Editor’s Note: This might be the most important investing broadcast of the year. Legendary forecaster Porter Stansberry and Jeff Brown expose one of the most important and consequential financial stories in America today.

They say it’s a coordinated, government-backed mobilization that’s funneling trillions of dollars into a tiny handful of companies. For more details, click here. Or read on below to hear from Porter himself…

You won’t want to accept this.

You’ll reject it. Call me crazy for suggesting it.

I don’t care. I’m used to it. That’s what they called me when I predicted the fall of Fannie Mae and Freddie Mac, the bankruptcy of General Motors, the loss of America’s triple-A credit rating… the list goes on and on.

But I don’t let my emotions blind me to reality. No matter how difficult the truth… no matter how uncomfortable the fact… I follow my research to its logical conclusion.

You should too.

But I know most of you won’t – or can’t.

However, if you have any money in the stock market, savings in the bank – and especially if you are responsible for your family’s wealth – you really need to hear me out.

What I’ve discovered took months of investigation… and years of watching this moment build in the background of everyday life.

A powerful force — one almost no one fully understands — is on the verge of tearing through American life and wealth with brutal efficiency.

It won’t be fair. It won’t be gradual. And it won’t spare the unprepared. Hundreds of millions will feel the impact. Some could be devastated. A few others will come out far richer.

Which side you end up on may come down to one thing: how fast you act.

My job is simple: to make sure you land on the right side of what’s coming.

This force, described by Elon Musk as “the most likely cause of World War 3, demands a response. And it’s getting one.

It’s the reason Trump has been raising trillions of dollars from the Middle East…

The reason he forced Zelensky to hand over rights to half of Ukraine’s enormous mineral deposits…

It’s the reason Apple is spending $500 billion to bring their factories back to U.S. soil.

It’s even behind the President’s strange obsession with Greenland.

The threat of this force looms so large that Trump has privately declared it a national emergency… mobilizing public and private capital on a scale we haven’t seen since the Second World War.

In fact, strange as this may sound, what’s unfolding eerily resembles America’s transition to a total war state, 85 years ago.

Back then, key industrial assets were “drafted” to support the war effort. Boeing, GM, Ford, and Caterpillar were called on to produce tanks, fighter planes, and radar.

Today, the President has recruited the likes of Apple’s Tim Cook, Amazon’s Jeff Bezos, Mark Zuckerberg, and OpenAI’s Sam Altman… to tap their vast resources for his own, undeclared national emergency.

Why has he called upon the world’s largest companies and wealthiest men?

As you’ll see, trillions of dollars are rapidly being directed into a concentrated set of companies closely connected to this national emergency.

In this special broadcast, Jeff Brown and I will reveal what this national emergency is and how Trump and his team are reordering the entire economy to prepare for it.

More importantly, we’ll name the two companies most likely to profit.

This new emergency could determine who retires rich — and who gets wiped out, as it forces an epic rotation of capital from one side of the market to the other.

You still have time to prepare – but not much. In a matter of days, an expected announcement from Trump could send capital flooding into the companies we share in the broadcast.

That’s why we’re urging you to watch today.

Good investing,

Porter Stansberry

P.S. This is already underway. Money is rapidly moving. And we believe several popular stocks could be decimated by it. Don’t wait to be engulfed by it – prepare now. Go here.

For Your Education and Enjoyment

Is American Express the Credit Stock For a K-Shaped Economy?

Written by Dan Schmidt. Published 11/27/2025.

Key Points

Credit card stocks have been a story to watch as consumer sentiment continues to sour.
Despite resilient spending, the stocks of Visa, Mastercard, and American Express have been heading in opposite directions.
If the economy continues to go 'K-shaped', American Express stands as the potential winner in this industry.

Consumer delinquency rates are on the rise, and recent market volatility shows investors are on edge as economic worries weigh on sentiment. Shares of Visa Inc. (NYSE: V) and Mastercard Inc. (NYSE: MA) have barely moved since April despite solid earnings, while American Express Co. (NYSE: AXP) has outperformed despite a Q3 revenue miss. Can AXP continue to lead the pack? It depends on which segment of consumers feels the pinch as 2026 approaches.

