Stansberry Investor Hour

This week, Dan introduces a brand-new guest to Stansberry Investor Hour... But he's no stranger to Stansberry Research. Dave Lashmet, colleague and editor of Stansberry Venture Technology, joins Dan for a fast-paced talk on innovation, technology, and, of course, investing. His Venture Technology service uses a "venture capitalist" investing approach and focuses on biotechnology firms. And according to Dan, Dave is "well known as a man who scours the Earth for great ideas," thanks to his boots-on-the-ground research and networking at countless conferences and meetings. The two dive into Stansberry Research's history – including how founder Porter Stansberry actually hired Dave after meeting him in college... where Dave was Porter's professor. And Dave also regales Dan with tales of his former job as a self-described "mix between an engineer and a businessperson inside a tech company." Dan also commends Dave for his recent recommendation to Venture Technology subscribers to sell their remaining stake in Nvidia (NVDA) for an eye-popping 1,400% return. And Dave gives an in-depth analysis of the biggest risks to the company, ranging from overseas geopolitical tensions to direct competitors like Intel (INTC). He also offers insights on the dichotomy between venture capitalists and "angel investors" and reveals exactly what he looks for in a company. Finally, he shares what investors should watch out for when researching prospective portfolio candidates.

Today, Dan welcomes first-time Investor Hour guest Steve Gorelik to the show. A 15-plus-year veteran of Firebird Management, Steve currently manages the Firebird U.S. Value Fund. And as a native Belarusian, there's no one better suited to manage Firebird's Eastern Europe and Russia funds as well. The big question Dan asks Steve is how he has been handling the funds amid the Russia-Ukraine war. Steve shares his thoughts on Russia's investment prospects and the ruble's volatility. And he explains that, surprisingly, many Eastern European companies present very robust investment opportunities – as long as the countries' macroeconomics look good. When it comes to doing the legwork on researching a prospective addition to your portfolio, Steve emphasizes that you shouldn't just look at how a company makes money... Seeing how a company spends its money is critically important, too. He also delves into the prospect he sees in a particular type of financial company. And finally, according to Steve, every investor should aim to hone this invaluable trait, especially in today's tumultuous market... The number of people who are able to hold through a year like 2022... and then be afraid to get back into the market when things are bottomed out... it's the capacity to suffer. It's the capacity to take a loss and not be afraid of what's happening. It's the capacity of being able to do the hard thing and get rewarded for it because other people won't. And that's going to be a competitive advantage both in investing... and in life.

We're now in a bear market... But today's Stansberry Investor Hour episode won't focus on that. Instead, Dan has a unique guest whose rousing words will be a respite from the recent market carnage. Vitaliy Katsenelson is the CEO of value-investing firm Investment Management Associates. He's the author of two books and an award-winning writer featured in publications like the Financial Times and Barron's. However, Vitaliy describes himself as a "student of life." And he has just released his third book, called Soul in the Game: The Art of a Meaningful Life. As a classical-music lover, Vitaliy had a revelation when writing about the travails faced by some of his favorite composers during their own creative processes – from being compared with a former great to pioneering a piece that broke the rules. It's about learning how to push past the anxiety and forge your own path in life and investing... In any profession, there's always going to be somebody who's considered to be the "greatest" whatever... It's so easy for us to just copy Warren Buffett. Instead, what we should be doing is we should be looking at how Warren Buffett is thinking. Also, we should not be afraid to think on our own... You can look at the way Buffett invests, and you can actually build your own path. The learning process can be complicated. But as Dan chimes in, "Things worth doing take time." He and Vitaliy also talk about the importance of repetition – whether it's rereading Nassim Taleb's book to unpeel its complicated layers or watching Pulp Fiction on repeat to understand the hype. In this episode, Vitaliy also shares concepts from Soul in the Game, such as striking the right balance between art and craft in life. And he gives what might be the shortest answer ever (just two words!) to Dan's "Final Question."

Today, we welcome Broyhill Asset Management President and Chief Investment Officer Chris Pavese to the Stansberry Investor Hour. It has been three years since Dan and Chris last spoke on our show. And needless to say, a lot has changed in the markets and the world since then – including a pandemic, war, and economic turmoil. As a seasoned industry veteran who has guided his clients through previous cataclysmic financial events, Chris has some advice to offer novice investors... He explains the big mistake fledgling investors make is "chasing the most spectacular returns" and looking for advice from people or places that "put up great numbers in bull markets" while ignoring their performance during bear markets. After all, he says, "The most spectacular returns of 2021 are posting the most spectacular losses this year." Chris and Dan both agree that focusing on finding value in a market environment like this one is your best bet. That's the kind of research Chris' firm Broyhill specializes in... like examining big mergers and acquisitions to look for gems and breezing past airline stocks – which Chris describes as "notoriously awful businesses with notoriously awful balance sheets" – in favor of an overlooked sector right next door. Finally, Chris imparts some wisdom regarding investor behavior thanks to his many years of advising clients – including the psychology around the big topic of "when to sell." And he shares the one simple and absolutely essential, yet often overlooked, thing to do before investing in any public company. As human beings, we always do the opposite of what we should be doing. We're always buying when we should be selling – when the stock has gone down. And we're selling when the stock has gone up... That's the time to lock yourself in and ride that wave to make as much profit as possible. Keith uses the company's software during the episode to give a rundown of the best and worst sectors to be in right now, as well as several market big dogs. He also shares the No. 1 metric that investors should home in on when researching recession-proof companies. And he regales Dan with tales of how much hate mail TradeSmith received when it warned subscribers early of the major market slumps in 2020 and 2022 (which, of course, came true).

Yes, they've gotten a lot of flak. But could there be something more to the "meme-stock mania" crowd? In this week's Investor Hour episode, host Dan Ferris welcomes WallStreetBets founder Jaime Rogozinski back to the show. WallStreetBets is an infamous forum on social media site Reddit. The online community came to public attention in early 2021 when its denizens – often viewed as young, uneducated, and risk-hungry investors – crippled hedge funds by pumping up undeserving "dead stocks" like AMC Entertainment (AMC) and GameStop (GME). In this week's interview, Jaime gives his eye-opening perspective on the 2021 mania, saying there's more to the story than the negative picture painted by the media... It's a sophisticated way of doing risk awareness. But it's a conduit for people that start off in a risk-hungry environment and eventually move into a more responsible, traditional approach – but with a tremendous knowledge, I would say, even more so than the average person that starts off with lower-risk approaches. Jaime also shares what he has learned about investor behavior from watching the action play out across the Reddit board... When people go into the market and start off with a bunch of wins, it is very dangerous. It's much more dangerous than if they start off by losing money. And the reason why is because it kind of speeds up the learning curve. Somebody that loses money right away is forced to take a step back, slow things down, understand a little bit better, and not be so impulsive. Somebody that makes money without knowing what they're doing goes through these, kind of like, Dunning-Kruger effects... which basically is a way of saying people don't have the ability to measure their own abilities. He assuages Dan's curiosity on whether anyone from WallStreetBets has ever blamed him for their losses. And he shares stories of even meeting some of the members. Plus, Jaime's simple but sage answer to Dan's Investor Hour-standard "Final Question" will resound in your investing... and in your life.

On the heels of last week's special bear market presentation comes the perfect guest for today's episode: Investor Hour veteran, software architect, and CEO of portfolio-tracking service TradeSmith Keith Kaplan. As the threat of a recession looms, hunting for "forever businesses" while pruning portfolio losers at the right moment becomes critical for individual investors. The process can be overwhelming on your own. But TradeSmith's elegantly built trading software – the backbone of a product suite that offers everything from portfolio creation to management – distills all that complicated information into a simple, intuitive system. It's similar to what the professionals use, but it's engineered for the retail investor. In this week's interview, Keith explains how his company's proprietary technology strives to make investing less daunting, using easy-to-understand "stoplight system" volatility indicators and smart trailing stop alerts. After all... As human beings, we always do the opposite of what we should be doing. We're always buying when we should be selling – when the stock has gone down. And we're selling when the stock has gone up... That's the time to lock yourself in and ride that wave to make as much profit as possible. Keith uses the company's software during the episode to give a rundown of the best and worst sectors to be in right now, as well as several market big dogs. He also shares the No. 1 metric that investors should home in on when researching recession-proof companies. And he regales Dan with tales of how much hate mail TradeSmith received when it warned subscribers early of the major market slumps in 2020 and 2022 (which, of course, came true).

