 A Message From Porter & Company Editor’s Note: Make time for this today – Porter’s explosive new documentary exposes the President’s plans to replace the U.S. dollar. If you have retirement savings, a stock portfolio, or a family depending on you financially, you need to watch it right now.
In the early 19th century, whale oil was among the most valuable commodities on Earth. It lit the lamps of America. It lubricated the machines of the Industrial Revolution. Entire coastal economies like New Bedford, Nantucket, and New London thrived because of it. The scarcity was real. Whales were finite after all – and the expertise to hunt them, process them, and bring the oil to market took decades to develop. That scarcity underpinned an entire monetary ecosystem. Then in 1859, Edwin Drake struck oil in Titusville, Pennsylvania. Kerosene arrived. It was cheaper, more abundant, and much more powerful. The whalers didn't disappear overnight. The compression was gradual – and then suddenly catastrophic. Within two decades, the whaling industry had effectively collapsed. The scarcity hadn't disappeared. It had migrated. And the fortunes built on whale oil migrated with it – to the men who understood where scarcity had moved. This is what a great repricing looks like. A friend of mine, financial writer Garrett Baldwin, has a phrase for what happens to the people who don't move in time. He calls it the "flooding layer." The idea is simple – every time the scarcity underpinning an entire industry evaporates, it creates two groups of people: Those who own the new chokepoint. And those standing in the flooding layer – watching everything they built get washed away. The brutal truth is that the people in the flooding layer almost never see it coming. Not until the compression is irreversible. For a more recent example, let’s look at Kodak. In 1988, Eastman Kodak employed nearly 150,000 people. It was one of the most valuable companies in America. Its business was built on a form of scarcity that seemed unassailable – the chemistry, the film, the paper, the processing infrastructure required to capture and develop a photograph. That scarcity evaporated when the smartphone put a camera in every pocket. Kodak didn't fail because folks stopped taking pictures – it failed because the scarcity that underpinned its entire business model migrated. In 2012, Kodak filed for bankruptcy. That same year, Facebook acquired Instagram – a company with 13 employees – for $1 billion. Instagram had captured the value that Kodak lost. The scarcity had migrated from chemistry to connectivity and the people who understood that got very rich. Those left standing in Kodak's flood plain did not. Today I’d like to show you that we’re living through another great repricing – one that is already making millions of dollars for those who understand where the scarcity is migrating once again. To understand what’s unfolding we have to rewind to a secret deal that’s profoundly shaped everything about our lives, for more than half a century. Kissinger’s Dollar Reset In July 1974, Treasury Secretary William Simon boarded a secret flight to Saudi Arabia. Under the orders of Nixon’s top national-security advisor Henry Kissinger, what he proposed to King Faisal in the coastal city of Jeddah would become the greatest financial arrangement in the history of the world. Saudi Arabia would price its oil in dollars. Within a year, every other OPEC nation followed suit. The U.S. dollar was now backstopped by the one commodity the entire modern world could not function without. That scarcity minted fortunes on an almost unimaginable scale – creating an environment that allowed America to spend trillions, with the rest of the world picking up the tab. And for the companies at the chokepoints of the petrodollar, it was like rocketfuel. ExxonMobil up 9,700%. JPMorgan up 6,000%. Lockheed Martin up 14,400%. Microsoft up 479,000%. America transformed from a nation of 180,000 millionaires in 1974 to nearly 24 million today. But the petrodollar arrangement – Kissinger's deal in the desert – officially expired without fanfare in June 2024. China has slashed its U.S. Treasury holdings by more than 45% from the peak. The BRICS nations dumped $47 billion in a single month. Central banks are swapping dollars for gold at the fastest pace since the Cold War. Ray Dalio – founder of the world’s largest hedge fund – calls it the "breakdown of the monetary order." The flooding layer has shifted again. And millions of Americans are standing in it right now – in cash, in the wrong stocks, in retirement funds built for a monetary order that is being quietly dismantled beneath their feet. Trump’s New Order While most Americans have been distracted by the tariffs, UFO memes, and the war in Iran, Trump has been quietly assembling the most ambitious monetary reset in half a century. Bypassing Congress, away from the mainstream press, Trump is executing his audacious repricing through a series of executive orders and bilateral deals most people have never heard of… Channelling more than $3 trillion in public and private capital toward a single strategic objective: Securing the physical foundation that makes artificial intelligence possible. I’m talking about the priceless minerals, chips, energy, and infrastructure without which no AI model runs, no data center operates, no breakthrough is possible. This is where scarcity is migrating. And over the past few years, the companies sitting at the chokepoints of this new order are already soaring: Vertiv – up more than 500%. GE Vernova – up nearly 700%. Arista Networks – up more than 750%. Taseko Mines – up 370%. The titans of industry who understood that kerosene would reprice energy got rich. As did the investors who understood that the petrodollar would send a wave of capital into a specific band of stocks sitting at the chokepoints. The ones who didn't understand this found themselves stranded on the flood plains of history – wondering how they missed it. I want to help you avoid that fate. I've spent months identifying the companies I believe sit at the narrowest chokepoints of what I'm calling Trump’s Silicon Dollar. In my new briefing I lay out the full story and how it could impact your money. I'll show you why Trump has declared a national emergency to secure the most critical AI resources – and why every move he's made, from his obsession with Greenland to the war in Iran to his trip to Beijing, connects back to it. I’ll also reveal the name and ticker of one asset you can buy today to get immediate exposure to what's unfolding. And details on five stocks sitting at the chokepoints of Trump's plan – positioned to do what ExxonMobil and Lockheed Martin did for the investors who understood the petrodollar. You’ll also discover why a critical event this year could accelerate the wealth divide this great repricing is already creating. Get the full story here. 
