The Pomp Letter

To investors,

There is a vibe shift underway in America. It is hard to describe, but you know it when you see it. Take this yard sign as an example. My friend Based Beff Jezos tweeted this photo from a home in Los Angeles.

This yard sign would be expected in the American South, but it is shocking to see in Southern California. That is part of the vibe shift.

But the vibe shift is happening in financial markets as well. The talk of an incoming recession has died down and investors are becoming more optimistic. Carson Research’s Ryan Detrick points out today is historically the most bullish day of the year for stocks.

Investors getting more bullish doesn’t mean that stock prices have to go up. Instead, stocks could become overvalued and suffer a significant future decline. The P/E ratio is one statistic I see doomsayers pointing to as proof that stocks are in for a rude awakening.

Matt Cerminaro brought up a great point over the weekend:

“The rise in P/E is justified. Businesses have gotten twice as efficient at making money now vs in 1995. The net margin has literally doubled. Just look at the chart on the left. Whose to say this trend doesn't continue higher. [It] would support a continuous rise in P/E.”

This is important to understand about historical comparisons. Valuations may be changing, but the underlying businesses have been improving as well. If companies make more money, then they should be worth more to an investor.

But is the vibe shift only happening in equities? No. You can see it in bitcoin as well.

Let’s compare bitcoin, gold, and the S&P 500. You can see that gold and the S&P have very little difference in returns according to the 5-year compound annual growth rate.

It is bitcoin that stands out on a 1-year, 5-year, and 10-year timeframe. You could make a strong argument that allocating gold and equities over the last 5 years has been a wash, but buying bitcoin would have transformed your portfolio.

Many buyers of gold are not allocating for pure price appreciation though. Win Smart highlights that “central banks now hold 12.1% of global gold reserves, the highest level since the 1990s.”

So what do you think happens when these central banks start allocating to bitcoin?

Gold is a story of the past, bitcoin is a story of the future.

Take a look at bitcoin compared to the M2 money supply. Galaxy’s Head of Research Alex Thorn shows that bitcoin has not caught up to the recent money expansion.

This doesn’t mean you shouldn’t own gold. It doesn’t mean you shouldn’t own stocks. It just means that a vibe shift is underway. Investors who have chosen to allocate to a digital store-of-value are continuing to outperform over the long run.

If it works for individuals, it is only a matter of time before governments start implementing the strategy. That is when the real fun will begin. Until then, don’t get lulled to sleep by sideways summer. We should be coming out of hibernation soon and decision-makers become much more interested after prices have increased.

As Mark Yusko always says, “people are really good at buying the things they should have bought and selling the things they are about to need.”

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 READER NOTE: I am co-hosting a conference with Lance Lambert and ResiClub on residential real estate in NYC on Friday November 8th. We have many industry experts speaking about the housing market, impact of interest rates, effects on the US economy, and what investors should know moving forward.

The event has been quite popular, so remaining tickets are limited. If you would like to attend, please grab your tickets: Click here

Navy SEAL Becomes Humanitarian And Save Lives

I spoke with Ephraim Mattos about his life journey, which is inspiring to say the least. Ephraim is not only one of America’s greatest warriors, but he also wrote an incredible book about his transition to become a humanitarian.

Enjoy!

Podcast Sponsors

* Blockstream Mining Note 2 (BMN2) is an EU registered and issued Bitcoin mining security token.

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

REMINDER - Crypto Investor Day Is This Week!

Reflexivity Research invites you to join us on Friday, October 25th in New York City as we continue to bridge the power of traditional finance with the innovation of crypto.

​​We’re inviting hundreds of institutional investors, capital allocators, and entrepreneurs together for the inaugural Crypto Investor Day. The event will be hosted by Reflexivity Research and moderated by Anthony Pompliano.

​​Expect top-tier speakers, plenty of networking opportunities and hours of insightful discussions around the future of crypto across the traditional finance and institutional landscapes.

​​No gimmicks or distractions, we operate our events on an insights-per-minute KPI.

To investors,

Prediction markets are quickly becoming the talk of financial markets. These novel products were promised as free market solutions to uncover hidden truths on a variety of topics.

