Dear Reader,

Murray Stahl was a legendary Wall Street money manager for essentially one reason:

He found a stock so unusual and powerful that it generated a 46,950% return between 2002 and 2026, according to Morningstar.

Today I'm going to give you the name and stock ticker for this stock, because I believe the gains could be extraordinary in the next few years too.

And no, you don't need to pay me a penny for this information, give me your e-mail address, or anything like that — I'm going to spell it all out for you, entirely free of charge. (Click here to get the details.)

Now, what's so unusual about Murray Stahl is not just the fact that the stock he pinpointed has made more than 46,000%, but that he had such strong belief in this stock that he actually put more than half of his $9 billion firm’s money into this one single company!

It's an incredible story about an incredible company that I believe could radically improve your retirement over the next few years.

Again, I'm going to give you the name and stock symbol, totally free of charge, no credit card or email address required.

You'll find my full write-up on the situation here.

Regards,

Whitney Tilson
Senior Analyst, Stansberry Research

P.S. For years, I've said Berkshire Hathaway is the best retirement stock in America — and anyone who followed my recommendation could've had the chance to do well. But this business Murray Stahl found might be even better, in part because it sits at the epicenter of America's two most important industries right now (yes, AI is one of them). I don't normally give away some of my best research ideas for free, but this is a very unusual situation. Every American at or near retirement age should know about this one-of-a-kind business.

>>> Get the name and stock symbol for Murray Stahl's great discovery free of charge. <<<

Jersey Mike's Serves Fresh Gains After IPO Stumble

Author: Jeffrey Neal Johnson. Publication Date: 8/4/2026.

When the share price of Jersey Mike's Subs Inc. (NYSE: JMKE) slipped below its $23 IPO price on opening day, traders witnessed a brief disconnect between trading mechanics and the company's underlying business fundamentals.

The fast-casual franchisor raised $1 billion in gross proceeds on July 30, 2026, but its IPO shares dipped to around $20.63 before closing at $21.65. By Aug. 3, secondary-market demand had driven a recovery toward $24.75 per share, demonstrating renewed buying interest after the initial allocations settled.

Institutional Demand Outpaces Initial Share Allocation

Institutional demand during the roadshow was approximately 15 times oversubscribed, resulting in allocation rationing, with roughly 20% of institutional accounts receiving no initial shares. With a limited public float of about 43.5 million Class A shares out of more than 300 million total equity shares, early price volatility quickly gave way to steady accumulation. Investors evaluating the fast-casual restaurant sector are watching how Jersey Mike's deploys primary capital to pay down balance-sheet debt while leveraging its nearly 100% franchised-store network to navigate broader food-cost pressures.

How Asset-Light Franchising Generates Cash Flow

Understanding the financial architecture behind Jersey Mike's requires separating corporate capital allocation from store-level economics. Private equity sponsor Blackstone Inc. (NYSE: BX), which acquired majority control in late 2024 at an enterprise value of nearly $8 billion, structured the public debut with a dual purpose. Secondary share sales generated about $683 million in liquidity for existing owners, while 13.8 million primary shares yielded approximately $317 million in net cash proceeds.

Management designated the primary proceeds for balance-sheet deleveraging. Pre-IPO debt exceeded $1.5 billion, resulting in a net-debt leverage ratio above 5x EBITDA.

Applying the primary proceeds to debt repayment would lower leverage toward 4x EBITDA, reducing annual interest expense and improving net-income conversion. In fiscal year 2025, corporate operations generated approximately $724 million in revenue and $55 million in net income, resulting in an adjusted EBITDA margin of approximately 47%.

At the store level, Jersey Mike's Subs Inc. operates with verified unit economics that incentivize network expansion. Individual franchise locations generate average unit volume (AUV) of around $1.4 million. Franchisees achieve average store-level cash-on-cash returns of approximately 42%, corresponding to a capital payback period of roughly 2.5 years per location. Because franchisees fund new-store construction, corporate capital expenditures remain minimal.

This return profile underpins a development pipeline of more than 1,600 committed units as of June 30, 2026. Existing multi-unit operators account for over 90% of these commitments, providing reliable, multiyear revenue visibility. Management maintains a long-term target of expanding the domestic store count from around 3,300 to 7,500, alongside an international goal of 15,000 units.

Royalty Streams Protect Jersey Mike's Margins

The broader restaurant sector faces volatility in the prices of major agricultural inputs. Projections from the United States Department of Agriculture indicate that beef prices will increase by 10% to 18% in 2026, driven by constrained domestic cattle inventories. Fresh-produce prices have also risen, with tomatoes up about 32% and lettuce up roughly 24.9%.

These inflationary trends present margin-compression risks for corporate-owned quick-service operators like McDonald's Corporation (NYSE: MCD) and Domino's Pizza, Inc. (NYSE: DPZ), which bear direct store-level costs of goods sold. Jersey Mike's Subs Inc. primarily functions as a franchisor, collecting top-line royalty payments. Corporate revenue comes from fixed royalty fees assessed on gross store sales rather than net store profits.

While individual franchise operators manage store-level food and labor inflation, high store productivity of around $1.4 million in AUV provides operational flexibility. Menu-price adjustments help preserve franchisee margins, supporting the royalty flows to Jersey Mike's Subs Inc. This asset-light structure allows corporate adjusted EBITDA margins to remain near 47%, offering investors a defensive cash-flow profile during periods of elevated agricultural inflation.

Fresh Options on the Menu

Several near-term milestones are set to shape trading liquidity and price discovery over the coming months. On Aug. 3, 2026, major exchanges launched options trading for Jersey Mike's Subs Inc. The introduction of call and put contracts provides institutional participants with tools for hedging, generating covered-call income and managing risk, thereby deepening secondary-market liquidity.

A second catalyst arrives on Sept. 8, 2026, when the SEC-mandated quiet period expires. Major underwriting syndicate members, including Morgan Stanley (NYSE: MS), Jefferies (NYSE: JEF), J.P. Morgan (NYSE: JPM) and Barclays (NYSE: BCS), will be permitted to initiate formal analyst research coverage.

Initial independent coverage from Melius Research has already assigned a Buy rating and a 12-month price target of $30, representing upside of more than 20% from recent levels.

Investors should monitor the 30-day underwriter over-allotment window involving 6.52 million secondary shares, as well as the standard 180-day lock-up expiration in late January 2027. The lock-up agreement prevents major insiders and Blackstone Inc. from selling additional equity blocks before early 2027, maintaining a controlled public share supply in the near term.

Order Up: Balancing Growth Multiples Against Support Levels

Trading at an enterprise value of roughly $8 billion to $8.7 billion, Jersey Mike's Subs Inc. commands a premium valuation multiple of 24 to 26 times last-12-month adjusted EBITDA. This multiple reflects market appreciation for high-growth franchisors, leaving little room for operational missteps or a slowdown in store openings.

Investors seeking exposure to fast-casual growth might monitor price action for potential pullbacks toward the $23 IPO support level. Strategic buyers may choose to wait until the SEC quiet period expires in September to assess comprehensive underwriter coverage reports before initiating or expanding long-term positions.

Ray Dalio—founder of Bridgewater Associates and one of the most successful hedge fund managers in history—just made his position clear:

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In 1975, the Fed raised rates… and gold fell 50%.

Every newspaper in the country wrote the same obituary:

The gold bull is dead.

But gold’s funeral never came. Instead…

What came next was the greatest bull run in modern history.

Gold ran from $100 in 1976 to $850 in 1980…

A 750% gain in less than five years.

Go here to see the parallels between today and the 1970s

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• Carolin Mines: 1,738%
• Eagle River: 3,478%
• Silverado Mines: 3,988%
• Goliath Gold: 7,011%
• And Golden Sceptre: 7,650%

Now, look what’s happening today...

The new Fed chair mentioned he might raise rates…

How are investors reacting?

Like the bull market in gold is over.

It’s the same Fed… the same rate hike fears… and the same crowd screaming gold’s bull market is finished.

They say history doesn't repeat… But it does rhyme.

The folks who panicked in 1975 and sold the bottom… were stricken with regret when gold broke out and ran 750% higher.

While the people who understood the setup… backed up the truck on the best gold miners… and made off with a generational fortune.

Today, this “rhyme” will play out the way it did before.

Gold bull markets don’t end this way.

The pullback is a fakeout – just like in 1975.

The Fed is trapped and cannot raise rates to break inflation. It’s 1975 all over again.

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The seller at the bottom...

Or the buyer who saw it coming – and reaped a potential fortune?

My name is Garrett Goggin and my top four picks are already up 1,200% in just the last two years.

It’s why Porter Stansberry, author of the End of America documentary that broke the internet, recently called me:

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Today, it’s like 1975 all over again – and my four top miners are a strong buy for the rest of this pullback. Don’t waste it.

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Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio

Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough

By Chris Markoch. Posted: 7/24/2026.

On July 23, Freeport-McMoRan (NYSE: FCX) delivered an earnings report shaped by two forces that will define how investors interpret the quarter.

Copper and gold prices remained at historically elevated levels, lifting realizations across the board. The report also showed that the company continues to move toward full production at its Grasberg mine in Indonesia. The mine was closed in 2025 following a mining accident that halted a significant portion of the company’s production.

However, FCX shares fell after the report.

This could be a “buy the rumor, sell the news” situation. The stock climbed approximately 15% from July 17 through the market's close on July 22.

That suggests a lot of good news was already priced into the report. By the numbers, the results were good, but perhaps not strong enough to justify FCX trading at a 52-week high in the short term.

In the long term, however, there are two key factors to consider when analyzing Freeport-McMoRan's earnings.

Freeport Earnings Get a Boost From Higher Copper and Gold Prices

The headline numbers for the second quarter of 2026 show why investors were pushing FCX higher ahead of earnings. Freeport-McMoRan posted second-quarter net income of $984 million, or 68 cents per share, with adjusted earnings per share (EPS) of 74 cents after backing out one-time charges tied to the Grasberg incident. Revenue totaled $7 billion, and the company generated $2 billion in operating cash flow for the quarter.

The real story was pricing:

• The company realized an average of $6.17 per pound for copper in the quarter, up roughly 36% from $4.54 a year ago.

• Gold realizations jumped to $4,520 per ounce from $3,291, a year-over-year (YOY) gain of roughly 37%.

• Molybdenum, often an afterthought in Freeport's story, also strengthened meaningfully, with realizations of $28.75 per pound versus $21.10 last year.

Copper sales volumes were down significantly year over year—710 million pounds versus 1.0 billion—a direct consequence of Grasberg's phased restart. In other words, FCX is earning more money while selling less copper. That dynamic won't repeat once Grasberg volumes normalize, which is worth keeping in mind when projecting future growth rates.

Grasberg Mine Ramp-Up Strengthens Freeport's Long-Term Outlook

The other half of the bull case is de-risking, not just pricing. Freeport confirmed that its Grasberg Block Cave ramp-up met expectations in the second quarter, with mining rates climbing from 34,000 tons per day in April to 69,000 tons per day in June. Management now expects PTFI's overall production capacity to reach roughly 65% in the second half of 2026, 80% by mid-2027 and near full capacity by the end of 2027.

That timeline also explains why unit net cash costs in Indonesia remain negative. PT Freeport Indonesia (PTFI) reported unit net cash credits of 81 cents per pound of copper in the quarter, meaning by-product gold credits more than offset production costs. As volumes recover, that credit dynamic should provide a continued tailwind to consolidated margins, even if copper prices cool from current levels.

Freeport Maintains Strong Balance Sheet While Returning Capital

Freeport also used the quarter to reinforce its capital discipline story. The company returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, and separately increased its ownership stake in the Cerro Verde mine to 55.66% for roughly $107 million.

Net debt stood at just $2.1 billion, excluding downstream processing debt, well below the company's $3 billion to $4 billion target ceiling. That balance sheet flexibility is part of why analysts have been comfortable raising price targets even as the stock reaches new highs. The company is showing its ability to continue funding both shareholder returns and its growth pipeline—Bagdad, El Abra and Kucing Liar—without straining its investment-grade rating.

Is the Post-Earnings Pullback a Buying Opportunity?

Turning to the technical picture, FCX spent most of 2025 consolidating in the low-$40s before staging a sustained breakout beginning in December and eventually pushing to a 52-week high near $72 in June. The pullback since then, including the post-earnings drop to around $63, has brought shares back toward both the 50-day moving average, at about $64, and the lower end of the recent trading range without breaking the broader uptrend.

Notably, the 200-day moving average has been rising steadily since bottoming near $40 late last year. It now sits at about $56, a sign that the medium-term trend remains constructive even after the post-earnings dip. Volume on the down day was elevated but not dramatically outsized relative to recent sessions, which is consistent with profit-taking after a steep run-up rather than a fundamental reassessment of the story.

Is Freeport-McMoRan Stock Still a Buy After Earnings?

One challenge in valuing FCX is that the company's current strong growth is an outlier for two reasons. First, spot prices for copper and gold are at historically elevated levels. Second, the company is just now reporting production from its Grasberg mine, which had been closed. That skews the year-over-year comparisons.

Both variables are likely to support strong earnings and free cash flow growth, two of the best predictors of stock price appreciation. But many traditional discounted cash flow models suggest more modest growth.

That said, the structural case for copper demand remains in place, and prices are starting to reflect that demand. The same is true of gold.

It will take another earnings report or two to determine whether that demand is already priced into FCX. For now, the stock is trading in a defined range. However, rising 50-day and 200-day simple moving averages show that investors have been willing to let the stock grind higher.

Leading into the report, analysts raised their price targets for FCX, with the highest targets reaching $80. With the Grasberg project moving toward full production by the end of 2027, the current stock price may create an attractive entry point.