I was born on 6 August 1956 in San Francisco, California to Janet and (the late) Richard Hovis.
I grew up in Santa Monica, California where I attended elementary, junior high school, and high school (graduating in 1974), in addition to involvement in sports and recreation (Little League +, the Boy’s Club ++). Further, it was in elementary school – St. Augustine’s By-the -Sea Parish School that I found, and made the choice to truly journey with God.
I attended Arizona State University from 1974 to 1977 – seeking to become an architect, however, I was not accepted, and, as such, I graduated with a Liberal Arts degree.
Upon graduation from Arizona State University, I attended Cal Poly San Luis Obispo and studied City and Regional Planning at the Master’s level. I successfully completed one (1) year in a two (2) year program – I did not complete the Master’s degree in City and Regional Planning – due to personal reasons.
I returned to Santa Monica where I started (October 1979) my career as graphic designer with Exxon Company, USA. I spent five years with Exxon Company, USA.
While working with Exxon Company, USA I was accepted into architectural school – Sci-Arc in Southern California, however, I did not attend preferring to stay with Exxon..
In 1982 I married Laura Flosi and in April 1983 we had our one and only child – Lauren Alain Hovis – a gift from God.
We moved to Phoenix, Arizona in 1984 from Los Angeles, where I went to work as a graphic designer with Kitchell CEM (from 1985 -1987).
From 1987 – 1995 I was an independent contractor, and a registered representative in mortgage finance, financial management, graphic design, and drafting.
Further, I attended the University of Phoenix and successfully obtained a Master’s in Business Administration (MBA) in 1982.
I was also a member of the Scottsdale Jaycees, where I became very involved in community events and projects.
In 1994, I accepted a cartography position with the Defense Mapping Agency in Reston, Virginia. As such, I relocated from Phoenix to Reston.
In 1998, I was accepted and worked as a Visual Information Officer with the Central Intelligence Agency. In 2002, I worked as a Support Officer until my retirement (due to a need for shoulder surgery) in September 2018.
Away from my Federal Government service, I have been involved in various organizations and activities in Northern Virginia.
In November of 2011, I married Rebecca Ouellette in Santa Monica, California. I reside in San Tan Valley, AZ with my two hamster - Jess and Timothy, our fish, our lizard - RJ Lizard., and our cats - Pearl and Grey.
As to hobbies, I enjoy playing sports, attending sporting events, mentoring individuals from financial management to hamsters, building models, photography, travel, multimedia design, managing partner for RJ Hamster, and jazz – smooth jazz to a samba or a bossa nova.
Love and God Bless,
Peter – aka RJ Hamster Jo hi
Stand for Children Arizona Renaissance Scholars Luncheon presented by Arizona Community Foundation is our primary fundraiser of the year. It helps to support our advocacy and education efforts for the entire year, but we fell short of our goal.
Don’t get us wrong – it was a wonderful event, full of laughter and tears as we met students who have overcome monumental obstacles to find their way and become the first generation in their family to go to college and receive $20,000 scholarships.
We are so grateful to those who stepped up to donate to support these students and our other achievements at Stand – which include training over 2,500 parents in early literacy, providing over 90,000 books to kids and families, and saving about 110,000 families almost $40 million by successfully passing a bill to remove punitive administrative fees for children caught up in the juvenile justice system, just to name a few.
Among those supporters are UnidosUS, Clear Title Agency of Arizona, and Arizona Community Foundation who we are so grateful for!
Our goal was to raise $100,000, and we are still a little short. If we don’t hit that goal, we may have to pull back on some of the work that we’ve become known for.
With May now behind us, we want to take a moment to reflect on what was an exceptional month for our community.
May delivered multiple double-digit opportunities, with the biggest winners reaching gains of +78%, +60%, +55%, +53%, +36%, and +35%.
We are incredibly grateful for your trust, engagement, encouragement and support as we continue working to identify new opportunities and more winners for you.
As always, our focus is to alert opportunities with upside potential and review outcomes honestly.
Top May Alerts:
5/1: 1.24 to 1.93 (+55% in 1 month)
5/4: 0.51 to 0.63 (+23% same day)
5/6: 4.58 to 8.18 (+78% in 1 week)
5/8: 5.88 to 6.49 (+10% next day)
5/12: 2.12 to 3.26 (+53% in under 2 weeks)
5/13: 8.72 to 11.80 (+35% next day)
5/18: 3.55 to 5.71 (+60% next day)
5/19: 1.38 to 1.72 (+24% in under 2 weeks)
5/20: 14.82 to 16.41 (+10% in under 2 weeks)
5/21: 5.00 to 6.80 (+36% in under 2 weeks)
5/22: 7.99 to 9.25 (+15% next day)
5/26: 3.45 to 4.20 (+21% same day)
5/28: 0.91 to 1.07 (+17% next day)
Congratulations to everyone who benefited from these May moves.
This Week’s Alerts
Tuesday’s alert opened at 3.45 and rallied to a high of 4.20 the same day, a +21% move. We are continuing to monitor this opportunity closely for further upside.
Wednesday’s alert opened at 3.76 and briefly rallied the same day to a high of 4.35, but has so far not presented sustainable upside.
Thursday’s alert opened at 0.91 and rallied today to a high of 1.07, a +17% move in just 2 days. We are continuing to monitor this opportunity closely as momentum builds.
A Quick Reminder
Our focus remains to alert opportunities with strong sustainable upside, but markets rarely move in a straight line.
Some alerts accelerate immediately, others develop gradually, and a few simply do not materialize.
Small cap stocks can be volatile, and that volatility is what creates opportunity.
To improve your odds of success, always trade with a plan.
Define your stop levels, set clear profit targets, and watch key technical signals such as moving averages, prior highs and lows, and open or close levels that may act as support or resistance.
Looking Ahead to Next Week
We are actively monitoring a list of NASDAQ and NYSE names right now.
A few are showing the type of early momentum and technical setup that has preceded some of our strongest alerts.
Once we have something that meets our standard and is worth your attention, we will send it to you.
Stay ready. New alerts are coming soon, and thank you for being part of the community.
To get all of our updates in real-time – Click hereto sign-up for free text alerts to your phone. (*We do not charge for this service, but standard carrier message and data rates may apply.)
Please make sure our emails are landing in your inbox, not spam, so you do not miss the alert.
All alerts are released only during normal market hours to ensure all subscribers get the same fair access and to avoid after-hours volatility.
See you soon!
SmallCapStocks Team
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Delivering World-Class Financial Research Since 1999
Treasury bonds are like tech stocks… Why 30-year Treasurys are volatile… Tech takes time… What to expect from tech stocks… Tech investors all make this invisible triple bet…
If you don’t like long-term bonds, you should hate technology stocks…
This probably sounds absurd… But I (Dan Ferris) promise you, the two are more alike than most investors realize.
After reading today’s Digest, you’ll understand how. And that will help you see the risk in your current portfolio with fresh eyes.
Let’s start by looking at a 30-year U.S. Treasury bond…
If you buy $100,000 worth of these bonds, your principal is $100,000. And right now, these bonds are paying about 5% annual interest.
