Trump’s first climate crisis

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Dec 03, 2024 View in browser   By Annie Snider Presented by  A boat moves along Wahweap Bay along the Upper Colorado River Basin. | Ross Franklin/AP SHRIVELLED — The West is on the precipice of the most high-stakes water war this country has seen. The Colorado River is the lifeblood of 40 million people from Wyoming to Mexico, the backbone of economies from Phoenix to Los Angeles to Denver. It nourishes rural cattle ranching communities on the slope of the Rocky Mountains and massive agricultural regions along the U.S.-Mexico border. It supports 30 tribes and courses through 11 national parks and monuments, including the Grand Canyon. But it has shrunk dramatically over the past 25 years. Now, the rules that govern water deliveries are about to expire and the seven states that share the waterway, along with the federal government, must agree on new ones that will work in a far drier future. It’s a wrenching task that can only bring political and economic pain. The West’s most important river has lost 20 percent of its flows since the turn of the century, gripped by a megadrought that climate experts say may be just a taste of things to come. The region is warming and drying out far faster than the rest of the U.S., sending water levels at the region’s two main reservoirs so low in recent years that federal engineers have begun worrying about their ability to physically release water from the dam that feeds California, Arizona and Nevada. It’s the country’s first major climate crisis and it’s about to fall on the Trump administration — which has denied the science of climate change and is pledged to roll back Biden's climate policies. But, as one lead negotiator has put it: “Elections don’t add water to the river.” The talks over new rules are not going well. Fundamental, century-old disputes over how the river gets divided are now unavoidable, and upstream and downstream states have been deadlocked for nearly a year over who should bear the brunt of the cuts. Relationships among the governors’ representatives have turned bitter and acrimonious. Several states have begun openly preparing for the once unthinkable possibility of a Supreme Court battle. In such moments, the federal government can be a crucial player. Although water supplies are primarily governed by the states, the Interior Department owns and operates the river’s biggest dams and reservoirs, and is in charge of water deliveries in Arizona, California and Nevada. At key junctures in the past, federal officials have very effectively used that authority to scare states into action, such as when the George W. Bush administration prodded California into stanching its overuse in 2003. But the Biden administration’s negotiators were muzzled by the White House during much of the past year, amid fears that any move could carry political consequences in a region with two highly prized electoral swing states. The administration finally made its play just before Thanksgiving,floating a slate of unsavory options for managing the Colorado River that were designed to push negotiators back to the table. It was almost certainly too little, too late. Publicly, all sides say they remain committed to a negotiated solution, but much will depend on the new federal leader taking the reins soon. When the river’s major players gather at a Las Vegas hotel and casino for their big annual meeting starting Wednesday, the cocktail conversation will be centered on the incoming Trump administration. For all President Donald Trump’s disruptive instincts, he placed institutionalists in key posts relating to the river during his first term and they got results. Despite his campaign bombast about Mexico in 2016, his administration quietly clinched a major Colorado River deal with the country during his first year in office. His Interior Department also pushed a key drought agreement among the seven states over the finish line in 2019. The question is whether the river can be kept away from partisan politics this go-around. Trump is no stranger to Western water fights and has made a separate one – the fight over California’s Bay-Delta –a common refrain over the past decade. That battle, in which protections for a tiny, endangered fish are pitted against water exports to massive Central Valley farms, lends itself more neatly to red-meat politicking. And some hopeful candidates for key Interior posts now have started applying a similar political framing to the Colorado River’s problems. Trump’s pick to head Interior in his second term, North Dakota Gov. Doug Burgum, has soothed some worries. Burgum is seen as a serious, steady hand, even by those on the opposite end of the political spectrum. "Interior won the lottery in my view, with respect to Trump administration picks,” a former Biden administration