Recorded on January 12, 2026.
In this #Millettian guest interview, Steve Yang sits down with Laurent Lequeu, co-founder of The Macro Butler, to unpack the macro and geopolitical forces he believes will define 2026. From US strategy in the Americas to NATO strain, Taiwan risk, and what investors can do in an environment of policy volatility, Laurent lays out a framework for thinking about security, supply chains, and markets without hype.
The opinions expressed are solely those of the guest and do not necessarily reflect those of Natural Resource Stocks.
Guest links
The Macro Butler: https://themacrobutler.com/
Substack: https://themacrobutler.substack.com/
X: https://x.com/TheMacroButler
X: https://x.com/LLequeu
LinkedIn: https://www.linkedin.com/in/laurent-lequeu-
Host links
Steve Yang | Natural Resource Stocks
Website: https://www.NaturalResourceStocks.net
YouTube Main: https://www.youtube.com/@naturalresourcestocks
YouTube Clips: https://www.youtube.com/@NaturalResoureStocksClips
X: https://x.com/TheSteveYang
LinkedIn: https://www.linkedin.com/in/thesteveyang/
Chapters
00:00 Intro and why 2026 feels different
00:01 Venezuela, security, and the Americas
00:03 Fortress America and Greenland minerals
00:10 NATO strain and defense spending incentives
00:19 Hypersonic and escalation risk
00:20 Taiwan and maritime blockade scenarios
00:27 2026 panic cycle and fiscal math
00:33 When the US looks like an emerging market
00:39 The Banana Republic portfolio framework
00:42 Fed rates and the long end of the curve
00:47 Platinum thesis and closing
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