Good investing, Porter Stansberry
This Week's Exclusive Content
JPMorgan Earnings Miss Estimates But Reveal Broad-Based StrengthAuthor: Thomas Hughes. Posted: 10/13/2026. 
Key Points
- JPMorgan reported third-quarter managed net revenue up 8.1% to $50.9 billion, though adjusted earnings per share fell short of analyst consensus estimates.
- The company slowed share repurchases to preserve cash, yet maintained strong dividends and broad-based growth across consumer, investment banking, and wealth management segments.
- Analysts kept a Moderate Buy rating with rising price targets, and institutional investors currently own over 70% of shares.
- Special Report: This Single Fund Owns Every Major AI Stock and Pays Weekly
JPMorgan’s (NYSE: JPM)earnings report is reshaping the narrative around the Q3 reporting cycle. Investment banking activity fell from Q2’s cyclical peak, suggesting weakness could persist in the coming months. Amid this backdrop, the company chose to slow its pace of repurchases in favor of retaining cash, signaling that it values balance sheet health over capital returns. Taken at face value, that is an ominous sign.
Investors should expect to see more of the same from other major banks and S&P 500 companies this earnings season. However, the market is mistaken to think the banking industry is weak; far from it. JPMorgan has broad-based strengths and sufficient cash flow to sustain its dividend and balance sheet health while redeploying capital and buying back shares. Redeployment is a key factor, as JPM’s CEO Jamie Dimon believes the money can generate “attractive returns” for shareholders. JPMorgan Misses Estimates, Reports Broad-Based GrowthJPMorgan posted a decent quarter, with managed net revenue up 8.1% to $50.9 billion. However, the report also showed signs of weakness, including sequential slowdowns in many key segments and underperformance relative to MarketBeat’s reported consensus. Loans were up 10% systemwide, deposits rose 8%, and net interest income (NII) increased 12.8%, driven by year-over-year gains across all segments. In Consumer & Community Banking, deposits rose 4%, investment assets increased 15%, and loans rose 2%, while card volume increased 10% and mobile banking activity rose 7%. Commercial & Investment Banking was also solid, with fees up 14%, market revenue up 15%, and loans up 11%. Asset & Wealth Management was similarly strong, with assets under management up 13% and loans up 20%. Margins were another mixed bag, with the sequential slowdown in investment banking undercutting strength in other areas. Net income grew only 6.25% versus the 8.1% top-line gain, weighed down by a one-off loss, while adjusted net income grew faster. Net income is more than sufficient to cover capital returns and improve the balance sheet, but adjusted earnings per share fell short of consensus, prompting analysts to express caution. Cautious Analysts Reflect Strong Conviction in JPM’s Price TrajectoryCautious remarks notwithstanding, JPM’s Q3 release did not trigger any immediate analyst-rating revisions or price-target updates, leaving the otherwise bullish trends intact. Those trends include increased analyst coverage, a firm Moderate Buy rating with a bullish bias, and rising price targets. The likely outcome is that the uptrend stalls but does not reverse as analysts adopt a wait-and-see posture. The worst-case scenario is that persistent headwinds sap strength in upcoming quarters, leading the stock into a potentially deep correction. Until then, it remains well-supported but susceptible to volatility. Institutional trends are supportive, with the group owning more than 70% of the stock. Institutions have been buying all year, including during the first weeks of Q4, and are likely to buy on price weakness. Whether the report was spotty or not, it affirmed the company’s robust growth and capital-returning capacity, and that’s what institutions buy into. Dividends drive most returns, totaling nearly $4.5 billion in Q3, with the stock yielding nearly 2% as of mid-October. Share buybacks are smaller in dollar terms, at less than $0.7 billion for the quarter, but they reduced the share count by an aggressive 3% over the trailing 12-month period. 
Stock price action was mixed immediately after the earnings release, falling more than 2% in after-hours trading before rebounding to open higher. The move signals caution and concern, but also support, reaffirming the uptrend and the potential for new highs. The question is whether the market can advance to new highs before year-end or whether the rebound will take longer, and the likely answer is the latter. JPMorgan is fundamentally sound, but weaker-than-expected results sap near-term market momentum. The stock will need a strong catalyst to reach new highs, and that is unlikely to arrive until the next report or later. Consumer Banking Strength Offsets Rising Cybersecurity RisksHidden signs of strength include the Consumer & Community Banking segment and, more specifically, the provision for credit losses. The bank reported better write-off, reserve-build, and liquidity metrics than it did last year, reflecting an improved consumer position despite the many headwinds. Deposits and loans also improved significantly, underpinning robust net interest income. Looking ahead, net interest income will remain a source of strength until the Fed lowers rates. The company’s biggest risk, according to its CEO, is cybersecurity. AI poses an existential threat that could bring the financial system to its knees. To address this risk, the company reclassified AI spending as core infrastructure, increased its IT budget by 10%, and launched an IT security initiative to advance key technologies. . |