Given that it is political season, all eyes are on these prediction markets to glean signal on who will be the next Commander-in-Chief. But there has been one big problem — recent articles have surfaced claiming the prediction markets are being skewed by a small number of whales who are placing outsized wagers on former President Trump.

This would obviously be a big problem if true. Whale manipulation of the odds could create a lack of trust in the prediction odds, which would eliminate most of the value these markets are supposedly creating.

I don’t think the markets are being manipulated by whales though.

Castle Island’s Nic Carter explained “it's pretty obvious it's not just a lone trader that's upwardly manipulating Polymarket since all bookies and prediction markets give Trump roughly the same odds. The real divide is between the markets and the press/pundit driven proprietary models, which are more bullish Harris.”

This seems like a straightforward way to identify that a single group couldn’t possibly be manipulating aggregators, bookies, prediction markets, and proprietary models.

But there is more evidence.

Kalshi, which is the only prediction market where it is legal in the United States to bet on the Presidential election, released some of their internal data to disprove the manipulation theory as well. Kalshi founder Tarek Mansour tweeted the following:

“Media claim: a few big whales are driving Trump's odds up

Reality: The median bet size on Harris is LARGER than the median bet size on Donald Trump. Trump’s odds are not the result of a few people pushing the odds up. It’s the opposite.”

This data seems fairly overwhelming. Prediction markets seem to be creating a new data point in the market about the US election.

Here is the thing though — if the prediction markets end up being right, this could mark the beginning of the end for political polls. Why is that important? Because prediction markets are another example of free markets disrupting incumbent traditions dominated by academia and bureaucracy.

Bitcoin is the free market solution to money. Prediction markets are the free market solution to politics. There will be many more.

Now that the technology is available, and an entire generation has grown up with free market products, we should expect technologists to continue building these systems to take on incumbents.

Regardless of whether you use bitcoin or prediction markets, it is important to understand that free market products are good for the general population. More information. Less manipulation.

Welcome to the future.

You can check out Kalshi’s Presidential election prediction market here: Click here

Hope you all have a great start to your week. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Talk or Hang Out With Anthony Pompliano 🚨

I want to meet you.

In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following:

* Buy 25 Books: We will have a 30 minute video call to discuss anything you want.

* Buy 100+ Books: I will speak virtually at your event or company meeting.

* Buy 500+ Books: I will speak in-person at your event or come to your office.

* Buy 1000+ Books: You get to spend an entire day with me in-person, including breakfast, lunch, and dinner. I will also speak at your event or to your team.

You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books.

Here is how it works:

* You purchase the necessary amount of books.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call, meeting, or visit.

I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well.

My Fox Business Appearance From Thursday

I spoke to Fox Business on how bitcoin has stumped Wall Street and the confusion that is created by a simple financial asset. Timeless investing principles still apply.

Enjoy!

Podcast Sponsors

* Domain Money makes financial planning straightforward and accessible. They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

Elon Musk and Tesla unveiled a number of new products last night. These prototypes give us a glimpse into the future and were incredibly compelling.

First, Elon showed off the Tesla humanoid. These machines, called Optimus, walked out into the crowd to mingle with attendees.

Elon claims the bots will be able to “walk your dog, mow your lawn, get the groceries, just be your friend."

As if that was not cool enough, there are multiple videos trending online where people were having unscripted conversations with the bots. This video in particular really shows just how good the technology has become.

Another interesting use case on display for Optimus last night was bartending — you can see the bot exhibiting incredible control with their fingers, playfully joking with the attendees, and easily understanding the social context when it made a mistake.

Pretty impressive. Remember, this is the worse the technology is going to be for the rest of history. It only gets better from here.

Tesla wasn’t exclusively focused on their humanoids during the event. They also unveiled their prototype for the CyberCab, a robotaxi that will be owned by individuals and participate in a fleet that patrols a city offering ride sharing.

The company also announced a larger van that can hold approximately 20 people as well.

It is safe to say that Tesla is probably one of the most ambitious companies in the world. So many people thought of them as a car company for years, but now they are showing what is possible when you push the boundaries of artificial intelligence, machine learning, computer vision, robotics, and other innovative technologies.

It is easy for people to get depressed about the current world we live in. But it takes courageous entrepreneurs like Elon Musk to build a better future for us and our children.

