Pilots practice emergencies. Investors don’t.

Today’s Big Picture

Airline pilots practice engine failures in a simulator long before they ever face one at 35,000 feet.

When it happens for real, the right move is close to automatic.

Most investors get no practice at all. Their first big decision in a bad market gets made in a hurry, with real money, while the news is still breaking.

I’m writing this on a plane to Dallas, the first leg of my trip to Las Vegas. For the next five days, our members will practice the decisions 2027 might force on them, before it does.

The decisions that hold up in a bad market are usually the ones you made before it started.

Below, how to read this morning’s inflation report, and in my Featured Lead, why we built a flight simulator for portfolios and how to run a small one yourself.

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Legendary investor James Altucher just dropped a MAJOR new bombshell about Elon Musk.

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Disclosure: Paradigm Press is a paid partner of Future Finance. The forecasts and claims above are James Altucher’s / Paradigm’s, not Future Finance research or advice. As always, do your own diligence.

Signal vs. Noise

Today’s Inflation Report Is Missing the Number Everyone Quotes

• The noise: the yearly inflation rate everyone quotes.
• The signal: this month, for most measures, there won’t be one.

The government couldn’t collect prices in October 2025, during last year’s shutdown. With no starting point, it can’t measure how much prices rose over the full year.

So the Bureau of Labor Statistics says it “will not publish 12-month percent changes for October 2026” for most of its price measures.

That leaves the monthly change, and one line of it matters most.

Read core inflation. It leaves out food and energy, whose prices swing with the weather and the oil market. The forecast going in: core prices up about 0.2% in October, a slower month than September’s 0.3%.

That number goes straight to the Fed. After Friday’s strong jobs report, traders came into this week treating a December rate hike as the likely outcome.

A core reading above that forecast makes the hike more likely. A reading at or below it gives the Fed room to wait.

For beginners: a 0.2% monthly rise sounds tiny. Repeated every month for a year, it adds up to about 2.4%, close to the Fed’s 2% goal. A 0.3% month works out to nearly 3.7%.

The Fed meets Dec. 8–9. Today is one of the last big numbers it sees before then.

Featured Lead

Today’s Featured Lead comes from me, Rami Al-Sabeq, Editor in Chief of Future Finance. I’ve written about digital assets and markets since 2020, and I oversee every newsletter at Decentralized Masters, including Gems Uncovered, Beat Banks and The Macro Letter.

Nothing below takes a political side, and nothing here is a recommendation.

Why We Built a Flight Simulator for Portfolios

My laptop is open on the tray table, and almost everything on it is a script for this week. And this newsletter, of course. No spoilers here.

On Wednesday and Thursday, the Inflection Club, our group for members who invest in private companies, meets at the Bellagio in Las Vegas.

On Friday, Ocean’s DM begins. It’s our members’ live event, and it runs through Sunday.

Every session this week is built on one idea: practice the decision before you need to make it.

How the simulator works

At Ocean’s DM, members sit at tables that act as investment committees. Each committee manages a $10 million practice portfolio.

A short video drops the room into one possible version of 2027. Each committee gets 10 minutes to decide what to do with its money. Then the round’s host walks through how each asset would have moved, and the scores update.

They play more than one version of 2027, and the portfolio carries over from round to round. Every decision has to live with the one before it, the way it does in real life.

Afterward, each member sees how the same version of 2027 would have hit their own portfolio.

I won’t tell you which versions of 2027 we chose. The members in the room don’t know yet either, and I’d like to keep it that way until Saturday.

Why practice works

Most of the damage in a bad market comes from surprise.

Last Thursday was a small live test. The Nasdaq fell 5.5% in a single day, as we covered. People who had already decided where they’d buy and sell had nothing to decide that afternoon. People who hadn’t were deciding in real time, with the screen turning red.

That’s also why the tables are committees. In a bad market, the most useful thing you can have is someone across the table asking “why?” before you act.

A decision you’ve rehearsed is one you don’t have to make in a panic.

Run your own simulator

You don’t need a ballroom in Vegas for this. You need 15 minutes and a piece of paper.

• Step one: pick one bad version of next year that worries you. Your biggest holding falls 30%. Interest rates jump. Or a long, slow year where nothing goes up.
• Step two: write down what you’d do if it happened: buy, sell or hold, and at what price.
• Step three: show it to someone who will ask you why.

If that year comes, you’ll be reading your own instructions instead of the headlines.

I’ll write to you from Vegas every day this week: what the room is doing, what it decides, and what it means for your money.

The best decisions in a bad market get made on a good day.

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Disclosure: Behind the Markets is a paid partner of Future Finance. The forecasts, track record and claims above are Dylan Jovine’s and Behind the Markets’, not Future Finance research or advice. As always, do your own diligence.

Final Thought

Here’s the week, in two halves.

In Vegas: the Inflection Club on Wednesday and Thursday, then Ocean’s DM from Friday through Sunday.

In markets: today’s inflation report, Veterans Day on Wednesday (stocks trade, the bond market is closed), the Treasury’s 30-year bond sale on Thursday and producer prices on Friday.

Both halves ask the same question: what will you do when the number surprises you?

The best time to answer it is today, before any of them do.

See you tomorrow, from the Bellagio.

- Rami Al-Sabeq

Editor in Chief | Future Finance

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Disclosure: Stansberry Research is a paid partner of Future Finance. The forecasts, track record and claims above are those of Whitney Tilson’s and Stansberry Research and not represent the views of Future Finance. As always, do your own diligence.

Disclaimer: This content is not financial advice, it is for informational purposes only. All investments involve inherent risk. Any financial decisions you make are solely your responsibility.