An informal dispatch on markets, money, and the mindset behind it. Free, always. For those who want to go deeper, the links are at the bottom.
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Market Musings
The big story: Middle East conflict dominates
The week was defined by a rapidly escalating conflict involving Iran, which rattled risk sentiment across all Asian markets. Oil prices surged after Iran reportedly closed the Strait of Hormuz, and the shockwaves hit export-heavy, energy-importing economies hardest.
Asia is bleeding. Is this a flush or a fracture?
Asian markets are selling off hard this week. My take: Likely due to the region’s reliance on products which transit the Strait of Hormuz.
The question I ask is how much of this is due to leverage?
Because depending on the extent of this being the result of levered liquidation and who is being closed out, there may be forced selling across the board.
Owning exchanges is a nice place to be during volatile times.
Asia’s Pain is Texas’ Gain
Meanwhile, West Texas is quietly becoming one of the most interesting infrastructure stories on earth. Data centres need land, power, and water and the Permian Basin has all three in abundance, and the landowners sitting on that acreage are starting to look like the new landlords of the AI age.
Which brings me to two names I've been long on since late January: LandBridge (LB) and Texas Pacific Land (TPL). As of this morning they're up +51.32% and +75.94% YTD respectively.
Iran And The Icarus Setup
Brent has ticked up to around $81/bbl. Here’s the scenario I’m gaming out:
If the US and Israel succeed in redirecting control of Iranian oil flows — roughly 1.8 million barrels per day — that supply tilts westward and away from China (not completely but in theory). On the surface: bullish for the West, a strategic headache for Beijing.
This is where I keep coming back to two ideas.
Doomberg’s Icarus print: the idea that a forced supply surge could create a price spike before leading to an eventual crash.
Nassim Taleb’s observation that he has never seen a shortage that wasn’t eventually followed by a glut.
If Iranian supply is not interrupted for a prolonged period and is redirected, we could be setting up the perfect bull trap in energy. Spike first. Then the floor gives way 12–18 months later. The tail risk is that this time is ‘for real’ and the conflict drags on and results in large scale infrastructure damage, negatively affecting supply and this would send oil prices to the moon in sharp fashion.
I’m positioned well in any event.
The Royalty King’s Remarks
LB Earnings: Sensational. Exactly What I Expected.
LandBridge reported and the numbers were, frankly, everything I laid out in my preview piece.
The market reacted well. I wasn’t surprised. When you do the work, I mean really do the work, earnings are a confirmation.
If you want to understand how I built that pre-earnings thesis, the full walkthrough is in my previous piece:
MEDIA
Rick Rule | A 1-on-1 Lesson With A Legend.
Growing up, I never imagined I’d have access to someone like Rick Rule. Ultra-wealthy. Decades in resource investing. A genuine legend in every sense.
Above is the link to yet another immensely valuable conversation where Rick literally helps me work through my framework for valuing mining companies in real time. Not so much a polished interview but rather a working session where you’re all invited.
If this landed with you, the single best thing you can do is forward it to one person who you think would get something from it.
All the best.
— Benjamin, The Royalty King
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Portfolio Snapshot — March 2026
*The Croupier Collection is still being quietly built in the background.
Disclaimer: This publication is intended solely for documenting my personal journey with trading and investments for income and travel purposes. I am not a certified financial advisor nor am I a financial professional and none of the content provided should be construed as investment advice. It is essential to conduct your own thorough research and consult a registered financial service provider for appropriate guidance. I cannot guarantee the accuracy or completeness of the information presented. Any actions taken based on the information shared in any of my work are done at your own risk and discretion. Past performance is not indicative of future results. All investing involves risk, including the potential loss of principal. There is no guarantee that any investment strategy, including those discussed here, will achieve its objectives or generate profits. You should carefully consider your investment objectives, risk tolerance, and financial situation before making any investment decisions.