official who was granted anonymity to speak frankly told POLITICO recently. The prize? The responsibility of refereeing the country’s most consequential climate fight without ever speaking the word. The current rules governing the river expire at the end of 2026 and whatever regime comes next will have to go through a robust environmental review process that could easily take a year. That makes 2025 the crucial window for getting a deal done if the legal fight – and the cascading political and economic consequences it would bring – is to be avoided. Welcome to POLITICO Nightly. Reach out with news, tips and ideas at nightly@politico.com. Or contact tonight’s author at asnider@politico.com or on X (formerly known as Twitter) at @AnnElizabeth18.   A message from Instagram: Instagram Teen Accounts: automatic protections for teens Parents want safer online experiences for their teens. That's why Instagram is introducing Teen Accounts, with automatic protections for who can contact teens and the content they can see. A key factor: Only parents can approve safety setting changes for teens under 16. Learn more.   What'd I Miss? — Newsom breaks with Biden over son’s pardon: California Gov. Gavin Newsom is breaking with Joe Biden over the president’s stunning decision to pardon his son Hunter, telling POLITICO today that he was disappointed by the action. “With everything the president and his family have been through, I completely understand the instinct to protect Hunter,” Newsom said. “But I took the president at his word. So by definition, I’m disappointed and can’t support the decision.” — Secret Service agent fires gun outside Yellen’s home: A Secret Service agent opened fire after a confrontation with people trying to break into cars outside the Washington home of Treasury Secretary Janet Yellen Tuesday morning, according to an agency spokesperson. There is “no evidence to indicate anyone was struck” by the gunfire during the incident, Secret Service communications chief Anthony Guglielmi said in a statement. He said there “was no threat to any protectees during this incident and no protectees were harmed.” — Thune plans sweeping bill on the border, defense and energy in Trump’s first 30 days: Incoming Senate Majority Leader John Thune is pushing for two major partisan bills next term, including one within the first 30 days of the Trump administration, he told Republican senators at a private GOP conference meeting on Tuesday. Thune was broadly outlining priorities for the next Congress during the closed-door meeting. He said the first of the two pieces of legislation, which would pass under a process known as budget reconciliation that can bypass the Senate filibuster, would focus on the border, defense and energy. A subsequent package would focus on taxes and other priorities for the Trump administration.   Want to know what's really happening with Congress's make-or-break spending fights? Get daily insider analysis of Hill negotiations, funding deadlines, and breaking developments—free in your inbox with Inside Congress. Subscribe now.     THE NEXT ADMINISTRATION TRANSITION MOU — The Trump-Vance transition has signed an agreement with the Department of Justice allowing the transition team to “submit names for background checks and security clearances,” the transition said in a statement Tuesday. For weeks, the transition team declined to sign a memorandum of understanding that would let the FBI conduct background checks on President-elect Donald Trump’s Cabinet nominees and process security clearances. Multiple senators in recent days have pushed for thorough vetting of Trump’s picks, with one GOP senator saying as recently as Monday that the impasse would be resolved “in the next few days.” BILLIONAIRE BUREAUCRAT — President-elect Donald Trump has selected Stephen Feinberg to be his deputy Defense secretary, two people familiar with the decision told POLITICO, potentially putting a secretive billionaire financier with no experience in the agency into the Pentagon’s No. 2 job. Feinberg, who had a role on Trump’s intelligence advisory board during his first term, is a major donor to the president-elect, but his selection could present some significant conflicts of interest. He is the chief executive of private equity firm Cerberus Capital Management, which has investments in military aircraft training and maintenance, and holds a majority stake in Navistar Defense, a manufacturer of military vehicles. BRANCHING OUT — Pete Hegseth, President-elect Donald Trump’s pick to be defense secretary, is back on Capitol Hill today to continue meeting with Republican senators. This time, the embattled nominee is branching out beyond the Trump-allied GOP senators to some who aren’t yet committed. Hegseth is set to meet with at least three Republicans this afternoon: Sens. Ted Budd (R-N.C.), Jim Risch (R-Idaho) and Eric