Stansberry Investor Hour

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Mike Barrett back to the show. Mike is editor of Select Value Opportunities and senior analyst of Extreme Value. He joins the podcast to talk extensively about valuations, why you should never pay too much for a stock, and the opportunities he sees in the market today. Mike kicks off the episode by giving updates on his pecan plantation and his weekly Select Value Opportunities newsletter. He explains that this service helps subscribers beat the market while taking on less risk. The portfolio has returned about 14.5% since inception and has outperformed its benchmark for nearly 80 straight weeks. Mike's secret to outperformance is his system... It focuses on valuations and gives daily rankings of 100 well- known stocks. That way, subscribers can enter positions at an ideal moment. Mike emphasizes the importance of valuation and reminds listeners that it's a metric for future performance. (1:34) Next, Mike analyzes the differences between valuing stocks in public markets and his past experience with valuing real estate in private markets. Plus, he talks more about momentum being another important factor in picking stocks and how valuations have changed in recent times. As Mike explains, the first year he started his service, only 5% of stocks were overvalued. Now, in the past year, 30% are. This is "unprecedented" and a "warning sign" that investors should be aware of. Still, Mike's system can help prevent huge losses. (19:28) Finally, Mike gives his opinion on the overall market action and the broader economic picture. He brings up market cycles, his belief that unemployment is about to be a big issue, and factors that will lead gold and silver prices higher from here. He points out that there are fewer higher-paying jobs available now and that most growth has been in lower-paying jobs. This is skewing the jobs data. And he also discusses the importance of the housing sector when it comes to inflation. (37:27)

On this week's Stansberry Investor Hour, Dan and Corey are joined by investor and award-winning filmmaker David Tice. David is the chief investment officer and senior adviser of a short-selling exchange-traded fund. He also is partner at Moran Tice Capital Management, an investment-advisory firm. David kicks off the show by discussing his documentary starring Dennis Quaid, Grid Down, Power Up. The film centers around what would happen if the U.S. power grid went down and the country was left without electricity for a lengthy period of time. David talks about how preventable the catastrophe could be if the government invested in utilities. And he shares that a disaster like this could result in hundreds of millions of Americans dying of starvation or water deprivation. As David emphasizes, this is a very real danger, as America's adversaries are already in the grid from a cyberattack standpoint. (1:36) Next, David details his short-selling AdvisorShares Ranger Equity Bear Fund (HDGE). He explains that the fund is up year to date since many bad companies are finally starting to do poorly in the market, especially in commercial real estate. And several factors – overvalued stocks, high interest rates, massive national debt – are setting the country up for a huge decline. David urges listeners to prepare for the worst rather than try to eke out a few more percentage points in gains, especially considering today's geopolitical conditions. (17:44) Finally, David breaks down how he and his team at HDGE discover companies to short. He cautions, however, that bad stocks can soar just as much as good stocks, so timing is the key factor. After, David discusses his precious metals hedge fund and the huge opportunity he sees in mid-cap producers that are selling extraordinarily cheaply. He lists off two particular gold stocks he's a fan of and explains why he has so much hope for this sector. (34:57)

On this week's Stansberry Investor Hour, Dan and Corey are joined by their colleague Whitney Tilson. Whitney is the lead editor on Stansberry's Investment Advisory – Stansberry Research's flagship newsletter – as well as Commodity Supercycles and his free e-letter Whitney Tilson's Daily. Once dubbed "The Prophet" by CNBC for his prescient calls, he joins the podcast to share some financial wisdom with listeners. Whitney kicks off the show by talking about the value of attending investing conferences and other company meetings. You can gain insights, talk to fellow investors, share ideas, and either discover promising trends or discover which trends are "bombs." Whitney emphasizes that avoiding calamities is just as important as finding the next big investment idea. He shares his experience with short selling and how he actually lost a lot of money by employing the technique. This leads to a conversation about value traps – what they are and how they can lead to ruin. (1:24) Next, Whitney details his storied history with Netflix and why he went from shorting the company to investing in it. Ultimately, he found a 90-bagger. But he sold the stock early and left money on the table. The "most important lesson" he learned from that experience is to let your winners run. As Whitney explains, that's why index funds outperform almost all active managers over a long period of time – because they never sell their winners. (16:40) Finally, Whitney hammers home that investors should be selective with stocks and only buy the best-quality businesses. Many of these companies see large drawdowns at some point, which can be perfect buying opportunities... even if you're not able to find the exact bottom. Whitney predicts that Nvidia could see a sizable drop since the company is relatively young and volatile. After, he shares that value stocks, small-cap stocks, and international stocks are all at 20-plus-year lows. This extreme underperformance presents an opportunity for investors wanting to diversify their portfolios. And Whitney also breaks down how to spot a high-quality business that may be struggling in the short term versus a value-trap business that will only head lower. (35:02)

