Worst News for Stocks in 50 Years 

Wall Street's declared what could be the worst news for the U.S. stock market in 50 years.

If Goldman Sachs and Morgan Stanley are right... this won't be like the crashes we're used to. What's about to hit America next could keep your portfolio in the red for 10 years or longer - unless you make a big change now.

To hear about this decade-long crisis now being predicted by multiple Wall Street banks...

And to see what you can do to prepare your wealth before this hits...

Click here to learn how to defend your portfolio.

Regards,

Keith Kaplan
CEO, TradeSmith

P.S. You may have noticed we see "surprise" crashes every year now. Think about it: rate spikes in 2022... the bank crisis in 2023... $8 trillion wiped out in 2024... $11 trillion wiped out during the tariff crash in 2025... and, this year, $12 trillion was wiped out in 30 days during the Iran War. Something is off and Wall Street suggests this could continue (and worsen) well into the 2030s. Click here to learn the truth about this market and see what you must do now to prepare.

BREAKING NEWS

🚀 The SpaceX Story Just Keeps Getting Crazier

We know. Another SpaceX story. But the company keeps making it impossible to write about anything else.

$SPCX SpaceX surged another 9% in overnight trading, pushing its market cap to $2.7 trillion. That officially makes it the fifth largest public company in the world, surpassing $AMZN Amazon.

Let that comparison actually sink in. Amazon brought in roughly $670 billion in revenue last year and turned a real profit. SpaceX brought in $18.67 billion in revenue and posted a net loss of $4.94 billion after merging with money-losing xAI. Amazon's revenue is 35 times larger than SpaceX's, and Amazon actually makes money. SpaceX is now worth more anyway.

Now the inevitable hot takes. Everyone online is saying Elon Musk being worth over $1 trillion is sick, broken, dystopian, pick your adjective. Here is a number worth sitting with instead. If you took 100% of Elon Musk's entire net worth, every single dollar, it would fund the US federal government for roughly 49 days. The government spends through that amount and keeps going. We don’t have a revenue problem. We have a spending problem, and pretending one man's bank account is the fix says more about the conversation than it does about the math.

One more number while we are here. With the stock up another 9% overnight, Musk's net worth grew by tens of billions of dollars before most people finished their coffee. Warren Buffett, over a 70-year investing career, built a net worth of roughly $150 billion. Musk made more than that in the past 24 hours alone.

The Munch Take: SpaceX passing Amazon on revenue this thin is the strangest valuation story we have covered all year. Whether that gap closes through growth or correction is the only real debate left. My wife heard that Musk made more in a day than Buffett made in a lifetime and said "okay that is actually crazy." For the first time all week, she may have had the most accurate take in the building.

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THE MARKET WATCH

🇯🇵 Japan Just Raised Rates To A 31-Year High. Here’s Why The US Should Pay Attention.

The Bank of Japan raised its key interest rate to 1% on Tuesday, the highest level since 1995. The 7-1 decision came despite opposition from Japan's own Prime Minister. The move was driven by a weak yen and rising prices, made worse by the Iran war sending oil costs higher in a country that imports almost all of its energy.

Here is the part that should make American readers sit up. Japan's government debt sits at roughly 237% of its entire economy. That is more than double what the country actually produces in a year. For comparison, the US debt-to-GDP ratio sits at 124%. Japan has carried debt at this level for decades and somehow kept functioning. The US is on a path that could eventually look similar.

So is this a signal of what is coming for America? Not directly. The two situations are different in an important way. Japan kept rates near zero for thirty years specifically to fight deflation and a stagnant economy. The US already has higher rates, fighting inflation instead. Japan raising rates from near zero to 1% is not the same conversation as the Fed deciding whether to raise from 4% even higher.

What connects them is the bigger lesson. A country can carry enormous debt for a long time without an immediate crisis. Japan proved that. But eventually, rising rates on that much debt becomes very expensive very fast. Every quarter point Japan raises now costs its government billions more in interest payments. The US is watching that math closely because it is staring down a similar road, just earlier in the journey.

The Munch Take: Japan spent thirty years proving that a country can carry debt twice the size of its economy without the sky falling. Now that rates are finally rising there, the bill for all that borrowing is starting to arrive. The US is not Japan. Our situation is different and our rates are already higher. But the warning is the same one economists have been giving for years. Debt does not matter until interest rates rise. Then it matters all at once. My wife asked me if this meant Japan was in trouble. I said maybe eventually but not today. She said "so the same answer as everything else you write about." Fair point.

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