Pretty, Pretty Bullish…

A new $220 price target is bullish. The five-year math gets considerably more ambitious.

SpaceX got another vote of confidence from Wall Street this week.

Pivotal Research slapped a $220 price target on the stock — roughly 50% above where shares had been trading.

Pretty bullish.

Then we stretched the timeline to 2031.

That’s where the numbers start to spread out — a lot.

Depending on how fast SpaceX grows — and what investors are willing to pay for that growth — the five-year picture can look remarkably different.

So, we ran the numbers. ⇩

SPONSOR BREAK presented by Brownstone*

Chaikin: “This Company Will Crush Elon’s Dreams of AI Dominance”

Elon became the world’s first trillionaire – largely on dreams of SpaceX dominating AI for years to come.

But 60-year Wall Street legend Marc Chaikin just issued a warning to AI investors. “Legacy AI stocks like SpaceX are in for a massive shock. I’d run.” Instead, Chaikin says a new form of AI – “Sovereign AI” – is about to replace today’s models when it comes to major breakthroughs.
Go here for Marc’s full prediction and free stock pick for riding this $248 trillion event, starting Sept. 29th.
 

The Big “If.”

✱ Pivotal Research initiated coverage on SpaceX this week with a Buy rating and a rather ambitious number attached:

The big “if” behind the $220 target?

Pivotal Research analyst Jeffrey Wlodarczak, the man behind that $220 target, is essentially betting on one thing: rapid reusability.

If Starship can fly frequently enough, the cost of reaching orbit could start to look less like traditional spaceflight and more like moving freight.

At those prices, things that are prohibitively expensive today could suddenly start to make economic sense.

That “if” is doing quite a bit of work.

The $220 case hinges on Starship eventually cutting the cost of reaching orbit by roughly 90%.

And to get there, Wlodarczak assumes each Starship could eventually fly as many as 50 times.

Pull that off, and cheaper launches could do more than improve SpaceX’s existing economics. They could make entirely new businesses viable — from putting AI infrastructure in orbit to expanding what Starlink can do.

But before we get too far into the future, there’s one fairly important detail:

→ Starship still hasn’t flown commercially.

Its next test flight is expected later this month, while commercial payloads could begin this year — though 2027 is considered more likely.

So the $220 case ultimately comes down to something surprisingly simple:

The rocket has to prove the math. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

Wall Street Is Pretty Sold.

Pivotal isn’t exactly alone here.
That’s an unusually crowded bull camp.↓

Across Wall Street, the average SpaceX price target now sits around $226 — actually a touch higher than Pivotal’s new $220 call.

The stock itself has been considerably less decisive.

Since its $135 June IPO, SpaceX has traded as high as $225 and below $105, yet recently sat only about 10% above its IPO price.

Plenty of movement. Not much distance.

And apparently, Wall Street thinks there’s plenty more to come.

SPONSOR BREAK presented by MarketWise*

He Put Half His $9 Billion Into One Unusual AI Stock

One billionaire put over half his $9 billion fund into one unusual AI stock — then bought more shares nearly every day for 61 straight trading days.

It’s not Nvidia… a chipmaker… or a cloud giant.

Instead, it owns the assets the entire AI boom depends on…

And Trump signed emergency executive orders to protect them.

Right now it’s trading at a rare discount…

The same kind that’s previously turned $10,000 into $55,000. In just over 12 months

>>>Whitney Tilson reveals the name, completely free<<<

Meanwhile, Back On Earth.

→ The $220 target is built around what SpaceX could become.

The business today is already growing quickly — just from a much smaller base.

Underneath those numbers, the growth is coming from several places.

→ Space revenue rose 29%.
→ Starlink grew 66%.
→ And AI sales jumped 247%.

The spending is moving quickly too. SpaceX poured $15.8 billion into capital expenditures during the quarter, while its AI business alone posted a $1.3 billion operating loss.

In other words, SpaceX is growing like a company in a hurry — and spending like one, too.

Which brings us to the next part of the valuation.↓

Big Valuation. Smaller Revenue.

So SpaceX currently generates well under half Tesla’s revenue, despite carrying a considerably larger market valuation.

That doesn’t necessarily mean SpaceX is too expensive.

It means investors are paying heavily for what comes next.

✱ And Wall Street expects quite a lot to come next: revenue is projected to grow another 137% in 2027.

Now, About 2031.

This is where the numbers get considerably less certain.

Starting with an estimated $39 billion in 2026 revenue, two long-term growth scenarios give us very different versions of SpaceX five years from now:

1 30% annual growth ~$145B – 2031 revenue

2 50% annual growth ~$296B – 2031 revenue

Source: Motley Fool / Jennifer Saibil · September 9, 2026

Neither is a forecast.

They’re simply scenarios — a way of seeing what different assumptions could mean for the business.

And revenue growth is only half the equation.

Then Comes The Valuation.

Let’s take the 50% growth scenario.

Even if SpaceX reaches roughly $296 billion in revenue by 2031, we still have to guess what investors might be willing to pay for each dollar of those sales.

Change that assumption, and our hypothetical $5,000 changes quite a bit:

1 50% growth + ~35× sales
$5,000 → ~$25,000

2 50% growth + 20× sales
$5,000 → ~$15,000

3 30% growth + 20× sales
$5,000 → ~$7,250

Source: Motley Fool / Jennifer Saibil · September 9, 2026.
Illustrative scenarios based on the assumptions above, not forecasts or Trading Lessons recommendations.

Notice the first two.

They assume the same 50% annual growth. The difference is simply how much investors are willing to pay for SpaceX in 2031.

Lesson Of The Day:

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The Most Expensive 1%.

SpaceX has spent the past month doing very little.

Shares have bounced between $133 and $150, with no major catalyst pushing them decisively in either direction.

But on September 21, that could change.

JPMorgan thinks SpaceX could suddenly find itself on the receiving end of roughly $15.5 billion in buying.

And the reason has surprisingly little to do with the company’s business at all.

It starts with 1%… and $15.5 billion in passive buying.

So, let’s see where all that money is coming from. ⇩

SPONSOR BREAK presented by BanyanHill*

What’s Inside Elon Musk’s Mystery Crates?