Schmitt (R-Mo.). Budd and Schmitt both sit on the Senate Armed Services Committee that will handle the nomination and have expressed support for Hegseth. But Risch, who will chair the Senate Foreign Relations Committee, hasn’t yet committed to supporting him. LIGHTHIZER OUT — Robert Lighthizer, the former U.S. trade chief, is unlikely to rejoin the Trump administration in an official capacity, say five people with knowledge of his plans and personnel conversations within the presidential transition. It is a bitter blow to protectionists and a sign of the fluidity in Trump’s political camp that someone as respected and trusted as Lighthizer could be cast aside. Lighthizer was the architect of Trump’s paradigm-shifting first term trade agenda, slapping tariffs on China and strategic industries like steel and aluminum, and a key adviser to his 2024 campaign. But Trump passed over his former trade representative for the two Cabinet posts he most wanted— Treasury or Commerce secretary. And Lighthizer has told people he is unlikely to accept a lesser job, such as a potential “trade czar” role, say the people, who were granted anonymity to share details of confidential discussions.   A message from Instagram:   AROUND THE WORLD South Korean President Yoon Suk Yeol speaks during a press conference for the 2024 Korea-Africa Summit in Goyang, South Korea, Tuesday, June 4, 2024. | Lee Jin-man/AP MARTIAL LAW LIFTED — South Korean President Yoon Suk Yeol declared martial law today, vowing to eliminate “anti-state” forces as he struggles against an opposition that controls the country’s parliament and that he accuses of sympathizing with communist North Korea. Hours later, parliament voted to lift the declaration, with National Assembly Speaker Woo Won Shik declaring that the martial law was “invalid” and that lawmakers “will protect democracy with the people.” Police and military personnel were seen leaving the Assembly’s grounds after Woo called for their withdrawal. Lee Jae-myung, leader of the liberal Democratic Party, which holds the majority in the 300-seat parliament, said the party’s lawmakers will remain in the Assembly’s main hall until Yoon formally lifts his order. Seemingly hundreds of protesters gathered in front of the Assembly, waving banners and calling for Yoon’s impeachment. “Democratic Party lawmakers, including me and many others, will protect our country’s democracy and future and public safety, lives and properties, with our own lives,” Lee told a televised news conference. The president’s surprising move harkened back to an era of authoritarian leaders that the country has not seen since the 1980s, and it was immediately denounced by the opposition and the leader of Yoon’s own conservative party.   Don't just read headlines—guide your organization's next move. POLITICO Pro's comprehensive Data Analysis tracks power shifts in Congress, ballot measures, and committee turnovers, giving you the deep context behind every policy decision. Learn more about what POLITICO Pro can do for you.     Nightly Number About 50 The number of heads of state who will attend Saturday’s reopening ceremony of the Notre Dame Cathedral in Paris. RADAR SWEEP OFF THE GRID — Twenty-five miles off Iceland’s northern coast is a remote island home to 20 people and a million seabirds. Grímsey is the country's northernmost inhabited point and the only sliver of Iceland located within the Arctic Circle. The earliest known reference to the island dates back to 1024, in an ancient Icelandic saga. But until 1931, the island was nearly unreachable unless tourists hopped on a small boat that delivered letters twice a year. Today, Grímsey is inhabited by more than a dozen people who are drawn to the island’s strange beauty, including the Northern Lights, which shine while Grímsey is cast into a months-long stretch of darkness from early December through mid-February. For the BBC, Michelle Gross explores the history of this unique place. Parting Image On this date in 1994: A Chechen soldier speaks with a street vendor selling bread in Grozny, Russia in the midst of fighting in the region. | AP   A message from Instagram: Instagram Teen Accounts: a protected experience for teens, guided by parents Instagram Teen Accounts are designed to address parents’ biggest concerns, providing automatic protections for who can contact their teens and the content they can see. The impact: Built-in limits give parents more peace of mind when it comes to protecting their teens. Learn more.   Samantha Latson contributed to this newsletter.   Follow us on Twitter Charlie Mahtesian @PoliticoCharlie Calder McHugh @calder_mchugh   Follow us

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Cut Through the Tesla Noise with This Real-Time Data

Tesla has a target on its back. But conflicting LikeFolio data suggests something bigger is brewing behind the scenes...

