The best books on investing don't teach emotional resilience to stay in the market when it tanks. I taught it to myself and built a 6-figure portfolio of ETFs. Subscribe to my weekly newsletter 'Stay Invested'. I'll teach you that. denisgorbunov.substack.com/

I didn't sell $PGY when problems began at $UPST. $PGY is a solid business but there was uncertainty with regard to credit risk. Two things made me certain in $PGY stock chart the company would do well: • There's a clear institutional buy zone with well-defined highs and lows • There are two tight candle consolidations which indicate the interest of professional traders in this stocks And look at the earnings report today. Congrats to all $PGY bulls. Long $PGY.

When a country decides to tax unrealized capital gains, it’s a sign it’s in deep economic trouble. Hello, France. Your debt to GDP ratio (114%) speaks for itself.

Poor $PYPL. What should happen for it to come back?

$NVO is undervalued. Fact. It will eventually reverse but it's unlikely to be sudden. I'd expect the stock to build a bottom first close to $46. $46 is strong support.

Don’t believe anyone who says you’re a slave just because you have a day job. I have one, and I love it. I work in research. The laboratory lets me use my creativity when I run experiments. And even if you don’t love your job, you have to make money somehow. Do what makes sense to you.

A super skill on social media in 2025 is ignoring trolls. Especially those afraid of showing their real names and profile pictures.

The US will never stop printing money. You either invest or get left behind.

No industry is profiting from the Trump administration as much as Aerospace & Defense. The industry has 81 stocks. My top 3 picks are • $AXON • $RKLB • $GD

Run away from VWAP (Volume Weighted Average Price) orders in the stock market. They react to spikes in traded volume. VWAPs typically trigger right after earnings reports. High frequency traders react within milliseconds by filling queues with a huge number of buy/sell orders. That causes a volume spike that triggers a reaction by retail investors and smaller funds. They chase what's already happened. Don't chase. Learn to identify TWAP (Time Weighted Average Price) orders. This order type is used by institutional investors who represent the largest asset management companies in the world (like $BLK and $STT). They buy stocks slowly over time. Volume is average. This is why it's so hard to uncover their activity. But once you do, you know something interesting is happening around your target stock. A typical footprint of institutional investors is a sideways price action with well-defined highs and lows. It can last for several months because the accumulation is so slow. It usually precedes surges in price. For example, institutional investors have been accumulating quantum stocks like $QBTS, $IONQ, $RGTI, and $QUBT throughout the whole year. Now look where those stocks are. Forget VWAPs. Focus on TWAPs.

If you think $QBTS and $IONQ will crash, think again. Institutional investors have been buying them all year round. There are buy zones (sideways trends with well-defined highs and lows) all over the place. The stocks do get ahead of themselves sometimes. But then they go back to their fundamental values (the buy zones) and stay there. They ain't crashing, folks.

It’s dumb to say “If you don’t own Bitcoin, you don’t understand money.” Of course many people don’t understand money. They live above their means and have credit card debt. They borrow money to get married. They think investing is risky. I could tell you the problem is the lifestyle, not money. But the reason is much simpler. People literally don’t know where to buy Bitcoin. I used to know an ex banker who started buying Bitcoin in the early 2010s. He said he’d meet with someone in a pub, give them physical money (about $300 per Bitcoin), and they’d transfer Bitcoin to his crypto wallet. No idea how he found those folks but it was feasible on the Internet. Crypto exchanges were few and far between. Bitcoin is an asset most people don’t know. They only know the word. They know it’s something risky but also something that can give you astronomical returns if you want long enough. Bitcoin is not a stock that represents ownership of a public company. It’s not an ETF that has a bunch of stocks bundled in units. And it’s not physical assets like real estate you can live in. People are naturally confused. But they also know that digital assets can grow way faster than physical assets like precious metals. So they want to know about Bitcoin. I’ve been asked more than once: “How do I buy Bitcoin?” This is what keeps some people I know from owning it. Here’s how: Register on a crypto exchange (Kraken, Coinbase, Binance) Get your ID verified Deposit cash Buy Bitcoin Easy. Bitcoin has gone mainstream so access to it is straightforward. You can buy it in most Western countries. Buying it is not shady. Crypto exchanges must comply with local financial regulations. You have zero risk unless you expose your account to strangers. I don’t care how much Bitcoin you’ll buy. What matters is you buy it. Register on a crypto exchange and claim your chunk of this asset with a limited supply and soaring demand. Because your present financial choices will be reflected in your net worth a decade from now. Be wealthy.

Trump said this week the US stock market will hit new all-time highs. And you know, I believe him. He’ll do anything to make investors happy.

