GSI Banner
  • Free Access
  • Contributors
  • Membership Levels
  • Grey Swan Forecasts
  • Video
  • Origins
  • Sponsors
  • My Account
  • Sign In
  • Join Now

  • Free Access
  • Contributors
  • Membership Levels
  • Grey Swan Forecasts
  • Video
  • Origins
  • Sponsors
  • Contact

© 2026 Grey Swan Investment Fraternity

  • Cookie Policy
  • Privacy Policy
  • Terms & Conditions
  • Do Not Sell or Share My Personal Information
  • Whitelist Us
Beneath the Surface

Landslide

Loading ...Andrew Packer

November 11, 2024 • 1 minute, 15 second read


electionllandslide

Landslide
https://open.substack.com/pub/joelbowman/p/landslide?utm_campaign=post&utm_medium=web

Front row at the Smashing Pumpkins…

“I took my love, I took it down
Climbed a mountain and I turned around
And I saw my reflection in the snow covered hills
‘Til the landslide brought me down”

~ Landslide by Stevie Nicks (1975)

Joel Bowman with today’s Note From the End of the World: Buenos Aires, Argentina…

While American voters were delivering something of a political landslide this past Tuesday, your generally apolitical editor was reliving the glory days of his misspent youth, watching Billy Corgan deliver an acoustic rendition of the Stevie Nicks classic, Landslide, here in Buenos Aires…

Many tides have turned since we first heard this tune, which we used to sing on the way to swimming training, bleary eyed, at 5am every morning. Funny how songs still speak to us, with new and ever changing meanings, even after all these years. From the lyrics…

Well, I’ve been ‘fraid of changin’
‘Cause I’ve built my life around you
But time makes you bolder
Even children get older
And I’m gettin’ older, too…

There were other tunes, too… Smashing Pumpkins classics like Bullet with Butterfly Wings, Disarm and Mayonaise. For one brief night, jumping along with the rock ‘n’ roll crowd, we felt like we were seventeen again. Then came the next morning when, battered and bruised, we got a sudden glimpse of what it might be like to feel 70…

Cheers,

Joel Bowman

 


The Hindenburg Five

February 24, 2026 • Addison Wiggin

The stock market “rebalancing” is a polite way to put it. Energy and health care are getting a healthy boost. But tech hardware and software makers are still getting dressed down and have been asked to report to the principal’s office.

The great rotation underway has triggered a series of “Hindenburg Omens.” Five have occurred in recent weeks.

The Hindenburg Five
Piercing The Veil

February 23, 2026 • Addison Wiggin

The S&P 500 has traded in a 3.7% range over the past two months — less than half the 20-year median of 8.6%. One of the tightest ranges in modern history.

In trader parlance, the indexes are “flat,” a setup that often materializes before a sell-off at the top after a multi-year bull market.

Goldman Sachs told its own traders to be aware that institutional trading activity resembles a VIX reading near 35. Rather than a reading of 20, where the VIX has been trading over that same 2-month period.

The U.S. software ETF, IGV, tested its April 2025 lows last week and trades roughly 35% below its peak. The “SaaS-pocalypse” in software companies reflects the fear of Citrini’s 2028 scenario happening in real time.   That divergence now exceeds the spread seen at the peak of the Great Financial Crisis.

Under the surface, the “great rotation” we wrote about last week is threatening to widen.

Piercing The Veil
Oh. Canada

February 23, 2026 • Addison Wiggin

Despite its overly-educated 40-million-plus population, on a GDP per capita basis Canada is null. Collectively, the Great White North would rank as America’s second-lowest state, coming in above Mississippi, but below Alabama.

Oh. Canada
Matt Milner: SpaceX + xAI: What It Means for You

February 20, 2026 • Addison Wiggin

SpaceX is the most valuable private startup in history — and if its success continues, it might become the most valuable public company in history.

After all, as Musk famously said in 2023, “I have never lost money for those who invest in me and I am not starting now.”

For investors, SpaceX has been a wild, joyful ride — and now the journey continues!

Matt Milner: SpaceX + xAI: What It Means for You