December 3, 2024 Cut Through the Tesla Noise with This Real-Time Data By Andy Swan The mainstream media has latched onto Tesla (TSLA) for all the wrong reasons. News that CEO Elon Musk’s pay package is once again at risk has caught fire… Reports from The Wall Street Journal point to intensifying EV competition in China weighing on Tesla’s sales… Reuters suggests that Donald Trump’s incoming administration could slash the $7,500 federal tax credit on electric vehicles (EVs)… A new study by iSeeCars claims that Tesla has “the highest fatal accident rate by brand…” And commentary from UBS Group analysts paints the recent rally in Tesla shares as driven by “animal spirits,” rather than real fundamentals. Tesla has a target on its back. No doubt about that. The onslaught of politically based opposition to Musk would have you think Telsa’s brand is at risk. When the noise gets deafening, there’s only one way to get to the truth: by following the data. SPONSORED AD “Just closed 0DTE Q’s calls for 158% in 45 minutes” – See Full Beta Test Results Now Beta-tester Donald O. reports 142% in 24 hours. Val O. reports booking 113% in one day. And Carmine S. reported making 158%… in 45 minutes.** How? By using a new kind of short-term option called “zero day” options. These options can list and expire on the same day. And they’ve been generating recent market gains of 100%… 229%… 477%… 1,665%… even 1,820%… all in a matter of hours. The best part: Master Options Trader Jonathan Rose just revealed the full strategy for free – including his #1 short-term trade idea. Click here to see how it works. **The investment results described in these testimonials are not typical. Investing in securities carries a high degree of risk; you may lose some or all of the investment. LikeFolio Data Conflicts with the Media’s Narrative Despite the overwhelmingly negative headlines, LikeFolio’s real-time consumer data suggests something bigger may be brewing behind the scenes. Consumer interest in the Tesla brand is rising – and quickly. Tesla web visits are accelerating, trending 8% higher on a 90-day moving average and +17% higher on a tighter, 30-day moving average: Our digital insights suggest that Musk's political activism may not be having the adverse impact the media is reporting. Quite the opposite. In fact, many consumers may be considering a Tesla (or its services) for the first time. New visitors to Tesla's website jumped by 35% month over month in October, with some traffic likely generated by the company's robotaxi event. A qualitative review of social media mentions shows consumers and investors alike calling out Tesla in a positive light – particularly when it comes to innovation. At LikeFolio, we continue to view Tesla as much more than a car maker. And the digital traffic data you saw today confirms rising consumer interest in Tesla’s EVs. SPONSORED AD The Trump Surge-Sectors! According to millionaire-trader Jeff Clark, President Trump’s bold agenda is poised to unleash an historic trading opportunity. Already, Trump’s sweeping victory has launched the Dow, Nasdaq, and Bitcoin to record highs. And now, Jeff has identified a group of niche sectors poised to surge as President Trump fuels America’s economic renaissance. For your shot at plays big enough to bolt 227%, 333%, even 490% in the next 30 days… Go here now. Cutting Through the Noise Despite the negative narrative from the media, we believe Musk’s ties to Trump could benefit the company in a big way going forward. Deregulation in autonomous driving could allow Tesla to deploy its Full Self-Driving (FSD) software more widely, enhancing its competitive position in the self-driving car market. As it stands, the National Highway Traffic Safety Administration currently permits manufacturers to deploy 2,500 self-driving vehicles per year. But reports suggest a new Trump administration may develop a framework for regulating self-driving vehicles that would provide clarity and streamline widescale adoption of autonomous driving technology. This would allow Tesla to expand its offerings beyond EVs into broader mobility services, including robotaxis, which could generate income around the clock. The company plans to introduce a fleet of robotaxis, including Cybercab and Robovan models, as soon as 2026. Regulatory changes could remove barriers, accelerate Tesla’s rollout, and strengthen its lead over competitors facing fragmented state rules and stricter limits. We’ve been on the bullish Tesla train for a while now – and that conviction has consistently paid off. Bottom line: Savvy investors may consider Tesla’s near-term road bumps as accumulation opportunities in disguise. Until next time, Andy Swan Founder, LikeFolio Is This Set to Become Musk’s Most Powerful Venture Yet? As new allies, Trump and Musk could reshape America’s technology landscape – and Tesla won’t be the only Musk venture to benefit. We’re talking about xAI, which could soon gain the edge it needs to dominate the industry. A shift in government support, fewer barriers, and a potential “backdoor” into the AI race are just the beginning. Click here to uncover this opportunity before it’s too late. Discover More Free Insights from Derby City Daily Here’s what you may have missed from Derby City Daily this week… ✓ Black Friday Special: 3 Early Holiday Shopping Winners ✓ Spotify Is Riding a Surprising New Tailwind ✓ 4 Sectors Set to Benefit from Deregulation in 2025

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Breaking News: DEA nominee withdraws

Breaking News Alert

DEA nominee withdraws 12/03/2024 06:20 PM EST Chad Chronister, Donald Trump's pick to lead the Drug Enforcement Administration, abruptly withdrew his name from consideration just days after being chosen. Read the latest

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Buying Now, Paying Later

Holiday spending is strong... Put it on my tab... A signal from the labor market... The Fed still wants to cut rates... False confidence in the inflation Octagon... Have you heard?...

