About this episode
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 systemWhy he will flatten his entire book when the market is telling him he's wrongThe macro forces reshaping commodities & real assetsHis most painful trade — a huge loss on Illumina — and the lessons on borrowed convictionWhy learning too much about a stock is his red flagFollow Leon:X — https://x.com/ArrakisGlobalIf you found this valuable, subscribe for more conversations with investors and operators across mining, commodities, and global markets.Episode recorded: 03/18/2026…………...… DIRECTOR'S SPECIAL EMAIL Join 16k+ subscribers to the Director’s Special: one daily email with all the news that matters in mining …………… 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…………… PARTNERS SS&C Intralinks - Powering deals with unmatched security and efficiency Sandvik Ground Support – The only ground support you’ll ever need Focus by Marketech – All your mining news and market needs in one powerfu
