It’s been a turbulent month. In the wake of last month’s assassination of Charlie Kirk, the sense of division in America feels more intense than ever.
Every headline, every social feed, seems to amplify the conflict—political, cultural, ideological. But as heated as the rhetoric has become, we believe it’s critical to step back and recognize that this kind of fracture isn’t new.
In today’s letter, we take a deep dive into American history to show that periods of division and upheaval have come and gone many times before. The country has always found a way through.
The cultural divide will eventually heal, as it always does.
What’s truly unprecedented is the economic side of the equation.
Irresponsible spending, runaway deficits, and an ever-expanding regulatory state are strangling the private economy. With a national debt approaching $38 trillion, two trillion-dollar annual deficits, and interest costs that now exceed defense spending, America has entered completely uncharted fiscal territory.
This economic challenge won’t go away without serious discipline and hard choices—and there’s no sign of either on the horizon.
That’s why we continue to focus on real assets: tangible, productive stores of value that protect individual wealth.
Paper currencies can be printed. Paper wealth can vanish. But you can’t print a barrel of oil, a pound of copper, or an ounce of gold—and that’s exactly why we own them.
We’ve Been Here (or worse) Before Battle of Gettysburg Standing in a field in Gettysburg, Pennsylvania, on July 3rd, 1863, it would be easy to think you were witnessing the apocalypse. The air was thick with smoke and gunpowder, the ground soaked with blood. Cannon fire still echoed across the rolling hills, mingling with the…
