2025-10-08 21:43:55
To investors,
The legends of finance have been out in full force this week. They are giving interviews left and right, but the message is very clear — US financial markets are in a bull market.
First, we saw Paul Tudor Jones on CNBC saying he feels like we are in 1999. Take a listen here:
“If it looks like a duck and quacks like a duck, it probably isn’t a chicken.” What an incredible line from PTJ. And he isn’t wrong.
So how does the famous investor think investors should be positioned to benefit from this inflation story? Gold, bitcoin, Nasdaq and retail stocks. Here is how he explained his logic:
Paul Tudor Jones is not the only person who is bullish though. JP Morgan’s Jamie Dimon shared with Bloomberg that we are in a bull market.
It is great to hear the leader of the world’s largest bank say he isn’t worried about a recession. Dimon has access to more information than almost anyone in the world. He did however say he is worried about inflation, which is something investors around the world seem to be more concerned about given the recent rise in gold and bitcoin’s price.
Another investing legend, Ray Dalio, said this week he believes gold should be around 15% of a portfolio. Here is why he believes this is the right allocation:
These sophisticated investors are not talking about gold because they think inflation is going to be low. In fact, prediction market Polymarket shows 85% odds of inflation over 3%.
But I am going to go out on a limb and say inflation is not going to be nearly as big of a problem as these legends are predicting. In fact, I think the inflation fears are widely overblown. Using the same Polymarket data, you can see the market is really saying inflation is going to end up somewhere between 3% and 3.2% in 2025.
And Truflation, which is my preferred method for understanding inflation because of their real-time infrastructure, is showing inflation at 2.2%. This a relatively big drop from the 3%+ Truflation reading at the start of the year.
But inflation isn’t the chart to watch in my opinion. That is a complete distraction from what is really happening. Strive’s Jeff Walton nailed it when he called out the divergence between CPI and M2 money supply.
He says “M2 money supply has grown 2.5 times faster than CPI over the last 20 years.” So which of those metrics are you more worried about? The manipulated, slow-growing CPI numbers or the parabolic M2 money supply growing to the sky?
It is obvious the latter is the bigger concern. So keep this in mind when you hear Ken Griffin and others talking about the US dollar having a significant decline so far this year. Here are Griffin’s recent comments:
It isn’t inflation that is driving the dollars fall, but rather the fact the government can’t stop printing money. Nothing of value has infinite supply. So until governments stop printing money, bitcoin and gold will continue surging higher.
Gold bugs are celebrating their recent outperformance on a relative basis to bitcoin. I believe bitcoin is going to have a big Q4 and it would not surprise me if bitcoin ends 2025 with a larger annual return than the precious metal.
But regardless of relative performance, the sound money principled assets of gold and bitcoin are working together to do what central banks have failed to do — protect the purchasing power of the people.
We should all be thankful we have these two options available to us.
Have a great day. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Anthony and John Pompliano discuss why bitcoin is going higher, why Ken Griffin and Paul Tudor Jones are so bullish, how to enjoy the bull market while preparing for a storm, why the government will never stop printing money, and why asset prices are going higher.
Enjoy!
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Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs
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
Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.
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.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2025-10-07 20:54:00
To investors,
Citadel’s Ken Griffin dropped a harsh truth in an interview with Bloomberg yesterday:
“We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-a-vis US sovereign risk.”
It is not every day that you see one of the world’s best investors say people are de-dollarizing their portfolio. Why would they want to de-dollarize? Goldman Sachs says the story is simple:
“Trump said America can “grow its way out of debt.” What it really means is debasement. Shutdowns highlight the erosion of trust in U.S. institutions — Bitcoin is the pressure valve. That’s not bearish S&P, it’s bearish dollar.”
Those are the magic words — erosion of trust in US institutions. People don’t trust the government. They don’t trust the news. And they definitely don’t trust the central bank. Why should they? Those three organizations have proven to be untrustworthy over the last decade.
One of my favorite Satoshi Nakamoto quotes is “The root problem with conventional currency is all the trust that’s required to make it work. The central bank must be trusted not to debase the currency, but the history of fiat currencies is full of breaches of that trust.”
