Stansberry Investor Hour

On this week's Stansberry Investor Hour, Dan and Corey welcome Vitaliy Katsenelson back to the show. Vitaliy is the CEO and chief investment officer of Investment Management Associates. He's also an author, award-winning writer, and founder of "The Intellectual Investor" newsletter and podcast.  Vitaliy kicks off the show by discussing the difficulty in writing books and how he has evolved as an investor over the years. He explains that through continuous trial and error, he has learned not to dumpster-dive for bad stocks just because they're cheap. He emphasizes the value of good management, knowing your own strengths, and allowing yourself to say no to investments that aren't in your circle of competence. Vitaliy also gives his thoughts on Warren Buffett's retirement and Berkshire Hathaway's stock today. (1:40) Next, Vitaliy shares his experience running portfolios and how his strategy differs from Buffett's. This leads to a conversation about what could happen to Berkshire after Buffett passes and what made Vitaliy decide "I don't want to be like Buffett." He gives his nuanced take on learning from legendary businessmen and other historical figures without agreeing with them on everything. Similarly, the U.S. trading with countries it disagrees with (like Russia) is important. Vitaliy discusses his own experience growing up in the Soviet Union and being "brainwashed" to hate Americans. And he talks more about finding a good work-life balance, no matter your career. (21:19) Then, Vitaliy dives into the psychology behind decision-making and willpower. He quotes one of his favorite sayings as a reminder to investors: "Knowing and not doing is not knowing." After that, Vitaliy shares why he believes Uber Technologies still has a lot of upside today. He notes that the stock isn't cheap, but it is undervalued. And he breaks down his reasoning for wanting to hold the stock long term, including its potential to incorporate Waymo or other self-driving cars on its app. (39:26)

On this week's Stansberry Investor Hour, Dan and Corey welcome Larry Lepard to the show. Larry – who boasts more than four decades of investing experience – is the co-founder and managing partner of Equity Management Associates. He's also the author of the recently released book The Big Print: What Happened to America and How Sound Money Will Fix It. Larry kicks off the show by diving deep into gold – why its price has been soaring recently, where its price could go next, and why a return to the gold standard after "50 years of mismanagement" would be a long-term positive. This leads to a conversation about President Donald Trump's tariffs and their potential unintended consequences, Elon Musk's disappointing Department of Government Efficiency, Trump's run-in with the bond vigilantes, and what could break Federal Reserve Chair Jerome Powell's stubbornness to lower rates. (1:47) Next, Larry talks about the psychological difficulty of bottom-fishing in the stock market and how fixing the monetary system could solve many societal problems that disproportionately affect the poor. He explains how exactly the U.S.'s fiat currency has "torn up the social fabric" and favors those who are already wealthy. Plus, Larry gives a multistep solution for how the system can be fixed so it's more fair, and he debunks the popular myth told by certain economists that a return to the gold standard wouldn't work. (25:18) Finally, Larry predicts currency failure within the next 10 years that will lead the U.S. to return to sound money. In the meantime, he advises investors to put their money in assets that the government can't print – gold, silver, bitcoin, and real estate. He says that bondholders are "the suckers at the table" thanks to inflation. And Larry closes things out by discussing the importance of studying history and longer-term cycles, the opportunity today in gold-mining stocks, and why he believes all investors should hold some bitcoin. (43:07)

On this week's Stansberry Investor Hour, Dan and Corey welcome Alex Morris to the show. Alex is the founder of TSOH (The Science of Hitting) Investment Research and an author. TSOH, which boasts more than 20,000 subscribers, aims to generate attractive long-term returns while providing complete transparency on the research process, portfolio decision-making, and returns. Alex kicks off the show by discussing the inspiration behind his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights From the Berkshire Hathaway Shareholder Meetings. He goes in depth on what he learned from Warren Buffett and Charlie Munger in the process of crafting his book, including understanding incentives, management turnover, and which macroeconomic factors are important. (1:46) Next, Alex talks about the "pointed" questions Buffett and Munger got during the dot-com era from shareholders who doubted their abilities. Then he breaks down his own investing style, how that style has evolved over the years, and how he got interested in investing in the first place. This leads to a discussion about struggling retailer Five Below (which Alex is keeping an eye on to see if it can turn its business around) and Dollar Tree (which Alex owns and still likes today). (19:53) Finally, Alex delves further into the retail space. He discusses Costco Wholesale versus Walmart, the importance of retailers understanding their core customer base, why Dollar Tree is misunderstood, geographic retail strategies, President Donald Trump's tariffs, and a U.K.-based mixers company he finds attractive. (40:24)

