We've seen this before... A tariff scare, a market surge, and a critical week ahead... The Federal Reserve and Magnificent Seven earnings on deck... More from Vegas... Gabe Marshank goes live on Wednesday...
 The trade-war cycle continues...
Big tariff threats from the U.S. against China lead to less-tough tariff talk... then reports of a new agreement in the works, which the market celebrates. Earlier this month, President Donald Trump threatened an additional 100% tariff on Chinese imports after China proposed strengthening its stance on rare earth metals exports. That news shook out bullish hands in the market, most prominently in the cryptocurrency space, which saw massive liquidations of leveraged positions. But we've seen this formula enough times – from the post-Liberation Day pause and the various trade agreements made since then – to know not to panic. As we wrote in the October 15 Digest... From what we know so far, President Donald Trump is still planning to meet with Chinese President Xi Jinping in a few weeks, and other U.S. and Chinese officials are supposed to meet for more trade negotiations in Asia next month. Sure enough, the White House started walking back some of its threats soon after. And earlier today, Trump told reporters on Air Force One that the U.S. and China "are going to come away with" a new deal when he meets on Thursday with Chinese leader Xi Jinping. The benchmark S&P 500 Index, Dow Jones Industrial Average, tech-heavy Nasdaq Composite Index, and small-cap Russell 2000 Index each traded at or near new all-time highs today on the news. This is why it's important to keep your eyes on the ball – on trusted indicators and how your favorite companies are really doing – instead of the chaotic news cycle and Truth Social posts. With U.S. stocks trading broadly at new records again, the messy technical picture for U.S. stocks over the past few weeks is looking much clearer now. Meanwhile, some other trades – like gold's incredible run this year – are cooling off, with the precious metal falling to around $4,000 today. Gold is down about 8% from an all-time high hit in the middle of last week. A few more catalysts on deck... A potential new trade deal isn't the only thing that could move stocks this week. On Wednesday, all eyes will be on the Federal Reserve when it makes its next policy announcement (and likely a rate cut). Wall Street federal-funds futures traders are betting with nearly 98% certainty that the central bank will lower its benchmark-rate range by another 25 basis points. Analysts will also be looking for clues in the Fed's policy announcement and Fed Chair Jerome Powell's press conference about what the path ahead might be – mainly, how low rates might go. There's room for investors to be disappointed. A "better than expected" consumer price index ("CPI") report on Friday still showed a 3% year-over-year growth in inflation, which could make the Fed take some pause about further rate cuts. But we'll see what Powell and the central bank signal this week. It's also possible that the Fed will announce a stop to its yearslong balance sheet reduction plan, which Powell said a few weeks ago might happen soon (and is essentially another form of juicing the economy without lowering rates). On Wednesday, we'll also get a trio of "Magnificent Seven" earnings results from Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) after the market closes. Apple (AAPL) and Amazon (AMZN) report after Thursday's close. Expectations are high once again, as we shared earlier this month... In the first two quarters of 2025, the S&P 500 grew [earnings per share ("EPS")] by 13% and 12%, respectively. That growth was dominated by the Mag Seven names – which grew their EPS by an average of 27.7% and 26.6% in those two quarters, respectively. The other 493 companies "only" grew their earnings by 9.4% in the first quarter and 8.1% in the second quarter – both below the broader index's growth rate. And that's likely to continue for the next few quarters. Just take a look at this chart from FactSet... 
