AI’s Dotcom Moment?

We’re skeptical of high market valuations. Since the launch of ChatGPT in late 2022, markets have soared higher, largely thanks to a surge in large-cap tech stocks.

By any conventional valuation metric, markets are overvalued. But the real question is, how much further could stocks get before they finally peak?

While history doesn’t repeat, it sure does rhyme. And currently, stocks are following the dotcom boom pattern incredibly closely:

Turn Your Images On

Tech stocks have driven markets higher in a similar pattern to the dotcom era.

Warning about markets today makes things sound a bit like when Alan Greenspan warned about “irrational exuberance.”

When he uttered those words, markets briefly declined – but it being 1997, the dotcom bubble still had most of its formation ahead.

We’re likely in a similar situation today – perhaps not quite a bubble, but the beginnings of one.

Trump’s “Big, Beautiful Bill” and deregulation will likely give the market one last squeeze higher into next year.

Consequently, we still see ample opportunity to profit from the rollout of AI technology – but we’ll also be looking for opportunities to lock in profits rather than get caught up in the mania.

~ Addison

The World Should Fear September 9…

The United Nations General Assembly isn’t typically a headline-grabber.

But the upcoming Assembly— beginning on September 9 — has an air of great urgency, because a major announcement could be forthcoming.

The potential bombshell announcement?

Well, it concerns a classified map of a “secret America” from 1946 — a map whose expanded U.S. borders could go into effect in 2025.

If enacted, this wildly controversial map would grant the federal government astonishing economic, societal, and military power.

But the investment implications could be even bigger.

Click here to view the secret map ASAP >>

P.S.: With an eye towards a stock bubble brewing, we continue to like another asset – gold.

Yes, it’s also near all-time highs, just like the stock market. But relative to key metrics like total fiat money supply, gold remains highly undervalued.

Gold also holds its intrinsic value in the face of inflation, which we just can’t seem to fully wring out of our financial system today.

In short, we like the idea of taking quick gains from today’s tech trends and moving that money out of a potential bubble and into assets like gold. You can read our report on gold’s historic rise –and how high it could go in dollar terms – here.

And this Thursday, at 11 AM on Grey Swan Live!, Andrew and I will take stock of the first half of the year. We’ll do a comprehensive review of the model portfolio and review the big trends that have impacted stock prices and the economy during the dizzying first months of the second Trump administration. Stay tuned… it promises to be a doozy.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)

We’re skeptical of high market valuations. Since the launch of ChatGPT in late 2022, markets have soared higher, largely thanks to a surge in large-cap tech stocks.

By any conventional valuation metric, markets are overvalued. But the real question is, how much further could stocks get before they finally peak?

While history doesn’t repeat, it sure does rhyme. And currently, stocks are following the dotcom boom pattern incredibly closely:

Turn Your Images On

Tech stocks have driven markets higher in a similar pattern to the dotcom era.

Warning about markets today makes things sound a bit like when Alan Greenspan warned about “irrational exuberance.”

When he uttered those words, markets briefly declined – but it being 1997, the dotcom bubble still had most of its formation ahead.

We’re likely in a similar situation today – perhaps not quite a bubble, but the beginnings of one.

Trump’s “Big, Beautiful Bill” and deregulation will likely give the market one last squeeze higher into next year.

Consequently, we still see ample opportunity to profit from the rollout of AI technology – but we’ll also be looking for opportunities to lock in profits rather than get caught up in the mania.

~ Addison

The World Should Fear September 9…

The United Nations General Assembly isn’t typically a headline-grabber.

But the upcoming Assembly— beginning on September 9 — has an air of great urgency, because a major announcement could be forthcoming.

The potential bombshell announcement?

Well, it concerns a classified map of a “secret America” from 1946 — a map whose expanded U.S. borders could go into effect in 2025.

If enacted, this wildly controversial map would grant the federal government astonishing economic, societal, and military power.

But the investment implications could be even bigger.

Click here to view the secret map ASAP >>

P.S.: With an eye towards a stock bubble brewing, we continue to like another asset – gold.

Yes, it’s also near all-time highs, just like the stock market. But relative to key metrics like total fiat money supply, gold remains highly undervalued.

Gold also holds its intrinsic value in the face of inflation, which we just can’t seem to fully wring out of our financial system today.

As always, your reader feedback is welcome: feedback@greyswanfraternity.com (We read all emails. Thanks in advance for your contribution.)

Real assets in general tend to hold their value during inflationary periods — because they’re not just paper promises. They’re tangible. They’re productive. They’re the raw inputs the economy is actually built on.

One of the most obvious opportunities right now — possibly the most mispriced sector in the entire market — is energy.

The world does not exist without energy. Full stop. People have been fed a ridiculous lie that oil is going to disappear and we’re all going to drive solar-powered EVs and Exxon is going to go out of business.

In the U.S., stablecoin rules remain tangled between crypto exchanges eager for new customers and small banks afraid of losing deposits.

China’s Ant Group is filing trademarks for “Antcoin” while the Party debates whether digital dollars threaten national sovereignty. And in Singapore, StraitsX cofounder Samson Leo frets about regulatory fragmentation: “If every jurisdiction requires us to split reserves across their banking systems, customer protection will diminish.”

Stablecoins today are where email was when businesses still faxed each other printouts of their inbox goes an apt analogy suggested by Bloomberg’s Andy Mukherjee.

The rails are there — the habits aren’t. But the shift is coming. And when it does, it won’t just change how we pay — it’ll change who gets paid.

Anticipating a sluggish labor market, the Fed has cut rates twice this fall.

Unfortunately, you can’t fix a reorganization with cheaper money. AI will eat the easy tasks first, so the pain you see — pink slips — is only half the story. Those jobs will likely never return.

If you’re from New York—or know anyone there—you’ll probably agree: most New Yorkers are fed up with crime, the outrageous cost of living, government incompetence and corruption—and, yes, the rats.

But the fact that a hard-core socialist like Mamdani is their favorite pick to solve those problems tells you that most voters have no idea why any of it is happening.

Their hatred of Donald Trump—and a steady diet of MSNBC—has made them blind to the obvious: it’s the Left’s policies creating these problems. You have rent control shrinking supply by forcing landlords to pull units from the market, union giveaways jacking up the cost of transportation, zero-bail laws putting criminals back on the streets, and so on and so forth.

One of the most obvious opportunities right now — possibly the most mispriced sector in the entire market — is energy.

In the U.S., stablecoin rules remain tangled between crypto exchanges eager for new customers and small banks afraid of losing deposits.

Stablecoins today are where email was when businesses still faxed each other printouts of their inbox goes an apt analogy suggested by Bloomberg’s Andy Mukherjee.

The rails are there — the habits aren’t. But the shift is coming. And when it does, it won’t just change how we pay — it’ll change who gets paid.

Anticipating a sluggish labor market, the Fed has cut rates twice this fall.

But the fact that a hard-core socialist like Mamdani is their favorite pick to solve those problems tells you that most voters have no idea why any of it is happening.