BITTER
EGGPLANT

If you have ever walked past an elementary school in Japan, you may have noticed a small statue in the courtyard — a boy, mid-stride, carrying a bundle of firewood on his back and reading a book at the same time. His name is Ninomiya Kinjirō. He is one of Japan's most beloved historical figures. A peasant boy who lost both parents by the age of sixteen, educated himself by candlelight, and went on to save over 600 villages from financial ruin and famine. The statue is a symbol of diligence. Of learning while you work. Of never wasting a moment.

But there is another story about Kinjirō that fewer people know — and it is the one I keep coming back to.

It was early summer, 1833. Kinjirō was sitting down to eat and was served eggplant. He took a bite and put down his chopsticks. Something was wrong. Summer eggplant is supposed to be sweet and tender. This was bitter. Fibrous. It tasted like autumn. And autumn eggplant in the middle of summer meant only one thing to a man who had spent his life watching the land: the cold was coming early. The rice crop wouldn't make it.

He didn't wait for confirmation. He didn't convene a committee or consult an expert. He ordered his farmers to plant millet. Fast-growing, cold-hardy, unglamorous crops that nobody wanted to eat in good times. The crops that keep everyone alive when everything else fails. When the Tenpō famine arrived and devastated the rest of Japan, his villages didn't starve. Some had enough left over to feed their neighbors.

Kinjirō is one of my favourite historical figures. Because he never stopped learning, and he never stopped paying attention. He understood that the world is always sending signals — in the soil, in the weather, in the taste of a vegetable — and that the only difference between the people who survive a crisis and the people who don't is whether they were paying attention before it arrived.

The signals are everywhere right now if you're paying attention. Fertilizer shipments through the world's most critical waterway down 56% in a single month. Farm bankruptcies in the American heartland up 46% year over year. China quietly banning sulfuric acid exports on May 1st — a chemical foundational to global food production. And the strait that powers Europe and feeds Asia is now effectively closed.

Most investors are watching oil prices. That's the obvious trade. That's the eggplant on the plate. What they're missing is what the bitterness means.

Kinjirō's genius wasn't that he predicted the famine. It was that he understood the time to plant millet is before the famine arrives — not during it, not after it. The farmers who waited for certainty starved. The ones who acted on a bitter eggplant in June ate in December. I've spent the last several weeks looking for millet. And I think I found it — in the last place most people would think to look.

The Chemistry Set

The Persian Gulf isn't just the world's gas station. It's the world's chemistry set. The same facilities in Qatar, Saudi Arabia, Iran, and Kuwait that ship crude oil and LNG also ship the nitrogen, sulfur, and phosphate inputs that grow the food that feeds billions of people.

Here is how it works. Natural gas is processed into ammonia. Ammonia combined with CO2 becomes urea — the world's most widely used nitrogen fertilizer. Sulfur, a byproduct of gas and oil refining, gets converted into sulfuric acid — the solvent that unlocks phosphate rock into phosphate fertilizer. The Middle East supplies 46% of globally traded urea. The Strait handles nearly half of global seaborne sulfur trade. Iran alone is the world's second-largest urea exporter.

Close the Strait and you don't just raise oil prices. You starve the soil.

The numbers are already moving. Fertilizer shipments through the Gulf fell 56% in a single month. India gets 80% of its ammonia through the Persian Gulf — and India is heading into kharif planting season right now. Rice, cotton, maize. If the urea isn't on the docks in Mumbai by mid-June, the yield damage is locked in for this crop year. The famine doesn't arrive in June. It arrives in December. That's how these things work.

And it isn't just food.

The Independent Lubricant Manufacturers Association issued a warning last week about an imminent shortage of motor oil. Forty-four percent of Group III base oil — the most important ingredient in modern engine lubricants — comes from three Persian Gulf producers. Pearl GTL in Qatar, one of the world's leading suppliers, took a direct hit and is offline indefinitely. The US is expected to run out of Gulf-origin Group III by June. The Group II alternative is being diverted to diesel. "It's a big mess," the association's CEO told CNN. "It could take a year or so before we see any real relief."

