Disclosures and Details

Please read the following information carefully.

This isn't your typical, boilerplate disclaimer. And this document contains two
distinct parts.

Part 1: DISCLOSURES ABOUT OUR BUSINESS contains critical information that will
help you use our work appropriately and give you a far better understanding of how
our business works – both the benefits it might o er you and the inevitable
limitations of our products.

Part 2: PROMOTION DETAILS contains facts, figures, explanations, annotations, full

testimonials, and other resources about the promotional piece you just viewed. If
you have questions or want more information about the marketing material you just
viewed, the first place to look is Part 2 of this document.

PART 1: DISCLOSURES ABOUT OUR BUSINESS

The first and most important rule of investing is, in our view, the most obvious:

Investing always involves the risk of loss.

Paradoxically, investing is o en most risky when it appears safest. This lesson of

history led us to adopt a rather unconventional strategy – a contrarian approach to
investing. We believe our approach has great merit, based upon our reading of
history of our own track record to date. But as you surely have heard before, the past
isnʼt necessarily a guide to the future. No matter how well we do our job, no matter
how much research we conduct, no matter how promising the opportunity, or
certain our analyst… you cannot escape the fact that every investment opportunity
(and particularly in stocks) comes with the risk of a loss. These risks are part of the
reason why great investment ideas are rare and incredibly valuable. You should
understand why a business – like ours – would be willing to share investment ideas
with you and under what terms. Weʼve prepared this document to help you
understand exactly why we publish our best investment ideas (instead of simply
investing in them or managing a hedge fund or other investment pool). It will give
you insight into the specific conflict of interest we face as publishers and describe
how we collect our track records. It will describe our posture in regards to guarantees
and refunds. It will explain the regulatory and legal framework that governs how we
operate and perhaps most important, it will set the stage for a long and happy
business relationship. Weʼve been successful in this business for more than 20 years
because weʼve always been dedicated to serving our subscribers by only publishing
materials weʼd want our own families to read and follow, by always being completely
transparent about the utility of our products (track records), and by always
considering how weʼd want to be treated if the roles were reversed. If youʼll take the
time to read this document, we believe you will be far more likely to succeed using
our materials. You will know more about our approach to serving investors. Youʼll
know more about the limits of what we can help you achieve. And most of all, you
will know a lot more about the risks you inevitably face as an investor.

The first thing to know about our business (Stansberry Research) is that we are
NOT money managers, brokers, or fiduciaries of any kind.

Our published work is NOT a low-price replacement for an experienced money

manager, broker, or investment advisor. Instead, Stansberry Research LLC is a
publishing company and the indicators, strategies, reports, articles, and all other
features of our products are provided for informational and educational purposes
only. Under no circumstances should you construe anything that appears in our
newsletters, reports, or on our website as personalized investment advice. Our
recommendations and analysis are based on Securities and Exchange Commission
(SEC) filings, current events, interviews, corporate press releases, and what weʼve
learned as financial journalists. It may contain errors, and you shouldnʼt make any
investment decision based solely on what you read here. If you are not an
experienced investor, we urge you to get as much education as possible and to
consult a licensed individual advisor before making investments of any kind. The
regulatory regime for investment advisors and money managers makes it di icult (if
not impossible) to serve both the general public and individuals. We have chosen to
provide our research to the general public for a number of good reasons. For one, we
know that Wall Street has enjoyed a dramatic advantage over the average investor
for decades. And we want to level the playing field as much as possible. But the most
important reason for serving the general public relates to something called the
“prudent man” rule. Historically, the best investment opportunities have arisen amid
circumstances most investors believed were risky. For example, opportunities to buy
large-cap U.S. stocks at attractive prices have occurred almost exclusively during
periods of great economic uncertainty. Recently such opportunities arose in 1987,
1994, 1998, 2002, and 2008. We are confident that such opportunities will occur
again. Excessive greed and fear are the emotions that drive the public markets.
Likewise, individual securities o en trade at the most attractive prices when serious
problems arise in a given business. We call these company-specific problems
“warts.” However, precisely because most investors are repulsed by such securities,
investors willing to study them can produce large investment returns. We seek to
take advantage of these opportunities for the benefit of our subscribers. As Iʼll
explain later, our firm does not own any stocks, nor do we allow our investment
analysts to own the stocks they recommend for our subscribers. Investment
fiduciaries are o en forbidden by regulations – most notably the so-called “prudent
man” rule – from taking a contrarian approach like ours with a majority of their
investments. These regulations date back to 1830 (though the rules have been
significantly revised over the years). The rule boils down to a simple concept:
Fiduciaries have an obligation to avoid taking investment risks that are contrary to
the publicʼs opinion. Individual investment managers with fiduciary obligations are
legally required “to observe how men of prudence, discretion, and intelligence
manage their own a airs.” These rules essentially require registered investment
advisors to invest alongside the public. They are forbidden, for example, from
shorting stocks. This makes taking a truly contrarian approach nearly impossible
because of regulatory and legal liability concerns.

Our companyʼs primary approach to investing is based in contrarian strategies

that may be significantly at odds with conventional wisdom and mainstream
approaches to capital management.

That means many of the recommendations and strategies we cover in our

publications will seem risky and controversial. It also helps explain why investors and
media outlets that follow a more conventional “prudent man” approach frequently
criticize our work and even accuse us of malfeasance. We urge you to consider our
investment ideas carefully and to follow all of our strategies for risk management,
especially position sizing and trailing stop losses. But most of all… we urge you to
educate yourself about the philosophy that underlies our approach. If you will take
the time to understand why we believe our strategies are likely to work, you can
acquire the emotional fortitude and the discipline necessary to successfully apply
our strategies. If you lack this understanding, you are very unlikely to succeed.

We are NOT responsible for your results – good or bad. We will NOT take credit
(in the form of a percentage of your profits) for your success. Nor are we legally
liable for any of your losses.

Subscribing to our newsletters will not make us responsible for your investment
results. You will bear the full burden of the risks you decide to take. As we will
regularly remind you: Itʼs your money, and itʼs your responsibility. Our lack of fiduciary
responsibility might cause you to second-guess our work. Thatʼs fine with us. We
urge you to be critical and skeptical of all investment recommendations, no matter
the source. But the simple fact is, if we were subject to legal liability for any losses
resulting from our recommendations, our business would disappear overnight. No
investment manager could withstand the risk of investment losses without also
reaping the rewards of investment gains. Being free of these fiduciary obligations
allows us the freedom to operate and to provide information about investment
strategies (contrarian) and investment ideas that others are not able or willing to
cover. Therefore, when you use our services remember to always limit your position
sizes to an amount you can easily a ord to lose. (Weʼd recommend the same advice
when making an investment based on a recommendation from any source.)

A very important warning: We make mistakes.

