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Many of my recent articles have focused on key figures that help to clearly classify business models, risks and valuations. Beta is part of this series - and at the same time the key figure plays a special role. It is available everywhere and can be looked up quickly, but only becomes truly meaningful in the context of an entire portfolio. This is because beta does not describe the company itself, but the behavior of a share in interaction with the market.

Mathematically, beta measures the relationship between share returns and market returns. The basis is the covariance of these returns - and this is always based on historical data. However, the interpretation is inevitably forward-looking because past patterns are used to derive how a stock will typically behave in relation to the market in the future.

Formally, the key figure is

Beta = covariance(stock return, market return) / variance(market return)

In practical terms, this means that when the market moves, how much does the share typically move with it? Values around 1 mean market-like movements, higher values show stronger fluctuations, lower values a calmer behavior.

The reason why beta is often misinterpreted is that it is not stable. It depends heavily on the time period, the market phase and the chosen index. A company can continue to perform solidly, but suddenly have a different beta due to changes in interest rates or the risk environment. Beta therefore measures behavior - not quality.

To make it clearer how beta works in a portfolio, it is worth taking a look at my portfolio. It combines robust quality stocks such as Visa, Alphabet and Honeywell, growth-oriented technology stocks such as ASML, Nu Holdings and Innodata, defensive infrastructure and water stocks such as Consolidated Water, Energiekontor and Energy Recovery, the global ETF on the MSCI ACWI and a uranium block as a cyclical idea with Cameco, NexGen, Denison Mines, Paladin Energy and Yellow Cake. Bitcoin complements the whole as an independent, significantly more volatile component.

This mix shows well why beta is useful for me on a day-to-day basis. Different stocks can be fundamentally strong and yet contribute very differently to the fluctuation profile of the portfolio. Some positions smooth out, others strengthen - regardless of whether the companies are well managed or highly profitable. It's about market behavior, not balance sheet quality.

For the beta analysis, I use conservative, market-standard 3-5 year values of major providers. Most betas are calculated on the basis of daily or monthly returns over precisely such periods - long enough to be statistically stable and short enough to realistically reflect current market phases. Where there is no official data, suitable sector values are used.

The betas used are as follows:

Large Caps

- $ASML (+0,4%) : 1,25

- $GOOGL (+0,58%) : 1,05

- $V (-0,61%) : 0,95

- $HON (+0,41%) : 1,00

Midcaps / Infrastructure

- $CWCO (+1,02%) : 0,80

- $EKT (+4,57%) : 0,75

- $ERII (+0,9%) : 1,20

- $SOP (-0,65%) : 1,10

Small Cap / High Beta

- $INOD (-3,25%) : 1,80

Uranium segment (cyclical)

- $CCO (-0,78%) : 1,40

- $NXE (-1,53%) : 1,60

- $DML (-2,53%) : 1,70

- $PDN (+0,98%) : 1,50

- $YCA (+0,49%) 1,30

ETF

- $ISAC (+0,23%) : 1,00

Crypto

- $BTC (-0,18%) : 2,50

The only thing that counts for the portfolio beta is how large each position is in relation to the portfolio.

This is how the portfolio beta is determined:

You look at how large each position is in the portfolio, multiply this proportion by the beta of the respective share and add up all the contributions. Each position therefore contributes to the overall beta in exactly the same proportion as its weighting.

If you put the weightings of my portfolio in this context, the result is as follows: the portfolio has a beta of around 1.33. This value fits the structure: a stable base, several growth-oriented building blocks and a deliberately used uranium block as well as Bitcoin as a stronger lever.

A beta at this level means a fundamentally more offensive portfolio.

• In upward phases, it develops more momentum than the market.
• It reacts faster and more strongly in corrections.
• The strongest drivers are Bitcoin, Innodata, NexGen, Denison Mines and Paladin Energy.
• Counterweights are Visa, Consolidated Water, Energiekontor and the MSCI ACWI ETF.

