Dear Financial Samurai,
Shares of Zions Bank tumbled 13% on Thursday after the regional bank disclosed unexpected losses on two loans in its California division. Western Alliance then dropped 11% after announcing a fraud lawsuit against one of its borrowers. Once again, regional bank jitters are stirring concerns that could ripple through the broader economy.
Thankfully, the 10-year bond yield continues to drop, finally dipping below 4% at one point, which is simply music to my ears. Not only are our longer-duration bonds performing well, but we’re also setting up for what could be a ferocious Spring 2026 housing market.
As you’ll recall, this past April’s selling season was dampened by tariff rhetoric, but that just means more pent-up demand is waiting to be unleashed next year. We could see two or three more Fed rate cuts by April 2026. With long-bond yields already drifting lower, every point along the yield curve is becoming more affordable.
Winter is my favorite time to house hunt. But if you're not in the market, I'm a fan of investing in commercial real estate before next Spring. My favorite way to do so is through Fundrise, where the investment minimum is only $10. I've invested over $500,000 through Fundrise so far to earn more passive income and diversify.
The Euphoria of 1999
On October 10, there was roughly a $20 billion liquidation in the alt-coin market (cryptos other than Bitcoin) after Trump announced a potential 100% tariff on China starting November 1. You could see it all over Twitter, many accounts were wiped out as alt-coin prices blew through stop losses, wiping out portfolios overnight.
The gambling mentality in leveraged alt coins reminded me of 1999, when everyone was getting rich. I was sitting on Goldman’s international trading floor at 1 New York Plaza and it was thrilling! Of course, the bubble burst in March 2000, erasing fortunes and leaving debt in its wake. But for a while, it really was the best of times.
I don’t think we’re quite at 1999-level euphoria yet. The chart below gives me comfort that there’s still room for a blow-off top that could make investors even richer. But as we all know, greed kills returns, and nobody can predict the future. That’s why I wrote my latest post, It Feels Like 1999 Again: Time To Party Without Blacking Out, to help those struggling with investing FOMO keep their heads.
The last thing I want is for you to lose everything you’ve worked so hard to build.
Post-Vacation Wisdom
Now that it’s been a week since I returned from our 3-day San Diego trip to Legoland and SeaWorld, I’ve had time to reflect.
First, vacations just don’t feel quite the same once you retire early because you’re no longer escaping from work. When everyday life is already enjoyable, spending more money on “fun” doesn’t always deliver the same rush.
But one reader comment really struck me: they shared how, after retiring at a traditional age once their kids left the house, they found themselves immediately responsible for caring for an ailing parent or in-law. Freedom, it turns out, is always fleeting unless we protect it intentionally.
Read: Vacations Just Aren't As Great Anymore Once You Retire Early
My second takeaway: we should all spend more money to save time. The entire point of FIRE is to do more of what we love and less of what we hate. Since time is more valuable than money, it only makes sense to use wealth to minimize inconvenience. The challenge for many of us in the FIRE community is that we’re often too frugal, so frugal that we trap ourselves in scarcity even after achieving abundance.
If we’re willing to give up a six- or seven-figure paycheck for freedom, spending a few thousand dollars to buy back more time shouldn’t be so hard to justify. Remember: the ultimate goal isn’t just wealth, it’s freedom
Read: Spending Money To Save Time Is The Best Use Of Funds
To Your Financial Freedom,
Sam
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