Ain’t that the truth. Satoshi knew the problem earlier than most.
We are now seeing large amounts of capital flow to safety from this breach in trust. The crypto market saw $6 billion of inflows last week, which is an all-time high.
How should we think about these inflows? Should we assume this is speculation from investors looking to capture a quick profit? Or is there something much bigger at play?
End Game Macro says “this $6 billion inflow into crypto is a warning signal. Big money is moving because confidence in the global financial system is starting to fray. Historically, surges like this have appeared when investors begin losing faith in traditional credit markets. What makes this moment different is the context: global growth is slowing, debt loads are exploding, and the risk of a major credit event, something breaking in the bond or banking system is rising fast.”
Confidence is starting to fray. Trust is eroding.
This leaves citizens with a simple choice…stay trapped in the existing system and suffer whatever consequences come from the undisciplined decisions of leadership or take your assets and move them into a parallel system that was purpose-built to mitigate these disastrous policies.
That is the choice in front of investors — stay and suffer or leave and prosper.
It doesn’t seem like a hard choice to me. But here is the beautiful part about capitalism, everyone is financially incentivized to move to where their money will be treated best. First it was the individuals. Then we saw the small businesses and private companies. Next it was the public companies, which were followed by the large financial institutions. Eventually we will see the central banks and nation states.
Every dollar, every unit of economic value. It is all going to move into the new system and new assets. Some of the adoption will happen by true flight from the old system into the new system. Some of the adoption will happen by bringing the new assets into the legacy system via existing wrappers.
Regardless of how it happens, it could not be more clear that the transition is underway. The next decade will be defined by this trend. I implore you not to ignore it.
Hope everyone has a great day. I’ll talk to you tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Jeb Hensarling is the former Chairman of the House Financial Services Committee and one of the most influential voices in economic policy during the 2008 financial crisis. He has also joined ProCap BTC as a Senior Advisor.
In this conversation, we talk about how Jeb pushed back against the bank bailouts, how those same issues led to the rise of bitcoin, his views on bitcoin, stablecoins, the broader crypto industry, and how technology and innovation are reshaping the financial system today.
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.
Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs
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
Xapo Bank: Fully licensed private bank and virtual assets services provider that integrates traditional finance and Bitcoin. Earn up to 3.6% in BTC over USD Savings. Spend globally with a debit card that gives up to 1% cashback in BTC. The Pomp Audience Exclusive: Receive $150 discount when they join with this link.
Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.
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.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2025-10-06 21:04:15
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To investors,
It is time for bitcoin to shine. That is my conclusion after doing a deep-dive over the weekend on the digital asset’s fundamentals and the current financial environment. How high could bitcoin go in the next 8-12 weeks? That is anyone’s guess, but I think people have been lulled to sleep for long enough.
The fireworks can now commence.
Let’s dig into some of the data. First, James Lavish says “if you say you don’t believe in Bitcoin, you might as well say you don’t believe in inflation.”
Although bitcoin tracked CPI directionally before 2023, the chart visually provides a lot of noise. But starting around 2023, bitcoin and CPI have been married at the hip. This tight correlation suggests investors are using bitcoin as an inflation-hedge asset.
JPMorgan analysts are now calling bitcoin and gold the “debasement trade.” They write:
“The bank defines it as a trade that ‘reflects a combination of factors, which in our client conversations range from elevated geopolitical and policy uncertainty, to uncertainty about the longer-term inflation backdrop, to concerns about ‘debt debasement’ due to persistently high government deficits across major economies, to concerns about Fed independence, to waning confidence in fiat currencies in certain emerging markets in particular, and to broader diversification away from the US dollar.”
This makes sense, right? Investors are scared that governments around the world have created too much debt, therefore nation states and central banks have to debase their currency in order to avoid default. Holding dollars will be a losing strategy in this scenario.
Creative Planning’s Charlie Bilello highlights that “Gold (+48%) and Bitcoin (+31%) are the top performing major assets so far in 2025. We’ve never seen these two in the #1 and #2 spots for any calendar year.”
