Friday, July 12, 2024

A Warning From Porter Stansberry

Stansberry Research's founder sees signs of trouble... Today's tech mania is crazier than 2000... A bit of history... Don't try to buy yesterday's dip... Like dynamite in a hole... What could be the spark... A few solutions for a crash...
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Stansberry Research's founder sees signs of trouble... Today's tech mania is crazier than 2000... A bit of history... Don't try to buy yesterday's dip... Like dynamite in a hole... What could be the spark... A few solutions for a crash...


Many of you may not 'know' me...

I (Porter Stansberry) haven't written a Friday Digest in many moons. But I founded Stansberry Research, and for 20 years, I wrote to our subscribers each Friday. I am doing so again this week because I believe we are at an important peak in equity prices... that a big decline in stocks is inevitable... and that buying tech stocks here will lead to poor returns for at least a decade.

I hope you will read what I've put together below carefully. I would also urge you to share it with people you care about, your business partners, and your financial planner.

But first, a few disclaimers that longtime subscribers will recognize...

There's no such thing as teaching – there's only learning...

Longtime readers will recognize one of my favorite sayings. It means that most people can hear all the good advice and important information in the world, and it will have no effect if they aren't ready to hear it with an open mind.

Most people don't read this Digest, or anything else, to learn. They read what they like to read, mostly because it reinforces their existing biases. So, I don't expect to be able to change your mind about anything I address below. And as always, if you disagree with my thinking, I hope you'll write in to our mailbag.

But whether you agree with me or not, I hope you'll think deeply about the risks you're taking with your savings. Most people don't think about what they will do if they lose 50% or 75% of their life's savings in only a few days. But that's about to happen...

Second, if you're not familiar with me or my work...

Reading what follows will surely leave you thinking that I'm some kind of Chicken Little. I'm not.

The last time I asked to address every subscriber of Stansberry Research directly was in late March 2020 – just as the market was making its COVID-panic bottom. Back then, I organized an "all hands on deck" webinar about the incredible opportunities in the stock market. I pounded the table on buying an incredible portfolio of "forever" stocks – stocks that have durable competitive advantages and that can grow their sales and earnings without having to spend much money on capital investments (companies I call "capital efficient").

We launched the Forever Portfolio service on March 26, 2020, to take advantage of that opportunity. The inaugural portfolio included Alphabet (GOOGL), which is up almost 240% since then... Microsoft (MSFT), up 217%... and American Express (AXP), up 175%. It also included some less well-known but just as exceptional stocks, including uniform provider Cintas (CTAS), up 282%, and weight-loss-drug innovator Novo Nordisk (NVO), up 373%. The Forever Portfolio has achieved a total return of 101% since its inception.

I bring that up because I don't offer these kinds of explicit warnings very often. In fact, I firmly believe that investing in high-quality common stocks is, without question, the very best way to protect your assets in America.

But there are good times to buy stocks... and very bad times to buy them. Ironically, most people get those periods exactly backward.

I hope you won't be one of them.

Let's start here... We are in the midst of the greatest financial bubble of all time...

Today's bubble was caused by the same thing that creates every bubble – enormous amounts of newly created credit. This bubble was fueled by the "hidden" bailout of our banking system that began in early 2023 when the Federal Reserve created its "Bank Term Funding Program" to paper over the banks' $500 billion-plus in losses on their government bonds.

Among its actions, the central bank issued more than $164 billion in credit, created out of thin air. Thus, rather than seeing a reduction in credit while interest rates were rising, we've witnessed a gigantic expansion in credit, leading to a financial boom.

The mania in tech stocks today far exceeds the 2000 bubble. Going forward, for the next decade or longer, returns on large-cap tech stocks will be well below average. And for investors who pile into tech stocks today, when they are trading at 30 times sales, the results will be catastrophic.

This advice is contrary to what virtually everyone else is saying about the stock market right now, so I'll understand if you're deeply skeptical of my views. But I hope you'll pour a glass of your favorite adult beverage and let me explain why your actions over the next three to six months matter so much to your financial well-being.

A little bit of history...

In January 2000, at the peak of the Internet mania in the stock market, my longtime business partner and best friend, Steve Sjuggerud, wrote something that virtually assured he would lose his job as the investment director of the well-known (and perennially bullish) Oxford Club.

