Recorded on February 13 2026
Rick Rule joins Steve Yang to lay out a blunt macro framework for the next decade and why he believes it rhymes with the 1970s: sovereign debt math, political constraints, and the realistic ways societies attempt to resolve obligations they cannot pay in real terms. Rick walks through the logic chain from on balance sheet deficits to off balance sheet entitlements, why the arithmetic matters more than ideology, and why the endgame tends to be inflation that reduces real obligations while nominal promises are maintained. From there, he explains how bond markets can eventually regain control of rates, why rate resets can break inflation, and what that process implies for real yields, gold, and capital intensive sectors with pricing power. The conversation then shifts from macro to tactics: liquidity conditions, investor behavior shaped by the 1982 to 2022 tailwind era, and how resource investors can think about positioning without relying on narratives. Rick also breaks down how he evaluates speculations in junior explorers, why deposit size matters to him, and the practical reality that traders can profit even when most exploration theses fail. The episode closes with Rick’s education and community ecosystem, including portfolio rankings, Rule Classroom, and bootcamps, plus his conference model built around year round preparation and vetted exhibitors. #Millettian
Key topics
Sovereign debt arithmetic and why living standards collide with promises
On balance sheet deficits versus off balance sheet entitlements and the real obligation stack
Default versus inflating away obligations and why the 1970s analogy matters
Bond market rate control, real yields, and the mechanisms that break inflation
Gold, natural resources, and businesses with pricing power in inflationary regimes
Liquidity, banking posture, and why investors stay anchored to the last cycle
Junior mining speculation frameworks, deposit size, and selling the ticket as a trader
Rule Investment Media rankings, Rule Classroom education library, and bootcamp deep dives
Conference model, exhibitor vetting, and learning from recordings
Guest links
https://ruleinvestmentmedia.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/
Chapters
00:00 Intro and why the next decade rhymes with the 1970s
01:25 Sovereign debt arithmetic and unsustainable expectations
03:30 Net obligation math and the shrinking private wealth cushion
06:36 Default versus inflation and the Argentina analogy
07:26 Inflating away real obligations and what breaks the cycle
08:54 Planning for inflation and real asset positioning
11:32 Liquidity conditions, banks, and investor rearview mirror behavior
36:40 The Rick Rule conference model, prep content, and exhibitor vetting
45:16 Deposit size, selectivity, and what he does not own
46:16 The horse track analogy and selling the ticket as a trader
48:04 Rule Investment Media rankings and the Rule Classroom ecosystem
49:20 Bootcamps and the deep dive learning path
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