This shows that beta is no substitute for fundamental analysis, but it makes it clear how a portfolio is moving and why. It helps to calibrate expectations, classify fluctuations and manage the structure more consciously. A beta of 1.33 is not a judgment of quality - it is a description of movement. The only important thing is whether this dynamic fits your own investment strategy.

Finally, two questions for you:

Do you know the beta of your portfolio?

And does it play a role for you in your portfolio strategy - or not?

Dear gq community,

Recently, raw materials have been an ever-growing topic here around $RIO (+0,29%) and co.

In a conversation with a friend, he told me about an actively managed fund with a TER of over 2% and a handsome return of just over 20% last year.

That sounded interesting, but given the high TER, I thought that a cheaper ETF must also work.

So the rabbit dug into the depths of the stock market and found this ETF $WMIN (+0,94%) with a TER of 0.50%, which is pleasantly broadly diversified across Canada, Australia, the USA, the UK and South Africa and therefore also in different currencies.

The ETF includes shares of $RIO (+0,29%) or also $CCO (-0,78%) .

As I am not yet so strongly represented in the commodities sector, I found this ETF interesting and added it to my portfolio.

Perhaps one or two people see it the same way as I do and don't want to try their luck in too many individual shares and find an investment in this ETF.

Greetings from your bunny 🐰

If I carry on like this, I won't be able to buy my boring railroad shares any time soon. But the share price keeps going in the wrong direction 💹

Well, I'm still amazed that most of the articles you read $CCO (-0,78%) more or less only see them as miners mainly.

Sorry about the property abuse @Simpson but it fits so well.

On Monday I sold my Cameco $CCO (-0,78%) position at a profit and then, somewhat late, went short on Palantir $PLTR (+2,76%) went short. At the same time, I bought into SUSS MicroTec $SMHN (-1,05%) a clear no-brainer for me. The company is technologically well positioned, but completely undervalued by the market. I expect significantly higher prices here in the coming weeks.

Today I closed my short on Palantir and instead bought Cameco $CCO (-0,78%) and Rheinmetall $RHM (-2,29%) bought more. Both remain core stocks for me in the current environment.

I am not a classic buy-and-hold investor, but actively trade according to trends and momentum. My focus is currently clearly on the nuclear, AI & robotics and defense sectors, all areas with long-term tailwinds.

Palantir $PLTR (+2,76%) should still have some room to fall in the short term (possible setback towards €132), but remains a long-term winner in the AI ecosystem for me.

Postscript:

When actively trading, whether swing or day trading, it is crucial to set a clear maximum. Greed and fear have no place here.

My own experience: I shorted Thyssenkrupp 3 weeks ago, was right and unfortunately got out too late. Instead of 140% profit, I ended up with only 13%. Timing and discipline beat emotion every time.

What was your experience this week and in the past few weeks?

$CCO (-0,78%) Reports Earnings of Q3-2025:

• non-GAAP EPS of C$0.07 (Est. $0.20) ❌
• Revenue of C$615M -14.7% YoY (Est. $533.44M) ❌

Financial insight:

• Revenue Growth (3Y): 24.7%
• Operating Margin: 17.81%
• Net Margin: 14.95%
• Gross Margin: 26.54%
• EBITDA Margin: 31.4%
• Dividend: Increase to $0.24 per share from $0.11

Despite the lower income, Cameco remains financially very healthy, with a debt/equity ratio of 0.15 and a current ratio of 2.96 ✅

Cameco's valuation is close to its historical high with a P/E ratio of 111.11

2025 Outlook Update:

• Production: As a result of the changes in our production plans noted above, we now expect our share of production of U3O8 to be up to 20 million pounds for 2025.

• Market purchases: We have reduced our outlook for market purchases to up to 1 million pounds (previous outlook up to 3 million pounds) as a result of our utilization of standby product loan facilities to offset the impact of the expected reduction in our 2025 production on our inventory balance.