Delivering World-Class Financial Research Since 1999 Holiday spending is strong... Put it on my tab... A signal from the labor market... The Fed still wants to cut rates... False confidence in the inflation Octagon... Have you heard?... People are opening their wallets this holiday season... With Thanksgiving behind us, the holiday-shopping season has officially begun. And while we're still early in the season, Americans are spending more than ever for the time of year. E-commerce platform Shopify (SHOP) said that it saw a 22% increase in sales on Thanksgiving. And credit-card company Mastercard (MA) said that online shopping is already up 15% from last year – even higher than last year's 9% growth. In total, Thanksgiving Day spending jumped 9% from last year to a record $6.1 billion. Then on Black Friday, it surged above $10 billion. That wasn't the peak... On Cyber Monday, folks spent another $13 billion – marking the biggest online-shopping day ever. According to Adobe Analytics, folks spent the most on Bluetooth headphones, TVs, and other electronics. Given that observation, to say the threat of tariffs on Chinese goods doesn't matter would be a mistake... But here's why we're really bringing up early holiday-season spending trends... A lot of this spending is going on credit cards... While spending is this high, so is credit-card debt. According to the New York Federal Reserve, it hit a record $1.17 trillion in the third quarter. That's up about 8% year over year. That debt growth becomes an issue when you consider that credit-card interest rates are at the highest level since the St. Louis Fed began tracking the data in 1994. Just take a look... Record-high debt loads and interest rates is a bad combination for consumers. It means that folks are paying even more to just maintain their credit-card balances. And that means more of them will fall behind on their payments. We're seeing that as well... At the end of the third quarter, 11.1% of credit-card balances were more than 90 days delinquent. Put another way – 1 in 10 Americans haven't paid their credit-card bills in more than three months. That's the highest level for delinquencies since 2012, when Americans were recovering from the Great Recession. Buying now, paying later... Here's more evidence that folks are racking up debt... On Cyber Monday, consumers spent a record $993 million in buy now, pay later ("BNPL") loans. And Adobe Analytics expects BNPL payments to jump 11% to $18.5 billion this holiday season. BNPL is an installment plan that typically charges no interest and is easy to qualify for. So while the overall spending numbers this holiday season may show the consumer is healthy, the debt picture shows that the party won't last forever. And soon, this mountain of debt is going to come back to bite the economy. For now, though, there's more game to be played... A labor-market rebound in the works?... As I (Corey McLaughlin) mentioned yesterday, this week is a significant one for U.S. labor-market data, and today we got a look at jobs data from the Bureau of Labor Statistics' Job Openings and Labor Turnover Survey for October. It showed 7.74 million openings for October, up about 370,000 from September and higher than Wall Street economists consensus estimate of 7.5 million openings. Hiring also slowed by about 270,000 jobs from September to October, consistent with a dip in "nonfarm payrolls" that had already been reported for October, largely due to hurricanes in the Southeast and a labor strike at Boeing (BA). More than 1.6 million Americans were laid off in October, but that's a decrease of roughly 170,000 from September. And "quits" – when workers voluntarily leave and perhaps for better job opportunities – increased to 3.33 million... up almost 230,000 from September. All in all, this jobs report suggests a labor market that strengthened overall in October. Now, this is backward-looking data. We'll be curious to see more timely payroll data to come this week, including the government's latest unemployment rate for November due out on Friday. But today's numbers – paired with a recent downward trend in initial jobless claims over the past month or so – don't scream that the labor market is cratering. If anything, it might be heating up again... And as we've been saying (here and here)... so might inflation. Despite these signals, though, the Fed still seems intent on cutting rates... This week is also a big one before Fed members go into a media "blackout" on Friday, in which they won't speak publicly until after their next policy meeting on December 17 and 18. And unless they change their minds in the next couple weeks, it looks like they're targeting what they consider a more "neutral" interest-rate level before the end of the year. That would mean another rate cut. Today, Fed Governor Adriana Kugler delivered a speech at the Detroit Economic Club and spoke directly about recent inflation readings. "I still view those