RJ Hamster
Big-Money Buys
 Delivering World-Class Financial Research Since 1999 Signs of stagflation… ‘Welcome to extreme fear’… Berkshire and Druckenmiller both buy Alphabet… What else the smart money’s buying… Pouring into hard assets… What’s next for ‘the White House portfolio’ story… The market has looked wobbly of late…Since making new highs at the end of October, most of the major U.S. indexes are down. The exception is the Dow Jones Industrial Average, which made a new high last week (but has sold off slightly since then, too).The big narrative?The buzz around AI has cooled a little over the past month or so. Bubble concerns… questions about future growth and “circular” financing among big AI players… and public blowback has gone more mainstream.Several mega-cap tech companies saw their shares fall in recent weeks. They reported earnings that showed generally good results, but they weren’t as audacious in their future guidance as analysts have been used to in the past few years.After Wednesday’s close, the final “Magnificent Seven” stock will report its financials for this quarter. And it’s the largest of the lot… chipmaker Nvidia (NVDA).We’ll have our eyes on this stock to see if it continues the trend of failing to meet sky-high expectations. Nvidia shares lost 2% today, and all the major U.S. stock indexes traded lower… with the benchmark S&P 500 down about 1%.Meanwhile, as we reported last week, Federal Reserve officials have indicated the central bank might not lower interest rates at its next meeting in December. They’ve cited renewed concerns about inflation lingering around an elevated 3% clip.But, at the same time, the labor market is weakening. That’s in part due to fears and realities of AI taking people’s jobs. Layoffs are piling up, and entry-level roles are disappearing. Plus, the government shutdown is expected to eat into the next quarterly GDP numbers.I (Corey McLaughlin) have been eyeing some signs of concern in the credit markets, too. High-yield credit spreads have widened some. Still, they’re only up from historically low levels that don’t scream “crisis imminent.”Overall, though, we’re looking at slowing growth, sticky and/or rising inflation, plus rising unemployment. That’s the definition of “stagflation.”So, while few have probably enjoyed seeing stock prices go down in the past few weeks, the better news right now is that the market’s slide makes some sense.A lot of people are scared… and that’s OK…If you’ve been with us for a while, you know that fear often means an opportunity if you can keep calm and keep your head.That’s the message Ten Stock Trader editor Greg Diamond, a former Wall Street hedge-fund trader, wrote to his subscribers in their Weekly Market Outlook this morning…Welcome to extreme fear.With weakening jobs market data… persistent inflation… and the Federal Reserve signaling that we might not see more rate cuts at its December meeting, investors are getting increasingly uneasy.The CNN Fear & Greed Index is now in “extreme fear” territory, as you can see below…But extreme fear doesn’t happen at the top of the market. It happens at the bottom, when everyone is panicking. We saw it during the COVID-19-induced crash, in the throes of the 2022 bear market, and in April of this year after President Donald Trump announced tariffs. Those are extreme-fear situations that marked lows. Extreme greed marks highs.So when we see extreme fear while stocks hover around new all-time highs, that tells me that what’s happening in the markets right now is simply a correction.Timing of this next move matters, too… Greg went on to share with subscribers the signals, indexes, and indicators he’ll be watching this week to help him determine where the market could be heading.A year-end rally is in play, Greg said, if stocks can hold technical “support” over the next two weeks. But he’s also watching scenarios where stocks could endure “more of an elongated correction” or fall 10% or more (which would set up a buying opportunity later).Some big names have already been buying…Over the weekend, we read a few reports about notable new buys… from Warren Buffett’s Berkshire Hathaway (BRK-B) and another of my favorite investors, Stanley Druckenmiller, on the heels of their latest federally required 13F quarterly reports.There’s a delay to these reports, but they show that sometime between the beginning of July and the end of September, both Berkshire and Druckenmiller’s Duquesne Family Office opened brand-new positions in Alphabet (GOOGL).Berkshire disclosed late Friday it had bought 17.85 million Alphabet shares, worth nearly $5 billion. Today, the stock was up about 