A U.S. Treasury bond is one of the safest investments in the world. If you buy a 30-year Treasury bond, you can count on the government to pay your promised 5% interest every year… then return your principal in 2056.
But safety doesn’t free you from volatility.
Bond prices and yields travel in opposite directions. When yields rise on newly issued bonds, that drives down the prices of old bonds. And when yields fall, bond prices rise.
The following chart shows a rolling 30-year Treasury futures index. As you can see, the chart contains no less than five double-digit declines – in the value of a U.S. government bond!
This volatility of a super-safe asset is due to duration. Three decades is a long time in the life of a human being, so we refer to a 30-year bond as a long-duration asset.
Contrast the longest-term Treasury debt with some of the shortest. If the price of a 30-day Treasury bill drops by more than a few tenths of a percent, prepare for the U.S. to potentially default on its debt. But a 30-yearbond can fall 20% in value in a matter of months and it’s not the end of the world.
With Treasury bonds, that’s because a small change in interest rates can add up to a lot of money over 30 years.
Now let’s translate all this to stocks…
Stocks are very long-duration assets. They have no expiration or maturity and can generate returns for decades, even centuries.
Consider a real estate investment trust (“REIT”) yielding 5%. If the REIT’s payouts hold steady, you’ll recoup your entire investment in 20 years. But a good REIT will raise its dividend over time, so you wouldn’t have to wait that long. And you’re paid in cash every quarter. You don’t need to be especially patient before you start seeing a return.
But think about a tech stock…
Many tech companies are unprofitable. And they might keep losing money for years. That means more time before investors get their payoffs.
To understand why… simply remember this about duration: It’s how far into the future you have to trust the story to get the payoff.
In other words, tech stocks are sensitive to interest rates for the same reason as that 30-year bond.
Technology is an inherently long-duration undertaking…
Tech innovators experiment, engineer, develop, and test, sometimes for many years, in hopes of one day building something useful to enough real customers that they can make a profit selling it.
Innovators might believe they can achieve a good result fast, but the nature of what they do is to forge headlong into the unknown with a dream and a plan. They’re more afraid of not moving forward than they are of cost overruns and project delays.
Many attempts at innovation will fail technically.
Consider Tesla (TSLA), which has been developing fully autonomous self-driving cars for more than a decade. Founder Elon Musk continues to tout his robotaxis as having multitrillion-dollar revenue potential. The reality is that a fleet of roughly 25 vehicles is operating unsupervised in a few well-mapped cities today. Recent reports say the fleet is shrinking, not growing. For whatever reason, the build-out is taking much longer than expected.
If robotaxis are a trillion-dollar business, that trillion lies too far in the future to be valued very highly today. In other words, if you’re buying Tesla shares, you shouldn’t be paying anything for the robotaxi operation. It’s a pure promise right now, not a real business. With Tesla’s market cap at $1.6 trillion today, investors aren’t heeding that warning.
Tech companies come with a lot of promises. Sure, there are cash-gushing stalwarts like Alphabet (GOOGL) and Microsoft (MSFT) in the tech world, but they’re the exceptions, not the rule. And with their massive data-center build-outs, they too are investing heavily in long-duration projects that might never pay off.
It’s also true that many of the not-so-stalwart tech companies can produce a successful product yet fail to perform well as businesses.
Consider Peloton Interactive (PTON). It created an exercise bike with a screen hooked up to the Internet. The product works fine. But the business is struggling for survival, and the stock has been a disaster.
Peloton went public in September 2019 at $29 a share, soared more than 470% to $167 in January 2021, and today trades at about $6 a share. That’s roughly 96% below its peak and 79% below even its IPO price.
If you argue that Peloton wasn’t a disruptive technology stock, I agree, but who cares what you and I think? Peloton touted itself as a tech company, the market treated it like one, and it has behaved like one all along: The payout is still far in the future (if it ever arrives), and the stock was insanely volatile.
I’m not arguing that tech stocks are overvalued and heading for a fall…
My role isn’t to make predictions based on current conditions. Rather, I want to describe the inherent nature of different assets… in other words, what is virtually guaranteed to happen if you own a given type of asset.
I could just as easily be talking about junior mining stocks, but most investors already see them as risky. Right now, everybody is buying tech because they think they’ll get rich fast. These tech stocks’ recent performance hides their volatility.
But there’s nothing fast about the way technology creates wealth for investors, no matter how the stock market makes it look sometimes.
Tech is long duration. By definition, true investors must trust the story potentially for decades to get the payoff, if it ever arrives. Anyone else is just speculating on price moves, not investing in the business.
Cathie Wood’s infamous ARK Innovation Fund (ARKK) paints a more accurate picture of buzzy tech stocks’ performance over time.
Wood touted her fund’s “disruptive innovation” stocks as the path to big wealth. No informed investor could hear that without instantly recognizing that it involves a high likelihood of losses.
The fund debuted on October 31, 2014 at about $20 a share. It was down around $15 in February 2016. No big deal there. Then it hit $60 in February 2020, fell to $33 during the COVID crash the following month, then soared more than 370% to February 2021.
From there, it plummeted 81% through December 2022. The fund traded around $80 recently. It’s up about 293% since its IPO, compared with a 275% rise in the S&P 500 Index during the same period and a 479% rise in the Nasdaq Composite Index.
Owning Wood’s “disruptive innovation” stocks didn’t make you a meaningful amount more than owning the S&P 500, and it made you substantially less than owning the Nasdaq Composite Index of more than 3,000 stocks. And you had to ride an 81% drawdown before you’d make not quite 300% in a dozen years.
For most investors, it was much worse. Most of the money in ARKK entered near the top. It took in more than $17 billion between the first quarter of 2020 and the second quarter of 2021.
In other words, virtually nobody earned nearly 300% on ARKK. The overwhelming majority of its investors are likely still nursing big losses. The payoff still lies far ahead in the uncertain future and depends on the success of a hundred speculative tech endeavors.
Understanding the link between duration and risk could have saved ARKK buyers some headaches.
If you think this is all too technical a way to say tech stocks are riskier than the S&P 500, I hear you…
But it’s important to illustrate how and why most tech stocks will always behave more like ARKK than a rare breakout winner like Alphabet or Amazon (AMZN).
Tech by its nature is risky, and not just because of any particular market environment.
And I’m fully aware that lots of folks believe this is a time of great innovation and that riding this robust trend is actually a safe way to earn a big return in a short period of time.
Though it may continue to seem that way, it’ll never be true…
Tech stocks, no matter how well they perform in the short term, will never escape their true nature as perhaps the longest-duration and riskiest sector in the market.
Yes, I’m suggesting that you can expect something like to ARKK’s performance by concentrating your portfolio in today’s tech darlings. That includes all those cash-gushing megacap businesses that dominate the S&P 500 and Nasdaq indexes.
This will almost certainly seem like an ill-timed warning for a while…
But I have purposefully chosen this moment to try to explain the inherently risky nature of tech stocks through the lens of duration.
Bank of America’s May 2026 fund-manager survey was published 10 days ago. It showed a record surge in fund managers’ allocation to equities, “driven by optimism over earnings growth and by the possibility of the Federal Reserve cutting rates.”