In this week's Investor Hour, Dan's going solo. Instead of the usual tête-à-tête with a guest (we'll return to this regularly scheduled format of our program next week, though), he wants to share something with his listeners that he recently hammered home in the Stansberry Digest...This is a bear market. I've been a fool not to think it. And I've been a fool not to say it to you. So let's consider that huge mistake fixed... I'll never make it again as long as I live. So for today's episode, Dan's coming straight to you, the listener, with his keen observations on the recent market action and his tips on what steps you can take to protect your portfolio. And to round out his assessment of today's bear market in equities, he's bringing on fellow colleague and resident cryptocurrency expert Eric Wade for a special commentary on the bear market in cryptos.

258 While this year has presented a difficult trading environment for everyone so far, Greg's Ten Stock Trader advisory has been making a killing. Its win rate stems from Greg's expertise in technical analysis – a strategy that relies on studying past market and human behavior to predict what's next. With nearly two decades of experience trading and managing multibillion-dollar portfolios across every asset class, Greg is well-versed in guiding his subscribers to profits... while also knowing when to sit back and be patient. But it's not just about technical analysis... Greg also underlines the importance of understanding the fundamentals of market behavior, inspired by his recent readings on legendary investor and trader Stanley Druckenmiller... At the end of the day, follow the Fed. What's the Fed doing? Are they opening the spigot and releasing cash into the market? Or are they not? So, what's Greg's secret to surviving – and thriving – in this rocky market while everyone else gets "whipsawed"? Greg says it all boils down to making sure you have two crucial items in your trading toolkit, both of which have led his readers to consistently make money, regardless of what the market is doing. And he explains why he believes the popular notion of checking your emotions at the door before investing or trading is actually a misconception.

In today's dismal market, value stocks remain a beacon of hope for investors... And there's no one better suited to discuss this topic than recurring Investor Hour favorite, Tobias Carlisle. Tobias is the founder and managing director of deep-value investment firm Acquirers Funds, which is centered around his trademarked valuation tool – the Acquirer's Multiple. Simply put, it's a "valuation ratio used to find attractive takeover candidates"... and is favored by many activists and buyout firms. On top of creating a proprietary metric, Tobias has also written several books, including The Acquirer's Multiple, Concentrated Investing, Deep Value, and Quantitative Value. So, what does Tobias have to say about the slump we're in? It's not really a question of where you think the market's going to go because you're invariably going to be wrong... The best return you're going to get is by being fully invested. He says "names that can survive a nuclear winter" are the keys to surviving this bear market. To Tobias, that means focusing on deeply undervalued companies – ones that are buying back shares, are cheap, and are growing at a reasonable pace. He also breaks down the art of valuation – including his Acquirer's Multiple measure – and how to identify the right time to buy or sell.

In this week's episode, returning guest Hugh Hendry joins Dan for another round at the Stansberry Investor Hour table... Hugh founded the now-defunct Eclectica Asset Management in 2005. He rose to fame as the "Scottish hedge-fund king" when his fund returned 30%-plus during the throes of the financial crisis. He's also well-known for his outspoken remarks and contrarian views. One time, he even duked it out with a Nobel Prize-winning economist on television, asking, "Um, hello? Can I tell you about the real world?" These days, Hugh entertains a wide audience with his wit and energetic market commentary in his podcast, The Acid Capitalist. Today's conversation begins with a bang, as Dan and Hugh tackle one of the biggest market headlines: the stock sell-off. Shares of "FAANG" giants like Netflix, Amazon, and Apple are tanking... And it's hard to see these behemoths – which were once among the best-performing tech companies in the world – as "risk free" businesses anymore. Instead, they could herald a recession. So, what does Hugh have to say on the matter? It's going to be really long, but it's going to be entertaining. Wear comfortable clothing. He and Dan chat about several other topics, including inflation's grim march, Bill Hwang's multibillion-dollar fraud indictment, the "malevolent shadow of the Federal Reserve" behind high prices in oil and mining industries, and bitcoin as a risk-on versus risk-off asset. No one is safe from Hugh's wisecracks – not even the ultrawealthy. In addition to financial topics, he shares his thoughts on Elon Musk's latest follies, the real reason Bill Gates and Jeff Bezos vacationed in St. Barts, and what he thinks of Johnny Depp's biggest purchase