The Pomp Letter (private feed for a.pinczak@gmail.com)

Is The Bitcoin Bull Market Over?

Today’s Letter Is Brought To You By A Golden Visa for the Bitcoin-Forward Investor!Bitizenship helps Bitcoiners secure EU residency and a path to Portuguese citizenship, without abandoning their long-term thesis.Bitizenship Helps You:✔ Unlock visa-free travel across Europe✔ Secure residency with minimal physical presence✔ Maintain Bitcoin exposure through a regulated structure✔ Set up a future-proof Plan B for your family✔ Gain one of the world’s strongest passports in 5 yearsTime-Sensitive Update: Portugal may pass new citizenship rules within the near future, doubling the timeline to 10 years.Lucky for you, there’s time to lock in the current law if you act now.To investors,Capital allocators have attention spans of ants and now they seem to have short-term amnesia as well. In recent days, bitcoin has fallen from the latest all-time high of $124,000, which has sparked a debate on whether the bitcoin cycle is over.Does it matter that bitcoin is up 20% year-to-date or up nearly 2x in the last year? Nope, of course not. The media and market commentators are busy injecting fear and uncertainty into the market. They want to know if the pullback signals the end of this cycle. They say maybe the bitcoin hype was unsubstantiated. Maybe the bitcoin bears were right that the digital currency could never fulfill its promise. This is all noise. The data is overwhelming — the bitcoin bull market is not over yet. Let’s start with the 30 Bitcoin Bull Market Peak Indicators from CoinGlass. We have not hit a single one of them yet. Zero for Thirty. It is hard for the bull market to be over if we haven’t hit any of the market peak indicators.We also know that bitcoin tends to cool off in late August and all of September in bull markets. Investor Yannick Maurer writes “In each of the 2013, 2017 and 2021 bull market years, July, August, September and October were green, green, red and green respectively. The same is likely to occur this year. We might see a pullback in September followed by a final 20-30% of gains in October and into early November.”And if you are merely focused on the short-term, analyst Frank Fetter points out that bitcoin appears to be oversold at the moment according to the Relative Strength Index.So the recent drawdown in price is likely part of the normal volatility in bitcoin bull markets. We used to get multiple 30% drawdowns in a bull market, now we tend to only get one or two of the large drawdowns. Instead, we continue to see 5-15% drops in price which are healthy. They help to clear out leverage and allow the asset to set itself for the next leg higher in price. You can see this reset clearly in this dashboard assembled by Frank Fetter. All four metrics are either neutral to cool, which means the market is still in great shape for continued appreciation in price through the coming months.And here is a crazy stat from Fidelity’s Chris Kuiper. He writes “A significant shift happened in Bitcoin’s ecosystem post-2024 halving: For the first time, the amount of BTC held for 10+ years (ancient supply) is growing faster than new coins are mined. An average of 566 BTC per day are moving into this long-term category, compared to 450 new BTC issued daily. This signals strong conviction from these long-term holders.”These on-chain analytics, combined with the broader market trends, prove that bitcoin is simply maturing. We are now getting to a market cap size and a market education level where every market participant can now prudently allocate capital to bitcoin. This will bring down volatility over time. I went on CNBC’s Squawk Box this morning to explain:So regardless of what you are hearing from friends, family, or the media, I do not believe the bitcoin bull market is over. It appears we are watching the seasonal cool-off for the asset before the final leg up in this bull market. October and November should be fun, but we must pay our dues in the meantime by holding through some short-term choppiness. A small price to pay for an asset that has a 10-year compound annual growth rate over 85%.Hope you all have a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital Management🚨READER NOTE: If you want to sponsor The Pomp Letter, you can fill out this form and someone from our team will get in touch with you. The letter has more than 270,000 subscribers interested in business, finance, and markets. Our readers are incredible — they are smart, wealthy, and technologically advanced.Let’s get your product or service in front of them.Bitcoin Stock Risks & The End of The 4-Year Cycle?Matthew Sigel is the Head of Digital Assets Research at VanEck, and also the Portfolio Manager of the NODE ETF. In this conversation we talk about public equities related to crypto, recent staking decision from the government, the Fed, bitcoin mining companies, what will happen with stablecoins, and expectations for the US government buying bitcoin.Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Public Companies Should Be More Valuable Because They Are Becoming More Efficient