readings, as of now, as consistent with... a path to return to our 2% goal," Kugler said. Still, she added, today's inflation numbers "also show the job is not yet done. Core inflation at 2.8% and our target at 2% means we're definitely not done yet." Kugler said she's keeping an eye on "stubborn" housing inflation, global risk factors with the wars in the Middle East and Ukraine, and a potential slowdown in immigration to the U.S. (since fewer immigrants would mean fewer job openings, pushing up wages and – therefore – inflation). If inflation falls off its "path" to 2%... Kugler may prove less interested in cutting rates further. But for now, she is telling us to expect the status quo on Fed policy even without inflation fully under control. Yesterday, Fed Governor Chris Waller seemed more intent on cutting rates no matter what... Speaking at a monetary-policy forum, Waller acknowledged that more progress on inflation may be "stalling," but also said he thinks the pace is still headed in the right direction... Overall, I feel like an MMA fighter who keeps getting inflation in a choke hold, waiting for it to tap out, yet it keeps slipping out of my grasp at the last minute. But let me assure you that submission is inevitable – inflation isn't getting out of the Octagon. He may think "submission is inevitable," but we're not so sure. And that's based on the data the Fed purports to rely on so much itself. Once again, this reminds me that Fed members rarely lack in confidence, even if it's more a misguided opinion. Here's the point, though: Waller, a Fed vet, said he's still leaning toward voting for a rate cut in two weeks. The market is expecting it, too. Federal-funds futures traders are betting with close to 75% odds on a 25-basis-point cut at the central bank's next meeting. Tomorrow, the big guy, Fed Chair Jerome Powell, will be part of a New York Times summit. He'll have a chance to send a different message. We doubt he will yet, but with two or three more months of "stronger than expected" labor and/or inflation data, a shift could – or should – come. In the meantime, signals of getting closer to that point could move the markets. Today, the major U.S. indexes were mixed again, with the Nasdaq Composite Index and S&P 500 Index up slightly to new all-time highs... the Dow Jones Industrial Average off 0.2%... and the small-cap Russell 2000 Index 0.8% lower. Lastly, have you heard?... Whitney Tilson, the lead editor of Stansberry's Investment Advisory, is running for mayor of New York City. This is a statement that isn't as surprising to write as it might sound. Whitney – a former hedge-fund manager and world traveler who took over as lead editor of our Investment Advisory newsletter last year – formally entered the New York mayoral race last week. He wrote to readers of his free daily newsletter last Wednesday... You'll probably read about it at some point, especially if you live in the New York area (Bloomberg and the New York Post have already published articles). So I'd like to be the first to let you know... and answer a couple questions. First of all... don't worry, I'm not going anywhere. I'm going to keep writing my daily e-mails (probably in the wee hours of the night), and my team and I are going to keep delivering insightful, profitable investment advice and ideas to you. (Of course, that would change if I win... Mayor is a full-time job, after all. But the election is still a year away.) I'm running because I can see what has gone wrong in New York City... America's big cities in general... and our national politics. And I have a lot of ideas on how to turn things around. In part, they are rooted in my background as an investor... While the analogy isn't perfect, I think my city is ripe for a turnaround similar to the many I've seen in my career, in which a once-great company – laid low by mismanagement and/or external shocks – is restored to its former glory by a new CEO brought in to be a change agent. The CEO hires a new senior management team... and together they develop a strategy to fix the problems, run the organization better, and develop and implement great new ideas. This is the playbook New York City needs, and I know it well. You can read Whitney's full announcement here with more details or visit whitneyformayor.com... I grew up not far from New York City on Long Island and wish him all the best during his campaign. In this week's episode of the Stansberry Investor Hour, Dan Ferris and I are joined by Matt Franz of Eagle Point Capital, who talked to us about long-term value investing, which metrics he uses to evaluate stocks, and a whole lot more... Click here to watch the interview now... To hear the full audio version of this week's Stansberry Investor Hour, visit InvestorHour.com or find the show wherever you listen to your podcasts. Recommended Links: Former Economic Adviser to the President-Elect Shares All... He's an investor and a former economic adviser