We’ve encountered a concerning statistic.
Only 30% of subscribers to The Daily Cut stick around.
That is unacceptable… But that’s not on you.
That’s our burden as financial publishers.
And so, our mission in the weeks ahead is to make this letter the most valuable thing you read every day. In fact, it’s my (Kris Sayce) personal mission.
It’s all part of a series of changes coming to your experience as a Legacy Research subscriber as we revise how we do business with you.
We’ll explain all below. But first…
The S&P 500 closed up .13% to end the day at 4,514,02… the Nasdaq gained .08%, to close at 14,125.48.
For individual stocks, Microsoft ended down 1.6% to $369.84… Appleended lower by .01% at $189.69… and Tesla ended the day at $234.30, a 0.3% gain.
In commodities, West Texas Intermediate crude oil trades at $72.90… gold is $1,941.70 per troy ounce… and bitcoin is $36,201.52.
And now, back to our story…
Where it All Began
The Legacy Research story began in 2010.
That’s when Porter Stansberry – founder of our sister company, Stansberry Research – decided he needed to find a new “home” for one of his most talented analysts, Tom Dyson.
This resulted in the creation of the Palm Beach Letter. Later, they formed a business around that service called Palm Beach Research Group (PBRG).
For most of the first six years PBRG was in business, it focused on conservative investment ideas.
Dividend income plays… insurance policy investments… tax liens… and the occasional options play – selling a put here, buying a call there.
You know, those sorts of things.
Meanwhile, around 2013, Bill Bonner – a veteran in the financial newsletter industry – was looking for a new home to publish his ideas.
Bill was – we believe – one of, if not, the first daily email newsletter writer. He began writing from his home in Paris back in 1998. Back then, it was called the Daily Reckoning. You may have read it from time to time.
But despite having written that e-letter for 15 years at that point, Bill had never charged a single cent for his ideas.
It had always been a free e-letter service.
But in 2012 and 2013, the global economy still looked pretty bad following the 2008 crash. Europe was a mess. Banks were collapsing. The Greeks were rioting. And if you recall, the Cypriot government confiscated savings held in local bank accounts.
And everything Bill had been writing about seemed to be coming to pass – the end of the modern financial system. It was time for Bill to launch a subscription service and share more of his ideas than he could share in a free daily e-letter.
The result was the Bill Bonner Letter, operating under the Bonner & Partners business.
We’ll come back to Bill Bonner and Tom Dyson in a moment. Because there’s another character we need to introduce.
Soon after, Stansberry Research acquired the Casey Research business, operated by its founder, Doug Casey.
Doug was (and still is) a genuine “man of the world”.
His book Crisis Investing was the number-one-selling book when he published it in 1979. Doug even appeared on the Phil Donahue Show in November 1980 to talk about it.
It’s hard to imagine someone with Doug’s ideas getting on a prime daytime talk show today.
Times sure change.
Most folks who know Doug’s work today associate him with commodities investing.
But looking back at his research from the 1980s, you can see he forecast the rapid growth of the mobile phone and data industry. He even forecast the concept of online streaming services like Netflix and YouTube.
And so, by 2015, there were three separate businesses… helmed by three big thinkers… all doing different things… and all with very limited resources.
That’s the year everything changed…
A New Chapter and New Opportunities
They decided to combine these businesses. Each would retain its unique character, but they would join into a single business entity so they could all grow and reach a larger audience.
That single business entity was Legacy Research.
Everything went fine.
The business grew… as expected. More subscribers came on board… as expected. Markets went up… erm, maybe as expected, maybe not, depending on the individual view.
And bitcoin went up and up… but that’s a different story for a different day. And then…
Gradually, from 2019 to 2021, Doug, Bill, and Tom moved on to explore other ventures.
While the markets were “behaving,” you could almost say we didn’t notice. But when the bull market ended, we realized just how much the business had changed due to their absence.
Legacy Research was no longer a business just focused on relatively conservative and macro-centered ideas.
Instead, it was a business that had more of an opportunistic outlook.
A business whose experts still look at the big picture (macroeconomics), but who also look for exciting (sometimes obscure) ways to profit.
After all, if we’re not showing you ways to make money (or not lose money) what are we even here for?
Whether that was stocks…
High-yield plays… and more.
Everything was game. We’ve even had analysts showing our readers how to profit from classic cars, fine art, and baseball cards!
The only problem: these specialized investment ideas are often obscured from view for many of our readers due to the structure of our business.
