Their presentation is here:...

Their presentation is here:
http://www.indmin.com/events/presen...000arCDGMA2/jon-hykawy-stormcrow-capital.html
They bring 'balance to the force' by being as conservative as possible. You will notice that in lithium use they choose to use Avicenne data which largely (or completely) ignores the EV uptake in China and any large scale battery projects anywhere.
You will also note that they have assumed full funding and best case commissioning scenarios for a wide variety of prospective and producing companies.
Even still, their long term pricing is enough to turn steady profits and with decent market share, is IMO still going to make big margins in years ahead.