The Pomp Letter

To investors,

Many economists and market commentators predicted sky-high levels of inflation after the flurry of tariff announcements coming out of Washington DC earlier this year. Fortunately, those predictions have not proven true in the last few months.

Truflation, the leading real-time alternative inflation metric, shows inflation started the year hovering around 3%, fell to approximately 1.2% in April, and now sits near the Fed’s target of 2%.

This means despite all the chaos, inflation has fallen about 33% since the start of the year. Not exactly a small number. This lower inflation level should be a welcomed development for citizens and investors alike. In fact, most people in the economy were bracing for higher inflation because that is all the media would talk about for weeks.

But surprises are not always bad. The Citi Inflation Surprise Index shows the United States has the largest gap between 3-months ago and today. And that gap is working in favor of the everyday American and their families.

The economy is rocking and inflation is nowhere to be found, so many people are ready to celebrate. I would be very careful here though. We are not out of the woods yet.

While the tariffs are not a cause for concern, the big threat looming on the horizon is the massive government spending that is we are witnessing. This has always come from both sides of the aisle. They really don’t have a choice. But EJ Antoni highlights the US government has increased the national debt by approximately $500 billion since they lifted the debt ceiling back at the beginning of July.

The money printer is cranking and the dollar is debasing.

The situation we are in is just plain weird. You have tariff revenue exploding higher, inflation lower than expected, and people like Bill Maher, who thought the tariffs were going to sink the US economy, admitting they were completely wrong about what was going to happen.

This is a great reminder to all of us to never have 100% confidence in your assessment of a situation. You have to think probabilistically. And the odds have always been in the favor of the US economy strengthening if the government was putting pro-America policies in place.

Now all eyes will shift to the Federal Reserve and the FOMC as they begin their 2-day meeting today. The consensus is Jerome Powell will not change the interest rate, but that doesn’t mean we won’t get a surprise cut. And a surprise cut would send stocks, bitcoin, and gold significantly higher.

So whether we get the rate cut or not, every data point is telling us asset prices are going up and to the right. Politicians can’t stop printing money. The Fed eventually has to capitulate. And investors are going to win big as long as they stay long and chill.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser on Bitcoin Going Higher and US Grid Capacity Issues

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, Fed independence, interest rate expectations, Azoria lawsuit against the Fed, PMI, and everything that has happened in the last week.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

President Trump and his administration announced a significant trade deal with the European Union yesterday. It is such a big win for America that it is almost unbelievable what the EU agreed to.

In fact, the Financial Times — the publication that would love to hate on anything representing America, capitalism, or Trump — had to publish the following sentence:

“There is no hiding the fact the EU was rolled over by the Trump juggernaut, said one ambassador: ‘Trump worked out exactly where our pain threshold is.’”

Just a brutal reality check for all the experts that predicted foreign countries wouldn’t capitulate to the tariff pressure. Instead, the European Union basically gave America whatever we wanted as part of this deal. Here is a quick breakdown of the highlights:

* The EU agreed to a 15% across the board tariff

* The EU agreed to buy hundreds of billions of dollars in US military equipment

* The EU agreed to make $600 billion in investments in the US

* The EU agreed to buy $750 billion of US energy

* The EU agreed to open their markets to US products

I don’t care what you think about Donald Trump. Some people like him, some people despise him. I am merely focused on the financial markets. And this deal is going to send asset prices much, much higher.

Not only is the deal so lopsided that I had to read it multiple times, but a new trade deal with a major trading partner like the EU brings the highly anticipated clarity desired by the market. The more clarity we have, the more confidence investors have to put their capital back into financial assets.

And this clarity is coming at the exact moment that investors were getting complacent. You can see this perfectly in the VIX, which closed below 15 on Friday. That is the lowest VIX reading since February.

Buckle up now though. A major trade deal is the type of catalyst that could send stocks, bitcoin and gold higher. Add in the Fed’s meeting this week and you could have an explosion in asset prices if the Fed was to cut interest rates.

Unfortunately, I don’t think we get the interest rate cut. It would be a welcomed surprise, but I wouldn’t count on it. However, I would continue to count on the US government printing money. They have no choice but to continue debasing the dollar in order to deal with the national debt.