It has been a long time since I have seen a product launch event like Tesla. It was mind-blowing to see how much progress the company is making. It isn’t only on a single product though, they are accelerating progress in various domains. That is what true innovation looks like.

There is one area that no one is talking about this morning that I want to call out. How will the Optimus bots transact with each other? How will these new cars exchange economic value?

My guess is there will be a large uptick in usage for stablecoins as a result of these technologies coming into production. Bitcoin will be for saving economic value and stablecoins will be for spending. The digital rails that stablecoins exist on allow for cheaper and faster transactions.

Think of digital currencies as money for machines.

And if Tesla is building the machines of the future, they likely will be early to embracing the money of machines too. This is something to keep your eye on. If stablecoins become a big winner from the rise of robotics, then every crypto enthusiast will become a robot cheerleader.

I wouldn’t bet against that future.

Hope you all have a great end to your week. I’ll talk to everyone on Monday.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Talk or Hang Out With Anthony Pompliano 🚨

I want to meet you.

In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following:

* Buy 25 Books: We will have a 30 minute video call to discuss anything you want.

* Buy 100+ Books: I will speak virtually at your event or company meeting.

* Buy 500+ Books: I will speak in-person at your event or come to your office.

* Buy 1000+ Books: You get to spend an entire day with me in-person, including breakfast, lunch, and dinner. I will also speak at your event or to your team.

You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books.

Here is how it works:

* You purchase the necessary amount of books.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call, meeting, or visit.

I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well.

Phil Rosen, the Co-Founder of Opening Bell Daily, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss everything about bitcoin, why it’s the best performing asset so far in 2024, volatility, bitcoin as a savings account, the global impact of bitcoin being successful, and the recent documentary about Satoshi. 

Listen on iTunes: Click here

Listen on Spotify: Click here

Anthony Pompliano Explains The Bitcoin Investment Thesis To Opening Bell Daily’s Phil Rosen

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* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Today’s letter is brought to you by Domain Money!

If you’re reading this right now you don’t need financial advice, if you did you would use Domain Money, a company of flat fee financial planners that craft you a personalized, in-depth plan with unbiased, straightforward, and real sound advice based on your values and goals, but you are all better than that.

You know about money. That’s why you’re here.

If you had questions, you’d use Domain Money. See Disclaimer below¹

To investors,

Bitcoin has been trading sideways for the entire summer. Many people have been lulled to sleep by the lack of upside volatility. Don’t be one of those people.

My expectation is we are entering an exciting bull market. There should be price movement between now and mid-November. It is always hard to predict the severity of the move, so I will leave that to someone smarter than me.

The 4th quarter of halving years are known for starting the move upwards. I don’t anticipate this one will be any different.

Given that context, lets take a look at the health of the bitcoin network. First, we have seen active addresses drop after the first quarter of 2024. We should expect lower address volume when price is sideways or down, so this isn’t very surprising. But it gives us a good sense of how much volume can come back on-chain if price begins to rise.

Next we see that the number of bitcoin on-chain addresses with at least 1 full bitcoin has been sideways for most of the summer. The same is true about addresses with non-zero balances, 0.01 bitcoin, and 0.1 bitcoin balances.

We can also see that the total bitcoin held on crypto exchanges has been flat since January 2023. That is a long time to go without much change and the fact holders are not moving their bitcoin onto exchanges should signal majority of people are not willing to sell at current prices.

Hashrate has also been sideways for the last few months. This follows the parabolic rise in recent years. Bitcoin remains the strongest computer network in the world, but there is heavy debate over which data point is the leading indicator — bitcoin’s price or hash rate.

One of the most important data points is that 65% of all bitcoin in circulation have not moved in the last 12 months. This has come down slightly from the 70% in December 2023, but it remains very healthy. The more long-term holders with bitcoin in their wallet, the less liquidity for the circulating supply — this means it takes less net new interest to move the price higher.

If you double the time frame to 2 years, more than 50% of all bitcoin in circulation have not moved. This is true despite the price of bitcoin tripling during that period.

The funny thing about all this data? Bitcoin is still the best performing asset class in 2024.