I didn’t believe in Bitcoin until May 2024. It was then I met ex-banker David who recommended me to add it to my portfolio. I would’ve ignored his advice if he wasn’t a banker. David had more than he could ever spend. He was worth eight figures. He was used to making money. And he had authority. So I listened. My first move was to buy the Bitcoin spot ETFs approved by the Securities and Exchange Commission last year. But I’m in Germany, and ETFs based on one asset aren’t authorized here. Said David: “Why don’t just buy Bitcoin, Denis?” Best piece of financial advice I’ve ever got. There’s another perk in Germany: Capital gains on crypto aren’t taxed if you hold for more than a year. But ETFs are taxed at 26,375% beyond free allowance of 1k EUR per year. Bitcoin was an obvious choice. I started by investing 110 EUR ($125) every Friday. There are stories on the Internet about how someone hit $1M in eight years by investing $15 into Bitcoin every day. But the Bitcoin price kept climbing. I thought I’d never become a full coiner. Then my other investment went sour. I invested a pile of money in precious metals at about the same time. Since then the gold and silver prices have added about 50% while my portfolio had barely broken even. I’d missed the fine print in the contract that mentioned insurance costs but didn’t mention the spread between the buy and sell prices. So I sold my precious at a 10% discount in September this year. It was a bad experience but I was lucky thanks to the recent surge in the gold and silver prices. So I didn’t lose money. As soon as I cashed out, I added enough to my Bitcoin to become a full coiner. That was in October. I was feeling euphoric. But perhaps I did that a little too fast now that the Bitcoin price is falling along with the US stock market. I don’t care. What’s done is done. You can never be too certain what the Bitcoin price will do tomorrow. Either you’re convinced Bitcoin is a good investment or not. I’ve no idea how to determine the fundamental value of Bitcoin. But I can see that the largest derivative developers (BlackRock, Van Eck, etc.) are buying it. If they’re convinced, I am too. The Bitcoin price can swing by another $20k. But will it matter if it goes to $1M? If you decide to buy Bitcoin, be ready for price swings. Be ready for being called dumb. In the end it’s your money, and it doesn’t matter what someone you’ve never met thinks about your portfolio. I know that ex-bankers hold Bitcoin. Elon holds Bitcoin. A number of other big CEOs hold Bitcoin. BlackRock holds Bitcoin. Why not you?

Investing in the S&P 500 is no longer betting on the US economy. It’s betting on $NVDA, $MSFT, $AAPL, $AMZN, $META, $AVGO, $GOOGL, and $TSLA doing enough buybacks so the market won’t go under.

It’s fascinating to see so many stocks correcting, yet the S&P 500 has barely moved. Because… Share repurchases. Almost 400 companies from the S&P 500 are doing buybacks.

21 million Bitcoin > infinite dollars

How investors give in to their emotions and lose money: Their stocks lost 20% even though the investment thesis didn’t change. So they sell instead of buying at the bargain price.

The notion that the US stock market will crash and never recover is the biggest nonsense I’ve ever heard. It contradicts two economic facts. The first is the wealth of the American nation is in the stock market. It’s the largest stock market in the world. Its total capitalization is $62 trillion. Compare this with the $25 trillion Euroepan stock market. If stocks crash and stay low for a long time, the US will become a poor country. It ain’t happening. The second is lack of understanding where economic prosperity comes from. This sentence from the journal Science nails it: “A foundation of economic prosperity is that individuals innovate and come up with good ideas, and that good ideas are shared and eventually widely adopted by others.“ It’s a flywheel: • New technologies boost our productivity • We create more economic value • We make more money • We create new technologies As long as there’s incentive to make more money, we’ll always have new technologies. This is why the US is the world’s hub of innovation. This is why it creates money without end. This is why the US dollar won’t stop losing its purchasing power. It’s for you to have a comfortable life. Just don’t rely on your paycheck alone. Invest your money. The stock market is there to make you wealthy.

I was chatting with my mother today when she said she regrets I haven’t bought a home yet. I’m 38. No family, no kids. Do I regret not having bought a home yet? Not at all. Let’s do napkin math based on what I hear from my colleagues who have bought homes. I’m in Eastern Germany, it’s a bit cheaper than Western Germany Mortgage rates are 3-3,5% Assume you buy a 500k EUR house Take out a 30-year mortgage Add 8% closing costs (real estate agent and notary) Suddenly it’s a 800k EUR house. I’ll have to pay a third of the sum in interest. That will deplete my monthly income by 1,569 EUR. Add renovation costs and property taxes. And if you’re not throwing up from this madness yet, the bank will do its best to add a special clause to your mortgage contract. The clause will say that if you sell your house before you’re done with the mortgage, you’ll still have to pay the interest (or face a penalty). That makes you inflexible. It’s like you’re obligated to live in that one place for several decades. I split up with my girlfriend earlier this year, found a new apartment, and moved out. Easy. It wouldn’t have been so easy if the rented apartment had been mortgaged. Or worse, if we both had split a mortgage. No thank you. I don’t want a mortgage. And here’s the thing: I could buy an apartment (not a house) for cash right away if I sold all my digital assets. But I’m not doing that. I’m not convinced that a property business is the right fit for me. I’ve been investing in stocks and crypto for 6 years. Made mistakes, experienced anxiety, and still grown my portfolio four times. Can you grow your wealth at the same rate by owning real estate? I know I cannot so I’m staying out of that business. This is by no means investment advice. You could be a real estate investor. If that works for you, congratulations. But I’m not OK with the constraints that owning a home (or worse, a mortgaged home) would impose on me. The wealthiest people I know made their fortunes from tech stocks and crypto and then bought their houses. This would be my way of getting wealthy. Would you buy real estate to become wealthy?