Joel Litman on 'America Unleashed'... The next era of military spending... $100 billion in 120 days... Meanwhile, Treasury yields keep rising... Our Stansberry Research conference is next week... Get a Livestream Pass today...
The bond market slide continues...
Another day, same stories – almost.
Treasury yields moved higher again today, with the 30-year bond yield hitting its highest level in more than two decades at 5.49%. The 10-year yield is now at 5.21%.
Bond yields in the U.S. – and across the world – are rising as investors demand more compensation, thanks to inflation concerns tied to the war in Iran and energy and commodity supply disruptions. Fiscal deficits, especially in the U.S., are another large underlying factor.
So is competition from the corporate debt market. Many "hyperscalers" – some with better credit ratings than Uncle Sam – are having no trouble finding buyers for their debt to finance AI spending.
Meanwhile, federal-funds futures traders are pricing in a roughly 70% chance of a rate hike at the Federal Reserve's October meeting. They're pricing in a nearly 60% chance of two hikes by the end of the year.
This matters because interest rates throughout the economy are influenced by what the Fed does. For example, the average 30-year fixed mortgage rate moved above 7% yesterday for the first time since January 2025.
Oil futures were also up again today, with Brent crude's November contract up 4% to $107 per barrel. The major U.S. stock indexes were slightly lower across the board and down for a second straight day.
Now for something different...
This morning, our friend Joel Litman, chief investment officer of our corporate affiliate Altimetry, debuted his new, free presentation, "America Unleashed." If you haven't already, we urge you to watch it here or by clicking on the image below.
It's a fantastic presentation about the investment opportunities in the military space right now.
Few are better positioned to talk about this subject than Joel.
In the past, he has consulted with the Pentagon and the FBI. And his financial research has been followed by Wall Street's largest firms because of his proprietary insights into what's really going on with companies' financials.
Today, Joel spoke about a big story that will influence generations...
You see, America is spending billions of dollars to re-up its munitions, which have dwindled amid the monthslong war in Iran and the even longer war in Ukraine.
As Joel noted, the U.S. military has used about a decade's worth of Tomahawk missile supply since the war in Iran began in late February, and it has spent more than $100 billion in the first 120 days of the conflict.
"The Pentagon does appear to be stretched thin right now," Joel said.
The White House is proposing the government spend $1.5 trillion on the military in 2027, which would mark the largest year-over-year increase in military spending since the Korean War (and probably only help drive up yields as more government debt hits the market).
This spending isn't just about replenishing existing missile technology... it's also about reimagining how war is waged – from drones to missile defense systems to shipbuilding and leveraging space technology to fight battles on Earth.
A change from 'tooth to tail'...
A shift like this was last seen 45 years ago, during the Reagan administration – and it helped cement the U.S. as a global superpower. It's an upgrade from "tooth to tail."
However, Joel says the most lucrative opportunities from this reimagining aren't in the giant contractors like Lockheed Martin (LMT), but many smaller ones.
Joel believes there will be a "feeding frenzy" among smaller defense contractors, since "one major government contract could transform their entire business." And it's in these companies that Joel sees massive opportunity... as high as 23 times returns in the year ahead.
Joel discussed four of these stocks in particular...
One has zero debt, 30% revenue growth, and a $550 million backlog of orders. Another is the country's sole source of specific critical components. Joel calls the third an "unsung hero of the Iran war." And the fourth is an essential business for rocket-makers.
Joel is anticipating a catalyst for some major price movements in these stocks in the coming weeks, when the "kingmakers" of the defense industry gather for a major conference in Washington, D.C.
To get the full details, check out the full presentation right here.
You'll learn more about the four stocks above, the upcoming meeting in Washington, and Joel's research. And just for tuning in, he shares one recommendation for free.
A few familiar guests joined as well...
Our colleague Whitney Tilson joined part of the presentation, speaking about his experience on the ground during the war in Ukraine, noting that $500 drones have been destroying $3 million tanks. Whitney said...
The way we wage war has completely changed... I saw this new reality firsthand.
Dave Lashmet also joined the discussion, sharing how space technology plays a role in defense, and offered a chance to get some of his own breakthrough technology research. Check it out here.
Last but not least, our annual Stansberry Research conference is next week...
We're just four days away from the start of our 2026 Stansberry Research Conference & Alliance Meeting in Las Vegas.
Joel will be among the speakers. So will Whitney, Dave, and all your favorite Stansberry Research editors, along with special invited guests. This is our biggest event of the year and a chance to hear dozens of investing ideas in one place...
Here are just a few of the scheduled presenters I'm looking forward to hearing and seeing during the conference at the Aria Resort & Casino...
Porter Stansberry. Our company's founder will get things going on Monday with his always-anticipated morning address. We can't wait to hear what he has on his mind this year.
Dan Ives. The colorful-jacket-wearing tech investor and market commentator has started his own investment banking firm, Yorkville Ives & Co., after an eight-year run as global head of technology research at Wedbush Securities and 16 years as an analyst and managing director with FBR Capital Markets. Ives is widely known for insights on AI, cybersecurity, cloud computing, and the broader technology landscape. All timely.
Kyla Scanlon. She famously coined the term "vibecession" to describe the disconnect between strong economic data and public sentiment in 2022. She's also a popular "Zillennial" (younger Millennial/older Gen Z) voice about money, the economy, and investing. And she's the author of the bestselling book In This Economy? How Money and Markets Really Work.
Henry Winkler. You know him as "The Fonz" from Happy Days, or maybe as Coach Klein in the Adam Sandler movie The Waterboy. Part of the conference experience in Vegas is the entertainment, too, and I can't imagine that the Fonz won't deliver.
As always, our team has some great between-session and evening events lined up as well, where subscribers have the opportunity to chat with our editors and analysts. We always look forward to that.
If you're not going to be with us in person, you can still be "in the room" and watch the presentations live with our Livestream Pass. You'll also get access to unlimited replays of the presentations through the end of the year.
Click here for more information and to get your Livestream Pass now.
And one note for Stansberry Alliance members – our team has e-mailed login information for our exclusive Alliance Day livestream next Wednesday. Check your inbox if you haven't already.
New 52-week highs (as of 9/23/26): Alpha Architect 1-3 Month Box Fund (BOXX), iMGP DBi Managed Futures Strategy Fund (DBMF), Hewlett Packard Enterprise (HPE), Illumina (ILMN), Okta (OKTA), and Invesco DB U.S. Dollar Index Bullish Fund (UUP).
In today's mailbag, thoughts on diesel prices, which we wrote about yesterday, and the White House considering an export ban... Keep your notes coming, as always, to feedback@stansberryresearch.com.
"I can remember the late 70's (showing my age) when gas prices exceeded $1.00 per gallon and the pumps could not go past $0.999. The solution was to start selling gas by the liter for about $.30 per liter. I wonder if we will see that in California in the near future." – Subscriber Randy W.
"I am in northeast GA about 45 miles from downtown Atlanta. Diesel today was reading around $6.45/gallon. Regular gas is ranging from $3.99 to $4.19 depending on which gas station is used.
"I am old enough to remember the Arab Oil Embargo. It would be really great if prices now were as high as they were then. Just dreaming, it won't happen." – Subscriber Dan B.
"Premium was $5.03/gal, regular $4 and change at Costco in Riverhead, NY."– Subscriber Frank C.
Corey McLaughlin comment: Riverhead! Not that far from where I grew up. Thanks for checking in.
"Agree that diesel prices translate into higher prices for everything. Everything is transported.
"Refining capacity needs to increase in the US, although seems somewhat doubtful that politics will allow it.
"California has higher gas and diesel prices because the politicians want them high. They have chased refining capacity out of the state, so Californians experience higher prices for everything." – Subscriber Peter M.
"Limiting exporting is communism and will cause less to be produced." – Subscriber Jon B.
"Corey, Diesel prices are very important. Home heating oil will really be the stinger!" – Stansberry Alliance member Bud O.
McLaughlin comment: Winter is coming.
All the best,
Corey McLaughlin
Baltimore, Maryland
September 24, 2026