Right now, 4,000 of these are rolling out of a high-security compound in Lathrop, California to critical locations all across America…

They have nothing to do with cars or space. And nothing to do with AI, robots or crypto…

Almost nobody knows what’s inside them. But Adam O’Dell does…

And he believes they will go down as Elon’s greatest ever invention… 

Which is why he says that anyone who understands what’s going on here, and positions themselves before October 21, could walk away wealthier than they ever thought possible.

Go here now for the story — and get the name and ticker of one of Adam’s top picks to play it completely free.
 

The Rule!

SpaceX is the 6th-largest company in the Nasdaq 100 by market value.

But it’s only the 19th-largest holding in the index.

Why the gap?

✱ An index weighting is simply the percentage of an index assigned to each company. If a stock has a 5% weighting, a fund tracking the index generally needs roughly 5% of its portfolio exposed to that stock.

So how does Nasdaq decide how much SpaceX counts?

1 Nasdaq doesn’t look only at what a company is worth. It also looks at how much of that company investors can actually trade — known as its free float.

For the Nasdaq 100 calculation, it uses whichever is lower:
the company’s full market value, or a value based on three times its free float.

2 That’s important because a company can be enormous on paper while relatively few of its shares are actually available to investors. When that happens, Nasdaq gives the company a smaller weight in the index than its overall market value would normally suggest.

3 That’s exactly what happened with SpaceX.
Despite its enormous market value, relatively few shares have been available to trade — leaving SpaceX with a much smaller index weighting than its size would suggest.

→ The result: SpaceX ranks 6th by market value, but just 19th by index weight.

And that gap is now starting to close. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

So, What Changed?

Source: Bloomberg · September 8, 2026

More than 1 billion shares have been released from lockup restrictions since the IPO, nearly tripling SpaceX’s free float.

SpaceX hasn’t suddenly become more valuable.

More of it has simply become available to trade.

And under Nasdaq’s formula, that changes the math. ↓

SPONSOR BREAK presented by MarketWise*

Elon Musk Warns We May Have Just Six Months Left

“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.

According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…

And… That Changes The Math.

→ JPMorgan estimates SpaceX’s Nasdaq 100 weighting could rise from 1.25% to roughly 2.25% at the upcoming rebalance.

One percentage point doesn’t sound particularly dramatic.

Across $1.7 trillion of index-tracking money, however, JPMorgan estimates the adjustment could require roughly $15.5 billion in net SpaceX buying as passive funds bring their holdings in line with the new weighting.

Those funds aren’t making a fresh call on SpaceX’s rockets, AI ambitions or valuation. They’re doing what index funds are built to do: follow the index.

Which leaves SpaceX in a rather unusual position.

The release of locked-up shares creates more stock that could be sold.

It also creates the conditions for index funds to potentially buy $15.5 billion more of it.

More shares. More sellers. And, potentially, a lot more buyers.↓

Buyers, Meet Sellers.

There is, of course, another side to all that buying.

The same lockup expirations increasing SpaceX’s weight in the Nasdaq 100 are also putting more shares into the hands of investors who are now free to sell them.

So the setup cuts both ways.

Steve Sosnick, chief strategist at Interactive Brokers, sees two possibilities: newly unlocked shares could be sold into the expected index demand, absorbing some of that buying, or demand from index funds could be strong enough to push the stock higher.

Either way, September 21 brings a rather unusual collision: new shares available to sell, just as billions in potential buyers arrive.

And We’ve Seen This Before.

When Berkshire Hathaway reduced its Apple stake two years ago, more Apple shares became part of the stock’s available float.

That affected its index weighting too.

Piper Sandler estimated the resulting adjustment could generate roughly $40 billion in passive buying.

So the mechanism itself isn’t new.

✱ What makes SpaceX unusual is the scale of the shares still coming unlocked — and how much its place in the index could continue to change along with them.

Lesson Of The Day:

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The Most Expensive 1%.

SpaceX has spent the past month doing very little.

Shares have bounced between $133 and $150, with no major catalyst pushing them decisively in either direction.

But on September 21, that could change.

JPMorgan thinks SpaceX could suddenly find itself on the receiving end of roughly $15.5 billion in buying.

And the reason has surprisingly little to do with the company’s business at all.

It starts with 1%… and $15.5 billion in passive buying.

So, let’s see where all that money is coming from. ⇩

SPONSOR BREAK presented by BanyanHill*

What’s Inside Elon Musk’s Mystery Crates?

Right now, 4,000 of these are rolling out of a high-security compound in Lathrop, California to critical locations all across America…

They have nothing to do with cars or space. And nothing to do with AI, robots or crypto…

Almost nobody knows what’s inside them. But Adam O’Dell does…

And he believes they will go down as Elon’s greatest ever invention… 

Which is why he says that anyone who understands what’s going on here, and positions themselves before October 21, could walk away wealthier than they ever thought possible.

Go here now for the story — and get the name and ticker of one of Adam’s top picks to play it completely free.
 

The Rule!

SpaceX is the 6th-largest company in the Nasdaq 100 by market value.

But it’s only the 19th-largest holding in the index.

Why the gap?

✱ An index weighting is simply the percentage of an index assigned to each company. If a stock has a 5% weighting, a fund tracking the index generally needs roughly 5% of its portfolio exposed to that stock.

So how does Nasdaq decide how much SpaceX counts?

1 Nasdaq doesn’t look only at what a company is worth. It also looks at how much of that company investors can actually trade — known as its free float.

For the Nasdaq 100 calculation, it uses whichever is lower:
the company’s full market value, or a value based on three times its free float.

2 That’s important because a company can be enormous on paper while relatively few of its shares are actually available to investors. When that happens, Nasdaq gives the company a smaller weight in the index than its overall market value would normally suggest.

3 That’s exactly what happened with SpaceX.
Despite its enormous market value, relatively few shares have been available to trade — leaving SpaceX with a much smaller index weighting than its size would suggest.

→ The result: SpaceX ranks 6th by market value, but just 19th by index weight.

And that gap is now starting to close. ↓

SPONSOR BREAK presented by Brownstone*

The #1 Ticker for Trump’s War on Iran?

While Trump’s approval is plummeting over Iran… hedge fund legend Larry Benedict says it’s a huge opportunity. One ticker has given folks a chance at payouts like $2,482, $7,623, and $8,704… All in under eight days.
Click here to get the ticker for FREE.
 

So, What Changed?

Source: Bloomberg · September 8, 2026

More than 1 billion shares have been released from lockup restrictions since the IPO, nearly tripling SpaceX’s free float.

