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Giving Ourselves A Grade, Part II
Porter's Journal Issue #144, Volume #2
Porter Stansberry
December 17, 2025
Continuing With Our Annual Report Cards For 2025
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.
We’re devoting this week’s Daily Journals to a practice that Porter has been doing for decades… issuing Report Cards for the newsletters that he publishes. Honest and thorough feedback is the key to earning trust and ensuring straightforward financial analysis and recommendations. As Porter likes to say: it’s the information I’d like to receive if the roles were reversed.
Today, we continue the grading with two of our key advisories… Marty Fridson’s Distressed Investing and Erez Kalir’s Tech Frontiers. On Friday, we will conclude the week with the remaining advisories.
Porter leads off with Distressed Investing below.
Distressed Investing finds corporate bonds in distress… Marty Fridson has 10x’d the bond market… Equity returns from bonds… Biotech Frontiers becomes Tech Frontiers… Erez Kalir plucked winners in a biotech bull market… Numerous picks have soared 100%+… |
Table of Contents
Marty Fridson finds corporate bonds that are distressed, and he is basically 10-xing the returns most folks normally get from bonds… In fact, he’s making readers 25% annualized returns – from bonds…
He’s making people 2x the average return of the stock market, all with bonds that offer legally guaranteed payments.
This is unheard of. It violates just about every “rule” of the efficient-market hypothesis. These results are simply too good to be true. And yet, we’ve watched it all happen with our own eyes, in real-time, for more than two years now.
It’s remarkable. And it makes sense if you know Marty and his stellar career. Marty Fridson is one of a kind. Marty’s proving you can make 20%-plus annualized returns from bonds… while most people think they’re lucky to get 3%.
To catch people up, let me explain Distressed Investing for those who are not familiar with it… Marty focuses on corporate bonds that have fallen into distress… Or another way to put it, when Wall Street writes a company off – when it thinks a company might be headed for bankruptcy and dragging the bonds down with it – that’s when Marty starts paying attention.
Peloton Interactive (Nasdaq: PTON) is a great example.