In conclusion, the sideways summer is almost over. Bitcoiners are holding their assets for the long-term. It will take just a little bit of new interest to move the illiquid circulating supply higher.

It should start getting fun again in the next month or two. Lets see what happens.

Hope you all have a great day. I’ll talk to you tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Talk or Hang Out With Anthony Pompliano 🚨

I want to meet you.

In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following:

* Buy 25 Books: We will have a 30 minute video call to discuss anything you want.

* Buy 100+ Books: I will speak virtually at your event or company meeting.

* Buy 500+ Books: I will speak in-person at your event or come to your office.

* Buy 1000+ Books: You get to spend an entire day with me in-person, including breakfast, lunch, and dinner. I will also speak at your event or to your team.

You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books.

Here is how it works:

* You purchase the necessary amount of books.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call, meeting, or visit.

I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well.

Phil Rosen, the Co-Founder of Opening Bell Daily, and and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss interest rates, port strike, reactions to the VP debate, bitcoin, asset performances, and future outlook.  

Listen on iTunes: Click here

Listen on Spotify: Click here

The US Economy Was Being Held Hostage By Dock Workers

Podcast Sponsors

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

1 While I am not a financial advisor and can’t give financial advice, Domain Money has board-certified CPAs who can give you financial advice and keep you on track to reach your goals.

As always, doing your own research before purchasing any product/service is important. View this important disclaimer so you know exactly what to expect.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Today’s letter is brought to you by Domain Money!

If you’re reading this right now you don’t need financial advice, if you did you would use Domain Money, a company of flat fee financial planners that craft you a personalized, in-depth plan with unbiased, straightforward, and real sound advice based on your values and goals, but you are all better than that.

You know about money. That’s why you’re here.

If you had questions, you’d use Domain Money. See Disclaimer below¹

To investors,

The public narrative is Republicans are embracing bitcoin and cryptocurrencies, while Democrats are actively attacking it. Every good story has a hint of truth to it.

However, be careful believing everything you hear or read.

There is definitely support from many Republicans, including former President Donald Trump, but we are starting to see more Democrats come out in support of the assets and industry.

Take Representative Ro Khanna as an example. He recently came out publicly as a proponent of the United States building a strategic reserve of bitcoin. Khanna stated “Bitcoin that has been seized by the US government should be used as a strategic reserve asset given its potential for appreciation.”

This is noteworthy because we need Democrats like Khanna to ensure bitcoin will be a bipartisan topic moving forward. Technology should not fall victim to tribalism from politics.

If the Republicans are going to embrace the industry, we should encourage Democrats to do the same. Why? Because bitcoin is going to continue gaining importance as a potential solution for the incredible national debt crisis.

Bravos Research recently said “government debt is bigger than the ENTIRE US economy In 2012, debt surpassed GDP for the first time. Ever. There has been no looking back ever since.”

Economist EJ Antoni shows the problem is only getting worse too. He says the “federal debt explodes on first day of the new fiscal year, jumping $204 billion to new record of $35.669 trillion, but it gets worse: Treasury also had to draw down its cash balance by $72 billion - that's over $275 billion in the red FOR JUST ONE DAY.”

Insane when you think about how large these numbers are.

Bitcoiners seem to be preparing for bitcoin to become a lot more valuable too. Crypto commentator Marty Party pointed out yesterday that crypto exchanges are seeing the largest withdrawals of bitcoin since the big crash in November 2022.

So to recap — national debt is growing to the moon, the Fed is cutting interest rates, bitcoiners are withdrawing their coins into self-custody, and Republicans and Democrats are finding common ground with a decentralized, finite supply asset.

Seems bullish to me. Let’s see what the rest of the year has in store for us.

Hope you all have a great weekend. I’ll talk to everyone on Monday.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Talk or Hang Out With Anthony Pompliano 🚨

I want to meet you.

In order to get the meeting scheduled, you have to purchase a certain amount of my new book, How To Live An Extraordinary Life. You can do one of the following:

* Buy 25 Books: We will have a 30 minute video call to discuss anything you want.

* Buy 100+ Books: I will speak virtually at your event or company meeting.

* Buy 500+ Books: I will speak in-person at your event or come to your office.