SpaceX hasn’t suddenly become more valuable.

More of it has simply become available to trade.

And under Nasdaq’s formula, that changes the math. ↓

SPONSOR BREAK presented by MarketWise*

Elon Musk Warns We May Have Just Six Months Left

“Frontier AI” is a point of no return when AI surpasses human intelligence and gains free will. Elon Musk warns this moment could hit by the end of 2026.

According to 60-year Wall Street legend, Marc Chaikin, Frontier AI could soon become the only thing that determines which companies make money and which grind to a halt, That’s why he’s giving away a list of stocks to buy and sell absolutely FREE to help you position your money for a world driven by Frontier AI technology. Get Marc’s Frontier AI Hotlist right here…

And… That Changes The Math.

→ JPMorgan estimates SpaceX’s Nasdaq 100 weighting could rise from 1.25% to roughly 2.25% at the upcoming rebalance.

One percentage point doesn’t sound particularly dramatic.

Across $1.7 trillion of index-tracking money, however, JPMorgan estimates the adjustment could require roughly $15.5 billion in net SpaceX buying as passive funds bring their holdings in line with the new weighting.

Those funds aren’t making a fresh call on SpaceX’s rockets, AI ambitions or valuation. They’re doing what index funds are built to do: follow the index.

Which leaves SpaceX in a rather unusual position.

The release of locked-up shares creates more stock that could be sold.

It also creates the conditions for index funds to potentially buy $15.5 billion more of it.

More shares. More sellers. And, potentially, a lot more buyers.↓

Buyers, Meet Sellers.

There is, of course, another side to all that buying.

The same lockup expirations increasing SpaceX’s weight in the Nasdaq 100 are also putting more shares into the hands of investors who are now free to sell them.

So the setup cuts both ways.

Steve Sosnick, chief strategist at Interactive Brokers, sees two possibilities: newly unlocked shares could be sold into the expected index demand, absorbing some of that buying, or demand from index funds could be strong enough to push the stock higher.

Either way, September 21 brings a rather unusual collision: new shares available to sell, just as billions in potential buyers arrive.

And We’ve Seen This Before.

When Berkshire Hathaway reduced its Apple stake two years ago, more Apple shares became part of the stock’s available float.

That affected its index weighting too.

Piper Sandler estimated the resulting adjustment could generate roughly $40 billion in passive buying.

So the mechanism itself isn’t new.

✱ What makes SpaceX unusual is the scale of the shares still coming unlocked — and how much its place in the index could continue to change along with them.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

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A Rate-Cut Catch-22.

Friday morning gave the Fed another reason not to cut rates.

The U.S. added 162,000 jobs in August, nearly three times what economists expected, unemployment held at 4.1%, and traders quickly pushed the odds of another rate hike higher.

Then, a few hours later, came a rather different idea for getting rates lower.

A trade embargo.

President Trump threatened to stop trading with countries where the U.S. runs a trade deficit if interest rates don’t come down — describing the move as potentially more powerful than tariffs.

Which raises a pretty unusual economics question:

Could restricting trade actually help produce lower interest rates?

The proposed logic is understandable.

The economics are considerably messier.

And there’s quite a Catch-22 hiding in there. ⇩

SPONSOR BREAK presented by MarketWise*

Warren Buffett’s Parting Gift is About to Pay Off

Finally retired, Buffett handed the reins of Berkshire Hathaway to his hand-picked successor. But on his way out the door, Buffett quietly made one last move in a corner of the energy market Wall Street has all but ignored.

Whitney Tilson, a devout follower of Buffet and the analyst CNBC called “The Prophet”, says every move Buffett made upon his exit is pointing to an energy surge that’s about to catch the entire market off guard.
And the window to move ahead of it is closing fast.
 

First, The Jobs Report?

Before we get to the embargo, Friday had already changed the interest-rate conversation.

Payrolls rose by 162,000, unemployment held at 4.1%, and the labor force expanded by 683,000 people. Wage growth also remained relatively moderate, meaning the report showed considerably more strength in employment without an equally dramatic acceleration in wages.

✱ In short: The economy added nearly three times as many jobs as expected, while unemployment held steady and more people entered the labor force.

→ For the Fed higher rates come with a trade-off: they can help restrain inflation, but they can also weaken hiring.

A labor market that is still adding jobs at a healthy clip gives policymakers more room to worry about the first problem without immediately creating the second.

! The probability of a September rate hike moved from roughly 55% before the report to above 60% afterward, while Treasury yields climbed and the dollar strengthened.

So Friday morning had already delivered a fairly conventional message:

Strong economy → more room for the Fed to keep rates high.

Then came a considerably less conventional proposal.

SPONSOR BREAK presented by Paradigm*

Altucher: Inside This Case is Elon’s Next Major Wealth Boom

James Altucher – the man who predicted the rise of SpaceX years in advance – has just released a shocking new prediction about Elon Musk.
 
Inside, he explains why he thinks Elon’s latest project will be even BIGGER than SpaceX – and create up to 1.8 million new millionaires over the coming years starting Sept. 25th.
 
The pieces behind all of it, he says, are sitting inside this case.
 
Click here now for all the details.
 

So… What Exactly Is An Embargo?

→ A tariff makes foreign goods more expensive.

→ An embargo can make them unavailable.

A trade embargo is a government restriction that stops some or all trade with another country. Depending on how it is structured, it can block imports, exports, particular products, or trade altogether.

President Trump’s proposal: to stop trading with countries where the U.S. runs trade deficits unless the Federal Reserve lowers interest rates.

And there are quite a few dollars sitting on the other side of that sentence.

The U.S. recorded an $88.6 billion goods-and-services trade deficit in July, up 24.4% from June, as imports rose and exports fell. The goods deficit alone reached $119.6 billion.

So this wouldn’t be the economic equivalent of turning off a small faucet.

Which brings us to the interesting part:

How exactly is that supposed to lower interest rates? ↓

SPONSOR BREAK presented by Brownstone*

OpenAI and Anthropic Trigger “Pre-IPO” Opportunity

IPO insider Jason Bodner reveals three companies primed to soar thanks to OpenAI and Anthropic’s upcoming IPOs.

The best part? You can invest in them right now before OpenAI and Anthropic go public.

Click here to find out how 

The Idea.

