 Dear Reader, The stock market just entered a highly dangerous new phase – which is going to have dramatic consequences for your money this summer. The signs are everywhere: SpaceX just went public. OpenAI and Anthropic will likely follow it. If you're thinking of buying into any of these IPOs... PLEASE DON'T. They're likely to be disasters – the most overhyped, overvalued large-cap stocks of all time, foisted on gullible investors by Wall Street insiders. At the same time, the President and his family are openly picking winners in the stock market... while a 24-year-old just founded his own hedge fund and made $5 billion in less than a year. But it's what's coming NEXT that I'm most worried about. I've spent 30 years on Wall Street. I have my MBA from Harvard and spend my time in correspondence with billionaires like Warren Buffett and Bill Ackman. I've forecast the collapse of dozens of stocks. But what I see happening today scares me – as a former money manager, as a father, and as an American. Because our country is headed toward an economic event unlike anything we've seen in over 100 years. Perhaps you see the signs too. Or maybe you just feel it – that creeping, nagging doubt that tells you something is dangerously wrong in our country. If that's you, I'd urge you... listen to your gut. If you care about your wealth, your family, and your future, you need to understand what's really coming. I've put together a free analysis explaining exactly what I see, and the specific steps I recommend you take with your money today. I strongly encourage you to check it out here. Regards, Whitney Tilson
Editor, Stansberry Investment Advisory
Former Hedge Fund Manager
Co-Founder, Teach for America
Harvard MBA P.S. What's happening today will reset the financial system in a way most of us can't imagine. If I'm even half-right, it's going to have a huge impact on your money and your future. Get the details here...
Just For You
European Banks Are Outperforming : Can These 3 Keep It Going?Submitted by Dan Schmidt. Originally Published: 6/25/2026. 
Key Points
- European banks remain attractively valued compared with many U.S. peers despite a strong 2025 rally.
- Banco Bilbao Vizcaya Argentaria and Banco Santander offer strong profitability, shareholder returns and global diversification.
- ING Group offers income and value, but its higher capital ratio and payout profile make the risk-reward setup more mixed.
- Special Report: Your name isn't on our protected list yet
European banks delivered their best performance in years in 2025, and investors have been tempted to take profits during the sector’s recent pullback. But this rally is no bubble, and there’s plenty of evidence that international bank stocks are still undervalued compared with their domestic peers. European banks continue to trade at single-digit multiples while posting double-digit revenue growth, making the sector attractive amid sudden commodity tailwinds. Some stocks in the industry stand out more than others, however, and diversifying investments in this space can help investors capture a range of bullish factors. Despite Commodity Headwinds, European Banks Are Still on Sale
European banks are still emerging as an undervalued industry after a decade of negative rates. The previous rate environment crushed bank margins, driving the European banking sector into a deep decline, which was further aggravated by war-induced commodity shocks. Now oil headwinds are easing, and European banks benefit from a Goldilocks environment. When markets are neither too hot nor too cold, investors tend to reap the rewards. The European financial value shift isn’t just about oil, rates, and sentiment; the sector also has several accommodative metrics that show certain stocks remain undervalued. Some of these metrics include:
Common Equity Tier 1 (CET1) Ratio - A metric used to measure a bank’s health by comparing its capital to its risk-weighted assets. A Goldilocks range is preferred for this metric: too high means capital is unproductive, too low means the bank is taking too much risk. Return on Tangible Equity (ROTE) - Strips out factors like intellectual property and brand value to determine the profit generated from capital invested by shareholders and is often considered the metric that best measures the pure performance of a bank’s capital. Dividend Payout Ratio (DPR) - The percentage of a company’s earnings returned to shareholders as dividends. DPR is useful for gauging a bank’s financial health, as a dividend cut is often devastating to its outlook. Banco Bilbao: The Profit Machine Keeps ChurningBanco Bilbao Viscaya Argentaria (NYSE: BBVA) is one of the best-performing multinational banks in the Eurozone, thanks to its growth in emerging markets. The bank reported ROTE of 21.7% and CET1 above 12% in Q1 2026, yet it trades at around 10.3 times forward earnings. The dividend yields 4.63% with a 54.3% DPR, but the company is aggressively buying back shares, and net interest income was up more than 20% year-over-year (YOY). BBVA shares bounced off a clear short-term low and have now resumed their upward momentum. The stock continues to make higher lows, and a pair of momentum indicators has confirmed the uptrend. The Relative Strength Index (RSI) is above 50, a commonly recognized bullish threshold, and the Moving Average Convergence Divergence (MACD) has been trending upward since mid-May. BBVA’s technical uptrend matches its fundamental strength, which is why it ranks at the top of today’s list. 
Santander: Capital Compounder Still UndervaluedBanco Santander S.A. (NYSE: SAN) has surged nearly 65% over the last 12 months, but the Iran war briefly thwarted its bid to reach all-time highs. However, Santander retains a strong 15% ROTE with a CET1 of 14%, and its banking offerings are more globally diversified than BBVA’s. The stock isn’t the bargain it was in previous months, but the 1.57% dividend has an approximately 17% DPR, and the stock trades at just 11 times earnings. SAN shares challenged the 200-day moving average earlier this year, but the bullish uptrend proved strong enough to weather the storm. The stock quickly surged back above the 50-day moving average, a move backed by the RSI’s climb into bullish territory. The latest attempt to test the 50-day was swiftly rejected, and the RSI remained supportive, giving SAN shares the all clear to make more all-time highs. 
ING Group: Higher Risk Package With Income and ValueAmsterdam-based ING Group N.V. (NYSE: ING) appears affordable at 11 times earnings, but its 16% CET1 and 57% DPR make it the bank with the most mismatched risk profile on our list. However, a 4.7% yield is hard to ignore for a bank stock trading at about 11.4 times forward earnings, and management raised net interest income (NII) guidance in the last earnings report. The RSI has been the guiding light during the volatile period, helping investors navigate gains as the underlying share price fluctuated. Despite a brief June dip, the dependable momentum indicator has remained above 50, showing that buyers have yet to relent. The 50-day moving average also remains a viable support level, reinforcing the bullish case as the stock makes new all-time highs. 
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