Stansberry Investor Hour

Credit Suisse released a report with some shocking findings about a group of stocks you likely haven't been paying attention to... Across the entire world, across nearly every industry, from small cap to large cap, this forgotten category of stocks has outperformed its peers... and by a wide margin. On the opening rant this week, Dan examines all the facts behind the surprising phenomenon... and discusses what potential investors should do with this information. Then on this week's interview, Dan invites William Green onto the show. William has written for many leading publications like The New Yorker, Time, Fortune, Forbes, Barron's, The London Spectator, The Economist, and many more. He's also interviewed Presidents, Prime Ministers, and scores of the world's most successful billionaire investors. He shares some of the best lessons he's learned in his latest book, Richer, Wiser, Happier: How the World's Greatest Investors Win at the Market and in Life. During their conversation, William gives Dan some fascinating insights he's learned during interviews with famed investors like Charlie Munger, Joel Greenblatt, Sir John Templeton, Jack Bogle, Bill Miller, Howard Marks, Tom Gayner and many more. William has so many great stories that by the end, Dan promises William that he will definitely be invited back for another show. Then on the mailbag this week, one listener writes in challenging Dan on one of his more controversial opinions and Dan felt the need to respond.. Dan doesn't fully agree with everything the listener says, but after some careful consideration, he admits the listener is "absolutely right" on one important point. Listen to Dan's full response on this week's episode.

In March, Tesla sold off about 10% of their Bitcoin... Elon Musk said the reason they sold was to, "prove the liquidity of Bitcoin as an alternative to holding cash on the balance sheet..." On the opening rant this week, Dan examines all the facts behind the surprising move... And explains why he's not buying Musk's explanation... Then on this week's interview, Dan invites Thomas Ricketts onto the show. Thomas is President and CIO of Evolutionary Tree Capital Management, a firm exclusively focused on innovation investing. Evolutionary Tree uses their unique investment process to differentiate between hype and real innovation that yields future growth. Their approach has led Evolutionary Tree to find stocks like HubSpot, ServiceNow and Pinterest before they were well known. During their conversation, Dan asks Thomas what the main difference between innovation investing and speculating really is. Thomas explains how his firm uses 8 special criteria to separate the hype from the legitimate long-term opportunities. Thomas even gives the listeners a handful of stocks he loves in cloud computing and biotech – two industries he says are poised for massive growth over the coming decades. Then on this week's mailbag, one listener asks Dan how to buy "some additional insurance via buying put options..." Another listener asks what Dan thinks about the sudden shift to ESG initiatives being parroted in many major industries. And a final listener asks an excellent question about inflation and conventional economic wisdom. Dan gives a thorough reply to this question and more on this week's episode.

Dan opens this week's rant completely beside himself, as he shares the latest story of jaw-dropping excess in the market. But this isn't the story of your typical cryptocurrency pump and dump... Or a message board banding together to try to create the next "meme stock..." It comes from a business you'd never expect in a million years... and Dan calls it the single most insane example of speculative froth he's EVER seen in the markets. Then on this week's interview, Dan invites Ken McAtamney onto the show. Ken is the head of the global equity team and a portfolio manager for William Blair's International Growth, Global Leaders, and International Leaders strategies. Before joining William Blair in 2005, Ken was a vice president at Goldman Sachs, where he was responsible for institutional equity research coverage for both international and domestic equities. Dan and Ken cover a wide range of major growth themes that will likely shape the future investment landscape. Ken presents a ton of unique ideas of how many current industries may evolve and the massive opportunities you should be looking for. During their conversation, Ken shares nearly a dozen names of stocks with sustainable long-term growth in emerging industries that he loves. And finally, the mailbag is filled with some great questions this week... One listener asks Dan if he thinks we could ever have a sovereign debt crisis like Jim Rickards describes? Another listener asks Dan to elaborate on what he meant when he previously said "gold is a bauble..." And a long-time listener asks who is the best author of investment books and why, taking fame and notoriety out of the equation and focusing only on substance? Dan gives a thoughtful reply to this question and more on this week's episode.

