Why You’ll Embrace the “Terrifying Bull Market”

What’s happened over the last 30 years?

Big picture? Assets go up, and the purchasing power of the dollar goes down.

Gold has just edged out stocks over the last 25 years – century to date. Going back a little further, to gold’s cyclical bottom in the late 1990s, stocks have a slight edge:

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Financial markets are far from a perfect safe-haven from inflation, but they’re easy for investors to get in and out of. (Source: X/Twitter)

What has happened over the past 30 years could now happen again – this time over 30 months. Or even less.

That’s the power of what Grey Swan’s Mark Jeftovic warns will be, “the most terrifying bull market” in history. One where investors jump into stocks at any price and valuation, in the hope that it will escape the clutches of inflation.

Chances are, it won’t fully protect you – but as we can see, it will provide some insulation. And stocks remain the most liquid game in town – it’s a faster place to move your money to compared to real estate or grabbing cash and running to your local coin dealer.

But with today’s sky-high valuations and high market concentration in big-cap tech stocks, investors will want to look for better opportunities that can come out ahead should the path to destroy the dollar accelerates.

~ Addison

P.S. This is yet another reason why we see gold prices soaring even higher – potentially into the five-digit range, in the years ahead. Gold’s fundamentals are strong – but what’s even more important is the structural weakness now baked into the dollar by decades of deficits.

We’ll be digging into both sides of that equation — plus our latest research — in this week’s special session of Grey Swan Live! today, Friday, August 15, 2025… exactly 54 years since Nixon “closed the gold window.”Members will get the sneak peek before anyone else.

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

What’s happened over the last 30 years?

Big picture? Assets go up, and the purchasing power of the dollar goes down.

Gold has just edged out stocks over the last 25 years – century to date. Going back a little further, to gold’s cyclical bottom in the late 1990s, stocks have a slight edge:

Turn Your Images On

Financial markets are far from a perfect safe-haven from inflation, but they’re easy for investors to get in and out of. (Source: X/Twitter)

What has happened over the past 30 years could now happen again – this time over 30 months. Or even less.

~ Addison

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

The very moment The State enters the economy in any way, shape or form – to tax one group and subsidize another… to set the price of a single good or service… to impose itself on a single contract… to claim a monopoly on the production of money, to demand its fiat be used, and that others be prohibited… to require a license, permit or other permission… to put its flabby finger on a single scale… – is to simultaneously render property contingent and the market subject to force.

American household “wealth” — stocks, bonds, real estate, savings — has inflated by $60 trillion in just five years. A full $100 trillion since the 2009 crisis lows.

If you’re a glass-half-full guy, that’s the magic of staying invested through cycles.

If you’re glass-half-empty guy, you see the risk and ask: how much of the current $60 trillion could vanish just as fast in the next down cycle?

Year-to-date, over $80 billion has flowed out of small-cap U.S. stock funds. These are the companies that can include the proverbial next Nvidia or next Microsoft.

Many of these companies trade at far more reasonable valuations than Microsoft and Nvidia today. And their growth rates can be just as impressive. It’s easier for a small-cap company to double earnings than a company that’s already earning tens of billions per year.

It’s likely that investors won’t rediscover these stocks until the big-cap names falter. But for all our criticism of investor enthusiasm and high-flying valuations in the overall market today, small cap stocks are starting to look like a relative value, especially for more patient investors.

Stephen Miran’s appointment to the Federal Reserve isn’t just another personnel move—it’s the placement of Trump’s Reset architect inside the very institution that will help carry out America’s most ambitious economic overhaul in generations.

Without getting into the weeds, Miran, the mastermind behind what’s been dubbed the “Mar-a-Lago Accord,” outlined a comprehensive plan to flip the U.S. dollar’s reserve status from a burden into a bargaining chip. To turn America’s towering debt from an embarrassment into leverage. And to reorient the entire global economic structure in Washington’s favor.

American household “wealth” — stocks, bonds, real estate, savings — has inflated by $60 trillion in just five years. A full $100 trillion since the 2009 crisis lows.

If you’re a glass-half-full guy, that’s the magic of staying invested through cycles.

If you’re glass-half-empty guy, you see the risk and ask: how much of the current $60 trillion could vanish just as fast in the next down cycle?

Year-to-date, over $80 billion has flowed out of small-cap U.S. stock funds. These are the companies that can include the proverbial next Nvidia or next Microsoft.