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The companion research report to Felix Prehn’s video, prepared by Goat Academy Research. Enter your email address and the report opens immediately.

A 14-page companion briefing to the video of the same title, with data to 11 November 2026. A company carrying a net loss of $104bn has put a $1.4tn price tag on itself: 825 million shares priced between $70 and $78, with $26bn committed by Google, the chip makers and others before the shares even list. The report argues that asking whether this is a bubble is the wrong question. The better one is where the money to pay $1.4tn for anything came from. America's money supply has reached a record $23.41tn, up 52.5% from about $15.35tn in 2019, and its year-on-year growth of 5.71% is the fastest since the middle of 2022. The valuation, in the report's phrase, is not the disease but the thermometer: it shows where the fresh money is pooling, in the same way that the same house with the same leaky roof sells for double what it did a decade ago because the money shrank. It then traces the plumbing: the Treasury doubling its debt buybacks in August from $2bn to at least $4bn at a time on longer-dated bonds, a Federal Reserve balance sheet of around $6.75tn, and the chain from new money to lower long-term interest rates to higher asset prices, with the saver paying the bill. It looks at a major country that has run the same playbook for more than 20 years, where the person on a salary was slowly hollowed out while asset owners did well, and notes that America's money supply made its 52.5% move in about 6 years rather than 20. The third act follows the money: households hold more of their wealth in the stock market than at the dot-com peak, in 2008 or in 1929, a handful of giant names make up something like 30% of the index, and the trades disclosed this year at the very top of the US government show buying in toll-booth businesses (Berkshire, Visa, Mastercard, Home Depot, Tractor Supply, Republic Services) and selling or trimming of Meta and Netflix. Central banks are buying gold at the fastest pace in two years, which the report treats as a tell about behaviour, not a tip. It takes apart the idea that shares return a smooth 10% a year, quotes Bill Gates telling CBS that "we have to suffer a few of the negatives", and closes on one number: by the US government's own figures, a 1971 dollar now buys about 7 cents of what it did then. It ends with a sources page and a pointer to one free live training. It is an educational explanation of a mechanism, not a recommendation to buy or sell anything.

Goat Academy is an online financial education institution founded by economist and former investment banker Felix Prehn.