We are human. We make mistakes. Sometimes our ideas and hunches turn out to be
wrong (though not o en, weʼre pleased to report). More frequently our “timing” is
o . That is, an investment theme we expect to develop only does so in a timeframe
that makes it di icult to earn a profit. And of course, there are also times when we
are misled, despite reasonable e orts to confirm our sources. Based on the large
number of customers we have acquired and retained and based on our own
internally kept track records (more on these below), we feel confident that on the
whole our work is extremely reliable. We doubt youʼll find work by any other
publisher that is as detailed and well-sourced. Nevertheless, it is important for you to
realize that no published materials anywhere – not even the New York Times - is
regularly published without at least occasional mistakes. When we make mistakes,
you can count on us to correct them as quickly and honestly as possible. It is very
unlikely (though it does happen from time to time) that you will become wealthy
from trading stocks, bonds, options, commodities, or other financial instruments.
The most realistic way to become wealthy, in our view, is by building your own
business or by playing a key role in the creation or the significant growth of an
existing one. Our newsletters are intended to serve people who are in the process of
wealth building by helping them manage their savings or people who already have
significant amounts of savings earn a higher average return.

Why not simply manage money or keep our ideas for ourselves?

Most knowledgeable investors are willing to share their ideas with other investors in
exchange for a fee. Sharing ideas doesnʼt reduce returns and can generate
substantial amounts of income for good investors. Fees for top-quality money
managers are high – especially for investors who are able to pursue contrarian
strategies. Hedge funds, for example, typically charge 2% of assets under
management and 20% of profits. Fees generated by successful hedge funds can
reach into billions of dollars. While we have considered for many years launching
such a fund, the regulatory burden and the cost of raising large amounts of capital,
are significant. On the other hand, thanks to the First Amendment, there are
relatively few legal burdens to publishing and thanks to the Internet, there are few
capital constraints. These low barriers to entry allowed us to achieve a significant
amount of success very quickly. We reached 100,000 subscribers within five years of
operations. Within about 10 years of operations, weʼd reached well over a million
total readers and more than 500,000 paid subscribers. Thus, in about 10 years, we
grew from a start-up (Porter Stansberry wrote our first sales letter on a borrowed
laptop computer from his kitchen table) to the worldʼs leading subscription-based
financial publisher (according to various databases of subscriber figures). We know
of no other business in our industry that has ever achieved growth equal to even a
fraction of these numbers so quickly. We donʼt believe such rapid success would
have been possible if weʼd attempted to build a money-management business. You
should know that we attribute our success to three simple factors: our contrarian
approach (we cover valuable opportunities others wonʼt or canʼt), the number of
very highly skilled analysts we were able to recruit and retain (primarily by o ering a
work environment that promised lucrative rewards for success with almost no
conflicts of interest), and the integrity with which we have always approached our
endeavors. Or as our founder likes to say in jest, “All it takes is a decade of hard work
to become an overnight success.” Our path to success was set in motion by a simple
choice: We decided to publish our investment ideas to millions of people around the
world at a relatively low price rather than sharing our ideas exclusively with a very
small group of wealthy investors at a high price. In the long term, for this approach to
be successful, we must continue to provide large numbers of subscribers with
unique, contrarian investment advice that is reliable and profitable.

We have structured our business in an e ort to avoid conflicts of interest, but a

significant potential conflict of interest still exists.

We believe everyone involved in finance has some conflict of interest. Hedge-fund

managers, for example have a tremendous incentive to produce short-term capital
gains so that they can generate fee income (20% of gains). This might lead them to
take short-term risks at the expense of safer and more lucrative long-term gains. This
conflict will exist even if the manager keeps all or most of his wealth inside the fund.
It also helps explain why successful hedge-fund managers o en end up earning far
more from running the fund than their clients make investing in it. We generate our
profits exclusively from the subscriptions we sell. This is deliberate. We do not want
our subscribers to wonder whether we were recommending a company or an
investment because the company or investment sponsor advertised with
us. This has been one of the ways that we have steered clear of potential conflicts of
interest but itʼs not the only one.

We donʼt accept compensation (or favors) from the companies we recommend as

investments.

As you may know, many newsletter companies do not adhere to the same guidelines
that we do. Some accept compensation from the companies whose stock they
recommend and cover. We could argue that our policies described above leave us
completely free of any conflict of interest. Other financial publishers will surely make
such a claim. But itʼs not completely true. We have made e orts to structure our
business so that we donʼt have any conflicts of interest. But despite our e orts, we do
have a conflict. Itʼs a conflict thatʼs systemic throughout the investment community
and complex to explain… so bear with me. The investing public has the unfailing
tendency to rush into the worst possible investments at the worst possible time. We
call this the “paradox” of finance. People can figure out when itʼs a good time to buy
groceries – when theyʼre on sale. But when it comes to securities, people tend to
ignore them when theyʼre cheap and stampede into them when theyʼre expensive.
For example… youʼll remember that in 1999 and 2000 investors all rushed into tech
stocks… at the wrong time. Then, they rushed into the housing market… at the
wrong time. We believe this irrational behavior is linked to the emotional need many
people have to conform. Itʼs the same psychology, essentially, that powers the
fashion business. We canʼt say what investment passion will strike the crowd next,
but we know, when it occurs, it would prove lucrative for us to publish information
confirming the crowdʼs passions… even when it involves making bad or dangerous
recommendations. That is, during bubble periods, we have a financial incentive to
help inflate the bubble because thatʼs the kind of information the public will demand
in those periods. This conflict – the temptation to sell the public the information it
wants even if itʼs not in their interests – isnʼt unique to financial publishers. All forms
of media face this conflict. Thatʼs why, at market tops, you will commonly find
magazine covers and other types of mainstream media embracing the bubble. We
attempt to balance this conflict by focusing on proven contrarian approaches to
investing. We further advocate strict risk-management strategies that have so far
largely prevented us from being caught up in investment manias. You should also
know that the structure of our company and the factors that drive our profits help
minimize the financial temptation to “go with the crowd” in the short term.
Essentially all of our profits are derived from renewal sales or additional sales to
existing customers. We typically market to new customers at a loss. This allows us to
reach more potential subscribers and, over time, to build a bigger business. It also
means that unless our subscribers choose to renew in large numbers, we are
unlikely to succeed at our business. This helps to align our interests with the long-
term success of our subscribers. We believe we are unique in this long-term strategy
among all financial publishers. Just to be clear, though, no financial business is
totally immune to all conflicts of interest – just as no investment is totally free of risk.
No matter how dedicated our executives are to the success and wellbeing of our
subscribers, at least some of our employees will be motivated by a need to sell, to
motivate, to persuade, and to captivate our subscribers to produce revenue for our
business. It is di icult to sell anything without embracing, at least somewhat, the
mood of the public. Thus, we urge all subscribers to reference our most recent
newsletters and to consult with an individual advisor before
making any investments. Likewise, we would urge you not to rely – at all – on any of
our marketing pieces or sales letters when making your investment decisions. These
publications are designed to sell our research products and thus, by design, lack the
more fully balanced analysis of the risks and rewards of any particular investment
idea that you will find in our newsletters.