The expectation of Fed rate cuts is important.
Bond values rise as interest rates fall and fall as interest rates rise.
For a 30-year bond yielding 5%, if rates go to 3%, the bond price rises roughly 38% or so.
It works in reverse, too, and it’s worth digging in a little deeper to see exactly how…
For a 30-year bond yielding 5%, each $1 of interest payment you’ll receive in year 30 is worth $0.231 today. At 6%, that same payment is worth $0.174 today – about 25% less. At 8%, it’s worth $0.099 – about 57% less.
Next, run that same type of math through all 30 years of bond interest payments or through all the earnings companies like Tesla are betting will occur over the next few decades. A jump in interest rates can cause the value of that bond or those businesses to fall by 20%, 30%, or even 50% much faster than you’d ever guess.
When interest rates are rising, the market is slashing the present value of those distant earnings.
You saw it plain as day in 2022, when Amazon and Nvidia (NVDA) both fell roughly 50%. They’re two of the most revered cash-gushers in tech. But rates soared, and they plummeted. It was just duration arithmetic playing out in the stock market.
The effect on speculative, cash-burning tech stocks is even worse…
Remember, ARKK fell 81% from its 2021 peak through its 2022 bottom. If you own tech funds, you probably own more ARKK-type stocks than you’ll want to amid higher interest rates.
Now, 40% of managers in that same Bank of America survey said inflation is the primary tail risk they’re worried about. What if that worry materializes in the next six to 12 months? I certainly believe it could. As I pointed out last week:
The major inflation benchmarks have all remained solidly above the Fed’s 2% inflation target since March 2021.
They’ve also all moved higher over the past two months, with Consumer Price Index inflation at 3.8% in April and Core Personal Consumption Expenditures (the Fed’s preferred measure) at 3.2%.
Inflation is always the prime suspect behind big moves up in government bond yields. Yields go up when investors sell bonds because they don’t want to lose purchasing power by holding an instrument that pays a fixed level of income.
If inflation does remain higher for longer, interest rates will rise, not fall. That’s how the Fed fights inflation. And no matter what the Fed does, it’s how markets mitigate inflation risk. And that massive equity bet will age like a snowman in the Sahara.
It’s really a triple bet: on tech earnings, inflation, and interest rates. Yet hardly anybody is thinking of it that way.
And it’s always like that…
Folks love anything that has performed well recently. And the better it has performed, the more they love it. The Nasdaq is up 76% since the April 8, 2025 “tariff tantrum” bottom and nearly 30% since March 30 of this year.
And now stocks – mostly tech stocks – are all people want to own.
Folks always dive headlong into risky sectors after an insanely great recent performance. It’s a terrible strategy with generally terrible results. But it’s also human nature, and that isn’t going to change.
Few people understand risk. And among those who do, even fewer care.
Tech investors today think they’re betting on innovation producing great wealth. And to an extent, they are doing that…
But they’re oblivious about the extent to which they’re also betting on interest rates and inflation cooperating indefinitely.
For the first time ever, Wall Street legend Marc Chaikin is teaming up with master trader Jonathan Rose to unveil a brand new “Smart Money Super-Signal” that combines 60 years of Marc’s Power Gauge research with Jonathan’s 14 years on the trading floor. It’s a signal they say doesn’t exist anywhere else in the markets today. Get the full story here.
A breakthrough tech backed by Elon Musk, Sam Altman, and Nvidia CEO Jensen Huang could soon be worth more than the stocks of Apple, Microsoft, and Amazon – combined. It’s likely the only answer to a $33 trillion problem… but most people don’t know it exists. A man who has consulted for the Pentagon and FBI just flew into a heavily secured site to get the full story and discover the stocks involved. Click here to see this tech with your own eyes – and learn how you could invest in the companies that own it.
New 52-week highs (as of 5/28/26): Advanced Micro Devices (AMD), Arm Holdings (ARM), Alpha Architect 1-3 Month Box Fund (BOXX), Canadian National Railway (CNI), Datadog (DDOG), iShares MSCI Emerging Markets ex China Fund (EMXC), iShares MSCI South Korea Fund (EWY), Exelixis (EXEL), Hewlett Packard Enterprise (HPE), iShares Convertible Bond Fund (ICVT), Illumina (ILMN), Nucor (NUE), Invesco WilderHill Clean Energy Fund (PBW), Invesco High Yield Equity Dividend Achievers Fund (PEY), ProShares Ultra Technology (ROM), State Street SPDR Portfolio S&P 500 Value Fund (SPYV), ProShares Ultra S&P 500 (SSO), Taiwan Semiconductor Manufacturing (TSM), and Twist Bioscience (TWST).
In today’s mailbag, feedback on yesterday’s Digest about how SpaceX is getting fast-tracked into Americans’ retirement accounts… Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com.
“I think this article is missing something. Don’t indexes have to size themselves based on free floating shares of each company? If so, the 5% of SpaceX will have way less impact than its $2 trillion valuation. Most likely less than 1% of a Nasdaq-100 fund. Am I wrong on this? Please let me know.” – Subscriber Axel S.
Corey McLaughlin comment: The short answer is that you’re not wrong about that protocol… But because of more recent rule changes by the indexes, the impact of SpaceX – and other mega-cap IPOs likely to come – will be greater than it might appear at first.
Traditionally, yes, major indexes use free-float-adjusted market capitalization. In plain English, that means they weight companies based on the shares actually available for public trading (the “float”), not the full theoretical valuation.
So, if SpaceX goes public at a nearly $2 trillion valuation but only floats 5% of its shares initially, its starting weight inside something like the Nasdaq 100 will be far smaller. As you said, $2 trillion in valuation does not automatically mean a massive Day 1 weighting in index funds.
But consider a few other nuances on this same subject…
Historically, companies needed at least a 10% public float for standard index treatment.
But under changes to accommodate mega-cap IPOs (like, “you don’t need a profit anymore if you’re huge,” which we discussed yesterday), the Nasdaq also recently removed its float minimum. Companies with small floats can receive weightings above their actual float percentage… in some cases, up to 3 times the prevailing float.
Other indexes are making their own changes. Proposals being discussed or implemented by some would go even further: Companies with less than 20% float could potentially receive index weightings equaling 5 times their actual float percentage.
Put it together and under the most aggressive scenarios, the impact of SpaceX’s IPO could translate into $200 billion of “forced” buying across the passive ecosystem, or in the “relentless bid.” That’s not $2 trillion, but it’s not chump change, either.
And, whatever the number, the folks running passive and index funds will need exposure and to proportionally adjust other positions. That means selling pressure for other stocks, including Nvidia, Microsoft, Apple, etc.
Plus, a smaller float cuts both ways…
A smaller float means fewer shares are available. That means the same number of buyers or sellers can trigger larger price moves – in either direction.
As we mentioned yesterday, SpaceX also has a phased “unlock” structure that could let insiders and early investors sell shares sooner than in a traditional IPO. If and when that happens, the public float could expand… which would increase its index weighting…
This is all new territory, so we think it’s worth pointing the story out… Again, SpaceX will be part of the Nasdaq 100 after only 15 trading days… It took Tesla three years to get there, and Facebook needed about seven months.
