Porter's Journal

It’s Time To Prepare For A Dangerous Stock Market Melt-Up

At Porter & Co. we are determined to be your best source of investing, economic, and financial insight, and your first choice for information about what to do with your money… in the entire world, bar none.

This is Porter & Co.’s Sunday Investment Chronicles. Every week, the Porter & Co. research team pores over thousands (and thousands) of articles, reports, social media posts, analyses, regulatory filings, and anything else we can get our hands (and eyes) on to understand what’s happening in the world of investing and finance – and to uncover the most original, compelling, and double-head-fake ideas…

… and we curate the best of those here. We do it all the old fashioned way: Hours of reading and brainpower (no AI curation here). We read everything – for you.

In Case You Missed It

In Monday’s Daily Journal, titled “The Collapse Has Begun,” Porter warned there will soon be a massive shift away from the U.S. dollar, which is the foundation of the world’s financial system. This shift will lead to the collapse of the entire global paper money system in the not-too-distant future. He wrote…

The collapse has begun. All around the world people are abandoning the dollar.

Over the last 10 years, central banks have been dumping U.S. Treasury bonds and buying gold in record amounts. Central banks began buying gold heavily in 2010, following the Federal Reserve’s bailout of the mortgage banking system. And buying vastly accelerated in 2015, following the Treasury’s moves to seize Russia’s dollars. From 2015 to 2024, net global central bank purchases totaled approximately 6,700 tonnes. That’s 17% of all the gold ever mined!”


On Wednesday, Porter followed up on his thesis from Monday about the imminent collapse of the U.S. dollar with the imminent collapse of banks… because of the emergence of stablecoins. He explained it this way:

“We are at the beginning of the most important change to the world’s economy since Western Union’s first international money wire in 1872. The internet and stablecoin encryption offer unlimited transfers of money, instantly, to anyone, anywhere in the world, for free… Soon – within five years – most payments will be made using digital stablecoins like USDC.”


The Big Secret On Wall Street marked the third anniversary of Porter & Co.’s flagship advisory on Thursday by sharing with paid-up subscribers both a review and a re-ordering of The Big Secret portfolio. We set it up this way:

Our primary objective is to keep our portfolio stacked with best-in-class businesses that are also likely to be power-law winners, driving long-term portfolio returns through the ups and downs of the overall market.

And as we looked back and assessed our performance, it’s clear that sticking with these simple criteria has rarely failed. When we’ve deviated from these guidelines, it has almost uniformly led to poor returns. 

As a result, we have pruned a significant number of companies in the current Big Secret portfolio that have failed to meet these criteria.”

Paid-up subscribers can see the update here and the re-ordered portfolio here.


In Friday’s Daily Journal, Porter continued his theme from Wednesday, by saying that stablecoins represent the biggest change in the world’s banking system since the advent of the telegraph. He used the example of Western Union, which allowed consumers and institutions to send money, virtually immediately, at very low cost, to almost anywhere in the world. 

He wrote:

Stablecoins represent a way to completely disintermediate the entire banking system, replacing vaults with cryptography, and expensive private payment networks with the free internet. They also contain the key technological innovations necessary to remove expensive intermediaries between lenders and savers and between merchants and customers. This means incredible new services and benefits for consumers and, almost as good, the demise of traditional banks.”

The Best Things We Read Last Week

Out of the hundreds of sources of investment, finance, and economics news and insight we regularly review – our Bloomberg terminal, hedge-fund letters, annual reports, the financial news media, Securities and Exchange Commission (“SEC”) filings, investment newsletters, newspapers, X (Twitter) threads, conferences, podcasts, and more – here’s what we’ve read that we think you might find interesting.

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