| Dear Reader, Yesterday, Treasury Secretary Scott Bessent appeared on CNBC and quietly confirmed what many of us have sensed… beneath the surface, the global economy is fracturing. Tariffs at 125%–145% are unsustainable. Negotiations with China are fragmented. No formal agreement. No clear path forward. In Bessent’s words, only a “complex” situation, but no plan. Not the kind of confidence we want to hear, but nothing to be surprised by. Bessent himself admitted he was surprised by last week’s rally, saying he hadn’t said anything new in the past 72 hours that hadn’t already been said to the mainstream media. Meanwhile, as I noted in this weekend’s Thoughts from the Frontline “Tariff-Induced Paralysis,” China’s subsidized export model is bleeding. Supply chains are fracturing beneath the surface. And US policymakers are scrambling to reassert control over capital and trade flows. It’s time to call it for what it is. The ground beneath the global economy is shifting, and not in small ways. I call it a global vibe shift. [Secure Your Spot for SIC 2025]
Some shifts are obvious. Others are almost invisible.
Lately, more and more investors I trust are stepping back and asking themselves: Where am I positioned? Where am I most vulnerable? What other forces might be shifting that I just can’t see yet? It’s a healthy instinct. Whether you’re invested in stocks, bonds, gold, commodities, crypto, or real assets, no part of the financial system will be untouched. Nothing is off-limits. That’s why this year’s SIC is designed differently. We’re focusing on the real forces investors must understand today—so they can guard against recession risks, navigate trade wars, and position themselves for the new opportunities emerging beneath the surface. To give you a glimpse, at SIC 2025, you’ll hear: Marko Papic, Matthew Pines, and @ShanghaiMacro (whose identity we have to keep confidential, due to his criticism of the CCP) discuss how fractures inside China’s economy could ripple across global tech, commodities, and emerging markets. Why tariffs are just the surface story, and how Renè Aninao and David Bahnsen are tracking the way taxes, regulation, and currency could reshape portfolios. Where Juliette Declercq sees smart capital moving, as demographic shifts, fiscal decay, and policy fatigue quietly redraw the macro landscape. And the generational realignment George Friedman has been warning about, and how it’s rewriting the rules for growth, security, and investment across the globe. But that barely scratches the surface. Over two dozen more speakers will join us, each offering a critical perspective on how to navigate the road ahead. [Secure Your Spot for SIC 2025] We’re two weeks out. The event runs May 12–21, every other day. It’s fully virtual and easy to be a part of. Just buy a ticket, grab a pencil, and come ready because you’ll listen to investors at the top of their game… decision-makers, some actively managing billions, with skin in the game. They have to get it right. You’ll have a front-row seat to hear their best thinking and gain insights you can apply directly to your own portfolio. You can watch it live, review the presentations at your convenience, or read the transcripts, whichever fits your schedule best. And you’ll always have access. Rest assured, there are no sales pitches at the SIC. The stakes are too high for anything less. We’ve made the full agenda open to the public, so you can see exactly why you’ll want to be part of this year’s SIC on the next page. Don’t procrastinate. Get your ticket now… that way it’s done. Join me and some of the most forward-thinking minds in the world—and get a better handle on what’s coming. [Secure Your Spot for SIC 2025] Your preparing for what’s ahead and staying hopeful analyst,
John Mauldin
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