We’re glad you wrote in so we could provide more detail. In the end, proceed with the SpaceX IPO at your own risk… Just know that it’s going to touch everyone who has money in the market, even if indirectly and even if SpaceX doesn’t justify a $2 trillion valuation out of the gate.
Passive investors and index funds will be pulled into SpaceX – and more mega-cap IPOs to come, like Anthropic and OpenAI – whether they “want” to or not… And the impact might be more than it first appears. This is a reminder of why individual stock picking matters.
Good investing,
Dan Ferris Medford, Oregon May 29, 2026
Stansberry Research Top 10 Open Recommendations
Top 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation.InvestmentBuy DateReturnPublicationMSFT Microsoft11/11/101,398.7%Retirement MillionaireMSFT Microsoft02/10/121,381.7%Stansberry’s Investment AdvisoryCIEN Ciena10/20/22864.3%Stansberry Innovations ReportGOOGL Alphabet12/15/16860.9%Retirement MillionaireADP Automatic Data Processing10/09/08845.1%Extreme ValueBRK.B Berkshire Hathaway04/01/09769.8%Retirement MillionaireALS-T Altius Minerals03/26/09747.6%Extreme ValueWRB W.R. Berkley03/15/12597.2%Stansberry’s Investment AdvisorySII Sprott01/11/18591.6%Extreme ValueLITE Lumentum04/15/21560.8%Stansberry Innovations Report
Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio.
Top 10 Totals3Extreme ValueFerris3Retirement MillionaireDoc2Stansberry Innovations ReportEngel2Stansberry’s Investment AdvisoryPorter
Top 5 Crypto Capital Open Recommendations
Top 5 highest-returning open positions in the Crypto Capitalmodel portfolioInvestmentBuy DateReturnPublicationBTC/USD Bitcoin11/27/181,856.7%Crypto CapitalWSTETH/USD Wrapped Staked Ethereum12/07/181,684.5%Crypto CapitalONE/USD Harmony12/16/191,003.2%Crypto CapitalPOL/USD Polygon02/26/21639.9%Crypto CapitalQRL/USD Quantum Resistant Ledger01/19/21442.7%Crypto Capital
Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it’s still a recommended buy today, you must be a subscriber and refer to the most recent portfolio.
Stansberry Research Hall of Fame
Top 10 all-time, highest-returning closed positions across all Stansberry portfoliosInvestmentDurationGainPublicationNvidia (NVDA)^*5.96 years1,466%Venture Tech.Microsoft (MSFT)^12.74 years1,185%Retirement MillionaireCiena (CIEN)^3.57 years1,183%Innovations ReportEngelInovio Pharma. (INO)^1.01 years1,139%Venture Tech.Rocket Lab (RKLB)^2.35 years1,034%Venture Tech.Seabridge Gold (SA)^4.20 years995%Sjug Conf.Lumentum (LITE)^5.09 years851%Innovations ReportEngelBerkshire Hathaway (BRK-B)^16.13 years800%Retirement MillionaireIntellia Therapeutics (NTLA)1.95 years775%Amer. MoonshotsRite Aid 8.5% bond4.97 years773%True Income
^ These gains occurred with a partial position in the respective stocks. * Editor Dave Lashmet closed the first leg of this Nvidia position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could’ve recorded a total weighted average gain of more than 600%.
Stansberry Research Crypto Hall of Fame
Top 5 highest-returning closed positions in the Crypto Capitalmodel portfolioInvestmentDurationGainAnalystBand Protocol (BAND)0.31 years1,169%Crypto CapitalTerra (LUNA)0.41 years1,166%Crypto CapitalPolymesh (POLYX)3.84 years1,157%Crypto CapitalFrontier (FRONT)0.09 years979%Crypto CapitalBinance Coin (BNB)1.78 years963%Crypto Capital
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“Very annoying to wait, in euphoria.” Later: “Guess I am glad I got out of RIVN.”
▎ HIGH RISK · TRADE IDEAS
@HIGHRISKTRADE · 1:43 PM
$MSFT 430 Call🔥 BIG WINNER1:50 PM+7%1:56 PM · out of most+10.5%2:03 PM · runner only+21% → +24%2:04 PM · all out+28% → +30%
“What a rocket.” 🚀
High-risk trades are exactly that — fast moves cut both ways and most don’t run like this. Trading is hard, not all setups win, and past results don’t predict future ones.
@TRADEIDEA · 11:30 AM
$AMD
Flagged “going higher.” No exit update given.
MISSED · 1:10 PM
$LYFT
“Wish I would’ve caught LYFT this morning, shucks.”
▎ TIPS & COMMENTS FROM THE ROOM
“There is a reason I don’t trade euphoria — this is a large reason why I keep an 80–100% success rate on official trades, week after week.”
12:37 PM
“There is a time to trade the market, and a time to stay out. The technical analysis bible will teach you this.”
12:37 PM
“Friday is statistically my highest performing day of the week — but still have to be careful not to go in the red.”
4:02 PM
“My goodness, such a boring market and week.”
3:27 PM
▎ MARKET NOTES
⚡ BREAKING · 11:23 AM
The S&P 500 surged to its highest level on record on reports the U.S. and Iran reached a deal — pending President Trump’s approval.
📰 SHARED · 3:13 PM
A Michael Burry warning: upcoming SpaceX, OpenAI & Anthropic IPOs could drain massive market liquidity — drawing parallels to the dot-com bubble of 2000.
END-OF-DAY WRAP · 4:02 PM
One official trade on AMZN today (missed LYFT myself) for a decent morning win — putting official trades at 3/3 on the week, still holding a 100% success ratio.
“Look forward to tmrw — get rest, see you then.” 💤
— Brian “Axelrod”
Recaps show you the what. Want to see thehow? Join our analysts live today and watch the way Brian hunts down setups like MSFT in real time.
The information provided is for educational purposes only and does not constitute investment advice. Trading options involves substantial risk of loss and is not suitable for all investors. Past performance is not indicative of future results. Always do your own research before making any investment decision.
This year’s Memorial Day Classic was one for the books, and we couldn’t have done it without you. Thank you for showing your support to all the Racing America drivers, even when the weather tried to hold you back!
Enjoy some photos from our photographers recapping the weekend via the Facebook link below, & we’ll see you at the next one!VIEW PHOTOS – MEMORIAL DAY CLASSIC
Stanton Barrett’s First Race at Lime Rock Park Becomes a Return to Paul Newman’s Legacy
During the second day of the Trans Am Memorial Day Classic at Lime Rock Park, one of the most meaningful stories in the paddock had little to do with lap times.
For Stanton Barrett, this weekend marked his first-ever race at the historic Connecticut road course, but in many ways, it also felt like a return. The first time Barrett ever drove Lime Rock Park, Paul Newman was sitting in the passenger seat.
The second was this weekend, this time with Newman’s legacy woven into nearly every corner of the Connecticut circuit Newman once called home.
For Barrett, the weekend was supposed to be about racing. Instead, somewhere between practice laps, swapping stories with fans and revisiting memories connected to the track, the weekend quietly became something more.