On this week's Stansberry Investor Hour, Dan and Corey are joined by E.B. Tucker. E.B. is an author, editor of The Tucker Letter, and investor with decades of experience in the precious metals market. E.B. kicks off the show by discussing the unavoidable loss of privacy in the modern era, how societal pressures influence the lives of people of all ages, and the strength it takes to challenge these conventional systems. As he explains, in both the real world and in the world of finance, you need to learn to let go in order for something better to come along. E.B. also breaks down why voting as a shareholder is so important. (1:42) Next, E.B. recommends a few nonfinance books – one about the philosophy of happiness and one about Yemeni coffee. He reminds listeners that life is about doing what makes you feel fulfilled and that you should never live according to others' expectations. This leads to a discussion about the role money plays in giving you the freedom to do whatever makes you happy. (23:16) Lastly, E.B. talks about his new book he's working on and how he hopes it'll make readers reflect on their own life and learn lessons to help them evolve as people. He relates this to financial teachings, where many readers want shortcuts instead of actually learning for themselves and growing their techniques. E.B. emphasizes that understanding your own relationship to an investment is the real secret to success. (40:44)

On this week's Stansberry Investor Hour, Dan and Corey welcome Marc Chaikin back to the show. Marc is a 50-year Wall Street veteran and the founder of our corporate affiliate, Chaikin Analytics. He also created a popular Wall Street indicator that appears in every Bloomberg and Reuters terminal in the world. Marc kicks off the show by describing why he's so bullish in this presidential-election year. He explains that we're now entering a "sweet spot" for the market, and if there are any election surprises, that would be even more reason to buy in. Marc also lists off some sectors that he's bullish on today, especially in mid-cap stocks. These areas of the market aren't making headlines, but they're seeing steady gains and present attractive buying opportunities. (1:38) Next, Marc shares his thoughts on the current AI boom and compares it with the introduction of the Netscape web browser in 1995. He discusses profit margins versus valuations, the potential loss of jobs due to AI, and the usefulness of large language models like ChatGPT. According to Marc, there are companies across a variety of industry groups that are going to benefit from AI. Investors just have to find them. (15:45) Lastly, Marc shares all the details about his newest, most personal newsletter service that will be launching soon. He explains that it's going to focus on finding "hidden gems" – mid-cap or small-cap stocks that are undiscovered but have great valuations. As Marc says, "The focus is prospecting for gold nuggets." With his custom Power Gauge system by his side, Marc is going to find hidden winners – in a range of sectors – that are set to profit from the AI revolution. (34:32)

