The Oregon Group
Thinking About the Macro,
so you can Invest in the Micro
The world is at an inflection point, the scale of which no one could have imagined 30 years ago. It is period of great risk but also great opportunity.
As an investor, it is all too easy to become buried under a mountain of stock tips and buy recs. But the right macro analysis can help you to find the right investments and reach your summit.
Just take a look around the room you are sitting in: just about everything you see is, at its most basic level, either mined or grown. Energy, minerals, food – investing in natural resources means investing in our world. And how about emissions? Funding climate fighting projects is a generational opportunity but it’s also an investment minefield. These are a just a few of the areas that we are focused on.
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The Oregon Group is an investment research team founded by independent capital markets experts, Anthony Milewski and Justin Cochrane
Anthony Milewski and Justin Cochrane have spent their entire careers in the capital markets. Anthony’s early years were spent as a portfolio manager with large funds in New York City and Europe, where he earned an international reputation as a commodities expert. Justin became an influential investment banking analyst working with some of the world’s largest banks. Since then, they have been board directors, CEOs, and financiers, but, above all, Anthony and Justin are investors, and have built considerable wealth for themselves and for investors who have followed them.
Interviewed on many occasions by the world’s leading media outlets, including Bloomberg, The Wall Street Journal, The Financial Times, Forbes, BNN, CNN Money, CNBC Squawk Box, and NIKKEI Asia, Anthony, Justin, and their team, are now sharing their boardroom expertise and institutional perspective to help you profit and hedge your exposure during this time of unmissable opportunity.
To that end, The Oregon Group is focused on delivering to our subscribers a steady flow of educational and insightful commentary on hot and soon-to-be hot investment areas.
Anthony Milewski has two passions: the outdoors and investing. At any moment you might find him skiing in France, fly fishing in Alaska, white water rafting in Oregon, or wide awake in the middle of the night analyzing news releases and financial statements.
Anthony realized early on that a truly rewarding career needed to include following his passions. But how to do this? As a Fulbright scholar, he spent time in the former Soviet Union and saw firsthand the changes brought about by the privatization of vast swaths of the regional economies. He also noted the great potential in building companies on the back of these changes and, for a time, was employed by Renaissance Capital in Moscow, Russia, working with entrepreneurs and natural resource companies. Upon graduating from the University of Washington, with a MA in international studies and a JD in law, he took a job at New York based Skadden, Arps where he became immersed in commodity transactions. Anthony would later transition from Skadden to Firebird Management in New York where he worked in the Global Macro funds.
Anthony’s time at Firebird had a profound impact on his investment style. He realized that you can “get a call right” but the “timing wrong”. Investing, as much as anything, is about understanding the themes and ideas that shape our world, environment, and capital markets. It was this realization that helped to shape his views on identifying themes, thinking about liquidity, and ultimately making successful investment decisions. No one ever lost money selling for a gain! After leaving Firebird he went on to work with other major funds as a c-level executive specializing in global origination and investment processes. This time cemented his views on risk mitigation and liquidity.
After years in the asset management business, Anthony realized it was time to strike out on his own. Along with his business partner, Justin Cochrane, he founded and took public several companies. To date, he has helped raise over a billion dollars for listed companies on various exchanges around the globe. In a sense, this was Act Two of his career.
All told, Anthony has served as a founder, advisor, director, executive and investor. He now pursues investment ideas that make money and make the world a better place. That might mean investing in nickel as key ingredient in batteries, carbon as a way of saving forests, copper for the electrification of things, artificial intelligence to help reduce the impact of farming on our environment — the list goes on.
Justin Cochrane started his career twenty years ago as an investment banker with one of Canada’s largest banks. He spent his first ten years focused on forest products, clean tech, power and utilities, and mining. They seemed the obvious choice for someone raised in resource-rich Canada with a strong love for the outdoors.
During this time, Justin realized two things that would guide his future as an investor. The first was that the natural world and the capital markets were becoming increasingly intertwined. The second was that themes related to this trend would surface throughout this long-term transition to a green global economy. Justin knew that being able to identify and understand those themes at an early stage would be critical to his success as an investor.
His time in banking, had one other lasting impact on Justin, and that was the benefit of generating a return on capital through a steady flow of income and diversification. It was with this in mind that he joined Sandstorm Gold as an executive Vice President and played a key role in building one of the world’s largest precious and base metals streaming companies. He followed this by co-founding Duke Royalty – one of Europe’s largest royalty financing companies.
It was during this time that Justin became passionate about energy transition. In particular, he was taken with the critical importance of key inputs and the supply chains needed to support this transition. So, in 2017, he co-founded Cobalt 27 Capital with business partner, Anthony Milewski. Under their guidance, the company acquired one of the world’s largest stockpiles of physical cobalt and built a portfolio of cobalt and nickel royalties and streams.
In 2020, in line with the rapidly growing, global trends involved with decarbonization, Justin co-founded Carbon Streaming Corp. The company is currently acquiring carbon streams and investments in some of the world’s largest and highest quality carbon projects that are helping to fight climate change, improve the lives of local communities and protect regional biodiversity.
In his spare time, you can find Justin out on the golf course, or else mountain or road biking, skiing or kite boarding. He’s also a married father of two, and likes to remind everyone that his “spare time” is extremely limited.
Christian Purefoy bought a flight to Lagos, Nigeria twenty years ago with the idea of becoming an international journalist. After he landed and successfully pitched his first stories in the region for UK newspapers, Christian knew he had found his first passion.
Hired by CNN International as their Nigeria and West Africa Correspondent, he spent over ten years reporting on everything from geopolitics, armed conflict, oil exploration and global investments, to religion and regional militancy. In particular, in the Niger Delta region, Christian saw how oil and corruption can have devastating consequences for society and the environment.
His experience with CNN helped shape Christian’s understanding of the main drivers behind global events and market trends – knowledge that he found crucial as he became an investor. He went on to found Third Mainland Entertainment, a news and media company based in the US, UK, West and East Africa, using the rapidly growing online marketplace to connect local stories in Africa with the diaspora in the West. The platform would go on to have hundreds of thousands of subscribers, hundreds of millions of viewers.
After selling his stake in Third Mainland, Christian returned to the UK where he works as a consultant, analyst and investor, focused on a variety of sectors, including commodities, energy transition and decarbonization.
The Oregon Archive
The team has been sharing their thoughts and predictions in interviews and corporate blogs extensively over the years. You can read a our past articles, podcasts and videos in our archive.
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