Many people will argue that past performance does not indicate future performance. That is true, but the structural trends globally are suggesting bitcoin and gold are both going higher.
Forward Guidance’s Felix Jauvin writes “every country is pivoting to running it hot. We’re gonna run as wide of deficits as possible to try and outgrow the debt. Central banks are giving up on inflation and fiscal dominance is arriving. Nominal assets will do well, debasement hedges will do even better. The world of 2010-2020 is no longer. Reset your priors. Let’s f**king go.”
None of this is new if you have been paying attention online for the last decade. Bitcoiners, and their predecessor gold bugs, have been yelling about the currency debasement problem for years. But the difference today is you have major financial institutions lending their credibility to the thesis.
Take Morgan Stanley as another example. Ash Crypto writes:
“$1.3 Trillion Morgan Stanley Global Investment Committee recommends allocating 2–4% of client portfolios to crypto and says Bitcoin is a scarce asset, comparable to digital gold.”
BTC Archive also points out that “Morgan Stanley says it will “support” its 16,000 Financial Advisors managing $2 TRILLION if they wish to allocate to Bitcoin and crypto.”
So what should you take away from the traditional firms embracing bitcoin? The big guys understand the “debasement trade” is not going away. Why? Vijay Boyapati explained it well when he wrote “in the global family of financial assets the two closest siblings are now sending the same message: global debasement has reached the point of no return.”
The point of no return. That may sound like hyperbole to some of you, but I don’t think it is far from the truth. An entire generation of investors are realizing a large portion of financial returns in the market are merely debasement of the currency. If that is a major driving force of returns, it calls into question everything you were taught about investing from the old world.
Opening Bell’s Phil Rosen highlighted a great example of this by denominating the S&P 500 in bitcoin, rather than in dollars.
The S&P is up over 100% since 2020 when denominated in dollars. That is great, right? Not so fast. The same index is down nearly 90% in the same timeline when you denominate it in a finite, sound money asset like bitcoin. Simply, your frame of reference really matters.
So as I have been saying for awhile now, bitcoin is the hurdle rate. If you can’t beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders.
Interest rates are coming down. Currency debasement is accelerating. The institutional world is embracing the debasement trade. Bitcoin ETFs are seeing record inflows. Retail sentiment is growing as investors buy into the “Q4 is good for bitcoin” narrative. And M2 money supply is expanding rapidly.
Gold has run up more than 50% this year. Now it is bitcoin’s turn. Hold on to your coins because things are about to get crazy.
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 why bitcoin is the purest AI trade available in the market, energy infrastructure, what is going on with the government shutdown, how interest rates, the Fed, the economy are all intertwined, and why prediction markets and tokenization are two big themes moving forward.
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.
Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs
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
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.
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.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2025-10-03 20:34:19
To investors,
Today’s letter features a guest post from Phil Rosen, who writes the industry-leading financial markets newsletter Opening Bell Daily — subscribe free here.
Bearish market-watchers warned in April that tariffs would kill US exceptionalism and end America’s streak of outsized stock-market returns.
The opposite outlook has turned out much closer to the truth.
The S&P 500 has returned more than 33% since its April low following President Trump’s “Liberation Day” announcement and volatility — as measured by the VIX — has collapsed by nearly 70% in the same stretch to fall below its long-term average.
And while stocks have climbed and investors’ jitters have evaporated, the effective tariff rate remains at its highest levels in decades, as the chart below from Marta Norton, chief investment strategist at Empower, illustrates.
The stock market’s rebound is striking but unsurprising, according to history. Asset prices tend to rebound as quickly as they decline, reflecting a symmetry and reflexivity that’s held consistent across the last seven decades.
In fact, the current path for stocks since April 8 to present reflects an even sharper than usual bounce compared to the last 11 bear markets.
For investors the takeaway is clear. As much as politicians and legacy media want to complain and draw attention to tariffs, the new trade policy has not materially dented corporate earnings or market sentiment.
