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Ripple Effect

And This Year’s Winner Is…

Loading ...Addison Wiggin

December 17, 2025 • 1 minute, 35 second read


FinancialsXLF

And This Year’s Winner Is…

Trick question: which stocks do best in a market bubble?

As we look to close out the year, financials, as measured by the SPDR Financial ETF (XLF) are on a tear:

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After touching the 200-day moving average during the private credit scare in the fall, financial stocks are in full Santa Rally mode (Source: Stockcharts.com)

Except for a minor blowup in the private credit markets, the only challenge financial stocks had this year was in April, when everything got whacked by Trump’s shock-and-awe tariff announcements.

Stands to reason, in a bull market for stocks, mergers, acquisitions and new issues, financial stocks are like the “brick and mortar” plays for Wall Street itself.

In our upcoming December Grey Swan Bulletin, available for paid-up Fraternity members, Andrew Packer digs into a growing trend in private credit that could cause the space to wreak havoc on the financial markets four distinct times in 2026.

For now? It’s smooth sailing into the new year.

~ Addison

P.S. Catch us tomorrow on Grey Swan Live! we’re joined by Dan Amoss — a forensic accountant by training and a market bloodhound by instinct. A short glance at the calendar reveals… this will be our last scheduled Grey Swan Live! in 2025.

To the casual observer, Dan’s work invites comparisons to Michael Burry of The Big Short fame. The difference is that Dan was practicing this brand of forensic investing long before Hollywood learned how to spell “CDO.” For the last decade, he’s been trading stocks and options for another friend you may recognize, Jim Rickards.

Dan’s going to walk us through several trades he’s made during the AI boom — and, more importantly, the accounting stress fractures beneath the surface that lead him to believe 2026 could prove even more treacherous for individual investors than 2000–01 or 2008–09.

It’ll be dense, unsettling, and refreshingly coherent. You won’t want to miss this one.

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Marin Katusa: Silver Miner Q4 Earnings Will Set Records

January 16, 2026 • Addison Wiggin

Mining stocks amplify everything. First Majestic went from losing money to 45% margins without building anything new. They just held the line on costs while silver did the heavy lifting.

That cuts both ways. If silver drops hard, margins compress just as fast. Same leverage, opposite direction.

The miners with the lowest costs and cleanest balance sheets will hold up best in a pullback and capture the most upside if the deficit keeps grinding.

Marin Katusa: Silver Miner Q4 Earnings Will Set Records
“Dispersion Rising”

January 16, 2026 • Addison Wiggin

Economists at Goldman Sachs said this morning they expect core inflation to finish the year around 2% even while GDP rises at a “surprisingly strong” 2.5% clip.

In our view, their inflation forecast is optimistic. Their GDP call? Modest.

The last time we pumped this much liquidity into the system — 2020 through 2022—the result was a manic asset bubble, runaway inflation, and an epic hangover at the Fed.

Goldman’s optimism has triggered a fresh round of bullish bets: cyclical stocks are rallying, “dispersion” in the S&P 500 is spiking, and the Fed is expected to cut interest rates twice before Jerome Powell gets kicked out of Washington at the end of his term on May 15.

“Dispersion Rising”
The Boom Behind the Data

January 16, 2026 • Addison Wiggin

Anecdotally, we’re hearing stories of warehouses full of GPUs sitting unused for lack of energy to power them. It’s a natural feature of the heavy capital investment in new machines. The grid has to catch up!

While Trump’s great reset rolls on in 2026, keep an eye on modular nuclear reactors and increased demand for uranium, natural gas and related resources.

The Boom Behind the Data
The Economics of Precious Metals Stocks Today

January 15, 2026 • Shad Marquitz

These PM producers are literally printing the most ‘hard money’ that they ever have at these metals prices and record margins here at the midway point in Q4.

If there ever was a time for this sector to get overheated and frothy, this would be it… only that isn’t what we’ve seen playing out.

PM producers are still insanely profitable at even at current metals prices and should be far more valuable based on their margins, revenue generating potential, and their resources still in the ground.

The Economics of Precious Metals Stocks Today