JUST IN: THE CAMPAIGN STARTS AT A TRUCK PLANT. THE TRUCKERS ARE PAYING $6.29.

Thirty-two days, thirty-five races, and an electorate that has watched diesel, beef and mortgages all set records in the same quarter. Whoever holds power owns that scoreboard.

🗺️ Current Dispatch: Denton, Texas

⛽ Local Diesel: $6.29/gal

☕ Diner Coffee Index: $2.50 — Fresh, hot, and the TV above the counter is already on the plant. 7/10.

THIRTY-TWO DAYS, AND EVERY ONE OF THEM COSTS MORE THAN LAST YEAR

The lot at the Peterbilt plant on Jim Christal Road filled with press vans this morning. The President tours the line at four o'clock, then flies to Durant, Oklahoma for a seven o'clock rally.

It is the first stop of a thirty-two day blitz ending November 3.

Paxton is expected to appear with him north of Dallas. Durant was picked partly because it sits close enough to the Texas line to pull Texans across it.

Trump said this week that he wants to be the face of the campaign. Some candidates want that and some do not.

There’s no stopping this train… (AD)

Editor's Note: Porter's invitation to join him inside Porter & Co. Biotechnology expires tonight at midnight.

Porter is personally stepping forward as your "Chief Investment Officer" so you know what to buy, when to buy, and how much capital to allocate.

But only if you join before midnight tonight. Full details here.

A few months ago when Porter told me that biotech was where the next great AI fortunes would be made… I was pretty skeptical.

But as usual, Porter wasn't wrong… he was just early.

Biotech booms have historically lagged tech booms.

We saw it happen after the PC boom in the 1980s. Tech ran up first, and then the money flooded into life sciences, birthing giants like Genentech and Amgen.

We saw it happen again after the internet boom of the 1990s.

Porter says this lag is always about 24 months…

The tail end of that lag is exactly where his calculations put us in the cycle now…

Look at the data from the first half of 2026 alone:

1. Biotech IPOs have surged, shattering records and doubling last year's total.
   
2. Goldman Sachs reports key biotech indices returned over 56% in the past 12 months—outperforming the Nasdaq 100.

Just consider the news from this past week alone:

1. Stanford ran a virtual biotech lab with 37,000 AI agents that proposed a new cancer therapy.
2. Pharma giant Roche announced it is beginning to build autonomous AI labs designed to accelerate drug discovery and development.

If you've not watched Porter's Ignition Point broadcast yet, this could be your last chance. Tonight at midnight the recording will be taken down.

He gives you a complete roadmap… and names and ticker symbol of the #1 stock sitting at the center of this story.

Watch it here now while it's still online.

Jared Kelly
CEO, Porter & Co.

THE BREAKDOWN: WHAT EACH SIDE IS ARGUING

1. The Republican case is the economic record.

The Denton stop is built around manufacturing and the America First trade policy, with Trump Rx and Trump accounts cited as delivered wins. Representative Ronny Jackson framed the visit around American workers and American manufacturing.

Texas remains a red state. Trump carried it twice, and the party held its first-ever midterm convention in Dallas three weeks ago.

2. The Democratic case is the cost of living.

Both party committees called the trip what you would expect. The DNC said Republicans are "desperately trying to rally their base." The Democratic Governors Association called it "full-on panic mode."

Their substantive argument is affordability, and the polling gives them something to work with: Trump's approval heading into these midterms is the lowest for a president since that particular poll began in 1990.

3. The Texas Senate race is the one to watch, and it is close.

Talarico has led in polling against Paxton. No Democrat has held a Senate seat in Texas since Lloyd Bentsen. A recording surfaced this week that Paxton's campaign dismissed as "manipulated nonsense"; Trump told reporters he had not heard about it.

Democrats also think they can take House seats here.

4. One number from the venue itself.

Revelio Labs puts employment at Peterbilt down 9.4% between 2023 and 2026. Heavy truck manufacturing is cyclical and freight has been brutal, so that is not a verdict on any administration. It is just worth knowing while watching remarks delivered from that floor.

THE FRICTION: I HAVE BEEN DRIVING THE BALLOT QUESTION FOR A MONTH

Everything this newsletter has covered since the middle of September is the thing both parties are now arguing about.

Those numbers are not partisan. They are the receipts in somebody's console, and they are why affordability is the frame both sides have landed on.

Note what is happening in Florida, where Vance is campaigning today. Reporting there says voter concern about artificial intelligence data centers has become a central issue alongside affordability. That is the Battery Belt story and the power-bill story arriving in a campaign.

The honest complication is that most of this is not in any president's control. The oil shock came from drone strikes on Saudi pumping stations and Russian refineries. The cattle herd is at a 75-year low because of drought. The 10-year sits at 5% because the bond market will not absorb the supply.

Incumbents get blamed for prices they did not set. That has been true in every democracy for a century, and it is true now.

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Right now, you can buy a dollar's worth of gold for about 36 cents.

That sounds impossible. Here's how it's real.

The major gold miners are throwing off record cash flow. At today's gold price, they're running margins as high as 75% — the most profitable they have ever been.

Which hands them a problem.

When a major gold miner makes record profits, it does one of two things: hand the cash back to shareholders, or buy the best junior mining assets to secure future production.

The best junior assets are still priced as if gold were stuck at $1,800 an ounce — not north of $4,000, where it trades today.

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They don't have a choice. They buy.

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The gap between what these assets are worth and what they trade for has a name. I call it the Golden Anomaly. It closes fast — usually the moment the majors start writing cheques.

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Garrett Goggin, CFA, CMT
Lead Analyst and Founder, Golden Portfolio

THE MACRO EXTRACTION

Stop handicapping the horse race and start pricing the two outcomes, because only a few things actually change your balance sheet.

If Republicans hold both chambers, assume continuity: trade policy stays, the AI posture stays voluntary, and the accord signed Tuesday remains the whole regime. If Democrats take a chamber, the first real consequence is not tax policy, it is oversight. A chamber with subpoena power writes AI legislation, reopens the data center and utility rate question, and starts asking who approved what in federal AI procurement.

For anyone holding the AI capex trade, that is the genuine fork, and it is five weeks out.

The second thing to watch is energy policy, because it is the only lever here with a real effect on the numbers in that table. Refining capacity is the binding constraint on diesel, not drilling, and refineries take years regardless of who wins.

And the third thing is the quietest. Treasury supply does not care who is in the majority. The 10-year sits at 5% because of deficits neither party has proposed to close, and no election result changes the auction calendar.

Out here the campaign reads simpler. A man tours a truck plant, and in the lot across the highway a driver who bought one of those trucks is doing arithmetic on $6.29 diesel. Both of those things are the American economy. Only one of them gets a podium.

Keep your capital guarded, hold your ground, and stay sharp out there.

— Brook

The Bare Economy. From the road. For the road.