2025-08-14 22:10:12
To investors,
The US stock market has been one of the greatest wealth creation vehicles in history. Anyone with a brokerage account could purchase shares in the S&P 500, sit back and relax, and watch their investment portfolio grow to the sky.
The economic mobility provided to equity holders is hard to comprehend.
The S&P 500 is up more than 13x over the …
2025-08-13 21:26:33
To investors,
Volatility is the name of the game moving forward. Technology is accelerating disruption of large, incumbent players. Entrepreneurs can do more with less. And financial assets are gyrating up and down like a roller coaster.
Historically this volatility would have been deemed as a negative. Investors would be screaming about risk and scurryin…
2025-08-12 21:00:01
To investors,
The internet has reduced trust in institutions, media outlets, and the government. Sunlight is the best disinfectant and nowhere has that been more obvious than when the Internet meets an old industry.
So it only makes sense that the digital world would produce a trust-less asset that allows anyone to use it, but no one to rely on the word o…
2025-08-11 20:36:58
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 stock market continues to fly higher and the pessimists are screeching that everything is overvalued. And the bears have plenty of data to point to as part of their case. Creative Planning’s Charlie Bilello recently pointed out the “S&P 500 is now trading at 3.15x sales, its highest valuation in history.”
This should be concerning to investors, right? Not so fast. There are a number of considerations worth unpacking. For example, the US stock market is denominated in dollars and those dollars have been debased at a much faster pace than what the public has been told over the last 50 years.
“Fiat currencies are in an eternal bear market. No economy has maintained an average inflation rate below 2% since the end of the gold-backed Bretton Woods system in 1971. In other words, the value of fiat currencies has fallen by at least 2% annually over the last 54 years. For example, the US, Canada, China, and France have averaged around 4% inflation over this period. Meanwhile, Brazil, Argentina, and Venezuela have seen their currencies collapse by nearly 100%.”
Yes, you heard that right. The United States has actually been debasing the dollar at 4% a year for over 50 years, which is double the Fed’s target of 2% inflation. And we know the dollar has been debased by 30% since 2020, so you would expect stocks to trade at a higher premium to account for this monetary phenomenon.
Quite literally, investors are using stocks as an inflation hedge. That inflation hedge trade will drive valuation multiples higher, which is exactly what we are watching happen. But before you get nervous and start dumping your US stocks, it is important to know the United States is dominating on the global stage.
Alec Stapp highlights that 22 of the top 25 largest companies in the world are American right now.
A16Z’s Katherine Boyle points out there has been significant change over the last 25 years. Back in 2000, Katherine shows only 3 of the top 10 largest companies in the world were American. Now that number is 8 out of the top 10.
So stocks are hitting the highest valuation multiple in history. American companies are disrupting the world. And the US dollar is being debased at an alarming rate. These should all be market top signals, right?
Again, not so fast. Bitcoin, the purest macro asset in the world, suggests we are not anywhere near a market top.
X user Cyclop shows that “0 out of 30 [Bitcoin] Bull Market Peak Indicators have hit so far.”
The pessimists can yell and scream. The bears can predict doom and gloom. But the actual data suggests we are in a bull market and it won’t end any time soon.
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 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 talk about bitcoin coming to 401k’s, the lack of volatility, why ETH is performing well, what is going on at the Fed, how AI & GPT-5 will impact the economy, and how you can make more money.
Enjoy!
Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! 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.
2025-08-08 20:35:22
To investors,
Bitcoin’s volatility has long been a major selling point for investors to purchase and hold the asset. Retail investors saw the volatility as a way to buy bitcoin early before it went up a lot. Sophisticated, institutional investors saw the volatility as an asymmetric bet that presented the best risk-reward scenario in finance.
So what happens if the volatility starts to disappear?
We don’t have to guess anymore, because this is starting to happen over the last two years. Bloomberg’s Eric Balchunas writes: “VOL KILLER: Since the launch of the ETFs the volatility on bitcoin has plummeted. The 90-day rolling vol is below 40 for the first time - it was over 60 when the ETFs launched. I threw in $GLD for perspective. Less than 2x gold, used to be over 3x.”
Mitchell Askew concludes this decreasing volatility means “Bitcoin looks like two entirely different assets before and after the ETF. The days of parabolic bull markets and devastating bear markets are over. BTC is going to $1,000,000 over the next 10 years through a consistent oscillation between “pump” and “consolidate" It will bore everyone to death along the way and shake the tourists out of their positions. Strap in.”
Balchunas agrees with Mitchell. Eric writes “This guy gets it. We’ve been saying same thing. Since BlackRock filing Bitcoin is up like 250% with much less volatility and no vomit-inducing drawdowns. This has helped it attract even bigger fish and gives it fighting chance to be adopted as currency. Downside is probably no more God Candles. Can’t have it all!”
But Semler Scientific’s Joe Burnett sees it a little differently. Joe says:
“Before bitcoin's 2017 parabolic bull run, volatility had been steadily declining while the price was slowly ticking higher. Over the last three years, we've seen similar behavior. Volatility has continued falling while bitcoin gradually climbs.
