Recorded on March 11 2026
Steve Yang sits down with Dylan Jovine for a wide-ranging macro conversation on why the current Iran conflict should not be viewed as an isolated event. Dylan argues there are two chessboards at work, a regional Middle East contest and a larger United States versus China struggle that shapes energy, trade, military pressure, and investor positioning. The discussion moves through the Strait of Hormuz, oil chokepoints, rare earth leverage, Taiwan war game scenarios, and why logistics still decide the balance of power. Dylan also explains why modern warfare is shifting toward speed, autonomous systems, and faster decision loops, then connects that shift to investor opportunity in energy, infrastructure, and defense-adjacent names. The second half of the interview digs into how Behind the Markets approaches research, what Dylan looks for in management teams, and why disciplined capital allocation matters more than hype when a major sector is changing. If you want a conversation that connects geopolitics, natural resources, market risk, and investor opportunity instead of treating them like separate stories, this interview delivers exactly that. #Millettian
Key topics
Two chessboards with the Middle East on one board and United States versus China on the other
Why Iran matters as both a regional conflict and part of a larger China strategy
The Strait of Hormuz and how energy chokepoints pressure allies and markets
Taiwan risk, the 2027 window, war games, and logistics advantages
Rare earth leverage, Nvidia chips, and supply chain pressure
Why resources still determine power and who controls the tap
Oil, gold, energy infrastructure, and defense-adjacent opportunities
How modern warfare is changing through autonomous systems and speed
How Behind the Markets researches deep sector dislocations and management quality
Guest links
Dylan Jovine https://dylanjovine.com/
Behind the Markets https://behind-the-markets.teachable.com/
Host 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/
Natural Resource Stocks LinkedIn https://www.linkedin.com/company/naturalresourcestocks-net/
Natural Resource Stocks Facebook https://www.facebook.com/people/Natural-Resource-Stocks/100090526686713/
Natural Resource Stocks TikTok https://www.tiktok.com/@natural.resource.stocks
Natural Resource Stocks Instagram https://www.instagram.com/naturalresourcestocks/
Chapters
00:00 Cold open
01:52 Steve Yang intro
02:15 Two chessboards and the bigger macro fight
07:50 Strait of Hormuz pressure and leverage
10:25 What an exit ramp or victory looks like
16:26 Taiwan risk and the 2027 window
21:16 Rare earth pressure and the energy tap
24:22 Why resources still decide power
28:02 Oil, gold, and energy opportunities
29:05 Modern warfare, speed, and autonomous systems
33:03 Behind the Markets research process
35:37 How to find Dylan Jovine
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