| Editor’s Note: Tonight at midnight, Porter’s latest broadcast will be removed. If you’ve not watched it yet – or considered his special invitation – this is your last chance.
The game has changed.
For decades, investors have benefitted from an era of falling interest rates, rising asset valuations, and a strong U.S. dollar at the foundation of the global financial system.
And U.S. stocks were the biggest winners of all, providing the best returns of any asset class around the globe. This, in turn, attracted foreign investment that created a virtuous cycle of higher asset prices, low inflation, and low bond yields.
The only investing playbook needed to secure easy, double-digit annual returns could fit into a single sentence: Buy and hold index funds.
But now, this paradigm of American financial exceptionalism is coming to a chaotic end.
For the first time since the 1970s, foreign investors are fleeing what were previously the global safe haven assets: the U.S. dollar and U.S. Treasury bonds.
And it’s setting the stage for the same financial outcomes of that era: a lost decade in stock and bond returns, with tremendous volatility along the way. 
Investors caught a preview of this financial devastation following President Donald Trump’s “Liberation Day” tariff announcement on April 2, 2025.
During a 48-minute press conference held in the White House Rose Garden, President Trump announced the largest tariffs against virtually every major country in the world.
It was unlike anything the world’s seen since the Great Depression, and sparked a mad rush out of all U.S. financial assets. By the time the dust settled, U.S. stocks had lost nearly 20% of their value.
Long-dated Treasuries lost 10% in the span of a week, and the U.S. dollar dropped by more than 12% from its high earlier in the year.
It was the first financial panic since the 1970s when all three major U.S. asset classes – stocks, bonds, and the dollar – plunged in value at the same time.
These synchronized price declines typically only happen in highly-indebted, financially distressed third world economies. And it’s only the start of what’s to come.
To be clear, President Trump’s global trade war isn’t necessarily the cause of America’s demise.
It is merely the catalyst that propelled it forward.
The real cause traces back to what I first began writing about in 2011 in my End Of America documentary.
That is, runaway government deficits leading to an unsustainable debt burden that would culminate in a crisis of confidence in U.S. financial assets.
Fast forward to mid May, when America’s credit rating was downgraded by the final of the three major ratings agencies.
Now the American financial system is rapidly approaching the status of an insolvent third-world economy.
The national debt is $36 trillion, with annual budget deficits running at 7% of GDP – the highest ever in peacetime, outside of COVID-19.
And it now spends over $1 trillion each year on interest expenses alone – more than the entire military budget.
Meanwhile, the runaway increases in entitlement spending, including Social Security, Medicare, and Medicaid – are set to increase automatically each year, by law.
There’s no end in sight to Uncle Sam’s spending spree.
And even when Trump tasked the world’s smartest man – Elon Musk – to cut wasteful government spending, the effort failed in spectacular fashion.
Despite all the DOGE (Department Of Government Efficiency) hype, the U.S. government is on track to increase spending above the crippling levels seen under the Biden administration.
This isn’t a Democrat versus Republican problem.
It’s an unstoppable freight train that’s heading 100 miles toward a brick wall, with no emergency brake.
And it’s all leading to one thing: a default on the U.S. Treasury.
But don’t take my word for it. That’s what the bond market is telling us, with the inflation-adjusted yield on long-duration Treasuries breaking out to the highest level in 23 years.
This is the bond market telegraphing a coming default by inflation, and investors demanding an ever- higher inflation risk premium for owning Uncle Sam’s promissory notes: 
The only safe havens remaining are gold and its digital cousin Bitcoin.
Here again, the ghosts of the 1970s beckon: during that decade, gold was one of the few assets that shielded investors from the ravages of crippling inflation and a lost decade in stocks and bonds.
But most investors are ignoring these dire risks.
Equity valuations haven’t come close to pricing in this new reality.
JPMorgan CEO Jamie Dimon recently warned investors of an “extraordinary amount of complacency” as markets rebounded from their Liberation Day declines.
With the S&P 500 trading just shy of all-time high valuations, the U.S. stock market is more vulnerable than ever to a lost decade.
And government bonds are locked into their worst three-year bear market on record, with no apparent change on the horizon.
That’s why volatility is here to stay.
In the first few months of 2025, we’ve seen tremendous back-and-forth price movements from complacency to fear, as measured by the CBOE Volatility Index (VIX).
The VIX surged from a copacetic reading of 16 in late March to a full-blown panic level of 60 in early April. A reading above 20 suggests turbulence ahead.
Most investors attempting to trade around these chaotic moves are getting whipsawed, seeing their accounts whittled away by taxes and trading fees.
Each week brings a new source of headline-driven volatility into the market. Depression-era tariff rates announced one day, followed by trade deals and temporary tariff relief the next.
Bonds rallying on a tame inflation reading one week, followed by another plunge when America’s credit rating is downgraded the next.
We’ve been catapulted into an unprecedented financial reordering and are now in the throes of the most volatile and uncertain economic environment since 2007.
Every day, the rules of engagement are changing.
Markets are rising and falling by thousands of points... investors are whipsawing between fear and greed... political tensions at home and abroad are soaring... trillions of dollars are being made and lost...
...and nobody knows what’s going to happen next.
In this new era of volatility, buy-and-hold investing is dead.
What will take its place? Active trading strategies designed to limit risk, and turn volatility into opportunity.
No, I’m not talking about day trading. I’m talking about taking calculated risks on the handful of reliable trading strategies I’ve seen work time and time again through chaotic market environments.
And at Porter & Co. we draw upon the expert analysts on our team who have spent thousands of hours mastering their respective niches. This includes things like distressed debt, biotech, and short-selling.
And, of course, options trading.
You see, it’s all this volatility that we’ve been leveraging to generate the types of returns that are simply not possible during “normal” markets.
Take our trade on Novo Nordisk…
When the VIX spiked to 60 on April 7, we made 34% in just 25 days – that’s the equivalent of a 229% annualized return.
And we achieved this without taking on any excess risk or worrying about what the market was going to do next.
Because while it may not seem like it, this onslaught of economic uncertainty has blown the doors open to a wealth-building opportunity the likes of which we haven’t seen in years.
As I wrote to you a few days ago: “[this is an opportunity] I’m grabbing by the throat with both hands… because I know it’s moments like this that can catapult you into an entirely new stratosphere of wealth.
Already this year, as markets collapsed, I used the volatility to pocket an extra $105,000 from one trade in Hershey’s.”
And while I’m not saying you’ll see returns like that because past performance is not indicative of future results…I do believe that the wealth up for grabs here is immense.
It’s also why we’ve launched the boldest undertaking we’ve ever done.
I wired $100,000 of my own money into a new brokerage account and inside our new Trading Club, we’re going to manage that account live and in real time.
You’ll see everything we do. Every investment, every decision, every win, every loss… everything we’re doing to try to capitalize on the heightened volatility and market uncertainty of 2025.
Most importantly, we’ll share the exact trades we’re making and educate you on why we’re making these trades.
Laid out, step-by-step, so you can follow along with your own money if you want, or employ our strategies to make trades based on your own research.
Yesterday, we released our first tranche of these trades to Founding Members – and I want to let you know that this is your last chance to get in on them.
Because tonight at midnight, enrollment to The Trading Club closes.
So, if you want to join, I’d suggest you take advantage of this special Founding Member offer before midnight. After that this video will be removed and your invitation will expire. 
Click here to watch Porter’s Pledge now. |
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