Stansberry Investor Hour

In this week's Stansberry Investor Hour, Dan and Corey welcome David Trainer back to the show. David is the CEO and founder of New Constructs, a research-technology firm that uses human expertise and machine learning to analyze companies and get superior financial data. David kicks things off by providing the key to what he believes makes AI as good as it can be. Then he discusses how he and his team use machines to scale analytics. He follows that up with how his data led to a partnership with Google. And he notes how the data his team uses has been shown to be better in studies. (0:00) Next, David points out that machines can't read through company filings until humans show them how to do it. He then shares the process he has gone through with AI and how it's at the stage where it can teach itself and learn from its mistakes. David notes how now is the time for the private sectors to fix the problems that the government has failed to do so. (23:25) Finally, David bemoans how Wall Street has shifted from being a "steward of capital markets" to becoming an "exploiter of capital markets." He also gives an example of how his clients can use his system to navigate market complexity. Ultimately, David wants folks to do their own research so they can be on guard against useless and deceptive information. (43:50)

In this week's Stansberry Investor Hour, Dan and Corey welcome Luke Lango to the show. Luke is the senior investment analyst at our corporate affiliate InvestorPlace. He has built a reputation for spotting tech stocks on the verge of major market breakouts. Luke kicks things off by sharing his thoughts on what many consider to be the current "AI bubble." He follows that up with how the jobs market is going to transition as AI continues to develop and how the economy will fare during that period. And he provides data for how the AI data-center epicenter has impacted the housing market. (0:00) Next, Luke discusses the shift from companies using graphics processing units ("GPUs") to tensor processing units ("TPUs") for their data centers and why this is taking place. He then gives his thoughts on whether Intel can become a viable competitor again in this market. And he highlights the risks around the AI companies being interconnected and feeding into each other. (18:53) Finally, Luke expresses why he's pleased that Alphabet has begun to act as a competitor to Nvidia with its own TPUs. He also covers AI being used in ads and how companies like Meta Platforms have seen success with utilizing it in that area. The three all share how they're all using AI in their personal use cases. And Luke gives his thoughts on what the big investment themes are going to be for 2026. (39:01)

Gary Mishuris, managing partner at Silver Ring Value Partners, discusses the nuances of integrating AI into investment research. He highlights its dual-use cases, distinguishing between efficiency and capabilities beyond human reach. Gary shares his AI equity analyst framework and emphasizes the need for human oversight in decision-making. A standout free tool he recommends is Google's Notebook LM, which aids in organizing research. He warns against superficial AI hype and urges investors to start utilizing AI now to stay competitive.

Rob Spivey, Director of Research at Altimetry, returns to share insights on how Uniform Accounting helps uncover true corporate values. He debates the Federal Reserve's interest rate cuts and the hype surrounding AI, drawing parallels to the dot-com bubble. Spivey also highlights key M&A opportunities in sectors like tech and healthcare, emphasizing the importance of trusting data amidst market fears. He outlines a three-step approach for picking winning stocks and stresses the strategy of investing in durable businesses that are likely to benefit from consolidation.

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.