A Message From Porter & Company

Something strange is happening to your money.

It wasn't voted on. It wasn't debated in the Senate. And most Americans have no idea it's even taking place but…

President Trump is replacing the U.S. dollar.

Not with crypto. Not with a digital currency. Something far bigger than that – and it's already been signed and sealed in the back rooms of D.C., ready to be issued by the U.S. Treasury.

Bypassing every legal and political channel under the guise of "national security," Trump has enacted this total money reset using a landmark executive order (14241).

Whether you’re a Democrat or Republican, whether you support this new money or not, it doesn't matter.

Soon, every U.S. citizen will be forced to use Trump's New Dollar to fill their gas tank, buy groceries, and pay medical bills.

Which is why I've produced a critical new documentary laying out exactly what Trump's New Dollar means for your savings, your investments, and your family's financial future.

Detailing three important steps you can take today to prepare – including the name of a core band of assets connected to Trump’s initiative that could surge as a result.

As you’ll see in my briefing, the last time America reset its money like this – under Richard Nixon’s presidency in the 1970s – it created one of the greatest wealth divides in the history of our nation.

On one side, it minted an average of 1,300 new millionaires a day for over half a century. And on the other… the folks left behind, drowning in debt, with no idea how to use America’s new money to create wealth.

As Trump rolls out his new dollar, the question is:

Which side will you be on?

Good investing,
Porter Stansberry

PS. If you’re wondering what Trump’s new money will look like, when it will be issued, what it means for your investments – all of those questions are answered in my briefing.

Saddle Up: Texas Stock Exchange Ropes In $80 Billion in Listings

By Jeffrey Neal Johnson. Date Posted: 10/2/2026.

For decades, the New York Stock Exchange and Nasdaq (NASDAQ: NDAQ) have dominated U.S. corporate listings. That dynamic faces a structural test this October as the Texas Stock Exchange (TXSE) begins its rollout of corporate listings. The TXSE itself already launched live trading in July, followed by its first exchange-traded product (ETP) listings in September.

Backed by institutional heavyweights, the Dallas-based upstart is actively courting established companies away from legacy platforms. Capturing multi-billion-dollar primary listings from Energy Transfer (NYSE: ET), Dillard's (NYSE: DDS), and Texas Capital Bancshares (NASDAQ: TCBI) gives investors a real-world look at whether optimized issuer economics and regional allegiances can permanently disrupt U.S. capital markets. This migration signals a potential shift in how public corporations manage their capital-market footprints.

Building the New Frontier: The Mechanics of the TXSE

The TXSE recently closed a funding round in September 2026, pushing its total capitalization to approximately $430 million. This capital pool is critical because it helps secure the high-frequency market-making infrastructure required to handle large-cap trading volume. With Citadel Securities and BlackRock (NYSE: BLK) providing the plumbing, the TXSE addresses historic concerns that regional exchanges lack the liquidity to support major corporate equities.

What the exchange offers issuers centers largely on economics. Corporate boards constantly evaluate compliance costs and exchange fees, which can erode cash flow over time. The TXSE promises a technology-driven framework designed to reduce operational friction and lower the cost of maintaining a public listing. By fostering a transparent, dedicated third alternative, the exchange's leadership aims to encourage more competitive pricing across national listings.

Pioneers of the Plains: Energy and Retail Head South

The October migration of Energy Transfer and Dillard's establishes an approximately $80 billion beachhead for the Dallas platform. Both companies maintain deep geographic ties to Texas, but the underlying drivers of their moves tell a more nuanced story about capital efficiency and margin protection.

Energy Transfer Pipelines Lower Overhead Costs

Energy Transfer targets a leverage ratio of 4x to 4.5x EBITDA and has a market capitalization of about $68 billion. Managing that balance sheet requires highly efficient capital markets to roll maturities forward and fund ongoing infrastructure projects without penalizing equity holders. Energy Transfer currently supports a forward distribution yield of about 6.8%, and any reduction in corporate overhead directly helps support that high-yield payout structure.

Energy Transfer is transitioning its common units along with its Series I preferred units. Moving a complex, multi-tiered capital structure demonstrates the TXSE's technological parity with legacy exchanges.

Insider activity suggests management sees clear value in the transition. Corporate directors accumulated more than one million shares in recent months, deploying about $21.5 million in capital. While founder Kelcy Warren is an early investor in the TXSE, the broader strategic value lies in accessing an additional capital-market venue as Energy Transfer navigates fluctuating commodity cycles. Shares declined approximately 5.5% over the trailing 30 days amid broader energy volatility, making cost-saving structural moves timely.

Dillard's Hedges Retail Margins in the Lone Star State

Retail operates on tight margins, and Dillard's faces sustained macroeconomic pressures. Rising global tariffs have directly affected the cost of goods sold across the department-store sector, squeezing profitability from the top down. With a trailing price-to-earnings ratio near 15x, above the peer average, Dillard's management is actively searching for ways to defend bottom-line profitability against these structural headwinds.

Dillard's reincorporated in Texas in 2025 and operates its largest retail footprint in the state. Leveraging the TXSE's promised reduction in listing fees could help offset broader margin compression. By transitioning its Class A shares and capital trust securities, Dillard's essentially turns administrative cost savings into a direct defense of its operating margins. Price action has remained choppy and range-bound recently, with the stock peaking near $688 before retracing. Locking in lower structural costs provides a tangible financial benefit while consumer discretionary spending remains under pressure.

Banking on the Home Turf: A Regional Player Scales Up

The financial sector is represented by Texas Capital Bancshares. The regional bank is shifting its primary corporate listing and exchange-traded funds away from Nasdaq. Texas Capital Bancshares effectively stress-tested the TXSE's clearing and routing mechanics in mid-September by transferring two ETFs to the platform as part of the exchange's broader ETP-listing launch.

This strategy aligns with the fundamental restructuring under way at Texas Capital Bancshares. Trading at a trailing price-to-earnings ratio of 12.4x, the bank is rapidly scaling its investment-banking and advisory unit. Management is deliberately pivoting away from traditional net interest income toward capital-efficient, fee-based revenue streams. Transitioning to the TXSE positions Texas Capital Bancshares to underwrite, advise and provide treasury services for future corporate clients looking to migrate to the new exchange.

Institutional investors appear to support the strategy. Filings show BlackRock taking a new equity stake of approximately 12.8%, valued at about $578 million, alongside fresh long positions from Deutsche Bank and CIBC. Insider activity reflects strategic liquidity events, notably a liquidation of about $5 million by the CEO earlier in the summer, which institutional demand readily absorbed.

High Noon for Legacy Exchanges: The Real Test Ahead

Securing approximately $80 billion in combined market capitalization across these three entities validates the TXSE as a potentially viable liquidity hub. The institutional backing and successful transfer of complex financial instruments demonstrate that the exchange has the technical capacity to host large-cap equities from day one.

Early adoption currently relies heavily on geographic and advisory alignment. Energy Transfer, Dillard's and Texas Capital Bancshares all share strategic ties to Texas. The true measure of the TXSE's competitive viability against the New York Stock Exchange and Nasdaq will depend on its ability to secure primary listings from corporate boards without geographic ties to Dallas. If the platform can attract non-affiliated large-cap companies in upcoming quarters by relying strictly on superior issuer economics and reduced regulatory friction, the U.S. capital markets may face a genuine paradigm shift.

Investors may want to monitor the bid-ask spreads and daily trading volumes of these three early adopters throughout October. A seamless transition with sustained liquidity could pave the way for a broader corporate exodus, signaling an opportune time to evaluate the competitive positioning of legacy exchange operators.