On this week's Stansberry Investor Hour, Dan and Corey welcome Rob Spivey back to the show. Rob is the director of research at our corporate affiliate Altimetry. With both buy-side and sell-side experience, he offers his unique perspective on the markets today. Rob kicks off the show by describing how Altimetry uses "Uniform accounting" to get a better sense of a company's financials and the health of the U.S. market as a whole. This leads to a conversation about corporate profitability, credit risk, and the future of AI. Rob explains the role Elon Musk's Department of Government Efficiency is playing in implementing AI at the federal level, how AI could revamp Medicare and Medicaid, and what the fiscal multiplier effect means for government spending and AI. (1:47) Next, Rob breaks down the entire AI ecosystem and its many parts. He cites Twilio as an example of an AI company that's leveraging this technology in interesting ways today. And he goes in depth on a hidden opportunity in AI investing: companies that are warehousing and organizing data. "Nobody's paying attention to them now," he says. Rob then covers the government's profit surplus, how it differs from China's, and how a trade war could lead to a real war. (20:56) Then, Rob divulges America's secret weapon for corporate dominance: the Bill of Rights. He notes that it protects innovation and gives the U.S. a leg up on a global scale. After that, Rob discusses large language models and how they're trained, the usefulness of Google's NotebookLM, and the "revolution" that will be happening in AI in the next three to six months. (39:17)

Chris Mayer, co-founder of Woodlock House Family Capital and author of '100 Baggers', shares invaluable insights on long-term investing. He introduces his 'CODE' method for selecting stocks, emphasizing low prices, owner involvement, transparency, and strong finances, with Brown & Brown as a prime example. Mayer stresses the importance of patience during market downturns, revealing how sticking to core principles can lead to success despite missing immediate opportunities. He also highlights the hidden potential in Swedish stocks, showcasing specific companies to watch.

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Mike DiBiase back to the show. Mike is the editor of Stansberry's Credit Opportunities and senior analyst for Stansberry's Investment Advisory.  Mike kicks off the episode by discussing the rampant fear in the stock market today. He notes that this fear is not yet reflected in the credit market, which is a "mistake," as credit investors should be more concerned. Mike then talks about the lack of good high-yield bonds out there, corporate bankruptcies being on the rise, the worrying number of zombie companies, the Starbucks recession indicator, consumer confidence hitting a 12-year low, and why he believes things are "not going to end well" for the economy. (1:40) Next, Mike examines the budget-deficit problem and the market's expectation that the government will always bail it out. He highlights the fact that the U.S. has been printing money at an above-average rate the past year and says he believes inflation will spike once more as a result. All of this is part of the "new world" that investors will need to learn to navigate, including permanently higher interest rates, bonds being a better choice than stocks, and an inevitable credit crisis similar to the one from 2008. (21:32) Finally, Mike explains the economic difference between tariffs and inflation, how investors can "make a killing" from what's about to happen, and the many advantages corporate bonds have over stocks – such as it being easier to spot a bottom with bonds. He says he's waiting until credit spreads surpass 1,000 basis points, and then he will deploy his strategy of finding the best bonds out there with the lowest risk of defaulting. (40:22)

On this week's Stansberry Investor Hour, Dan and Corey are joined by John Barr. John is a managing director at Needham Funds, where he has served as co-portfolio manager of the Needham Growth Fund and portfolio manager of the Needham Aggressive Growth Fund for 15 years. John kicks things off by discussing his investment philosophy, what Needham Funds does, and the power of compounding. He says he tries to find companies that are hidden compounders that will eventually turn into quality compounders. This leads John to share the four criteria he looks for when trying to find hidden compounders. He names two such companies that fit the criteria, breaking down the thought process for Needham's investing in each one. (1:39) Next, John explains why he's such a fan of family-run businesses and names a power-conversion company he likes that's still being led by its founder. He then discusses what sets Needham apart from other funds, including its preference to hold on to quality companies for a long time – even through 50% drawdowns. And John details how he decides when to actually sell a company, although he notes that he made a mistake with Dick's Sporting Goods. (21:31) Finally, John reminds investors to know and play to their strengths. And he urges them to ignore all the noise in the news, as being successful in the markets requires a fair amount of optimism about the future. Talking broadly, John says that Needham has been investing in infrastructure for the past decade-plus and more recently has been looking at defense companies. He names military shipbuilder Huntington Ingalls Industries as a solid pick today. Plus, he names a couple skilled-labor-school stocks he likes, as skilled labor is set to remain in high demand. (40:58)

