This Energy Crisis Could Get Ugly (Arrakis Global)
Leon (aka Arrakis Global) is a pseudonymous generalist fund manager, a former banker turned go-anywhere, thematic fund manager with a track record that has been up and to the right.
We have the privilege sharing his podcast debut.
This episode goes deep into how a generalist with a commodity bias navigates today's markets.
In this conversation, we dive into:
- Why he treats risk management as a religion - hence going 95% cash!
- How he thinks about price action, narrative, and market structure as a fluid system
- Why he will flatten his entire book when the market is telling him he's wrong
- The macro forces reshaping commodities & real assets
- His most painful trade — a huge loss on Illumina — and the lessons on borrowed conviction
- Why learning too much about a stock is his red flag
Follow Leon:
X — https://x.com/ArrakisGlobal
If you found this valuable, subscribe for more conversations with investors and operators across mining, commodities, and global markets.
Episode recorded: 03/18/2026
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TIMESTAMPS
(0:00) Intro
(4:10) Leon’s Risk First Playbook
(11:50) How Themes Are Born
(21:20) Commodities Now and Glencore
(37:10) Chaos Trades With Glencore
(40:30) Earning the Right to Trade
(44:10) Crisis Playbook and Precious Metals
(1:07:50) Illumina Losses and Closing
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DISCLAIMER
All information in this podcast is for education and entertainment purposes only and is of general nature only.
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