We o er one of the most generous refund policies in our industry… and perhaps
in the world.

More so than any other business we can name, we believe in “parting as friends.” If
we cannot meet your expectations, you should always have the opportunity to call
us on the phone, tell us how weʼve failed you, and get your money back. That is why,
since the first day of our operations, we have always maintained in-house customer
service, hiring bright, and dedicated young people and employing them in our
headquarter buildings. They work in the same building as our senior executives and
our owners. Whatever the purpose of your call, it will be answered promptly and
handled professionally. Our wait times are normally less than one minute. And our
average call duration is less than five minutes. We are open for business (on the
phone for customer service) from Monday through Friday, 9 a.m. through 5 p.m.
Eastern time. Our phone number is: 1-888-261-2693.

Some cynical readers have suggested that we o er such generous refunds because
we donʼt really believe in (or stand behind) our work. Nothing could be further from
the truth. Our guarantees reflect the complete confidence we have in our products.
Our goal is to never publish anything our founder wouldnʼt want his own parents to
read and to follow. Our basic philosophy is that we have to earn your business, which
is why we o er you the chance to ask for your money back. This “we havenʼt earned
it yet” attitude encourages us to continue to do great work for you. But thatʼs not all
we promise. To encourage subscribers to try our products, we further
provide complete refunds on virtually all of our entry-level products for periods of up
to 30 days (our o ers vary). We only pay sales commissions on a post-refund basis.
Thus our employees have no financial incentive to mislead anyone. Furthermore, our
potential customers are encouraged to try our products with zero financial risk. If we
canʼt deliver on our promises, theyʼre entitled to all of their money back on virtually
every entry-level product we o er. You can “get to know us” without taking a single
penny of risk. In most cases, our investing and trading services also come with a 30-
day guarantee as well. We want you to be completely satisfied with your decision. If
youʼre not, our Baltimore-based customer service team will promptly refund the full
amount of your purchase if you call within 30 days. Subscribers may also request a
sample issue (containing out-of-date information from a previously published
newsletter) from our customer service team to evaluate for themselves, at any time,
the value of these products. The policies – o ering plenty of no-risk-whatsoever
opportunities in conjunction with asking customers to make a small commitment on
certain products – provides a reasonable balance between the rights we have as a
content provider with valuable information and those of our customers to avoid
making a purchase thatʼs doesnʼt match their investing styles or interests. From time
to time, we will make o ers that donʼt include the option to receive a refund. A
skeptical reader might suggest that we are trying to trick people into subscribing to a
service that isnʼt right for them so we can make more money. But the exact opposite
is true. We want to limit the sales of that particular o er to only the most serious
readers. We want to make sure that the subscribers to these o ers intend to
subscribe and stick with that particular newsletter. In the past weʼve had people
subscribe just to read about the situation we were describing in the marketing o er.
They would download all of the information and then call us for a refund. That is
unfair to the other subscribers and to us as publishers. Those arenʼt the kind of
subscribers we are looking for. We want subscribers that understand the value of our
work and are committing to being a long-term customer of our business. So, we use
the “no refund” o er exclusively for situations where we want to limit the sales to
subscribers who are serious about buying the information and remaining
subscribers. If a customer buys one of these o ers and finds out that they canʼt act
on the advice our Customer Service team will find a way to apply the money from
that purchase to another newsletter via our credit system. We cannot imagine a
reasonable person being disappointed in our willingness to provide a refund, a
subscription extension, or a credit. Our policy – of always being willing to “part as
friends” – has kept our business on the right side of nearly every potential conflict.
No matter which one of our products you purchase the terms of the o er are always
clearly described on the order form. We strive to make sure every customer
understands exactly what they are buying, how much it costs and what their options
are if they choose not to keep their subscription. While we know it is impossible to
avoid every potential misunderstanding and to make everyone happy all of the time,
weʼre proud of our ability to consistently please so many of our customers. We have
among the industryʼs highest renewal rates and, as far as we know, the largest base
of lifetime customers. Our companyʼs most important asset is our reputation for
trustworthiness, and maintaining that reputation is our highest goal.

Why our business model is almost exclusively based on subscriptions.

You may have noticed that the vast majority of our products are o ered only via
subscription. To protect free speech and to encourage public debate and the
exchange of ideas, the SEC has carved out whatʼs known as the “publisherʼs
exemption” from certain securities laws. This exemption doesnʼt mean that we can
write whatever we want. It means that we arenʼt required to be registered with the
SEC. And it means that we can write about things registered advisors would find
di icult to get through their compliance departments – such as extremely contrarian
advice. To qualify for this exemption from securities licensing (and avoid the
“prudent man” restrictions we mentioned earlier), we must be a “bona fide”
publisher, which under law is defined as a publisher who o ers commentary to the
public on a regular schedule via subscription. The SEC frowns on “tip sheets” that
sell one-o reports. These policies help create accountability for publishers. If we
arenʼt able to live up to our promises and the expectations we set, our clients have
the right to demand a refund. And thatʼs why weʼve always had such a liberal and
generous refund policy. We have no problem proving our value to subscribers. Itʼs
exactly how weʼd want to be treated if our roles were reversed.

Newsletter track records: Why theyʼre not like mutual funds.

