Speculative Runs, Commodities and North American Supply

Critique of crypto treasury SPVs and rolling speculative themes, plus the commodity rotation into scarce inputs and missed opportunities to ally with Canada on critical metals.

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Episode notes

In this episode, we sit down with Le Shrub for a wide-ranging conversation on today’s markets - what he calls the Golden Age of Grift. From currency debasement to the rolling Ponzi cycle, Shrub lays out why valuation no longer drives markets, why real assets matter more than ever, and how to survive when both sides of the barbell can break.

We cover:

• Why currency debasement is now a permanent feature, not a bug

• The barbell approach to portfolio construction in an era of grift

• Platinum, tin and the case for overlooked critical metals

• Why Brazil could be the real asset trade of the decade

• Shrub’s takes on Tesla, Nvidia, MicroStrategy and the Ponzi rotations

• Memes, markets and making blood sacrifices to the market gods

Whether you’re a gold bug, a tin bull, or just curious about how to navigate a world of grift, Shrub brings his trademark mix of insight, parody and hard market truths.

Subscribe to Le Shrub’s articles: https://www.shrubstack.com/ and follow him on X: https://x.com/agnostoxxx

Companies mentioned: GLEN.L, AAL.L, MP.NY, NAK.NY, NDM.TO, MLX, AFM.V, VALE, IMP.JO, SBSW, TSLA, NVDA, MSTR, IONQ, QUBT, RGTI, OPTT.

This interview was recorded on 19.9.2025.

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TIMESTAMPS

(0:00) - Intro

(4:00) - The Golden Age of Grift

(9:10) - Shrubs Strategy Right Now

(21:10) - Run up in Ethereum, Commodities, Etc

(26:40) - What Metals are up Next

(33:50) - Canada and the United States Relationship

(35:40) - What Would a Resolution Between Russia and Ukraine Do for the Markets