Recorded on February 10, 2026
In this episode, Steve Yang sits down with Dylan Jovine to map the geopolitical risk landscape that can blindside portfolios before the market prices it in. Dylan explains why Greenland is less a “resources story” and more an Arctic-first-strike geometry problem—where missile flight times and forward basing can shift deterrence math in a dangerous way. From there, the conversation moves to Venezuela and what great-power competition looks like in the Western Hemisphere, then to Europe’s growth and alliance strain as security burdens get redistributed. A major focus is Taiwan: semiconductors, AI chips, and the capital-flow gravity that could follow a realignment of allies. Finally, Dylan lays out how defense tech is accelerating—AI systems, drone swarms, and the idea of removing humans from the kill chain—and what that means for escalation risk and the market narrative. #Millettian
Key Topics
Greenland, the Arctic, and why missile geometry matters
Deterrence math and the “seven-minute” first-strike fear
Venezuela as strategic footprint + leverage
Alliance strain: Europe growth, burden-sharing, and credibility
Taiwan’s semiconductors, AI chips, and capital-flow gravity
“Chip War” logic: why fabs become strategic targets
Defense tech acceleration and autonomy
Drone swarms and removing humans from the kill chain
Guest Links (provided)
https://behind-the-markets.teachable.com/
Host Steve Yang Natural Resource Stocks
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Chapters
00:00 Greenland and Arctic first-strike math
02:43 Filtering noise vs signal in macro headlines
04:30 Venezuela and great-power reach
08:01 Space + satellites escalation risk
09:37 Taiwan, capital flows, and chip leverage
14:51 Europe, alliances, and burden-sharing
16:33 Negotiation style and US politics
17:55 Elbridge Colby, realism, and strategy
25:45 Semiconductors, “Chip War,” and deterrence
36:38 AI kill chain and drone swarms
40:20 Closing thoughts
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