* Buy 1000+ Books: You get to spend an entire day with me in-person, including breakfast, lunch, and dinner. I will also speak at your event or to your team.

You can use this link to purchase up to 100 books and then use this link for a discount on bulk buys over 100 books.

Here is how it works:

* You purchase the necessary amount of books.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call, meeting, or visit.

I have already done a few calls with people and spoken at different events. It is just as fun for me as for you, so I look forward to meeting many of you as well.

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss why Jerome Powell can’t stop cutting interest rates, all-time high number of US citizens dependent on government aid, using bitcoin to pay your taxes, and what will happen when cheap capital floods the market. 

Listen on iTunes: Click here

Listen on Spotify: Click here

The Fed Is Easing & Asset Prices Are Starting To Increase

Podcast Sponsors

* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

1 While I am not a financial advisor and can’t give financial advice, Domain Money has board-certified CPAs who can give you financial advice and keep you on track to reach your goals.

As always, doing your own research before purchasing any product/service is important. View this important disclaimer so you know exactly what to expect.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Today’s letter is brought to you by REX Shares!

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To investors,

The International Longshoremen’s Association went on strike yesterday in an attempt to pressure the United States Maritime Alliance into caving to their demands. Sounds like a story as old as time, right?

Kind of. There is some nuance that is important to understand.

The union is looking for a variety of things, but the two headline requests are a 70%+ increase in pay and a ban on automation technology in the ports. I am not here to pass judgement on how much the men and women at our ports get paid. Frankly, I am not informed enough to understand whether they should get paid 25%, 50%, or 75% more.

Someone smarter than me can figure that out.

But I do have enough knowledge to comment on the proposed ban of automation technologies — this is insane and dumb.

The United States of America was built on technological progress, free markets, and competition. Our country and economy suffers when we stray from that original path.

This is nothing new though. Candle makers tried to fight electricity. Horse owners tried to fight cars. Newspapers tried to fight the internet. None of them succeeded. History has proven that fighting technological progress puts you on the wrong side of the record books.

The ILA is going to be no different.

We have to take this analysis one step further though. I believe the Longshoremen are acting against the best interest of the United States by opposing technology.

It is obvious that automation technology will increase efficiency, decrease expenses, and create more resilience in our ports. These are ports that not only have an economic impact on society, but likely have a national security component to them as well.

Whenever you hear the Longshoremen saying “we don’t want automation,” you have to translate it to mean “we don’t want efficiency, speed, and lower costs.” That is insane.

It is possible to understand why the ILA is taking this position (they don’t want to lose their jobs!), while still arguing the action is wrong. I wrote in my new book we need more people with the mantra “compete, don’t complain.”

That lesson applies in this situation.

There is an even bigger takeaway though which has been ignored by the Longshoremen too — automation will create more jobs, not less. Use self-driving cars as an example. Google’s AI summarizes it well:

“Some truck drivers and unions are concerned that self-driving trucks will eliminate jobs. However, a 2021 Transportation Department study suggests that autonomous trucking could create new jobs for maintenance technicians, dispatchers, and fuelers.”

The same thing will happen in the ports. Remember, the invention of ATMs (automated bank tellers!) led to more bank tellers being employed today than ever before.

We don’t have time for history lessons though. It is estimated that every day of the strike will cost the US economy approximately $3 billion. If the strike continues for a week, some economists believe we could see a decrease in annualized GDP by as much as 0.3%.

Stop the madness. Get the workers back to work. Negotiate whatever pay increase the two-sides can agree to. And stop with the ill-informed demands about banning technology.

Hope you all have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Set Up A Call With Anthony Pompliano 🚨

I want to set up a 1-on-1 Zoom call for 30 minutes to meet you.

In order to get the call scheduled, you have to purchase 25 books or more of my new book, How To Live An Extraordinary Life. Here is how this will work:

* You purchase 25 books or more.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call.

* We will get on the call and discuss whatever you want for 30 minutes.

I have already done a few calls with people from Twitter and really enjoyed them, so I look forward to meeting many of you as well.

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, Author of ‘How To Live An Extraordinary Life’ and CEO of Professional Capital Management, discuss why Jerome Powell can’t stop cutting interest rates, all-time high number of US citizens dependent on government aid, using bitcoin to pay your taxes, and what will happen when cheap capital floods the market. 

