| Ripple Effect — October 29, 2025
Yesterday, on landmark deal announcements with Nokia and the U.S. Department of Energy, Nokia scooted up 5% bringing the S&P 500 index with it.
Good if you already own the stock.
Yesterday, also notched a less obvious record – its worst “breadth” day since 1990.  Despite “the market” closing higher, nearly 300 of the 500 S&P 500 stocks traded lower. (Source: Bespoke Investment Group) A high concentration of capital in a few stocks at the top ranks high among the features we detailed in Anatomy of a Stock Market Bubble.
On days like yesterday, headlines urge investors to buy. However, they also underscore the fragility of this terrifying bull market: just a handful of names can make the difference between a big up day and a big down day.
~ Addison | It's not semiconductors, AI chips or quantum computers. But none of those technologies can exist without it. On January 19th, 2026, Trump is expected to ban exports of something every tech company desperately needs—forcing them all to relocate to U.S. soil. See what he's about to ban here… | P.S. The Nvidia deal with the U.S. Energy Department is another minor feature of the Trump administration’s new strategic economic initiatives.
Tomorrow on Grey Swan Live! we’ll explore the rise of Trump’s economic nationalism and what it means for U.S. military readiness in the years ahead. Joining us is John Robb — our go-to analyst on the geopolitics of Trump’s tariff strategy, the global networked intifada, and the evolution of drone warfare in Ukraine.
A former consultant to the Joint Chiefs of Staff, John brings firsthand insight into how autonomous weapons and AI are reshaping modern strategy.
With markets rallying on optimism over a U.S.–China trade deal, he’ll pinpoint the next global flashpoints — and the investment opportunities emerging as technology transforms the defense industry.
Join us live Thursday, October 30, at 2 p.m. ET — become an annual Grey Swan Investment Fraternity member [click here].  If you have any questions for us about the market, send them our way now to: feedback@greyswanfraternity.com.
How did we get here? Find out in these riveting reads: Demise of the Dollar, Financial Reckoning Day, and Empire of Debt — all three books are now available in their third post-pandemic editions. You might enjoy one or all three. 
(Or… simply pre-order Empire of Debt: We Came, We Saw, We Borrowed, now available at Amazon and Barnes & Noble or if you prefer one of these sites: Bookshop.org, Books-A-Million or Target.)
Please send your comments, reactions, opprobrium, vitriol and praise to: feedback@greyswanfraternity.com |
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