The mutual-fund industry has become, like the wine trade, addicted to extremely
simplistic, almost ritualistic, evaluations of quality. A wine is a 96. Thatʼs great. A fund
is five-star. Thatʼs great. Whatʼs your newsletterʼs rank? The problem is, unlike a
mutual fund, newsletter track records have no precise starting point or ending point.
The size (number of positions) grows over time, as the letter adds recommendations.
Thus, a newsletter canʼt really be compared – directly – to either a mutual fund or a
stock index. The closest comparison we can manage for newsletters is to give you the
average annual return of each recommendation made and the average holding
period. This gives you the annualized return – which is an approximation of what you
might have earned following the advice of a newsletter. Itʼs far from precise. It
doesnʼt account for taxes (if youʼre investing in a taxable account) or “slippage” –
which is the price you paid when you bought versus the recommended price and the
price you got when you sold versus the recommended sell price. We can only track
prices that are available in the market at the time we publish. Occasionally, someone
will complain that our track records arenʼt reliable because they donʼt reflect actual
investment returns. Itʼs important for you to realize that your results might be better
or worse than the results we represent. We simply have no way to know what your
entry price was, what your exit price was, or what taxes youʼve paid (or will
eventually pay). We strive to make our track records accurate. They may, or they may
not, be representative of your actual results. Now… hereʼs the problem with track
records and the reliance some investors place on them. Thereʼs not a single mutual
fund in the world whose long-term track record is great (10 years with double-digit
annual returns) that doesnʼt also have periods of terrible investment performance.
Likewise in the newsletter business, we have some analysts and some strategies that
excel during bull markets. Some that excel during bear markets. And some that can
produce very consistent (but not world-beating) results. We had an editor, for
example, close out 136 winning positions in a row, where the average return on each
position was roughly 10%. Of course, he held those positions open for two to three
months. So his annualized return over that period was 52%. Nearly all of our
products are based on a fundamental approach to securities analysis. A few o er
advice based on the marketʼs technical outlook. Weʼve developed a preference
for fundamental factors (like the underlying quality of the business and a rational
evaluation of the stockʼs intrinsic value versus its market price) because weʼve found
these qualitative measures to be the most reliable. The most important thing that
you need to understand is that no single investment strategy (or investment analyst)
can provide consistently market-beating advice at all times and in all markets. Our
analysts use a variety of contrarian-based strategies. Our e orts are designed to
allow you to use the right tools in the right market conditions. All of our publications
maintain a track record. Virtually all of them post their open positions on our website
and almost all of them are also printed with each issue. All of the back issues are
available on our website. You can see for yourself how each analyst has done with
every recommendation he or she has ever made. You can see how each of our
products has performed in the past, during various market conditions. All of these
things we do to inform our readers about the products that theyʼve purchased and
represent our e orts to be transparent. Please understand: The best thing an
investment research product can bring you is a good idea thatʼs right for the market
conditions and o ers an overwhelming potential for success versus a moderate level of
risk. No investment newsletter is likely to make you rich overnight, although weʼve
seen huge profits in volatile industries, like mining and biotechnology. Most of your
success as an investor will be determined by how much capital you have to invest,
how much time you have to invest, and your asset allocation, that is, how much of
your capital you have in stocks versus bonds and cash. If you want to be successful as
an investor, our best advice is to become an expert at avoiding risk. Simply putting
your money into high-quality stocks and bonds is very likely your best bet.

Another way we try to avoid conflicts: Our analysts do not buy the stocks they
recommend to you.

Our company policy forbids our investment analysts and their sta from owning any
stock they recommend. In addition, other employees of Stansberry Research may
not purchase recommended securities until 24 hours a er the recommendations
have been distributed to our subscribers on the Internet. Some subscribers profess
to be disappointed that our analysts donʼt “eat their own cooking” or have any “skin
in the game” since they arenʼt allowed to own even a token amount of the stocks
theyʼve recommended. That opinion is naïve. Nothing is more important to the long-
term success of an analyst in our industry than a reputation for producing excellent
results for their subscribers. An analystʼs standing in our company and our industry is
measured by his or her ability to produce a winning track record using a given
strategy. This is real skin in the game – far more skin than simply investing a few
thousand dollars in a particular stock. This position also allows our analysts to be
genuinely independent. That guarantees us that the only reason they have to
recommend a stock, to re-recommend a stock, or to recommend selling a stock is
that they fully and sincerely believe thatʼs the best course of action. Without this
independence the possibilities of a conflict of interest are infinite.

PART 2: PROMOTION DETAILS

The following contains facts, figures, explanations, annotations, full testimonials,
and other resources about the promotional piece you just viewed.

In short, these are the resources used to put together the previous promotion. As you
have seen, we publish testimonials in our promotions. All testimonials are the words
of real subscribers that we received in real letters, emails, and other feedback. If a
subscriber sends a testimonial weʼd like to use in a promotion, a member of our
Customer Service team calls them to verify their claims. We do not make these
results up, and we do not pay or compensate subscribers for their testimonials.

When we receive testimonials from a subscriber, we veil their last name and any
identifying details to protect their privacy and identity. During the verification
process weʼll o en ask for particulars about the subscriber's results, including:

1. How much money he or she invested

2. How long he or she was in the trade

3. How much the subscriber made in dollars terms and as a percentage of the
original investment

4. What portion of his or her overall portfolio was put into the trade

We ask these questions because we want a clearer picture of the results that the
subscriber attained so that we can pass that information on to you.

While we ask these questions, we are aware that this financial information is
personal and sensitive. Some subscribers do not feel comfortable sharing this
information with us, especially knowing that we may publish it. You should keep
these questions in mind when assessing whether to purchase our products and
whether you could obtain similar results.

If the subscriber does not give us this information, then we cannot publish it. We
publish this information to let you know that these results are possible and have been
achieved by real people a er reading our research. However, you should also
understand that we are advertising these testimonials because they are atypical.
These results are examples of the very best possible outcomes.

Past results like these are no guarantee of any future result.

We wouldn't recommend anticipating such outstanding results with your own

investments. Yes, you could have results like these – or perhaps even better. But it's
simply not prudent to assume you will immediately make large investment returns.
Instead, we urge you to read our work carefully, to follow our risk management
strategies conscientiously, and to invest cautiously while setting expectations that
are based around our long-term performance averages.

The promotion you just read was for True Wealth. True Wealth has been published
monthly since 2001. The average gain since inception is 16.2%. The average gain over
3 years is 10.7%.

The details listed below are listed in the order they appear in the accompanying
promotion.

If you have any questions or want more information about the marketing material
you just viewed, here's where you should start. Remember, you can also call our
Customer Service team at our Baltimore Headquarters, from Monday through Friday,
9 a.m. through 5 p.m. Eastern time. Our toll–free phone number is: 1–888–261–2693.

PROMOTION DETAILS

Bill Bonner

Friedemann, Alice. “Bill Bonner Escapes to Argentina.” Peak Energy & Resources,
Climate Change, and the Preservation of Knowledge, 8 Mar. 2018,
https://energyskeptic.com/2018/bill-bonner-escapes-to-argentina/.

Bonner Private Research. “Decision of the Century.” Decision of the Century, Bonner
Private Research, 9 June 2022,
https://bonnerprivateresearch.substack.com/p/decision-of-the-century?s=r.

Subscriber Count

Watson, Amy. “Leading Newspapers in the U.S. by Circulation 2019.” Statista, 7 June
2021, https://www.statista.com/statistics/184682/us-daily-newspapers-by-
circulation/.

Turvill, William. “Biggest US Newspapers by Circulation Revealed – 20% Fall a er

Covid-19.” Press Gazette, 25 Aug. 2021, https://pressgazette.co.uk/biggest-us-
newspapers-by-circulation/.

New York Times Bestselling Books

Bonner, William. “William Bonner.” Amazon, John Wiley and Sons Inc, 2005,
https://www.amazon.com/William-Bonner/e/B001ITRR4O/ref=aufs_dp_mata_dsk.

“Hardcover Business Best Sellers.” The New York Times, The New York Times, 14 Dec.
2003, https://www.nytimes.com/2003/12/14/books/bestseller/hardcover-business-
best-sellers.html.

Solar House in U.S.