It means that some folks have never had the opportunity to profit from Teeka’s bitcoin recommendation in April 2016 – which is now up 9,549% – simply because they didn’t know Teeka existed.
Or his advice to buy the crypto NEO in February 2017. He told subscribers to sell 30% of their investment four years later for a 37,573% gain.
Then there are those folks who don’t know John Pangere exists. Because of that, they never had the chance to make a 4,942% gain from his Purple Innovations warrants recommendation in February 2019.
Or his Noble Corp warrants trade – which he recommended in September 2021 and sold in November 2023 – for a 2,763% gain.
Just $100 in each of these four recommendations would have turned into $28,525 in profits.
The fact that many thousands of people who subscribe to the Legacy Research brands may never have known about these opportunities is inexcusable and needs to change.
So, what do we plan to do about that? And what will be the next stage for Legacy Research Group?
Our Commitment to You
Well, we promise to explain everything to you soon. We’ll just ask for your patience a short while longer.
If you’re wondering why we’re even telling you about this now without explaining exactly what changes are coming… there’s a reason for that.
We want to be as transparent with you as possible and let you know that a positive change is coming. We know, as a business, we’ve made a few decisions in recent months where subscribers have criticized us for not being more open about certain changes.
In hindsight, it’s a fair point. Your editor here was part of that decision-making from behind-the-scenes. We can now see how it would have rubbed people the wrong way.
We know this may all seem a little cagey or cryptic. But we promise to explain all soon.
But, thinking about it, we can give you one clue… although it may not be much for you to work with.
But if you are a member of one of our elite bundled services (e.g. Palm Beach Infinity, Brownstone Unlimited, Rogue Elite, and so on), this change will be especially exciting for you. In fact, you’ll see the benefits immediately when we announce the change.
Just stick with us on this.
Genuinely, thank you for your time. We’ll be in touch with more details as soon as we can.
Editor, The Daily Cut
P.S. We know this is a tall ask. Your editor has only taken over The Daily Cut three weeks ago, and already it may seem as though we’re creating a big fuss.
We get that, and we sincerely apologize for it. But rest assured, our plans will result in changes that will only improve the service and the ideas you receive from us.
In a way, the best part about it is that it will allow us to treat you more like a “partner” in our business, rather than a subscriber. That’s what excites me the most.
As an extra show of transparency, you can contact me directly on this email: [email protected].
Ask me anything. Emails will come directly to my inbox. I can’t respond to them individually, but I can use your questions, comments, or concerns as the basis for answer we provide in future communications.
Our main task at The Daily Cut is to try to “connect the dots.” That is, we help you figure out what events are about, what makes them important, their consequences, and what it all means for you.
But sometimes, we see the individual “dots,” but can’t yet figure out how they connect to anything. Maybe they never will connect to anything.
Regardless, if those unconnected dots feel as though they could be important, we’ll mention them here. And we’ll let you draw your own conclusions.
Today’s unconnected dots…
Here at The Daily Cut, we’ve issued warnings as much as anyone about high levels of debt. But is there a chance the risks are totally overblown?
This news from Bloomberg could suggest that:
There’s talk of a great divide in the U.S. housing market, as new buyers get crushed by 8% mortgage rates while earlier ones cling gratefully to loans of less than 3%. Missing from this story is a third, even more fortunate group: the rapidly growing number of Americans who own their homes outright.
The share of U.S. homes that are mortgage-free jumped five percentage points from 2012 to 2022, to a record just shy of 40%. More than half of these owners have reached retirement age. Freedom from mortgage debt gives them the option to age in place – or uproot to sunnier climes.
We’ll look into it in more detail. Maybe we’ve missed something… Or maybe the mainstream has missed something. We’ll let you know what we find out.
Today’s top gaining ETFs…
iShares MSCI Japan Value ETF 2.4%
Global X Lithium & Battery Tech ETF 2.3%
iShares U.S. Oil & Gas Exploration & Production ETF 2.2%
Invesco International BuyBack Achievers ETF 2.1%
Energy Select Sector SPDR Fund 2.1%
Today’s top losing ETFs…
U.S. Global GO GOLD and Precious Metal Miners ETF -0.9%
Arrow Reverse Cap 500 ETF -0.6%
VanEck Gold Miners ETF -0.6%
First Trust Brazil AlphaDEX Fund -0.5%
Point Bridge America First ETF -0.5%