• Sales/delivery volumes: We have narrowed our guidance for the sales/deliveries volumes in our uranium segment to 32 to 34 million pounds (previously 31 to 34 million pounds) as we have greater confidence in the timing of potential uranium deliveries as we approach the end of the year.

Additional Highlights:

• Strategic Partnership with US Government: A strategic partnership has been entered into with Brookfield and the US government to facilitate the expansion of Westinghouse reactors in the US. With the $80b deal, the government will actively support financing, permitting and licensing.

• Changes to the executive team, effective 01.01.2026
• Lisa Aitken becomes senior vice-president & CMO
• David Doerksen will hold the position of Senior Advisor until retirement (31.03.26)

The share price of $CCO (-0,78%) continues to go up for the time being, my plan to buy at a lower price has unfortunately come to an end. We are close to the upper end of the 52-week range, which I had feared, partly because of the Cameco deal, which still has a lot of upside potential and is therefore generally valued highly.

I had hoped to be able to strike again here before the end of the year, at around EUR 70. In the meantime, I no longer believe it.

With an RSI of 59.33, the stock appears to be neither oversold nor undersold. I think there is still momentum here and the prospects are good. I will probably keep an eye on it for a short time and probably add to it before we get back above $100.

$UUUU (-4,66%) reported for Q3 25 EPS of -$0.07 (Est. -$0.05) ❌

Revenue on the other hand increased by +337.3% YoY ($17.71M) and beat expectations by $7.92M ✅

Guidance 2026:

$UUUU (-4,66%) Expects to sell approximately 620,000 to 880,000 pounds of Uranium Oxide U3O8 under its long-term contracts in 2026. It also reserves the right to sell additional uranium on the spot market if deemed appropriate.

Energy Fuels expects the uranium price to level off in Q4-25 and FY-26 and not increase further.

Highlights:

• Robust Balance Sheet with Nearly $300 million of Liquidity
• Completion of Upsized $700 Million Convertible Senior Notes Offering Post-Quarter
• Over $15 Million of Additional Liquidity from Market Value of Finished Inventory
• Reduced Net Loss of $16.7 Million Compared to Q2 2025
• Well-Stocked to Capture Market Opportunities and to Meet Long-term Contract Obligations

The long-term uranium price continues to creep slowly upwards, was also briefly reached by the spot price, but this has bounced off and is heading downwards for the time being.

At the moment it looks as if companies in the commodity/uranium sector are suffering somewhat due to weaker prospects and the selling off of strong profits.

$BWXT (+0,82%) Despite strong figures and a good outlook, the US dollar has also lost ground.

Tomorrow is $CCO (-0,78%) to present its earnings tomorrow, I am very excited 👀

If we also see a stronger decline in the share price here for the time being, buying opportunities could emerge again in the entire sector.

$NXE (-1,53%) just under -7% (at close)

$UEC (-8,92%) just under -8% (at close)

etc...

What is your current view on the uranium sector? @Multibagger Do you see any potential to add here, as you are deeply involved in the commodities market and the company mentioned?

