A Message from Porter & Company You can feel it too, right? The market just feels broken. Last week, the S&P 500 futures erased $600 BILLION in market cap in less than two hours — without any major headlines. For the S&P 500 to lose that much isn’t anything particularly unusual. But to do so for no apparent reason at all? Something deeper is happening. And if you look at the data, it’s not hard to see: Institutional money managers are holding only 1.4% of their holdings as cash… the lowest levels of cash held in history. Meanwhile, U.S. households now have 44% of their wealth in stock – the highest on record. In other words… everyone is bullish. Which is exactly what happened in 1972 when fund managers were holding then-record lows of just 4.2% cash… They were ultra-bullish — riding high on growth stocks and overconfidence… Until of course the Dow Jones tumbled 45% in the 1973 crash. Today, it’s worse. Every major valuation metric is flashing red. The Buffett Indicator – Warren Buffett’s favorite metric – shows the U.S. market trading at nearly 200% of GDP. That’s 40% higher than the peak of the dot-com bubble. (No wonder he’s pulled out $325 billion in cash…) The S&P’s price-to-sales ratio is the highest in history. Its price-to-earnings ratio is nearly the same. No one wants to hear it… but mathematically, a 30% to 60% drop from here isn’t just likely. It’s expected. And here’s what’s interesting… Even the Treasury Secretary, Scott Bessent, came out and said he “can’t guarantee” America will avoid a recession. He’s “not worried about a little volatility”... It is absolutely clear to me — as I hope it is to you now — that the next few months might be some of the worst months for the market in history. Which is why I find it absolutely essential that I rush you this urgent briefing. Inside you’ll find out everything I believe you need to know about the coming “economic reset,” including which stocks I believe you must sell immediately if your finances are to survive. Go here now to find out everything. | 
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