Dear Reader,
Good morning!
We’ve gotten a bunch of letters from members through the recent market correction. And I wanted to do a market update for you today. Here’s what I’m hearing:
David N. wrote in, that as a result of what he learned in my book, Midnight in America…
“During the recent correction, I was able to pick up some high conviction stocks that I believe will perform well over the next three to five years and beyond…”
After saying:
“I sold and trimmed some of the weaker ones while building up a position in the treasury market fund you recommended.”
We actually got a bunch of letters from members who read Midnight in America and have actually taken the actions suggested in the book.
I love to see readers taking our four steps with clarity, precision, and non-emotion.
Because I can see our members read the book, follow the suggestions, and then when a market crack or correction happens, take the four steps with perfection.
They’ve done a pretty darn good job of this!
But this story actually goes back further…
I owned a company called Tycoon Publishing back in the 2000’s. It was taken over by a giant, billion-dollar company called Agora, Inc. back in 2011.
I worked there when I shared these four steps in 2008.
I later got this letter from a couple named Pat and Michael Y.
Pat, Patricia, wrote in:
“I took your advice in 2008 and sold all our stocks and bought treasuries. I was grateful to you as I listened to you against all advice and did not lose money.”
Isn’t that great?
Some of these gray hairs, this experience, turns out to be worth something.
So that makes me very happy.
So today I wanted to do a check-in on where we are in the markets right now.
When we issued Midnight in America in July, we discussed five cracks threatening America and the markets.
The first was, stock prices were too high.
You don’t have to be a genius to predict when stock prices are absurdly overvalued by any historical measure that all you need is a pin to pop it.
Turns out, that pin was tariffs.
But it could’ve been anything.
It always comes down to one pin, and all of a sudden the issues that were hiding just beneath the surface of the mass delusion of euphoria take center stage.
Boom – all the issues I warned about in Midnight in America are right in your face.
Suddenly unmasked for everyone to see.
Now our Treasury Secretary Scott Bessent is talking about the same things…
When he talks to the press or CNBC, he’s saying, look, the massive fiscal stimulus (crack #1 we talk about in Midnight in America) – we can go bankrupt from this.
In fact, just last week he said something astonishing in my experience.
He said, “the easy thing for us to do would have been to come in and just keep this massive fiscal spending level going. And it’s unsustainable, but could we have kept it going for a year, or two years?
Maybe even four? Maybe. But you’re risking a financial calamity.”
That’s a direct quote from Treasury Secretary Scott Bessent on March 13, 2025.
This is a remarkable, astonishing thing for a Treasury Secretary to say.
And he’s saying that the fiscal spending is just too much.
Now, the Trump administration had a couple of choices here.
And, Americans don’t like to hear this, but this is the cold reality of the situation.
They could cut benefits…
Or they could cut government spending by laying off 25% of the federal government.
They chose the latter, apparently.
They’re trying to move that government spending from employing people in the government, to the private sector…
Which is a much healthier thing to do.
One thing we’ve been talking about nonstop here is that a lot of the juice in the market, in stock prices, has been driven by government spending.
Remember, if the government is spending that amount of money, it’s like having a massive customer right in the middle of the market that’s increasing profits… increasing employment… doing all these things.
So… where are we now in the markets?
We are at the first leg down.
The bubble, the delusion, has popped.
Americans now see the five cracks we’ve been talking about…
So this leg down is only the beginning.
There’s still time to take the actions and reap the benefits outlined in Midnight in America just like David, Pat, Michael and others.
Do it before the chickens come home to roost.
This is helping people. I am doing my commercial intermission here, but I believe in this.
These four steps work for a market like this.
It’s a culmination of the experience I’ve built up 35 years doing this…
It’s all the gray hairs. I should call them the “gray hair steps.”
Because I didn’t just wake up knowing how to navigate a bear market.
I had to earn them – they cost me millions and millions of dollars over the years.
I don’t want you to go through this. Learn from my experience – you’ll save a lot of money and pain (and maybe a few gray hairs).
Once you have the experience to zoom out, remove the emotion, navigating this becomes like playing a video game – make a left here, a right here, left, right.
It changes everything.
Go here to pick up your copy of Midnight in America.
“The Buck Stops Here,”
P.S. I believe we are facing a collapse like nothing we’ve seen in our lifetimes.
By taking 4 simple steps today you can stay safe from the coming catastrophe.
That’s why I want to rush you my new book ‘Midnight in America’ FOR FREE.
