I just returned from an incredible Rule Symposium on Natural Resource Investing in Boca Raton, Florida, and remain sincerely grateful to Rick Rule, the entire Rule team, to every CEO and industry colleague I sat down with, and to every one of you who said hello in the hallways, at the lunches, on the cruises and at the key panels.
Whether you joined me in person or connected with us on livestream, thank you. I was honored to once again deliver a keynote, and it was one of the most energizing and insightful weeks I’ve had in a long time.
My presentation this year was called The Real Asset Lockout. It’s the third chapter of a commodity mega-cycle I’ve been tracing on that stage for three years running. In 2024, I called its first phase the Real Asset Big Bang, when markets and governments finally acknowledged that physical resources mattered more than fiat money. In 2025, I called the second phase the Real Asset Uprising, when real assets moved from investment targets to instruments of policy.