Updated November 4, 2026. I first reviewed The Ferris Report on December 8, 2022, when the model portfolio was only a few weeks old, and I’ve checked in on it a few times since. This is a full rewrite built on the member portfolio sheet as it stands today.
The Ferris Report is the monthly research service from Dan Ferris at Stansberry Research. Dan is the editor of Extreme Value and the host of the Stansberry Investor Hour podcast. His style is value investing with a lot of attention to risk, and right now Stansberry is promoting the service with a presentation featuring former Congressman Dr. Ron Paul about what they call a crack-up boom.
I’ll cover what you get, what the portfolio has actually done, and where I think the marketing runs ahead of the product.
- Model portfolio as of November 3, 2026: 34 positions, 24 up and 10 down, average return 32%, median 27% (total return including dividends)
- Biggest winners: two oil refiners (+162% and +134%), a gold fund (+119%) and an aerospace and defense fund (+96%)
- Weakest: a defense contractor (-20%), bitcoin (-19%) and two positions at -14%
- Current offer: a free digital copy of Capitalism in Crisis plus bonus reports, with a 30-day refund
- Price: $129 for the first year (regular price $499), renews at $199 plus taxes
- My rating: 4.0 out of 5
The Ferris Report at a Glance
| Detail | What to know |
|---|---|
| Publisher | Stansberry Research |
| Editor | Dan Ferris |
| Style | Value investing, capital preservation, real assets |
| Issue schedule | Monthly, third Wednesday around 5 p.m. Eastern |
| Model portfolio | 34 open positions as of Nov 3, 2026, oldest added Nov 30, 2022 |
| Portfolio average return | 32% (median 27%), total return per the member sheet |
| Free with trial | Capitalism in Crisis book, three bonus reports and the 7-stock Capitalism in Crisis Portfolio |
| Price | $129 first year (regular price $499), then $199 per year plus taxes |
| Refund | 30 days, and you keep the free reports |
What’s Different Since My 2022 Review
Back in 2022 the pitch was about an Everything Bubble and a coming Dead Zone. Today it is a crack-up boom, corporatism and a falling dollar. The vocabulary changed, but the approach looks the same to me: buy cheap, durable businesses and real assets, hold some defensive positions, and stay away from the most crowded trades.
The proof is in the portfolio. Three positions from the very first month, added November 30, 2022, are still open: a gold fund, an aerospace and defense fund and a U.S. value fund. They are up 119%, 96% and 67%. So at least some of Dan’s picks are held for years, though the sheet only shows open positions.
The Current Pitch: Capitalism in Crisis
The presentation is a conversation between Dr. Ron Paul, Dan Ferris and a host. Their argument, in short:
- Washington has taken ownership stakes in roughly 30 companies since January 2025, which they call corporatism rather than capitalism
- Record stock prices may be a flight out of the dollar rather than real wealth, which they call a crack-up boom
- Dan says a 60% stock market crash would not surprise him, and the Nasdaq could fall even more
- Dr. Paul says he wouldn’t be surprised to see the government eventually target retirement accounts, pointing to Argentina, Hungary and Poland
The book covers four steps: get your savings out of the crosshairs, own assets that tend to survive currency debasement (they focus on gold and silver), avoid the roughly 30 companies in what they call Washington’s stock portfolio, and prepare your household.
My honest take: the macro argument is an opinion, and some of it is speculative. The retirement account scenario is something they say could happen, and it has not happened in the U.S. Dr. Paul also says outright that anyone who gives you a date is lying. What I can evaluate is the portfolio, and it is a lot calmer than the presentation. Most of it is value funds, energy and gold, not bunkers and doomsday trades.
The Ferris Report Model Portfolio (November 3, 2026)
Here is what the member sheet shows today. I’m showing industries and add dates, not the specific picks, because those belong to subscribers.
| Measure | Result |
|---|---|
| Open positions | 34 |
| Up | 24 |
| Down | 10 |
| Average return | 32% |
| Median return | 27% |
| Oldest position | Added November 30, 2022 |
| Newest positions | Added October 20 to 23, 2026 |
| Advice on all 34 | Buy, with four carrying a buy-up-to price limit |
Every Position by Industry
| Industry or type | Added | Return |
|---|---|---|
| Oil refining | Dec 2025 | +162% |
| Oil refining | Dec 2025 | +134% |
| Gold (bullion fund) | Nov 2022 | +119% |
| Aerospace and defense (fund) | Nov 2022 | +96% |
| Integrated oil major | Jan 2023 | +72% |
| U.S. large-cap value (fund) | Nov 2022 | +67% |
| Fertilizer and nitrogen chemicals | Aug 2023 | +65% |
| Natural gas producer | Mar 2024 | +64% |
| Japan stocks (fund) | Jun 2023 | +62% |
| Integrated oil major | Jan 2023 | +40% |
| High free cash flow U.S. stocks (fund) | Feb 2024 | +39% |
| U.S. health care (sector fund) | Jan 2024 | +38% |
| Wide-moat U.S. stocks (fund) | Dec 2023 | +37% |
| Oil and gas exploration and production | Feb 2026 | +33% |
| European stocks (fund) | Feb 2025 | +32% |
| U.S. industrials (sector fund) | Oct 2024 | +28% |
| Managed futures (fund) | Oct 2023 | +27% |
| U.S. consumer staples (sector fund) | Apr 2024 | +27% |
| U.S. dollar (fund) | Dec 2022 | +18% |
| Mineral and coal royalties | Jul 2025 | +16% |
| Short-term T-bills (fund) | Sep 2023 | +13% |
| Industrial gases | Apr 2026 | +5% |
| Mortgage-backed securities (fund) | Aug 2024 | +5% |
| Energy infrastructure (closed-end fund) | Jul 2026 | +1% |
| Gold royalty company | Oct 2026 | -1% |
| Power generation | Jun 2026 | -4% |
| Silver miners and physical silver (fund) | Oct 2026 | -4% |
| Natural gas pipelines | Jul 2026 | -6% |
| Chemicals | May 2026 | -7% |
| Gold miners (fund) | Oct 2026 | -8% |
| Diversified mining |