A Message From Porter & Company

Editor’s Note: Make time for this today – Porter’s explosive new documentary exposes the President’s plans to replace the U.S. dollar. If you have retirement savings, a stock portfolio, or a family depending on you financially, you need to watch it right now.

In the early 19th century, whale oil was among the most valuable commodities on Earth.

It lit the lamps of America. It lubricated the machines of the Industrial Revolution. Entire coastal economies like New Bedford, Nantucket, and New London thrived because of it.

The scarcity was real. Whales were finite after all – and the expertise to hunt them, process them, and bring the oil to market took decades to develop.

That scarcity underpinned an entire monetary ecosystem.

Then in 1859, Edwin Drake struck oil in Titusville, Pennsylvania.

Kerosene arrived. It was cheaper, more abundant, and much more powerful.

The whalers didn't disappear overnight. The compression was gradual – and then suddenly catastrophic. Within two decades, the whaling industry had effectively collapsed.

The scarcity hadn't disappeared. It had migrated. And the fortunes built on whale oil migrated with it – to the men who understood where scarcity had moved.

This is what a great repricing looks like.

A friend of mine, financial writer Garrett Baldwin, has a phrase for what happens to the people who don't move in time. He calls it the "flooding layer."

The idea is simple – every time the scarcity underpinning an entire industry evaporates, it creates two groups of people:

Those who own the new chokepoint. And those standing in the flooding layer – watching everything they built get washed away.

The brutal truth is that the people in the flooding layer almost never see it coming. Not until the compression is irreversible.

For a more recent example, let’s look at Kodak.

In 1988, Eastman Kodak employed nearly 150,000 people.

It was one of the most valuable companies in America. Its business was built on a form of scarcity that seemed unassailable – the chemistry, the film, the paper, the processing infrastructure required to capture and develop a photograph.

That scarcity evaporated when the smartphone put a camera in every pocket.

Kodak didn't fail because folks stopped taking pictures – it failed because the scarcity that underpinned its entire business model migrated.

In 2012, Kodak filed for bankruptcy.

That same year, Facebook acquired Instagram – a company with 13 employees – for $1 billion. Instagram had captured the value that Kodak lost.

The scarcity had migrated from chemistry to connectivity and the people who understood that got very rich. Those left standing in Kodak's flood plain did not.

Today I’d like to show you that we’re living through another great repricing – one that is already making millions of dollars for those who understand where the scarcity is migrating once again.

To understand what’s unfolding we have to rewind to a secret deal that’s profoundly shaped everything about our lives, for more than half a century.

Kissinger’s Dollar Reset

In July 1974, Treasury Secretary William Simon boarded a secret flight to Saudi Arabia.

Under the orders of Nixon’s top national-security advisor Henry Kissinger, what he proposed to King Faisal in the coastal city of Jeddah would become the greatest financial arrangement in the history of the world.

Saudi Arabia would price its oil in dollars.

Within a year, every other OPEC nation followed suit. The U.S. dollar was now backstopped by the one commodity the entire modern world could not function without.

That scarcity minted fortunes on an almost unimaginable scale – creating an environment that allowed America to spend trillions, with the rest of the world picking up the tab.

And for the companies at the chokepoints of the petrodollar, it was like rocketfuel.

ExxonMobil up 9,700%. JPMorgan up 6,000%. Lockheed Martin up 14,400%. Microsoft up 479,000%. America transformed from a nation of 180,000 millionaires in 1974 to nearly 24 million today.

But the petrodollar arrangement – Kissinger's deal in the desert – officially expired without fanfare in June 2024.

China has slashed its U.S. Treasury holdings by more than 45% from the peak. The BRICS nations dumped $47 billion in a single month. Central banks are swapping dollars for gold at the fastest pace since the Cold War.

Ray Dalio – founder of the world’s largest hedge fund – calls it the "breakdown of the monetary order."

The flooding layer has shifted again.

And millions of Americans are standing in it right now – in cash, in the wrong stocks, in retirement funds built for a monetary order that is being quietly dismantled beneath their feet.

Trump’s New Order

While most Americans have been distracted by the tariffs, UFO memes, and the war in Iran, Trump has been quietly assembling the most ambitious monetary reset in half a century.

Bypassing Congress, away from the mainstream press, Trump is executing his audacious repricing through a series of executive orders and bilateral deals most people have never heard of…

Channelling more than $3 trillion in public and private capital toward a single strategic objective:

Securing the physical foundation that makes artificial intelligence possible.

I’m talking about the priceless minerals, chips, energy, and infrastructure without which no AI model runs, no data center operates, no breakthrough is possible.

This is where scarcity is migrating.

And over the past few years, the companies sitting at the chokepoints of this new order are already soaring:

Vertiv – up more than 500%.

GE Vernova – up nearly 700%.

Arista Networks – up more than 750%.