3% in the first trading day following the news. It was the only new buy that Berkshire made in the quarter.Meantime, Druckenmiller made 29 buys, including $25 million shares of Alphabet, $95 million of Amazon (AMZN), and roughly $56 million of Meta Platforms (META). All are relatively small positions in Duquesne’s $4 billion U.S. equities portfolio… But still, it’s skin in the game.Duquesne also closed out 33 positions, including a complete position in Microsoft (MSFT).This got me thinking about three things…First: When both Berkshire and Druckenmiller buy the same stock in the same quarter, it’s probably wise to pay attention.Recall that all the mega-cap tech “hyperscalers” are spending billions on capital-intensive infrastructure and products related to the AI boom. But as we’ve been saying for months, Alphabet has been the most appealing of the lot.In July, we wrote: “If you’re looking for a long-term investment in the Mag Seven, Alphabet could be your best bet.” We cited Stansberry Investment Advisory lead editor Whitney Tilson, who pointed out that the company’s price-to-earnings multiple then was actually less than that of the overall S&P 500.At the end of October, as the Mag Seven began to release quarterly earnings, we repeated the idea. Despite increased costs and expenses, Alphabet’s operating margins still grew to 31% in the quarter. And Whitney was amazed at how a company that big could keep growing so quickly and profitably.As Whitney wrote, even though Alphabet’s valuation had moved higher…My view today is still the same as it has been for more than six years: Alphabet is a great stock for conservative, long-term-oriented investors.Subscribers to our flagship Investment Advisory know. Those who followed Whitney and our team’s buy recommendation on Alphabet back in May 2024 – in which they detailed the company’s position for growth amid the AI boom (and autonomous car potential) – are sitting on a 66% gain in the tech giant.Second: Berkshire’s buy of Alphabet shares could be a sign of the “changing of the guard” in its leadership. Tech-focused investments have been rare for the company, and this one came after Buffett’s announcement earlier this year that he would be retiring as CEO at the end of the year. As CNBC speculated today…The Alphabet investment likely came from one of his two lieutenants, Todd Combs or Ted Weschler, who increasingly influence Berkshire’s $300 billion stock portfolio… The pair have been responsible for many of Berkshire’s tech-leaning investments, including a stake in Amazon initiated in 2019.Some have pointed out that Buffett lamented missing out on an earlier investment in Google. But I agree with CNBC that it’s more likely a strategic change under new leadership than a sentimental gesture. Still, the position’s size – making it a Top 10 holding in the Berkshire portfolio – would suggest Buffett approved the purchase, even if it wasn’t his idea.Also of note: at the same time, Berkshire continued to reduce its position in Apple (AAPL) – selling roughly 15% of its stake in the quarter – though it remains the company’s largest publicly traded holding.Third: I suspect Druckenmiller wouldn’t be opening new positions in mega-cap tech companies if he thought the market was in a bubble that was due for a pop soon. He takes a macro view on the economy and markets, then finds investments or trades to fit his thesis.That doesn’t mean he got this call right… But if he’s comfortable buying Big Tech, it means his firm is comfortable taking on risk in these richly valued markets.Fun with 13Fs…Moves like these Alphabet purchases made headlines. But you don’t have to wait for the trades that hit the media. I love reading my trusted “big money” investment managers’ 13F forms when they come out each quarter. Several sources track 13Fs in publicly available databases, like WhaleWisdom or HedgeFollow.The Securities and Exchange Commission requires institutional money managers with more than $100 million in assets under management to publicly disclose their positions (ticker, shares owned, etc.) in most U.S. holdings (from a universe of about 17,000 stocks and ETFs), within 45 days of the end of each quarter.The information is not real-time, and the positions could have been adjusted by the time the data comes out, so we don’t suggest following the positions blindly. Still, 13Fs can highlight some stocks you might not have heard of before… and they’re a window into what investors with “skin in the game” have been doing…The ‘smart money’ has also poured money into hard assets…As you know, the “great devaluation” is on. The dollar keeps weakening, meaning that assets cost