Friend,
Let me give you a number…
216%.
That’s where the “Buffett Indicator” sits today. It’s a measure of the value of the entire U.S. stock market compared to the size of the U.S. economy.
At 216%, it’s higher than 1929 – and the dotcom mania… making today’s market the most expensive ever. Put another way…
The stock market is now valued at almost $40 trillion more than the U.S. economy. If you’re wondering how that makes any sense… it doesn’t.
When the Buffett Indicator rises above 120%, stock valuations are dangerous.
At 150%, Buffett says, ‘run for cover.’
But at 216%, with Mag-7 tech stocks still near all-time highs… investors are swimming with sharks. The good news is…
You don’t have to – because one tiny corner of the gold market is a screaming buy… and it’s still being ignored.
This sector is made up of a short list of small-cap gold developers I call “Golden Anomaly” stocks.
In the last gold bull markets of the 1970s and early 2000s, these were the stocks that rose 10X… 20X… 50X… even 100X or more.
Today, the same setup is quietly forming again.
I’ve identified four miners and one royalty company positioned to benefit.
Go here to see my full breakdown
Regards,
Garrett Goggin CFA, CMT
Lead Analyst, Golden Portfolio
P.S.
When the Buffett Indicator flashes a warning, it doesn’t just tell investors that growth stocks are overvalued. It also signals the start of the next great gold boom – because each time growth stocks peak, money rotates into gold. It happened in 1929, 1971 and again in 2001. All you have to do is get positioned in the best gold miners before it happens again. Go here for details on my top four picks.
Why CrowdStrike's Consolidation Bet Is the Only One That Matters
Submitted by Chris Markoch. Originally Published: 4/30/2026.
Key Points
- CrowdStrike is capitalizing on the shift toward cybersecurity platform consolidation as enterprises reduce vendor complexity.
- The Falcon platform is driving strong growth through increased adoption, higher ARR, and expanded customer spending.
- Industry-wide consolidation trends and strong retention rates position CrowdStrike for continued long-term growth.
- Special Report: Elon’s “Hidden” Company
Cybersecurity is big business, but the sector is under pressure in 2026. The main reason is the real or perceived threat posed by artificial intelligence (AI). It’s well documented that AI will increase the threat landscape companies have to deal with. It’s also clear that many cybersecurity companies, such as CrowdStrike (NASDAQ: CRWD), are using AI to fight fire with fire.
What’s less clear is whether AI will unseat companies like CrowdStrike and Palo Alto Networks (NASDAQ: PANW) as cybersecurity providers. That’s a key reason CRWD is down 6% in 2026, even after a 16% gain in the month ending April 29.
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Watch the free video to get the ticker today.The rally may indicate that investors believe the idea of AI usurping companies like CrowdStrike is overblown. That leads to the next question, one for which CrowdStrike has an answer that could prove a strong headwind for competitors.
Platformization Holds the Key to Reduced Complexity
Platformization in cybersecurity means companies offer a suite of best-of-breed security tools on a single platform, rather than meeting cybersecurity needs through an à la carte menu of providers.
The case for consolidation starts with the scale of the problem. A Gartner survey of 162 large enterprises found that organizations use an average of 45 cybersecurity tools. And with more than 3,000 vendors in the market, complexity is compounding.
A separate global study by the IBM Institute for Business Value, surveying 1,000 executives across 21 industries, found organizations juggling an average of 83 different security solutions from 29 vendors. More than half of those executives said fragmentation was actively limiting their ability to address cyber threats. The financial toll is concrete: surveyed executives estimated that security fragmentation costs their organizations an average of 5% of annual revenue.
Furthermore, a 2025 survey by the IBM Institute for Business Value (IBV) and Palo Alto Networks found that 75% of surveyed organizations are pursuing the platform approach to cybersecurity. The reason is that better integration across security, hybrid cloud, AI and other technology platforms is crucial.
CrowdStrike’s answer is its Falcon platform. This is a lightweight, cloud-first, AI-native platform that eliminates the need for hardware, removes data silos and reduces the friction that can occur when cybersecurity is handled across multiple platforms.
The operational benefits of this approach are significant: IBM's research found that platformized organizations identify security incidents 72 days faster and contain them 84 days more quickly than non-platformized counterparts, while also reporting nearly four times better returns on cybersecurity investment.
The Proof Is in the Performance
In CrowdStrike’s March 2026 earnings report, which covered the fourth quarter and full year of fiscal 2026, the company reported $5.25 billion in ending annual recurring revenue (ARR), a 24% year-over-year (YOY) increase. It also posted net new ARR of $331 million, up 47% YOY.
One reason for the company’s strong performance is its Falcon Flex model. This allows customers to use one or more of the company’s Falcon modules à la carte, but without the friction of working with different companies.
Will enterprises continue to consolidate their security stacks onto one vendor? The evidence is tilting CrowdStrike's way: Falcon Flex ARR is up 200% year-over-year and now represents 27% of total ending ARR, with accounts adopting Flex adding more than $1 billion of in-quarter deal value in Q4 alone.
Turning Catastrophe Into Opportunity
Any investor who’s followed CrowdStrike for any length of time is familiar with the major outage that happened in July 2024. This impacted CrowdStrike customers and presented the counterargument to platformization: there are operational risks inherent in a centralized, single-vendor cybersecurity model.
However, CrowdStrike’s response was about as close to a master class in crisis management as a company can deliver. CrowdStrike offered impacted customers the opportunity to use one of its Falcon modules for free. This goodwill move was a calculated risk that, once customers expanded their use of Falcon, they would continue to use it.