On this week's Stansberry Investor Hour, Dan and Corey welcome Matt Weinschenk back to the show. Matt is the director of research at Stansberry Research. He's also the editor of the free weekly newsletter This Week on Wall Street and a member of the investment committee for Stansberry Portfolio Solutions. Matt kicks things off by describing what he does at Stansberry Research and what type of investor he is. Because his career began right before the great financial crisis, he says he tends to lean more conservative. This leads to a discussion about controlling risk, preparing for market surprises, and needing to "get slapped in the face a few times" to understand the stakes. After, Matt gives his nuanced take on crypto – from its use for diversification to the "scam" meme coins. (1:39) Next, Matt weighs in on artificial intelligence ("AI") and the huge amounts of capital flowing into the sector. He explains that there are safer ways to invest in AI than buying the headline-making names, using Nvidia versus Cisco Systems as an example. And he points out that even if AI is currently experiencing a bubble, the technology will both benefit the economy and make companies more productive in the long term. (21:40) Finally, Matt goes in depth on the current macroeconomic environment and his outlook for the future. This includes President Donald Trump's tariffs disrupting specific industries, what the VIX and high-yield credit spread are signaling, fears of a recession, and the bond market expecting a growth slowdown. (37:46)

On this week's Stansberry Investor Hour, Dan and Corey welcome Dan Rasmussen back to the show. Dan is the founder and portfolio manager of asset-management firm Verdad Advisers, as well as a bestselling author. His most recent book, The Humble Investor, came out just last month.  Dan kicks off the show by explaining what motivated him to write The Humble Investor. This leads to a discussion about why savvy investors should be skeptical of forecasts and why they should always consider whether other investors are looking at the same data and reaching the same conclusions as them. One area where this is a big problem is AI. It's capital intensive with very little return thus far, yet investors are blindly buying into AI stocks on lofty expectations. Dan points out that the "Magnificent Seven" are riskier than most folks realize, and this overvaluing of U.S. stocks has made foreign investors begin to look at other countries' markets for opportunities. (1:47) Next, Dan talks about investors mistakenly being underweight gold for years, whether it's possible to predict a bubble, the pattern of credit crises, and the recent worrying signal of money drying up in private equity. He notes that this tendency for investors to take on more risk in private equity than elsewhere is a disaster waiting to happen. Dan then delves into which parts of the market he finds most and least attractive today. For example, he notes that changing corporate governance for Japanese stocks is an "obvious catalyst" for doubling your money, while short-term macroeconomic factors are keeping him away from U.S. Treasurys. (17:12) Finally, Dan discusses diversification versus "diworsification," the often-ignored problem with passive investing, and the "valuation drop-off" between S&P 500 Index stocks and foreign stocks. With the Magnificent Seven officially in a bear market, Dan declares that "the turning point seems to be upon us" for U.S. stock valuations to come down. And he concludes with a stark reminder about earnings growth for listeners. (38:11)

On this week's Stansberry Investor Hour, Dan and Corey welcome Jeffrey Hirsch to the show. Jeffrey is the editor-in-chief of the Stock Trader's Almanac – a book that has been published annually since 1967 and that analyzes stock trends, patterns, and cycles. He is also the editor of the Almanac Investor newsletter, which releases monthly and provides strategic investment advice.  Jeffrey kicks off the show by describing how he got his start interpreting data and how he eventually ended up working on the Almanac. That leads to a discussion about what has changed in the Almanac over the decades versus what has stayed the same – in terms of both human behavior and content. Jeffrey also talks about President Donald Trump shaking things up, what has happened historically in postelection years, and where he believes the market could go from here. (1:39) Next, Jeffrey reviews the basics of risk control that all the best investors follow and which fundamentals his team looks at to evaluate stocks. He also explains what traders usually get wrong about the moving average convergence divergence ("MACD") indicator and the Santa Claus rally. Moving to the topic of seasonality, Jeffrey explores the flaws in the traditional "sell in May and go away" adage, what the "Christmas in July" phenomenon is, and how market patterns changed after 1949. (18:09) Finally, Jeffrey discusses what led his father, Yale Hirsch, to originally publish the Almanac and how a background in music can help investors to recognize historical cycles and patterns. He then finishes with his opinion on 5,700 being an important level for the S&P 500 Index and gives tips on how you can fight against confirmation bias. (35:05)