Editor’s Note: Join us tomorrow at 1pm ET for The Final Melt-Up – an urgent investment broadcast with all of the senior Porter & Co. analysts. Below, Porter explains why you cannot miss tomorrow’s broadcast.
We’re in the midst of one of its most intense rallies ever.
This is a period that will likely be referenced for decades to come.
Since the “lows” of March 30, the S&P 500 has added $9 trillion in 47 days – roughly the equivalent of the combined annual GDP of India and Britain – in less than two months.
But I believe this rally is a warning, not a victory.
What we’re seeing is the result of an enormous, global credit inflation.
Investors are panic buying, desperate to get back into financial assets that can protect them from the ongoing currency debasement that has gutted their standard of living over the past decade.
And I believe we are in the very last days of an enormous sovereign credit bubble, which has been the greatest inflationary period in the history of the world’s economy.
One you must prepare for now.
And I suspect these mounting risks are something many of you have felt… but perhaps can’t put your finger on just yet.
It’s that feeling you can’t shake – despite the recent all-time highs and so-called “booming economy” – that our country is dangerously close to the precipice.
That nagging sense that… no, everything is not okay. And I want you to know that if you’re feeling that way, you’re not alone and you’re not being paranoid. No. What you are sensing is real.
I feel it too.
And I believe we’re in an extraordinarily dangerous period.
As you’ll likely be aware, I’ve been writing about these threats since late last year – laying my thesis out piece by piece – but the ongoing war in Iran has greatly accelerated my timeline.
Tomorrow, during our all-hands broadcast, I’m finally going to connect all the dots for you because when you see the full picture… when you see how all these threads come together…
I think you’ll understand what’s at stake here.
And why I’ve moved to what I called Defcon III.
My personal scale for how serious the risks are becoming. I first moved here in mid March. At the time, the war in Iran had just begun, oil was surging, and I could already see the chain reaction forming.
Since then, despite the ceasefires, talk of re-opening the Strait of Hormuz, and claims of victory from the Trump administration, things have gotten far worse.
Not on the surface perhaps. But underneath the veneer, the cracks are spreading. The underlying economic damage is done and while you may not have felt it yet… mark my words… you will.
Because while the ceasefire has stopped additional kinetic destruction of energy infrastructure in the Middle East, it has not restored vessel flows through the Strait of Hormuz.
Indeed, as the U.S. Navy has now belatedly imposed a blockade on Iranian-allied vessels seeking to transit the Strait… the chokehold on the movement of oil, LNG, nitrogen fertilizers, sulfur, and helium has gotten more severe… not better.
Our Persian Gulf allies that rely on these flows to fund their economies continue to be strangled, which is why the UAE recently asked the U.S. Federal Reserve for a substantial dollar swap line.
Meanwhile, the blockage of flows through the Strait is also wreaking havoc in the economies of our allies such as Japan, South Korea, India, and NATO members in Europe, all of whom are massive energy importers.
Just recently, Germany’s flagship airline Lufthansa announced that it will be canceling 20,000 flights this summer and shutting down its short-haul subsidiary CityLine due to the skyrocketing cost of jet fuel.
But mass flight cancellations are just the beginning: industrial supply chains across Asia and Europe are already seizing up because of the ongoing Hormuz crisis.
And I could go on and on with the ongoing risks that investors are ignoring.
However, and this is the part that’s going to catch most folks off guard, despite everything I just told you, stocks are still soaring to all-time highs:
Speculation is rising everywhere. Call-option volume is through the roof. Crypto is heating up. Risk assets across the board acting like nothing’s wrong. Equity allocation just hit its highest level in five years.
None of this is a contradiction to our thesis.
In fact, this is exactly what every melt-up in history has looked like in its final innings.
The market only rolls over after one final, violent burst higher… the burst that sucks in every last skeptic and conservative investor despite their gut screaming don’t do it.
- Case in point: in the last 12 months of the late-1920s melt-up, the Dow added another 59% on top of a market that had already doubled… before it gave back 89% over the next three years.