That’s been the case, as CrowdStrike has not only sustained a 97% retention rate but is also seeing broader customer adoption of multiple modules in the Falcon platform. A key metric here is what CrowdStrike calls "re-Flex," where customers who have fully deployed their initial Flex contract return to expand it.
The company reported more than 380 re-Flex customers in Q4 FY2026, representing roughly 23% of the Flex customer base. These expansions typically happen within seven months of the initial deal and increase ARR by about 26% on average. Customers that have re-Flexed multiple times have seen an average ARR increase of around 48%.
Imitation Is the Sincerest Form of Flattery
Another reason to believe in the platformization strategy is that other companies are pursuing consolidation. Palo Alto Networks is one of the biggest names. But in 2025, cybersecurity companies made deals valued at around $96 million, a 270% YOY increase. The purpose is to acquire new capabilities and defend territory.
For investors, the question is not whether consolidation is happening—the data is unambiguous that it is—but which platform captures the largest share of enterprise security spend. On the current trajectory, CrowdStrike's Falcon Flex numbers suggest it is winning that race.
Freeport-McMoRan: Grasberg Restarts, Now the Real Work Begins
Submitted by Chris Markoch. Originally Published: 4/24/2026.
Key Points
- Freeport stock fell over 10% as Grasberg production targets were cut despite an earlier-than-expected restart.
- Strong copper and gold prices continue to support the company’s long-term earnings outlook.
- Analysts remain bullish, suggesting the pullback could present an opportunity for patient investors.
- Special Report: Elon’s “Hidden” Company
Mining stocks can be complex investments. But the structural case for Freeport-McMoRan Inc. (NYSE: FCX) heading into earnings was straightforward. Unfortunately, that’s why FCX dropped more than 12% after delivering its report.
The issue is the company’s Grasberg mine in Indonesia. Investors will remember that a mud rush at the mine forced a suspension of operations.
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Watch the free video to get the ticker today.The good news in this report was that Freeport was able to commence initial mining in March. This beat the company’s prior estimate for a restart sometime in the current quarter.
The bad news is that production is down. In January, the company set a target of 100,000 tons per day (t/d) by the second half of the year. However, that has now been revised down to 60,000 t/d in the same time frame and 90,000 t/d by the second quarter of 2027.
The culprit is an increase in “wet drawpoints” that will require Freeport to make modifications running through March 2027.
Copper and Gold Prices Strengthen the Long-Term Bull Case
The Grasberg ramp-up is an issue for investors to watch closely. But is it a reason for a 12% sell-off? One reason to believe the stock will turn around is that the case for copper has never been stronger.
Demand for copper is at record levels and is expected to increase over the next few years. That is lifting the price of copper, which has jumped to an average of $5.78 per pound in Q1 2026 from $4.44 in Q1 2025, a 30% increase.
However, Freeport is more than a copper story. The company also mines gold, which is trading at $4,889 an ounce as of this writing, up from $3,072 an ounce in April 2025. By 2030, Freeport is projecting it will be mining up to 1.7 billion pounds of copper from Grasberg, along with approximately 1.2 million ounces of gold.
If current prices hold, and they are projected to move higher, gold helps pay the bills while copper production bolsters earnings.
Freeport’s Earnings Show Strength Beyond Grasberg
Freeport’s Q1 2026 earnings report was solid, but mixed. Earnings per share (EPS) of 57 cents beat expectations of 47 cents per share. Revenue came in light at $6.23 billion. Analysts were expecting $6.4 billion.
The revenue picture improves significantly, however, on a year-over-year (YOY) basis. The $6.2 billion marked a nice jump from the $5.7 billion it recorded in Q1 2025. And the company’s adjusted EBITDA also increased YOY from $1.9 billion to $2.5 billion.
For investors, this shows that while Grasberg still matters, the rest of Freeport’s portfolio remains strong. That means the Grasberg recovery story is likely to be one of incremental earnings growth rather than growth already priced into FCX.
Indonesia Agreement Removes a Key Overhang
Adding to the long-term bull case is reduced friction with the Indonesian government. Specifically, Freeport signed a memorandum of understanding (MOU) with the Indonesian government in February, extending operating rights in the Grasberg district beyond the 2041 expiration. Under the deal, Freeport retains its current 48.76% ownership stake in PT Freeport Indonesia through 2041, then transfers an additional 12% to the government at no cost, leaving it with roughly 37% from 2042 onward. This has been an issue hanging over the stock for some time. That clarity adds weight to the long-term production story.
Is the Post-Earnings Sell-Off a Buying Opportunity?
In the weeks leading up to earnings, analysts have been mostly bullish on FCX. Many new price targets are above the consensus target of $65.66. Perhaps more significantly, 18 of the 22 analysts on MarketBeat rate the stock Buy.
Furthermore, institutions continue to buy the stock, and analysts are forecasting earnings growth of 35% in the next 12 months. That makes the company’s forward price-to-earnings (P/E) ratio of around 24X look attractive.
In short, FCX has a history of falling after earnings, so this may be a case of history repeating itself, particularly for a stock that is still up more than 64% in the last 12 months even after this pullback.
However, this move seems overdone. It may be a case of a good, but not great, report on a day when the broader market was selling off. That is where the opportunity may be for patient investors. The bad news is that FCX could test a level around $52, which would align with its 150-day simple moving average.
The post-earnings decline happened on high volume, so there is conviction behind the selling.
FCX took a similar path in September and October 2025, crossing below the 150-day SMA before recovering. That would be another 15% decline, which is not abnormal for commodity-leveraged stocks.
However, the 150-day SMA is still sloping upward, which suggests the underlying trend remains bullish, as do copper prices. If FCX can hold support around its 50-day SMA, the stock could test the current consensus price target.
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