more dollars to buy. That’s bad news if you’re sitting in cash, but great news if you’re a company with hard assets… or if you’ve invested in one.Wall Street and the U.S. government are both paying attention to real assets amid the Trump administration’s trade war and a desire to boost manufacturing and production in the U.S.The White House has its own portfolio now, essentially. The government has taken direct stakes with taxpayer money, in the name of national security, in public companies like chipmaker Intel (INTC), Canadian miners Lithium Americas (LAC) and Trilogy Metals (TMQ), and Nevada-based rare-earth business MP Materials (MP).Shares have skyrocketed in price, in some cases 90% or 200% overnight.A lot of people are wondering what comes next in this story.Well, according to some friends of ours, these government stakes are only the beginning of these dramatic moves, and the White House is now acting as the mother of all tailwinds to those who own the right stocks.Tomorrow, at 10 a.m. Eastern time, you can join legendary natural resources investor Rick Rule and a special mystery guest as they pull back the curtain on this rapidly evolving development. They’ll explain everything you need to understand through the lens of two multimillionaire investors.They’ll even share the No. 1 move you should make immediately to ensure that you don’t get left behind, including the name and ticker of a free “buy now” stock recommendation. Click here to learn more and register for this free event right now to make sure you don’t miss anything.Bitcoin has dropped more than 20% from its all-time high set last month, falling from above $120,000 to below $100,000. But is this crash a warning sign of more losses to come… or a buying opportunity?In This Week on Wall Street, our Director of Research Matt Weinschenk explores an answer…Matt breaks down the three major forces behind bitcoin’s pullback: political and regulatory shifts, extreme leverage and liquidation cascades, and a sudden slowdown from bitcoin treasury companies.You’ll also hear from Crypto Capital editor Eric Wade, who explains why 20% to 40% corrections are normal in bitcoin bull markets… why higher highs and higher lows still point to long-term strength… and why an “altcoin season” may be ahead.Watch the video on our YouTube page, and be sure to like and subscribe to get more of our free video content. While you’re at it, be sure to follow Stansberry Research on our social media channels, too.Recommended Links:Which Stock Will the White House Buy Next?Insiders in Washington have already bought massive stakes in three tiny resource firms, driving them up as much as 200% overnight. On Tuesday, two veterans who’ve made millions of dollars from the exact type of stock the government is targeting NAME the next stocks in this story. Click here to join them (it’s 100% free of charge).Until Midnight: Three Legends Share a Master Trader’s Breakthrough StrategyMarket experts Louis Navellier, Eric Fry, and Luke Lango of our corporate affiliate InvestorPlace just revealed a unique strategy developed by this master trader that could help you see average winning gains of 267% in only 36 days. Click here to watch before midnight tonight.New 52-week highs (as of 11/14/25): Alpha Architect 1-3 Month Box Fund (BOXX), Cisco Systems (CSCO), Enel (ENLAY), Freehold Royalties (FRU.TO), SandRidge Energy (SD), and Valero Energy (VLO).In today’s mailbag, feedback for Nick Hodge, who wrote to you in this weekend’s Masters Series here and here… plus more thoughts on 50-year mortgages, home affordability, and the end of the penny – er, cent (the coin’s official name)… Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com.“Nick Hodge, I’ve been reading your newsletters and buying gold and silver stocks when Perpetua mining was Midas [before 2021]. Your information has made me a fortune.” – Subscriber Rich L.“50-year mortgages can work but they must be structured correctly. You must be permitted to pay them off early without penalty. You should be able to buy down the interest rate if the interest rate drops. The mortgage must be assumable, etc. I am sure there are other ways 50-year mortgages can be successful if you put a little bit of thought into the process.” – Subscriber Robert T.“I read that the median age of home buyers is in their upper 50’s. Anything that can be done to bring down that age would be good for Americans. I’ve heard numerous times that America wins when someone starts a business or buys a home!” – Subscriber R.W.