Steve wrote that we were "at the peak of the greatest financial mania of all time" and that, within a few days or weeks, the bubble would burst, wiping out investors.

But wait, because there's a lot more to the story. A little more than nine years later, on March 20, 2009, Steve wrote exactly the opposite to his True Wealth subscribers. Here's what he said in the issue published that day:

In January 2000, I told my 40,000 paid subscribers we were at the peak of the stock market mania. Today, more than nine years later, I believe the exact opposite... I am extremely bullish on stocks, starting now.

I believe the entire stock market could rise by 50% from its lows last week over the next 18 months. And the next seven to 10 years could be phenomenal, as I'll show.

The important thing I want you to understand now is March 2009 is exactly the opposite of January 2000...

Steve became famous for these two legendary market calls. But what most people forget is that Steve didn't merely call the bottom in 2009... He was exactly right about what kind of stocks would lead in this new, decade-long bull market – big-cap tech stocks. In a November 2008 essay in our DailyWealth e-letter, he said...

Tech stocks have fallen 50% in the last 12 months and are down 75% from their 2000 highs. Investors are completely ignoring them... Banks, real estate, and commodity stocks get all the headlines. But you want to buy things when nobody's talking about them. And tech stocks are the cheapest they've been since 1995, on a price-to-sales basis.

In the essay, Steve cited the Technology Select Sector SPDR Fund (XLK), the exchange-traded fund of large-cap tech stocks. On March 20, 2009 – the day Steve made his bullish market call – the fund closed at $15.04 a share. Yesterday, it closed at $232 a share. That's a return of about 17 times your money over the past 15 years, if you reinvested your dividends. That's pretty incredible.

He wasn't the only one...

Steve wasn't the only Stansberry Research analyst who was correctly urging our subscribers to ignore all of the fear that was rampant in the market back in March 2009. Tom Dyson, who has since become a living legend for his incredible stock picking, also made the best market call of his entire life on March 16, 2009. In an essay for our DailyWealth e-letter published that day, Tom wrote...

You define your life by a small handful of very important decisions. We're at one of those decision points right now...

Now investors are as pessimistic, uncertain, and afraid as they have been in 120 years of stock market history.

When everyone is bearish like this, it is your imperative as a red-blooded, profit-seeking investor to be bullish...

On Tuesday, the market jumped 6% higher in an explosion of volume. On Wednesday, the market eked out a small gain. Then on Thursday, the market exploded higher again... rising another 4% on big volume...

Right now, we must assume Tuesday was the bottom... That means taking an aggressive long position...

My readers are playing the rally with companies like McDonald's, Exxon, and Johnson & Johnson. These are the strongest companies in the world.

Since then, accounting for reinvested dividends, ExxonMobil (XOM) is up 135%, Johnson & Johnson (JNJ) is up 294%, and McDonald's (MCD) is up a staggering 511%.

As for yours truly... I have always focused more on individual companies than the market as a whole...

As an entrepreneur and a business owner, I'm more comfortable making bets on specific businesses that I know well. So, what did I write about in the Friday Digest on March 9, 2009, when the market made its last bottom?

I reminded readers that Warren Buffett was recommending American Express (AXP) and that his own holding company, Berkshire Hathaway (BRK-B), was trading as though it would go bankrupt.

Although that seems impossible to believe today, that's how nutso the market was behaving. After all, Berkshire was AAA rated, it had as much cash on its balance sheet as debt, and it owned a collection of America's absolute best operating and insurance companies. Here's exactly what I wrote:

Warren Buffett did a three-hour interview on CNBC this morning. Some of the highlights include Buffett calling American Express (AXP) a "hell of a buy" at $10 a share...

The market is so fearful about Berkshire's derivative exposure that it's pricing a 60% probability Berkshire will default in the next five years. Credit default swaps, bond insurance for Berkshire, are trading at 535 basis points... That's enormous. A Berkshire default is incredibly unlikely... The firm has almost as much cash as it does debt. This is just another example of a panicked market unjustly punishing a stock.

Buffett, of course, was right. Today, American Express is trading for $239 a share – an almost 24x gain in 15 years. And about a year after that interview, in February 2010, Berkshire joined the S&P 500 Index, where it has been a stalwart.