Across the entire U.S. stock market, going all the way back to 1926, a small fraction of stocks are responsible for the lion's share of the market's gains. Dan examines this phenomenon with a deep dive into the Bessembinder Study and comes away with a few key takeaways for individual investors trying to beat the market. Then on this week's interview, Dan invites Kevin Landis onto the show. Kevin was born and raised in Silicon Valley and has over 30 years of experience in market research, product management and investment in the technology sector. And today, Kevin is the Chief Investment Officer at Firsthand Capital Management, an investment advisory firm he founded in 1994. He currently manages two technology sector mutual funds and a publicly traded venture capital fund. Dan asks how Kevin and his firm were able to identify stocks like Roku, Twitter, SolarCity, and Yelp before they became the massive winners they are today... The two also discuss how the current incentives in the asset management industry typically hurt your ability to make large gains... and how his firm works to break that mold. And finally, the mailbag is filled with some great questions this week. One listener asks Dan an interesting question about Tesla that tests his value investing philosophy... Then a listener writes in supporting the retail investors in GameStop, giving a different take on the situation. Is there more to this story than we've been told? And another listener from Australia has some questions on gold's price lately and the potential of a top in the crypto markets... Listen to Dan give his take on these topics and more on this week's episode.

GameStop is selling up to 3.5 million new shares, looking to raise money amid their newfound hype and popularity in the investing world. Dan opens the show by explaining why this is actually a very smart business move... But he says even though it's the right move for GameStop, he wants no part in it. And he cautions anyone else still thinking about jumping on this train. Then Dan invites Kevin Carter onto the show to talk about one of the fastest-growing areas anywhere in the markets, that sadly many Americans overlook. Kevin is the founder and Chief Investment Officer at EMQQ, an Emerging Markets Internet and E-Commerce Index. Over the past 20 years, he's partnered with Princeton economist and indexing legend, Dr. Burton Malkiel, focusing on China and emerging markets, ultimately creating the EMQQ Index. During their conversation, Kevin teaches Dan some stunning facts about the massive opportunity investing in emerging markets outside of the U.S. provides today... (like did you know that over half of the world's mobile payment users live in Africa?) Kevin makes a very strong case for putting money in emerging markets today, even listing out a handful of his favorite personal holdings from his index... like one he calls the Amazon.com of Poland... another known as the Amazon.com of Africa... and even one little-known fintech company that Berkshire Hathaway bought 5% of during its IPO. Kevin says that if you have a long-term timeline, you absolutely need to take a look at the emerging markets internet sector... He calls it the "tip of the spear" when it comes to global growth. And finally, we had an ultra-light mailbag this week... So light, in fact, that Dan decided to hold off until next week's episode. So don't forget, please send in any questions you may have, any comments on the show, or even any politely-worded criticisms into us at feedback@investorhour.com... Until then, you can listen to Dan and Kevin's conversation and more on this week's episode.

A little-known family investment office made big news this week... Archegos Capital Management's risky leveraged bets on ViacomCBS Inc. and Discovery Inc. set off a wave of forced liquidations at a number of Wall Street Banks. Estimates show Bill Hwang, the man behind Archegos, levered his positions as much as 5X and so far has triggered the liquidations of positions approaching $30 billion in value. Dan takes a deep look at this story of greed and hubris before leaving listeners with one crystal clear takeaway. Then Dan invites Tucker Walsh onto the show for a conversation about one of the hottest sectors of the market over the past year – small cap growth stocks. Tucker is head of the Small Company Growth Team and lead Portfolio Manager at Polen Capital's U.S. Small Company Growth strategy. Prior to joining Polen Capital Tucker spent 10 years as CEO at Copper Rock Capital Partners and 9 years as Managing Director and Head of Small Cap Growth Team at State Street Research. Tucker and his team look to invest in fast-growing, disruptive businesses that use technology to compete in the digital age. But he stresses that profitability is important, and discipline is critical when you're investing in this space. Thoroughly researching and investigating each company and objectively looking at both best and worst case scenarios without getting attached is key. During their conversation, Tucker shares the name of a few stocks he thinks could have massive potential in the coming years and are great buys right now. Then on the mailbag, listener Peter W. writes in explaining why he was not happy with Dan's interview last week... He argues Dan and Per left out some pretty important details during the conversation about regulations. Dan listens to Peter's side and gives his rebuttal to this question and many more on this week's episode.