As it turns out, investors who sold their stocks due to tariff fears have under-performed their peers who held on through the noise by double-digits.
Indeed, AI enthusiasm and optimism surrounding Fed rate cuts have proven to be far more influential for asset prices. Now, those tailwinds are about to run into favorable seasonality.
Dating back to 1950, the final three months of a calendar year have produced average returns of 4.2% for the S&P 500, with positive returns 80% of the time.
Against that backdrop, tariffs barely seem to matter to anyone managing a portfolio.
Subscribe to Opening Bell Daily to get Phil’s newsletter every morning.
Jeff Park is a Partner and Chief Investing Officer of ProCap BTC.
In this conversation we talk about what is going on with bitcoin and gold, should we be worried about bitcoin lagging gold’s performance, durability of bitcoin vs gold, how to think about bitcoin as living software, and a new theme referencing the retardification of society.
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.
Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs
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
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.
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.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2025-10-02 20:48:07
To investors,
The US government shut down earlier this week and market commentators predicted excruciating pain in financial markets. The exact opposite has happened though. Adam Kobeissi points out the market bottomed at the exact moment the government officially shut down.
This is a classic example of the rumor being much more important than the actual news. Additionally, the market is essentially calling the government’s bluff. No one believes the government will stay closed and everyone sees this situation for the performative drama that it is.
A big reason the market has shrugged off the shutdown news is because there is so much momentum across public markets. Steve Deppe writes:
“The S&P 500 ended September on a 5-month winning streak & with a new all-time high monthly close. [This is the] 21st time since 1950. The index has then never closed lower 8 months out. This guarantees nothing, other than mute anyone saying the last 5 months are a sign of impending doom.”
This significant momentum is being driven by AI-related stocks. JPMorgan’s Michael Cembalest explains “AI related stocks have accounted for 75% of S&P 500 returns, 80% of earnings growth and 90% of capital spending growth since ChatGPT launched in November 2022.”
There is no other way to say it — we are living through an AI revolution and public market investors are big winners because of it.
But not everyone is thrilled about the recent developments in the market. Shanaka Perera believes something bigger is happening in the market. He claims “markets ripping higher into a shutdown isn’t strength … it’s proof the S&P 500 no longer trades on fundamentals. Liquidity, passive flows, and option mechanics have replaced cash flow and earnings. This isn’t history being made, it’s price discovery being euthanized.”
Famed investor Leon Cooperman went on CNBC yesterday and he was even more blunt about his reservations. Cooperman literally recited a Buffett quote from 1999, which said:
“Once a bull market gets under way, and once you reach the point where everybody has made money no matter what system he or she followed, a crowd is attracted into the game that is responding not to interest rates and profits but simply to the fact that it seems a mistake to be out of stocks.”
This concern from Leon is rooted in the famous “Buffett Indicator” that measures total market cap of public equities against GDP. This measurement is at an all-time high right now, which has people nervous.
But I think the concern is overblown. Could stocks correct from their current valuations? Sure. But the technology innovation related to artificial intelligence is very real and the impact is likely to play out over the next decade or so. Companies are producing more profits with less employees. New companies are being built at breathtaking speed, including revenue numbers in the first few months that were previously thought impossible.
So this begs the question of what an investor’s timeline is for a given investment. If you are worried about capturing profits in the next few days, weeks, or months, you have a lot more work to do than the investor who is looking to buy great assets and hold them forever.
Speaking of great assets, we have discussed gold’s recent rise at length. It appears large banks are beginning to expand their enthusiasm to bitcoin in addition to the gold propaganda they have been spreading in recent weeks.
This morning VanEck’s Matthew Sigel called out recent commentary from JPMorgan, which compared bitcoin and gold. The bank wrote:
“The steep rise in the gold price over the past month has made bitcoin more attractive to investors relative to gold…the market cap of bitcoin at $2.3 trillion currently would have to rise by close to 42% (implying a theoretical bitcoin price of $165k), to match on a vol-adjusted basis the around $6 trillion of total private sector investment in gold via ETFs or bars and coins... ...This mechanical exercise thus could imply significant upside for bitcoin.”
