Ben Hutton

@WestTip1986 @AtTheRaces Top work Matt!

I thought now might be a good moment to compile a quick thread on some of the developments we’ve released onto the @AtTheRaces website recently. If you haven’t visited our site for a couple of years, there are a few things which are new that you might not have seen before. 🧵

@RacingJim92 Yeah she’ll be bigger on the PMU for sure, I’ll be using that as evidence during the stewards on Monday! She’s owned by a syndicate so clearly them piling on, but fair liability for a race like this two days out. Hard to know what to make of the front two, Style D’Emirs…?

@BenGHutton Apple be a big drifter on the day I've no doubt about that so think you's will be fine 🤣 Are yous pricing the rest of the card soon?

The fact that this was priced HBTL 6/4 Apple Away as short as 8s Henri the Second 10s Is just about the worst bit of pricing I've ever seen imo 🤣 I'd have it more HBTL 9/2 Apple Away 20s Henri 33s

The 45 day self isolation period for Hantavirus might be problematic. 😳

What a performance! #avfc

Chills!

What a horse race, as good as it gets.

King Charles has knocked it out the park. Anti-monarchy voices gone quiet. It’s like having an extra ace—no other country gets that level of access or respect.

The President of the United States addresses the nation about the Islamic Republic of Iran, flanked by the Easter Bunny. We are living in a simulation.

Mount Agung.

Food for thought. Trump, Hormuz and the End of the Free Ride For half a century, Western strategists have known that the Strait of Hormuz is the acute point where energy, sea power and political will intersect. That knowledge is not in dispute. What is new in this war with Iran is that the United States, under Donald Trump, has chosen not to rush to “solve” the problem. In Hegelian terms, he is refusing an easy synthesis in order to force the underlying contradiction to the surface. The old thesis was simple: the US guarantees open sea lanes in the Gulf, and everyone else structures their economies and politics around that free insurance. Europe and the UK embraced ambitious green policies, ran down hard‑power capabilities and lectured Washington on multilateral virtue, secure in the assumption that American carriers would always appear off Hormuz. The political class behaved as if the American security guarantee were a law of nature, not a contingent choice. Their conduct today is closer to Chamberlain than Churchill: temporising, issuing statements, hoping the storm will pass without a fundamental reordering of their responsibilities. Trump’s antithesis is to withhold the automatic guarantee at the moment of maximum stress. Militarily, the US can break Iran’s residual ability to contest the Strait; that is not the binding constraint. The point is to delay that act. By allowing a closure or semi‑closure to bite, Trump ensures that the immediate pain is concentrated in exactly the jurisdictions that have most conspicuously free‑ridden on US power: the EU and the UK. Their industries, consumers and energy‑transition assumptions are exposed. In that context, his reported blunt message to European and British leaders, you need the oil out of the Strait more than we do; why don’t you go and take it? Is not a throwaway line. It is the verbalisation of the antithesis. It openly reverses the traditional presumption that America will carry the burden while its allies emote from the sidelines. In this dialectic, the prize is not simply the reopening of a chokepoint. The prize is a reordered system in which the United States effectively arbitrages and controls the global flow of oil. A world in which US‑aligned production in the Americas plus a discretionary capability to secure,or not secure, Hormuz places Washington at the centre of the hydrocarbon chessboard. For that strategic end, a rapid restoration of the old status quo would be counterproductive. A quick, surgical “fix” of Hormuz would short‑circuit the dialectic. If Trump rapidly crushed Iran’s remaining coastal capabilities, swept the mines and escorted tankers back through the Strait, Europe and the UK would heave a sigh of relief and return to business as usual: underfunded militaries, maximalist green posturing and performative disdain for US power, all underwritten by that same power. The contradiction between their dependence and their posture would remain latent. By declining to supply the synthesis on demand, and by explicitly telling London and Brussels to “go and take it” themselves, Trump forces a reckoning. European and British leaders must confront the fact that their energy systems, their industrial bases and their geopolitical sermons all rest on an American hard‑power foundation they neither finance nor politically respect. The longer the contradiction is allowed to unfold, the stronger the eventual synthesis can be: a new order in which access to secure flows, Hormuz, Venezuela and beyond, is explicitly conditional on real contributions, not assumed as a right. In that sense, the delay in “taking” the Strait, and the challenge issued to US allies to do it themselves, is not indecision. It is the negative moment Hegel insisted was necessary for history to move. Only by withholding the old guarantee, and by saying so out loud to those who depended on it, can Trump hope to end the free ride.