To investors,It feels like there are two different realities in financial markets right now. You see it in the wealth inequality gap, which is being discussed non-stop across political aisles, but you can also see it in the way retail investors and institutions are behaving.Global Markets Investor writes “The gap between retail and professional investors have rarely been greater: Mom-and-pop investors have purchased ~$190 billion in US equity ETFs so far in 2025. At the same time, institutional investors have sold ~$40 billion. Remarkable divergence.”Now why are people coming to such different conclusions on how to act in the market? A big reason is because retail and institutions are looking at two completely different data sets. Institutions seem to be looking at valuation levels, which are higher than they were over the last few years, but retail investors seem to be looking at earnings. AP Research writes “In the dot-com bubble, valuations outran reality. Today, earnings are doing the outrunning. You can debate the multiple. But it’s hard to call it a bubble when the fundamentals are doing this:”That type of earnings growth is not only impressive, but it highlights something that is fundamentally important in today’s environment — many of the top companies are the greatest businesses ever constructed in human history and they are accelerating their growth. That isn’t supposed to happen when you are a large multi-national company.Use Facebook as an example. They had a blowout earnings report recently. Look at how insane these growth rates are:* Revenue: $47.52 billion, up 22% year-over-year* Net Income: $18.34 billion, up 36% year-over-year* Diluted EPS: $7.14, a 38% increase over Q2 2024 and well above analyst estimates* Operating Income: $20.44 billion* Operating Margin: 43%, rising from 38% last year* Costs and Expenses: $27.08 billion, up 12% year-over-yearJust ridiculous performance for a nearly $2 trillion business to be growing net income at 36% year-over-year. Add in the fact that headcount is only growing at 7% year-over-year and you start to see an increasing level of efficiency that most companies can only dream of. This data is reinforced by many anecdotal conversations I am having right now. I spoke with the CFO of a $500 million private business yesterday and he told me the focus internally is up-skilling their employee base to become proficient with artificial intelligence. Rather than hire new employees, the goal is to make the existing team more productive. And we saw Palantir mention the exact same thing in their recent earnings call. Perplexity summarized the commentary with the following:“On its most recent earnings call, Palantir leadership made clear that their goal is to dramatically increase revenue with a leaner workforce—thanks to the productivity gains from artificial intelligence integration. CEO Alex Karp said Palantir aims to achieve “10x revenue with 3,600 people” (down from the current 4,100 employees), describing this as a “crazy, efficient revolution.” Rather than conducting mass layoffs, Palantir intends to freeze hiring and “rely on AI to multiply every employee’s productivity,” highlighting that the company's LLM- and AI-driven platforms are now automating many tasks that previously required larger teams.”So it is important to keep your eyes on this situation. Companies are becoming more productive and they are doing it with less employees. This means the companies should be more valuable. Watching company valuations tick up may scare some investors, but only those who don’t realize the AI revolution transforming businesses.Hope you all have a great day. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin & Stocks Are Going Up ForeverAnthony Pompliano & Polina Pompliano discuss short-term outlook for bitcoin, government printing money, what is going on with inflation, the biggest risk in the market, what you should be paying attention to, and are stocks overvalued and due for a crash?Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Everything Is Speculation and Everything Is A Meme