Listen on iTunes: Click here

Listen on Spotify: Click here

The Fed Is Easing & Asset Prices Are Starting To Increase

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* BetOnline is your #1 source for all your crypto sports and politics betting! Use our promo code POMP100 to receive a 100% matching bonus up to $1,000 on your first crypto deposit.

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* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

🚨 READER NOTE: I am hosting the first book signing for my new book, How To Live An Extraordinary Life, in New York City tonight (Monday September 30th) at 7pm. There will be a short discussion about the book and then I will sign copies for anyone who attends. The event is free to attend.

You can RSVP to come to the event by clicking here. I look forward to seeing you there.

To investors,

Cheap capital is coming fast and furious. Crossborder Capital has reproduced their famous chart of global liquidity, which shows the cyclical uptick we are beginning to experience.

The rhythmic nature of global liquidity is almost hard to believe. Joe Carlasare points out:

“I’ve seen this chart shared dozens of times. However, it’s proprietary and I’ve never been able to recreate it. Call me a skeptic, but it seems that it would be prudent to understand the inputs of this chart before people put a lot of faith in it.”

Whether you agree with Crossborder Capital’s chart or not, there are plenty of other data points showing cheap capital is on the way. A simple one is the number of monthly central bank policy rate cuts around the world.

September had the largest number of collective cuts globally since April of 2020. As central banks continue to cut rates, investors won’t be able to help themselves — borrowing and investing will accelerate.

Economist Daniel Lacalle shared a different chart of global net liquidity, while saying “global net liquidity is exploding. This means unprecedented monetary destruction, economic secular stagnation, and risky assets' expansion.”

Monetary policy decisions have consequences though. An easy place to see the destruction of the US dollar is in the income-housing gap. John LeFevre says:

“The income required to afford the average house in the United States:

* 2020: $53,679

* 2024: $121,398”

That is a monstrous increase in a half decade. But that is not the only concerning data point. Porter Stansberry shows “eating out is becoming a luxury for many Americans. The Restaurant Performance Index, which tracks the financial health of U.S. restaurants, is in its 10th straight month in contraction zone.”

Do you get it yet? Do you see what is happening?

Central banks are stimulating economies, which will devalue the dollar and other fiat currencies. It will flood the market with cheap capital. Your purchasing power will be eroded away and asset prices will be inflated.

Savers lose, investors win.

The only test that matters in finance for the foreseeable future is “did you invest or did you save?” Hopefully everyone reading this letter has an intelligent answer that balances emergency savings with an investment portfolio.

Regardless of what you do though, central banks are running their playbook. Drop interest rates. Print money. Stimulate to avoid catastrophe. Increase the debt. Kick the can down the road. Let someone else pay for today’s sins.

Everything is fine until we get to the end of the road. Fingers crossed that is no time soon. Hope you all have a great start to your week and I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨 Set Up A Call With Anthony Pompliano 🚨

I want to set up a 1-on-1 Zoom call for 30 minutes to meet you.

In order to get the call scheduled, you have to purchase 25 books or more of my new book, How To Live An Extraordinary Life. Here is how this will work:

* You purchase 25 books or more.

* You reply to this email with the receipt or screenshot.

* I will send you potential days/times for the call.

* We will get on the call and discuss whatever you want for 30 minutes.

I have already done a few calls with people from Twitter and really enjoyed them, so I look forward to meeting many of you as well.

Anthony Pompliano records a solo episode to answer the questions, are stocks overvalued? Is bitcoin due for a crash? Topics include federal reserve, interest rates, Mag 7 vs. 2000s tech bubble, historical stock performances, and more. 

Listen on iTunes: Click here

Listen on Spotify: Click here

Are Stocks Overvalued? Is Bitcoin Due For A Crash?

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* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

READER NOTE: I am hosting the first book signing for my new book, How To Live An Extraordinary Life, in New York City on Monday September 30th at 7pm. There will be a short discussion about the book and then I will sign copies for anyone who attends.

You can RSVP to come to the event by clicking here.