I think way too many ppl are delusional about this idea of letting Iran control the SoH, having the US pull out, and just letting Iran set up a toll booth. Where does Saudi’s power actually come from? It’s not just because they’re rich. Their entire influence comes from being the world’s only swing Producer. We need oil, and Saudi controls that market. If Iran takes over the SoH, they become the most powerful, one of a kind Global Swing Producer in history. If they don’t like the oil price? They can just "adjust" the traffic in a strait that handles ~20mb/d to swing prices however they want. If the UAE gets on Iran’s bad side? "No passage for UAE tankers." If Kuwait tries to build a bypass? "Fine, the SoH is closed starting today. Let’s see if you can finish that bypass—which takes years—without making a single dime." By letting Iran control that flow, the US is effectively making Iran the ultimate energy gatekeeper. The entire regional hegemony shifts to Iran. Saudi and the UAE lose everything. Think about it—if you were MBS, would you let this happen? Let’s say the US pulls out this week. The US started this mess, and now the GCC has to just sit there and watch their power handed over to Iran? Let me give you a reality check for Americans: Imagine Mexico now controls the North American continent. "Want to fly to the UK? Get Mexico’s permission. Want to import jet fuel from Asia? Pay Mexico a toll and take the route they tell you to. Did you dare to criticize Mexico? Now, no container ships can enter your waters. You can’t say a word against the great President of Mexico." It sounds like a fantasy, but that’s the reality for the GCC. If the US tries to run away? If I were the GCC, I wouldn’t let them leave. I’d grab them by the hair and drag them back to clean up the mess they made. I’ve said before that this is an existential issue for Iran and Israel. Well, Iranian control of the SoH is an existential issue for every other GCC nation. And the GCC has leverage. They have massive wealth invested in the West, huge U.S. asset holdings, decades of lobbying networks, and they are the biggest donors for Trump’s terms. And of course they have oil. Do you really think Brent would stay below $100/bbl if the GCC teamed up and cut just 3mb/d for six months? Even the most optimistic guy knows the answer is zero chance. They don't even need a fancy excuse: "Oh, since the US gave up on us and Iran owns the SoH, it's not safe. We have to cut production. Sorry!" Within months, the US would be begging to come back. It’s just pushing the Middle East into an even bigger pit of fire. Thanks for listening to my TED Talk :) #oott #iran

Energy analysts are saying we are now on the way to a “doomsday gas crisis scenario”. I don’t think people are adequately informed about the extent of the coming energy crisis. It will likely be life-changing and may last for years. 🛢️📈

