The Next Elon Musk Review: Is Matt Milner’s Grey Swan Fraternity Worth It?
“Let’s just forget about Elon Musk.” That opening line is one of the boldest pattern interrupts we have seen in this genre, and it sets up Matt Milner’s “The Next Elon Musk” presentation perfectly: a pitch about a founder the reader has barely heard of, Palmer Luckey, whose defense-tech company Anduril is accumulating government contracts at a pace that has drawn comparisons to Tesla in its early years. The presentation is unusually generous, it names the target company outright, and it spells out a real, purchasable backdoor ticker, XOVR, letter by letter, for free. We watched the full presentation, verified the contract trail, and found a lot to like. Here is our complete review.
Images to be added when available.
The Presenter
Matt Milner is a private-markets veteran who now fronts Banyan Hill’s Grey Swan Investment Fraternity alongside publisher Addison Wiggin. His résumé, as he tells it, is the classic Wall Street circuit: “I went to Cornell for undergrad. I got an MBA at Northwestern, but eventually I made it to Wall Street. Over the years, I worked at some of the most powerful firms on the street. I worked at Bear Stearns, Kidder Peabody, Lehman Brothers.” He then pivoted to private equity, where he says he watched “100 baggers, founders and their investors making millions of dollars on single deals,” and he shows himself ringing the bell at the Nasdaq as he helped take Net Element public. His partnerships, he says, “own stakes in over 50 privately held companies including Elon SpaceX and XAI.”
The track-record block is bold: “my research team uncovered over 1,170 trades that returned up to triple digits for our readers… 14,452% on Tesla in 11 years, 9,997% on VXX in 4 months, 4,045% on Sprint in 3 years, 515% on the Trade Desk in 3 years.” The Tesla figure over an 11-year window is plausible for a call made near Tesla’s post-IPO lows. The VXX figure deserves the most caution, since VXX has undergone repeated reverse splits that can make headline percentages look larger than a holder’s realized experience; treat that one as presented rather than verified.
Wiggin’s credibility block leans on institutional history, including the early research partnership with Bill Bonner. The authority transfer in this presentation is the strongest part: Peter Thiel’s Founders Fund really is a lead Anduril backer, Andreessen Horowitz really is the largest venture firm by assets under management, and the media quotes Milner cites, the Financial Times calling Luckey “Silicon Valley’s Oppenheimer,” the Telegraph calling him “the Elon Musk of his industry,” and MIT saying Anduril is “poised to change the future,” are all genuine press characterizations we were able to confirm.
The Big Idea
The thesis runs in two layers. The front-end mechanism is pre-IPO exposure: “this ticker, it gets you inside access to the next Elon Musk company while it’s still private. Now that means you’re going to be getting in pre-IPO, where the biggest gains always have been made, and where the biggest gains always will be made.”
The backdoor is revealed free in the video, and it is real: XOVR, the ERShares Private-Public Crossover ETF, which we verified holds Anduril alongside other private names like SpaceX in a roughly 15% private sleeve. Milner spells it out: “The first letter is X. The second letter is O. The third letter is V. The fourth letter is R. That’s X-O-V-R.” No email wall, no credit card. He even tells you the price zone: “as I’m recording this, you can get shares for $50.”
Then comes the pivot that defines the real pitch, and it is handled with a candor that is genuinely uncommon: “XOVR isn’t exactly a pure play on Anduril… Anduril isn’t even in the fund’s top 10 holdings. In fact, private companies only make up 15% of the fund itself… what if they decide to sell their shares early? … There goes what little stake you had.” The paid product is the answer to that problem: “the real 10x gains, the ones I’ve been telling you about, those will likely come from those who own a stake in the secret suppliers to Anduril, which you can buy into today.”
The macro mechanism gets its own brand: AWE, “Autonomous Warfare Everywhere,” the thesis that Cold War-era defense procurement, “weapons programs that take 10 to 20 years to deploy,” is being replaced by autonomous, AI-driven systems. The timing argument is the “sweet spot”: “The perfect time to invest the sweet spot is when a new tech trend has already been proven to work but when it’s just starting to be commercialized.”
The facts under the thesis are largely real. We verified the Arsenal-1 manufacturing facility in Ohio, the Navy’s multi-billion-dollar submarine industrial base investment tied to Anduril’s Ghost Shark production, the IVAS headset program takeover from Microsoft, and a consolidated Army contract reported at roughly $20 billion over ten years. The Palantir precedent, 2024’s best-performing S&P 500 stock, is real market history. One soft spot: the claim that “Buffett himself has put $185 million into AI defense companies” is presented without a source and does not match any widely reported Berkshire position in those terms.
The Key Claims
The headline promise, stated early and repeated with consistency: “for every $1,000 that you invest into what you learn about today, I believe that realistically, you could 10x your money in the next 12 to 24 months. And over the long run, say years, I believe that a starting stake of $1,000, it could potentially turn into a six figure fortune.”
The per-supplier claims stack on top:
- Supplier #1, the battery maker: “I believe this one supplier could ten times in value in the next 12 to 24 months… we could very easily see this stock 100x or more in value.”
- Supplier #3, the chip maker: “If it’s not just one of many, but the one supplier that can power everything from drone swarms to AI-powered tanks, a 5X or even 10X game is absolutely in play.”
- The bonus reports carry their own numbers: a “$6 NASDAQ listed company [that] could surge 2,741%” in the Stable Coin Profit Report and a “9x stock surge” in the GSA privatization report.
The claims are consistently qualified with “I believe,” “could,” and “potentially,” which is proper hedging, and Milner includes an interrupter we wish more presenters used: “Now please don’t confuse revenue growth with profits. I’m not saying you’re gonna make 5,000 times your money.”
The compliance tension worth naming: “Anduril, and its secret suppliers, are about the closest thing I’ve ever seen to a sure bet” sits directly next to “nothing’s ever guaranteed when it comes to investing.” The second half is the truth; the first half is the line viewers will remember. And the defense-budget objection is answered with real legislative detail, the One Big Beautiful Bill’s AI defense provisions, which track the legislation’s actual line items.
The Free Ticker
The free ticker is XOVR, and it is genuinely free: “you can get this four-letter ticker symbol for free, no credit card needed, no email address to fill in, no strings at all, right here in this video.” Verified: XOVR is the ERShares Private-Public Crossover ETF, converted from the ENTR Entrepreneurs ETF on August 29, 2024, and ERShares publicly confirms Anduril among its private holdings. The transcript’s “32 holdings” runs slightly above Morningstar’s current count of roughly 29-30 names, a minor discrepancy worth knowing. Anyone can buy it in a regular brokerage account for around $50 a share.
The context names are all real companies used to prove the supplier pattern: Palantir (“its software helped catch bin Laden and its stock is already 10x and then some”), plus the historical supplier precedents, Arista Networks, Skyworks Solutions, and Cirrus Logic, the trio behind the line “if you’d put $10,000 into each of these three secret suppliers, you’d be sitting on $1.2 million.” Those are historical Apple and Nvidia-ecosystem suppliers, correctly described.
The three actual Anduril suppliers sit behind the paid report, with a trio of clues each: a tiny battery maker powering the autonomous submersible fleet with revenue growing “60% a year for seven straight years”; a defense-systems firm with “over $3 billion in revenue” and “$8.5 billion in project backlog”; and a military semiconductor company endorsed across the Navy, Army, Marine Corps, and DoD that “pays a dividend” Milner calls “a little mailbox money just for owning it.” Those are the Ticker Revealer’s job to identify; we flag them here as clues, not conclusions.
What You Get
The product is a trial of the Grey Swan Investment Fraternity, billed as “a literal who’s who on the front lines of the global financial community.” The stated membership value anchor is $10,200, and the trial price is $299 for three months, with an “even cheaper way to get started” teased on the order page.
What $299 includes:
- The main report, How to 10X Your Money with the Secret Suppliers of Anduril: names, tickers, buy prices, and exit timelines for the three suppliers.
- Bonus report #1, the Stable Coin Profit Report (dollar 2.0, atomic settlement, the GENIUS Act).
- Bonus report #2, Trump’s $102 billion backdoor deal on the GSA privatization story.
- Complete access to Milner’s library of over 51 research reports.
- Monthly newsletter issues “with a 10X investment idea in every issue.”
The risk reversal is generous in a memorable way: “we’re going to give you 30 days to evaluate this service, risk-free… If you decide that you don’t like the font we use or the design of our newsletter, if my research isn’t right for you for any reason at all, we’ll grant you a full refund at any time in the next 30 days, no questions asked.” The refund window is 30 days; the renewal price after the trial is the key open question, and the presentation does not state it. Confirm before joining.
Our Take
This is one of the most concrete pre-IPO pitches we have reviewed, and the reason is simple: its central asset can be independently verified. Anduril is a real company with a documented contract trail, its founder is a public figure with a verifiable story (Oculus sale to Facebook, the 60 Minutes interview the presentation quotes), and the free backdoor, XOVR, is a real, purchasable security rather than a fiction. The presentation also earns points for critiquing its own free recommendation before pivoting to the paid one; most promos in this family let the ETF tease stand unexamined.
The honest counterweights: the 10x-in-12-to-24-months framing is aggressive, and the supplier picks are small companies whose fortunes depend on Anduril’s growth continuing; the “$26 billion” contract sum is the presenter’s own arithmetic across named awards. The Buffett attribution is unsourced. And the deeper risk is structural: a concentrated bet on defense-tech suppliers is a sector bet with policy risk in both directions, which the presentation acknowledges implicitly by defending the budget question.
Who is this for? Readers who want pre-IPO-style exposure to defense tech without accreditation requirements, and who understand the difference between a diversified ETF sliver and a concentrated supplier bet. If that is you, the $299 trial with the font-level refund promise is a reasonable way to evaluate Milner’s work, and XOVR alone makes the presentation worth watching even for readers who never subscribe.
Where to Learn More
- For the same publisher’s stablecoin thesis from the same day, see our Dollar Reboot review, covering Ian King’s xMoney infrastructure pitch.
- For the health-care-and-power side of the AI supply chain, see our 401(ai) review on Marc Chaikin’s five-stock retirement portfolio.
- Readers new to the pre-IPO theme can also see our OXF AI IPO review on Alexander Green’s Anthropic backdoor pitch.
- Have a promo you want us to vet? Submit it here.
- Ready to try the Grey Swan Investment Fraternity? Click here to learn more.
NewsletterVetter is an independent publication. We receive compensation from some of the services we review through affiliate links. Nothing on this site is investment advice. Always do your own research.