The argument starts with something the U.S. has plenty of:

customers.

Countries around the world sell enormous amounts of goods into the American market. For countries running large trade surpluses with the U.S., losing access to those buyers would hurt.

That gives Washington leverage.

The proposed idea is to use that leverage — threatening to restrict trade with deficit countries — while pushing for lower U.S. interest rates.

President Trump argument: a strong country should have a lower interest rate because it represents better credit.

There is, however, another institution involved in deciding what American interest rates should be.

The Fed.

And the Fed is looking at a rather different set of numbers.

The Fed doesn’t set interest rates according to America’s trade deficit. Its monetary-policy decisions are centered on inflation and employment, and Chairman Kevin Warsh has recently emphasized inflation risks in explaining his policy stance.

Which creates the central problem with using an embargo to get cheaper money.

An embargo could affect the very inflation data the Fed is watching.

Here Comes The Catch-22.↓

Suppose the U.S. stops importing a product that American companies and consumers still want.

There are now fewer of those products available.

Companies can find another supplier, make the product domestically, substitute something else or simply buy less of it.

But none of those guarantees a lower price.

And that’s where the embargo idea starts running into the interest-rate idea.

→ An embargo restricts imports.

→ Restricted imports can reduce supply.

→ Less supply can raise prices.

→ Higher prices can add to inflation.

And inflation is one of the main reasons the Fed would keep rates high in the first place.

So a policy intended to create leverage for lower interest rates could simultaneously create economic conditions that make lower rates harder to justify.

That’s the Catch-22.

AI Somehow Got Involved↓.

There’s another wrinkle hiding inside America’s growing trade deficit.

A meaningful chunk of the recent increase in imports has come from computers and semiconductors.

Computer imports jumped 25% from June to July, while semiconductor imports increased roughly 10%.

Why?

Partly because American companies are spending enormous amounts of money building AI infrastructure.

And that creates a slightly strange accounting problem.

The computers, chips and machinery being brought into the country make the trade deficit larger.

But once they arrive, companies use them to build data centers and other infrastructure inside the U.S. — investment that supports construction, employment and economic growth.

In August alone, construction employment increased by 22,000 jobs, with data-center development helping support activity.

So some of the imports making one economic number look worse are helping make another look better.

So, What Happens From Here?

For now, the embargo remains a threat rather than a policy.

But it adds another variable to an interest-rate story that was already getting more complicated.

The labor market is stronger than expected. Rate-hike expectations have moved higher. The trade deficit is widening. And now trade policy has entered the rate conversation too.

What happens next will depend on whether any of that talk turns into actual policy — and, if it does, what shows up first in the data.

Jobs, inflation, trade or rates.

There are suddenly quite a few numbers worth watching.

Lesson Of The Day:

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Also, help your friends blossom this spring! Share us with them.

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This story starts at $4,373…

Gold has had quite the run this year.

But this week, it was the pullback that caught traders’ attention.

After rallying from $4,048.70 in July to $4,755 in August, gold futures started giving some of it back.

And apparently, half was enough.

Gold fell to $4,369.70 before buyers stepped in.

The level traders were watching? $4,373.30 — the 50% retracement of that July-to-August rally.

Which got us wondering:

Why does halfway matter so much to traders?

Especially when gold has now turned there twice.

So, we took a look.⇩

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

Right on Cue↓

The “Halfway-Back” Concept↓

Why traders watch the exact midpoint of a move?

1|  After a big price move, traders often wait for the price to retrace roughly 50% of that move before acting — not because 50% is magic, but because it’s a level where the potential reward relative to risk suddenly looks attractive.

2| The logic: enter a trade right at that level, and you can exit quickly with a small loss if the price breaks through — or ride a genuine reversal if it holds.

3| Enough traders watch these levels that they can become self-fulfilling — a cluster of buy or sell orders sitting at the same price, waiting.

One catch: 50% isn’t a magic number.

Gold could have sailed straight through the level and made the whole setup irrelevant. What traders care about isn’t simply hitting the halfway mark — it’s what happens once price gets there.

This time, buyers showed up.

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

The 50% Level.

Gold has now tested the halfway mark from both directions.

On the way up → $4,778.70
That was halfway between gold’s January peak and July low. Gold rallied to $4,755 on Aug. 25, came within $24 of the level, then reversed.

On the way down → $4,373.30
That was halfway between the July low and August high. Gold fell to $4,369.70 this week — just $3.60 away — before bouncing.

Sellers halfway up. Buyers halfway down.

✱ And there was another clue on that first reversal: RSI had already moved into overbought territory as gold approached $4,778.70 — suggesting the rally was getting stretched just as it reached the level traders were watching.

Gold’s Been… Moody

Technical levels can help explain where traders buy and sell.
They don’t explain why so many buyers are interested in gold in the first place.

Goldman Sachs thinks part of that answer is sitting inside the world’s central banks.

→ Goldman’s year-end 2026 gold target: $4,900
→ Gold’s rally from its mid-July low through Aug. 25: +15%
→ Goldman’s projected pace of central-bank gold buying in 2026: 50 tonnes/month

And that last number may be the important one.

Before 2022, central banks bought an average of roughly 17 tonnes of gold per month.

Goldman estimates they’ll average around 50 tonnes per month in 2026.

But by June, its three-month adjusted estimate had accelerated to a pace of roughly 100 tonnes per month — up from 66 tonnes in May and nearly 6× the pre-2022 average, with China the largest buyer.

That shift accelerated after 2022, when the freezing of Russian central-bank assets highlighted one of the risks of holding reserves in foreign currencies. Gold, particularly when held domestically, is harder for another country to freeze or sanction.

Goldman now sees elevated central-bank buying as a multi-year trend, as countries diversify their reserves against geopolitical and financial risks.

Why Gold’s Swings Have Gotten Sharper?

The options market.

Goldman points to growing demand for gold call options — essentially bets that gold will move higher.

✱ When gold approaches popular option prices, the dealers who sold those calls may need to buy more gold to protect themselves.

→ Gold rises → dealers buy → that buying can push gold even higher.

And on the way down, the process can reverse:

→ Gold falls → dealers sell their hedges → that selling can add to the decline.

In other words, a move can start feeding itself.

Goldman’s $4,900 year-end target doesn’t include this effect, so the options market could potentially add more upside — along with sharper swings getting there.