Bonner, William. “William Bonner.” Amazon, John Wiley and Sons Inc, 2005,
https://www.amazon.com/William-Bonner/e/B001ITRR4O/ref=aufs_dp_mata_dsk.

Viking and Norman Invasion

“The Norse Invasions and Their A ermath.” Encyclopædia Britannica, Encyclopædia

Britannica, Inc., https://www.britannica.com/place/Ireland/The-Norse-invasions-
and-their-a ermath.

“Anglo-Norman Invasion of Ireland.” Wikipedia, Wikimedia Foundation, 3 July 2022,

https://en.wikipedia.org/wiki/Anglo-Norman_invasion_of_Ireland.

Sir Walter Raleigh

Trevelyan, Raleigh. Sir Walter Raleigh, H. Holt, New York, NY, 2004, pp. 101–101.

“The River Blackwater.” Blackwater Eco Tours, 3 Mar. 2021,

https://www.blackwaterecotours.ie/the-river/.

Latham, Agnes M.C. “Sir Walter Raleigh.” Encyclopædia Britannica, Encyclopædia

Britannica, Inc., https://www.britannica.com/biography/Walter-Raleigh-English-
explorer.

“Sir Walter Raleigh.” Youghal, 19 July 2016, https://youghal.ie/heritage/sir-walter-

raleigh/.

“Walter Raleigh.” Wikipedia, Wikimedia Foundation, 11 July 2022,

https://en.wikipedia.org/wiki/Walter_Raleigh.

Walter Raleigh's House at Youghal, County Cork - Library Ireland. 25 May 1833,
https://www.libraryireland.com/articles/RaleighYoughalDPJ1-48/index.php.

Agora

The Agora, 31 Aug. 2020, https://theagora.com/.

“Ascendant Digital Shareholders Approve $3B MarketWise Deal: Dealflow's Spac

News.” DealFlow's SPAC Newsletter, 20 July 2021,
https://news.spacconference.com/2021/07/20/ascendant-digital-shareholders-
approve-3b-marketwise-deal/.

“MarketWise, Inc. (MKTW) Stock Price, News, Quote & History.” Yahoo! Finance,
Yahoo!, 18 July 2022, https://finance.yahoo.com/quote/MKTW?p=MKTW&.tsrc=fin-
srch.

Diesel Fuel Crisis

Premack, Rachel. “Grocery Stores Would Run out of Food in Just 3 Days If Long-Haul
Truckers Stopped Working.” Business Insider, Business Insider, 16 Sept. 2019,
https://www.businessinsider.com/grocery-stores-hospitals-gas-stations-would-
su er-without-truckers-2019-1?op=1.

Semuels, Alana. “Diesel Fuel Shortages Are Worsening Inflation in the U.S.” Time,
Time, 31 May 2022, https://time.com/6182262/diesel-shortage-inflation/.

Blas, Javier. “U.S. East Coast Diesel Supply Is Running on Fumes.” Bloomberg.com,
Bloomberg, 4 May 2022, https://www.bloomberg.com/opinion/articles/2022-05-
04/u-s-east-coast-diesel-supply-is-running-on-fumes?sref=lYF2JpD0.

Blas, Javier. “The Oil Price Rally Is Bad. The Diesel Crisis Is Far Worse.”
Bloomberg.com, Bloomberg, 14 Mar. 2022,
https://www.bloomberg.com/opinion/articles/2022-03-14/ukraine-war-the-oil-price-
rally-is-bad-the-diesel-crisis-is-far-worse?sref=5dj0X2VO.

Guidotti, Ross. “$1,700 Worth of Diesel Fuel Stolen from Indiana County Gas Station.”
MSN, 24 May 2022, https://www.msn.com/en-us/news/crime/241700-worth-of-
diesel-fuel-stolen-from-indiana-county-gas-station/ar-AAXGazW.

Williamson, Kevin D. “Favoring Renewable Energy over Natural Gas Investment Has
Led to the Mess in Texas.” New York Post, New York Post, 20 Feb. 2021,
https://nypost.com/2021/02/20/texas-reliance-on-renewable-energy-has-led-to-this-
winter-mess/.

Blackstone

Wallach Graphics/Design: , Omri. “The 25 Largest Private Equity Firms in One Chart.”
Visual Capitalist, 25 Nov. 2021, https://www.visualcapitalist.com/25-largest-private-
equity-firms-chart/.

Egan, Matt. “Energy Crisis Will Set o Social Unrest, Private-Equity Billionaire Warns.”
CNN, Cable News Network, 26 Oct. 2021,
https://www.cnn.com/2021/10/26/business/gas-prices-energy-crisis-
schwarzman/index.html.

1980s Japanese Stock Crash

Bonner, Bill. “The Charge of the Light-Headed Brigade.” Daily Reckoning, Daily
Reckoning, 13 Jan. 2000, https://dailyreckoning.com/the-charge-of-the-light-
headed-brigade/.

Desjardins, Ayaka. “Japan in the 1980s – Seven Crazy Facts about the Bubble Period.”
Allegro Japan, 26 June 2020, https://allegrojapan.com/blogs/ayakas-tokyo-
story/japan-in-the-1980s-seven-crazy-facts-about-the-bubble-period.

Black, Simon. “Japan's Stock Market Finally Surpasses Its Level from 30+ Years Ago.”
The Daily Bell, 16 Feb. 2021, https://www.thedailybell.com/all-articles/news-
analysis/japans-stock-market-finally-surpasses-its-level-from-30-years-ago/.

“Nikkei 225 Index Today | Live Ticker | Nikkei 225 Quote & Chart | Markets Insider.”
Business Insider, Business Insider,
https://markets.businessinsider.com/index/nikkei_225?op=1.

"dot.com" Crash

Bonner, Bill. “Getting Paid in the Internet Era.” Daily Reckoning, Daily Reckoning, 22
Aug. 2000, https://dailyreckoning.com/getting-paid-in-the-internet-era/.

Bonner, Bill. “The Untold Story Of How A Bull Became A Bubble.” Daily Reckoning,
Daily Reckoning, 2 Aug. 2000, http://dailyreckoning.com/the-untold-story-of-how-a-
bull-became-a-bubble/.

Bonner, Bill. “The Gildered Age.” Daily Reckoning, Daily Reckoning, 25 Mar. 2009,
http://dailyreckoning.com/the-gildered-age-2/.

North, Gary. “Bill Bonner's Big Idea.” Gary North -- Specific Answers, 20 Jan. 2020,
https://www.garynorth.com/public/20428.cfm.

“Nasdaq Composite.” Wikipedia, Wikimedia Foundation, 4 June 2022,

https://en.wikipedia.org/wiki/Nasdaq_Composite.

2007 Real Estate Crash

Bonner, Bill. “God*Mmit, I'm an American.” Daily Reckoning, Daily Reckoning, 20 Mar.
2009, http://dailyreckoning.com/godmmit-im-an-american/.

