Charlie Munger understood the real payoff of wealth isn’t luxury - it’s freedom.
Freedom to say no.
Freedom to walk away.
Freedom to live life on your own terms.
Samuel Benner, a farmer from the 1800s, published a book with market analysis on periods of panic, good times to buy, and good times to sell. 150 years later, his analysis has proven to be remarkably accurate.
Stock Market Crash "Hindenburg Omen" Triggered 🚨
The Hindenburg Omen, an indicator that correctly detected the 1987 and 2008 stock market crashes, triggered simultaneously on Wednesday for both the Nasdaq and the NYSE 🤯👀
20-year annualized returns by asset class (2002-2021):
• REITs: 11.2%
• S&P 500: 9.5%
• 60/40 portfolio: 7.4%
• Bonds: 4.3%
• Average investor: 3.6%
• Inflation: 2.2%
The market gave investors 9.5%. The average investor got 3.6%. The difference is what happens between buy and sell.
The S&P 500 has never been negative over 20 years. The average investor barely beat inflation. Same starting line, completely different finishes.
S&P 500 just logged its 18th ATH of 2026 and 7th in May.
Since 1950, only 3 other years saw $SPX make 7+ May highs and each delivered double digit returns:
1995: +34.1%
2013: +29.6%
2017: +19.4%
"Historically, these are classic early-cycle signs: businesses see more activity, so they add hours and temps before committing to costly full-time hires"
@DualityResearch
Fascinating data from GS:
“On March 27, dealer gamma positioning hit -$7.24bn – the 2nd most negative GEX print on record. Six weeks later, dealer gamma closed Friday at +$21.3bn, now the 8th highest positive GEX reading ever recorded. To put that in perspective, 7 of the top 10 highest GEX readings in history came during 2021.”
“That was peak post-stimulus melt-up – retail call buying was everywhere, realized vol was suppressed, upside chasing was aggressive, and dealers were structurally long gamma… importantly, those 2021 episodes (ex-November) were not bearish omens – they were periods where the market continued grinding materially higher.”
Will be interesting to see how this develops…
S&P 500 just logged its 17th ATH of 2026.
Since 1950, there have been 31 years with 17+ ATHs. Excluding 2018, $SPX finished higher in 30 of those, with an average gain of 19.7%.
A similar move in 2026 would put the index near 8200.