To investors,

The debate around a potential recession continues to rage on. Bearish capital allocators are yelling and screaming about sky-high valuations in the largest tech companies. But Michael Antonelli shared a great graphic that argues the opposite — current valuations are nowhere near the peak dot com valuations.

The rebuttal to the bears doesn’t stop there. Nick Maggiulli explains that US stock performance during the 21st century is just now catching up to the performance of the 20th century.

Who would have thought the 10+ year bull market of 2010s would have left the 21st century performance so far behind the prior century. This is what happens when stocks go sideways for a decade following a big bust like the dot com insanity.

So why do stocks continue to go up and to the right?

Brent Donnelly shared a simple, yet important, insight:

“The simplest explanation for why stocks go up is not the Fed's balance sheet, or passive flows, or fake government economic data... It's corporate earnings.

It's logical and it explains many market mysteries like why MAG7 has become such a huge part of the indices. They earn more than their peers. Way more.

Earnings don't go straight up, obviously. But this chart shows you why it's so hard to make money short stocks. They have many tailwinds -- and shorts face many headwinds (borrow, negative carry, risking infinity percent to make 100%, worst companies are hardest to borrow, etc.)

This is from Sam Ro this weekend.”

Occam’s Razor — the simplest explanation is the most likely. But there is something else happening in markets that may surprise you.

Wall Street Journal’s Gunjan Banerji highlights the Federal Reserve cut interest rates, yet money-market funds are still seeing strong inflows. This is allowing money-market funds to collectively reach new all-time high records for AUM.

Major narrative violation.

These narrative violations are going to continue to happen because there is more money in the system. People have to put the capital somewhere.

Overall, those who are bearish will continue to be bearish. No amount of data or logic is going to convince them otherwise. But that doesn’t change the truth. It is hard to see a bearish argument over a 5+ year outlook when cheap capital is coming into the market.

It is called stimulus for a reason.

Hope you all have a great weekend. I’ll talk to everyone Monday.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

James Lavish is the Co-Managing Partner of the Bitcoin Opportunity Fund, and is the author of the ‘The Informationist’ a weekly newsletter that simplifies financial concepts.

In this conversation, we break down the macro environment, how inflation has been ravaging America, national debt & the future impact on the economy, bitcoin, potential solutions, risk of CBDCs, and where the world is going. 

Listen on iTunes: Click here

Listen on Spotify: Click here

James Lavish Explains The Risks For National Debt & Bitcoin As Potential Solution

Podcast Sponsors

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

I have spent the last two years writing a book.

It has nothing to do with hardcore finance or bitcoin, but everything to do with self-improvement, constant learning, and living the life you want.

The book, which is titled How To Live An Extraordinary Life, is a compilation of 65 letters to my children on various life lessons I have picked up over the years.

I never had an intention to write a book, but as I started writing these letters in private it struck me that many other people could benefit from these insights.

The beauty of the book is that each letter is the product of a mistake I made, a piece of advice someone gave to me, or an experience I lived through over the years. You will learn lessons about money, investing, work, relationships, health, and happiness.

None of the ideas are my own — I had to live my life and rely on people much smarter than me to teach me all of this information.

Each letter in the book is structured to share the lesson, explain how I learned it, and then give actionable advice on how to implement it in your own life. My goal is to share the information with my children and some of you. These are timeless lessons that have been passed down to me, so their survival over time signals their accuracy and value.

As you all know, I hate asking people for a favor. But the publisher has told me that sales in the first week really matter for the long-term popularity of the book.

With that understanding, if I have ever helped you in any way (taught you something, given you an idea, made you think more critically, etc), then please consider buying the book today.

* Amazon: Click here

* Barnes and Noble: Click here

For those that want to know how you can help beyond simply buying a book, here are a few other things you can do:

* Post on social media about the book - share a photo of the book, tell people why you are excited, or share a link to where someone can buy the book.

* Recommend the book to friends - word of mouth is the best marketing. The more people you tell, the more people that we can reach with a positive message.

* Leave a review on Amazon - hit the 5 stars and put a few sentences about why you love the book. Reviews are the oxygen for a new book to thrive.

Thank you all in advance. Writing this letter to you almost every day for six years has allowed me to learn so much, including things that made it into the book.