Bonner, William, and Addison Wiggin. Empire of Debt: The Rise of an Epic Financial
Crisis. Wiley, 2009.

“United States Bear Market of 2007–2009.” Wikipedia, Wikimedia Foundation, 1 July

2022,
https://en.wikipedia.org/wiki/United_States_bear_market_of_2007%E2%80%93200
9.

Emmons, William R. “The End Is in Sight for the U.S. Foreclosure Crisis.” Saint Louis
Fed Eagle, Federal Reserve Bank of St. Louis, 9 Dec. 2021,
https://www.stlouisfed.org/on-the-economy/2016/december/end-sight-us-
foreclosure-crisis.

Fossil Fuels vs. Green Energy

“U.S. Electricity Grid & Markets.” EPA, Environmental Protection Agency,

https://www.epa.gov/green-power-markets/us-electricity-grid-markets.

“Electricity Explained Electricity in the United States.” Electricity in the U.S. - U.S.
Energy Information Administration (EIA),
https://www.eia.gov/energyexplained/electricity/electricity-in-the-us.php.

“EIA Expects U.S. Electricity Generation from Renewables to Soon Surpass Nuclear
and Coal.” Homepage - U.S. Energy Information Administration (EIA), 30 Jan. 2020,
https://www.eia.gov/todayinenergy/detail.php?id=42655.

Energy, Rystad. “Global Oil and Gas Discoveries Set to Hit 75-Year Low in 2021.”
OilPrice.com, 21 Dec. 2021, https://oilprice.com/Energy/Crude-Oil/Global-Oil-And-
Gas-Discoveries-Set-To-Hit-75-Year-Low-In-2021.html.

Egan, Matt. “Energy Crisis Will Set o Social Unrest, Private-Equity Billionaire Warns.”
CNN, Cable News Network, 26 Oct. 2021,
https://www.cnn.com/2021/10/26/business/gas-prices-energy-crisis-
schwarzman/index.html.

Semuels, Alana. “Diesel Fuel Shortages Are Worsening Inflation in the U.S.” Time,
Time, 31 May 2022, https://time.com/6182262/diesel-shortage-inflation/.

New York Energy Crisis

Tenney, Claudia. “Opinion | New York Leads America o a Renewable-Energy Cli .”

The Wall Street Journal, Dow Jones & Company, 11 May 2022,
https://www.wsj.com/articles/new-york-leads-america-o -an-energy-cli -natural-
gas-fossil-fuels-pipelines-shale-11652296744?
st=ldyimzcas6cp8eg&reflink=article_email_share.

“Natural Gas vs. Coal – a Positive Impact on the Environment.” GASVESSEL, 19 Sept.
2018, https://www.gasvessel.eu/news/natural-gas-vs-coal-impact-on-the-
environment/.

Sinding, Kate. “Historic Victory for Public Health as Governor Cuomo Bans Fracking
in New York.” NRDC, 18 Dec. 2014, https://www.nrdc.org/experts/kate-
sinding/historic-victory-public-health-governor-cuomo-bans-fracking-new-york.

Kennedy, Kit. “Indian Point Is Closing, but Clean Energy Is Here to Stay.” NRDC, 28
Apr. 2021, https://www.nrdc.org/experts/kit-kennedy/indian-point-closing-clean-
energy-here-stay.

Pirsos, John. “Bill Would Ban Natural Gas in New Buildings, Homes in NY State.”
Https://Www.wwnytv.com, 14 Feb. 2022, https://www.wwnytv.com/2022/02/14/bill-
would-ban-natural-gas-new-buildings-homes-ny-state/.

Biden Cancels Keystone Pipeline

Sandler, Rachel. “Here Are All the Actions Biden Took on His First Day in O ice.”
Forbes, Forbes Magazine, 21 Jan. 2021,
https://www.forbes.com/sites/rachelsandler/2021/01/20/here-are-all-the-actions-
biden-took-on-his-first-day-in-o ice/?sh=4da4f69e5233.

Bjorn Lomborg on Transition to Clean Energy

Ridley, Matt. “The 2004 Time 100.” Time, Time Inc., 26 Apr. 2004,
http://content.time.com/time/specials/packages/article/0,28804,1970858_1970909_
1971717,00.html.

“Crude Oil Prices - 70 Year Historical Chart.” MacroTrends,

https://www.macrotrends.net/1369/crude-oil-price-history-chart.

Germanyʼs Green Energy Scheme

Amadeo, Kimberly. “U.S. Federal Budget Breakdown.” The Balance, 24 June 2022,
https://www.thebalance.com/u-s-federal-budget-breakdown-3305789.

“Energiewende.” Wikipedia, Wikimedia Foundation, 11 July 2022,

https://en.wikipedia.org/wiki/Energiewende.

“Rocketing Power Prices & Grid Chaos: Germany's Energy 'Transition' an Unmitigated
Disaster.” Iowa Climate Science Education, 6 May 2021,
https://iowaclimate.org/2021/05/06/rocketing-power-prices-grid-chaos-germanys-
energy-transition-an-unmitigated-disaster/.

Lomborg, Bjorn. False Alarm (p. 134). Basic Books. Kindle Edition.

Baha, Christian. “German Producer Prices Jump 33.5% in April.” Breaking The News,
May 2020, https://breakingthenews.net/Article/German-producer-prices-jump-33.5-
in-April/57920303.

Martinez, Maria. “German Producer Prices Soar 33% Annually in April, Highest
Increase on Record.” MSN, May 2020, https://www.msn.com/en-
us/money/markets/german-producer-prices-soar-33-annually-in-april-highest-
increase-on-record/ar-AAXvBg1.

Americaʼs Elite Casteʼs Influence

Miller, Brandon. “Planet Has Only until 2030 to Stem Catastrophic Climate Change,
Experts Warn.” CNN, Cable News Network, 8 Oct. 2018,
https://edition.cnn.com/2018/10/07/world/climate-change-new-ipcc-report-
wxc/index.html.

“President Dwight D. Eisenhower's Farewell Address (1961).” National Archives and

Records Administration, National Archives and Records Administration, 8 Feb. 2022,
https://www.archives.gov/milestone-documents/president-dwight-d-eisenhowers-
farewell-address.

Lomborg, Bjorn. False Alarm (p. 14). Basic Books. Kindle Edition.

Ehrlichʼs Predictions

Ehrlich, Paul R. “The Population Bomb : Ehrlich, Paul R : Free Download, Borrow, and
Streaming.” Internet Archive, New York, Ballantine Books, 1 Jan. 1968,
https://archive.org/details/populationbomb00ehrl/mode/2up.

Magazine, Smithsonian. “The Book That Incited a Worldwide Fear of

Overpopulation.” Smithsonian.com, Smithsonian Institution, 1 Jan. 2018,
https://www.smithsonianmag.com/innovation/book-incited-worldwide-fear-
overpopulation-180967499/.

