I think all of this should be, and that's, you know, the point about the grand bargain, but even you raise a great point about just all of this stuff that it's, you know, there's so much pushback and we need to, we need to figure out a way to get past that because this stuff has to, has to get made.

I think it's incredible what you're doing. I mean, I'm a huge fan disclaimer. I was also an investment. I am not an investment company, but we do appreciate you giving us the education and we do need to be independent from communist countries and really have the supply chain situation dialed in.

So we appreciate the hard work for America and for freedom. And I'm a huge fan of you guys. So thank you. Thank you. Well done. We'll let your winners ride. Rain man, David Sacks. And instead we open source it to the fans and they've just gone crazy. We're going to let you ride.

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