“I’m sure you’ll get a lot of these, but I have to say it: The United States has never minted a ‘penny’. They are ‘cents’… (I get using ‘penny’ BTW…)”On a related note: The demise of the cent will not affect me except on rare occasion that I use cash. My credit card bill and the EFT [electronic funds transfer] to pay it will still be to the cent. (I have never carried a CC balance…)” – Subscriber Carl S.All the best,Corey McLaughlin with Nick KoziolBaltimore, Maryland November 17, 2025Stansberry Research Top 10 Open RecommendationsTop 10 highest-returning open stock positions across all Stansberry Research portfolios. Returns represent the total return from the initial recommendation.InvestmentBuy DateReturnPublicationAnalystMSFT Microsoft02/10/121,643.2%Stansberry’s Investment AdvisoryPorterMSFT Microsoft11/11/101,549.5%Retirement MillionaireDocADP Automatic Data Processing10/09/08942.8%Extreme ValueFerrisBRK.B Berkshire Hathaway04/01/09797.7%Retirement MillionaireDocWRB W.R. Berkley03/15/12704.8%Stansberry’s Investment AdvisoryPorterGOOGL Alphabet12/15/16581.0%Retirement MillionaireDocAFG American Financial10/11/12513.5%Stansberry’s Investment AdvisoryPorterALS-T Altius Minerals03/26/09511.2%Extreme ValueFerrisAXP American Express08/04/16487.2%Stansberry’s Investment AdvisoryPorterHSY Hershey12/07/07460.0%Stansberry’s Investment AdvisoryPorterPlease 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 Totals5Stansberry’s Investment AdvisoryPorter3Retirement MillionaireDoc2Extreme ValueFerrisTop 5 Crypto Capital Open RecommendationsTop 5 highest-returning open positions in the Crypto Capital model portfolioInvestmentBuy DateReturnPublicationAnalystBTC/USD Bitcoin11/27/182,412.0%Crypto CapitalWadewstETH Wrapped Staked Ethereum12/07/182,357.4%Crypto CapitalWadeONE/USD Harmony12/16/191,041.6%Crypto CapitalWadePOL/USD Polygon02/26/21657.3%Crypto CapitalWadeQRL/USD Quantum Resistant Ledger01/19/21464.0%Crypto CapitalWadePlease 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 FameTop 10 all-time, highest-returning closed positions across all Stansberry portfoliosInvestmentDurationGainPublicationAnalystNvidia (NVDA)^*5.96 years1,466%Venture Tech.LashmetMicrosoft (MSFT)^12.74 years1,185%Retirement MillionaireDocInovio Pharma. (INO)^1.01 years1,139%Venture Tech.LashmetSeabridge Gold (SA)^4.20 years995%Sjug Conf.SjuggerudBerkshire Hathaway (BRK-B)^16.13 years800%Retirement MillionaireDocNvidia (NVDA)^*4.12 years777%Venture Tech.LashmetIntellia Therapeutics (NTLA)1.95 years775%Amer. MoonshotsRootRite Aid 8.5% bond4.97 years773%True IncomeWilliamsPNC Warrants (PNC-WS)6.16 years706%True Wealth SystemsSjuggerudMaxar Technologies (MAXR)^1.90 years691%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 FameTop 5 highest-returning closed positions in the Crypto Capital model portfolioInvestmentDurationGainPublicationAnalystBand Protocol (BAND/USD)0.31 years1,169%Crypto CapitalWadeTerra (LUNA/USD)0.41 years1,166%Crypto CapitalWadePolymesh (POLYX/USD)3.84 years1,157%Crypto CapitalWadeFrontier (FRONT/USD)0.09 years979%Crypto CapitalWadeBinance Coin (BNB/USD)1.78 years963%Crypto CapitalWadeYou have received this e-mail as part of your subscription to Stansberry Digest. If you no longer want to receive e-mails from Stansberry Digest click here.Published by Stansberry Research.You’re receiving this e-mail at peter.hovis@gmail.com. Stansberry Research welcomes comments or suggestions at feedback@stansberryresearch.com. This address is for feedback only. For questions about your account or to speak with customer service, call 888-261-2693 (U.S.) or 443-839-0986 (international) Monday-Friday, 9 a.m.-5 p.m. Eastern time. Or e-mail info@stansberryresearch.com. Please note: The law prohibits us from giving personalized financial advice.© 2025 Stansberry Research. All rights reserved. Any reproduction, copying, or redistribution, in whole or in part, is prohibited without written permission from Stansberry Research, 1125 N Charles St, Baltimore, MD 21201 or stansberryresearch.com.Any brokers mentioned constitute a partial list of available brokers and is for your information only. Stansberry Research does not recommend or endorse any brokers, dealers, or investment advisors.Stansberry Research forbids its writers from having a financial interest in any security they recommend to our subscribers. All employees of Stansberry Research (and affiliated companies) must wait 24 hours after an investment recommendation is published online – or 72 hours after a direct mail publication is sent – before acting on that recommendation.This work is based on SEC filings, current events, interviews, corporate press releases, and what we’ve learned as financial journalists. It may contain errors, and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. |