Haberman, Clyde. “The Unrealized Horrors of Population Explosion.” The New York
Times, The New York Times, 31 May 2015,
https://www.nytimes.com/2015/06/01/us/the-unrealized-horrors-of-population-
explosion.html#:~:text=Ehrlich%20was%20so%20sure%20of,So%20is%20India

Ehrlich, Paul R. “The Population Bomb.” Internet Archive, New York, Ballantine Books,
1 Jan. 1968, https://archive.org/details/populationbomb00ehrl/mode/2up.

Magazine, Smithsonian. “The Book That Incited a Worldwide Fear of

Overpopulation.” Smithsonian.com, Smithsonian Institution, 1 Jan. 2018,
https://www.smithsonianmag.com/innovation/book-incited-worldwide-fear-
overpopulation-180967499/.

Lott, Maxim. “10 Times 'Experts' Predicted the World Would End by Now.” Fox News,
FOX News Network, 19 Mar. 2019, https://www.foxnews.com/science/10-times-
experts-predicted-the-world-would-end-by-now.

Lomborg, Bjorn. False Alarm (p. 38). Basic Books. Kindle Edition.

Bonner Sues National Gov

Maass, Harold. “Al Gore's Ballooning Fortune: By the Numbers.” The Week, The Week,
11 Jan. 2015, https://theweek.com/articles/464715/al-gores-ballooning-fortune-by-
numbers.

Rappeport, Alan. “U.S. National Debt Tops $30 Trillion as Borrowing Surged amid
Pandemic.” The New York Times, The New York Times, 1 Feb. 2022,
https://www.nytimes.com/2022/02/01/us/politics/national-debt-30-trillion.html.

Amadeo, Kimberly. “U.S. National Debt by Year.” The Balance, 17 May 2022,
https://www.thebalance.com/national-debt-by-year-compared-to-gdp-and-major-
events-3306287

Argentina

Spruk, Rok. “The Rise and Fall of Argentina - Latin American Economic Review.”

SpringerOpen, Springer Berlin Heidelberg, 15 Nov. 2019,

https://latinaer.springeropen.com/articles/10.1186/s40503-019-0076-2.

Rejection of Energy Reserves

Joel K. Bourne, Jr. “Global Food Crisis Looms as Fertilizer Supplies Dwindle.”
Environment, National Geographic, 24 May 2022,
https://www.nationalgeographic.com/environment/article/global-food-crisis-looms-
as-fertilizer-supplies-dwindle.

Harford, Tim. “How Fertiliser Helped Feed the World.” BBC News, BBC, 2 Jan. 2017,
https://www.bbc.com/news/business-38305504.

Food Price Inflation

Abbott, Chuck. “On Average, U.S. Farmers Are Aging, but a Quarter of Them Are
Newcomers.” Food and Environment Reporting Network, Fern's AG Insider, 11 Apr.
2019, https://thefern.org/ag_insider/on-average-u-s-farmers-are-aging-but-a-
quarter-of-them-are-newcomers/.

Keating, Joshua. “Food Prices Are Going to Topple a Lot More Governments.” Slate
Magazine, Slate, 8 Apr. 2014, https://slate.com/technology/2014/04/food-riots-and-
revolution-grain-prices-predict-political-instability.html.

Inflation in Argentina vs. in America

Fergusson, Adam. When Money Dies (p. 4). PublicA airs. Kindle Edition.

Leonard, Christopher. “How Jay Powell's Coronavirus Response Is Changing the Fed.”
Time, Time, 11 June 2020, https://time.com/5851870/federal-reserve-coronavirus/.

Fed balance sheet has gone from $3.8 trillion to 8.9 trillion since sept 2019: “U.S. Fed
Balance Sheet Chart 2007-2022.” Statista Industry Overview, Statistica,
https://www.statista.com/statistics/1121448/fed-balance-sheet-timeline/.

“Gov. Newsom Still Pushing for $400 Checks for Car Owners in Inflation Relief
Package Proposal.” CBS Sacramento, CBS Sacramento, 12 May 2022,
https://sacramento.cbslocal.com/2022/05/12/newsom-california-inflation-relief-
package-proposal/.

“Governor Newsom Proposes $18.1 Billion Inflation Relief Package.” California

Governor, CA.gov, 12 May 2022, https://www.gov.ca.gov/2022/05/12/governor-
newsom-proposes-18-1-billion-inflation-relief-package/.

Minsky, Adam S. “560,000 Borrowers Will Get Automatic Student Loan Forgiveness,
but Others Can Still Apply for Relief.” Forbes, Forbes Magazine, 9 June 2022,
https://www.forbes.com/sites/adamminsky/2022/06/08/560000-borrowers-will-get-
automatic-student-loan-forgiveness-but-others-can-still-apply-for-relief/?
sh=7ba3c1cf5e83.

“Memories of 1987: Felix Zulaufʼs Outlook on Equities, Bonds, Currencies, and

Commodities.” Real Vision, 18 Feb. 2021, https://www.realvision.com/shows/real-
vision-essential/videos/memories-of-1987-felix-zulaufs-outlook-on-equities-bonds-
currencies-and-commodities-mgda?
source_collection=b57c7eabfc3945a5a3b2b72f7bc45735.

Olivera Doll, Ignacio. Bloomberg.com, Bloomberg, 25 Nov. 2021,

https://www.bloomberg.com/news/articles/2021-11-25/argentina-limits-banks-
daily-holdings-of-cash-in-dollars.

“Welcome to Macro Voices.” MacroVoices Podcast with Hedge Fund Manager Erik
Townsend, https://www.macrovoices.com/.

“The Tax Hub.” Argentina Introduces Additional Tax on Foreign Currency Purchases -
Orbitax News, Orbitrax, 18 Sept. 2020,
https://www.orbitax.com/news/archive.php/Argentina-Introduces-Additiona-43577.

Locke, Taylor. “Ray Dalio: The Government 'Outlawing Bitcoin Is a Good Probability'.”
CNBC, CNBC, 26 Mar. 2021, www.cnbc.com/2021/03/26/bridgewaters-ray-dalio-good-
probability-government-outlaws-bitcoin.html.

Mish. “Warren Bu ett Would Not Locate a Business in Illinois: Let's Explore Why.”
Mish Talk - Global Economic Trend Analysis, Mish Talk - Global Economic Trend
Analysis, 10 May 2019, www.thestreet.com/mishtalk/economics/warren-bu ett-
would-not-locate-a-business-in-illinois-let-s-explore-why.

Huebscher, Robert. “Jim Grant: The Fed Cannot Control Inflation - Advisor
Perspectives.” Advisor Perspectives, 4 May 2021,
www.advisorperspectives.com/articles/2021/05/04/jim-grant-the-fed-cannot-
control-inflation.