$BNTX (-0,73%)
$ON (-0,83%)
$HIMS (-5,45%)
$PLTR (+2,76%)
$O (-1,22%)
$8058 (-2,26%)
$7974 (-2,41%)
$BP. (-0,05%)
$BOSS (+0,82%)
$SWK (+4,92%)
$SPOT (+2,68%)
$N1CL34
$UBER (-6,21%)
$CPRI (-0,81%)
$SHOP (+4,97%)
$RACE (-3,72%)
$HOG (+1,86%)
$HTZ (+2,62%)
$PFIZER
$UPST (+4,16%)
$ANET (+1,02%)
$PINS
$TEM (-0,77%)
$AMD (-0,64%)
$SMCI (-1,34%)
$RIVN (-1,84%)
$BYND (-0,93%)
$KTOS (-2,06%)
$CPNG (-3,5%)
$BMW (-1,26%)
$NOVO B (+4,53%)
$FRE (+3,01%)
$ORSTED (+0,2%)
$AG1 (+1,74%)
$EVT (+2,05%)
$CCO (-0,78%)
$DOCN (+1,28%)
$LMND (-1,95%)
$SONO (-1,27%)
$MCD (-0,47%)
$HOOD (-1,21%)
$QCOM (+2,89%)
$FTNT (-3,11%)
$FSLY (-3,42%)
$HUBS (+1,6%)
$ELF (+1,93%)
$ARM (-0,41%)
$SNAP (-0,74%)
$DASH (-4,83%)
$APP (-3,47%)
$AMC (-3,08%)
$ZIP (+0,43%)
$FIG (+1,81%)
$LCID (+2,79%)
$DUOL
$UN0 (+1,58%)
$CBK (+0,67%)
$DEZ (-0,21%)
$ZAL (-0,02%)
$HEN (+0,43%)
$MAERSK A (+2,95%)
$HEI (-0,77%)
$CON (+0,65%)
$AZN (+0,71%)
$ALB (+2,83%)
$MRNA (+2,81%)
$QBTS (-5,72%)
$WBD (+3,58%)
$LI (-1,51%)
$RHM (-2,29%)
$DDOG (-1,42%)
$RL (+1,22%)
$OPEN (-5,37%)
$ABNB (+1,15%)
$PTON (-1,72%)
$MP (-3,5%)
$TTD (-1,27%)
$STNE (+0,24%)
$SQ (+2,18%)
$GRND (+1,73%)
$IREN (-6,31%)
$AFRM (+2,25%)
$CRISP (-0,01%)
$RUN (+1,62%)
$7011 (+0,27%)
$DTG (+0,3%)
$HAG (-2,6%)
$DKNG (-1,56%)
$LAC (-2,43%)
$KKR (+4,85%)
$PETR3 (-0,58%)
$CEG
$WEED (+1,02%)

Donald & Friends have unfortunately thwarted my investment plan somewhat.... (for now)

Since I have just presented my entry and the topic, including the "missed" opportunity, is close to my heart, I will probably work through it right away.

To cut a long story short, when I started investing, I actually wanted to put everything into nuclear technology stocks, but when I started without thinking, some doubts caught up with me. Absolute newcomer to investing, everyone advises me to buy something else, the field is still relatively unexplored.

After I had made my first purchases $CCO (-0,78%) and $UEC (-8,92%) (at the current high at the time) I became humble for the first time, after a short time around -25%.

On the WL were $BWXT (+0,82%) and $LEU (-0,57%) (bought here briefly and thought we were massively overvalued at 60 euros 🤣)

Fast forward, I preferred to bet on stable stocks, including dividend payers, and deviated from my gut feeling, as it already seemed a bit risky.

The nuclear sector has done incredibly well, even I didn't expect that and somehow I don't see an end at the moment.

I had planned this month/beginning of next month to finally get into $NXE (-1,53%) and increased my position in $CCO (-0,78%) to around 70 euros after the small correction. So far everything seemed fine, we have fallen. I wanted to increase my Cameco position in the range of approx. 65-70 euros and also enter Nexgen.

After my small regrouping in the portfolio, there was enough money left over to enter Nexgen "in time" and I collected my first 100 shares on October 24. The next day (I should have been happy) I was shocked when Cameco shot up and the 80b$ deal was done.....

The joy of my first share with +100% is definitely there, but I would have liked to buy a lot more, as I see much more potential.

Now I'm currently thinking about how the market will realign itself, you read more and more about the sector, more and more people think uranium is great and apparently we're only now moving up again? But wasn't that also the case at the beginning of '24? Back then I bought blindly, and shortly afterwards the sell-off came. The shares were "overvalued" and still outperformed.

Where are we now? To be honest, I wanted to add to the stock before the deal and see what happens during/after the Nuclear Exhibition in Paris from 04-06 Nov happens.

Since the prices have already run away, possibly also due to profit-taking, I will probably wait until the situation calms down and the exhibition is over.