To investors,The government is never going to stop printing money. That is my main investment thesis for the foreseeable future.Plenty of people want to politicize our addiction to money printing. They claim the opposing political party is responsible for the undisciplined destruction of our currency. But the truth is money printing isn’t reserved to a specific political party.Creative Planning’s Peter Mallouk writes “Red or Blue, the national debt goes up. The only thing both parties can agree on is sending the bill to future generations. Next stop: $38 trillion.”This level of government spending has created one of the fastest debasements of the US dollar in recent memory. Truflation tells us the dollar has lost 28% of its purchasing power since 2020. That is just insane over a half-decade.This accelerated debasement is driving what Will Manidis calls “casino culture.” He writes:“Sports betting, shitcoins, meme stocks, vibe coding 100 million in six hours, etc are all expressions of the same deep cultural rot. If youth don’t believe there’s legitimate ways to get rich through work, all of culture will become a rotten sports book for the soul. A decent way to think about where things are headed is all aspects of human life being turned into lotteries. You do whatever minimal labor you can (often demeaning), tithe your wage into the system, and occasionally someone hits it big publicly enough for you to believe.”Maybe Will is right, maybe he isn’t. But it is clear that sports gambling, altcoins, and mass speculation have become a large part of young people’s culture. I just don’t know how much more prevalent it is today compared to generations in the past. I remember spending inordinate amounts of time playing poker with my friends in high school. We gambled on fantasy football or weekend sports games. And our friend group’s choice of speculative work in college was the latest multi-level marketing scheme being popularized.So this brings me to the idea of meme stocks. On one hand, meme stocks exist, but not in the way you think. Most people point to Gamestop and others as examples of the meme stock craze. However, I would point at Berkshire Hathaway as the boomer meme stock. The second Warren Buffett announced his retirement, the stock has fallen approximately 10%. The meme is dying and shareholders are re-valuing the company without the Buffett premium aka the Buffett meme. You may not like that Berkshire Hathaway is a boomer meme stock, but it absolutely is. Buffett’s disciples will spend thousands of dollars per year to participate in capitalism’s trip to Mecca (Omaha!) for the Berkshire annual meeting. These meme investors will parrot the Buffett talking points like they are spreading the gospel of Jesus Christ. Doesn’t mean Berkshire is a good or bad investment. Just means that it is the boomer meme stock. So if Berkshire is a meme stock, then every stock is a meme stock to a degree. Tesla, Palantir, Amazon, Meta, Walmart, or Proctor and Gamble. They all have a narrative that people buy into and are willing to defend. Memes are the message. Anyone denying this modern truth is ill-prepared to allocate capital in today’s dynamic environment. But there is another argument, which says that if every stock is a meme stock, then no stock is a meme stock. They are all just companies with revenue, expenses, profits, and losses. They either convince the market the future is bright or they are left to die because the market believes the best days are in the rearview mirror. I personally believe everything is speculation. Buying the S&P 500 is speculative. Buying bitcoin is speculative. Buying commercial real estate or a primary residential home are both speculative too. You are constantly taking risk. If you are right, you will be rewarded. If you are wrong, you get punished financially. And everything is a meme. Own your home rather than rent? That is a great meme. Buy bitcoin? An even better meme. And holding the S&P 500? The granddaddy meme of them all. So stop buying into the nonsense narratives from the mainstream media that want to use “speculation” and “meme stocks” as creative slurs to downplay what retail investors are doing with their money. Sophisticated investors are speculating on memes too. Everyone has to do it. The government can’t stop printing money, so either we all push out on the risk curve to build our investment portfolios or we are left to watch our hard earned economic value melt away.Hope everyone has a great day. I’ll talk to you tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementBreakdown of Tokenized StocksIan De Bode is the Chief Strategy Officer at Ondo Finance. In this conversation we talk about why we need tokenization, advantage of being on-chain, stablecoins vs cash, how people will make money, regulation, biggest risks, and should equities be trading 24/7?Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Is The Stock Market Overvalued?