Source: Goldman Sachs Research · August 28, 2026

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This story starts at $4,373…

Gold has had quite the run this year.

But this week, it was the pullback that caught traders’ attention.

After rallying from $4,048.70 in July to $4,755 in August, gold futures started giving some of it back.

And apparently, half was enough.

Gold fell to $4,369.70 before buyers stepped in.

The level traders were watching? $4,373.30 — the 50% retracement of that July-to-August rally.

Which got us wondering:

Why does halfway matter so much to traders?

Especially when gold has now turned there twice.

So, we took a look.⇩

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

Right on Cue↓

The “Halfway-Back” Concept↓

Why traders watch the exact midpoint of a move?

1|  After a big price move, traders often wait for the price to retrace roughly 50% of that move before acting — not because 50% is magic, but because it’s a level where the potential reward relative to risk suddenly looks attractive.

2| The logic: enter a trade right at that level, and you can exit quickly with a small loss if the price breaks through — or ride a genuine reversal if it holds.

3| Enough traders watch these levels that they can become self-fulfilling — a cluster of buy or sell orders sitting at the same price, waiting.

One catch: 50% isn’t a magic number.

Gold could have sailed straight through the level and made the whole setup irrelevant. What traders care about isn’t simply hitting the halfway mark — it’s what happens once price gets there.

This time, buyers showed up.

SPONSOR BREAK presented by DealMaker*

An IPO Oversubscribed by 8,000x Could Lift Robotics Stocks

Robotics stocks are suddenly in the spotlight after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, tens of thousands of everyday investors like you have found a different way to participate in the robotics boom: a private company named Miso Robotics. And its stock price is about to change on 9/17.

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. Miso just added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Flippy just entered a major college campus, an NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is making big moves to create the new “operating system” for modern restaurants. It even just acquired the IP of a pizza-robot pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance. But hurry.
Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

The 50% Level.

Gold has now tested the halfway mark from both directions.

On the way up → $4,778.70
That was halfway between gold’s January peak and July low. Gold rallied to $4,755 on Aug. 25, came within $24 of the level, then reversed.

On the way down → $4,373.30
That was halfway between the July low and August high. Gold fell to $4,369.70 this week — just $3.60 away — before bouncing.

Sellers halfway up. Buyers halfway down.

✱ And there was another clue on that first reversal: RSI had already moved into overbought territory as gold approached $4,778.70 — suggesting the rally was getting stretched just as it reached the level traders were watching.

Gold’s Been… Moody

Technical levels can help explain where traders buy and sell.
They don’t explain why so many buyers are interested in gold in the first place.

Goldman Sachs thinks part of that answer is sitting inside the world’s central banks.

→ Goldman’s year-end 2026 gold target: $4,900
→ Gold’s rally from its mid-July low through Aug. 25: +15%
→ Goldman’s projected pace of central-bank gold buying in 2026: 50 tonnes/month

And that last number may be the important one.

Before 2022, central banks bought an average of roughly 17 tonnes of gold per month.

Goldman estimates they’ll average around 50 tonnes per month in 2026.

But by June, its three-month adjusted estimate had accelerated to a pace of roughly 100 tonnes per month — up from 66 tonnes in May and nearly 6× the pre-2022 average, with China the largest buyer.

That shift accelerated after 2022, when the freezing of Russian central-bank assets highlighted one of the risks of holding reserves in foreign currencies. Gold, particularly when held domestically, is harder for another country to freeze or sanction.

Goldman now sees elevated central-bank buying as a multi-year trend, as countries diversify their reserves against geopolitical and financial risks.

Why Gold’s Swings Have Gotten Sharper?

The options market.

Goldman points to growing demand for gold call options — essentially bets that gold will move higher.

✱ When gold approaches popular option prices, the dealers who sold those calls may need to buy more gold to protect themselves.

→ Gold rises → dealers buy → that buying can push gold even higher.

And on the way down, the process can reverse:

→ Gold falls → dealers sell their hedges → that selling can add to the decline.

In other words, a move can start feeding itself.

Goldman’s $4,900 year-end target doesn’t include this effect, so the options market could potentially add more upside — along with sharper swings getting there.

Source: Goldman Sachs Research · August 28, 2026

Lesson Of The Day:

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Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

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Out With The Old.

Stanley Druckenmiller has never been particularly sentimental about stocks.

His latest 13F is a pretty good reminder.

The legendary investor spent Q2 reshuffling his portfolio — opening dozens of new positions, walking away from nearly two dozen others, and making some surprisingly big changes along the way.

For someone who averaged roughly 30% a year over three decades without a losing year, it’s a lot of changing his mind in three months.

And buried inside all that buying and selling is a pretty interesting picture of where Druckenmiller sees opportunity now.

So, we went through the whole portfolio.

Let’s see what survived the shuffle.⇩

SPONSOR BREAK presented by MarketWise*

Warren Buffett’s Parting Gift is About to Pay Off

Finally retired, Buffett handed the reins of Berkshire Hathaway to his hand-picked successor. But on his way out the door, Buffett quietly made one last move in a corner of the energy market Wall Street has all but ignored.

Whitney Tilson, a devout follower of Buffet and the analyst CNBC called “The Prophet”, says every move Buffett made upon his exit is pointing to an energy surge that’s about to catch the entire market off guard.
And the window to move ahead of it is closing fast.
 

Out With The Chips, In With… AI?

Druckenmiller didn’t exactly leave the AI trade.

He rearranged it.

During Q2, he sold out of Broadcom and Micron, while Nvidia — one of his most successful AI bets — remained noticeably absent.

But the money didn’t leave AI.

Instead, Druckenmiller added or opened positions in Amazon, Alphabet, Taiwan Semiconductor and AMD.

SPONSOR BREAK presented by Paradigm*

Altucher: Inside This Case is Elon’s Next Major Wealth Boom

James Altucher – the man who predicted the rise of SpaceX years in advance – has just released a shocking new prediction about Elon Musk.
 
Inside, he explains why he thinks Elon’s latest project will be even BIGGER than SpaceX – and create up to 1.8 million new millionaires over the coming years starting Sept. 25th.
 
The pieces behind all of it, he says, are sitting inside this case.
 
Click here now for all the details.
 

The Stock He Says He Regrets Selling…

— and still won’t buy 🤔

✱ Druckenmiller admits he sold Nvidia too soon.