What I hope you'll gather from these stories is that while stocks do well on average and over time, those averages hide an important reality: There are great times to be a buyer of stocks and there are terrible times to be a buyer of stocks. Right now has all of the hallmarks of a terrible time to be a buyer of most stocks, especially tech stocks.

How do I know?...

Stocks as a percentage of household assets are at an all-time high – 35%. Previous peaks include the top of the '68 bull market (29%), the top of the 2000 bull market (30%) and the top in stocks just before the pandemic (34%).

Bear markets bottom when everyone has sold. Bull markets die when everyone has bought. Mid-June saw the largest weekly inflow to tech-centric mutual funds in history.

And who is selling? Insiders at Nvidia (NVDA) have been selling at the fastest pace ever, dumping almost $500 million worth of shares in June.

By every well-proven metric, the S&P 500 is incredibly overvalued...

That's mostly because of the largest 10 companies.

Take Buffett's favorite broad measure of the stock market's price level, the total U.S. stock market capitalization measured against U.S. gross domestic product ("GDP").

Before 2020, the previous all-time peak was just below 150% in the 2000 bubble. That peak was two standard deviations away from the historical trend line, suggesting an unsustainable extreme.

Today... that measure of the market sits at 200% of GDP... placing it well beyond two standard deviations above the average.

Nobel laureate James Tobin developed another slightly wonkier measure of the stock market's level. It's called 'Tobin's Q'...

It's difficult to calculate, and the figures needed to do the calculation are only released by the Federal Reserve each quarter. But it is intellectually sound. The Q ratio is the total price of all the stocks in the market divided by the replacement cost of all of the companies.

The long-term-average Q ratio is 0.83. That means that for most of the past 120 years, the stock market has priced publicly traded companies at a small discount to their replacement cost. However, during several notable periods, investors were willing to pay large premiums.

The first time was during the 1960s, when the Q ratio soared to 1.7. It then fell for 20 years, bottoming at 0.29 in the early 1980s. The second was during the 2000 bubble... when the ratio soared to 1.5, before bottoming in early 2009 at 0.70.

And today? Tobin's Q ratio sits at an all-time high of 1.8.

Here's a simple prediction for you: Over the next 10 years, stock prices will fall so that this ratio once again is below 1. And when that moment occurs... I strongly suspect that you won't want to buy stocks.

Human emotions are what drive stock prices so far above their intrinsic value and what allow them to fall well below their intrinsic value. If you begin to see prices as merely reflections of the crowd's irrational emotions, you'll be much better positioned to profit from these cycles.

Another critical factor makes the current market extremely unstable and subject to a crash...

The market today is more concentrated than ever before in history.

The top 10 stocks in the S&P 500 now equal roughly 35% of the entire index's value. The only other time the market was anything like this concentrated was during the Great Depression.

This suggests that the real economy is much weaker than anyone realizes, mostly because investors have pushed valuations of the biggest stocks to incredible extremes.

Finally, the stock market is suffering from a growing lack of 'leadership' in the stock market...

For example, on June 17, the S&P 500 set a new all-time high, which is a sign of a strong bull market. But on that same day, more stocks were at new 52-week lows than at new 52-week highs.

This is an extremely unusual "divergence." And it's just another example of how a small group of vastly overvalued stocks has pushed an otherwise weak market higher. The reality is, the market has no real foundation. When sentiment changes, there will be a crash.

The last time we saw this kind of divergence in the market was just before it began a 22% decline in January 2022. And there were only two other instances. One was before a sharp 20% decline in late 2018 – the "crypto crash" – and in January 2000 right before the huge 50% decline in stocks when the first tech bubble burst.

(By the way, hat tip to Hussman Strategic Advisors for this unique piece of market research. You can see the chart here.)

Does this mean that stocks will collapse next week?...

As I sat down to write this Digest yesterday (July 11, 2024), the market began to experience a historic reversal of trend. Incredibly, on Thursday, as I finished writing the first draft of this Digest, the Russell 2000 Index of small-cap stocks closed 3.6% higher. But the S&P 500 (dominated by the big, overvalued tech stocks) fell 0.88%!

