Stansberry Investor Hour

On this week's Stansberry Investor Hour, Dan welcomes Rob Spivey back to the show. Rob is the director of research at our corporate affiliate Altimetry. He and his team utilize their proprietary Uniform Accounting strategy to dig through the as-reported numbers in company reports to find their true value. Rob kicks things off by posing a topic of debate with Dan regarding the Federal Reserve cutting interest rates. The two follow up by sharing their thoughts on the long-running AI narrative. Rob expresses how the talk of an AI bubble is producing a "fear of getting in," which keeps people from buying stocks. And he shares his team's thoughts on several market areas where government regulation could provide opportunities. (0:00) Next, Rob reflects on how 22 companies recommended by Altimetry publications were acquired over the past six years. He then lists the catalysts that are key targets for company acquisitions. In the midst of opinions and market fear, Rob stresses the importance of trusting the data. And he says that even though the market is currently weak, it was due for a cooldown based on history. (21:45) Finally, Rob shares three steps to picking a great stock according to some of the greatest investors. He says that these three things can help provide consistent wins in the market. This leads to Dan and Rob discussing the benefit of finding a stock with consistent dividends that an investor would hold on to, whether the price goes up or down. And Rob reiterates the importance of not staying out of the market. (35:36)

On this week's Stansberry Investor Hour, Dan and Corey welcome Ben Hunt back to the show. Ben founded Epsilon Theory, a newsletter with more than 100,000 readers that examines markets through the lens of narrative. He's also the president and co-founder of Perscient, an AI research firm and software company. Ben kicks things off by discussing the "credit polar vortex" that the U.S. is facing today. He says that all credit to the bottom 40% of the country has essentially been cut off, leaving companies in distress and everyday Americans in crisis. And he notes that financial crises are always born in the financial sector, so this is a problem no matter how well AI and tech stocks are doing. Ben goes in depth on how this looming crisis affects regional banks, and he compares what's happening now with what happened in 2007. Next, Ben talks about the Federal Reserve's role in all this and how it acts as a backstop for commercial banks. He points out that the alternative asset managers that don't have this backstop have been the ones making all the loans in the economy, so that's where the danger lies. This leads to a conversation about gold's usefulness as a safe haven, the potential for rampant inflation, and a few things that give Ben hope for the economic future, including manufacturing and reshoring. And he also covers the topic of energy generation in relation to AI and its possible damage to the economy. Finally, Ben shares how his investing outlook has changed over the years, thanks to fundamentals taking a backseat in importance to storytelling and narratives. He emphasizes that fundamentals still matter, but what's happening with the story is a bigger factor in making money in the market. As he says, it's value versus valuation. Ben then explains how he finds these stories regardless of the sector and how to track them. 0:00 A looming financial crisis; doomed regional banks; similarities with 200717:47 The Fed as a backstop; gold; manufacturing; AI vs. power generation46:38 Ben's investing outlook; how to profit from stories in the market1:08:15 Dan and Corey's final thoughts

In this discussion, Nick Hodge, Editor of Underground Alpha and expert in natural resource investing, shares his journey from clean tech to mining investments. He forecasts gold soaring to $5,000–$6,000 within 12 to 18 months due to a surge in buyers and underownership. Nick dives into evaluating junior miners, distinguishing between paper miners and true operators, and reveals the U.S. scramble to reclaim critical mineral production from China. He also introduces Minehub, a tech solution enhancing mining data management.

Josh Brown, CEO of Ritholtz Wealth Management and a savvy market commentator, discusses his unconventional path into finance without formal economics training. He highlights the importance of trusting one’s investing instincts and shares lessons from interviewing investor legends like Peter Lynch. Josh examines today’s bull market, clarifying why it’s not like 1999 and how earnings drive growth. He addresses the risks of AI speculation and emphasizes taking investment risks earlier in life while stressing the need for work-life balance and employee welfare.

Adrian Fenty, the founding managing partner of MaC Venture Capital and former mayor of Washington, D.C., shares his journey from politics to VC. He discusses his early investments in education tech and the thrill of supporting technical founders. With insights into AI's impact on venture capital, he highlights the importance of backing bold ideas while navigating the challenges of quick exits. Adrian also emphasizes the need for better city governance, urging leaders to raise standards and focus on meaningful change.

Gabe Marshank, a senior analyst at Stansberry Research and editor of the Market Maven newsletter, shares insights from his hedge fund career, where he honed his analysis under investing titans. He critiques Apple's AI missteps, compares today's market to the dot-com boom, and warns about the risks facing Microsoft and AWS. Gabe emphasizes finding opportunities beyond tech, particularly in consumer discretionary sectors. He also discusses how understanding commodity supply dynamics can reveal investment edges in a shifting market. Expect to learn about the importance of knowing your investment style!

This week, Eric Fry, editor of Fry's Investment Report, shares insights from his experience with legendary publisher Jim Grant. He discusses his top-down investment strategy, focusing on industry leaders who have stumbled but still show promise. Eric dives into his investment horizon, the merits of long-dated options, and offers smart position sizing advice. He breaks down AI investment into builders, enablers, appliers, and survivors, emphasizing the latter for potential gains, highlighting stocks like Savers Value Village and Fevertree Mixers as strong contenders.

Whitney Tilson, an experienced investor and editor at Stansberry Research, shares insights on stock selection and market strategies. He discusses the importance of letting winners run and the lessons learned from missed opportunities, like Netflix. Whitney emphasizes distinguishing between quality growth and overhyped stocks while analyzing AI's impact on companies like Adobe and Salesforce. He explores the pitfalls of stock bubbles and fraudulent promotions, while offering wisdom on managing gains and building a balanced portfolio.

On this week's Stansberry Investor Hour, Dan and Corey are joined by Kevin Duffy. Kevin is the founder and editor of The Coffee Can Portfolio newsletter. He's also co-founder and principal of the investment-management firm Bearing Asset Management. Kevin kicks off the show by talking about The Coffee Can Portfolio, the investors who have inspired his work, and his outlook on some long-term secular trends, including fiat currencies. He explains that most trends today harken back to the American Revolution, as that was when centralization really began in the U.S. Kevin walks listeners through several key points in history that got us to where we are today. Plus, he explores the false beliefs of the dot-com boom, the market's current euphoria around AI, and the obvious threat to Nvidia that many investors are overlooking. (0:42) Next, Kevin dives deep on China. He discusses what he has learned by studying the country's stock market, why he's bullish on Chinese stocks, and the 50% discount that these stocks offer. Using Japan as an example, Kevin advises listeners to always question the popular economic narrative, as it can be completely wrong, especially at the end of major manias. He says the biggest culprits behind China's negative narrative today are the U.S. government and misplaced anger over worsening living standards. (18:45) Finally, Kevin talks about the flaws in modern economics and financial logic, the importance of educating oneself on economics and learning from past mistakes, and the future consequences of the U.S. isolating itself while the rest of the world comes together. He says there are still some stock opportunities in the U.S., but the best opportunities are in Asia. (37:14)

Marc Chaikin, founder of Chaikin Analytics and market veteran, shares his insights on the current investment landscape. He highlights why he's bullish through early next year, focusing on the benefits of potential Fed rate cuts for sectors like homebuilders and biotech. Chaikin discusses how the AI boom resembles the dot-com era, pointing out quieter beneficiaries across construction and engineering. He emphasizes the importance of small caps during market corrections and warns of mini-bubbles, while showcasing his Power Gauge system to pinpoint bullish stocks.