| Dear Reader, Markets are sending a message. For the first time in a long time, we’re no longer talking about volatility, we’re talking about trust. Gold and bitcoin are ripping, not because of greed, but because capital is looking for safety outside the system. As billionaire investor Mike Novogratz put it: “Bitcoin and gold are report cards on financial stewardship… and what they’re telling you is something that’s not great.” This isn’t how markets behave around a trusted reserve currency. But that’s the point: The US isn’t being treated like one. For many global investors, the “Sell America” trade is already underway. Just look at the latest from Bloomberg: “The president’s attacks on the Fed are pushing the world further off its American axis, as governments and investors lose confidence in the US dollar and bonds.”
—Saleha Mohsin and Carter Johnson, Bloomberg, April 21, 2025 [Click here to secure your Virtual Pass for 44% off] There’s growing concern that foreign buyers are walking away from Treasuries, though I’m not fully convinced that’s what’s happening. What’s clear is that tariffs are rising fast, and some are even starting to talk about the US as if it’s behaving like a high-risk emerging market. As you know, I’m not one to chase headlines, and as a practicing rational optimist, I’ve never been in the doom-and-gloom camp. But it’s the reaction that has my attention. It confirms we’re in the middle of more than a market rotation. It’s a revaluation. Maybe even the early signs of a reckoning… or what I call a “global vibe shift,” the theme for this year’s Strategic Investment Conference. And that’s why, this year, we’ll hear from a remarkable mix of thinkers, leaders, and independent voices who see beyond the headlines and aren’t afraid to challenge each other. Take Dr. Pippa Malmgren, for example. She’s been tracking the “ghosts” returning to the global system, how capital is pulling away from traditional centers of power, militarism, and labor unrest. Or Lyric Hughes Hale, who sees the new tariffs not as short-term disruption, but a deliberate shock designed to reset global trade, currency flows, and strategic priorities. And Jared Dillian, who recently pushed back on the idea that the US is behaving like an emerging market. But that’s exactly why we need voices like his… because when the narrative gets muddy or tilts too far in one direction, it’s that “half a bubble off dead center” perspective that brings clarity and helps us most. You may not agree with everyone. I hope you don’t. But every one of them will shape your worldview—and maybe, just maybe, offer an idea that becomes your anchor… or quietly shifts how you allocate and guard against risk in the months ahead. [Click here to secure your Virtual Pass for 44% off]. As one of last year’s attendees put it: “Many different opinions are presented, each with a compelling data set to back it up… Attending SIC is akin to trying to drink from a fire hose.” –Glen F. That’s exactly the point. At SIC 2025, it’s about the collision of perspectives. It’s my favorite kind of environment, where the curious sharpens the prepared, and insight compounds fast. Where who we choose to listen to becomes the proxy for how clearly and how far ahead we think. And because you’ll have permanent access to every session recording and transcript… You’ll have SIC 2025 with you for the rest of the year, to revisit and rewatch at a moment's notice. You can check out the lineup now, we’re still making some final tweaks… But you can see the full agenda in advance from the next page, and today, lock in your spot at 44% off.
See you then, Your positioning for a world shifting beneath our feet analyst,
John Mauldin
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