A Bubble in Bubble Talk

Retail investors are catching on:

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Search trends for a market bubble precede a market peak. Buckle up! 2026 is likely to be a rough ride for investors.

Searches for “market bubble” spiked in 2006, right before the last great market peak. They did it again in 2021, just before the market took a header into the 2022 bear.

Yes, Nvidia’s profits are up 500%, and its share price followed suit — a rare case where the story actually matches the math. But that’s the exception, not the rule.

Beneath the headlines, we’re starting to see the kind of financial gymnastics — circular lending, balance-sheet origami, and creative “partnerships” — that usually signal the boom is running out of breath.

If history rhymes, it looks like we’re closing in on the tail end of a mania.

One key outlier: the sheer will of the Trump agenda before the midterms in November 2026. Stay tuned. More drama awaits…

~ Addison

P.S. We’ve invited Bloomberg’s #1 employment analyst, Andrew Zatlin, to join us this afternoon on Grey Swan Live! for obvious reasons:

Andrew Zatlin — the #1-ranked economic forecaster on Bloomberg and one of the most connected data minds in finance. For decades, Andrew has helped billion-dollar hedge funds stay three steps ahead of Washington’s chaos, consumer shifts, and global supply chain shocks.

As unemployment ticks up, politicians trade on insider intel, and Pelosi closes out an era, he’ll reveal what his data is signaling next — and what investors should prepare for. With the government reopening, the timing of today’s conversation with Andrew couldn’t be better.

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

Retail investors are catching on:

Turn Your Images On

Search trends for a market bubble precede a market peak. Buckle up! 2026 is likely to be a rough ride for investors.

Searches for “market bubble” spiked in 2006, right before the last great market peak. They did it again in 2021, just before the market took a header into the 2022 bear.

Yes, Nvidia’s profits are up 500%, and its share price followed suit — a rare case where the story actually matches the math. But that’s the exception, not the rule.

If history rhymes, it looks like we’re closing in on the tail end of a mania.

One key outlier: the sheer will of the Trump agenda before the midterms in November 2026. Stay tuned. More drama awaits…

~ Addison

P.S. We’ve invited Bloomberg’s #1 employment analyst, Andrew Zatlin, to join us this afternoon on Grey Swan Live! for obvious reasons:

If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.

During a Fed rate cut cycle, bond yields follow, which typically means bond prices tick higher. If you buy bonds now, you’ll be getting in ahead of the crowd.

And if this tech wreck shapes up anything like 2000-01, investors will want to get out fast. Despite the debt mess in Washington, bonds will again look “safe.”

One minor bonus: if you buy now, you’ll lock in higher yields before the next Fed rate cut, which is expected to come one week from today.

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.

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.

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.