Now it feels like we're at another inflection point. Does volatility keep falling from here? If so, maybe bitcoin continues its slow and steady grind upward. But if we’re still early in the adoption cycle, the setup could be explosive. Governments have yet to take meaningful positions. The S&P 500 owns very little bitcoin. Institutions own very little bitcoin. And the typical portfolio still holds 0% bitcoin.
If bitcoin is already a mature asset, maybe the trend continues. But if we’re still in the early stages of global adoption, we might be on the edge of a breakout that looks more like the 2017 parabolic bull run (upward volatility).”
So what is going happen? The short answer is that no one knows. I wouldn’t bet on bitcoin staying dormant forever. The asset is known to become volatile right when everyone thinks it won’t. But I also believe bitcoin’s long-term volatility will continue to compress as the asset gets larger, more traditional finance investors hold it, and the asset transitions from a contrarian trade to a consensus trade.
Volatility is important. It brings greed and fear. It provides opportunity. And it ultimately serves as an incredible marketing campaign for bitcoin. Let’s hope the volatility is not gone. It would be incredible if the market gods blessed us with a few more years of max volatility.
Hope you all have a great end to your week. I’ll talk to everyone on Monday.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Polina Pompliano and Anthony Pompliano discuss why bitcoin is winning, the summer of crypto, what’s changing with artificial intelligence, why the banks will have to embrace bitcoin, why Warren Buffett and Berkshire are losing, and this one idea you have to realize.
Enjoy!
Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! 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.
2025-08-07 22:10:31
To investors,
The White House is rumored to have President Trump sign an executive order later today that would allow individuals to buy bitcoin and cryptocurrencies in their 401(k) retirement accounts. This is a massive development for the crypto industry and one that should have happened a long time ago.
There is an estimated $43 trillion in all US retirement accounts, including about $9 trillion in defined contribution plans like 401(k)s. To put that in perspective, the entire crypto industry’s market cap is less than $4 trillion, so this executive order will open up a significant pool of capital to flood into bitcoin and crypto assets.
Now plenty of people will moan and complain about the White House doing this. They will claim bitcoin is risky. They will screech about how inappropriate it is for individuals to be given the ability to allocate their retirement funds how they see fit.
But that is all nonsense. First, every American should be allowed to do whatever they want with their money. If you want to gamble, knock yourself out. I wouldn’t recommend it. But why should the government tell you what to do with your money? If you want to speculate on a new company, go for it. And if you want to invest in bitcoin, there should be no politician or regulator that gets in your way.
For the critics, your job is not to stop people from doing what they want with their money. Your task is to increase financial education in America so people make intelligent, rational decisions. If you don’t want people gambling, explain the high loss ratio to folks. If you don’t want them speculating on a penny stock, educate the person on the benefits of long-term compounding in high-quality assets.
The days of treating American citizens like they are a bunch of idiots is over. The rise of sophisticated self-directed retail investors is upon us. Many of these individuals are outperforming the institutional investors. Are there people who screw up and make bad decisions? Of course. But that is also how you learn.
We must bring back personal responsibility. We don’t need a maternalistic state micromanaging the individual investment portfolios of our people.
In fact, if the critics really wanted to take up an important cause, they should start questioning why so many American retirement accounts are directed to holding US treasuries. These assets are essentially guaranteed to lose value over long periods of time, which a retirement account is reportedly optimized for. So if we are willing to let people put their retirement account in the high-risk asset of treasuries, why can’t they buy bitcoin?
For example, the iShares 20+ Year Treasury Bond ETF has lost nearly 50% of its value in the last 5 years. Antiquated financial advisors are out here obliterating boomer portfolios with the outdated 60/40 portfolio allocation.
Treasuries are down only and bitcoin is up only over the long run. So unleash the retirement accounts. Give people their freedom back. And let the investors have a fighting chance to save themselves from the financial disaster that awaits them if they can only allocate to the “safe” investments of the past.
These investors need a fighting chance to invest because the US dollar is being destroyed. Creative Planning’s Peter Mallouk writes “Over the last 50 years, the purchasing power of the US Consumer Dollar has fallen by over 83%. At the same time, the S&P 500 has increased by over 150x – even after accounting for inflation. Why you need to invest…”
This is not rocket science. People just need a shot at outpacing this insane currency debasement.
Galaxy’s Mike Novogratz was on CNBC this morning and he explained the significance of opening this retirement account market to bitcoin and crypto.
So game on ladies and gentleman. The critics are up in arms, but they are on the wrong side of history. Bitcoin and crypto is here to stay. And now it is coming to a retirement account near you.
Hope everyone has a great day. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Polina Pompliano and Anthony Pompliano discuss why bitcoin is winning, the summer of crypto, what’s changing with artificial intelligence, why the banks will have to embrace bitcoin, why Warren Buffett and Berkshire are losing, and this one idea you have to realize.
Enjoy!
Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! 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.