I spent last week at natural resource legend Rick Rule’s conference in Boca Raton, Florida. Rick and I have been friends for almost 35 years, and every year he puts on a conference I try to attend if my schedule allows. Over 1,000 attendees and several dozen companies in the resource industry were there. Consider […]

If you’ve been investing for any length of time, you’ve probably caught yourself asking the same question over the past few weeks: “Is this starting to look like another dot-com bubble?” It’s a fair question, especially if you’ve been tuning in to Wall Street’s media machine. The late-1990s technology boom remains the benchmark investors use […]

If you’ve been investing for any length of time, you’ve probably caught yourself asking the same question over the past few weeks: “Is this starting to look like another dot-com bubble?” It’s a fair question, especially if you’ve been tuning in to Wall Street’s media machine. The late-1990s technology boom remains the benchmark investors use […]

There has never been a trillion-dollar bank. Apple got there, and so did Nvidia, Amazon, Tesla, Meta and Broadcom. Every one of them a tech company. In the whole history of American finance, no lender has ever been worth that much. JPMorgan Chase (JPM) is about 8% away, and it just did something on the […]

The best businesses in the world are the ones AI cannot touch. Boeing (BA) builds planes. Airbus builds planes. AI doesn’t, and it’s never going to, no matter how many data centers sprout up this year. I think about that more than I probably should. Because everybody in this market is trying to answer one […]

After spending the last week out West, my bullishness on Boot Barn (BOOT) remains as strong as ever. Western gear is the hottest trend in all of retail, and the most dominant leader in the $58 billion Western fashion sector is BOOT. The so-called lifestyle retail chain offers denim, western shirts, cowboy hats, belts and […]

Airbnb spent fifteen years trying to put hotels out of business. Now it’s selling hotel rooms. That’s not a headline anybody ran with, but it’s the most important thing happening at this company. Airbnb (ABNB) has been quietly rebuilding a dedicated hotel operation, hiring hotel executives to run it, and piloting with boutique and independent […]

Most investors head into the earnings season with one familiar tool: the earnings calendar. But the calendar can be hell to go through, especially when the reports start to flow heavily in a few weeks.   There’s a better way to consume (and profit from!) this data. Let’s start with a simple idea… The stock […]

Quick question. Have you noticed how confusing the market’s been lately? Some days the SPY looks great and the Qs get hammered. Other days it’s the opposite. A handful of memory names tank and drag the whole tech sector down with them, even though everything else is holding up fine. Most traders see this and […]

A Note From Stephen Prior, Publisher: A massive shift is already underway in the market. Money is pouring out of the AI and tech names that led for three years and into sectors most investors forgot they owned. Energy is up 21% this year. Materials up 17%. Consumer Staples up 15%. Meanwhile, tech is stalling […]

Editor’s Note: I don’t usually hand this newsletter over to someone else, but Nate Bear earned it. He and I come at the market from different directions. I follow where insiders are putting their own money, he reads it off the charts. But when two different methods start pointing at the same thing, that’s worth […]

Three weeks ago, everyone decided the energy trade was over. The US-Iran ceasefire got signed. Brent crude dropped 15% in days. XLE fell from the $63 range to the low $50s. Traders who’d ridden the Hormuz premium all year got flushed out at the worst possible time, selling energy right at the bottom because a […]