The Grey Swan Investment Fraternity now has members in over 28 countries! That’s not including members of our investor’s network, who also reach into countries such as Russia and China.
Thank you for being a member of our fraternity, and for helping expand the map. We look forward to updating it further!
Grey Swan Investment Fraternity member map as of 12/10/2024
December 2, 2025 • Bill Bonner
But Green is describing more than just a new calculation. He’s talking about a new form of misery.’ It’s a poverty where you may still have most of the accoutrements of middle-class life. But your relationship with the financial elite has changed: you are indentured to the credit industry — for life.
December 2, 2025 • Addison Wiggin
Historically, when the Fed has cut into inflation above 3%, one of two outcomes tends to follow:
A brief reprieve, followed by a larger inflation wave (see: 1970s).
A crisis born from cheap money rather than expensive money (see: housing in the 2000s).
We are heading into another round of cuts with:
• A still-bloated balance sheet
• A new digital plumbing that auto-funds the Treasury
• Hard-asset markets flashing warning lights
Paul Tudor Jones summed it up in one dry quip: interest expense is now one of Washington’s largest bills; commodities are “ridiculously under-owned”; and “all roads lead to inflation.”
The Fed’s flip from QT to easing doesn’t end this inflation episode. It likely begins its next season.
December 2, 2025 • Addison Wiggin
The question investors should ask themselves isn’t whether this trend is sustainable – it isn’t.
Instead, they should ask if the $2 trillion increase in Google’s market cap has sucked capital away from other promising parts of the market – and if so, where investors can expect a rally when Google reverses.
December 1, 2025 • Bill Bonner
Long have we dwelt on the corrupting influence of funny money on capital asset prices and on the economy. Everything gets distorted, perverse…and false. We get high prices. We get low prices. What we don’t get are honest prices.
Yesterday, we looked at the ‘small time crooks’ — ripping off the public for a million or two.
Today, we move to the big fry.
You’ll recall that the money in question was never earned by anyone. No one has a genuine claim to it. And what kind of apple falls from this funny money tree? Just what you’d expect…a funny one…with the worms already in it.