And it is very clear that the expansion of global liquidity has driven the S&P 500 higher over the last six years. Just look at this chart:

So here is the big brain conclusion from this weekend’s news. The EU and any other country entering into trade deals with the United States will have to agree to very large capital investments in America. Where are they going to find that money? They will print it of course. So each trade deal brings higher certainty that global liquidity will continue to expand, which means stocks are going higher.

And if stocks are going higher, you know bitcoin is going to make sure it goes even higher. Bitcoin follows global M2 supply like a glove:

So don’t get confused. We are in a bull market. Money printers are getting turned on. Trade deals are being announced. Asset prices are headed higher. And we will eventually get the interest rate cuts. Boom, bang, bada-bing. Higher, higher, higher.

Pessimists may not like it, but there is nothing they can do about it. Liquid asset prices have a structural tailwind for the next decade or so. And trade deals are merely adding fuel to that fire.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Jordi Visser on Bitcoin Going Higher and US Grid Capacity Issues

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, Fed independence, interest rate expectations, Azoria lawsuit against the Fed, PMI, and everything that has happened in the last week.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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

Join us at the Independent Investor Summit in NYC on September 12th!

Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.

On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.

We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.

Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.

To investors,

The meme is the message. That is a phrase that I have uttered hundreds of times in recent years. We are living through a period of time where memes not only set the public conversation, but they spread like a digital wildfire on social media when they strike a chord.

Take American Eagle as the most recent example. They announced a new ad campaign with Sydney Sweeney, an American actress who became popular in recent years as a modern symbol of American beauty. Whether you find her attractive or not, your opinion doesn’t matter because the market has determined Sweeney is a meme. And remember, memes are the message.

So when American Eagle announced the ad campaign, it wasn’t just any regular ad campaign. It was a campaign that pulled on the nostalgia of a generation — woman in jeans around an American muscle car.

But the genius of this ad campaign is not only the person in the ads or the throwback feeling infused throughout the creative, but rather the simplicity of the meme — Sydney Sweeney has great jeans.

So simple, so powerful.

But you may be wondering why the hell am I talking about a random ad campaign to people in finance? Well, American Eagle’s stock has surged about 22% since yesterday’s close.

And you can see some of the largest finance-related social media accounts posting about the meme and the stock price movement.

So how is this all connected? Our friends at Geiger Capital point out that the self-directed investors online are all over these types of internet-native moments as soon as they happen. Look at what this investor on Reddit posted yesterday:

This is the future of finance. Memes grab and hold attention. Attention turns into capital flows. Capital flows turn into assets on a company’s balance sheet. And assets on a company’s balance sheet can be invested to create more revenue and profit.

We saw companies like GameStop turn the newfound attention into more than $9 billion in assets on their balance sheet. DJT stock has loaded up their balance sheet with billions of dollars as well. Those are just two examples. There are plenty more.

Memes are the message. And if you can create the right meme, it is worth billions of dollars to public companies now.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin Now

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors, athletes being paid in bitcoin, and why retail continues to beat institutions to various investment opportunities.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

One of the most surreal aspects of financial markets since the 2008 Global Financial Crisis is that bitcoiners were right. Not in a “I told you so” way, but rather how broken the market has been since the government decided to implement the QE playbook at every downturn.

Everywhere you look you can see someone stuck in the old world yelling and screaming about valuations and frothiness. “This stock is overvalued.” “That stock is overvalued.” “The market is going to crash next week.” These folks are looking at today’s data and comparing it to historic data when the world ran on a gold standard.

They don’t realize that historic valuations matter less today because we have a dollar being inflated away, a government that has outlawed prolonged market corrections, and a retail investor base trained to buy every dip.

The most dangerous words in finance are “this time is different.” That is until something is actually different. And the biggest change in our lifetime to financial markets is how manipulated they have become. In a weird way, true risk has been removed from the market when you evaluate it holistically.

Could individual stocks go down over time? Of course. But is there a single person in the world that believes the S&P 500 is not going to be higher in a decade? How about in 5 years? What about 3 years?

I am sure there is someone out there who has lost their mind and honestly believes the doomsday scenario, but we have a scientific term for those people — clinically insane. They should go get their brains checked out.

The United States of America has constructed the greatest economy in human history. We have built an environment conducive to creating shareholder value over the last few decades. Publicly traded companies have a persistent tailwind at their back because the currency their stock is denominated in will be devalued at an accelerated rate.

