One week back in Argentina and it’s been full throttle socially: a wedding in the Province of Buenos Aires, then straight down to Patagonia to reconnect with friends and family.
What stands out is the mood. The region, and Argentina as a whole, feels like it’s turning a corner. I’ve never seen it quite like this—there’s a genuine sense of momentum and optimism.
Royal remarks
In brief, there isn’t much available today that both fits my preferred business model characteristics and screens as attractively priced. The main exception remains energy royalties, where I already have meaningful exposure across portfolios.
Most junior precious metals royalties I highlighted last year—then trading at steep discounts to book—have since seen those gaps close, largely as expected, driven by sharp price appreciation. Tether’s recent buying activity appears to have accelerated this process materially.
FAQ: When will the income mastermind open?
Patience. My developer (seen below) and I both ran into delays, we’re now targeting a launch by the end of Q1 2026. There’s no urgency with a project like this—I want it to be thoughtful, deliberate, and genuinely exclusive.
It will also be expensive.
The options market isn’t going anywhere, which makes getting the foundation right far more important than rushing to market.
Exotic Trades
Selling options on my physical gold continues to provide a double benefit - the underlying collateral is screaming higher whilst the options provide on average 1.5% per month cash in hand yield.
Given such a strong opportunity exists in one of the safest assets available it makes sense to keep drawing from the same well.
ICYMI
Market Musings
An example of high quality energy assets that appear attractive is left here.
There’s an argument to suggest that Viper energy, VNOM is on offer for a 20-25% free cashflow yield as below. As such, anyone running an insurance-style business model for income might consider selling some longer dated put options if they had the temperament.
At the time of writing the 6 month ATM puts are on offer for $2.40 implying a 13% annualised yield. That might sound boring to some but I’m highly satisfied with my current position in life now and hence the goal is not to be interesting nor even sell subscritpiions as a primary focus but rather to protect and grow my capital in reliable fashion. Boring business is good business.
Insights:
Vaca Muerta is booming!
Normally I like to buy the exchange itself, but that requires local account, which isn’t a problem, however it also requires justification of funds entering Argentina, along with 6-8% transfer fee every time + close to 80% tax rates on any income or gains!
Conclusion - those less familiar with the country but who are seeking exposure are likely best to buy an ETF via ADRs.
Media
I completed my 100th podcast with the notorious Doomberg.
Several more podcasts are in the pipeline and will be published over the coming weeks.
In brief, I sat down with: Marco Roque, CEO of Cassiar gold, Steeeeve of Unemployed Value Degen, Hugo Navarro, John Polomny and more.
I’m now off with the family to southern Chile and given the wifi isn’t the best, there’ll be a delay in publishing these.
Consulting
Thank you to all clients who have engaged my consulting services. For those interested in a private consultation—including bespoke research, portfolio commentary, and focused work on royalty-style businesses and options strategies for digital income—please reach out via direct message on Substack.
A reminder that pricing across all services will increase effective January 1, 2026.
Wishing you all the best.
— Benjamin
The Royalty King
Liking the TPL stock split. Now I can income write without tpl tying up as much capital!