| Dear Friend, Recently, I wrote to you about sandpiles: how a single grain of sand, landing at just the right point, can cause the whole thing to collapse. Financial markets aren’t so different. Neither is society, really. You’ve probably felt it too. The world feels more complex, more fragile. The fingers of instability, as I’ve called them, are lengthening in our economy, politics, and even in the norms we used to take for granted. It’s harder to know who or what to trust. But here’s what I’ve learned over decades of writing this letter and from meeting people like you: When the world gets unstable, the best thing you can do is gather a few good people who see clearly, think independently, and know how to act. An Idea I Can’t Shake That’s why I’m writing today. We’ve been kicking around an idea. It’s early days, but I can’t shake the feeling there’s something here. I’ve always believed that good decisions start with good thinking and that the best thinking doesn’t happen in a vacuum. It happens when smart people challenge each other in the right setting. Not in a noisy ballroom or a comment thread, but in real conversations, with real stakes, among people who’ve been around the block and know what they don’t know. We’re exploring what it might look like to create more of those conversations in an intimate group setting with peers who are willing to commit their time and knowledge because they know the right circle can be greater than the sum of its parts. I Might Be Wrong Now, I might be wrong about this, and as ever, I won’t be afraid to admit that if so. Maybe the timing’s off or maybe the need isn’t there. That’s why I need your help. If you’ve been reading me for any length of time, you’ve probably heard me say this before: One of the greatest privileges of my career has been the sheer quality of people who show up in the Mauldin Economics readership. Investors, business owners, fund managers, scientists, diplomats—people who operate at a very high level, but don’t feel the need to announce it. We get reminded of that over and over again. But it’s also clear that this isn’t a one-size-fits-all group. Thank God for that. It means that if we’re going to build something new and meaningful, we’d better shape it with your input. So, if you’re open to it, I’d be grateful if you’d take a few minutes to weigh in on what you want from a network: your thoughts on and experiences with private, in-person communities, and what you’re interested in and expert at. We’re keeping things quiet for now—this email isn’t going out to everyone. I just want to hear from a handful of trusted readers as we explore what this could become and who it’s really for. As always, thank you for reading. I’m grateful for your time, your mind, and your trust. Warmly,
John Mauldin
Co-Founder
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