Druckenmiller bought Nvidia in late 2022, rode the AI boom for hundreds of millions of dollars, and sold the entire position by 2024.

He later said he’d consider buying Nvidia again if the valuation came down.

And it did.

Nvidia briefly fell to around 17× forward earnings earlier this year — considerably cheaper than where it had traded during much of the AI boom.

Druckenmiller still didn’t buy it.

Instead, Q2 brought a new chip name into the portfolio:AMD $AMD ( ▼ 0.56% ).

But not exactly with both feet.

72,900 shares. Just 0.8% of the portfolio.

So AMD doesn’t look much like a replacement for his old Nvidia bet.
If anything, it makes the rest of the portfolio more interesting.

Because while Druckenmiller remains cautious around the chipmakers, he’s putting considerably more money into the companies buying, designing and manufacturing the infrastructure around them.

And that brings us to Amazon, Alphabet and TSMC. ↓

SPONSOR BREAK presented by Brownstone*

OpenAI and Anthropic Trigger “Pre-IPO” Opportunity

IPO insider Jason Bodner reveals three companies primed to soar thanks to OpenAI and Anthropic’s upcoming IPOs.

The best part? You can invest in them right now before OpenAI and Anthropic go public.

Click here to find out how 

Buying the Buyers.

Why he moved from Broadcom into Amazon and Alphabet instead?

At first, the move seems a little backwards.

Broadcom  $AVGO ( ▼ 0.66% ) makes the custom AI chips that companies like Alphabet use. So if AI spending keeps climbing, owning Broadcom would seem like a pretty straightforward way to benefit.

But the balance of power may be shifting.

The biggest AI spenders increasingly want more control over the chips going into their own data centers — including who designs them and who makes them.

→ Amazon $AMZN ( ▲ 0.02% ) is a good example.

CEO Andy Jassy said the largest number of new chips entering Amazon’s data centers this year will be its own Trainium chips, rather than Nvidia GPUs or other off-the-shelf alternatives.

→ Alphabet $GOOG ( ▲ 0.53% ) is doing something similar.

It has worked with Broadcom for years on its custom TPUs, but recently added Marvell for specialized inference chips.

That gives the hyperscalers something valuable: options.

They can use Nvidia GPUs, develop their own custom chips, or spread production across multiple partners depending on what works best.

So rather than betting on which chipmaker wins the next round of AI spending, Druckenmiller is putting more money into the companies making those spending decisions in the first place.

And The Price Wasn’t Bad Either↓

That puts a 4.1-turn gap between the two — with Alphabet trading at roughly a 20% lower earnings multiple than Amazon.

→ Both companies are spending enormous sums building AI infrastructure, both have massive cloud businesses, and both are developing their own custom chips.

→ Both were trading well below their historical valuations — largely because investors were worried about how much cash the AI buildout was swallowing.

And, as it turns out, quite a lot.

That uncertainty is part of what has pushed their valuations down.

The Bill↓.

Here’s what that AI buildout is costing.

Those cheaper valuations suddenly make a little more sense.

Amazon burned $7.6 billion in free cash flow over the past 12 months.
Alphabet went negative for the first time in its history as a public company last quarter.

Building AI infrastructure is expensive.

But there’s another rather large number on the other side of the ledger:

→ $514B — Alphabet remaining performance obligations

→ $496B — Amazon backlog

That’s nearly $1 trillion in contracted business between them.

For now, investors can see the bill. Druckenmiller appears to be betting on the payoff.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

Out With The Old.

Stanley Druckenmiller has never been particularly sentimental about stocks.

His latest 13F is a pretty good reminder.

The legendary investor spent Q2 reshuffling his portfolio — opening dozens of new positions, walking away from nearly two dozen others, and making some surprisingly big changes along the way.

For someone who averaged roughly 30% a year over three decades without a losing year, it’s a lot of changing his mind in three months.

And buried inside all that buying and selling is a pretty interesting picture of where Druckenmiller sees opportunity now.

So, we went through the whole portfolio.

Let’s see what survived the shuffle.⇩

SPONSOR BREAK presented by MarketWise*

Warren Buffett’s Parting Gift is About to Pay Off

Finally retired, Buffett handed the reins of Berkshire Hathaway to his hand-picked successor. But on his way out the door, Buffett quietly made one last move in a corner of the energy market Wall Street has all but ignored.

Whitney Tilson, a devout follower of Buffet and the analyst CNBC called “The Prophet”, says every move Buffett made upon his exit is pointing to an energy surge that’s about to catch the entire market off guard.
And the window to move ahead of it is closing fast.
 

Out With The Chips, In With… AI?

Druckenmiller didn’t exactly leave the AI trade.

He rearranged it.

During Q2, he sold out of Broadcom and Micron, while Nvidia — one of his most successful AI bets — remained noticeably absent.

But the money didn’t leave AI.

Instead, Druckenmiller added or opened positions in Amazon, Alphabet, Taiwan Semiconductor and AMD.

SPONSOR BREAK presented by Paradigm*

Altucher: Inside This Case is Elon’s Next Major Wealth Boom

James Altucher – the man who predicted the rise of SpaceX years in advance – has just released a shocking new prediction about Elon Musk.
 
Inside, he explains why he thinks Elon’s latest project will be even BIGGER than SpaceX – and create up to 1.8 million new millionaires over the coming years starting Sept. 25th.
 
The pieces behind all of it, he says, are sitting inside this case.
 
Click here now for all the details.
 

The Stock He Says He Regrets Selling…

— and still won’t buy 🤔

✱ Druckenmiller admits he sold Nvidia too soon.

Druckenmiller bought Nvidia in late 2022, rode the AI boom for hundreds of millions of dollars, and sold the entire position by 2024.

He later said he’d consider buying Nvidia again if the valuation came down.

And it did.

Nvidia briefly fell to around 17× forward earnings earlier this year — considerably cheaper than where it had traded during much of the AI boom.

Druckenmiller still didn’t buy it.

Instead, Q2 brought a new chip name into the portfolio:AMD $AMD ( ▼ 0.56% ).

But not exactly with both feet.

72,900 shares. Just 0.8% of the portfolio.

So AMD doesn’t look much like a replacement for his old Nvidia bet.
If anything, it makes the rest of the portfolio more interesting.

