A Message From Banyan Hill Publishing

Dear Reader,

In November 1910, six powerful men boarded a private train.

They used fake names.

They lied to the press.

And they traveled to a secluded island where they secretly laid the groundwork for the Federal Reserve.

The fortunes that followed changed America forever.

Now, 116 years later, history is repeating itself.

Six financial giants controlling $24 TRILLION have aligned behind an enormous new initiative.

[See the "Federal Reserve" these six financial giants are backing.]

This new "Federal Reserve" could help create 2.2 MILLION new millionaires.

Here are the three steps my colleague Addison Wiggin believes investors should take before November 30th.

Including one stock ticker being given away absolutely FREE.

[Watch the full presentation here.]

Best,
Andrew Packer
Grey Swan Investment Fraternity

P.S. The people closest to the money have historically enjoyed an advantage. [Discover how to prepare.]

GXO Logistics Is Turning Warehouse Robots Into a Growth Strategy

Authored by Jeffrey Neal Johnson. Published: 10/27/2026.

Supply chain automation is rapidly shifting from pilot programs to measurable line items on corporate balance sheets. For years, the logistics sector has faced compounding pressures from wage inflation, chronic labor shortages and rising debt-servicing costs.

Operating fulfillment centers requires a large human workforce, making labor one of the highest variable costs for contract logistics providers. To survive and expand margins, industry leaders are transitioning these variable labor expenses into scalable, predictable technology investments.

GXO Logistics (NYSE: GXO) is demonstrating how this transition works in practice. GXO recently expanded its partnership with Agility Robotics, moving humanoid labor from the testing phase into broader commercial deployment. This shift provides a structural way to defend operating margins while minimizing upfront capital expenditures. At the same time, bearish positioning in equity markets creates a potential source of volatility heading into the next earnings cycle.

Defeating Margin Compression With Steel

GXO Logistics operates in an industry defined by extremely thin margins. With a net margin of approximately 0.96%, producing roughly $131 million in net income on about $13.64 billion in trailing annual sales, managing operating expenses remains the critical lever for creating shareholder value. Human capital is expensive, and warehouse operations typically face high turnover, driving ongoing recruiting and training costs.

To combat this structural headwind, GXO announced an expanded deployment of Digit humanoid robots across its e-commerce fulfillment sites in North Carolina and Tennessee. Targeted for early 2027, the rollout will initially use the Digit 4 model before transitioning to the next-generation Digit 5.

The robots are designed to handle highly repetitive material-handling tasks, such as moving totes and placing them on conveyors. They are also designed to operate safely alongside human workers without requiring GXO to completely redesign its warehouse floor plans.

The financial model behind this deployment relies heavily on a Robots-as-a-Service, or RaaS, framework. Rather than draining cash reserves through large capital expenditures to purchase robotic hardware outright, GXO will pay a predictable subscription rate for the robotic services provided.

This subscription model helps management protect operating cash flow, which has improved significantly over the past year, while scaling capacity during peak holiday seasons. Securing the hardware supply chain to meet this demand is equally critical. Agility Robotics is preparing for mass manufacturing through a pending merger with Churchill Capital Corp. XI (NASDAQ: CCXI) in late 2026. The transaction is expected to provide capital to support expanded production, including at Agility’s RoboFab facility in Oregon, which is designed to produce up to 10,000 humanoid units annually. That capacity could support the physical labor pipeline GXO may eventually use across hundreds of global facilities.

Clearing the Tracks for Expansion

Executing a major technological pivot requires focused management. Until recently, an outsized portion of GXO Logistics’ executive attention was tied up in regulatory hurdles related to the 2024 strategic acquisition of Wincanton, a major logistics firm in the United Kingdom. In September 2026, the UK Competition and Markets Authority formally concluded its probe into the merger after GXO completed a required divestiture, clearing the path for broader integration.

Removing this regulatory overhang serves as a de-risking event. Management can now direct capital and internal resources away from regulatory compliance related to the investigation and toward operational optimization. The efficiencies from the Wincanton deal can now be pursued more fully, creating a dual engine for growth. GXO expands its geographic footprint through strategic acquisitions while increasing the profitability of those new square feet through targeted automation.

The timing of this regulatory clearance is notable given the balance sheet realities. GXO carries approximately $3.2 billion in total debt. Servicing that debt in a volatile macroeconomic environment increases the importance of the Agility Robotics integration.

For GXO, replacing variable human labor costs with predictable RaaS expenses directly offsets the macroeconomic headwinds of wage inflation. By stabilizing operating costs, GXO can free up cash flow to manage its debt obligations more comfortably and improve its overall credit profile.

Institutional Capital Front-Runs the Tech

While the shift toward automation strengthens the long-term operational outlook, short-term trading dynamics reveal market friction. Short interest in GXO Logistics rose leading into October 2026, reaching approximately 7.4 million shares. This represents about 6.5% of the total available float. The days-to-cover ratio also expanded to around 5.6, meaning it would take nearly six days of average daily trading volume for short sellers to fully exit their positions if forced to buy back the stock.

This bearish positioning contrasts sharply with recent institutional activity. Institutional investors appear to be positioning ahead of the automation deployment. Assenagon Asset Management recently initiated an approximately $16 million position, while other funds reduced their stakes. Sell-side sentiment also turned favorable ahead of the robotics announcement, highlighted by Goldman Sachs upgrading GXO to a Buy rating in mid-October.

This divergence between rising short interest and institutional accumulation creates a classic setup for volatility. The upcoming third-quarter earnings call on Nov. 4, 2026, is the immediate liquidity event that could trigger a price move.

Consensus estimates project earnings per share of approximately 86 cents on roughly $3.54 billion in revenue. If management delivers an earnings beat and provides strong forward guidance regarding the financial impact of the humanoid rollout, short sellers may face immediate pressure to cover their positions. When short sellers are forced to buy shares to close their trades, that activity can add sudden upward momentum to the stock price. This mechanical buying pressure could accelerate any post-earnings rally.

Repricing the Automation Advantage

The equity market frequently prices stocks based on projected fundamentals a year out rather than current trailing metrics. GXO’s current valuation multiples reflect this forward-looking mechanism. GXO trades at an elevated trailing price-to-earnings (P/E) ratio near 43, which initially appears expensive for a low-margin contract logistics provider. However, its forward P/E ratio compresses sharply to around 16.

This large differential suggests the market expects earnings growth as operating leverage takes effect. GXO currently generates a return on equity of about 10.5%. By reducing the cost of revenue through automated labor, more of each dollar saved could flow directly to the bottom line. This dynamic could increase return on equity without requiring incremental top-line sales.

The 2027 deployment timeline for the new robotics sites aligns with the period covered by forward earnings projections, although the financial contribution from these deployments has not yet been quantified. Replacing highly repetitive manual tasks with humanoid labor has the potential to change the business’ operating expense profile. Companies that successfully implement these technologies early could capture market share by offering faster fulfillment at lower internal costs.

Investors evaluating the industrial sector might consider the structural advantage of humanoid robotics in the supply chain. Early adopters operating on a scalable RaaS model could eventually command higher free cash flow valuations if the technology delivers sustained cost savings. As the physical economy continues to automate, investors may find value in tracking companies that are actively turning advanced robotics into tangible margin expansion.

A Message From Porter & Company

Sometimes the world changes, and no one notices.

On the morning after Henry Kissinger's petrodollar deal with the Saudis in 1974, the bills in your wallet looked exactly as they had the night before.

The U.S. Treasury didn't issue any new money -- and nothing was announced, voted on or passed through Congress. America's new monetary order was created in secret.

Yet over the five decades that followed, that one deal helped take America from roughly 180,000 millionaires to nearly 24 million – creating extraordinary wealth for those who owned the right assets.

At the same time, the dollar lost more than 84% of its purchasing power, quietly draining the savings of millions of families.

I believe the same thing is happening again, and once more the dollar in your pocket won't look any different.

It’s got nothing to do with crypto, CBDCs or gold.

And you'll only see the change later – in what could be a radical repricing of assets, goods and services across America.

To help explain what's happening, and before it’s too late for you to prepare for this shift…

I sat down for an interview with financial reporter Kimi Weintraub:

Watch it here.

You'll discover how President Trump has assembled his new monetary order in the shadows, executive orders, closed-door deals with tech billionaires and a reported 13-nation agreement almost nobody has heard of…

I also share the five critical assets I believe sit at the heart of this historic shift…

Including the name and ticker of my No. 1 move to make today.

Time is a factor. When world leaders gather at Trump's resort in Miami on December 14, I believe the President could unveil this new monetary order to the world as a done deal.

Go here for the full interview.

Good investing,

Porter Stansberry

Grand Canyon Education Strengthens Its Outlook, But Wall Street Remains Divided

Author: Peter Frank. Published: 10/24/2026.

Grand Canyon Education (NASDAQ: LOPE) operates in an industry many investors avoid.

The company provides technology, marketing, enrollment and back-office services to Grand Canyon University (GCU), one of the largest private Christian universities in the United States, as well as a growing roster of other university partners.

Under its services agreement with GCU, Grand Canyon Education receives a share of the university's tuition revenue, tying its financial performance closely to student enrollment.

Despite the industry's challenges, the for-profit higher education services company has continued to grow steadily, generate free cash flow and navigate ongoing legal and regulatory uncertainty.

Continued enrollment growth and improving profitability have strengthened its financial outlook, although questions remain about whether that performance justifies the stock's valuation.

Enrollment Growth Powers Revenue and Profitability

The enrollment engine is at the heart of the story. Grand Canyon University's total enrollment reached 121,921 students as of June 30, up 7.5% year-over-year (YOY), while online enrollment grew at a similar pace.

Beyond its core GCU relationship, Grand Canyon Education also supports off-campus classroom and laboratory sites for multiple university partners. These locations, which primarily serve hybrid healthcare programs, reported enrollment growth of 16.8% YOY.

That growth was reflected in the company's second-quarter 2026 earnings results, released July 30, which showed revenue of $264 million, up 6.7% YOY and above analysts’ expectations. Net income grew 10.4% to $45.9 million, while adjusted diluted earnings per share (EPS) of $1.81 handily beat the $1.67 consensus estimate.