Join us at the Independent Investor Summit in NYC on September 12th!Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.To investors,It seems like every day someone is sounding the alarm that the US stock market is overvalued. The most recent example was Apollo’s Torsten Slok who shared this chart that takes the S&P 500’s trend from 2023 to today and overlays it with the trend from 1996 to the dot com bust in 2000.Does the two trends look visually the same? Absolutely. Does that mean history will repeat? No one knows, so we have to dig deeper into the data.Another area of concern comes from Wisdom Tree’s Jeff Weniger who points out “The S&P 100 now has 27.2% of its total value in stocks that have a P/E of at least 50. There is only one company that has a P/E below 10.”Is that a crazy data point? Absolutely. Think about it…more than 1 out of every 4 companies in the S&P 100 have a P/E above 50 and 2 out of every 3 companies have a P/E ratio above 30. Not exactly normal.But there are positive parts of the market that are not normal too. For example, Mike Zaccardi shows this graph from Wei Li at Blackrock, which highlights that the Mag 7 has actually become cheaper so far this year.That isn’t supposed to happen in a bubble! And it definitely is not supposed to happen when the Mag 7 is driving so much of the S&P 500 return or when China, Japan, UK, US, and emerging markets are all getting more expensive on a valuation basis.Remember, big tech is destroying small caps in performance year-to-date.So what is driving this ridiculous growth? Well, there are many factors but retail investors are a big part of the story. Goldman says these individual self-directed investors are now buying more that $3 billion of tech stocks on a daily basis, which is the highest measurement in history.Before you mock and ridicule the retail investor, remember they were buying the dip in April and May when Wall Street was predicting doom and gloom. Retail made a killing in the historic market recovery that happened in the last few months, so they aren’t exactly idiots.And if you needed further proof of retail investors’ skill, they have much more exposure to bitcoin and cryptocurrencies. Bank of America is now reporting “the average professional fund manager allocation toward crypto is 0.3% of AUM. 75% of Fund Managers have zero allocation.”Stocks are increasing in value. Retail is pouring capital into the market. Professional investors are sounding the alarm bell. Maybe a big market crash is right around the corner? Maybe the “bubble” is about to pop?Again, no one knows what is going to happen. But one thing is very clear…many of the businesses that everyone is critiquing are too busy to notice because they have been beating earnings expectations. As my friend Jordi Visser recently told me, earnings don’t lie. Take a listen to Jordi’s genius:We are living through interesting times. The valuation of the stock market is going to be debated over and over again. But long-term investors are content to buy stocks today, buy more stocks if the price goes down, and simply keep buying if prices go up in the coming months. So shut out the noise and just focus on acquiring as much stock as you can. Your job from there is to simply hold on regardless of where the market takes you.Hope everyone has a great start to their week. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementWhy Bitcoin Is Going Higher This Year with Jordi VisserJordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we about the idea of US buying more bitcoin, what’s going on with the CPI & PPI, the idea of revaluing gold, how AI is accelerating everything, and how to evaluate your portfolio.Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe

Bitcoin Is Telling Us The Stock Market Is Not Overvalued

Join us at the Independent Investor Summit in NYC on September 12th!Markets are breaking records. Public equities are outperforming. And individual investors are driving it all. It’s officially the rise of the retail investor.On September 12th in NYC, I’m hosting the Independent Investor Summit — a one-day event built exclusively for self-directed investors.We’re bringing together some of the smartest public market investors I know for a full day of macro insights, market predictions, and one-on-one fireside chats. Speakers include Darius Dale, Jordi Visser, Jeff Park, Chris Camillo, Tom Sosnoff, Jon & Pete Najarian…plus more to be announced.Pomp Letter subscribers can use code POMPLETTER50 for 50% off GA tickets if you register here by August 8th. See you all there.To investors,The stock market continues to fly higher and the pessimists are screeching that everything is overvalued. And the bears have plenty of data to point to as part of their case. Creative Planning’s Charlie Bilello recently pointed out the “S&P 500 is now trading at 3.15x sales, its highest valuation in history.”This