to the president-elect who lost everything 17 years ago, then rebuilt an eight-figure fortune far faster than he ever imagined possible. Along the way, he developed a network of multimillionaires and billionaires like the late Sam Zell, Kyle Bass, and more. On December 5, he'll show you the strange places billionaires keep some of their most prized assets. Plus, he'll share the ONE move to make before 2025 that could set your wealth up to benefit as a new administration takes office. Click here to learn more. What Are These Billionaire Investors Afraid Of? Billionaires Warren Buffett, Stanley Druckenmiller, George Soros, and David Tepper have all sold off massive U.S. stock positions, including shares of Nvidia, Apple, and Bank of America. Billionaire Ray Dalio, who runs one of the world's most successful hedge funds, says, "Things are going to get worse for our economy." What are these billionaires so worried about? Click here to see why experts and insiders may be preparing for the biggest financial crisis of the last 200 years. New 52-week highs (as of 12/2/24): Air Products and Chemicals (APD), Alpha Architect 1-3 Month Box Fund (BOXX), CF Industries (CF), Costco Wholesale (COST), Kenvue (KVUE), Procter & Gamble (PG), Ryder System (R), RenaissanceRe (RNR), Invesco S&P 500 Equal Weight Technology Fund (RSPT), ProShares Ultra S&P 500 (SSO), The Trade Desk (TTD), Visa (V), Vanguard S&P 500 Fund (VOO), Westlake Chemical Partners (WLKP), and Zebra Technologies (ZBRA). In today's mailbag, feedback on yesterday's edition, which included a discussion about Donald Trump taking aim at the BRICS nations... Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com. "Re your Trump v BRICS piece, you note Trump says: We require a commitment from these Countries that they will neither create a new BRICS Currency, nor back any other Currency to replace the mighty U.S. Dollar or, they will face 100% Tariffs, and should expect to say goodbye to selling into the wonderful U.S. Economy. "However, Russia and BRICS have already stated that they do not intend to create a new BRICS currency or even attempt to create a new BRICS currency or replace the U.S. dollar as the world's reserve currency. They merely want another payment option, while those who can and want, continue using the dollar. At present, therefore, Trump's comment seems irrelevant and inconsequential..." – Subscriber Chris L. "Don't overlook the fact that a system is already in place that works for international payments excluded from SWIFT. It's gold. My understanding is that it's already being used by those excluded. Allowing the banned countries back into SWIFT pretty much mutes a lot of the BRICS agenda." – Subscriber George L. "G'Day; I'm 86 years old. I have paid an average of $150,000 in taxes per year on required withdrawal of my IRA. Total of $2.9 million. I will have $1.75 million at the end of this year. Please ask Trump for help." – Subscriber Sam B. Corey McLaughlin comment: I respect your request, Sam, and now would be the time to jump on the opportunity for changes to the tax code. I don't have a direct line, but maybe someone from his camp will read this. You may want to consult a tax attorney, too, if you haven't already. All the best, Corey McLaughlin with Nick Koziol Baltimore, Maryland December 3, 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 11/11/10 1,396.4% Retirement Millionaire Doc MSFT Microsoft 02/10/12 1,377.7% Stansberry's Investment Advisory Porter ADP Automatic Data Processing 10/09/08 1,098.6% Extreme Value Ferris BRK.B Berkshire Hathaway 04/01/09 746.3% Retirement Millionaire Doc WRB W.R. Berkley 03/15/12 566.5% Stansberry's Investment Advisory Porter TT Trane Technologies 04/12/18 559.2% Retirement Millionaire Doc AFG American Financial 10/11/12 503.5% Stansberry's Investment Advisory Porter SFM Sprouts Farmers Market 04/08/21 480.9% Extreme Value Ferris TTD The Trade Desk 10/17/19 467.6% Stansberry Innovations Report Engel HSY Hershey 12/07/07 446.4% Stansberry's Investment Advisory Porter 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 4 Stansberry's Investment Advisory Porter 3 Retirement Millionaire Doc 2 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 BTC/USD Bitcoin 11/27/18 2,449.9% Crypto Capital Wade wstETH Wrapped Staked Ethereum 12/07/18 2,291.8% Crypto Capital Wade ONE/USD Harmony 12/16/19 1,344.0% Crypto Capital Wade POL/USD Polygon 02/25/21 794.2% Crypto Capital Wade VET/USD VeChain 05/17/19 504.2% 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 You have received this e-mail as part of your subscription to Stansberry Digest. If you no longer want to receive e-mails from Stansberry Digest click here. Published by Stansberry Research. You're receiving this e-mail at edwardlorilla1986.paxforex@blogger.com. Stansberry Research welcomes comments or suggestions at feedback@stansberryresearch.com. This address is for feedback only. 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