In addition, both adjusted EBITDA and operating margin improved from a year earlier, suggesting that the company is becoming more profitable as it grows.

Grand Canyon Education has set a longer-term goal of expanding its off-campus network from 47 sites to 80, although management has become more selective about new openings. GCU has also announced plans to open a law school in the fall of 2027, potentially creating another source of tuition revenue that could benefit GCE through its services agreement.

A Stronger Growth Outlook Backed by a Long-Term University Agreement

In Grand Canyon Education's Q2 earnings release, management projected that service revenue would increase to about $270.11 million in the third quarter, up from $261.14 million a year earlier. Revenue is expected to rise to between $324 million and $329 million in the fourth quarter.

Management's guidance for Q3 adjusted diluted earnings per share (EPS), however, was $1.74 to $1.78, compared with $1.78 in the year-earlier quarter, suggesting that near-term earnings growth could lag revenue growth.

For the full year, the company guided to service revenue of $1.165 billion to $1.172 billion and adjusted diluted EPS of $10.18 to $10.32, implying continued mid- to high-single-digit growth.

Beyond its near-term financial outlook, Grand Canyon Education and GCU amended their master services agreement in July, extending their relationship through June 2041 and eliminating GCU's previous right to terminate the contract early for convenience. The changes provide GCE with greater long-term visibility into its most important source of revenue.

Under the revised terms, GCE will continue to receive 60% of GCU's tuition and academic-related fees but will no longer receive a share of certain ancillary revenue. The company estimates that the changes will reduce annual service revenue by approximately $20 million, with an immaterial impact on operating income because of the elimination of certain reimbursement payments to GCU.

For investors, the agreement reduces contractual uncertainty surrounding GCE's largest partnership, although the company's continued reliance on GCU remains an important risk.

$100M Credit Facility Expands Share Buyback Flexibility

Grand Canyon Education reported $274.5 million in unrestricted cash and investments as of June 30. In late September, it entered into a new $100 million five-year senior secured revolving credit facility to be used, in part, to fund additional stock buybacks. The company repurchased approximately $75.3 million of common stock in the second quarter. The additional borrowing capacity could support further share repurchases, although debt-financed buybacks would also introduce interest costs.

The company also generates substantial free cash flow each year. While it does not currently pay a dividend, it has used that cash for buybacks and reinvestment in its university partnerships.

Old Regulatory Concerns Meet New CFO Uncertainty

Grand Canyon Education and Grand Canyon University have faced legal and regulatory scrutiny over issues including GCU's nonprofit status and doctoral program disclosures. Although several major federal matters were resolved in 2025, litigation involving doctoral program disclosures remained ongoing as of GCE's June 2026 quarterly filing.

Then, in August, the company placed its chief financial officer, Daniel Bachus, on paid administrative leave effective Aug. 21 in connection with a governmental investigation into stock trades made by a non-employee third party.

The company has stated that the matter does not involve its financial statements or accounting practices and that it is not the focus of the investigation. The board appointed Lori Browning, the company's senior vice president and chief accounting officer, as interim CFO.

Although the investigation has not been linked to GCE's accounting practices, uncertainty surrounding its financial leadership could weigh on investor sentiment.

Wall Street's Moderate Buy Rating Masks a Wide Divide in Price Targets

Even amid the headlines, analysts rate the stock a Moderate Buy, with three recommending a Buy and one recommending a Hold. However, the $160 consensus price target is roughly in line with the stock's recent trading price, suggesting that Wall Street sees little room for appreciation. Individual price targets range from $100 to $200 per share, reflecting considerable disagreement about the stock's potential.

Grand Canyon Education has also beaten or matched consensus EPS estimates in each of its last eight quarters, demonstrating a consistent track record of meeting Wall Street's earnings expectations.

Although shares are roughly flat since the start of the year, they are up around 20% over the past three months.

Is Grand Canyon Education Stock Worth the Risk?

Despite its consistent financial performance, Grand Canyon Education faces risks that could limit the stock's upside.

For-profit education services remain a politically charged industry, with periodic regulatory threats to federal student loan funding and ongoing scrutiny of the sector's graduation and employment outcomes.

GCU accounted for 89.4% of Grand Canyon Education's total service revenue during the first six months of 2026. Despite the longer-term stability provided by the amended services agreement, any significant decline in GCU's enrollment or tuition revenue could materially affect GCE's financial performance.

Demographic headwinds also pose a potential challenge for higher education, although GCE's substantial online enrollment and exposure to adult learners may help distinguish it from institutions that rely more heavily on traditional college-age students.

Still, Grand Canyon Education's steady enrollment growth, improving profitability and extended agreement with its largest university partner provide reasons for optimism. The question is whether those strengths make the stock attractive at its current valuation.

The company's upcoming Q3 earnings report on Nov. 4 will provide another opportunity to assess whether enrollment growth is translating into sustained revenue and earnings growth. Those results could help investors determine whether LOPE's financial momentum is strong enough to outweigh its risks.