For me, however, nothing has changed in principle, I won't be selling any more shares in CCO/NXE but rather adding to them. I'm still super bullish and won't let myself be influenced too much.

Why is $CCO (-0,78%) an investment?

• Absolute blue chip in the nuclear sector with solid figures
• All-rounder - uranium is mined in its own high-yield mines and is also processed in a wide variety of ways
• Shareholder in Westinghouse (service; maintenance)
• Partnerships with Bruce Power & Nordion (Co-60 provision / Healthcare)
• Moat (regulations, expertise, etc.)

When talking about a renaissance, Cameco cannot and should not be excluded. There are many long-term contracts in this industry, the manufacturer/producer can virtually choose its customers and call up prices. If you don't get nuclear fuel in time, you can't supply energy (predictable income).

The push is becoming more and more real, which country apart from Germany is NOT talking about an extension of operating times and new builds?

In 2023, the nuclear phase-out in Spain was still unchallenged, and there are currently plans to extend the Almaraz NPP, for example $IBE (+0,87%)

The same is currently being discussed in the Netherlands; Borssele is to continue operating and also offer a site for new reactors.

In addition to Cameco, I have added Nexgen to my portfolio $NXE (-1,53%)

• Is in a good financial position (dilution will come)
• Has promising projects
• Management seems to know what is important
• Unfortunately only a pure uranium supplier, should it come to production
• (My thought, if it gets that far possibly interesting for a takeover see above)

I continue to find the sector super exciting and am looking forward to whatever may come, if prices remain high I will probably buy more anyway. Despite the "hype", I think there is still a lot of potential here, although the relatively high risk should also be kept in mind.

If something unforeseen happens here, the furnace can be out again immediately.

What do you think about this sector, do you think we are more than overvalued or is there still potential? I would be delighted to hear your thoughts on this.

Until then 🧐

PSA:

First of all, I have to say that I didn't really expect to join such a pleasant and profitable community - I actually just wanted to track my portfolio. Well, be that as it may, I'm really grateful to have landed here and a big thank you to everyone who actively shares knowledge, tips and simply their thoughts! Until now I've only ever been a silent reader, let's see if that changes now :)

For example, I always like to read where the different characters come from and how the introduction went, or generally just how the big picture was put together.

I'm probably from the absolutely financially uninterested side, and I've enjoyed rolling in consumption.

Banks - insurance companies - investments - GDP - ECB - I just want to withdraw money, maybe it's still a little way to the overdraft facility (what exactly does it do?) Anyway, you don't have to know everything.

Sometime in the mid-twenties - Another call from the local farmer's bank...

*ugh another annual consultation 😖 *

Well, I can come by on Thursday shortly before 1800, I already have a building society saver, financially it doesn't look bad now, you can earn a bit on the overdraft. But how about a fund, that gives a return and you can build up capital, better than our very below-average call money account.

No sooner said than done, we take the fund on offer and pay 150 euros a month into it, it'll be fine.

In fact, I let the whole thing run for a few years and when I finished the transfer I saw, oops, there are green numbers with + and my capital is growing.

I then stumbled across the Y-channels and soaked up information about ETFs, Bitcoin, neobrokers, what the TER is, dividends, etc.

Wait a minute, how much does my fund cost at Bauernbank? I can invest in an MSCI World for much less at Bank Y? That sounds much better!

So I open an account, move the money over and please invest in this MSCI World + EM... Savings plan set up and logged out.

Corona must be happening somewhere in between, everything is suddenly red? I'm at home due to long-term illness and have some time to do some research...

Early thirties - It's now the year 2024, the Corona thing is over, I've changed jobs, etc.

Everything is great and over the years the interest in finance, the stock market and everything that goes with it has grown enormously.

The fund and building society savings plan were liquidated (I could/should even have kept the building society savings plan with closure and possibly a later special payment, but that probably wouldn't have been a bad thing) EGAL I was clearly duped, get rid of it 😂

At the beginning of the year I was tempted by individual stocks, I don't know my way around, but a little entry into ETFs can't hurt, can it?

