A conversation with Dan Denning of Bonner Private Partners on the market’s year-end trends and what to watch in 2026.
A conversation with Dan Denning of Bonner Private Partners on the market’s year-end trends and what to watch in 2026.
December 16, 2025 • Addison Wiggin
What would a return to gold look like? Jim presents multiple scenarios, including a partial gold backing of new international reserve currencies. He notes that prior attempts to stabilize the global economy – such as the Genoa Conference in 1922 and the postwar Bretton Woods system – centered on gold’s role in anchoring currency values.
As history has shown, when trust in paper currencies erodes, gold emerges as the ultimate safe haven. The world looks to be on the cusp of another monetary realignment, and this time, gold will play a critical role.
December 16, 2025 • Addison Wiggin
Our task here at the Grey Swan HQ, as we head into year 250 of this American experiment, is not to choose a tribe or a slogan — but to recover clarity.
To understand what is being offered, what is being denied, and what quietly slips away when arithmetic, history, and human nature are treated as inconveniences.
That work is slower. Less satisfying. And far more necessary.
Because when the idea of America becomes unmoored, it’s not necessarily yielding to an improvement on the original, is it? The news cycle, for today at least, just reveals it’s being replaced… by something louder.
Louder is rarely wiser.
December 16, 2025 • Addison Wiggin
The advance/decline ratio looks at the percentage of stocks in an index that are rising compared to the number that are falling.
While the index has been flat the past few weeks, the advance ratio has been improving. Only A few names – notably Oracle – have been keeping a lid on markets.
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.