I am a little nervous publicly publishing something so personal, but if it helps a few people then it is worth the risk. Hope you all have a great day.

I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

To investors,

SpaceX successfully conducted the first civilian spacewalk in history this morning. There have been plenty of astronauts who have gone outside the International Space Station, walked on the moon, or participated in a variety of spacewalks, but we have never had a civilian experience the magic of space in this way.

If you watch this short clip of the first of two civilians to enter space, it looks very similar to an astronaut from NASA doing the spacewalk.

If you stop and think for a second, it is almost surreal what we are witnessing. A private company, SpaceX, has been able to create reusable rockets that are now empowering civilians to go into space.

It may not feel like a big deal that 2 civilians out of more than 8 billion humans on earth are doing this, but it signals a major milestone on a much larger trend — eventually millions of people will walk and live in space.

Does that mean humans will live on Mars? Maybe. Does that mean humans will live on the moon? Maybe. Does that mean humans will live in modern versions of the International Space Station? Maybe.

It is difficult to predict the future with any degree of accuracy.

But we can see the direction of progress. Innovation is reducing the friction for us to launch people and things into space. Naturally, a private company will follow the economic incentives to grow their revenue and enterprise value.

This means SpaceX, and their competitors, will keep expanding opportunities for humans to participate. Today it is 4 civilians on the first non-government spacewalk. Eventually it will be many more.

On top of human spacewalks, there is rapid innovation happening in other areas of space — take Varda Space Industries as an example. The company has successfully manufactured a drug in space and returned it back down to earth. Their thesis is drug development has advantages when conducted in space rather than on earth.

If you allow your mind to imagine with the excitement of a child, it is not hard to see a future where economic and leisure activities are being conducted on land and in space. That seemed like a pipe dream two decades ago when SpaceX was founded, but we inch closer to it becoming reality with each passing day.

It is hard to see the spacewalk this morning and not be inspired to help push progress forward. Go bigger. Take more risk. Solve meaningful problems.

Progress only happens when humans have the courage to act.

Hope you all have a great day. I’ll talk to everyone tomorrow.

-Anthony Pompliano

Founder & CEO, Professional Capital Management

🚨🚨 Reader Note: BUILD Summit, our annual conference in NYC for founders, is coming up next month on September 26th.

The event will provide top tier speakers, networking opportunities, and insightful business discussions on raising capital, scaling businesses, and building products.

Current speakers include angel investor Balaji Srinivasan, Khosla Ventures’ Keith Rabois, Perplexity CEO Aravind Srinivas, Eight Sleep Founders Matteo Franceschetti & Alexandra Zatarain, and Passes CEO Lucy Guo.

The event is free to attend and will be full of insights on how to operate a company at world-class level.

Polina Pompliano, Author of ‘Hidden Genius’ and Founder of The Profile, and Anthony Pompliano, CEO of Professional Capital Management, discuss what is going on with bitcoin, future catalyst, and price outlook into bull market, we break down the OnlyFans business, shocking revenue share breakdown, SpaceX, Starlink, Elon Musk, and predictions for the Presidential debate. 

Listen on iTunes: Click here

Listen on Spotify: Click here

Anthony & Polina Pompliano Discuss Bitcoin, Presidential Debate, OnlyFans Financials, and Elon Musk’s Starlink

Podcast Sponsors

* Gemini is the safe and secure way to trade crypto. Use code Pomp100 and start trading crypto to earn $100 in BTC. 

* Xapo - Xapo Bank is the only way to bank with Bitcoin. 

* CrossFi is the Apple Pay for Crypto. For the first time in history, anyone with a web 3 wallet can spend crypto through a physical or virtual Visa card where Visa is accepted.

* Domain Money makes financial planning straightforward and accessible.They tailor plans to your personal priorities and goals, whether it’s buying a house, funding college, or taking that dream vacation.

* iTrustCapital allows you to buy and sell cryptocurrency in a tax-advantaged crypto IRA. Open and fund an account today to receive a $100 USD funding bonus.

* ResiClub - Your data-driven gateway to the US housing market.

* Professional Capital Management - Anthony Pompliano’s asset management firm is now on Linkedin. Please subscribe by clicking here.

You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren’t finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research.

This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe