Something You Don’t Know

Porter’s biweekly free e-letter features an overlooked market story or insight that mainstream financial media won’t share.

  • A Letter to My Son
    In September, Porter’s oldest son, Traveler, turned 16. Porter gifted him $17,000 (the maximum amount allowable before taxes)… and then wrote him a heartfelt letter distilling a quarter-century of financial wisdom into just a few pages, to advise him on what to do with the money.
  • Special Briefing from Porter: Hershey Update
    Hershey is a powerful real-life example of my signature capital efficient investing approach. And it’s now approaching an attractive valuation for the first time in years.
  • Special Report: Deadly Biases
    In this special report, Wealth Signals editor Scott Garliss dissects five common but deadly cognitive biases that can take down even seasoned investors – and shows you how to spot and avoid them in your own thinking.
  • “Don’t Be One Of Them”
    Financial markets have never had to reckon with a speculative asset mania, unsustainable bubbles in consumer, corporate, and sovereign debt, and structurally high inflation – all at the same time. The potential for significant economic turmoil is arguably greater than at any time in memory.
  • The Stealth Real Estate Bubble
    A record $2.5 trillion of CRE debt will mature between now and the end of 2027. However, several massive headwinds could make it more difficult than usual for borrowers to refinance these debts this time.
  • Falling Inflation Should Fuel More Upside in Stocks
    Our proprietary indicators tell us inflation should fall even more in the months ahead. And fading cost growth means the Federal Reserve will soon be able to stop raising interest rates.
  • The Repo Man Is Here
    The auto lending bubble is popping as more Americans are unable to pay their car loans. The tightening credit conditions that are weighing on subprime auto borrowers signal danger for the far larger corporate and government debt markets.
  • Defeating Toadzilla
    For the past several months here at Porter & Co., we’ve urged long-term investors to be cautious. We continue to believe a severe economic contraction is approaching. But that doesn’t stop us from finding shorter-term bullish opportunities.
  • How to Escape The “Winner’s Curse”
    Betting on perfection is a fool’s errand in any environment. It’s particularly risky today as the economy teeters on the edge of recession and a looming debt crisis. Fortunately, the bubble in AI and tech stocks is setting up a tremendous opportunity elsewhere.
  • Why Tesla Is In Deep Trouble
    Tesla’s rivals have been investing heavily in their own EV production and are now, for the first time, challenging the company in quality, innovation, and performance. This means that Tesla is now staring down a threat unlike any it has seen before.
  • Is Icahn Enterprises a Ponzi Scheme?
    Carl Icahn has generated one of the best long-term investment track records in history, but he has also made a lot of powerful enemies over the years. Now the prominent short-selling firm, Hindenburg, is targeting Icahn and his company. Here’s why we are keeping IEP in our model portfolio.
  • America Is Bankrupt
    America is not yet lost. But we are very close to the complete collapse of not only our financial system, but our entire way of life.
  • “Quantitative Teasing”: Why QE Is Not Back to Save Your Portfolio (Yet)
    The reality is that the Fed’s actions could have the near-opposite effect of QE. Instead of easing financial conditions and boosting asset prices, they’ll likely lead to further tightening and hasten the arrival of the impending credit crunch.
  • The Ultimate Bank Run
    Eventually, people will stop worrying about the viability of private banks like Credit Suisse, and start worrying about the viability of central banks and
  • What to Watch After the SVB and Signature Bank Collapses
    In today’s special edition of Something You Don’t Know, you’ll find an important briefing from credit analyst and author Martin Fridson, who leads Porter & Co.’s Distressed Investing team.
  • Here’s Why No One Will Ever Be Able to Stop Inflation Again
    Current Fed Chairman Jerome Powell wants to put an end to inflation. Unfortunately – for Powell, for markets, and for investors – it appears increasingly unlikely that he’ll get his wish.
  • Coming Soon to a Neighborhood Near You: A Chemical Mushroom Cloud
    Norfolk Southern is the latest poster child for the pitfalls of financial engineering. Years of reckless cost cutting and debt-fueled buybacks, at the expense of infrastructure upgrades, have caused an ecological disaster.
  • The Last Time This Happened, the Stock Market Slumped for 16 Years
    In many ways, the 2020s inflation scenario matches that of the 1970s.
  • Coming Soon: The Boeing Collapse
    One of many casualties of the coming corporate debt implosion.
  • A Huge Recession Red Flag Just Popped Up
    Every once in a while, a financial panic or deep recession provides the rare chance to buy quality merchandise at fire-sale prices. The time
  • What A Death-Row Turkey Tells Us About Black Swans
    By Special Arrangement: A Look Inside A Market Classic Editor’s Note: We hope you’re having a wonderful holiday with your family and friends, with
  • A Flood of Funds Are “Gating” Their Money – Here’s What It Means
    Investors Suddenly Denied Access to Their Own Funds… The day after Slava was sent to the funny farm, his wife marched into our skyscraper
  • I Almost Went to Jail in Qatar – Here’s What I Learned
    The tiny, gas-rich country is opulent, uptight…and weak on the rule of law. Editor’s Note: We’re turning this week’s issue of Something You Don’t
  • The Real Reason Why Airlines Have So Much Baggage
    Cheap money is grounding flights all over America – and that’s just the beginning. Next Wednesday will be one of the busiest travel days
  • Housing is On Its Knees And Corporate America Isn’t Far Behind
    Homebuilders have reported fewer new construction starts every month since March. That’s the longest stretch of declines since the housing crisis of 2007. And
  • How Bernanke Broke the World
    The price of U.S. Treasury bonds is collapsing. Since the end of July, the 10-year Treasury rate has risen sharply, from a yield of
  • Michael Burry “Bet Against America And Won.” Here’s What Happened to Him
    Long ago in ancient Troy, the beautiful princess Cassandra promised the god Apollo “the opportunity of her body,” in exchange for the gift of
  • America’s Corporate Debt Bubble is About to Burst
    Dear Porter & Co. readers, This is the first issue of Porter & Co.’s complimentary bi-weekly, Something You Don’t Know… in which, every other