Shortly after they exchanged hellos, an old friend of Dan's enthusiastically told him about all the money he's made in penny stocks. And what he said next pretty much stopped Dan in his tracks... On this week's rant, Dan takes a look at the continued rise of risky speculations in the markets... and gives some advice for anyone still dabbling in them. Then Dan invites economist Per Bylund in for a conversation about a topic not often discussed on the show. Per is Assistant Professor of Entrepreneurship and Records-Johnson Professor of Free Enterprise in the School of Entrepreneurship at Oklahoma State University. His research focuses on issues of entrepreneurship, strategic management and organizational economics, especially where they overlap with regulation and policy. Per explains how the long term effects of regulation are easy to ignore because they are often unseen. But if we want as prosperous a world as possible, we should all pull our head out of the sand and begin to pay attention. Dan and Per also touch on the minimum wage debate, the Bernie Madoff fraud, and even some common economic fallacies touted by Nobel-Prize-winning economists. Then on the mailbag, Dan has a couple follow up questions about buying into GBTC. Another listener writes in asking for some clarification on Dan's take on Warren Buffett and gold. And another listener asks Dan's thoughts about when it's time to take some profits off the table in Bitcoin. Listen to Dan's take on these questions and more on this week's episode.

Chairman Jason Hsu discusses blending quantitative and fundamental approaches in investing, focusing on opportunities in China and emerging markets. They explore the differences between US and China's government intervention, making investing in overlooked markets more accessible. Dan reflects on the importance of doing nothing when investments grow, inspired by the coffee can portfolio strategy. Jason also touches on detecting financial irregularities in Chinese markets and the evolution of regulatory practices between China and the US.

Is gold just another "greater fool" investment? Warren Buffett seems to think so. Or at least, he's said as much in his 2011 letter to investors, when he compared gold to the tulip bulb mania. On this week's rant, Dan examines this point of view and explains what Buffett doesn't seem to grasp when it comes to gold... Then on this week's interview, Dan invites Gregg Fisher onto the show. Gregg is the founder and portfolio manager of Quent Capital, an asset management firm focused on systematically investing in global innovation. Many guests on the show fell in love with finance and investing later in life... but that's not the case with Gregg. Gregg was born into the investment business and well on his way by the time he was a teenager. By the time he left college, Gregg helped pioneer some of the quant trading strategies that are so common in the industry today. During their discussion, Gregg explains why so many small innovative companies are often overlooked. But he stresses that if you're willing to do a little extra leg work, many innovative small caps present a massive opportunity. By the time the interview is over, Dan is left questioning if he has enough money in small cap stocks. Then on the mailbag, Dan fields several questions from listeners about gold, including one listener who gives a fantastic real-world demonstration of gold's long term value. Another listener writes in and shares a story of remorse for selling his Bitcoin a little too soon. Dan gives him some words of wisdom and reassures him that "we've all been there." Listen to Dan's response to these questions and more on this week's episode.

It's not the sexiest part of the market, but Dan decides to break down bonds. If you look at the benchmark ten-year bond treasury yield, it has tripled since last year. Does this mean the bond rally is over and we've topped out at the bond market? Or is inflation finally kicking in as yields climb? Bond interest rates are the lowest they've been since there's been data for this, and if the Fed keeps trying to stabilize and suppress rates, printing endless cash and buying new government debt, the more dire the economic consequences will be. They should just let the market adjust naturally, or we'll have 2008 all over again. Dan's guest this week is Chris Retzler, a portfolio manager at a small-cap growth-fund for Needham Funds Asset Management. His fund thrived during the bear-market bottom, nearly doubling. Retzler's forte focuses on nurturing long-term relationships with his portfolio companies' management teams and seeking out undiscovered investment opportunities. The appeal of small-cap stocks is the room for growth along with a more potent potential for gains -- but how does Retzler make his market picks? His fund has succeeded during the pandemic (Moderna is in their portfolio), but what exactly are the best small-cap markers? It appears getting acquainted with management is a vital first step in investing with emerging small-cap companies. To be a concentrated investor, you have to know with whom you're investing. Regarding small-cap tech opportunities, look for capital-intensive companies that don't have a lot of competition in the same space, e.g., semiconductor makers. And he highlights telemedicine as a surging fertile investing ground for explosive growth. Oh, and always follow Warren Buffet's four basic tenets of investing. Listen to their conversation and much more on this week's episode, including mailbag questions that cover everything from aluminum to acquisitions. Also, check out a new episode of Stansberry's podcast where politics and economics meet, American Consequences with Trish Regan.