RACE REPLAYS: Trans Am & TA2 at the 2026 Memorial Day Classic
Rainy race day led to hard fought on-track battles & drama all race long. Click the link below to catch all the action from race day in this past weekend’s Memorial Day Classic!WATCH NOW – RACE REPLAYS
Why Porter & Co. Is Looking At Crypto For The First Time
By Justin Brill • May 29, 2026
ISSUE #87 | VOLUME 3
INSIDE TODAY’S ISSUE
ESSAY: THEFUNDAMENTALS HAVE CHANGED… PRICES HAVEN’T
CHIPMAKER EARNINGS CONTINUE TO GROW
LOOKING FOR RETURNS IN THE AI BUILDOUT
THE LOOMING GAS SHORTAGE
CHART OF THE DAY… VERSAMET (VMET)
TODAY’S MAILBAG
Editor’s note: Porter is turning the Journal over to Porter & Co. analyst Justin Brill today. Justin currently sees a great opportunity in crypto and will be leading the effort to launch Porter & Co.’s crypto advisory, which will be available to Partners first… coming soon.
Here’s Justin to explain the back story…
In 2017, Larry Fink – the CEO of BlackRock (BLK), the world’s largest asset manager with $12.5 trillion under management – famously called Bitcoin “an index of money laundering.” Over the next several years, JPMorgan Chase (JPM) CEO Jamie Dimon repeatedly criticized cryptocurrencies as “pet rocks,” and Bitcoin in particular as a “fraud,” a “Ponzi scheme,” and “worse than tulip bulbs.” And as recently as July 2024, David Solomon, CEO of investment bank Goldman Sachs (GS), said he viewed crypto as “a speculative investment” and didn’t “see a real use case” for it.
But that’s not the case anymore…
Last December, BlackRock’s Fink argued in The Economist that Bitcoin and tokenized assets could grow as fast as, or even faster than, the early internet. His firm now custodies more than 800,000 Bitcoin through its iShares spot Bitcoin exchange-traded fund (“ETF”), operates the largest spot ETF for Ethereum – the second-largest crypto asset by market cap behind Bitcoin, and has built a $2.85 billion tokenized Treasury fund (BUIDL) that runs on the Ethereum blockchain.
JPMorgan now holds over $350 million across various crypto ETFs, according to its most recent filing. It has launched not one, but two, tokenized money market funds on the Ethereum blockchain. And its Kinexys blockchain platform now processes over $5 billion in daily transactions for clients including BMW, Siemens, and Mitsubishi.
Finally, Goldman Sachs just filed to launch its first Bitcoin ETF last month, and its CEO Solomon, himself disclosed in February that he now personally owns Bitcoin.
These are three of the most prominent financial institutions in the world – the largest asset manager, the largest U.S. bank by assets, and one of the most influential investment banks. And each has dramatically changed its position on crypto within the past few years.
There is a reason for this change.
At Porter & Co., we’ve generally avoided crypto-related recommendations outside of a core position in Bitcoin – not because we dismissed the technology, but because the conditions weren’t right for serious investment.
That is finally changing. And there are two big reasons why.
The first reason is the regulatory environment, which has been the single biggest obstacle for crypto investors for years.
Under the Biden administration, the Securities and Exchange Commission (“SEC”) pursued what the industry called “regulation by enforcement.” During SEC Chair Gary Gensler’s tenure, the agency brought more than 100 enforcement actions against crypto companies – including Coinbase Global (COIN), Kraken, and Binance – while declining to publish clear rules for the industry to follow.
The Federal Deposit Insurance Corporation (“FDIC”) required prior notification before any member bank could engage in digital asset activity.
The Federal Reserve issued supervisory letters discouraging state-chartered banks from offering crypto services.
The Financial Stability Oversight Council (“FSOC”) listed crypto as a potential threat to the U.S. financial system.
The practical consequences of these hurdles were severe.
In March 2022, the SEC introduced Staff Accounting Bulletin 121 (“SAB 121”), which required any institution holding crypto assets in custody for customers to record those holdings as liabilities on its balance sheet. For banks, which are subject to strict capital reserve requirements, offering crypto custody became prohibitively expensive.
As a result, when 11 spot Bitcoin ETFs launched in January 2024, not a single one had a bank as its custodian. Nearly all Bitcoin ETF custody was concentrated at Coinbase, a non-bank crypto exchange – a concentration risk that the American Bankers Association, the Securities Industry and Financial Markets Association, and the Bank Policy Institute jointly warned would leave “investors and customers, and ultimately the financial system, worse off.”
A bipartisan Congressional resolution to overturn SAB 121 passed both chambers in May 2024. President Biden vetoed it.
The net effect of all of this was to stifle the crypto industry’s development, push much of its capital and talent outside of the United States, and to keep most traditional financial institutions on the sidelines.
Each of those policies has since been reversed.
Gensler resigned in January 2025. Paul Atkins – a former SEC commissioner and co-chair of the Token Alliance, an initiative of the Chamber of Digital Commerce focused on developing regulatory frameworks for digital assets, since 2017 – was sworn in as his replacement in April.
One of the Trump administration’s first acts was to rescind SAB 121, removing the balance-sheet requirement that had prevented banks from offering crypto custody services. The SEC dropped nearly all of its non-fraud enforcement actions against crypto firms. The FDIC rescinded its notification requirements in March. The Federal Reserve withdrew its supervisory letters in April. The OCC issued clarifications confirming that nationally chartered banks could offer crypto custody and stablecoin services without special permission. The FSOC removed crypto from its list of threats to financial stability.
On July 18, 2025, President Trump signed the Guiding and Establishing National Innovation for U.S. Stablecoins (“GENIUS”) Act into law. It was the first comprehensive federal regulation of stablecoins in American history. It was the most bipartisan piece of financial legislation in 15 years, passing with solid majorities in both the U.S. House and U.S. Senate.
That same month, the House passed the Digital Asset Market Clarity (“CLARITY”) Act – a comprehensive framework for digital assets that defines which fall under SEC jurisdiction, which fall under the Commodity Futures Trading Commission (“CFTC”), and that creates registration pathways for exchanges, brokers, and dealers. This month, the Senate Banking Committee finally advanced the CLARITY Act in a 15-9 bipartisan vote. It now moves to the full Senate floor, and White House advisers have indicated the President could sign it into law by July 4.
Earlier this month, President Trump also signed an executive order titled “Integrating Financial Technology Innovation Into Regulatory Frameworks,” which directs the Federal Reserve to evaluate granting fintech firms and uninsured depository institutions – including crypto companies – direct access to Federal Reserve master accounts. Master accounts provide direct access to the Fed’s payment systems, including Fedwire, and are effectively required for any institution that wants to send or receive U.S. dollar payments without relying on a partner bank as an intermediary. The Fed has 120 days to submit its findings and recommendations.
This comes just two months after private crypto exchange Kraken became the first crypto firm to secure a limited Fed master account through the Kansas City Fed. The executive order aims to formalize and expand the pathway.
In short, in the span of roughly 18 months, the United States has gone from being actively hostile toward the crypto industry… to having signed stablecoin legislation, a market structure bill advancing to the Senate floor, federal agencies that have each independently reversed their aggressive or restrictive policies, and an executive order directing the Fed to open its payment infrastructure to crypto firms.