Of course, the classic way of choosing what to buy without premonition and preparation (due to the job and the current situation = emotions)

We buy Nukular shares, clearly there is a security here for approx. 44 euros $CCO (-0,78%) and it also looks good $UEC (-8,92%) doesn't look bad either, both fulfill my pattern (uranium). Absolutely bullish or what is that called again?

Puhhh would have, would be, if, the knowledge of today and so on 🤐

A custody account was opened at Bauernbank especially for this, my God there were still fees involved, but we're not reading that yet. The entry is done, let's see how the journey continues. I think the value was around 500 euros.

The next mission was coming up and I wanted to close my custody account at Bank Y with the ETFs and transfer everything to my first neobroker. More transactions, more capital flow and more individual securities are planned. Moreover, fewer costs are better, we are saving now.

This is where the first uncertainty came into play - but the transfer will take longer than expected? Is my money gone now? At that time, I think there was about 8k in the ETFs, which was a lot of money for me. But a few days later it was done, my securities were transferred, but the return of a few thousand % was nice to look at but not real.

Again uncertainty, discussions with the support of both banks, no real results and days and weeks passing by.

Absolutely irrational behavior, because it was really only cosmetic... Anyway, my monk then decided - I'll just sell my ETFs and then we'll start learning by doing. If you look at the transaction history in my portfolio, I think you know what I mean.

I have "informed" myself or looked at what I know, what I think I should or could buy and I have changed my mind very often, why not with the low order costs.

But I also have to say that I took this step rationally and I wanted to get in quickly and learn directly on the object, not with some demo depot or something else. Real losses = real learning curve, your trading will probably be punished or rewarded.

There's already a lot of text here, actually I've already told you how I ended up here. I have already made a few "mistakes" or "too quick" decisions, which probably everyone has experienced when I look back on them today and as is certainly evident from my purchases/sales. Up to this point there is nothing to recognize, no real analysis, who knows who is in management and do I really understand the whole thing?

The Novo $NOVO B (+4,53%) I rode the Novo FOMO train, I really wanted to have Chipotle $CMG (+0,03%) in my portfolio at the highest levels, I've turned over my savings plans umpteen times.... Somewhere I'm a Canada fan, so something like $CNR (-0,02%) of course not missing....

But I don't feel bad at all, my view of the current portfolio is actually pretty good. One or two of the right decisions were definitely made, and my interest in the subject is also steadily increasing. My impulse control is getting better and better and I think analyzing the market and the individual companies is becoming more valuable.

As I've already written a lot, I probably won't say much more about my portfolio, which I will share for now.

I've become a big fan of company presentations/reports and think it's great when people tell you why/why they invested in a particular company.

That's why I've actually planned to present my portfolio in more detail soon with the thoughts behind it.

If you look at the transactions, you will see that there are certain patterns and that everything looks a bit wild and without a plan (which is what it was at the beginning).

Briefly about the portfolio and the story behind it, I started at the beginning of 2024 with around 10k financial resources and wanted to create a "solid" portfolio as quickly as possible that would break the 50k mark. I never thought it could happen so quickly... Of course, a lot of it is self-generated and paid in, I hope that the portfolio can then also take over a large part.

Constructive criticism and discussion is welcome but not necessary, the VWRL should actually be expanded more with the TDIV, but I think individual stocks are great too.

I am definitely pursuing a long-term horizon and would like to hold on to good companies for a long time, preferably value + growth, reinvesting dividends now + a decent savings rate. However, I also see myself investing in more companies with growth in the future, as I have laid my "foundation stone".

So much for now, have a nice evening and best wishes to the community!

*Sorry for any mistakes, if any. I can't or don't want to work through everything again now, so😁* must suffice.

Savings plans are running - individual purchases are slowly being converted into cash :)

Am now at around 100% there

LG