Thus, even though yesterday saw advancing stocks outnumber declining stocks by 5 to 1 the "stock market," as defined by the S&P 500, declined (by 0.88%). That has never, ever, happened before in the entire history of the stock market. The market is indeed "broken." Driven by the extreme amount of capital that's "indexed" and the enormous size and valuation of the biggest tech names, the stock market isn't functioning normally.

To understand how extreme the risks are in this market today, you have to realize that the other times in market history that the market has behaved similarly in the past were all during the Great Depression, after the enormous crash of '29. On 12/5/29, 8/18/30, 1/11/32, 8/20/34, and 11/8/34, the market's advancing stocks outnumbered the declining stocks by "only" 2-to-1, not by 5-to-1. In other words, the market's dynamics are even more unusual now than they were during the Great Depression.

You already know the big tech names were down big yesterday, led by Nvidia, which fell by 5.6%. It's not often that the market confirms a thesis so dramatically literally while you're writing the research, but I believe that's the case here. I think the "top" is in for big-cap tech. I hope you won't try to buy this dip.

Extremely high valuations, like the kind we see today in big-cap tech stocks, are like someone putting dynamite into a hole. The pressure builds and builds and builds. And the more extreme the valuations get, the bigger the inevitable explosion will be.

Right now, the only thing holding up this market is sentiment – the fundamentals are completely broken. When the stocks start to fall, sentiment will disappear. Then there will be a big crash.

And don't look to the government to protect investors...

Ironically, efforts to make financial markets safer and more stable – such as central banking – only permit more and more "dynamite" to build up in the system.

A famous economist, Hyman Minsky, first discovered how financial system stability leads to bigger and more violent financial panics – something called a "Minsky Moment." We're on a one-way track toward the biggest Minsky Moment we've ever seen.

The combination of massive (and unsustainable) sovereign debt and unprecedented valuations of U.S. stocks, along with record-high levels of participation in the stock market, is a recipe for some incredible "fireworks."

I'm not trying to be Steve Sjuggerud. And you don't have to call the top to the exact day to be right...

And I don't know what "spark" will light the fire. But when stocks are trading at extreme valuations, any bump in the road can lead to immense carnage.

It might be the collapse of a major private-equity firm because of losses in commercial real estate (which is my best guess). Or it could be the invasion of Taiwan (which I think is unlikely). Or it could be the detonation of a nuclear bomb in Ukraine (I sure hope not).

The point is, if you know a great white shark is in the water, do you need to know exactly where he is to know that going swimming at night probably isn't smart?

What should you do?

I've got three sensible solutions...

And don't worry... I already know that none of you will actually do these things! There's no such thing as teaching...

First, I highly recommend... no, I am begging you... to use TradeStops' new Trade360 software platform to measure, monitor, and manage the risks you're taking in stocks. This is revolutionary technology for individual investors and includes dynamic trailing stops, portfolio-risk analysis, and, most importantly, risk-based position sizing. I simply cannot recommend this product from our corporate affiliate highly enough.

Second, make sure that you haven't inadvertently let stocks grow to be too much of your portfolio. If you're 80 years old and you're 100% in stocks, this would be an important time to rebalance. Please hear me: I am not saying you should sell every stock. Particularly if you own strong, dividend-paying stocks, you may have sound reasons not to sell them even if they decline in price.

Third, look at your portfolio and rebalance toward value. This is an unusually bifurcated market that's eerily similar to 1999/2000 when value stocks became incredibly cheap, while tech stocks became insanely overvalued.

At my new boutique advisory, Porter & Co., we've recently recommended several ultra-high-quality stocks that fit that profile: America's leading natural gas producer EQT (EQT), sportswear giant Nike (NKE), cigarette maker Philip Morris International (PM), cosmetics retailer Ulta Beauty (ULTA), spirits maker Diageo (DEO), and tractor manufacturer Deere & Co. (DE), just to name a few.

While these stocks are all out of favor and trading at near-record-low valuations today, over the next three to five years, we expect all of these businesses to perform well and, sooner or later, to once again be revered by investors.

Here's one other idea that's a bit riskier...

Last year, we noticed that despite promising technological developments, biotech was not participating in the Big Tech stock rally. We'd never seen so many high-quality biotech startups trading for less than the net cash on their balance sheets.

Yes, we understand that startup biotech companies are going to consume cash while they're developing their new products. Still, it is unusual to see so many biotechs trading at these kinds of ultra-low valuations – prices way below where their venture capitalists have invested, in most cases.