... As we've written before, as the market-cap-weighted S&P 500 has become more concentrated in a handful of AI winners, the more important these earnings reports get – for better or worse. Things began lukewarm last week, when Tesla (TSLA) missed Wall Street estimates but reported positive sales growth for the first time this year. However, as we warned, Tesla's sales bump might be short-lived... with folks moving purchases forward last quarter before the government's electric-vehicle tax credit expired. In any case, the stock recouped the initial losses from last week's report and traded up about 4% today. Beyond last quarter's results, we'll be looking for some commentary on the recent run of mega AI-spending deals that we've seen (with OpenAI linked to most of them) and whether Big Tech CEOs are getting hesitant about throwing billions of dollars into AI spending. In the meantime, we're still processing everything we heard at our Vegas conference... If you missed any of our coverage from Las Vegas, be sure to read our reports on Day 1, Day 2, and Wednesday's Alliance Day. We covered the idea of humanoid robots... the continued development of AI... and the bull case for gold, among other things. We'll be sharing more from the conference as the weeks go on, including a pair of Stansberry Investor Hour interviews Dan Ferris and I (Corey McLaughlin) recorded at the Encore at Wynn in Las Vegas. You'll hear from Ritholtz Wealth Management CEO and noted CNBC commentator Josh Brown and former Washington, D.C.-mayor-turned-venture-capitalist Adrian Fenty. Stay tuned for those. And video replays of our onstage presentations will be available to attendees and those who purchased a Livestream Pass soon. For now, I want to share our Director of Research Matt Weinschenk's take on this year's conference, which he said offered him a view to stay the course on big trends that have driven the market this year. As Matt wrote in This Week in Wall Street on Friday... AI stocks and gold (as well as other commodities) have been the only stories you've needed to track this year. But this week, that view got shaken. Both AI stocks and gold struggled. It's clear to me that this is just a breather. Here's why... The closer you are to these trends – and the more you know about them – the more apparent it is that the market's not done driving AI and gold higher. That's what we learned at the conference this year. (And indeed, Alphabet, Nvidia, and CoreWeave recovered most if not all of their losses by closing bell today.) Check out Matt's full issue for more. And one more time, I want to give a shoutout to our team – from those on stage like Matt and our Stansberry Research editors to our superb guests, everyone behind the scenes, and, of course, our subscribers who attended and watched live. One more important thing... Attendees in Vegas and those who watched with our Livestream Pass heard from Stansberry Research senior analyst Gabe Marshank. As you might have read about in our Masters Series over the weekend (here and here), Gabe spent two decades working in the highest reaches of Wall Street, for the likes of SAC Capital's Steve Cohen and others. And we're thrilled he has directed his investing passion toward helping individual investors. I've heard from several subscribers who are already super impressed with his work. (For example, Gabe's Alliance Day-only pick from last year's conference is up around 150% over the past 12 months.) On Wednesday, Gabe is debuting a brand-new presentation designed to give everyday investors the same edge as the "smart money" on Wall Street. Over the past few years alone, Gabe has quietly helped uncover 18 triple-digit winners by focusing on smaller, overlooked companies with powerful catalysts and limited downside. In two days, Gabe is stepping forward to reveal the details, plus the name and ticker of an under-the-radar stock that he believes could rise 25 times or more from today's levels. Click here to learn more.
| Recommended Links: | |  This Event Is Bringing Together the Brightest Minds in Independent Research For the first time ever, some of the best investors from independent financial research will join a panel to judge a real recommendation with 25x upside potential that's part of a new hedge-fund-style model portfolio. The analyst behind it has spent 20 years on Wall Street, tallying what he estimates is hundreds of millions of dollars in total market gains... including two separate wins of $100 million on individual trades at two different hedge funds. You can't afford to miss this historic event on October 29. Click here to learn more. | |
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New 52-week highs (as of 10/24/25): Altius Minerals (ALS.TO), Applied Materials (AMAT), American Express (AXP), Alpha Architect 1-3 Month Box Fund (BOXX), Ciena (CIEN), Cencora (COR), Dimensional International Small Cap Value Fund (DISV), iShares MSCI Emerging Markets ex China Fund (EMXC), iShares MSCI South Korea Fund (EWY), Fanuc (FANUY), Comfort Systems USA (FIX), Alphabet (GOOGL), iShares U.S. Aerospace & Defense Fund (ITA), iShares Russell 2000 Value Fund (IWN), KraneShares Bosera MSCI China A 50 Connect Index Fund (KBA), Lumentum (LITE), Lonza (LZAGY), VanEck Morningstar Wide Moat Fund (MOAT), Roivant Sciences (ROIV), ProShares Ultra Technology (ROM), SPDR Portfolio S&P 500 Value Fund (SPYV), Valaris (VAL), and Vanguard S&P 500 Fund (VOO). In today's mailbag, thoughts on Dan's Friday essay and take on AI... and feedback on Gabe Marshank's Masters Series essay from yesterday... Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com. "OMG! Dan Ferris sounding optimistic about AI stocks. You can't see it, but I look like Redd Foxx in Sanford and Son. The older subscribers will get the joke. "Keep up the good work Dan. I count on you to keep me grounded." – Stansberry Alliance member Robert G. "Well, a couple things. First, who are you and what did you do with Dan? Just kidding. "Second, I attended the Stansberry Conference (loved it), but one thing I did not hear at any of the sessions I attended was anything about the strain all of these data centers will place on the power grid, and the impact they will have on the price of electricity for you and me. I foresee this being a major issue, and I'm glad Corey discussed it [in the mailbag on Friday]." – Subscriber Sherwin R. "It seems to me AI and the data centers are critical to our continued development as a modern society. [And] the effect of their tremendous power usage is indeed a problem for us small utility customers... "I think the solution might be for the regulators to mandate allocation of capital improvements and some other costs disproportionately to the major power users and minimize the effect on residential and small business customers. If you have a fear of these additional costs, contact your state representatives and make the suggestion. You might also ask them to better oversee the 'down low' relationships between the regulators and the utility companies. "If the data centers can pay their own way, they should create some very well-paying jobs as well as property taxes in our communities without breaking us with higher bills." – Subscriber Tim L. "I read the article about your career [Gabe], and I want to take the time to thank you for taking the time now to teach us little guys and help us get access to information we would not otherwise be able to. Giving back isn't always about money, it's about time and education and heart. And to me, Gabe, you're all heart. Thank you." – Subscriber Nicole B. All the best, Corey McLaughlin with Nick Koziol
Baltimore, Maryland
October 27, 2025
Stansberry Research Top 10 Open Recommendations Top 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation. | Investment | Buy Date | Return | Publication | Analyst | MSFT
Microsoft | 02/10/12 | 1,686.8% | Stansberry's Investment Advisory | Porter | MSFT
Microsoft | 11/11/10 | 1,574.7% | Retirement Millionaire | Doc | ADP
Automatic Data Processing | 10/09/08 | 1,035.8% | Extreme Value | Ferris | BRK.B
Berkshire Hathaway | 04/01/09 | 786.0% | Retirement Millionaire | Doc | WRB
W.R. Berkley | 03/15/12 | 686.3% | Stansberry's Investment Advisory | Porter | GOOGL
Alphabet | 12/15/16 | 540.5% | Retirement Millionaire | Doc | AXP
American Express | 08/04/16 | 487.8% | Stansberry's Investment Advisory | Porter | AFG
American Financial | 10/11/12 | 486.7% | Stansberry's Investment Advisory | Porter | HSY
Hershey | 12/07/07 | 460.4% | Stansberry's Investment Advisory | Porter | ALS-T
Altius Minerals | 03/26/09 | 454.6% | Extreme Value | Ferris | Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio.
| Top 10 Totals | | 5 | Stansberry's Investment Advisory | Porter | | 3 | Retirement Millionaire | Doc | | 2 | Extreme Value | Ferris |
Top 5 Crypto Capital Open Recommendations Top 5 highest-returning open positions in the Crypto Capital model portfolio | Investment | Buy Date | Return | Publication | Analyst | BTC/USD
Bitcoin | 11/27/18 | 2,853.4% | Crypto Capital | Wade | wstETH
Wrapped Staked Ethereum | 12/07/18 | 2,291.8% | Crypto Capital | Wade | ONE/USD
Harmony | 12/16/19 | 1,064.6% | Crypto Capital | Wade | QRL/USD
Quantum Resistant Ledger | 01/19/21 | 735.8% | Crypto Capital | Wade | POL/USD
Polygon | 02/26/21 | 669.6% | Crypto Capital | Wade | Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it's still a recommended buy today, you must be a subscriber and refer to the most recent portfolio.
Stansberry Research Hall of Fame Top 10 all-time, highest-returning closed positions across all Stansberry portfolios | Investment | Symbol | Duration | Gain | Publication | Analyst | | Nvidia^* | NVDA | 5.96 years | 1,466% | Venture Tech. | Lashmet | | Microsoft^ | MSFT | 12.74 years | 1,185% | Retirement Millionaire | Doc | | Inovio Pharma.^ | INO | 1.01 years | 1,139% | Venture Tech. | Lashmet | | Seabridge Gold^ | SA | 4.20 years | 995% | Sjug Conf. | Sjuggerud | | Berkshire Hathaway^ | BRK-B | 16.13 years | 800% | Retirement Millionaire | Doc | | Nvidia^* | NVDA | 4.12 years | 777% | Venture Tech. | Lashmet | | Intellia Therapeutics | NTLA | 1.95 years | 775% | Amer. Moonshots | Root | | Rite Aid 8.5% bond | | 4.97 years | 773% | True Income | Williams | | PNC Warrants | PNC-WS | 6.16 years | 706% | True Wealth Systems | Sjuggerud | | Maxar Technologies^ | MAXR | 1.90 years | 691% | Venture Tech. | Lashmet | ^ These gains occurred with a partial position in the respective stocks.
* The two partial positions in Nvidia were part of a single recommendation. Editor Dave Lashmet closed the first leg of the position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could've recorded a total weighted average gain of more than 600%.
Stansberry Research Crypto Hall of Fame Top 5 highest-returning closed positions in the Crypto Capital model portfolio | Investment | Symbol | Duration | Gain | Publication | Analyst | | Band Protocol | BAND/USD | 0.31 years | 1,169% | Crypto Capital | Wade | | Terra | LUNA/USD | 0.41 years | 1,166% | Crypto Capital | Wade | | Polymesh | POLYX/USD | 3.84 years | 1,157% | Crypto Capital | Wade | | Frontier | FRONT/USD | 0.09 years | 979% | Crypto Capital | Wade | | Binance Coin | BNB/USD | 1.78 years | 963% | Crypto Capital | Wade | | 
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