I'm going to make some obvious points. (1) Blowing up all the oil infrastructure in the Middle East is an insane idea, and may well result in a global economic crash and humanitarian crisis unrivaled in the lives of those now living. We're talking about the price of everything everywhere rising, from food to gas, at a moment when inflation was already high. All of that will be laid at the feet of the authors of this war. (2) The antebellum status quo of Feb 27, 2026 was just not that bad, but we're unlikely to return to it. Expect indefinite, long-term, ongoing disruptions to everything out of the Middle East. (3) Also assume tech financing crashes for the indefinite future. The genius plan to get the Gulf states caught in the crossfire has incinerated much of the funding for LPs, for datacenters, and for IPOs. Anyone in tech who supported this war may soon learn the meaning of "force majeure" as funding gets yanked. (4) Many capital allocators will instead be allocating much further down Maslow's hierarchy of needs, towards useful basic things like food and energy. (5) It's fortunate that all those progressives yelled about the "climate crisis." Yes, their reasoning about timelines was wrong, and much of the money was wasted in graft, but the result was right: we all need energy independence from the Middle East, pronto. It's also fortunate that Elon and China autistically took climate seriously. Now they're going to need to ship a billion solar panels, electric vehicles, batteries, nuclear power plants, and the like to get everyone off oil, immediately. (6) It's not just an oil and gas problem, of course. It's also a fertilizer problem, and a chemical precursor problem. Maybe some new sources will come online at the new prices, but it takes time to dial stuff up, particularly at this scale, so shortages are almost a certainty. That said, China has actually scaled up coal-to-chemicals[a,c] (C2C), and there's also something more sci-fi called Power-to-X[b] which turns arbitrary power + water + air into hydrocarbons. But all of that will need to get accelerated. I have a background in chemical engineering so may start funding things in this area. (7) Ultimately, this war is going to result in tremendous blame for anyone associated with it. It's a no-win scenario to blow up this much infrastructure for so many people. Simply not worth it for whatever objective they thought they were going to attain. But unless you're actually in a position to stop the madness, the pragmatic thing to do is: scramble to mitigate the fallout to yourself, your business, and your people. [a]: reuters.com/business/energ… [b]: alfalaval.com/industries/ene… [c]: reuters.com/sustainability…

I believe we are standing on the precipice of the most profound, intentional collapse of human civilization in recorded history. The trigger isn’t a meteor, a supervolcano, or even a world war in the traditional sense. It’s the potential destruction of a single industrial facility: the Ras Laffan liquefied natural gas (LNG) complex in Qatar. Modern civilization doesn’t just run on energy; it is fundamentally architected on a steady, massive flow of natural gas, supercooled and shipped as LNG. This isn’t an abstraction. Our global food supply, our industrial chemical production, and the very stability of nations are tethered to this flow. That tether is frighteningly thin. Qatar's Ras Laffan is the heart of this system, a nexus of technology and geography that is effectively irreplaceable. Its 14 processing 'trains' and the critical Main Cryogenic Heat Exchangers (MCHEs) that chill gas to -260°F are marvels of engineering, but they represent a catastrophic single point of failure. As noted in energy literature, the specialized machinery for this process is made by only one or a handful of companies globally. This infrastructure isn't just important; it is singular. Its loss would not be a temporary market disruption. It would be a decade-long severing of the global energy artery. The recent, deliberate sabotage of critical infrastructure like the Nord Stream pipelines has shown us that such attacks are not theoretical. They are tools of geopolitical warfare. When you understand that over half the world's food depends on fertilizer made from natural gas, the picture becomes horrifyingly clear. We have built a world of astonishing abundance on a foundation of shocking fragility. One facility, in one volatile region, now holds the key to whether billions eat or starve. Two of QatarEnergy's 14 LNG trains have now been destroyed. The rebuild time is 3-5 years. If all 14 trains are destroyed, 25% - 50% of the world's current population will starve. Trump did this.

🗣️“Get in, well done PT” GAELIC WARRIOR’s Gold Cup through the eyes of Ruby Walsh #CheltenhamFestival | @Ruby_Walsh | @PTownend

@jamesaknight Good analogy. Listening to bad golfers analyse their own game is torture. Spare a thought for golf pros…

Unless you did your brains in spectacular style or landed some life changing multi, no-one, but no-one, cares how much you won or lost at the Festival. It’s like someone describing every shot of their average round of golf.

Paul Tierney gets caught in the middle of the Chelsea huddle 😂❓

After a week dabbling in vibe coding I can already see how this ends: somewhere a critical system is being held together by a ‘this feels right’ commit. One day it breaks and costs companies millions in outages and reputations. Pure vibes as infrastructure.

How great is this 👇 😃