In Britain, the government is quietly asking supermarkets to consider voluntary price caps on bread, milk, and eggs. They call it a cost-of-living measure. Read it for what it is.

In Kenya, four people were killed this week in protests after the government raised diesel prices by 23.5%. A Kenyan opposition politician told the crowd: "Brace yourselves. The worst is about to come."

This is what a supply shock looks like before it arrives in your supermarket. It arrives first in the streets of Nairobi. Then in the fields of Punjab. Then in the bread aisle in London. Then everywhere else.

Qatar has the gas. Qatar can't ship it. America has the gas. America can.

The American Exception

America has been swimming in natural gas for twenty years. The shale revolution didn't just change American energy — it changed the math of the entire global energy market. US natural gas production has gone from 5 million barrels of oil equivalent a day in 2006 to approaching 20 million today. America is now the largest energy exporter in the world.

Right now Henry Hub natural gas — the American benchmark — is trading around $2.60 per MMBtu. European gas is trading at $15. Asian spot prices are in the same range. That is roughly a six-to-one spread between what gas costs in America and what the world will pay for it.

That spread is a business. A very large business.

The only question was always who would build the infrastructure to close it. Liquefying natural gas, loading it onto tankers, and shipping it to Rotterdam or Tokyo is not simple. It requires terminals that cost tens of billions of dollars and take years to build. Most companies that tried to build them fast ran into the same problem — custom engineering, custom construction, custom everything. Every project became its own disaster. Costs overran. Timelines slipped. Investors got burned.

There is one company that figured out a different way to build them. It is based in Arlington, Virginia. It operates its terminals on the Louisiana Gulf Coast. It went public in January 2025 at $25 a share, got cut in half, and has been quietly becoming one of the most important pieces of energy infrastructure in America while most investors were looking the other way.

Its name is Venture Global.

Design One, Build Many

The traditional way to build an LNG terminal is called stick-built. You show up to a piece of land with blueprints and you build everything from the ground up. Custom engineering, custom equipment, custom everything. Hundreds of workers on site for years. Every project starts from zero.

The problem with custom is that things go wrong. Measurements are off. Equipment doesn't fit. You make trips back to the hardware store except the hardware store is in Italy and the trip takes six months. The industry's track record reflects this — the $40 billion LNG Canada project was announced in 2018 and won't be online until 2032. The Golden Pass terminal in Texas, owned by ExxonMobil and Qatar Energy, has been plagued by similar delays.

Venture Global looked at that track record and built something different.

Instead of custom-building on site, they designed one liquefaction train — the core piece of equipment that supercools natural gas into liquid — and had it manufactured in a factory. Then they shipped it to the site and plugged it in. Then they shipped another one. And another. The same design, built in a controlled environment, assembled on location like Lego blocks.

They call it design one, build many.

The results are not subtle. Their first terminal, Calcasieu Pass in Cameron Parish, Louisiana, went from final investment decision to first cargo in 30 months. Cheniere — the previous gold standard in the industry — took 42 to 45 months for a comparable facility. Then Venture Global built Plaquemines, their second terminal south of New Orleans, at twice the capacity of the first. Same 30 months.

When you can build twice as fast as everyone else, you start generating cash twice as fast. And when your units are modular, a problem with one train doesn't shut down the whole facility. The others keep running. The gas keeps flowing.

The Numbers

In the first quarter of 2026, Venture Global reported revenue of $4.6 billion — up 59% from the same quarter a year ago. LNG volumes sold more than doubled. The Plaquemines terminal alone generated $1.04 billion in operating income in a single quarter, up 151% year over year. Management raised full-year adjusted EBITDA guidance to $8.2 to $8.5 billion.

