In short: A natural-gas beneficiary he likes (AI power demand + heating season + LNG export doubling) — but flags he does not hold it "because I don't like to put companies with K1s" in the portfolio. Names it as a way others could play gas.
SJT is a royalty trust — it owns a slice of the income from natural-gas wells and passes the cash to holders. Polomny likes it as a way to benefit from rising gas demand (AI power, winter heating, and a near-doubling of US gas exports). The catch for him personally is tax paperwork: trusts like this issue a "K-1" form, which he avoids in his portfolio, so he names it as an option for others rather than something he holds.
28:18I've gotten killed in natural gas over the years. I do dabble. There's a couple companies I like. It's not in the portfolio because I don't like to put companies with K1s, but like San Juan Basin Royalty Trust is going to benefit from this. One of the crown jewel Canadian energy companies I have in the portfolio is the second largest natural gas producer in Canada.
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