We recruited Erez Kalir to head our biotech research practice at Porter & Co. He's a former "Tiger Cub" hedge-fund manager. In other words, he ran a hedge fund that was seeded by investing legend Julian Robertson. Erez has a background in microbiology from Stanford University, and he had been working as a venture-capital investor in biotech before joining up with us at Porter & Co.

Erez has recommended more than a dozen promising biotechs so far, and we've seen incredible results. Virtually every stock has moved higher, including four positions with big gains (more than 45%) already.

His latest big winner is uniQure (QURE), which jumped up by more than 100% this week on incredible results in its new gene therapy for Huntington's Disease. I wouldn't suggest putting more than 10% or so of your portfolio into biotech. It's volatile. But I think if the economy weakens and the Fed cuts rates, these stocks (which are notoriously sensitive to interest rates) could move 200% to 400% higher on average.

And one last thing...

When tech stocks last bottomed in 2009, Steve Sjuggerud and I founded a unique global social club called the Atlas 400. We wanted to build a community of like-minded investors who could travel together, build good relationships, and, of course, exchange ideas and opportunities. It was a wonderful experience – I went all over the world with the Atlas 400 club.

But... over time... a few problems developed – mainly that, because the club was owned and controlled by its members, there wasn't a consistent purpose or plan to develop the club. There was also, understandably, a strong reluctance to invest capital in doing things to grow and develop the club. In the end, having a nonprofit association simply wasn't practical.

So I'm taking on that job myself... I've recently created a new social, travel, and investing group for successful, independent people who want to meet other people who are interested in building a better life, not just a better portfolio. We're calling it "The Fellowship."

What's this all about? It's simple, really. I've always found that you'll be the same person you are today five years or 10 years from now, except for the people that you allow into your circle, the places that you go (and really spend time), and the books that you read. These things – our friends, our experiences, and our learnings – influence us far more than even our own internal objectives.

Therefore, I've always tried to surround myself with people who can help make me vastly better at the things that are most important to me, like being a good investor and a great father. Traveling the world and reading books (and newsletters!) with wise friends? There's simply no better way to grow as a human being.

This is a very special project that I hope can become one of the most important and positive experiences in your life. I hope you'll think about what we're trying to do... and join us if this is right for you, too. If you're interested in finding out more about The Fellowship and how to join, click here. (And by the way, we're happy to grandfather in all of the Atlas 400 members who'd care to join us in this new group, too.)

It was a wonderful privilege to write to all of you again!


Recommended Links:

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AI just minted half a million new U.S. millionaires. But if you're wondering whether now is the time to double down on stocks like Nvidia... or wait for the next big market story... do NOT buy another stock before hearing this shocking AI story the moment it goes live. It's 100% free here.


Obama's 2024 Surprise: His Secret Plan to Finish What He Started

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New 52-week highs (as of 7/11/24): Agnico Eagle Mines (AEM), Alamos Gold (AGI), Amedisys (AMED), Cintas (CTAS), Electronic Arts (EA), Western Asset Emerging Markets Debt Fund (EMD), iShares MSCI Emerging Markets ex China Fund (EMXC), VanEck Gold Miners Fund (GDX), Intercontinental Exchange (ICE), Nuveen Preferred & Income Opportunities Fund (JPC), Kinross Gold (KGC), Kinder Morgan (KMI), Altria (MO), Nuveen California Quality Municipal Income Fund (NAC), Newmont (NEM), Novartis (NVS), Regeneron Pharmaceuticals (REGN), Royal Gold (RGLD), Skeena Resources (SKE), S&P Global (SPGI), Torex Gold Resources (TORXF), Texas Pacific Land (TPL), Tyler Technologies (TYL), Wheaton Precious Metals (WPM), and Zebra Technologies (ZBRA).

In today's mailbag, feedback on Digest editor Corey McLaughlin's Thursday edition, which discussed the market's reaction yesterday to a "whiff of deflation" and unemployment numbers... Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com.

"As you note, year-over-year inflation in June was 3%. We are in our 4th year of inflation, which began in March 2021 when year-over-year inflation broke through 2%. The compound price level increase in June 2024 measures at 22.0% above the price level in June 2020. I suggest that the term 'deflation' be reserved for a price level in a given month that is below that of the corresponding month a year earlier." – Subscriber Tom Z.