But the number I keep coming back to is $336.5 billion. That is the total contracted future revenue sitting on Venture Global's books right now under existing long-term sales agreements. Weighted average recognition period: 19.4 years. Already signed. Already committed. ExxonMobil, Chevron, EnBW, JERA, SEFE, ChinaGas, INPEX — these are the companies that have locked in supply from VG's CP2 project alone for 20 years at a time.

The company currently has $37.1 billion in total debt. That sounds large until you read the maturity schedule — nothing material comes due until 2028 at the earliest. And in March 2026, the company closed $8.6 billion in fresh financing for Phase 2 of CP2. Banks don't lend $8.6 billion to a company they think is broken.

The business is still in growth mode. Calcasieu Pass is fully operational. Plaquemines is ramping. CP2 just achieved final investment decision on both phases and is under construction. CP3 and Delta are in development. If Venture Global executes on its current roadmap, it will have 143.8 MTPA of capacity by the early 2030s — nearly three times the size of Cheniere today.

At its current share price VG trades at roughly 8x EV/EBITDA. Cheniere, its closest comparable, trades at 11.6x. That is a 30% discount for a company growing faster, building faster, and sitting on $336.5 billion in contracted future revenue.

What Could Go Wrong

These are real risks. I own the stock anyway. Here is why.

The World I See

I am not buying Venture Global because of the war in the Gulf. The war accelerated the thesis. It didn't create it.

I have been paying attention to natural gas for a long time. Not just as a fuel — as a foundation. Natural gas heats homes and powers factories, yes. But it also makes the ammonia that fertilizes crops. It feeds the petrochemical plants that produce plastics, medicines, and industrial chemicals. It is the feedstock for a civilization that most people have never thought about. You pull on that thread and you realize how much of the modern world depends on one molecule.

And that molecule is getting harder to access.

The Groningen gas field in the Netherlands — the largest in Europe — was shut down in 2023 by the Dutch government due to earthquake risks and building damage from decades of production. Gone. Nord Stream 2, the pipeline that was supposed to carry Russian gas to Germany, was blown up in 2022. Gone. And now the Strait of Hormuz, through which a significant share of the world's LNG moves, is effectively closed. Three major sources of natural gas supply — removed, destroyed, or blocked — in the span of a few years.

Meanwhile the world's population keeps growing. Demand keeps rising. And the infrastructure to move gas from where it is to where it's needed keeps shrinking.

Venture Global sits right in the middle of it. Cheap American gas. The fastest construction model in the industry. $336.5 billion in contracted future revenue already signed. And enough uncontracted expansion capacity to act as a call option on every future energy crisis.

I bought my shares at $9.45.

I am not in a hurry. This is not a trade. It is a position I intend to hold for years while the infrastructure builds out and the contracted revenue compounds.

Kinjirō didn't plant millet because he was certain the famine was coming. He planted it because the eggplant tasted wrong and he had enough respect for what that meant to act before everyone else could see it.

The eggplant is bitter. I am planting millet.

One Last Thing

I want to be clear about something before I close this issue.

Venture Global is not the first piece of millet I've planted. If you've been following Trendpost for a while, you've seen this thesis building slowly across the portfolio. EQT for American natural gas at the source. AMLP, ZWEN, ENCC for energy infrastructure and income. BASE and NB for commodities and materials. These weren't random picks. They were all part of the same quiet preparation — a belief that the world was becoming more fragile, that supply chains were more exposed than anyone was pricing in, and that the investors who understood that early would be in a very different position from the ones who figured it out late.

What I don't have yet — what I've been thinking about for a while now — is the food piece. Energy hedges, yes. Commodity hedges, yes. But the direct exposure to what happens when fertilizer stops moving, when harvests fail, when the supply chain that feeds people — not powers them, but feeds them — comes under real pressure. That gap is what I'm working on next.

The next few issues will go there. We will look at potash. At fertilizer producers. At agricultural infrastructure. At the companies sitting quietly in the path of a food system that is more fragile than anyone in a comfortable city wants to believe.

Kinjirō didn't plant just one crop. He planted everything that could survive what was coming.

That's what we're doing here.