With the War in Ukraine now approaching its fifth year and possibly reaching a climatic stage, it's timely to offer an overview of the situation.This overview has three vectors - the situation on the battlefield, the corruption scandal rocking Kyiv, and the prospects for the success of the Trump peace plan. The thread that connects these three vectors is the role of the Russian Federation and spec...Read More

Two months ago, I made the case that DEI was ironically the best thing that ever happened to white guys. The week after, I elaborated after a subscriber wrote in with a genuine concern.I follow up now because Zero Hedge dropped a bombshell, reporting that America desperately needs half a million highly skilled workers just to keep basic national functions running.For too long, America has construc...Read More

Fortune Magazine reports:Wall Street strategist explains today's political rage with a poverty line that should be $140,000 and the 'Valley of Death' trapping people below it.Analysts believe the election of Mamdani in New York City hinged on the 'affordability' issue.The feds report decent numbers unemployment, inflation, GDP etc. But out on the street, it's becoming more and more difficult for...Read More

Our brains are not naturally wired for trading or investing.We are built for simpler things. Hunting, farming, building, and raising children.So the modern investing landscape can be a nightmare for the human psyche.Today we have the ability to trade nearly any asset, instantly, for free. For a fee, we can use leverage in the form of margin or options.This is a remarkable technological achievement...Read More

From Paradigm Press, we hope that you had a good Thanksgiving holiday. It's December, the year is winding down, and let's get straight to business because there's much to discuss.Today we'll focus on the utter disaster that is U.S. shipbuilding in general, and Navy shipbuilding in particular. It's a mess, as we'll see below. And yes, it's President Trump's mess although it's more than fair to say...Read More

The story of the world's first IPO is a wild one.The Dutch East India Company (VOC) was founded in Amsterdam in 1602. Over the next hundred years, the VOC would dominate trade with Asia, wage multiple wars, commit genocide, and build monopolies. Along the way they sold gobs of spices, silks, and opium.But before all of that could happen, the VOC's founders needed to raise money. So in 1602 the Dut...Read More

As America enjoyed a long Thanksgiving weekend, something big was happening with silver.The precious metal jumped higher on Friday, rising almost $4 to around $55 per ounce. A fresh all-time high.Interestingly, in the middle of this incredible run, the CME futures exchange shut down completely. Apparently it was due to a cooling issue at a data center, but the timing does seem strange.Many preciou...Read More

Last week's surprise release of a draft Ukraine war peace plan has raised hopes that the nearly three-year bloody conflict may finally come to an end. Ukraine has suffered horrible losses that may change the demographics of that country for decades to come.If this peace plan can be negotiated in a way that satisfies all sides and the guns finally go silent, I will be the first to cheer. However, t...Read More

If I looked you in the eye and told you the Rocky Mountains don't exist, you'd think I was crazy.But give me time, and I could make you believe it.I wouldn't need threats or force. I wouldn't really even need a good argument.All I'd need is steady, confident repetition. The kind that comes from the voices you already trust.Say, you lived out on the eastern plains of Colorado. The land is flat and...Read More

On October 31, 2025, the U.S. government agreed to arrange financing of $80 billion for Westinghouse Electric's new nuclear reactors. This is a huge deal for Westinghouse' owners, giant uranium miner Cameco (NYSE: CCJ) and Brookfield Renewable Partners (NYSE: BEP).The deal's announcement sent Cameco's shares soaring, as you can see here:Under the agreement with Westinghouse Electric, the U.S. gove...Read More

'Perhaps there is still time to defeat history.'-Daniel OliverMr. Oliver must be an unreconstructed optimist. An un-mugged Democrat. A man enjoying his first vote...or his second marriage.The history he is referring to is the one we know so well. It is the history of booms and busts...and of great nations laid low by the 'fatal conceit' of their leaders.All bubbles burst.All paper currencies becom...Read More

"Can I help you, sir?" The young guy behind the counter was very polite."Yes, please," I replied."I'd like a couple of those salmon filets," and I pointed to a tray behind the glass.Salmon filets. Courtesy the Fresh Market store."Absolutely," said the man. "Great choice, by the way," he added.I smiled. "You sound like the server in a restaurant. Whatever you order, they say 'Great choice.' I guess...Read More

I've used OpenAI's ChatGPT almost daily since it launched in late 2022.It's been a valuable research assistant, and I also use it to make the images at the top of these letters.But suddenly ChatGPT has major competition. Google just released their latest model, Gemini 3.Gemini 3 has taken a lead on AI benchmarks, a set of tests which grade the performance of models.And Google's new image creation...Read More

Is the Chinese economy collapsing? Or is something worse waiting in the wings? The short answer is that we could be looking at something much worse than a crashing economy. China could be part of a collapse of the global monetary system.We'll begin the analysis with the latest official economic releases from China. These releases showed some of the weakest performance by the Chinese economy since...Read More

Over the past year, I've written no less than 15 newsletters dedicated to silver.To say it's one of my favorite assets is an understatement.The combination of booming industrial usage and rising investor demand has created a perfect storm for poor man's gold.And this unique metal is doing quite well, up 72% year-to-date despite the recent pullback. But don't let that price rise fool you, this bull...Read More

My good friend and host of the No Way Out podcast, Mark McGrath, likes to call me the second-most famous Villanova graduate in Italy. Of course, the most famous one sits on the Throne of St. Peter and has this uncanny penchant for pissing me off.I had high hopes for Papa Leone, as we call him here in Italy. But time and again, from blessing ice blocks to condemning nation-states for enforcing bord...Read More

Remember Beanie Babies? In the late 1990s, they were all the rage.Tiny stuffed animals which cost less than $1 to manufacture were selling for thousands of dollars at peak.The Princess Diana memorial bear once fetched $500+, and today it sells for around $5. Peanut the Royal Blue Elephant hit $5,000 in 1999, and today a certified mint condition specimen might fetch $50.The BB craze started in 1997...Read More

In 1929, just before the Great Crash, economist Irving Fisher famously said stock prices had reached, “what looks like a permanently high plateau”.Fisher was a raging bull, and his portfolio was leveraged to the hilt. The crash wiped out his entire fortune, and he was forced to borrow from wealthy relatives to pay his IRS bill.It'd be easy to scoff at his arrogance. But Fisher's view w...Read More

Ask any locomotive engineer. You definitely want to stop the train too soon versus too late.Or in other words, don't be this guy:Santa Fe locomotive overshoot, Los Angeles, January 1948. Courtesy martinturnbull.com.No question about it; we've had a good year in 2025. Gold, silver, platinum are up. Most other metals as well. Many miners are up, and many have seen spectacular gains. And while I don'...Read More

Since 2008, U.S. stocks have absolutely crushed the rest of the world.The S&P 500 rose 592% over the 17 year period from July 2008 to July 2025. The MSCI world index (excluding the U.S.) was up 140%.And the MSCI emerging markets index was up just 92%.The chart below tells the story:Source: Charlie BilleloIt's been an incredible period of outperformance for American stocks. We've torched Europe...Read More