Remember, the US dollar has lost about 30% of its purchasing power in the last 5 years. Gold is outperforming the S&P 500 over the last decade. These are not normal things. And they signal the fact that stocks are going up forever over the long-run. It doesn’t matter what your crazy uncle tells you about yesteryear.

The market is broken. We have engineered a situation where the government is essentially guaranteeing asset owners will always win. They won’t let stock market investors fail in mass. That would spell the death of the US economy and there is no one in Washington that is going to sit around while that happens. The market stared down our fearful leaders and the politicians and central bankers blinked in 2008.

It was game over from that day forward. The market is going up. Bitcoin and gold are going up even more. Central banks will print money until they destroy their currencies. And all you have to do is get long and chill. It is really that simple.

Bitcoiners have been screaming about this for 15 years. Now the rest of the market is starting to catch on to the joke. Eventually even the last remaining bears will capitulate too. If they don’t, they will continue to sit on the sidelines waiting for the big crash that will never come.

There is a saying in the bitcoin world that goes “Bitcoin will stop going up when they stop printing money.” Since they will never stop, bitcoin won’t stop either. But the same is true of stocks and gold. Welcome to the new normal. Make sure you act accordingly.

Have a great day. I will talk to everyone tomorrow.

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin Now

Polina Pompliano and Anthony Pompliano discuss what’s going on with bitcoin, new regulation coming out of Washington DC, the rise of self-directed investors, athletes being paid in bitcoin, and why retail continues to beat institutions to various investment opportunities.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

The stock market is on fire in the last few weeks. The S&P 500 and Nasdaq each hit a new all-time high yesterday. This puts a cherry on top of an incredible performance run for Nasdaq in particular. Creative Planning’s Charlie Bilello writes “the index has doubled over the last 5 years and quadrupled over the last 10 years.”

A 2x in 5 years and a 4x in 10 years. Not too shabby, right?!

As for the S&P 500, its all-time high yesterday was the 10th of the year. Not exactly what people expected earlier in the year when the media and economists were predicting a recession or a massive financial calamity. In fact, the S&P is now up 30% since the April lows. Complete defeat of the pessimists and doomsday enthusiasts.

But there is something interesting happening underneath the surface. Stocks are going higher, but retail investors are also pouring capital into money market funds at a historic pace. Adam Kobeissi writes “total retail assets in money market funds are up to a record $2.9 trillion. Since 2022, household inflows into these funds have DOUBLED. The average yield is currently 4.15%, according to the Crane 100 Money Fund Index, which tracks the 100 largest money market funds. Retail investors are chasing yield like never before.”

Now the only explanation for retail investors stuffing more capital into stocks AND money market funds is that these investors are somehow getting more money than normal. And Bilello shows that “wages have now outpaced inflation on a YoY basis for 26 straight months. This is a great sign for the American worker that hopefully continues.”

So your average American has more money because real wages are finally growing in a sustainable way again. They are taking that money and allocating to both the US stock market and money market funds. If there is more capital in the market, usually people become bullish. And that is exactly what the Wall Street Journal’s Rachel Wolfe and Konrad Putzier recently noticed in the economy. They wrote this weekend:

“Businesses and consumers are regaining their swagger, and evidence is mounting that those who held back are starting to splurge again.

The stock market is reaching record highs. The University of Michigan’s consumer sentiment index, which tumbled in April to its lowest reading in almost three years, has begun climbing again. Retail sales are up more than economists had forecast, and sky-high inflation hasn’t materialized—at least not yet.”

So the good times are rolling. Optimists are in control once again. Everything is smooth sailing, right? Not so fast. We are watching bitcoin and gold skyrocket in recent years. Both assets are up 27% to start the year, which signals an uneasiness investors have with the legacy system.

If you zoom further out, bitcoin and gold have both outperformed the S&P 500 over the last decade. People are realizing they have to gain exposure to sound money principles if they hope to protect themselves from currency debasement.

This is important to watch because we are watching the consensus economic views get violated in real-time. Cash-flowing companies are not necessarily going to outperform non-productive assets unless they can grow very fast. Retail investors will allocate to stocks and money market funds at the same time. And the US economy is doing much, much better than most people predicted.