"Unfortunately the employment numbers are heavily influenced by the newly created government jobs. I recall for the June numbers almost 1/3 of the newly created jobs [70,000 of 206,000] were government jobs. Real job growth should exclude government jobs." – Subscriber Huub

Good investing,

Porter Stansberry
Stevenson, Maryland
July 12, 2024


Stansberry Research Top 10 Open Recommendations

Top 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation.

Investment Buy Date Return Publication Analyst
MSFT
Microsoft
02/10/12 1,449.7% Stansberry's Investment Advisory Porter
MSFT
Microsoft
11/11/10 1,437.9% Retirement Millionaire Doc
ADP
Automatic Data Processing
10/09/08 863.4% Extreme Value Ferris
WRB
W.R. Berkley
03/16/12 720.6% Stansberry's Investment Advisory Porter
BRK.B
Berkshire Hathaway
04/01/09 642.5% Retirement Millionaire Doc
HSY
Hershey
12/07/07 461.8% Stansberry's Investment Advisory Porter
TT
Trane Technologies
04/12/18 450.5% Retirement Millionaire Doc
AFG
American Financial
10/12/12 438.0% Stansberry's Investment Advisory Porter
NVO
Novo Nordisk
12/05/19 404.4% Stansberry's Investment Advisory Gula
TTD
The Trade Desk
10/17/19 376.8% Stansberry Innovations Report Engel

Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio.


Top 10 Totals
5 Stansberry's Investment Advisory Porter/Gula
3 Retirement Millionaire Doc
1 Extreme Value Ferris
1 Stansberry Innovations Report Engel

Top 5 Crypto Capital Open Recommendations

Top 5 highest-returning open positions in the Crypto Capital model portfolio

Investment Buy Date Return Publication Analyst
wstETH
Wrapped Staked Ethereum
12/07/18 2,291.8% Crypto Capital Wade
BTC/USD
Bitcoin
11/27/18 1,426.9% Crypto Capital Wade
ONE/USD
Harmony
12/16/19 1,142.9% Crypto Capital Wade
MATIC/USD
Polygon
02/25/21 753.2% Crypto Capital Wade
AGI/USD
Delysium AI
01/16/24 304.1% Crypto Capital Wade

Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it's still a recommended buy today, you must be a subscriber and refer to the most recent portfolio.


Stansberry Research Hall of Fame

Top 10 all-time, highest-returning closed positions across all Stansberry portfolios

Investment Symbol Duration Gain Publication Analyst
Nvidia^* NVDA 5.96 years 1,466% Venture Tech. Lashmet
Microsoft^ MSFT 12.74 years 1,185% Retirement Millionaire Doc
Inovio Pharma.^ INO 1.01 years 1,139% Venture Tech. Lashmet
Seabridge Gold^ SA 4.20 years 995% Sjug Conf. Sjuggerud
Nvidia^* NVDA 4.12 years 777% Venture Tech. Lashmet
Intellia Therapeutics NTLA 1.95 years 775% Amer. Moonshots Root
Rite Aid 8.5% bond 4.97 years 773% True Income Williams
PNC Warrants PNC-WS 6.16 years 706% True Wealth Systems Sjuggerud
Maxar Technologies^ MAXR 1.90 years 691% Venture Tech. Lashmet
Silvergate Capital SI 1.95 years 681% Amer. Moonshots Root

^ These gains occurred with a partial position in the respective stocks.
* The two partial positions in Nvidia were part of a single recommendation. Editor Dave Lashmet closed the first leg of the position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could've recorded a total weighted average gain of more than 600%.


Stansberry Research Crypto Hall of Fame

Top 5 highest-returning closed positions in the Crypto Capital model portfolio

Investment Symbol Duration Gain Publication Analyst
Band Protocol BAND/USD 0.31 years 1,169% Crypto Capital Wade
Terra LUNA/USD 0.41 years 1,166% Crypto Capital Wade
Polymesh POLYX/USD 3.84 years 1,157% Crypto Capital Wade
Frontier FRONT/USD 0.09 years 979% Crypto Capital Wade
Binance Coin BNB/USD 1.78 years 963% Crypto Capital Wade

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