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 15, 2025 • Addison Wiggin
A generation ago, a single income could support a family, buy a house and pay for a vehicle or two in the driveway.
Today, even two high earners are struggling to purchase a new home.
According to a recent report from Bankrate, a household earning $80,000 a year is now priced out of 75% of all new homes on the market. A family now needs to earn at least $113,000, and in some major metros, it’s closer to $200,000.
Meanwhile, the homeownership rate has slipped to a six-year low, with further declines expected next year. Families are being squeezed from every angle.
The point I want to make here is that the so-called affordability crisis isn’t just about the cost of homes or other assets. It’s about the cost of money.
December 15, 2025 • Addison Wiggin
In just the first two months of Fiscal Year 2026, the deficit already totals $458 billion — the second-largest start on record.
More troubling still, the net interest expense hit $179 billion, outrunning Medicare, defense, and healthcare. At this pace, interest will again be the fastest-growing line item in the federal budget.
December 15, 2025 • Addison Wiggin
At the absolute peak of the dot-com boom — routers stacked to the ceiling and PowerPoint masquerading as profits — Cisco’s market capitalization topped out at roughly 4.4% of U.S. GDP.
Nvidia today? Roughly 16% of U.S. GDP.
That’s not a rounding error.
Measured against the size of the economy, Nvidia is in a category Cisco never visited. Which means that any serious disappointment in the AI build-out would scale 2000–01 – geometrically.
December 12, 2025 • Addison Wiggin
America has consistently reinvented itself in times of crisis. The founders survived monarchy. Lincoln survived disunion. We’ve survived bank panics, oil shocks, stagflation, and disco. We’ll survive deplatforming, too.
The Second American Revolution won’t be fought with muskets or manifestos. It won’t be fought with petty violence and street demonstrations. It will be written into code. And available to those who wish to take advantage of it.
Russell Kirk called the first American Revolution “a revolution not made, but prevented.” The second will be the same. We’re not tearing down the house — we’re going to rewire it in code.
The result may not be utopia. But it will be freedom you can bank on.