There are always potential issues on the horizon to be aware of, but right now things are looking good. A strong second half of the year should bring us many more new all-time highs in stocks, bitcoin, and gold. And investors will keep winning, while those saving economic value in US dollars will continue to get punished by their undisciplined central banks and governments.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

The Truth About Bitcoin Treasury Companies

Will Clemente and Ben Harvey from Keyrock discuss the big report they just put together on bitcoin treasury companies, what is going on with their premiums, how to think about debt, how to think about bitcoin per share, inflation, interest rates, and where the market is headed.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

The stock market is evolving before our eyes, yet most people haven’t realized how important this evolution will be moving forward. We can start with the power law outcome of the Magnificent 7 stocks. This type of outperformance is just pure dominance of the other 493 stocks in the S&P 500.

These 7 stocks — Meta, Apple, Amazon, Alphabet, Microsoft, Nvidia, and Tesla — are probably 7 of the greatest companies ever created in human history. They are able to use technology and capital to continue compounding their advantage, which allows them to pull away from the competition in an accelerated way.

But it seems like traditional Wall Street investors are still in disbelief. They continue to wait for a big crash or some material change in the market. Retail investors have taken the complete opposite approach. Retail has been pouring capital into the market and significantly outperforming the traditional players.

Jim Bianco published this great chart showing the comparison between retail’s favorite stocks and the top equity holdings of a group of hedge funds. Whenever the ratio is increasing, the retail index is beating the guru index.

And as you can see from the graphic, retail is running circles around Wall Street for the last few months. Essentially, retail bought the dip and believed the market would come flying back, while Wall Street stayed on the sidelines and continued to play defense.

As if that wasn’t compelling enough, the fund managers are even telling the same story themselves. Ryan Detrick highlights a recent Bank of America survey where fund managers said they were not taking higher than normal risk.

Those same fund managers told Bank of America they are not overweight public equities right now either.

Now this fun doesn’t come without risk. Take BTIG’s Jonathan Krinsky who recently wrote “the Nasdaq 100 has now gone 60 trading days without closing below its 20 day moving average, the second-longest streak in its history (back to 1985). The longest was ended in early 1999."

So where do we go from here? No one knows. But Wall Street continues to believe this rally in stocks isn’t real. They hate to see the market ripping in the opposite direction. Most of them were offsides, hence the constant predictions of a big market crash being right around the corner.

Retail is in a whole different mental state. They are cool, calm and collected. They went long when it was unpopular and now they are reaping the benefits. My belief is that things in motion tend to stay in motion, so I would expect the stock market to do very well during the second half of the year.

Add in a rate cut or two, which should have already happened, and you have the ingredients you need for a crazy few months ahead.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Why Bitcoin Just Became The Ultimate Safe Haven

Jordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos.

In this conversation we discuss what is going on with bitcoin, what went on during Crypto Week and legislation, how we should be thinking about inflation, AI arms race, and opportunities he is excited about.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

It has been Crypto Week in Washington DC and it looks like the week is going to end with a bang. Each piece of legislation received the necessary House votes yesterday to move forward in their respective processes.

First up we have the GENIUS Act. This creates the first federal regulatory framework for stablecoins, it sets standards for issuers, and it mandates consumer protections. The GENIUS Act is headed to the President’s desk to be signed later today.

Next we have the CLARITY Act. This creates a reliable framework for digital assets to be categorized as securities or commodities, while clarifying whether the CFTC or SEC has oversight. The House approval means the bill will head to the Senate for a vote.

Lastly, we have the anti-CBDC Surveillance State Act. This prohibits the Federal Reserve from launching a central bank digital currency (CBDC). The goal is to preserve financial privacy and prevent federal surveillance via digital dollars. This CBDC bill is headed to the Senate for a vote as well.

My general take is we are ending up exactly where most people thought we would — lots of drama, but ultimately the bills are going to get passed and signed into law. It is about time. The crypto industry, which has created $4 trillion of economic value, has been operating with a lack of clarity. It is hard to explain how difficult it can be to operate a company or build technology while you are also being pressured by your government.

Every entrepreneur I know wants to do the right thing. They want to follow the rules. The big question for years has been “what are the rules?” Now we are getting answers to that question.

