Hindu Fanatics Assault Churches
I recently discussed the mobs disrupting Christmas festivities in India with David Oualaalou. Might makes right rules the roost. Those who hold power abuse it to the fullest. A politician from my home state, Madhya Pradesh, illustrated this: after raping a woman, he shamelessly declared on video that he “owns the government.” And he is right. He can get away with anything.
In the same region, in Harda, an illegal firecracker factory went up in flames in 2024, killing roughly 150 people. To operate it, everyone involved had been well bribed. Senior officers were quietly moved to back-office roles, giving the public time to forget.
A couple of months ago, in my hometown, Bhopal, a young man drinking in public refused to pay an INR 10,000 (US$120) bribe to the police. He was beaten to death by them—on camera. All the culprits walk free. They enjoy complete immunity.
On Investments
Australian Strategic Materials (ASM.ASX; A$1.55) is being acquired by Energy Fuels (NYSE: UUUU; US$23). ASM shareholders will receive 0.053 shares of UUUU plus A$0.13 in cash per ASM share. The implied arbitrage upside is roughly 25%. The merger is expected to close in June 2026. I expect to sell US$25 June 2026 call options on UUUU at about US$6.20, which would give me an effective upside of roughly 50% on my ASM position.
Jayant Bhandari
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