should be concerning to investors, right? Not so fast. There are a number of considerations worth unpacking. For example, the US stock market is denominated in dollars and those dollars have been debased at a much faster pace than what the public has been told over the last 50 years.Adam Kobeissi writes:“Fiat currencies are in an eternal bear market. No economy has maintained an average inflation rate below 2% since the end of the gold-backed Bretton Woods system in 1971. In other words, the value of fiat currencies has fallen by at least 2% annually over the last 54 years. For example, the US, Canada, China, and France have averaged around 4% inflation over this period. Meanwhile, Brazil, Argentina, and Venezuela have seen their currencies collapse by nearly 100%.”Yes, you heard that right. The United States has actually been debasing the dollar at 4% a year for over 50 years, which is double the Fed’s target of 2% inflation. And we know the dollar has been debased by 30% since 2020, so you would expect stocks to trade at a higher premium to account for this monetary phenomenon.Quite literally, investors are using stocks as an inflation hedge. That inflation hedge trade will drive valuation multiples higher, which is exactly what we are watching happen. But before you get nervous and start dumping your US stocks, it is important to know the United States is dominating on the global stage. Alec Stapp highlights that 22 of the top 25 largest companies in the world are American right now. A16Z’s Katherine Boyle points out there has been significant change over the last 25 years. Back in 2000, Katherine shows only 3 of the top 10 largest companies in the world were American. Now that number is 8 out of the top 10.So stocks are hitting the highest valuation multiple in history. American companies are disrupting the world. And the US dollar is being debased at an alarming rate. These should all be market top signals, right?Again, not so fast. Bitcoin, the purest macro asset in the world, suggests we are not anywhere near a market top.X user Cyclop shows that “0 out of 30 [Bitcoin] Bull Market Peak Indicators have hit so far.”The pessimists can yell and scream. The bears can predict doom and gloom. But the actual data suggests we are in a bull market and it won’t end any time soon.Hope you all have a great start to your week. I’ll talk to everyone tomorrow.- Anthony PomplianoFounder & CEO, Professional Capital ManagementThe $9 Trillion 401(k) Bomb About To Hit Bitcoin with Jordi VisserJordi Visser is a macro investor with over 30 years of Wall Street experience. He also writes a Substack called “VisserLabs” and puts out investing YouTube videos. In this conversation we talk about bitcoin coming to 401k’s, the lack of volatility, why ETH is performing well, what is going on at the Fed, how AI & GPT-5 will impact the economy, and how you can make more money.Enjoy!Podcast Sponsors* Figure – Lowest industry interest rates at 8.91% at 50% LTV and 12 month terms! Take out a Bitcoin Backed Loan today and buy more Bitcoin. Check out Figure and their Crypto Backed Loans! Figure Lending LLC dba Figure. Equal Opportunity Lender. NMLS 1717824. Terms and conditions apply. Visit figure.com for more information.* Bitizenship – Get EU citizenship through Portugal’s Golden Visa, maintaining Bitcoin exposure. Book a free strategy call at bitizenship.com/pomp.* Bitwise Asset Management - Crypto specialist asset manager with more than $10 billion client assets and more than 30 crypto solutions across ETFs, index funds, alpha strategies, staking, and more. Learn more at bitwiseinvestments.com* Maple Finance - Maple enables BTC holders to earn native BTC yield. Learn more at Maple.Finance!* Xapo Bank: Fully licensed bank that integrates traditional finance and Bitcoin. Earn up to 3.9% interest in BTC. Spend globally with a debit card that gives 1% cashback in BTC. Borrow up to $1M instantly with Bitcoin-backed loans.* Simple Mining offers a premium white-glove Bitcoin mining service. Want to grow your Bitcoin stack? Visit Simple Mining here.* Gemini - Invest as you spend with the Gemini Credit Card®. Issued by WebBank.* Core - Earn trustless Bitcoin yield. No bridging. No lending. Just HODLing. Begin Staking Your Bitcoin.* BitcoinIRA - Buy, sell, and swap 75+ cryptocurrencies in your retirement account. Pay less taxes. Earn up to $1,000 in rewards.* Polkadot is a scalable, secure, and decentralized blockchain technology aimed at creating Web3. Innovation leader, making it a preferred choice for big names.You are receiving The Pomp Letter because you either signed up or you attended one of the events that I spoke at. Feel free to unsubscribe if you aren't finding this valuable. Nothing in this email is intended to serve as financial advice. Do your own research. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit pomp.substack.com/subscribe