And this has led directly to the second reason we’ve become more constructive on crypto assets today.
The institutional reversals I mentioned earlier – by BlackRock, JPMorgan, and Goldman Sachs – are just the tip of the iceberg. The shift extends across the entire financial industry.
The first spot Bitcoin ETFs launched in the U.S. in January 2024. As of today, those ETFs hold more than $100 billion in combined assets. BlackRock’s iShares Bitcoin Trust (IBIT) alone holds more than 800,000 Bitcoin – roughly 49% of the total U.S. spot Bitcoin ETF market.
IBIT reached $10 billion in assets in 49 trading days. The SPDR Gold Trust (GLD) took more than two years to hit the same mark. IBIT then crossed $25 billion, $50 billion, and $70 billion in assets faster than any ETF in history across any asset class.
Spot ETFs for Ethereum followed soon after, accumulating north of $20 billion in combined assets to date. By late 2025, the SEC had also approved spot ETFs for several other crypto assets, including Solana, XRP, and Litecoin.
But the adoption goes well beyond ETFs.
Morgan Stanley – which previously restricted its advisors from even recommending crypto to its clients – filed for its own Bitcoin and Solana ETFs in January, and just launched its own Bitcoin ETF in April. Its wealth management arm, which oversees roughly 16,000 financial advisors, now recommends clients allocate 2% to 4% of their portfolios to crypto. Charles Schwab – which manages over $12 trillion in client assets across nearly 39 million accounts – launched direct spot Bitcoin and Ethereum trading on May 13. Fidelity has offered direct crypto trading since 2023 and was the first retirement plan provider to allow Bitcoin in 401(k)s.
A Goldman Sachs survey found that 76% of global institutional investors plan to expand their digital asset exposure in 2026. “Tokenized” real-world assets – including stocks, Treasury bonds, private credit, and commodities represented on blockchain networks that can trade 24/7 and settle instantly – now represent a $35 billion market, up from less than $1 billion in early 2024.
Sovereign wealth funds are following. Most notably, the United Arab Emirates owned more than $1 billion in Bitcoin ETF exposure as of year-end 2025. Norway’s Government Pension Fund Global – the world’s largest sovereign wealth fund at $1.9 trillion in assets under management – also holds nearly $1 billion in indirect exposure through various crypto-related equities.
Pension funds have entered. The State of Wisconsin Investment Board – with $162 billion in assets – became the first state pension fund to invest in Bitcoin ETFs in 2024, building a position worth over $320 million. Michigan’s State Retirement System, with $79 billion under management, holds positions in both Bitcoin and Ethereum. Ohio, Louisiana, and Texas have also reported crypto investments.
University endowments – traditionally among the most conservative institutional investors – have disclosed crypto positions as well. Harvard’s $57 billion endowment held roughly $117 million in BlackRock’s Bitcoin ETF as of Q1 2026. At one point in 2025, Bitcoin was the endowment’s largest publicly disclosed equity holding, surpassing its positions in Alphabet (GOOG), Nvidia (NVDA), and Amazon (AMZN). Brown University holds a $13.8 million Bitcoin ETF position. Emory University built a $52 million stake in Grayscale’s Bitcoin ETF. And Dartmouth College recently disclosed a $3.67 million position in Bitwise’s Solana Staking ETF – one of the first university endowments to take exposure to a crypto asset beyond Bitcoin and Ethereum.
Perhaps most telling of all: even investment management giant Vanguard – one of the most vocal critics of crypto assets – has now reversed course.
In January 2024, when the first spot Bitcoin ETFs launched, Vanguard refused to let its clients trade them and even removed access to existing Bitcoin futures ETFs, saying crypto did not align with its long-term investing philosophy.
On December 2, 2025, following months of growing backlash on social media, the firm finally relented and opened its brokerage platform to crypto ETFs. Vanguard’s 50 million clients, with over $11 trillion in assets, can now buy Bitcoin, Ethereum, Solana, and XRP ETFs alongside their index funds.
But here is what makes the current setup so unusual… and compelling.
Given the bullish catalysts I just described, you might expect crypto assets to have performed well over the past couple of years. But that is not the case. In fact, outside of Bitcoin and stablecoins, the broad crypto market has been in a prolonged bear market.
The total crypto market capitalization, excluding Bitcoin and stablecoins, fell by more than 60% from its 2024 peak through February of this year. And even after a small rebound over the past few months, the broad crypto market is still trading 55% below those prior highs… and nearly 60% below its all-time peak set in late 2021.
In other words, most cryptos have gone nowhere for the last five years.
Compare that to other asset classes over the same period. The S&P 500 is up 62%. The big-tech-focused Nasdaq 100 is up 86%. Gold is up 141%, and silver has soared 199%. The Magnificent 7 have gained an average of 181%, with AI leader Nvidia up a massive 600%.
Crypto – despite a perfect storm of regulatory clarity and accelerating institutional adoption – has been “dead money” for years. And retail investor sentiment data reflect this.
The Crypto Fear & Greed Index – which ranges from 0 (“Extreme Fear”) to 100 (“Extreme Greed”) – hit a reading of 5 on February 6, 2026. That is the lowest level since the index’s inception in 2018. It then spent more than 60 consecutive days in single digits this year – more than double the previous record.
To put this in perspective, this index bottomed at 8 during the COVID crash of March 2020. And even in the depths of the 2022 bear market – the worst bear market in crypto history, triggered by the implosion of the leading crypto exchange, FTX, due to massive fraud by founder Sam Bankman-Fried – when the future of the entire crypto industry was in question, this index never fell below 6.
Beyond the data, we’re also beginning to see signs of outright capitulation among some of crypto’s most prominent advocates. This month, David Hoffman – co-founder of Bankless, one of the most widely followed crypto media brands in the world – announced that he had sold his entire stake in Ethereum.
Hoffman was not a casual participant. He was one of Ethereum’s most vocal and visible champions for nearly a decade. During the 2018 bear market, when Ethereum fell below $300, he was actively buying. He built Bankless into what many consider the single most influential media platform in the Ethereum ecosystem.
His co-founder, Ryan Sean Adams, simultaneously announced that “the first phase of Bankless” has come to an end, and that he is stepping back from day-to-day content. Reports indicate the company has also laid off most of its team.
Seeing some of the most committed, long-term believers in an asset sell everything and step away is exactly the type of event that tends to occur near major market bottoms.
So we see an enticing opportunity in the crypto market today.
The fundamental outlook has changed dramatically in the last 18 months. A year and a half ago, crypto had no federal regulatory framework. The Biden administration was privately pressuring banks to sever ties with crypto firms. The SEC was actively suing the industry’s largest companies, with several, including Coinbase, publicly considering relocating their operations outside the United States. And no major brokerage in the country offered its clients access to crypto trading.
That reality is long gone, but the market is still trading as if nothing has changed. Most crypto assets are still trading 50% or more below their prior highs. Sentiment is as negative as it gets. And most retail “investors” have long since abandoned the market after years of terrible returns – moving on to more popular speculative vehicles like AI stocks, zero-day-to-expiration (“0DTE”) options, and prediction markets.