Because while Druckenmiller remains cautious around the chipmakers, he’s putting considerably more money into the companies buying, designing and manufacturing the infrastructure around them.

And that brings us to Amazon, Alphabet and TSMC. ↓

SPONSOR BREAK presented by Brownstone*

OpenAI and Anthropic Trigger “Pre-IPO” Opportunity

IPO insider Jason Bodner reveals three companies primed to soar thanks to OpenAI and Anthropic’s upcoming IPOs.

The best part? You can invest in them right now before OpenAI and Anthropic go public.

Click here to find out how 

Buying the Buyers.

Why he moved from Broadcom into Amazon and Alphabet instead?

At first, the move seems a little backwards.

Broadcom  $AVGO ( ▼ 0.66% ) makes the custom AI chips that companies like Alphabet use. So if AI spending keeps climbing, owning Broadcom would seem like a pretty straightforward way to benefit.

But the balance of power may be shifting.

The biggest AI spenders increasingly want more control over the chips going into their own data centers — including who designs them and who makes them.

→ Amazon $AMZN ( ▲ 0.02% ) is a good example.

CEO Andy Jassy said the largest number of new chips entering Amazon’s data centers this year will be its own Trainium chips, rather than Nvidia GPUs or other off-the-shelf alternatives.

→ Alphabet $GOOG ( ▲ 0.53% ) is doing something similar.

It has worked with Broadcom for years on its custom TPUs, but recently added Marvell for specialized inference chips.

That gives the hyperscalers something valuable: options.

They can use Nvidia GPUs, develop their own custom chips, or spread production across multiple partners depending on what works best.

So rather than betting on which chipmaker wins the next round of AI spending, Druckenmiller is putting more money into the companies making those spending decisions in the first place.

And The Price Wasn’t Bad Either↓

That puts a 4.1-turn gap between the two — with Alphabet trading at roughly a 20% lower earnings multiple than Amazon.

→ Both companies are spending enormous sums building AI infrastructure, both have massive cloud businesses, and both are developing their own custom chips.

→ Both were trading well below their historical valuations — largely because investors were worried about how much cash the AI buildout was swallowing.

And, as it turns out, quite a lot.

That uncertainty is part of what has pushed their valuations down.

The Bill↓.

Here’s what that AI buildout is costing.

Those cheaper valuations suddenly make a little more sense.

Amazon burned $7.6 billion in free cash flow over the past 12 months.
Alphabet went negative for the first time in its history as a public company last quarter.

Building AI infrastructure is expensive.

But there’s another rather large number on the other side of the ledger:

→ $514B — Alphabet remaining performance obligations

→ $496B — Amazon backlog

That’s nearly $1 trillion in contracted business between them.

For now, investors can see the bill. Druckenmiller appears to be betting on the payoff.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

The Farm of Omaha.

Of all the investments Warren Buffett could use to explain investing, he picked two rather ordinary ones.

A 400-acre farm in Nebraska.

And a retail property next to NYU.

Neither was a stock. Neither required some brilliant new technology or complicated financial model.

Yet Buffett said both should remain “solid and satisfactory” investments not only for his lifetime, but for his children and grandchildren — with income that would probably keep growing for decades.

That’s quite a vote of confidence from a man with a fairly decent investing résumé.

So what made these two investments so durable?

The answer starts with $280,000, 400 acres of farmland, and some surprisingly simple math⇩

SPONSOR BREAK presented by MarketWise*

Warren Buffett’s Parting Gift is About to Pay Off

Finally retired, Buffett handed the reins of Berkshire Hathaway to his hand-picked successor. But on his way out the door, Buffett quietly made one last move in a corner of the energy market Wall Street has all but ignored.

Whitney Tilson, a devout follower of Buffet and the analyst CNBC called “The Prophet”, says every move Buffett made upon his exit is pointing to an energy surge that’s about to catch the entire market off guard.
And the window to move ahead of it is closing fast.
 

1 The Farm.

Buffett was pretty open about his agricultural credentials:

“I knew nothing about operating a farm.”

Fortunately, he didn’t need to.

His son understood farming, so the two worked through the numbers that actually mattered — how much corn and soybeans the land could produce, what it cost to operate, and what was left over.

The math put the farm’s normalized return at roughly 10%.

Buffett also figured productivity would improve and crop prices would rise over time.

Both did.

By 2014, the farm was earning 3× as much and was worth 5× what Buffett had paid.

The lesson: Buffett wasn’t betting on what someone might pay for the farm years later. He was looking at what the land could produce today — and whether that production justified the $280,000 price tag.

The long-term case helped too.

People still need to eat, which gives farmland unusually durable demand. And when food prices rise with inflation, farmland values have historically tended to rise with them.

The appreciation was nice.

SPONSOR BREAK presented by Paradigm*

Altucher: Inside This Case is Elon’s Next Major Wealth Boom

James Altucher – the man who predicted the rise of SpaceX years in advance – has just released a shocking new prediction about Elon Musk.
 
Inside, he explains why he thinks Elon’s latest project will be even BIGGER than SpaceX – and create up to 1.8 million new millionaires over the coming years starting Sept. 25th.
 
The pieces behind all of it, he says, are sitting inside this case.
 
Click here now for all the details.
 

2 Seven Years Later

In 1993, Buffett found himself in familiar territory.

Another bubble had burst. This time, it was commercial real estate.

A retail property next to NYU had landed with the Resolution Trust Corporation, and the numbers caught Buffett’s attention.

The starting yield was roughly 10% — without using any debt.

But there was more hiding underneath.

The property had been poorly managed, with stores sitting vacant. Filling that space alone could increase the income without requiring much else to go right.

✱ And then Buffett spotted something even better.

SPONSOR BREAK presented by Brownstone*

OpenAI and Anthropic Trigger “Pre-IPO” Opportunity

IPO insider Jason Bodner reveals three companies primed to soar thanks to OpenAI and Anthropic’s upcoming IPOs.

The best part? You can invest in them right now before OpenAI and Anthropic go public.

Click here to find out how

The $5 Rent?

→ Largest tenant — ~20% of the property — $5/sq. ft.
Rent locked in under an old lease

→ Other tenants, average — $70/sq. ft.
Roughly 14× higher

And that’s where the upside got considerably more interesting.

The property’s largest tenant occupied roughly 20% of the space — while paying just $5 per square foot.

Everyone else averaged around $70.