And this clarity is coming at a very interesting time. Wall Street has been heavily embracing bitcoin and digital assets. There are ETFs, public companies, real estate funds, and much more. As this clarity settles in, I would not be surprised to see every financial institution start speed running into the crypto industry.

We know large banks are salivating over the opportunity to create, hold, and use stablecoins. This is the least risky way for them to participate. But we should also expect financial institutions to start lending, yield farming, tokenizing assets, and engaging in any activity that drives revenue, assets and clients. The only caveat is that most large financial institutions have a risk-mitigating posture, so I wouldn’t expect them to punt on altcoins or mimic the degens online.

From my perspective, 2025 is the year that bitcoin and crypto grew up. The government began to embrace it. And the banks across Wall Street realized they needed to play in the industry in a major way. There is still a ton of work to do, but this is what mass adoption feels like. We are about to enter an era of distribution — these financial organizations are going to take bitcoin and crypto assets, package them up in a million different ways, and shove them into every customer portfolio they possibly can.

And yesterday’s legislative wins created the environment for it to happen. The race has now started. Let’s see which financial firms will be the biggest winners going forward.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Wintermute CEO Explains Where Bitcoin & Crypto Demand Is Coming From

Evgeny Gaevoy is the Founder and CEO at Wintermute, and he is on the quest to be become the richest man in the world.

In this conversation we discuss who is buying bitcoin right now, data behind retail and institutions, why ethereum is so popular right now, derivative products, regulation, stablecoins, how Wintermute was started, and future plans for Evgeny.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

We got more data this morning that proves tariffs are not inflationary. The Producer Price Index (PPI) is a collection of different indexes that measure the average change over different timelines for selling prices received by domestic producers for the goods and services they produce. The PPI metrics came in lower on every single measurement this morning than economists’ expectations.

This important because PPI is seen as a leading indicator of CPI. And if PPI is falling, the market starts to price in lower inflation in the future. And the data is screaming at us that inflation is going to be lower than economists previously believed.

PPI month-over-month was 0%, PPI Core month-over-month was also 0%. Zero. Zilch. Nothing. Literally flat. Call it a narrative violation.

PPI and PPI Core came in under expectations for year-over-year numbers too. The reason? Tariffs are deflationary, not inflationary. That isn’t debatable anymore.

The tariffs have been in place for 6 months. We have a blanket 10% tariff on all US imports, yet inflation has not exploded higher as everyone predicted.

The shelves were never empty. The recession has been cancelled. And the doomsday predictors look insane in hindsight. But here is the more interesting conversation — what does a lower than expected PPI metric tell us about the future?

According to our handy economic analyst Chat-GPT, here are things to consider if PPI comes in cold:

1. Lower Producer Costs

* Businesses are facing less inflationary pressure on raw materials, components, or production costs.

* This could lead to lower prices for consumers down the line.

2. Disinflationary Signal

* It suggests that inflation might be slowing in the economy.

* This is generally seen as a positive signal for the Fed if they are trying to cool inflation.

3. Impact on Interest Rates

* Markets may interpret it as less need for interest rate hikes (or a higher likelihood of rate cuts), which can boost stock prices and lower bond yields.

4. Corporate Margins

* If consumer prices stay the same while input costs drop, profit margins for companies can improve.

5. Economic Growth Signal

* It might also reflect slowing demand in the economy, especially if falling prices are due to weak purchasing activity rather than increased supply.

The most interesting part to me is about the Federal Reserve cutting interest rates. Lower PPI gives another data point to the Fed to get a cheaper cost of capital into the market. Will they listen? Probably not. But just because they won’t listen, doesn’t make them right.

The US economy is in much better shape than people want you to believe. Inflation is less of a problem than most people thought. And we are about to do our best impression of a growth economy to get ourselves out of this dire financial position we are in.

The unfortunate part is the growth is going to be stimulated by money printing and currency debasement. Which means stocks, bitcoin and gold are going MUCH higher through the second half of the year. Buckle up. The upwards volatility is just beginning.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Everyone Wants Bitcoin On Wall Street

Anthony Pompliano joins Squawk Box to talk about bitcoin hitting all-time high, what is driving the price higher, inflows into bitcoin ETFs, and why everyone wants bitcoin.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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 A Golden Visa for the Bitcoin-Forward Investor!