The next crypto bull market will be driven by real investment. The marginal buyer of crypto is no longer a speculator. It’s institutional capital… governments, pensions, university endowments, wealth managers, and retirement funds. And this trend is just getting started.
It’s finally time to consider investing in crypto.
P.S. We’re launching our first Porter & Co. crypto portfolio and advisory to take advantage of what we see as the most compelling buying opportunity in years.
Our Partners will be the first to get access…
And when you become a Partner before June 1, you’ll get access to the full advisory at no extra cost. Go here for all the details.
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3 Things To Know Before We Go
1. The risks of an AI bust. A recent Financial Times analysis forecasts one of the greatest episodes of capital destruction on record – it reports that the U.S. hyperscalers, including Microsoft (MSFT), Alphabet (GOOG), Amazon (AMZN), Meta (META), and Oracle (ORCL), will invest a record amount of capital into the AI buildout through 2030. However, even under optimistic assumptions of 15% annual revenue growth and zero operating expenses, the FT’s math shows that nearly all of these companies will earn negative returns on these investments.
2. An AI-driven memory squeeze is producing a sharp earnings boom. Micron Technology’s (MU) projected operating income will reach $77 billion in 2026 and $138 billion in 2027 – versus just $1.3 billion in 2024. As hyperscalers and GPU makers like Nvidia and AMD compete for high-bandwidth memory, the memory suppliers – Micron, SK Hynix, and Samsung – hold historic pricing power.
3. Two oil giants just warned that energy shortages are imminent. Speaking at global equity research firm Bernstein’s annual Strategic Decisions Conference on Thursday, ExxonMobil (XOM) SVP Neil Chapman said global inventories of petroleum products are nearing “unheard of” lows and could hit an operational floor within two to three weeks – at which point international crude oil prices could rocket to $150 to $160 a barrel. Chevron (CVX) CEO Mike Wirth echoed the warning, saying the market’s “buffers and shock absorbers” have been steadily drawn down since the war in Iran began, and we’re now just “weeks away” from shortages. When execs at two of the world’s largest energy firms sound this alarmed, it’s probably worth listening.
Chart Of The Day… Versamet Royalties
Coming off strong Q1 earnings news and solid 2026 guidance, shares of gold royalty streamer Versamet Royalties (VMET) have risen more than 20% since our April 18 recommendation to Complete Investorsubscribers.
Mailbag
“Bitcoin Mailbag Response” — Carlton L. Writes:
“I wouldn’t normally respond to a reader’s opinion, but this one from David A., “Bitcoin is a rip-off,” is so laughable I feel compelled to address his statements.
First, David A. states:
“The fact that anybody with a brain would invest in something like Bitcoin is just beyond me.”
David, if having “no brain” means delivering the biggest returns of my life – including a personal 300.6Xgain at Bitcoin’s all-time high of $126K – then I’m more than happy to remain brainless. I’ve been investing in stocks for 22 years and have come nowhere close to the gains I’ve made with Bitcoin, even with Porter’s excellent recommendations!
David A states:
“Self-made (created value).” Nothing tangible but a coin with a value thatsociety says it is worth.”
David, you might as well have been describing the U.S. dollar here. It has been a pure fiat currency since the end of the gold standard. Federal Reserve notes are created out of thin air at the push of a button and aren’t redeemable for gold, silver, or any commodity. In other words, nothing tangible – just a piece of paper (or digital entry) with the value that society says it’s worth.
David A. states:
“This entire story belongs in the file ‘You just can’t make this stuff up,’ And nobody cares.”
David, someone did “just make this stuff up,” and approximately 480-500 million people own it. I think they care!
Bitcoin is not for everyone, obviously not for David, but to be so blinded to consider something ridiculous as an investment when you’ve been proven wrong for, oh I don’t know going on 17 years now, makes me think of the Mark Twain quote: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” Don’t let what you know for sure keep you from making life-changing profits.”
“What Is The Best Way To Buy Bitcoin? ” — Matthew A. writes:
“Please, just pretend that I am stupid. I read your stuff regularly on behalf of my subscriber mother. What is the simplest, safest way for me to buy Bitcoin? Again, pretend I am like an eight-year-old, who can follow directions but is not ready to understand blockchain stuff…”
Porter Comment: I recommend using an exchange-traded fund (“ETF”). That makes it just as easy as buying a stock. I’ve been using Franklin Templeton’s (EZBC) but there are several to choose from. Morgan Stanley’s recently launched MSBT, and it has the lowest management expense ratio at .14% compared to EZBC’s .19%.
“Question About Owning KO Versus COKE ” — Wes W. Writes:
“Porter,
First, thanks for making me a bunch of cash over the years.
My question is on one of Warren Buffett’s and your favorites – KO. Looking at COKE vs. KO, I would think you would favor COKE. I asked Claude this question and here’s the response:
Great question – these two tickers confuse a lot of people because they both involve Coca-Cola but are very different investments.
COKE has outperformed KO over the last decade with higher volatility.
KO – The Coca-Cola Company This is the one most people know. KO is the parent company itself – the global beverage giant that owns the Coca-Cola brand, manufactures concentrate, and markets products in over 200 countries. It is one of the most widely held stocks in the world and a longtime Dow Jones component. Warren Buffett’s Berkshire Hathaway is its largest shareholder. KO pays a reliable, growing dividend and is considered a classic defensive/consumer staples stock.
COKE — Coca-Cola Consolidated, Inc. This is a completely separate publicly traded company. COKE is the largest Coca-Cola bottler in the United States. Bottlers buy concentrate from The Coca-Cola Company (KO), add water and carbonation, bottle it, and distribute it to retailers. Coca-Cola Consolidated operates primarily in the eastern U.S. The Harrison family controls the company and holds a majority of voting shares.
Key Differences:
Business model – KO makes and licenses the syrup/concentrate and earns royalties globally. COKE manufactures, bottles, and physically distributes finished beverages in its territory.
Margins – KO has significantly higher profit margins because concentrate manufacturing is asset-light. Bottling is capital-intensive with thinner margins (trucks, facilities, refrigeration).
Size – KO is one of the largest companies in the world (~$260B+ market cap). COKE is a mid-cap company, far smaller.
Dividend – KO is a famous “Dividend King,” having raised its dividend for over 60 consecutive years. COKE pays a much smaller dividend but has historically returned capital through buybacks and special dividends.
Volatility – COKE has actually been one of the best-performing stocks over the past decade, dramatically outperforming KO in price appreciation, though with more volatility.
Relationship – KO owns a minority stake in COKE and has significant influence over its bottling agreements, but COKE is independently operated and publicly traded.
The simple analogy: KO is the recipe and the brand. COKE is the factory and the delivery truck.”