“Pearl S. Buck.” Wikipedia, Wikimedia Foundation, 9 July 2022,

https://en.wikipedia.org/wiki/Pearl_S._Buck

Fergusson, Adam. When Money Dies (p. 5). PublicA airs. Kindle Edition.

Faiola, Anthony. “Despair in Once-Proud Argentina.” The Washington Post, WP

Company, 6 Aug. 2002,
www.washingtonpost.com/archive/politics/2002/08/06/despair-in-once-proud-
argentina/3d9e6696-23b2-4fb9-a92b-a18e75654483/.

Olivera Doll, Ignacio. “Argentinaʼs 50% Inflation Has Crypto Credit Cards Booming.”
Bloomberg.com, Bloomberg, 16 Feb. 2022, www.bloomberg.com/news/articles/2022-
02-16/agentina-s-50-annual-inflation-has-crypto-credit-cards-booming.

“In Argentina, 55% of All Registered Workers Are Employed by Government.”

MercoPress, 27 July 2020, https://en.mercopress.com/2020/07/27/in-argentina-55-of-
all-registered-workers-are-employed-by-government.

Argentina Inflation Crash

“Argentina Corruption Report.” GAN Integrity, 5 Nov. 2020,

https://www.ganintegrity.com/portal/country-profiles/argentina/.

Perez, Santiago. “Argentina, Running Low on Dollars, Faces Fresh Economic Turmoil.”
The Wall Street Journal, Dow Jones & Company, 15 Oct. 2020,
https://www.wsj.com/articles/argentina-running-low-on-dollars-faces-fresh-
economic-turmoil-11602766036

Decline of America

Brooks, David. “America Is Falling Apart at the Seams.” The New York Times, The New
York Times, 14 Jan. 2022, https://www.nytimes.com/2022/01/13/opinion/america-
falling-apart.html.

Past Trends (1970s)

National Geographic Society. “The Energy Crisis of the 1970s.” National Geographic
Society, 9 Jan. 2020, https://www.nationalgeographic.org/activity/energy-crisis-
1970s.

“U.S. Inflation Rate 1960-2022.” MacroTrends,

https://www.macrotrends.net/countries/USA/united-states/inflation-rate-cpi.

“McDonald's 52 Year Stock Price History: MCD.” Macrotrends,

https://www.macrotrends.net/stocks/charts/MCD/mcdonalds/stock-price-history.

Domm, Patti. “Apple's Stock May Wear the Trillion-Dollar Crown, but IBM Held More
Sway over the Stock Market in Its Heyday.” CNBC, CNBC, 2 Aug. 2018,
https://www.cnbc.com/2018/08/02/apple-stock-has-most-influence-over-market-
now-but-this-other-tech-na.html.

“The Walt Disney Company (DIS) Stock Price, News, Quote & History.” Yahoo! Finance,
Yahoo!, 19 July 2022, https://finance.yahoo.com/quote/DIS.

“General Electric - 60 Year Stock Price History: GE.” Macrotrends,

https://www.macrotrends.net/stocks/charts/GE/general-electric/stock-price-history.

“Coca-Cola - 60 Year Stock Price History: KO.” Macrotrends,

https://www.macrotrends.net/stocks/charts/KO/cocacola/stock-price-history.

“S&P 500: Total and Inflation-Adjusted Historical Returns.”

http://www.simplestockinvesting.com/SP500-historical-real-total-returns.htm.

Hilsenrath, John. “When Americans Took to the Streets over Inflation.” The Wall
Street Journal, Dow Jones & Company, 13 June 2021,
https://www.wsj.com/articles/when-americans-took-to-the-streets-over-inflation-
11623412801.

U.S. Bureau of Labor Statistics, U.S. Bureau of Labor Statistics, 15 July 2022,
https://www.bls.gov/home.htm.

“Inflation Rate for Airfare between 1963-2022.” Airfare Price Inflation, 1963→2022,
https://www.in2013dollars.com/Airline-fares/price-inflation.

“Energy Crisis.” National Museum of American History, 1 Apr. 2021,

https://americanhistory.si.edu/american-enterprise-exhibition/consumer-
era/energy-crisis.

Rickards, James. “The Death of Money.” American Enterprise Institute - AEI. 9 Apr.
2014, https://www.aei.org/articles/the-death-of-money/.

DeMatos, Daniel. “America's Foreign-Currency Bonds - the Tontine Co ee.” House, 6

July 2020, https://tontineco eehouse.com/2020/07/06/americas-foreign-currency-
bonds/.

“The Oil Shocks of the 1970s.” The Oil Shocks of the 1970s | Energy History, 1 Jan.
1969, https://energyhistory.yale.edu/units/oil-shocks-1970s.

Gershon, Livia. “Gas Shortages in 1970s America Sparked Mayhem and Forever
Changed the Nation.” Smithsonian.com, Smithsonian Institution, 13 May 2021,
https://www.smithsonianmag.com/smart-news/1970s-gas-shortages-changed-
america-180977726/.

Americaʼs Upcoming Nightmare Winter

Zimmerman, Gary E. “The Real Reason Why the Fed Can't (and Won't) Raise Rates.”
Wealth Management, 23 Nov. 2021,
https://www.wealthmanagement.com/alternative-investments/real-reason-why-fed-
can-t-and-won-t-raise-rates.

Egan, Matt. “Energy Crisis Will Set o Social Unrest, Private-Equity Billionaire Warns.”
CNN, Cable News Network, 26 Oct. 2021,
https://www.cnn.com/2021/10/26/business/gas-prices-energy-crisis-
schwarzman/index.html.

Best Assets Now

“Jim Rickards.” Agora Financial, https://agorafinancial.com/editors/jrickards/.

“Steve Sjuggerud.” Stansberry Research, https://stansberryresearch.com/our-

team/steve-sjuggerud.

Bonner Private Research

“Bonner Private Research.” Substack, https://bonnerprivateresearch.substack.com/.

“NTU's Accomplishments.” National Taxpayers Union,

https://www.ntu.org/about/page/ntus-accomplishments.

Calculated Speculation

“Peabody Energy Corporation (BTU) Stock Price, News, Quote & History.” Yahoo!
Finance, Yahoo!, 19 July 2022, https://finance.yahoo.com/quote/BTU?
p=BTU&.tsrc=fin-srch.

“Danaos Corporation (DAC) Stock Price, News, Quote & History.” Yahoo! Finance,
Yahoo!, 19 July 2022, https://finance.yahoo.com/quote/DAC?p=DAC&.tsrc=fin-srch.

“Gold Price Chart.” Gold Price, https://goldprice.org/gold-price-chart.html.

“Glass House Brands Inc. (GLASF) Stock Price, News, Quote & History.” Yahoo!
Finance, Yahoo!, 19 July 2022, https://finance.yahoo.com/quote/GLASF/.

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