- In the final 14-month run of the dot-com boom, the Nasdaq more than doubled… going from 2,200 to over 5,000. Then it plunged 78%… taking a generation of retirements with it.
- In the 18 months leading up to the 2008 crisis, the S&P set new all-time highs and the experts told everyone the U.S. economy was fundamentally sound. Before the market collapsed 57%.
This isn’t just my prediction though.
As I wrote on Monday, over the last week, each of my analysts came to me…
Not in a group meeting. Not on a group call. Privately. One by one. Each of them having seen the same warning signs in their sector and each of them having come to the same conclusion:
One unifying investment idea.
A major macro thesis that is not only already unfolding… but is rapidly accelerating… and that we believe has just reached a dangerous tipping point.
This isn’t about an individual equity or recommendation but a looming event that could impact your finances more than anything else over the next six to 12 months.
What I’m calling The Final Melt-Up.
And tomorrow at 1pm ET we’re going to lay everything out for you.
I’ve asked all of the senior Porter & Co. analysts to join me in the studio to unpack exactly what’s happening and how they’re preparing for this final melt-up – and the inevitable melt-down.
Together, we’ll unpack the financial forces that are converging… how each analyst independently arrived at the same conclusion… their predictions for what comes next…
And, most importantly, how you can simultaneously protect your downside and maximize your upside potential in what could be one of the most consequential market moments in years.
What to buy… what to sell… what we believe comes next…
We’ll unravel it all tomorrow at 1pm ET during The Final Melt-Up.
My team will send you the link once we’re all in the studio and ready to start.
So mark your calendar: Tomorrow, Thursday May 14 @ 1pm ET.
I’ll see you there.
Good investing,
Porter Stansberry
P.S. If you’re struggling to square the circle of what your gut is telling you versus this intense stock market rally… just remember in the aftermath of Bear Stearns collapse… the S&P 500 rallied 15%.
The collapse of that storied investment bank was, of course, an early canary in the coalmine for the Global Financial Crisis but the market didn’t crash until months later when Lehman’s collapse exposed the truth about the financial system.
www.PorterandCompany.com | support@porterandcompanyresearch.com | 888-610-8895
You have received this e-mail as part of your subscription with Porter & Company, LLC. If you no longer want to receive special offers from Porter & Company, LLC, unsubscribe here.
Porter & Company, LLC welcomes comments or suggestions at support@porterandcompanyresearch.com. For questions about your account or to speak with customer service, call 888-610-8895 Monday-Friday, 9 a.m.-5 p.m. Eastern time.
Please note: The law prohibits us from giving personalized financial advice.
© 2026 Porter & Company, LLC,. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from Porter & Company, LLC.
Disclaimer: Nothing in this email should be considered personalized financial advice. Do not consider any communication between you and Porter & Company, and its employees or writers as financial advice. This work is based on SEC filings, current events, interviews, corporate press releases, and what we’ve learned as financial journalists. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. Insight is provided to help readers gain knowledge and experience. All investments carry risk. Readers should not trade if they cannot handle a loss and should not trade more than they can afford to lose. Consider consulting with a professional before making investment decisions. Please be aware that by accessing this publication, you acknowledge and agree that Porter & Co. and its editors and affiliates may, at any time, buy or sell securities discussed in this publication without prior notice. This may result in potential conflicts of interest, as Porter & Co., its editors, and affiliates may have a financial interest in the securities mentioned. The views expressed in this publication are subject to change without notice and reflect the personal opinions of the authors and speakers.
By submitting a response or feedback, you hereby grant Porter & Co. the right to use, reproduce, and publish your feedback in any and all marketing materials, including but not limited to online platforms, print advertisements, and promotional content. Your review may be edited for clarity and length, but the substance of your feedback will remain unchanged. Please note that your personal information will be kept confidential and will not be disclosed without your explicit consent. If you have any questions or concerns regarding this agreement, please contact us at support@porterandcompanyresearch.com or to speak with customer service, call 888-610-8895 Monday-Friday, 9 a.m.-5 p.m. Eastern time.
RJ Hamster 