Taseko Mines – up 370%.

The titans of industry who understood that kerosene would reprice energy got rich.

As did the investors who understood that the petrodollar would send a wave of capital into a specific band of stocks sitting at the chokepoints.

The ones who didn't understand this found themselves stranded on the flood plains of history – wondering how they missed it.

I want to help you avoid that fate.

I've spent months identifying the companies I believe sit at the narrowest chokepoints of what I'm calling Trump’s Silicon Dollar.

In my new briefing I lay out the full story and how it could impact your money.

I'll show you why Trump has declared a national emergency to secure the most critical AI resources – and why every move he's made, from his obsession with Greenland to the war in Iran to his trip to Beijing, connects back to it.

I’ll also reveal the name and ticker of one asset you can buy today to get immediate exposure to what's unfolding.

And details on five stocks sitting at the chokepoints of Trump's plan – positioned to do what ExxonMobil and Lockheed Martin did for the investors who understood the petrodollar.

You’ll also discover why a critical event this year could accelerate the wealth divide this great repricing is already creating.

Get the full story here.

Good investing,

Porter Stansberry

A Sub-20 P/E on GOOGL? The Market May Be Missing Something

Submitted by Ryan Hasson. Article Published: 9/15/2026.

Alphabet (NASDAQ: GOOGL) made a notable move on Monday, climbing more than 3% to close at $349.39, even as the broader conversation around artificial intelligence turned increasingly cautious over the weekend.

That rally pushed the stock higher, but one number stands out: Alphabet's price-to-earnings ratio (P/E) has slipped below 20 and now sits at roughly 17.5. For one of the most dominant and profitable technology companies in the world, such a low valuation looks increasingly difficult to justify.

A Rare Discount for a Dominant Business

To put that multiple in context, the average stock in the S&P 500 trades at a meaningfully higher earnings multiple than Alphabet does right now.

This is a company generating $132 billion in net income with net margins approaching 55% and a return on equity above 51%.

Businesses of this quality rarely trade at a market discount, yet Alphabet does, with a trailing P/E of 17.5 and a forward multiple near 17. The stock is up a relatively modest 12% this year, lagging several of its mega-cap peers.

Why the AI Slowdown Chatter May Not Be All Bad

Over the weekend, calls for a slowdown in the AI race grew louder, including fresh warnings from prominent researchers about the risks of advancing the technology too quickly. Counterintuitively, that backdrop may not be as negative for Alphabet as it first appears. Google spent the early part of the AI race widely viewed as playing catch-up to OpenAI and, more recently, to fast-moving rivals such as Meta Platforms (NASDAQ: META) and xAI's Grok.

A more measured pace across the industry could actually work in Alphabet's favor, giving it room to close the gap and roll out increasingly competitive models without the pressure of an all-out sprint. For a company with Alphabet's resources, distribution and data advantages, time is often an ally rather than an enemy.

Locking In Power for the Long Haul

Another structural story this month involved electricity rather than algorithms. On Sept. 9, Alphabet announced a 22-year power purchase agreement with Finnish energy company Fortum, securing access to up to half of the output from the Loviisa nuclear plant. The deal anchors a broader commitment to invest at least €13 billion, or roughly $15 billion in U.S. dollars, in AI infrastructure across Finland through 2028. It is the company's largest single investment in Europe.

The significance runs deeper than the headline number, though. Power has arguably become the biggest bottleneck in the AI buildout, and Alphabet has just locked in clean, reliable baseload electricity for two decades while helping keep a nuclear plant online that might otherwise have closed in 2030. It is Google's first major nuclear deal in Europe and reflects a company thinking years ahead about the constraint that matters most.

GOOGL's Technical Formation Is Taking Shape

On the chart, GOOGL is looking increasingly attractive. After pulling back from its record high set in May, the stock has now spent close to four months consolidating and digesting its prior surge to new highs. Although the stock is now down almost 15% from its 52-week high, it remains above its 200-day simple moving average (SMA) and trades close to several short-term SMAs. As time passes and the range tightens further, GOOGL may be forming a higher-timeframe bull flag.

Institutional activity and analyst sentiment are also sending positive signals. GOOGL has an outright consensus Buy rating based on 54 analyst ratings. The implied upside based on the consensus price target is particularly notable: The $420.19 target implies 20% upside potential. In line with analyst sentiment, institutional players have purchased close to $125 billion in stock over the past 12 months, compared with almost $74 billion in outflows.

Where Things Stand

Alphabet presents an unusual combination right now: a dominant, profitable business trading at a market discount, paired with a management team making shrewd long-term bets on the infrastructure that will define the next decade of computing. The analyst community remains firmly constructive, and institutions continue to be heavy net buyers. The AI slowdown chatter is worth respecting in the near term, but for investors weighing quality against price, a sub-20 earnings multiple on a company like Alphabet is a setup that rarely lasts long.