| Ripple Effect — February 17, 2026
In the past eight-day trading period, over 20% of S&P 500 stocks have had at least one intraday decline of 7%.
Typically, that kind of volatility occurs in the middle of a market correction or crash – not this close to all-time highs:  Individual stocks are crashing at a level usually associated with bear markets, not stocks near all-time highs. (Source: The Compound) While AI technology is transformative, the valuations in AI stocks do not match the price you have to pay to own them.
Ironically, a crash across the board would have a profound effect on 401(k)s, IRAs and pensions that have benefited greatly from a frenzy for tech stocks — the exact reason why prices have gotten out of whack from earnings in the first place.
Bull markets don’t end limping across the finish line. They end in a speculative mania – or what we call a “most terrifying bull market.” We’re not there yet, but conditions are setting up for it.
Despite the drawdown in a significant number of individual names, some of the moves lower have been short-lived. While the Mag 7 stocks cool, pockets of other 493 stocks in the S&P 500 benefitted last week from capital rotating out of tech and crypto.
~ Addison | 
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Discover the "29% Account" here before they try to ban it. | P.S. Last week, U.S. Global Investors founder Frank Holmes reviewed some of the more important market trends impacting his portfolio of ETFs. Despite the short-term challenge to the stock market, economic fundamentals are in good shape early in this midterm election year.
Frank explained in detail how alternative data, like global airline demand, helps his team rebalance their portfolio of ETFs when market trends shift.  This week, we turn to a corner of the capital markets usually reserved for well-connected investors: the pre-IPO space. Companies like SpaceX and Anduril have caught our attention as investments, but they’re not officially publicly-traded.
Our friend Matt Milner over at Crowdability has created a way to get access to these companies before they go public – and at the valuations where institutional investors are able to invest today.
So mark your calendar for this Thursday at 12 p.m., ET. More details to come! If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
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