Porter Comment: Not interested in the trucks and the overhead. I am interested in a brand that’s 150 years old and controls the best-selling beverage in human history. – P
Porter & Co. Market Snapshot
PriceYesterday’s ReturnYear-to-Date ReturnS&P 500 Index$7,563.630.58%10.49%Gold per ounce$4,499.302.12%6.22%Bitcoin$73,536.550.84%-15.26%Oil (West Texas Intermediate) per barrel$88.90-2.16%51.48%Berkshire Hathaway (BRK)$715,660.00-0.46%-4.36%Porter’s Permanent Portfolio–0.25%-0.92%The Better Than Berkshire Index–0.31%4.77%YieldYesterday’s ChangeChange Year-to-DateU.S Treasury 30-Year Yield4.99%-3 bps15 bps
Prices as of 4:00 pm ET May 28, 2026
bps = basis points (or 0.01%)
*A Complete Investor risk rating of 1 is defined as a “low risk, high allocation” security, while positions rated closer to a 5 are higher risk. Porter & Co.’s top-ranked positions include those rated either 1 or 2 in Complete Investor portfolio.
Please note: The investments in our “Porter & Co. Top Positions” should not be considered current recommendations. These positions are the best performers across our publications – and the securities listed may (or may not) be above the current buy-up-to price. To learn more, visit the current recommendations page of the relevant service, here. To gain access or to learn more about our current recommendations, call our Customer Care team at 888-610-8895 or internationally at +1 443-815-4447.
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Defense budgets are climbing worldwide as security demands grow. A select group of companies is leading innovation in weapons, aerospace, and advanced systems. Discover 3 defense stocks gaining investor attention.
NEW YORK (AP) — Remember Donald Trump’s response in the 2016 presidential debate, when Hillary Clinton blasted him for paying virtually no federal taxes? Continue Reading ➔
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Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.
One of the biggest potential winners? Mode Mobile.
Mode’s EarnPhone already reaches 490M+ users that have earned over $1B, and that’s before global satellite coverage. With SpaceX eliminating “dead zones,” Mode’s earning technology can now reach billions more in unbanked and rural populations worldwide.
Their global expansion is perfectly timed, and investors like you still have a chance to invest in their pre-IPO offering at $0.50/share.
With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.
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Replimune was among the drugmakers that had criticized the FDA for what they called inconsistent guidance around trials and approvals.
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🧨Robinhood Gives ChatGPT Margin Access… Trump’s Solar Curse Expires
I’ll take things that won’t end well for $100, Alex.
Imagine your AI stockbroker requesting the password to your entire net worth… Well, thanks to Vlad and the team over at Robinhood, you don’t have to.
On a Friday that wasn’t short of any exciting news… Gamestop’s arch nemesis going back to 2021, gained 10% after the fine folks over at Mizuho doubled down Vlad’s new “Agentic Trading” tools. And yes, it’s exactly what it sounds like. A tool that allows AI assistants to execute trends and investment strategies with almost no human involvement.
If any other brokerage account like Schwab or Fidelity tried something like this… there would be a riot unlike anything we’ve ever seen. But with the average Robinhood trader having the intelligence of a chicken, maybe this will actually end up becoming a risk management tool.
The firm surveyed users and found roughly 89% would consider opening a dedicated AI-managed trading account, while respondents said they’d allocate nearly a third of their portfolios to these digital money managers.
Because after years of losing money on meme stocks by themselves, investors have finally decided it’s time to automate the process.
Meanwhile, the indexes did not disappoint as they continue to hit levels that felt impossible just a month or two ago.
The Dow gained 0.6%, while the S&P 500 and Nasdaq added 0.3% as all three major indexes hovered near fresh record highs. The S&P is now on pace for its ninth consecutive week of gains, its longest winning streak since 2023.
And what’s powering this latest rally?
Well, partly AI.
Partly momentum.
And partly President Trump hopping onto Truth Social and announcing he’ll soon make a “final determination” regarding a potential Iran deal.
Although he’s still demanding Iran agree they won’t make nuclear weapons and must open the Strait of Hormuz without any tolls.
Meanwhile, Dell dropped earnings… and the suits on Wall Street proceeded to drop their pants. (Not a sentence you expected to see this century, huh?)
The company crushed estimates and raised expectations, telling investors that demand for AI servers remains absolutely bonkers as companies continue stuffing data centers with Nvidiachips.
Shares exploded 40% higher. The report also gave Alex Karp junkies another excuse to run through drywall. Palantirskyrocketed 10% after traders connected the dots back to its partnership with Dell, which integrates Palantir’s software into Dell’s AI Factory platform.
And President Trump, if you’re reading this (which, based on your posting frequency, isn’t exactly impossible), you may want to skip this next part.
Because after spending much of your second term treating solar energy like it keyed your golf cart…
Solar stocks just posted their best month since 2013.
The industry’s main ETF, TAN, is up 26% in May, while Enphase Energy has gone absolutely feral with a 110% gain and SolarEdge has rocketed nearly 80%.
Apparently, just like this overinflated bull market… solar stocks never got the memo that they’re supposed to be dead.
If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.
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Amazon Shuts Down Internal AI Leaderboard After Tokenmaxxing Turns the Office Into a Cloud Casino
Live look at Amazon office employees using ChatGPT to pump their AI usage numbers up…
Whoever had the genius idea of measuring employee success by how much AI they use at their desk should probably be on the first rocket to Mars (courtesy of SpaceX).
Not even two weeks after Amazon’s bald billionaire founder said everyone should stop worrying about AI taking their jobs… comparing AI to a bulldozer (as opposed to digging a hole the Great Depression way)…
Andy Jassy has officially pulled the plug on an internal…
Elon’s IPO Roadshow Hits a Data Center Pothole After Late-Night X Post Scrambles Wall Street Math
Turns out the biggest risk to the SpaceX IPO isn’t the lack of revenue… it’s Elon’s thumbs…
You ever have that one friend who posts something on social media and somehow turns a simple situation into a full-blown mystery?
Well folks… Elon Musk just did that. To his own IPO. To SpaceX, the company trying to pull off what could become the largest IPO in human history. Which is generally the type of thing where investors prefer the CEO not…
Anthropic Just Snatched the AI Crown at $965B… and Sam Altman’s Punching Drywall in 4K
Dario didn’t hear no bell…
And just like that, OpenAI is the silver medalist of Silicon Valley AI. Scam Altman’s real-life “Newman”, Dario Amodei and his Anthropic Skynet Team, just closed a $65B Series H at a $965B valuation yesterday.
You might recall, OpenAI was last valued at $852B back in March. So Anthropic didn’t just edge past Sam Altman’s empire. It put the whole thing in a body bag while Sam was probably mid-twitter post. Even moreso, this is Anthropics Series H. Meaning, we are three letters away from Chamath Palihapitiya appearing in a puff of smoke and forcing a reverse merger with whatever SPAC he still has lying around LOL.
All jokes aside, this valuation nearly triples Anthropic’s February raise of $385B, which already felt unhinged. The question now is, does Anthropic deserve it? Well, try a $47B revenue run rate, up from $30B earlier this year and $10B last year. Claude Code (the coding assistant currently bleeding every engineering team for billable hours) is mainlining cash into Dario’s Scrooge McDuck pool. Anthropic also dropped Opus 4.8 yesterday and teased Claude Mythos Preview… the cybersecurity model so dangerous Anthropic has it on a velvet leash, an enterprise NDA, and a hand-picked roster of customers cleared to play with it.
So yeah… they deserve it. And as of late, these MF’ers don’t miss. Which only adds to the…
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