The catch was time: the bargain lease still had nine years left.

But Buffett wasn’t exactly in a hurry.

Once it expired, he expected bringing that space closer to market rates to deliver what he called “a major boost to earnings.”

Then there was one part of the investment that required considerably less math:

“NYU wasn’t going anywhere.”

And Then the Rent Checks Arrived↓

The investment did considerably more than work out.

Annual distributions eventually grew to more than 35% of Buffett’s original investment. And two refinancings — in 1996 and 1999 — produced additional distributions totaling more than 150% of the original equity.

In other words, Buffett had already received more than his initial investment back through the refinancings alone — while still owning his stake in the property.

After years of collecting distributions from a property he’d analyzed, bought and held, Buffett wrote:

“I’ve yet to view the property.”

Apparently, the numbers had already told him enough.

Lesson Of The Day:

Was this email forwarded to you? Don’t miss out on future stories — subscribe using the button below.

Also, help your friends blossom this spring! Share us with them.

💬 We Want To Hear Your Story:

Got a market or stock you want us to analyze next?

Just drop your request in the comments here.

P.S. – If you no longer want to receive occasional emails from us and you want to unsubscribe, click here 👉 “Unsubscribe” . Thank you!

Heads Burry Wins. Tails?

Michael Burry is short Nvidia.

But days before earnings, he did something that seems to point in the exact opposite direction.

He bought Nvidia calls.

Then he made things even more confusing by describing the stock as “wildly undervalued.”

Which got us wondering:

How can you think Nvidia is undervalued, bet on it going up — and still be short the stock?

The obvious answer would be that Burry changed his mind.

He didn’t.

In fact, the calls only make sense because of the much bigger bet sitting on the other side.

And Burry himself described what came next as essentially “a coin flip.”

So, we unpacked the trade.⇩

SPONSOR BREAK presented by DealMaker*

An 8,000X Oversubscription Could Lift Robotics Stocks

Robotics stocks are having a moment, after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, 44k+ everyday investors like you found a different way into this boom: a private-stage company named Miso Robotics. 

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. A recent acquisition added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Miso just entered a college campus, NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is still making big moves in 2026. It just acquired the IP of a pizza-robotics pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance to claim a stake. Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

A Little Long, A Lot Short…

“I Am Not Playing For Gains Here”

Burry’s own explanation for buying Nvidia calls while remaining short. ↓

→ 3.5–4% – Portfolio allocated to Nvidia calls.

→ 21%+ – Total short exposure, excluding puts
The bigger picture remains decidedly bearish: more than one-fifth of the portfolio was positioned short across individual stocks.

→ +8% – Nvidia’s move the day after earnings
The exact scenario the calls were there to protect against. Nvidia surged 8.7% on Aug. 27 after its earnings and outlook reinforced confidence in AI spending.

The Trade, Minus the Jargon↓

On paper, Burry’s positioning looks strange:

→ He’s short Nvidia — betting the stock eventually falls.

→ He owns puts — giving him even more downside exposure.

→ Then, before earnings, he bought calls — which benefit if Nvidia rises.

Why bet both ways?

Because Burry wasn’t buying the calls to turn bullish. He was buying protection against being wrong in the short term.

If Nvidia ripped higher after earnings, the calls could soften some of the damage to his much larger bearish position.

And that’s essentially what happened: Nvidia jumped 8%.

Burry said he “would not have made the trade at all” without the short already sitting on the other side.

In other words: The calls weren’t a change of heart. They were insurance.

✱ Hedge your expectations. Burry admits this playbook isn’t foolproof. His previous attempts to hedge around Nvidia earnings with short-dated options have delivered “inconsistent results.”

! It’s protection, not a guarantee.

SPONSOR BREAK presented by DealMaker*

An 8,000X Oversubscription Could Lift Robotics Stocks

Robotics stocks are having a moment, after a recent robotics IPO was oversubscribed by 8,000X.

Experts say the frenzy could reprice robotics stocks everywhere. Meanwhile, 44k+ everyday investors like you found a different way into this boom: a private-stage company named Miso Robotics. 

Miso’s Flippy Fry Station AI robot already boosts profits up to 4X for brands like White Castle. A recent acquisition added new big-name customers like Jersey Mike’s, Cinnabon, Auntie Anne’s, and more. And now, Miso just entered a college campus, NBA arena, and a national burger chain.

With the $1T fast-food industry modernizing fast, Miso is still making big moves in 2026. It just acquired the IP of a pizza-robotics pioneer once valued at $2B+ and backed by SoftBank, growing Miso’s patent portfolio 10X overnight to over 300.

Industry powerhouse Ecolab invested. Now’s your chance to claim a stake. Invest in Miso at $5.48/share by September 17.

Disclaimer: This is a paid advertisement for Miso Robotics’ Regulation A offering. Please read the offering circular at invest.misorobotics.com

The Short List Gets Longer.

See the pattern?

Burry added to shorts in Oracle, Palantir and Nebius — while putting more money behind very different bets in Birkenstock and Freddie Mac.

It makes Nvidia harder to dismiss as a one-stock bearish call.

It fits into the broader “perimeter of debt” thesis we covered earlier this month: Burry’s concern that the risks surrounding the AI spending boom extend well beyond Nvidia itself.

✱ He is short more of the AI trade. Long elsewhere.

Undervalued…

Burry called the stock “wildly undervalued” based on its earnings power and the “monopoly rents” he believes Nvidia can command.

So… why short it?

He argues Nvidia “will not distribute enough to shareholders” — instead continuing to pour capital back into the AI buildout, potentially “into and through the top of the bubble.”

And in Burry’s valuation, even Nvidia’s enormous earnings power still doesn’t justify where the stock trades today.

The distinction: Nvidia can be cheap relative to the profits it generates — and still expensive relative to what Burry thinks shareholders will ultimately get back.

And Then There’s Cisco.

Burry has been building this argument since at least May, when he drew a comparison between Nvidia’s AI financing arrangements and Cisco during the dot-com boom.

His concern is that reported revenue doesn’t necessarily tell you where the financial risk ultimately sits.

Fully disclosed revenue can still be tied to a system where enormous amounts of capital and debt are circulating between companies buying, financing and building AI infrastructure.

It’s the same “perimeter of debt” argument we covered earlier this month — only this time, Nvidia sits much closer to the center of it.

Lesson Of The Day:

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