Declare Independence From Wall Street Bullsh*t
Submitted by QTR's Fringe Finance
As we head into Independence Day, I figured it was a good time to step away from the nonstop headlines and focus on what really matters: independent thinking. That's always been the goal of this newsletter. Whether I'm challenging the latest crypto narrative, digging into overlooked risks in the market, or highlighting stocks I still think offer value, the objective isn't to follow the crowd. It's to think critically, question consensus, and make better decisions. Here's what I published this week.
This long weekend will be the last time this summer I offer a 90% discount on annual subscriptions to the blog. I extended this sale due to the sheer number of new free subscribers to my e-mail list over the last few weeks. The blog is proud to now have more than 50,000 total subscribers. I can’t thank you enough.
Of course, I attribute some of the success to this year’s “Stocks To Watch” list outperforming the S&P 500. As of Tuesday’s close and measured on an average, equal-weighted basis, the “26 Stocks To Watch For 2026” list is now estimated to be up +28% year-to-date, beating the S&P 500 by roughly +18% so far in 2026.
🔥 90% OFF FOREVER. For already being on my mailing list, all annual subscriptions using the button below get an 90% off discount — and it’s a discount you can keep for as long as you wish to remain a subscriber. You get an entire year’s subscription for barely the cost of just two months: Get 90% off forever
This comes after the blog’s 25 Stocks To Watch For 2025 absolutely smashed the S&P 500, beating the index by more than 50% last year.
This week at QTR’s Fringe Finance, I found myself writing about a little bit of everything: value investing, Bitcoin, Strategy, SpaceX, financial television, and even the uncomfortable possibility that one day your tax dollars could wind up supporting the very asset that was supposed to exist outside the financial system.
For paid subscribers, I published my latest look at two companies I still believe have legitimate buyout potential. Both names trade below where they were when I originally highlighted them, but after another couple of quarters of earnings and another look at the fundamentals, I continue to think the market is underestimating their value.
Two Stocks I Think (Still) Have Buyout Potential
I also broke down Strategy’s latest overhaul of its capital structure. My conclusion was that management has unquestionably bought itself more time by strengthening its preferred securities and liquidity profile. But there’s a catch that I don’t think enough people are discussing: for the first time, the company appears willing to monetize Bitcoin to raise cash. If Strategy eventually becomes both one of Bitcoin’s largest buyers and a meaningful seller, that’s a dynamic every crypto investor should understand.
Strategy Buys Itself Time...But There's A Catch
I also wrote about the idea that if Bitcoin ever found itself in real trouble, the final bailout could come from the U.S. government itself. It sounds absurd. It probably should sound absurd. But as we’ve learned over the last two decades, governments have repeatedly found creative ways to socialize losses whenever enough money or politics is involved.
Imagine Your Tax Dollars Bailing Out Bitcoin
I also weighed in on the CNBC debate between Joe Kernen and Jeremy Grantham, arguing that both men made valid points while exposing one of the biggest unanswered questions in investing today: whether decades of monetary intervention have permanently changed how markets should be valued.
The Last Word On Kernen Vs. Grantham
Finally, I had some fun dissecting SpaceX’s rough introduction to the bond market. While private equity valuations and secondary share sales often rely on narratives and scarcity, the bond market tends to care about one thing above all else: getting paid back. The sharp widening in SpaceX’s bonds reinforced a point I’ve been making for months that credit markets often provide a much more honest assessment of risk than equity investors are willing to admit.
SpaceX Slams Head First Into The Bond Market
As always, thank you for reading, subscribing, commenting, and challenging my ideas.
I don’t expect everyone to agree with my conclusions, but I do hope every article gives you something to think about that you won’t find repeated on financial television or in the consensus narrative.
Have a great long Fourth of July weekend, stay safe, and I’ll be back after it heading into the new week. Here’s what else is new on the blog:
Exclusive: Peter Schiff’s Blistering Case Against Michael Saylor
An Open Letter To Elizabeth Warren About Trillionaires And Inequality
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This is not a recommendation to buy or sell any stocks or securities, just my opinions. I often lose money on positions I trade/invest in. I may add any name mentioned in this article and sell any name mentioned in this piece at any time, without further warning. None of this is a solicitation to buy or sell securities. I may or may not own names I write about and are watching. Sometimes I’m bullish without owning things, sometimes I’m bearish and do own things. Just assume my positions could be exactly the opposite of what you think they are just in case. If I’m long I could quickly be short and vice versa. I won’t update my positions.
As of May 20, 2026 I personally no longer actively trade (read my story here). My investing/saving is done by recurring contributions mostly to sector ETFs and a few select equities, trusted third parties who oversee my accounts, and advisors. Such advisors or funds, through individual equities, options, index funds, mutual funds, ETFs, or other securities, may have positions in, exposure to, or holdings of names mentioned herein that I know nothing about. Basically, via index funds, ETFs and individual equities it is possible I could own, have exposure to, or not own anything at any point. As of the same date, May 20, 2026, in an attempt to lead a healthier lifestyle, I’ve also excluded myself from fantasy sports, sports betting, online and in-person casinos and prediction markets.
And all positions can change immediately as soon as I publish this, with or without notice and at any point I can be long, short or neutral on any position. You are on your own. Do not make decisions based on my blog. I exist on the fringe. If you see numbers and calculations of any sort, assume they are wrong and double check them. I failed Algebra in 8th grade and topped off my high school math accolades by getting a D- in remedial Calculus my senior year, before becoming an English major in college so I could bullshit my way through things easier.
The publisher does not guarantee the accuracy or completeness of the information provided in this page. These are not the opinions of any of my employers, partners, or associates. I did my best to be honest about my disclosures but can’t guarantee I am right; I write these posts after a couple beers sometimes. I edit after my posts are published because I’m impatient and lazy, so if you see a typo, check back in a half hour. Also, I just straight up get shit wrong a lot. I mention it twice because it’s that important.