Hints from Q3 Earnings on Consumer Strength

Actions speak louder than words — especially when discussing the U.S. consumer. Sentiment is weak, with University of Michigan survey data showing deteriorating expectations. Still, consumers are spending enough to keep the economy afloat.

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According to the Federal Reserve's economic data, net credit card charge-off rates at commercial banks have dropped to 4.17%, nearly 50 basis points lower than a year ago. All three major credit card companies reported Q3 earnings in October and each showed surprising consumer resilience despite headwinds such as tariffs, high interest rates, and souring sentiment.

American Express: In its Oct. 17 conference call, AXP reported a revenue miss but a strong EPS beat. Revenue still set a quarterly record, and the company raised full-year sales guidance to reflect 9–10% growth. Delinquencies and write-offs remain below 2019 levels thanks to the company's affluent client base, and credit losses were down 5% year-over-year (YOY).
Visa: A small EPS beat and a large revenue beat were the highlights of Visa's fiscal Q4 2025 earnings call on Oct. 28, with net revenue up 11% YOY and EPS up 14% YOY. However, the company guided to lower-than-expected revenue growth and anticipates higher operating expenses in 2026.
Mastercard: On Oct. 30, Mastercard also posted top- and bottom-line beats for Q3 2025, including impressive revenue growth of 15% YOY. The Capital One migration remains a 2026 revenue headwind, and the company carries a richer valuation than some peers.

All three companies emphasized stronger-than-expected consumer spending across income levels, even as lower-income households became more cost-conscious. Resilient consumer spending is a tailwind for any financial company that earns transaction fees. Still, one of these card issuers appears better positioned than the others to win in the current environment.

American Express Gains From Affluent Focus but Takes on More Risk

The K-shaped economic narrative began to take shape after the April market reversal, following President Trump's cancellation of his Liberation Day tariffs. All three credit card stocks rebounded in May, but American Express began separating from the pack in early June.

This divergence was an early signal of a K-shaped recovery, with affluent customers continuing to spend while lower- and middle-income consumers tightened their belts.

American Express has lower margins than Visa or Mastercard, mainly because it operates both as a bank and a card issuer. Visa and Mastercard issue cards through partner banks and earn fees on transactions, while American Express also extends credit directly.

Lending provides an extra revenue stream for American Express but also another source of risk if an economic slowdown reaches higher-income customers. If affluent cardholders default, American Express is directly on the hook for those loans; Visa and Mastercard outsource much of that credit risk to the banks that issue their cards.

Visa and Mastercard Are More Vulnerable to the Lower End of the "K"

Visa and Mastercard have broader client bases but generate less revenue per customer because their earnings come primarily from transaction fees and their customer base is spread across the income spectrum. That makes them more exposed to weakness among lower-income consumers. They also trade at premium valuations relative to American Express, using measures such as price-to-earnings (P/E) and price-to-sales (P/S).

Mastercard currently trades at more than 33 times forward earnings and about 15 times sales, while Visa is slightly cheaper at roughly 29 times forward earnings and 15 times sales. By comparison, American Express trades at about 23 times forward earnings and 3.5 times sales, which helps explain why AXP has outperformed V and MA as the economy begins to bifurcate.

AXP Has Attractive Metrics and Tailwinds

American Express offers a more attractive valuation, stronger revenue growth, and favorable economic tailwinds relative to Visa and Mastercard — factors that have lifted AXP nearly 40% since April. Is the rally overextended? Technical indicators on the daily chart suggest there's still support for the move.

After a Golden Cross in June, AXP has built a firm support base along the 50-day simple moving average (SMA). Traders have also noticed a pattern over recent months: selling when the Relative Strength Index (RSI) reaches overbought levels and buying when the 50-day SMA is tested. That pattern appears to be playing out again.

For Visa or Mastercard to meaningfully catch up with AXP, economic distress would need to spread to higher-income consumers, or American Express's credit picture would need to deteriorate substantially. At the moment, neither scenario looks imminent, so AXP is likely to keep outperforming V and MA in the near term.

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