Special Edition: My Investment Portfolios
Crown Compendium V | Real capital. Real allocations. No paper trades.
“Don’t tell me what you think. Tell me what’s in your portfolio.”
— Nassim Nicholas Taleb
I’ve often been asked to share my portfolio, something that has always given me pause. Copying without comprehension or conviction is usually a curse rather than a blessing.
That said, as a thank you for the tremendous support I’ve received for The Royalty King and its sister publication — Machina Capitalis — premium members will today see the three investment portfolios I actively run behind the paywall.
The portfolio for Machina Capitalis is excluded and available only for those subscribers as I consider it an operating business.
It’s important to note that, unlike many portfolios shared on Substack, these are not paper portfolios. My own capital is invested in each one and allocated according to the principles outlined in the accompanying footnotes. Each portfolio serves a distinct role, with a defined strategy and capital allocation framework, as described below.
Crassus Investments
A blended portfolio of royalties, exchanges, and select special situations. This is a closed-end portfolio: capital is fully allocated, aside from occasional de minimis cash from dividends, which is typically redeployed promptly.
The Royalty King Portfolio
A collection of royalty and streaming investments spanning large-cap metals claims, through to obscure, micro-cap, and exotic royalty trusts unknown to most market participants. This is an open-ended portfolio, with funds added opportunistically over time.
The Croupier Collection
A global portfolio of exchange operators, clearing houses, select asset managers and brokerages — the financial croupiers of the world’s capital markets. This is an open-ended portfolio, initially spun out of The Royalty King, with long-term capital now being actively and continuously allocated as opportunities arise.
The portfolio weightings at cost are as follows:
