Stansberry Investor Hour

On this week's Stansberry Investor Hour, Dan and Corey are joined by Matt Franz. Matt is founder and principal of Eagle Point Capital. The registered investment adviser aims to build wealth in the long term while avoiding the permanent loss of capital.  Matt kicks off the show by describing Eagle Point Capital's ownership mentality for buying stocks and what qualities he looks for in a company. As he explains, businesses that have very simple unit economics and that are noncyclical tend to be the best. He also zeroes in on specific metrics to evaluate stocks, the importance of owning businesses that reinvest capital, and his "replication mode" method for assessing a company's future potential. (1:41) Next, Matt talks about whether brands can be economic moats. He urges investors not to conflate brand awareness with pricing power, using consumer-electronics company Toshiba as an example. This leads to a conversation about luxury brands, why Matt prefers distributors to retailers, and why he only invests in companies worth 10 times earnings or less. Matt then breaks down his long-term focus, discussing intrinsic value and giving listeners a reality check. (17:10) Finally, Matt highlights the discipline it takes to be a long-term value investor, as it's human nature to want to add more to a position when it's soaring or sell shares on bad news. However, when you own good businesses, it's best to sit on your hands and do nothing. Matt also shares some guidelines Eagle Point Capital follows when searching for stocks in terms of market cap, industry, risk factor, and cyclicality. (37:53)

12/2/24 • 62:32

On this week's Stansberry Investor Hour, Dan and Corey welcome Andrew Walker to the show. Andrew is a portfolio manager at value-oriented hedge fund Rangeley Capital and author of Yet Another Value Blog. He focuses on microcap, deep-value, and special-situations investments. Andrew kicks off the show by sharing how he got his start as an investor and what inspired him to focus on value investing. He says that while value investing has gotten more competitive over the years, investors can still do well in this space if they think outside of the box. Andrew also discusses his renewed interest in special purpose acquisition companies ("SPACs") and whether de-SPACs are worth wading through for winners. (1:47) Next, Andrew names a couple of companies he invested in and gives his reasoning for each play. The first is a bitcoin miner that emerged from bankruptcy. As Andrew explains, there are a multitude of problems with bitcoin mining, but this miner has managed to curtail some of those and stand out from the pack with its integration of AI. Andrew also talks about the revival of spinoffs, including one particular real estate investment trust that he likes thanks to its huge margin of safety. (15:43) Finally, Andrew discusses another spinoff he has invested in – a company that owns prime real estate in Manhattan. It has a lot of cash and no debt on its balance sheet. And with legendary investor Bill Ackman's hedge fund owning nearly 40% of the company, Andrew believes there's much more upside ahead and that a turnaround is likely. (38:39)

11/25/24 • 59:32

On this week's Stansberry Investor Hour, Dan and Corey are joined by Dr. John Sviokla. John is an author, executive fellow at Harvard Business School, and co-founder of GAI Insights – the world's leading generative artificial-intelligence ("AI") analyst firm. He joins the podcast to talk all things AI – its investing potential, limitations, and real-world applications. John kicks off the show by explaining how GAI Insights is helping organizations and communities understand and use generative AI. Currently, many executives don't know enough about it to even recognize its opportunities in the workplace. John says that workers whose jobs involve words, images, numbers, and sounds will be the most impacted by this technology. He also breaks down the three new forms of capital: network, behavioral, and cognitive. When it comes to the latter, businesses are trying to protect their proprietary data and processes today by keeping their AI behind firewalls. (1:46) Next, John talks about how these AI models are trained, the process of training workers to use AI, and the limitations of AI. One such area AI struggles with is creating new ways to look at a problem. However, it's surprisingly good at empathizing and mimicking human emotions. John then discusses AI's computability, the transformer algorithm, and how AI could impact the broad market. (19:11) Finally, John describes the four levels of generative-AI adoption. Those in the top level – "intelligence leveragers" – drive value by using AI to build AI. Right now, technology is the only industry with these kinds of companies. But John says that in the next five to seven years, each major industry will have an intelligence leverager. This presents a huge opportunity for investors. John gives several real-world situations across different industries (like pharmaceuticals and financials) where AI implementation will be game-changing. (40:35)

11/18/24 • 68:43

On this week's Stansberry Investor Hour, Dan and Corey welcome Martin "Marty" Fridson back to the show. Marty is an author and expert in the field of high-yield bond investing. He is also a senior analyst at Porter & Co.'s Distressed Investing newsletter. Marty kicks off the show by discussing the top-down view of the high-yield market. He comments that right now, there is a very small risk premium. Marty breaks down the factors that he uses in his model of fair value and concludes that the high-yield market is extremely overvalued. At the same time, the market is forecasting a higher default rate than credit- ratings agency Moody's. Marty also gives his opinion on whether we'll see a recession, what it means that the inverted yield curve has not yet resulted in a recession, and why he's less critical of the Federal Reserve than other investors. (1:39) Next, Marty explains that the current situation of the federal-funds rate and the 10-year U.S. Treasury yield moving in opposite directions is not rare. He says it happens 40% of the time. This segues to a discussion about what's happening with the junk-bond market... including companies potentially having to roll over their debt to higher rates... and private credit lenders now competing with high-yield bond buyers. Marty then names which sectors present attractive buying opportunities today. (18:03) Finally, Marty goes further in depth about his quantitative model and what data it draws upon to find attractively priced distressed debt. He then explains that because high-yield bonds aren't very liquid, exchange-traded funds centered around these investments tend to have a lot of variance in performance. This can have serious consequences in times of extreme market disruption. (34:12)

11/11/24 • 53:56

On this week's Stansberry Investor Hour, Dan and Corey welcome Edwin Dorsey to the show. Edwin conducts deep, investigative analyses of public companies in his newsletter, The Bear Cave. By prioritizing customer relations and common-sense logic over financial data, he can gain an edge and find troubled companies for his subscribers before Wall Street does. Edwin kicks off the show by explaining how he got his start doing short-selling research and how he identifies prime opportunities for shorting. Rather than focusing on the financials, he hunts for $1 billion to $10 billion companies in the technology or consumer sector with bad customer relationships. Edwin shares case studies of how he discovered safety issues at two child-focused companies. The first was caregiver platform Care.com, which wasn't properly vetting its caregivers. The second is Roblox, which has ongoing issues with child predators and gambling. (0:39) Next, Edwin talks about why candy maker Hershey could face long-term issues now that trendy competitor Feastables is steadily stealing market share and doing a better job of appealing to the younger generation. As he points out, most investors tend to be older and male, so there are often blind spots for companies catering to youth and female demographics. Edwin also makes his bearish case for the predatory fitness-center company Planet Fitness. With the Federal Trade Commission working to make canceling memberships easier, this is bound to hurt the stock. (24:12) Finally, Edwin names several companies that are doomed thanks to the rise of artificial-intelligence technology. He highlights call-center businesses and tax-service providers in particular, but also warns of downstream effects. After, Edwin talks more about how he first got interested in the financial world, how he learned that the numbers don't matter if the underlying business is not sustainable, and how he picks which stocks to go long. (40:23)

11/4/24 • 64:38

On this week's Stansberry Investor Hour, Dan and Corey are joined by Austin Root. Austin is an old friend and the chief investment officer at Stansberry Asset Management ("SAM"). SAM is a separate company from Stansberry Research and MarketWise, but it was born with the same DNA. The difference is, SAM helps individual investors optimize their portfolios. Austin kicks off the show by discussing his favorite moments from last week's Stansberry Conference & Alliance Meeting. After, he shares what his role is at SAM and how the company helps individual investors with financial planning. Austin explains that SAM's team of specialists will look at an investor's full balance sheet – not just the part SAM is managing – and then make a personalized plan from there using projections. He emphasizes that paying down expensive credit-card debt is the most important first step, and he breaks down how macro factors influence SAM's strategies. (0:46) Next, Austin talks about why investors should be in productive assets rather than cash, why he sees gold as inferior to shares of world-class businesses, and how bitcoin can be a good long-term store of value. He also names two stocks he finds particularly attractive right now. The first is a financial company that is trading at a discount, is poised for double-digit revenue growth, and serves as an inflation hedge. The second is a construction-materials company with a fantastic shareholder yield of nearly 10%. (24:59) Finally, Austin explains why investors should keep politics out of their portfolios for the long term. He says inflation is the one factor he always pays attention to and everything else is noise. Austin does note, though, that he has loaded up on defense stocks for the short term since geopolitical tensions are rising around the globe. But overall, he says both candidates want to spend like mad and will be bad for the economy in the long run. (45:29)   Disclosure: Stansberry Asset Management ("SAM") is a Registered Investment Adviser with the United States Securities and Exchange Commission. File number: 801-107061. Such registration does not imply any level of skill or training. Under no circumstances should this report or any information herein be construed as investment advice, or as an offer to sell or the solicitation of an offer to buy any securities or other financial instruments.  Stansberry & Associates Investment Research, LLC ("Stansberry Research") is not a current client or investor of SAM. SAM provides cash compensation to Stansberry Research for Stansberry Research's advisory client solicitation services for the benefit of SAM. Material conflicts of interest may exist due to Stansberry Research's economic interest in soliciting clients for SAM. Certain Stansberry Research personnel may also have limited rights and interests relating to one or more parent entities of SAM.

10/28/24 • 67:28

On this week's Stansberry Investor Hour, Dan and Corey welcome Marc Chaikin back to the show. Marc is a Wall Street veteran with 50-plus years of total market experience. He's also the founder and CEO of our corporate affiliate, Chaikin Analytics. He joins the show to share some of his vast wisdom with listeners, from the hottest sectors around to why you shouldn't get spooked by all the volatility. Marc kicks off the show by making his bullish case for the markets. However, he notes that this rising tide has not lifted all boats equally... He lists off several sectors that are particularly attractive to him today, plus a few he's staying away from. Marc also talks a bit about JPMorgan Chase CEO Jamie Dimon's prediction for a financial hurricane, the outlook for energy stocks, what's going on in China to make stocks so volatile, how the Federal Reserve has been doing, and the U.S.'s shift from a manufacturing economy to a service economy. (0:39) Next, Marc emphasizes that the key to profiting as an investor is to avoid making broad economic predictions. He says that different sets of data can give you conflicting signals, so it's not worth your time trying to guess the unknowable future. Instead, you should pay attention only to momentum and earnings. Marc then criticizes financial reporting by the mainstream media, advises listeners to take advantage of current volatility rather than run from it, and highlights the bullish setups in nuclear and software stocks thanks to AI. (18:56) Finally, Marc urges investors to not get bearish while the S&P 500 Index is having its best year since 1997. He points out that, as the dot-com mania showed us, the bull run can continue for several more years. As long as profit margins continue to rise, you want to be invested. He also explains how he uses his Power Gauge system to avoid doomed stocks. This leads to a conversation about Marc's new upcoming newsletter that will focus on what the "smart money" is buying and allow him to spot "pockets of strength." Plus, Marc weighs in on mining stocks. (38:38)

10/21/24 • 63:45

On this week's Stansberry Investor Hour, Dan and Corey welcome Jonathan Shaffner to the podcast. Jon is a retired U.S. Army colonel with 25 years of service who currently works as the director of federal business development at MBO Partners. MBO specializes in delivering solutions that make it safer and easier for enterprise organizations and top independent professionals to work together. Jon kicks off the show by discussing NATO's increased presence in Europe, through the lens of his own military experience. He posits that modern wars are more ideology-based than previous ones. This leads to Jon talking about his years in Afghanistan and Iraq. After, he shares what MBO does and how it helps companies (especially in defense and health care) build better workforces. (1:00) Next, Jon puts government spending into an investing context. He notes that through all the inefficiency and bloat, there are definite winners and losers of government contracts. He also breaks down his and MBO's involvement in helping to create value for the companies that have been awarded these contracts. Jon cites data usage as the biggest need he's seeing right now. Companies have massive amounts of data but don't know what to do with it or how to implement it. (23:05) Finally, Jon talks about how MBO finds contractors, the possibility of it going public someday, and its research on the gig economy. He then explores what could happen with the two major ongoing wars affecting the U.S. today: Russia versus Ukraine and Israel versus Hamas. Jon predicts that the war in Ukraine will be over within 18 months, but he says the war in the Middle East is much more complicated thanks to the Houthis. (42:41)

10/14/24 • 68:31

On this week's Stansberry Investor Hour, Dan and Corey welcome Brendan Ahern to the show. Brendan is the chief investment officer at asset manager KraneShares. The company provides investors access to Chinese companies, climate investments, and uncorrelated assets through exchange-traded funds. Brendan kicks off the show by describing the basics of KraneShares and its involvement in Chinese markets. He discusses the recent surge in Chinese stocks and gives context for what's driving it. As Brendan explains, the country is focused on stabilizing real estate prices and stimulating the broader economy. By lowering interest rates and announcing loads of subsidies that will benefit its citizens, the government can increase domestic consumption at a crucial time. (0:43) Next, Brendan talks about China's negative reputation due to Western disinformation and political rhetoric. As almost all U.S. investors are implicitly involved with China, and as the majority of Western companies outsource to China, our economy depends on the foreign nation. Brendan also discusses the influence U.S. investors have had on Chinese companies in regard to corporate governance... billionaire hedge-fund manager David Tepper going all-in on China... and why he believes China won't invade Taiwan. (18:11) Finally, Brendan breaks down the growth prospects for China today and shares his thoughts on the U.S. moving to produce more semiconductors domestically. After, he discusses today's data-driven world and the new ways this data is collected by research firms. KraneShares is able to leverage this data in turn and be selective about which Chinese companies it gets involved with. As Brendan explains, cooperation with China is both important for investors' portfolio diversification and for a harmonious future. (37:12)

10/7/24 • 63:02

On this week's Stansberry Investor Hour, Dan and Corey are joined by Bob Murphy. Bob is the chief economist at technology firm infineo, author of more than a dozen books, and a passionate advocate of free markets. He explores a wide variety of topics on this week's podcast, from how history is repeating itself... to the U.S. dollar's inevitable fall from dominance... to the harmful consequences of low interest rates. Bob starts the show by explaining what exactly infineo does, how it's making life insurance an asset class, and the advantages of tokenizing life insurance. He also discusses one of his books, the Politically Incorrect Guide to the Great Depression and the New Deal. Even though the book is more than a decade old, and even though it's about the U.S. economy in the 1920s and 1930s, its lessons are still relevant in today's economic context. Bob notes that there's going to be a big crash no matter what. (1:13) Next, Bob talks a bit about the presidential election, the effects of Donald Trump pulling out of the Paris Agreement, and the government's out-of-control spending problem. He predicts that the U.S. dollar will lose its status as the world reserve currency by the 2040s, and voices concerns that the U.S. is following China's lead toward a Big Brother police state with social credit scores. (19:57) Finally, Bob shares his thoughts on the current state of the economy. He covers hyperinflation, Federal Reserve Chair Jerome Powell's actions, the inverted yield curve, and former Fed economist Claudia Sahm denying the validity of her own 100%-accurate recession indicator. Bob also talks about the harm caused by low interest rates and how they lead to malinvestment, allowing bad businesses to stay alive. (40:54)

9/30/24 • 74:32

On this week's Stansberry Investor Hour, Dan and Corey welcome Chris Pavese back to the show. Chris is the president and chief investment officer of Broyhill Asset Management. A value-oriented investment firm, Broyhill prioritizes safe, long-term success. Chris kicks off the show by sharing a few book recommendations and explaining all about Broyhill. He covers how he got his start at the company, what differentiates it from other asset managers, and its core value-investing philosophy. As Chris notes, we've seen one of the longest stretches of value underperformance in history. However, Broyhill has kept pace with the S&P 500 Index over the past decade, despite not holding the "Magnificent Seven" tech stocks and half of the portfolio being in foreign markets. (0:43) Next, Chris explains what closed-end funds are and why they see such major swings in sentiment. He also gives his macro outlook in regard to the Federal Reserve's rate cuts and what it means for the economy. Chris highlights the fact that today's market is one of the most concentrated in history. But as he points out, there are pockets of value in many areas, especially internationally. And despite all the geopolitical turmoil, he advises against abandoning equities completely. (19:59) Finally, Chris discusses the importance of having a margin of safety and practicing common-sense risk management. He also mentions that the Biden administration is going hard with antitrust regulation and blocking a lot of deals, which is causing wide spreads in stock price when mergers and acquisitions are announced. Broyhill uses this merger-arbitrage strategy a fair amount to get easy money. Plus, Chris shares Broyhill's underwriting methods to gauge a business's intrinsic value. (40:08)

9/23/24 • 65:02

On this week's Stansberry Investor Hour, Dan and Corey welcome Pete Carmasino back to the show. Pete is chief market strategist at our corporate affiliate Chaikin Analytics. He's also editor of the Chaikin PowerTactics and Chaikin PowerTrader newsletters. With more than 25 years of experience in the financial-services industry, Pete joins the podcast to share some of his wisdom on sector rotations, pullbacks, and the housing market. Pete kicks off the show by talking about the Federal Reserve cutting interest rates, unemployment ticking higher, and the difficulty bond managers are having with timing the market. He also shares his thoughts on the Sahm Rule indicator, which says we're currently in a recession. Pete believes that Fed Chair Jerome Powell will only do a 25-basis-point rate cut, but that ultimately Japan will be the deciding factor in Powell's decision. This leads to a conversation about sector rotation and which sectors are outperforming today. (0:43) Next, Pete gives pointers on how to find investing opportunities within market rotations and pullbacks. He explains that a lot of the sectors that are thriving today serve as bond proxies, and a lot of the individual stocks that investors are flocking to are safe havens that pay high dividends. After, Pete talks about the trend in oil and gas prices over the past two years and how it has been influenced by the White House's efforts to refill the Strategic Petroleum Reserve. (18:46) Finally, Pete shares why he believes the housing market is on its way to reaching an "equilibrium" between buyers and sellers. He says housing prices can stay high (benefiting sellers) while interest-rate cuts will lower mortgages (benefiting buyers). Pete also cites increases to the lifetime gift/estate tax exemption as a reason for the influx of competitive all-cash housing transactions. (34:31)

9/16/24 • 63:54

On this week's Stansberry Investor Hour, Dan and Corey welcome Aaron Edelheit back to the show. Aaron is the founder and CEO of private investment firm Mindset Capital. He joins the podcast to talk about his investing philosophy... the importance of relieving mental stress... and all things cannabis – from its "great replacement" of alcohol to its legalization in more and more states. Aaron begins with a story about how he received advice from the legendary Charlie Munger on the "price of admission" of being an investor. He explains that this advice made him reflect on his own strengths and realize that he wanted to exclusively do long-term investing rather than trading. This leads to a conversation about investor psychology and mental strain. Aaron shares a few tips for relieving the anxiety surrounding investing, from turning off your phone and computer one day a week to doing hot yoga. (1:37) Next, Aaron talks a bit about his investing background, his career path, and how he finds opportunities where others aren't looking. Today, he believes the big opportunity is in cannabis stocks. He explains that certain names in this industry are breaking out despite the lack of federal reform. Aaron also drops a non-cannabis name that he's interested in and gives an alternative perspective on value stocks. (22:44) Finally, Aaron compares today's investing landscape with that of the 1990s. He shares that there's much more financing of private companies today, which stops them from going public for longer (if at all). After, Aaron makes his case for cannabis stocks. He believes that they will eventually steal market share from drug companies and alcohol producers once more people realize the benefits and switch over. (40:54)

9/9/24 • 68:14

On this week's Stansberry Investor Hour, Dan and Corey welcome Brody Mullins to the show. Brody is a Pulitzer Prize-winning investigative reporter and author of the new book The Wolves of K Street. He joins the podcast to share insights from his two-plus decades spent investigating the Washington political scene.  Brody kicks off the show by discussing his history reporting on antitrust regulation. He notes that recently, both major political parties in D.C. have become less friendly to Big Tech companies and are using antitrust regulation to slow their growth. After, Brody talks a bit about how he got started in journalism, the importance of holding those in power accountable, and why he has dedicated his life to investigating companies. (1:27) Next, Brody shares some details about his book. He points out that for most of this country's history, companies had very little influence in Washington. Things only changed in the 1970s once the economy cratered and stagflation hit. Then, companies began to lobby in order to twist regulations and gain an advantage in the market. Brody also explains lobbying in simple terms, including how lobbyists raise money for members of Congress. He argues that legal loopholes and undisclosed funds to influence constituents have made companies nearly untouchable. (15:10) Finally, Brody discusses why there's still hope for the American people to fight back. He explains that negative public perception about these big, powerful corporations (such as Amazon and Google parent Alphabet) has influenced antitrust regulators to begin taking action. He also talks about insider trading among members of Congress and emphasizes that all of these conflicts of interest are not limited to one party. (33:38)

9/3/24 • 60:26

On this week's Stansberry Investor Hour, Dan and Corey welcome Greg Diamond back to the show. Greg is a fellow analyst at Stansberry Research and editor of the trading advisory Ten Stock Trader. With nearly two decades' worth of experience trading and managing every asset class, Greg is an expert at technical analysis and interpreting market cycles. Greg kicks things off by reviewing the inflection points he predicted last time he was on the podcast. He explains what these time cycles mean and how they've influenced his trading strategy this year. He also discusses the upcoming presidential election and how crucial it is for investors to put aside their biases. According to Greg, the market's wider emotional reactions to the election could present some fantastic buying opportunities. (0:55) Next, Greg breaks down famed trader W.D. Gann's technical strategies into simple terms. He emphasizes that the "why" in market cycles is not really important. What matters is whether history is repeating or not. Greg warns of cycle inversions, however, and points out that many charts and algorithms in technical analysis just reflect human emotion. Investors will naturally reach different conclusions about the market, which creates volatility. (17:03) Finally, Greg talks about short-term trading versus holding stocks for the long term. He shares that this presidential election is the most excited he has been about trading since 2022. Greg foresees "an exceptional trading season" after a fairly boring start to the year. And he hammers home that investors should be careful of increased volatility for the next few months and possibly even the next few years. (39:41)

8/26/24 • 61:49

On this week's Stansberry Investor Hour, Dan and Corey welcome Bob Elliott back to the show. Bob is the co-founder, chief investment officer, and CEO of Unlimited. The investment firm uses machine learning to replicate the index returns of hedge funds, venture capital, and private equity. Bob explores a wide range of topics in the podcast, from counteracting inflation with certain investments to the worsening future of globalization. Bob kicks off the show by talking about the importance of holding yourself accountable with investing and about bonds in relation to the Federal Reserve's next moves. Many investors are expecting an aggressive rate-cutting cycle, but as Bob points out, the Fed may not live up to those expectations. He also discusses the flaws of the 60/40 portfolio in today's market, why you should hold gold as part of your portfolio, and two primary factors that could contribute to a long-term inflationary environment. (1:02) Next, Bob explores ways to properly balance your portfolio to preserve wealth and minimize volatility. This leads to a conversation about Treasury inflation-protected securities. Bob describes why they're a better investment today than they were a few years ago and what gives them an edge over nominal bonds. After, he discusses the supply-and-demand imbalance in natural resources, oil's supply sensitivity versus precious metals, and the green-energy movement. (20:57) Finally, Bob makes his case for investing in natural resource companies and warns listeners about roll costs when trading in the futures market. He then talks from a macro perspective about productivity in relation to AI. As he explains, AI has not yet led to large productivity advances like we saw with the advent of the personal computer. (37:58)

8/19/24 • 57:57

On this week's Stansberry Investor Hour, Dan and Corey welcome Brent Cook back to the show. Brent is an economic geologist, as well as the founder and senior adviser of newsletter company Exploration Insights. With more than 30 years of experience in property economics and geology evaluations – spanning 60-plus countries – Brent has seen it all. He is one of the most credible, successful, and knowledgeable mining-stock investors in the world. If you invest in mining stocks, this episode is an absolute must-listen experience. Brent kicks off the show by discussing what's happening at Yellowstone and what he learned  from attending Rick Rule's mining conference. Brent warns investors to beware of mining and exploration companies that are picking up old, "dead" projects and redrilling holes, purely to bump up their share price and raise capital. After, Brent details a bit about his career history and how he ended up in geology. (0:43) Next, Brent discusses what investors should look for when trying to find a mining company  worth buying. This includes the narrative of the broader economy, the risk profile, and knowing what kinds of results you want to see from the company in terms of drill results. As he explains, folks should seek high-margin companies with good management teams and with deposits in friendly jurisdictions. He lists off several regions and countries that he believes look promising today, plus some complications he has faced in the past. (19:21) Finally, Brent names a copper-mining company that he's interested in today. It has water  rights, no environmental liabilities, and a project that looks auspicious. He also shares a gold-mining company he likes that's developing a very high-grade deposit in Australia. Brent then explains the difference between mining and extracting gold and copper, and he makes a bullish case for the red metal. (34:02)

8/12/24 • 59:26

On this week's Stansberry Investor Hour, Dan and Corey welcome Rudi Fronk back to the show. Rudi is the founder, chairman, and CEO of Seabridge Gold (SA). With more than 35 years of experience in the gold industry, Rudi is an expert in his field. He joins the podcast to talk all about precious metals mining, future opportunities for gold and copper, and what sets his company apart from the rest. Rudi begins by giving a brief history of how he got into gold mining. He shares the reason he started Seabridge with shareholder value in mind. He also breaks down some of the risks involved in mining – including working in politically unstable countries – and why he'll never build another mine again. After, he talks a bit about the technical aspects of drilling, exploration, and the process behind estimating how much gold is in the ground. (1:14) Next, Rudi discusses potential joint-venture opportunities with leading mining companies for Seabridge's KSM property, mainly thanks to increased demand for copper. He also talks about the importance of permitting, catalysts that could move Seabridge's share price higher, offsetting share dilution, and early-stage projects that are in the works. And Rudi makes his case for why gold is entering a new, interesting bull market. (16:55) Finally, Rudi shares his opinion on bitcoin, talks further about soaring copper demand, and delves into Seabridge's goal of giving back physical gold to investors. As he explains, the KSM property is expected to produce more than 1 million ounces of gold per year for the first 33 years. And 35% to 49% of gold produced will be returned to the company. (33:56)

8/5/24 • 59:32

On this week's Stansberry Investor Hour, Dan and Corey are joined by investor and bestselling author Larry McDonald. Larry founded The Bear Traps Report, an investment newsletter that looks at global political and systemic risks when making actionable trades. He is also a frequent contributor on CNBC, Bloomberg, and Fox Business News. Larry kicks off the show by sharing his history as a trader at Lehman Brothers and how certain parts of today's market mirror the 2008 crash. He notes that commodities are extremely cheap while semiconductors just hit an all-time high. Larry predicts that capital will migrate back toward real assets. He also discusses what a second Donald Trump presidential term would mean for the bond market, the huge risk with inflation, and a possible bright spot for the housing market as Baby Boomers age. (1:01) Next, Larry breaks down his trading strategy involving capitulation. He brings up the extreme 20% discount in copper today and makes a five-year bull case for natural gas. This leads to a conversation about the current hot stocks in artificial intelligence ("AI"). Larry says that the AI mania has gotten so bad, chief financial officers at tech companies have to invest in AI even if they don't want to, for fear of losing their jobs. He believes we're in the early stages of an unwinding. And he notes that many companies adjacent to AI, like those relating to the electrical grid, have been left for dead. (17:36) Finally, Larry explains that the pain cycles following market bubbles should be longer, but quantitative easing has gotten in the way of that natural process. Bad businesses used to be cleaned out, but now they're able to survive. Larry condemns "evil" passive investing and talks about how much worse the practice has gotten in the past decade and a half. He then lists off a few specific stocks he finds attractive today and advises investors to be careful about buying dips. (36:56)

7/29/24 • 58:15

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Mike Barrett back to the show. Mike is editor of Select Value Opportunities and senior analyst of Extreme Value. He joins the podcast to talk extensively about valuations, why you should never pay too much for a stock, and the opportunities he sees in the market today. Mike kicks off the episode by giving updates on his pecan plantation and his weekly Select Value Opportunities newsletter. He explains that this service helps subscribers beat the market while taking on less risk. The portfolio has returned about 14.5% since inception and has outperformed its benchmark for nearly 80 straight weeks. Mike's secret to outperformance is his system... It focuses on valuations and gives daily rankings of 100 well- known stocks. That way, subscribers can enter positions at an ideal moment. Mike emphasizes the importance of valuation and reminds listeners that it's a metric for future performance. (1:34) Next, Mike analyzes the differences between valuing stocks in public markets and his past experience with valuing real estate in private markets. Plus, he talks more about momentum being another important factor in picking stocks and how valuations have changed in recent times. As Mike explains, the first year he started his service, only 5% of stocks were overvalued. Now, in the past year, 30% are. This is "unprecedented" and a "warning sign" that investors should be aware of. Still, Mike's system can help prevent huge losses. (19:28) Finally, Mike gives his opinion on the overall market action and the broader economic picture. He brings up market cycles, his belief that unemployment is about to be a big issue, and factors that will lead gold and silver prices higher from here. He points out that there are fewer higher-paying jobs available now and that most growth has been in lower-paying jobs. This is skewing the jobs data. And he also discusses the importance of the housing sector when it comes to inflation. (37:27)

7/22/24 • 62:41

On this week's Stansberry Investor Hour, Dan and Corey are joined by investor and award-winning filmmaker David Tice. David is the chief investment officer and senior adviser of a short-selling exchange-traded fund. He also is partner at Moran Tice Capital Management, an investment-advisory firm.  David kicks off the show by discussing his documentary starring Dennis Quaid, Grid Down, Power Up. The film centers around what would happen if the U.S. power grid went down and the country was left without electricity for a lengthy period of time. David talks about how preventable the catastrophe could be if the government invested in utilities. And he shares that a disaster like this could result in hundreds of millions of Americans dying of starvation or water deprivation. As David emphasizes, this is a very real danger, as America's adversaries are already in the grid from a cyberattack standpoint. (1:36) Next, David details his short-selling AdvisorShares Ranger Equity Bear Fund (HDGE). He explains that the fund is up year to date since many bad companies are finally starting to do poorly in the market, especially in commercial real estate. And several factors – overvalued stocks, high interest rates, massive national debt – are setting the country up for a huge decline. David urges listeners to prepare for the worst rather than try to eke out a few more percentage points in gains, especially considering today's geopolitical conditions. (17:44) Finally, David breaks down how he and his team at HDGE discover companies to short. He cautions, however, that bad stocks can soar just as much as good stocks, so timing is the key factor. After, David discusses his precious metals hedge fund and the huge opportunity he sees in mid-cap producers that are selling extraordinarily cheaply. He lists off two particular gold stocks he's a fan of and explains why he has so much hope for this sector. (34:57)

7/15/24 • 69:06

On this week's Stansberry Investor Hour, Dan and Corey are joined by their colleague Whitney Tilson. Whitney is the lead editor on Stansberry's Investment Advisory – Stansberry Research's flagship newsletter – as well as Commodity Supercycles and his free e-letter Whitney Tilson's Daily. Once dubbed "The Prophet" by CNBC for his prescient calls, he joins the podcast to share some financial wisdom with listeners.  Whitney kicks off the show by talking about the value of attending investing conferences and other company meetings. You can gain insights, talk to fellow investors, share ideas, and either discover promising trends or discover which trends are "bombs." Whitney emphasizes that avoiding calamities is just as important as finding the next big investment idea. He shares his experience with short selling and how he actually lost a lot of money by employing the technique. This leads to a conversation about value traps – what they are and how they can lead to ruin. (1:24) Next, Whitney details his storied history with Netflix and why he went from shorting the company to investing in it. Ultimately, he found a 90-bagger. But he sold the stock early and left money on the table. The "most important lesson" he learned from that experience is to let your winners run. As Whitney explains, that's why index funds outperform almost all active managers over a long period of time – because they never sell their winners. (16:40) Finally, Whitney hammers home that investors should be selective with stocks and only buy the best-quality businesses. Many of these companies see large drawdowns at some point, which can be perfect buying opportunities... even if you're not able to find the exact bottom. Whitney predicts that Nvidia could see a sizable drop since the company is relatively young and volatile. After, he shares that value stocks, small-cap stocks, and international stocks are all at 20-plus-year lows. This extreme underperformance presents an opportunity for investors wanting to diversify their portfolios. And Whitney also breaks down how to spot a high-quality business that may be struggling in the short term versus a value-trap business that will only head lower. (35:02)

7/8/24 • 64:00

On this week's Stansberry Investor Hour, Dan and Corey are joined by E.B. Tucker. E.B. is an author, editor of The Tucker Letter, and investor with decades of experience in the precious metals market. E.B. kicks off the show by discussing the unavoidable loss of privacy in the modern era, how societal pressures influence the lives of people of all ages, and the strength it takes to challenge these conventional systems. As he explains, in both the real world and in the world of finance, you need to learn to let go in order for something better to come along. E.B. also breaks down why voting as a shareholder is so important. (1:42) Next, E.B. recommends a few nonfinance books – one about the philosophy of happiness and one about Yemeni coffee. He reminds listeners that life is about doing what makes you feel fulfilled and that you should never live according to others' expectations. This leads to a discussion about the role money plays in giving you the freedom to do whatever makes you happy. (23:16) Lastly, E.B. talks about his new book he's working on and how he hopes it'll make readers reflect on their own life and learn lessons to help them evolve as people. He relates this to financial teachings, where many readers want shortcuts instead of actually learning for themselves and growing their techniques. E.B. emphasizes that understanding your own relationship to an investment is the real secret to success. (40:44)

7/1/24 • 70:03

On this week's Stansberry Investor Hour, Dan and Corey welcome Marc Chaikin back to the show. Marc is a 50-year Wall Street veteran and the founder of our corporate affiliate, Chaikin Analytics. He also created a popular Wall Street indicator that appears in every Bloomberg and Reuters terminal in the world. Marc kicks off the show by describing why he's so bullish in this presidential-election year. He explains that we're now entering a "sweet spot" for the market, and if there are any election surprises, that would be even more reason to buy in. Marc also lists off some sectors that he's bullish on today, especially in mid-cap stocks. These areas of the market aren't making headlines, but they're seeing steady gains and present attractive buying opportunities. (1:38) Next, Marc shares his thoughts on the current AI boom and compares it with the introduction of the Netscape web browser in 1995. He discusses profit margins versus valuations, the potential loss of jobs due to AI, and the usefulness of large language models like ChatGPT. According to Marc, there are companies across a variety of industry groups that are going to benefit from AI. Investors just have to find them. (15:45) Lastly, Marc shares all the details about his newest, most personal newsletter service that will be launching soon. He explains that it's going to focus on finding "hidden gems" – mid-cap or small-cap stocks that are undiscovered but have great valuations. As Marc says, "The focus is prospecting for gold nuggets." With his custom Power Gauge system by his side, Marc is going to find hidden winners – in a range of sectors – that are set to profit from the AI revolution. (34:32)

6/24/24 • 58:43

On this week's Stansberry Investor Hour, Dan and Corey welcome author Alex Epstein to the show. Alex has written several books advocating for the use of fossil fuels, including his most recent work, Fossil Future. The self-described "energy-freedom advocate" joins the podcast to challenge the popular climate-change narrative and provide more context for the crucial role fossil fuels play in society. Alex kicks things off by weighing in on the debate around climate change and the effects of fossil fuels. He argues that the benefits of using fossil fuels far outweigh the negatives and that, in many cases, energy can be used to overcome any adverse effects. Alex also breaks down the myth of unsustainability, the anti-human bias implicit in environmentalism, and the incorrect belief that more folks die of climate-related catastrophes today than in the past. (2:38) Next, Alex discusses his impact with politicians and lawmakers. He explains that 200 major political offices use his content to direct policy and become more informed on energy topics. Alex then shares his opinion on climate change, pointing out that we're currently in a climate renaissance and that the Earth has never been more livable for human beings. He brings up geoengineering as a way to cool the climate, asserts that the negative environmental impacts are severely overblown, and emphasizes the crucial role energy plays in the economy. (21:30) Finally, Alex talks about climate-change rhetoric dominating in elections, the harm that tech companies have done by blatantly lying about being 100% renewable, and why humans should take pride in the fact that we're progressing as a species and learning to use the Earth in new ways. He puts the anti-impact perspective into both a philosophical and historical context, noting that primitive religions believed "sinning" against nature had dire consequences. (34:19)

6/17/24 • 62:15

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague John Engel to the podcast. John is the lead equity analyst on the Stansberry Innovations Report newsletter, where he finds companies that are revolutionizing their respective industries with cutting-edge technology. He also works on Prosperity Investor, a newsletter that focuses on opportunities in the health care sector. John kicks off the show by detailing the new Biosecure Act that's currently moving through Congress. Its purpose is to limit China's access to U.S. biological information. As he explains, this legislation is going to disrupt the industry, hurt biotech companies, and possibly even bankrupt the smaller players. But, conversely, it's going to allow other contract development and management organizations to replace Chinese ones, creating massive opportunities for investors. John also shares how he got his start in the biotech field at a fermentation lab and as a molecular biologist before shifting to the world of finance. (2:19) Next, John talks about the pandemic, vaccines, and the current bear market in biotech. He mentions one big story in biotech that he believes isn't getting enough attention – bispecific antibodies. This development allows one drug to hit two targets, so patients no longer have to receive two different drugs for treatment. This leads to a conversation about gene editing, personalized medicine, and rare diseases. (22:01) Finally, John delves into AI, Nvidia, and the "hype cycle" surrounding the technology. He points out that companies are desperate to use AI to their advantage, but for many of them, there's no use for it in their business. Plus, John discusses "advanced general intelligence," which involves systems that can reason like human beings. (42:27)

6/10/24 • 69:23

On this week's Stansberry Investor Hour, Dan and Corey welcome Dave Collum back to the show. Dave is a professor of chemistry at Cornell University and associate editor of the Journal of Organic Chemistry. He's outspoken about many topics and issues ranging from finance to politics and everything in between. And he brings this same no-holds-barred attitude to today's podcast. Dave starts off by discussing the link between vaccines and autism, why "live" attenuated vaccines are better than "dead" ones, and the effects of the COVID-19 vaccine. He specifically mentions how children in the U.S. receive about 72 vaccinations during childhood, while children in Europe receive only three. He also argues that the war in Ukraine is a direct result of NATO interfering and forcing Russian President Vladimir Putin's hand. (5:31) Next, Dave talks all about the U.S. government. He breaks down why the U.S. has never supported burgeoning democracies abroad and why it's a better move geopolitically for the country to work with a single leader or a select few in power. He compares President Joe Biden with former President Donald Trump and asserts that Biden wouldn't be able to make tough calls in a time of crisis. After, Dave makes his case for why we're headed for a 40-year bear market that will drag down Americans' standard of living. (24:27) Lastly, Dave contends that AI risks taking the human element out of everything, dampening creativity, and cluttering scientific literature. He then discusses the role of pedophilia in geopolitics and the prevalence of child trafficking. And he leaves younger listeners with some sage financial advice. (45:39) Dan and Corey close the show by discussing the Federal Reserve's preferred inflation gauge – the core personal consumption expenditures ("PCE") index. The newest core PCE data shows that inflation has stabilized at 2.8% for the past three readings. Even though this is down from much higher levels in 2022, Dan and Corey point out that everyday consumers are still struggling with far higher prices while their paychecks don't keep pace. (1:11:12)

6/3/24 • 92:08

On this week's Stansberry Investor Hour, Dan and Corey are joined by Chris DeMuth Jr. Chris is a co-founder and managing partner of hedge fund Rangeley Capital. He invests in mispriced securities with limited downside and corporate events that unlock value for shareholders. Chris kicks things off by explaining what event-driven investing is, how he uses it, and how the concept of "counterparty selection" is involved. He also breaks down what demutualization and remutualization are and how there are numerous opportunities in the banking sector today to deploy these strategies. According to Chris, many small-cap community banks out there are attractive in terms of valuation versus large caps. (3:11) Next, Chris describes the U.S. Treasury Department's "inept, corrupt, and profligate" Emergency Capital Investment Program ("ECIP"). He gives two in-depth examples of ECIP bank stocks that were trading for far less than they were worth – Bay Community Bancorp and Ponce Financial. And he discusses why investors who got in early enough will profit from them greatly. (16:03) Lastly, Chris names three stocks that he's excited about right now and details the specifics of each one. The first is a tax-efficient real estate and financial-services conglomerate trading at a discount to its asset value. The second is a Russian-owned mining company operating in Venezuela that should soon benefit from litigation against the Venezuelan government. And the final one is a hospice provider with a lot of potential for a private-equity shake-up and then subsequent acquisition by a larger health care company. Plus, you won't want to miss Chris' answer to the final question, where he explains how you can gain an edge as an investor simply by researching topics you're genuinely interested in. (29:44) Dan and Corey close the show by discussing Nvidia's recent blowout earnings, including its 262% revenue gain. Since the company provides the "picks and shovels" of AI, it's benefiting massively from the boom in this space. This leads Dan and Corey to compare AI stocks with Internet stocks during the dot-com bubble, speculate on what could happen next, and explore the disconnect between the markets and the economy. (57:56)

5/28/24 • 82:45

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Bryan Beach back to the show. Bryan is the editor of Stansberry Venture Value and a senior analyst on Stansberry's Investment Advisory. Bryan kicks the show off by discussing the GameStop meme-stock craze and the deep-value market dynamics that were at play during the whole debacle. He argues that the "dumb money" folks (such as Keith Gill) got a bad rep and the self-titled "smart money" folks weren't very smart. (3:13) Next, Bryan talks about the bubbles in special purpose acquisition companies ("SPACs") and Software as a Service ("SaaS"). He points out that the pendulum can quickly swing from overloved to overhated. Bryan shares that, because of this, he's still finding winners in the SPAC scrap heap and he believes SaaS valuations are far too low today. He also explains how retail investors got clobbered by the smart money on SPACs and why cannabis stocks present such a good opportunity now with the impending reclassification of marijuana. (17:33) Lastly, Bryan emphasizes the importance of stop losses and "guideposts" since they take the emotion out of investing. This leads to a discussion of Amazon and its many drawdowns over the course of its trading history that would have stopped investors out. After, Bryan brings up small-cap restaurant-software company Par Technology and why he has so much hope for its future performance. (28:02) Dan and Corey close things out by talking more about the resurgence of meme stocks – GameStop and AMC Entertainment, in particular – and what it means for the market as a whole. Plus, they talk about this new era of inflation we're in, the worst-case scenario of rebounding inflation, and the long-lasting consequences of low interest rates. (55:39)

5/20/24 • 88:07

On this week's Stansberry Investor Hour, Dan and Corey welcome Lyn Alden to the show. Lyn is an independent analyst, bestselling author, and founder of Lyn Alden Investment Strategy – an investment research service for both retail and institutional investors. She kicks the podcast off by describing how her background in engineering has influenced her macroeconomic investing style. She explains why she became so interested in macroeconomics in the first place and why 2017 was a turning point for the U.S. economy. Lyn also talks about fiscal dominance – or when fiscal deficits and federal debts are large enough that they start reducing a central bank's options. She puts this in the historical context of the 1970s and clarifies why inflation and interest rates are so complexly intertwined today. (4:39) Next, Lyn shares her outlook for the U.S. economy, including higher-than-baseline inflation for the foreseeable future and the country being in a similar situation to emerging markets. She discusses areas of the market where fiscal dominance has been appearing over the past few years, how the 2010s taught investors the wrong lesson, why the U.S. may experience the same economic troubles that Japan is facing right now, and the divergence between sectors going through recessions versus those that benefit from deficits. (16:42) Lastly, Lyn cautions listeners against using the traditional 60/40 portfolio in inflationary environments like today's and instead urges them to prioritize energy, precious metals, and hard assets. She also breaks down why she finds Latin America so attractive today (particularly Brazil, Colombia, and Mexico) and gives an in-depth explanation of how technology impacts money. (34:03) Dan and Corey close things out by discussing the backlash to Argentine President Javier Milei's economic shake-up, including his devaluing the peso against the U.S. dollar and laying off thousands of government workers. Plus, they share their thoughts on the latest speculative meme craze – closed-end fund Destiny Tech100 (DXYZ) – and what it means for the broader market. (54:28)

5/13/24 • 84:39