A No-Nonsense Look at 2026

Hello Friends! In our final wrap-up of 2025, we’re cutting through the noise of the AI market. While the big names are seeing a healthy correction, the speculative "no revenue" bubble is starting to hiss. At Iron Gate, we aren't chasing the hype—we're following the legends. The Big AI Takeaway •The Correction is Here: Major players like Nvidia and Meta have pulled back 10-15%. •Speculative Stocks are Sliding: Companies with "concepts" but zero revenue, like Oklo, have dropped over 50%. •Our Strategy: We’re patient. We’d rather miss the first third of a rally to ensure we're buying a fundamentally sound business. Investing Like a Legend We’re sticking to two core principles inspired by Joel Greenblatt and Charlie Munger: •Rule #1: Know the Value. Figure out what a business is worth and buy it for significantly less. •Rule #2: Don't Be a Fool. It’s hard to be a genius, but it’s easy to not be a fool. Avoid emotional traps like envy and FOMO. Your Financial "No-Nonsense" Checklist To secure your future, Spencer recommends these three pillars: 1. Live Within Your Means: If you spend more than you make, stop. 2. Pay Yourself First: Automate your savings before the bills hit. 3. The Emergency Fund: Keep 3-6 months of cash in a high-yield account for those inevitable rainy days. Merry Christmas and Happy Holidays! We'll see you in 2026.