Money & Megatrends

October 10, 2025

By Brian Hunt

 

Inside today’s issue:

  • Confession time
  • The customer is usually wrong
  • Trump & Friends send another stock to a new all-time high
  • Another space stock soars to new highs

 

Solar Stocks Are Market Leaders… and the Customer Is Usually Wrong


Solan Panel

 

As I write this to you Friday midday, the solar energy group I follow (TAN) is up 3.15% over the past week and up 10.5% over the past month.

This makes solar one of the market’s top performing themes right now… and a winning trade on my books.

Now that this trade is a winner, it’s confession time.

I’m going to tell you a secret about the investment newsletter business that no publisher will tell you and is almost sure to offend you. But the best investors are always learning and aren’t offended by lessons that make them better investors.

I call this secret “The Customer is Usually Wrong.”

Here it goes…

One reason I had high confidence in the solar trade is that I could not have sold a report on solar energy stocks to the investment newsletter buying public. There is zero interest in this theme.

And when financial newsletter publishers can’t sell a report about a theme, it’s a bullish sign for that theme.

This is the case because the typical investor is a terrible investor. The typical investor is usually wrong. The typical investor believes all kinds of nonsense and lets their emotions and biases dictate investment decisions. The typical investor gravitates towards dumb investments and runs away from good ones. I lump many newsletter buyers in this “terrible investor” group. I’ve met a lot of them. And they are hazardous to their money.

Want to know the two greatest times ever to sell technology-focused newsletters? Early 2000 and late 2021… right before tech investing manias crashed.

The best time to sell any genre of investment newsletter is right before it crashes. It’s an open secret in my world.

At the time I made the solar trade, I could have sent out a brilliant note making the case for solar energy stocks and I would have gotten crickets in response from newsletter buyers.

The average investor is utterly indifferent and often hostile to the idea of owning solar energy stocks. Solar energy seems wimpy to them. Something tree huggers like. A government boondoggle.

Me, I don’t have a bias for or against solar stocks. I just care that sometimes they go up and can make me money. I love it when I can take a position in a strongly trending theme with strong fundamentals that the investing public is indifferent or hostile towards. That trade is usually going to be a winner.

The indifference is a bullish sign. If the trade won’t sell, it will probably do well.

A lack of interest in an investment means it hasn’t been bid up to the sky. It also means there’s lots of people on the sidelines that may pile in later and drive prices up.

If I can’t sell a biotechnology newsletter, that gives me greater conviction on biotech stocks. If I can’t sell a report on gold stocks, that gives me greater conviction in gold stocks. If I can’t sell a report about investing in the U.S. power grid upgrade, I’m extra bullish on the theme.

Usually, the customer will not act on the best opportunities.

That is a weird secret about investment newsletters. We can’t sell the best advice. The customers usually don’t want what’s good for them.

Lots of colleagues think I shouldn’t go around insulting customers and potential customers. Most publishers just want to cater to customer delusions. They can make a lot of money doing that.

Me? I have the gift of bluntness. And I’d rather see you wake up, take this stuff seriously, and win.

So, I will let you know the next time I see a trade or trend that I know won’t sell but could do very well. You’ll know in advance the trade has a higher likelihood of working… because the customer is usually wrong.

Still long solar.


TAN Stock Graph 10.10

 

Market Notes

 

    • The “Space Trade” we highlighted on September 22 is running higher. Space group leader Rocket Labs (RKLB) is up 6% today and hit a new all-time high.
    • Big uranium miner Cameco (CCJ) reached a new all-time high today. It’s further confirmation we are in an opportunity-filled bull market for critical resources.
    • Like the Trump & Friends administration or not, you’ve got to admit those guys can send stock prices up. Government-backed semiconductor maker Intel (INTC) reached a new 52-week high today.
    • The AI infrastructure bull market continues to run… group leader Vertiv (VRT) climbed 5% today to reach a new all-time high.