| Ripple Effect — December 19, 2025
For only the 12th time in over a century, stocks are about to close out a third year in a bull market. The longest bull run – a five-year stretch – occurred during the run-up to the tech bubble 1995-1999.
Today, institutional and retail investors alike are “all in” on stocks.  Retail stock allocation is near all-time highs (Source: AAII) According to the American Association of Individual Investors, the average retail investor has about a 70% allocation to stocks. That’s well over the traditional 60/40 split between stocks and bonds. Even a 60/40 allocation ignores real estate, gold, collectibles, and private assets.
A pullback in the 10% range – which is likely in any given year – will prompt investors to scream as if it's the end of the world.
Our “panic now, avoid the rush” strategy is simple.
Take tech profits off the table, raise some cash, and focus on industry-leading companies that pay dividends. Roll those dividends up and use compounding to your overall portfolio’s advantage.
In other words, enjoy the bull market… while it lasts.
~ Addison | New York Times best-selling author of Financial Reckoning Day,
Empire of Debt, and Demise of the Dollar now reveals: On July 4, 2026, America will reach the end of one of the longest and most powerful economic cycles we’ve ever known… and the tectonic plates of the financial world will converge, triggering a $716 trillion series of economic earthquakes, tsunamis and eruptions that will be like nothing the markets have ever seen… watch now before it's too late. | P.S. Yesterday, Grey Swan Live! with Dan Amoss allowed us to end our intriguing off-the-books conversations on a high note for 2025.  Dan opened up his GAAP accounting notes and revealed why and how he believes the AI capex spending boom will likely bust. With Dan’s characteristic ease and clarity, we sifted through some of the more arcane accounting methods that companies can use during boom times to keep up appearances for Wall Street analysts. Perhaps, more to the point, he showed his own technique for turning those tedious insights into actionable and quick hit gains using options.
Near the end of the session, Dan shared a few bullish trades he’s sitting on in natural resources, mining and precious metals – a sector he expects is in “the second or third inning” of its own bull run. There’s a lot more to come in 2026.
When we return with Grey Swan Live! in early January, we encourage you to join us. The live Zoom calls have turned out to be one of the greatest benefits of being a member of Grey Swan Investment Fraternity and a highlight of our week each week.
Members can access the 2026: Something Wicked This Way Comes episode of Grey Swan Live! with Dan Amoss replay in the members-only archive of the Grey Swan Investment Fraternity site here.
If you have requests for new guests you’d like to see join us for Grey Swan Live!, or have any questions for our guests, send them here.
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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