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 19, 2025 • Addison Wiggin
According to the American Association of Individual Investors, the average retail investor has about a 70% allocation to stocks. That’s well over the traditional 60/40 split between stocks and bonds. Even a 60/40 allocation ignores real estate, gold, collectibles, and private assets.
A pullback in the 10% range – which is likely in any given year – will prompt investors to scream as if it’s the end of the world.
Our “panic now, avoid the rush” strategy is simple.
Take tech profits off the table, raise some cash, and focus on industry-leading companies that pay dividends. Roll those dividends up and use compounding to your overall portfolio’s advantage.
December 18, 2025 • Addison Wiggin
In a healthy economy, production and consumption communicate constantly. If a company builds something useful, customers respond by buying it. If they overbuild, inventories pile up and prices fall, sending a signal to slow down.
AI infrastructure, by contrast, is being built largely on faith. Companies are scaling up compute power without clear signs of sustainable demand. Unlike oil and gas, where prices adjust second-by-second, AI companies operate in a fog. They release tools, collect usage stats, and hope that paid conversions will follow.
But hope is not a business model.
December 18, 2025 • Addison Wiggin
Six months ago — before the GENIUS Act was signed and before Washington put a nameplate on what had already begun — we were describing a slow rewiring of money.
For better or worse, we called it Dollar 2.0: the quiet migration of finance from paper promises and batch settlement to tokens, smart contracts, and ledgers that never sleep.
The name Dollar 2.0 is derived from the way Treasury Secretary Scott Bessent has been touting the stablecoin environment’s promise to create a larger global market for U.S. dollars and Treasurys.
December 18, 2025 • Addison Wiggin
The last 30 days have seen sharks (those with 100-1,000 BTC) and whales (1,000 BTC+) pick up over $23.3 billion in bitcoin.
If our Dollar 2.0 thesis is correct, it’s not actually easy to see why.
What’s seen: Congress passed laws to support stablecoin technology in time for America’s 250th anniversary next July.
What’s not seen: a 216-hour series of technical moves from November 22 to December 2, during which BlackRock, Vanguard, and Bank of America flipped switches that “captured” bitcoin into institutional-grade wrappers and distribution. JPMorgan followed up with a tokenized money market fund called MONEY on December 15.
