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

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