Introducing a new, less formal segment to address readers’ feedback. Think of it as a running commentary from my notebook: insights, Q&A, select updates on general themes and exotic trades plus reflections on global markets. A simple, consistent way to stay connected and a bridge between the deeper research and the broader conversations shaping this community and keep you in the know.
Let’s start with some recent Q&A
Q: Are the upcoming price increases going to affect current subscribers?
A: No. All existing subscribers will be grandfathered at their current rate. The new pricing applies only to new members who join after the change (Jan 1st) or for those who cancel and then re-subscribe. The current yearly price, I humbly suggest, is a no-brainer.
Insights
Natural gas has caught the attention of many with its 60% price rise inside of 3 months.
This bodes extremely well for one of more well known pieces outlining the investment thesis for San Juan Trust SJT 0.00%↑ which you can find here:
Whilst SJT receives pricing far lower than the Henry Hub level, it’s hard to imagine such a price arbitrage remains indefinitely and therefore if one is able to think 6-12 months ahead there’s a possibility SJT enjoys a far more rapid pay down of its excess production costs owed to operator Hilcorp, resulting in the royalty payments returning on a much increased production volume and increased price environment.
In my private consulting I have shared with clients my blended case for payments to be re-instated in 6-9 months depending on the spot price received.
Bottom line: I continue to hold SJT regardless of the c60% increase in price since my entry at $3.80. The trust dished out an average annual dividend of $0.60 over the past 8 years at much lower prices and volumes. Returning to such a level as a base caseimplies a 10% dividend yield today or closer to 16% yield on cost.
Exotic Trade Update
Oct 31 this piece was published sharing some of the lesser-know derivatives trades I use, mainly for income or hedging purposes.
The trade has since paid off in full providing a spectacular cash-in-hand profit whilst structured such that it was impossible to lose money overall. This structure remains a favourite of mine and I continue to deploy it to the tune of 1.5-2% yield per month.
Income and exotic trades will be expounded in 2026 in the mastermind which is currently under construction - apologies for the delay yet this is not an example where time is of the essence but rather quality and compliance considerations take precedent.
Media Appearances
Market Musing
Liquidity today sits in a more fragile equilibrium than most investors appreciate. The TGA has rebuilt toward its upper range, ON RRP has been exhausted, and reserves are doing most of the adjustment work. In practical terms, every dollar of Treasury issuance or QT now has a clearer path into tighter financial conditions. Markets can still rise, but they are rising against a slower current and that current is now visible in the plumbing.
Thanks for reading the Crown Compendium. If you’d like the full research that sits behind these notes, you’re welcome to upgrade whenever the time feels right.
Now I’m traveling back to Argentina to enjoy the holiday season in my second home.
Wishing you all the best.
— Benjamin
The Royalty King








Great article. I really like these updates