Graham’s Newsletter
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- Top in Finance
- #66
- Subscribers
- 42K
- Followers
- 47K
- Recommends
- 10
rounded by Substack
other newsletters
What they write about
Market and policy explainers aimed at a general audience. Recurring subjects include the Treasury and bond markets, tax proposals, currency interventions in Asia, housing affordability and the case for and against property investing, and whether artificial-intelligence valuations constitute a bubble.
- bond market
- tax policy
- housing
- real estate
- currencies
- market commentary
Recent examples: Ray Dalio says we’re past the point of no return · Why Americans are running out of money
Written from Graham’s Newsletter’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Growth history
Subscribers (thousands, nightly)
41K on Sep 10, 2026 → 42K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #66 today · #58 a week ago · #77 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 42 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 13%
- Best rank seen
- #58
- Rank, 7 days
- −8 places
- Rank, 30 days
- +11 places
- Subscribers added
- +1.0K
- Followers added
- +1.1K
- Posts
- 5
- Reactions per post
- 72
- Reactions tracked
- 1.4K
of 525 ranked finance newsletters
on Oct 14, 2026
since tracking began
since tracking began
last 30 days
average, recent posts
across 19 posts
Most-reacted post we have seen: The US is preparing for a $1 Trillion bailout — 407 reactions on Aug 31, 2026.
Recent posts
- Ray Dalio says we’re past the point of no return
Ray Dalio is one of the most experienced investors out there. When he speaks, it’s worth listening to. And right now, he’s saying something alarming. The national debt is beginning to spiral. A debt spiral goes like this: interest rates rise, so the United States has to borrow even more money just to pay the interest on the debt it already has. That new borrowing pushes rates higher still. This means even more borrowing, and the cycle keeps feeding itself until something breaks. And right now, the warning signs are stacking up all at once: The 30-year Treasury yield just hit its highest level…
- Why Americans are running out of money
It’s official. Americans are literally running out of money at the end of the month. Many are borrowing from their future selves for a life that they can’t afford today. This isn’t just an isolated headline. Some of the world’s biggest CEOs have been blaring this warning about the US economy for a while now. They’re all saying the same thing: Consumers are stretched so thin that even people making $100,000 a year are now shopping like they are broke . After all: Mortgage rates are back above 7% . Gasoline prices are up 40% . Airfares cost 23% more . And don’t even get me started on food…
- The bond market is breaking housing
When the bond market stumbles, every other market feels the tremors. I thought housing was safe, but things are changing faster than I thought: Long-term Treasury yields have climbed to levels we haven’t seen in more than 20 years. Source: Reuters Borrowing money has become dramatically more expensive. Interest rates have risen so quickly that you can now earn more from government bonds than investors are earning from rental properties. And the most direct effect has been on real estate. Why would you take on tenants, repairs, property taxes, insurance, and leverage when you can earn more…
- No taxes on capital gains from homes?
This is unbelievable. I got wind of some apparently secret and behind-the-scenes discussions that could allow homeowners to pay no capital gains tax on the first $1 million of profit. And the rumor is that this applies to every kind of real estate, not just residential. Brian Griffini, a real estate expert and recent guest on The Dave Ramsey Show said this : Midterms are coming. Now they’re actually talking about actually doing an executive order in the next couple of weeks on the capital gains thing that didn’t get put through the first time. So the way you do it is you put it in at a…
- The Fed Rate Hike is here
For the first time since 2023, the Federal Reserve raised interest rates by 25 basis points. This is officially the end of the “rate-cutting era.” Now the bigger question is: What if this isn’t just a one-time hike but the beginning of a new rate-hiking cycle? Consider what’s happening: Inflation is moving in the wrong direction The government is adding more than $2 trillion a year to the National Debt. Even a bond market bailout isn’t making any difference. If this continues, the Fed might be forced to keep rates higher or raise them even further, at a time when the economy can afford it the…
- Before I share this on YouTube...
I’m going to talk about this in an upcoming video, but since you’re on my newsletter or applied to the original Index, I wanted to send it to you first. Applications are officially open for something we’ve been working on called The Index Network. A little backstory: At the beginning of 2025, we started The Index with just 12 people with a VIP experience at Disneyland. One of them even sent a framed picture to everyone after. It was an awesome trip. The idea of The Index was pretty simple. Bring together a small group of ambitious entrepreneurs and business owners who could actually talk…
- I paid off my 2.875% mortgage — Dave Ramsey was right
I’m taking a huge risk here, by going against everything I’ve said. But sometimes new experiences change your mind and it would be dishonest not to share that. For years, I’ve told people not to pay off their low-interest debt. I’ve told them to keep the sub-3% mortgage for as long as possible and make the minimum payments so that they can take the remaining money and arbitrage it on the markets. And for the first time in my life, I’m starting to think… maybe I was completely wrong. On paper it makes sense. You don’t pay off your 3% mortgage because you could earn way more by investing in the…
- America’s bond market is on edge
Something really strange is happening with America’s debt right now. Starting September 9th, the United States is going to begin Operation “borrow-a-ton-of-money,” where we borrow even more money to buy back our own debt, because... nobody else seems to want it. If you think that’s dramatic, here’s one more detail: In less than a week, we officially double the amount of new money that gets borrowed, just to pay back loans made to the US government. What happens when the solution to too much debt just keeps becoming even more debt? That’s what a lot of people — including Ray Dalio — are…
- The US is preparing for a $1 Trillion bailout
You better pay attention to what just happened because this is huge. The United States is preparing for up to a $1 Trillion bailout to save the economy. But what makes this even more critical is the timing. This comes at a time when: Stocks are as expensive as they were at the peak of the Dotcom bubble in 2001. Interest rates have been rising out of control . The national debt has surpassed $40 Trillion and yearly interest payments are now more than what we spend on defense — something that hasn’t happened since WWII. Source: Opening Bell Daily It isn’t surprising that people are now…
- Removing the capital gains tax
The United States hasn’t lowered its capital gains tax rate in more than two decades. But President Trump just floated the idea of reducing, or even outright eliminating the capital gains tax, ahead of midterm elections. If that actually happens, we could see one of the biggest wealth transfers in American history. The last time something like this happened, the S&P 500 went on to increase more than 70% over the following four years, and created new all-time highs. But what’s the chance of something like this actually passing? If even part of this becomes law, the impact would be enormous…
- Why the US is intervening in Japan
On Thursday, July 30th, Japan made a move that shocked global markets. Japan holds so much of their money in US dollars that any significant movement on their part affects us. If they’re forced to sell to prevent their own currency from collapsing, that could trigger an enormous reversal across global markets. The thing is, it’s already started. Japan may have already dumped nearly $59 billion worth of US dollars in its latest attempt to support the yen. Now, the situation has gotten so much worse that the United States has joined them. So today, I’ll break down exactly what happened, why the…
- The AI bubble and Korea's crash
Market crashes come unannounced. But there are always signs. One domino collapses across the world, sets off a reaction, and it carries lessons for the rest of the world. In the last few weeks, Korea’s stock market has undergone its fastest and largest drop in history — it fell by more than 20% in the last few weeks, and then recovered a bit. But the signals that showed up before the market crashed in Korea are now showing up right here in the United States. We’re seeing: Extreme concentration in a few stocks A massive rally being carried by AI Record amounts of retail leverage The market…
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: Graham’s Newsletter. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Oct 21, 2026.