Here's the situation:
Stocks are at or near record highs.
Gold is at record highs.
Silver is at record highs.
Home prices are at record highs.
Copper is at record highs.
Platinum is at record highs.
Money market balances… U.S. government debt… Federal deficits… Household debt… all record highs!
When everything hits a record high at the same time, that's not a coincidence.
And this is where most people get it wrong.
People see rising prices and think, prosperity.
Professional investors ask a different question.
Is this real growth… or is it weaker money?
Because when every asset rises together, what it often means is currency devaluation — not that everything suddenly becomes more valuable.
Here's the simplest way to think about it.
Imagine a ruler that measures everything — stocks, homes, commodities. Now imagine that ruler slowly shrinking. The objects don't get bigger, but relative to the ruler, they look bigger.
That ruler is the dollar.
When the dollar shrinks, everything priced in dollars appears to rise.
Assets aren't necessarily becoming more valuable.
Money is becoming less valuable.
That's how fiat currency systems hide the problem.
And it's a big problem to miss.
People celebrate rising asset prices, but what's really happening is this:
Cash loses quietly. Savers fall behind. Asset owners win by default.
The more assets you own, the more you benefit — even if there's no real productivity gain underneath.
That's why when everything is at a record high at once, it's not comforting. It's concerning.
Now, from an investor's standpoint, this is a treacherous environment. You have to duck and weave.
A lot of investments may look great on the surface, but underneath… that's where the danger is.
And in uncertain times like these, the best bet is to follow the smart money into stocks that not only do well when the market is soaring, but also when it's falling.
And right now, these "defensive" stocks are going to do a lot more for you than just protect your portfolio…
Because a new government initiative is set to have them soaring through 2026. Get all the info here.
Have inflation expectations already been priced in? Or are we still underestimating what's happening?
I personally believe inflation is being underreported.
And that's dangerous.
Ray Dalio talked about this recently — the U.S. is effectively buying its own debt.
The government's right hand issues the bonds, and the left hand buys them through the Fed.
Ironically, everyone's beating up on the Federal Reserve right now, but the Fed is boxed in.
The real issue is fiscal discipline — or the lack of it.
Congress passes massive spending bills, runs trillion-dollar deficits, and assumes the Treasury and the Fed will clean it up afterward by absorbing the debt.
That's how we got here.
Now we're in a position where inflation is visible everywhere — except, strangely, in the official numbers.
That raises a very uncomfortable question:
Can we trust the data?
That's not a question you ever want a society asking. It's a dangerous rabbit hole.
Maybe the numbers themselves aren't wrong — maybe yields are just being artificially suppressed through massive bond purchases. But either way, reality has a way of asserting itself.
And lately, as geopolitical tensions rise and uncertainty grows, yields have started creeping higher again.
Anyway, that's what's been on my mind today.
Have a great day.
I'll see you tomorrow.
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