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To investors,

The holy grail of investing is to find asymmetric assets that present a more attractive risk-reward trade-off than other opportunities. Anyone can grab a significant return from time-to-time if they are willing to take immense risk. It is much harder to drive outsized returns when you account for the risk you are taking.

This is why bitcoin has become such an incredible asset for investors to add to their portfolio. Take a look at this chart that was shared by Bitwise’s Matt Hougan:

Quite literally, bitcoin is in a class of its own. There is not another asset even in the same zip code as the world’s largest digital currency.

Bitcoin has appreciated 93% in the last year, 1,096% in the last 5 years, and 38,122% in the last decade. The compound annual growth rate for the last 5 years is 64%. These are video game numbers for traditional investors.

But the more impressive part is how Bitcoin’s sharpe ratio stacks up against other assets. According to Case Bitcoin, bitcoin’s 5-year sharpe ratio is 1.34. Compare this to gold (0.96), stocks (0.81), and treasuries (-0.56).

See here is the thing — most retail investors ask themselves how high an asset can go. That is obviously an important question, but the more sophisticated investor asks themselves “how much can I make given the risk I have to take?”

And there is no better answer to that question than bitcoin. Literally nothing else compares. Bitcoin is the story of our generation. A decentralized, digital asset has grown from nothing into a multi-trillion dollar asset. You have the likes of Larry Fink, Paul Tudor Jones, and Stanley Druckenmiller all sharing the same talking points as your crazy libertarian uncle.

Bitcoin won’t stop going up until they stop printing money and it seems obvious now that they are never, ever going to stop printing money.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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,

The bitcoin invasion of Wall Street has just begun. We have seen the bitcoin ETFs become the most successful ETF launch in history, bitcoin treasury companies are some of the best performing stocks in recent years, and now real estate funds are starting to marry bitcoin with one of the largest asset classes in the world.

This is happening at warp speed because Wall Street doesn’t feel like they are under attack. Instead, the traditional financial players are racing to embrace bitcoin. They realize this new asset brings them new clients, new assets under management, and new revenue. The asset also comes with volatility, which brings potential profits for those who can position themselves correctly.

The legacy players aren’t fighting off the attack — they are encouraging it. They have opened the doors to the largest pools of capital and bitcoin is being invited in. This may not sit well with the hardcore bitcoiners who were originally attracted to the asset because it was outside the system. Those libertarian ethos still exist to a degree, for example nothing about bitcoin’s system has changed, but it is important that everyone participates if you want true mass adoption, including Wall Street.

As I continue to say, bitcoin is the only asset I am aware of where it becomes less risky as it grows in size. There were few sophisticated capital allocators who could gain exposure when bitcoin was $100 - 200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.

And this is where the Wall Street invasion becomes important. Wall Street is exceptional at creating wrappers for different assets. The ETF is a wrapper around spot bitcoin. The bitcoin treasury companies are wrappers around bitcoin accumulation machines. The real estate funds are wrappers around tax-advantaged, income-producing bitcoin exposure. And there will be many more wrappers.

These wrappers will appeal to different investors for different purposes. Some want as much asymmetric upside exposure as possible. Others want downside protection. Some may want yield, while another group could be attracted to the long-term compounding.

Regardless of why an investor is drawn to bitcoin, the increase in demand is impossible to ignore. I continue to believe that bitcoin has become the new hurdle rate for the younger generation. These young people will ascend to positions of power and influence inside of the most important financial institutions over time. That means bitcoin will eventually become the hurdle rate for the world.

And if bitcoin is beta exposure, you won’t be able to look in any corner of the financial system without seeing bitcoin there.

The bitcoin invasion has just begun. But this multi-decade trend will be much bigger, and more important, than majority of people realize.

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

- Anthony Pompliano

Founder & CEO, Professional Capital Management

Bitcoin Is Taking Over Wall Street

Anthony Pompliano and John Pompliano discuss everything that is happening with bitcoin, why bitcoin ETFs are making more money than S&P EFTs, US dollar collapse and what that means for asset prices, why Elon Musk wants to start a new political party, and how this all affects your portfolio.

Enjoy!

Podcast Sponsors

* Figure – Lowest industry interest rates at 9.9% at 50% LTV! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.

* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.

* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com

* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!

* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.

* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.

* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.

* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.

* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.

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

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