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Day One Of The Annual Conference
Porter's Journal Issue #110, Volume #2
Porter Stansberry
September 24, 2025
Porter Re-Allocates The Portfolio, Erez’ 3 Tsunamis, Cactus Goes Nuclear
This is Porter’s Daily Journal, a free e-letter from Porter & Co. that provides unfiltered insights on markets, the economy, and life to help readers become better investors. It includes weekday editions and two weekend editions… and is free to all subscribers.
Porter & Co. Annual Conference… Porter’s grand entrance… Re-allocating the Permanent Portfolio… Erez Kalir’s flight companion… Dave Lashmet’s weight-loss discussion… Cactus Schroeder’s visit to Tyler, Texas… Day 2 is tomorrow… |
Table of Contents
Porter & Co.’s two-day Annual Conference commenced today at Porter’s farm just outside Baltimore. Partner Pass members from around the country… indeed, the world… gathered for a reception and breakfast before Porter & Co. CEO Jared Kelly welcomed attendees this morning. The agenda for day one included more than a dozen presentations, discussions, and speakers.
In today’s Journal, we offer a snapshot of a few highlights from the day, which is just wrapping up now.
Preceded by a tongue-in-cheek TV trailer for the upcoming streaming series Millions, Porter arrived to the tented gathering in his classic Chevy Nova, engine revving at full force, then jumped on stage and into his explanation of how he’s re-allocating Porter’s Permanent Portfolio.
In short, Porter’s Permanent Portfolio is killing it: up 24.8% from when he launched it exactly a year ago at the 2024 Annual Conference, compared with a 18.5% return in the S&P 500 – not to mention the low volatility created from the balanced asset mix.
From the stage, Porter described how he re-allocated that mix. This includes revamping the equity portion with a more diversified mix of ”Lindy” businesses – those with a combination of excellent economics and long (at least 40-year) track records – and updating the “Better Than Bonds” portion with a new selection of property and casualty (“P&C”) companies based on his latest analysis.
Next, Erez Kalir led off his presentation by sharing that the person sitting next to him on the flight out from San Francisco, who it turns out was a classmate of his at Stanford University, was employee #5 at Yahoo. It enabled Erez to reflect on all that’s happened in tech since then, and how so many people, like that employee #5, have watched remarkable innovations unfold – dramatically changing our lives and generating mountains of new wealth.