In The Bottleneck Trade, Part II: Own the Metals Layer, I argued that the smartest place to look is not the machine.
It is the stuff the machine cannot ship without.
·8 min read
The Bottleneck Trade, Deep Dive: Arafura Rare Earths
The real bet here is not rare earth demand. It is whether the West is finally willing to pay to solve its own dependence.
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·9 min read
The Bottleneck Trade, Deep Dive: Hensoldt
HENSOLDT: Owning Europe’s Sensor Chokepoint
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·7 min read
The Bottleneck Trade, Deep Dive: Almonty Industries
Tungsten stopped being a price story the moment buyers realized the real scarcity was compliant supply.
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·14 min read
The Bottleneck Trade, Part IV: Own the Settlement Layer
Hormuz, gold, silver, and the real game behind alternative payment rails
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