As my friend PEOperator said, “amazing how they’ve changed their tune.”
Stocks, bitcoin, and gold. They are all doing well in 2025. Each asset has surged higher in response to the US government shut down. And I am willing to bet that each of these three assets will be higher in the coming years.
The doomsday predictors are not only wrong, they are cherry-picking data to tell a story that scares people out of the market. Quite literally, nothing could be more destructive to wealth than selling your financial assets to hold US dollars or treasuries.
Things in motion tend to stay in motion. And financial assets have a lot of momentum right now. If you want to try calling a market top, be my guest. Just make sure you don’t cry later if you get steamrolled.
Have a great day. I’ll talk to everyone tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Robert Viglione is the Co-Founder & CEO at Horizen Labs and the Founder of zkVerify.
In this conversation we talk about zero-knowledge proofs, why they are critical for U.S. national security, how this technology allows machines to share information without revealing data, Rob’s experience as a military intelligence officer in Afghanistan, how he discovered the value of Bitcoin, and why ZKPs are one of the most underrated technologies shaping the future.
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.
Bitlayer - Bitlayer is powering Bitcoin beyond just a store of value, making Bitcoin DeFi a reality while staying true to its core principles of security and decentralization. Learn more about Bitlayer at https://x.com/BitlayerLabs
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
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.
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.
🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you.
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.
2025-10-01 22:26:31
To investors,
It is fascinating to me that some people still believe there is a negative outlook for the United States, our economy, and our public equities. The data seems overwhelming that we are living through a tech-enabled economic boom that is creating more efficient and profitable companies.
This is the dream for investors, executives, economists, and citizens. But so many people from the traditional financial system remain pessimistic. They continue to predict some large calamity right around the corner. Maybe I am completely losing my mind, but I just don’t see what they are talking about.
Let’s dig into the data.
Carson Group’s Ryan Detrick writes “Since 2019 the S&P 500 is up 125%. 76% of that is coming from earnings growth and 19% from dividends. No, this isn’t a bubble, this rally is justified from strong earnings growth.”
This is very important because it highlights that the rapid rise in US equities is being driven by strong fundamentals. Quite literally, the companies are becoming more valuable, rather than stock appreciation due to some market mania that is unsustainable.
But you shouldn’t be surprised — there is nothing new here.
Creative Planning’s Peter Mallouk points out “150 years of history. Wars. Depressions. Pandemics. Crashes. Each one felt like the end of the world. And yet, $1 in stocks still grew to $33,000, AFTER adjusting for inflation. The story of markets is the story of human progress.”
The optimism doesn’t come exclusively from the stock market either. The Atlanta Fed’s GDPNow forecast is currently predicting nearly 4% growth for Q3 2025.
And don’t forget that central banks are adding fuel to the fire now. Global Markets Investor writes “Global central banks are cutting interest rates as if there is a recession: 82% of world central banks have cut rates over the last 6 months, the highest share since the 2020 crisis.”
So you have earnings growth, GDP surging higher, and central banks lowering the cost of capital rapidly. Each of those things should contribute to higher stock prices unilaterally, but combined they become a cocktail for an economic boom.
If that cocktail gets the party started, the night cap will be the fact that hyperscalers are currently investing 60% of their operating cash-flow on Capex.
Maybe you believe the world’s largest companies are run by morons who are just lighting their cash on fire, but more likely we are watching these massive investments lay the groundwork for a continued economic boom that will be breathtaking to experience.
As I mentioned at the start, I just don’t see the situation the pessimists are worried about. It all seems like noise to me. Time will tell whether I am being naive or not. I like my chances though.
Hope everyone has a great day. I’ll talk to you tomorrow.
- Anthony Pompliano
Founder & CEO, Professional Capital Management
Anthony and John Pompliano discuss why bitcoin’s price is not going up faster, what is going on with gold, how Wall Street is embracing crypto public equities, how we fix economic data, and should we be worried about the government shutdown?
Enjoy!
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