This in-depth Royalty King interview turned into as much a "how to" type conversation as a "what are you speculating on now" Q&A. Ben asked some very important questions. Highly recommended.

Timestamps:

00:00 — The two wolves (and the third one) — intro
01:06 — Why Lobo has been selling: the upside maximizer strategy explained
07:07 — Over 80% cash — a number he's never hit before
07:47 — Why he paid off his mortgage with the proceeds (and what Charlie Munger got wrong)
10:31 — Does eliminating debt change your risk appetite?
12:39 — Lobo's track record: 80% average gain on all closed trades, two-thirds win rate
16:41 — What Lobo actually thinks he knows: sectors & setups on his watchlist
17:32 — Oil patch: the "square root sign" trade — why peace news could be a buying opportunity
21:35 — Copper: structurally bullish, but a dip may be coming first
21:56 — Uranium: recession-resistant energy metal, geopolitical knee-jerk risk
24:24 — Gold/silver in a waterfall event: sell what you can, not what you want
24:52 — Taleb, ruin risk & effect size vs. probability
31:00 — Royalties vs. producers vs. juniors vs. LEAPS: how to express a gold/silver thesis
36:32 — The Taleb barbell built into Lobo's portfolio (majors + juniors)
38:31 — Benjamin's case for long-dated call spreads on the metal itself
44:31 — Benjamin's royalty model: volume exposure, compounding through cycles
45:39 — Lobo's two greatest mistakes — and the rule he'll never break again