Editor’s Note: Hedge fund legend who delivered a 279% return on cash in 2025 and went on a 20 year winning streak, says Elon Musk is now executing the “Final Phase of his Master Plan”… and he’s identified the ONE ticker that stands to benefit most (it’s not SpaceX, Tesla, or anything you’d associate Elon with). Click here to see the details.

Dear Reader,

In 2025, Larry Benedict did something almost nobody on Wall Street managed.

He got ahead of President Trump.

When Liberation Day sent the market into freefall, Larry had already positioned his readers.

They closed trades for 29%... 30%... and 59% on QQQ.

Three winning trades in three weeks from just a single policy move.

In just the first quarter of the year, Larry had a perfect 13 for 13.

Not a single losing trade.

Click here to see how Larry did it — and what he’s doing now

By the end of the year, he had delivered a 279% return on cash. The S&P returned 15%.

Now Larry is turning his attention to Elon Musk.

And he says what’s already been set in motion makes everything Trump triggered in 2025 look like a warm-up.

Because now that the SpaceX IPO is over, the “Final Phase of Elon’s Master Plan” has begun.

Which means billions — potentially trillions — of dollars could be forced into a single ticker…

And it could happen at any time.

Larry has been tracking it for months and says the time to get positioned is now.

He’s revealing the name and ticker today, completely free.

Click here to find out what Larry is positioning in now — and get ahead of the “Final Phase of Elon’s Master Plan”

Best wishes,

Lauren Wingfield
Managing Editor, The Opportunistic Trader

P.S. Larry’s 2025 readers didn’t wait for the headlines. They took action early and were rewarded for that. Click here to get ahead of his next big call — before the window closes.

Wednesday, July 15, 2026

The biggest buyer just found a reason to stay home.

Japan sold $29.6 billion in U.S. Treasuries in the first quarter. That is the largest quarterly sale in nearly four years. It broke a pattern. Japanese accounts had been buying in 11 of the previous 12 quarters.

Japan holds roughly $1.2 trillion in Treasuries. That is about 13% of all foreign-held U.S. debt. No other country holds more. The selling picked up speed as the quarter went on. It nearly quadrupled between January and March.

Something structural changed.

Three forces are pulling Japanese capital home at once. Japan's central bank stopped suppressing bond yields. Domestic bonds now pay real returns for the first time in a generation. Tokyo's yen defense is accelerating the exit just as the U.S. needs more buyers.

See this official SEC document? On page 146 Elon Musk revealed the name of a startup that Jeff believes will be…

The next monster IPO on Wall Street. (Click here to get the details)

Even though this has nothing to do with robots, self-driving cars, or rockets…

This startup is growing faster than Tesla… faster than SpaceX… and even 23 times faster than Nvidia.

That's why The Atlantic called it…

"The fastest-growing business in the history of capitalism." (Click here to get the name, 100% free of charge)

For years, the Bank of Japan bought enormous amounts of Japanese government bonds every month. That buying held domestic yields near zero. It acted like a ceiling bolted to the top of the market. Japanese institutions that wanted real returns had no choice but to go abroad. U.S. Treasuries were the obvious destination.

That ceiling is gone. The BOJ cut monthly bond purchases in half. It went from ¥5.7 trillion in August 2024 to ¥2.9 trillion by early 2026. Further cuts are scheduled every quarter through March 2027. Less BOJ buying means bond prices fall and yields rise.

The 10-year Japanese government bond hit 2.9% in June 2026. That is its highest level since 1996. The 30-year reached 4% for the first time since it was created in 1999.

Those numbers matter. A Japanese life insurer can now earn 4% on a 30-year domestic bond. No currency risk. No hedging cost. No exposure to a foreign government's fiscal path. The math changed.

Observation: The BOJ halved monthly bond purchases over 18 months. Further cuts run through March 2027.
Interpretation: Removing the artificial buyer lifted the ceiling on Japanese yields. Domestic bonds now give institutions a reason to keep capital home.

The shift is already showing up. Nikkei, Japan's largest financial newspaper, reported the allocation trend. Half of Japan's major life insurers plan to expand domestic bond holdings this fiscal year.

Mark Dowding, chief investment officer at BlueBay Asset Management, told the Financial Times: "The new money that's being put to work won't be put to work overseas. It will be going into those domestic allocations."

Japanese bonds paid nothing for decades. Now they pay something. Capital follows the yield.

Observation: Half of Japan's major life insurers are increasing domestic bond allocations this fiscal year.
Interpretation: Institutional capital is following the new yield structure home. The flow is structural, not speculative.

A second force is pulling Treasuries out of Japanese hands. It has nothing to do with yield.

Tokyo spent a record ¥11.73 trillion in May to defend the yen. That is roughly $73.4 billion. The money had to come from somewhere. Japan's Ministry of Finance confirmed it. Foreign securities holdings fell $75.6 billion that same month. That was the largest on-record monthly decline.

U.S. Treasuries make up the bulk of Japan's foreign reserves. When Tokyo sells foreign assets to fund yen intervention, most of that selling hits Treasuries.

Two forces now pull in the same direction. Institutions choose to bring capital home. The government is forced to sell foreign bonds to defend its currency.

Observation: Japan's foreign securities holdings fell $75.6 billion in May, driven by currency intervention. That was the largest on-record decline.
Interpretation: Yen defense accelerates Treasury liquidation on top of the organic capital shift.

The U.S. Treasury needs about $2 trillion in net new issuance absorbed each year. That pace holds for the coming decade. State Street is one of the world's largest asset managers. A research report from the firm framed this as a new era. In the 2010s, the Fed and foreign central banks bought bonds regardless of yield. Those were price-insensitive buyers. That support is fading.

TD Economics, the research arm of TD Bank, studied the shift. It projects 20 to 50 basis points of upward pressure on the 10-year yield. A basis point is one-hundredth of a percentage point. Washington is paying attention. Treasury Secretary Scott Bessent called his Japanese counterpart after Japan's bond volatility fed into Treasuries. He told Fox News he expected Japan to calm the bond market.

The signal to watch is the BOJ's tapering schedule. It runs through March 2027 with quarterly reductions locked in. As long as those cuts continue, Japanese yields keep climbing. As long as Japanese yields climb, the pull home gets stronger.

Japan bought U.S. Treasuries for decades because its own bonds paid almost nothing. That condition no longer exists. The BOJ's tapering schedule runs through March 2027, and the largest foreign buyer is going home.

Until next time,
The Navigator