On this week's Stansberry Investor Hour, Dan and Corey welcome author Alex Epstein to the show. Alex has written several books advocating for the use of fossil fuels, including his most recent work, Fossil Future. The self-described "energy-freedom advocate" joins the podcast to challenge the popular climate-change narrative and provide more context for the crucial role fossil fuels play in society. Alex kicks things off by weighing in on the debate around climate change and the effects of fossil fuels. He argues that the benefits of using fossil fuels far outweigh the negatives and that, in many cases, energy can be used to overcome any adverse effects. Alex also breaks down the myth of unsustainability, the anti-human bias implicit in environmentalism, and the incorrect belief that more folks die of climate-related catastrophes today than in the past. (2:38) Next, Alex discusses his impact with politicians and lawmakers. He explains that 200 major political offices use his content to direct policy and become more informed on energy topics. Alex then shares his opinion on climate change, pointing out that we're currently in a climate renaissance and that the Earth has never been more livable for human beings. He brings up geoengineering as a way to cool the climate, asserts that the negative environmental impacts are severely overblown, and emphasizes the crucial role energy plays in the economy. (21:30) Finally, Alex talks about climate-change rhetoric dominating in elections, the harm that tech companies have done by blatantly lying about being 100% renewable, and why humans should take pride in the fact that we're progressing as a species and learning to use the Earth in new ways. He puts the anti-impact perspective into both a philosophical and historical context, noting that primitive religions believed "sinning" against nature had dire consequences. (34:19)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague John Engel to the podcast. John is the lead equity analyst on the Stansberry Innovations Report newsletter, where he finds companies that are revolutionizing their respective industries with cutting-edge technology. He also works on Prosperity Investor, a newsletter that focuses on opportunities in the health care sector. John kicks off the show by detailing the new Biosecure Act that's currently moving through Congress. Its purpose is to limit China's access to U.S. biological information. As he explains, this legislation is going to disrupt the industry, hurt biotech companies, and possibly even bankrupt the smaller players. But, conversely, it's going to allow other contract development and management organizations to replace Chinese ones, creating massive opportunities for investors. John also shares how he got his start in the biotech field at a fermentation lab and as a molecular biologist before shifting to the world of finance. (2:19) Next, John talks about the pandemic, vaccines, and the current bear market in biotech. He mentions one big story in biotech that he believes isn't getting enough attention – bispecific antibodies. This development allows one drug to hit two targets, so patients no longer have to receive two different drugs for treatment. This leads to a conversation about gene editing, personalized medicine, and rare diseases. (22:01) Finally, John delves into AI, Nvidia, and the "hype cycle" surrounding the technology. He points out that companies are desperate to use AI to their advantage, but for many of them, there's no use for it in their business. Plus, John discusses "advanced general intelligence," which involves systems that can reason like human beings. (42:27)

On this week's Stansberry Investor Hour, Dan and Corey welcome Dave Collum back to the show. Dave is a professor of chemistry at Cornell University and associate editor of the Journal of Organic Chemistry. He's outspoken about many topics and issues ranging from finance to politics and everything in between. And he brings this same no-holds-barred attitude to today's podcast. Dave starts off by discussing the link between vaccines and autism, why "live" attenuated vaccines are better than "dead" ones, and the effects of the COVID-19 vaccine. He specifically mentions how children in the U.S. receive about 72 vaccinations during childhood, while children in Europe receive only three. He also argues that the war in Ukraine is a direct result of NATO interfering and forcing Russian President Vladimir Putin's hand. (5:31) Next, Dave talks all about the U.S. government. He breaks down why the U.S. has never supported burgeoning democracies abroad and why it's a better move geopolitically for the country to work with a single leader or a select few in power. He compares President Joe Biden with former President Donald Trump and asserts that Biden wouldn't be able to make tough calls in a time of crisis. After, Dave makes his case for why we're headed for a 40-year bear market that will drag down Americans' standard of living. (24:27) Lastly, Dave contends that AI risks taking the human element out of everything, dampening creativity, and cluttering scientific literature. He then discusses the role of pedophilia in geopolitics and the prevalence of child trafficking. And he leaves younger listeners with some sage financial advice. (45:39) Dan and Corey close the show by discussing the Federal Reserve's preferred inflation gauge – the core personal consumption expenditures ("PCE") index. The newest core PCE data shows that inflation has stabilized at 2.8% for the past three readings. Even though this is down from much higher levels in 2022, Dan and Corey point out that everyday consumers are still struggling with far higher prices while their paychecks don't keep pace. (1:11:12)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Chris DeMuth Jr. Chris is a co-founder and managing partner of hedge fund Rangeley Capital. He invests in mispriced securities with limited downside and corporate events that unlock value for shareholders. Chris kicks things off by explaining what event-driven investing is, how he uses it, and how the concept of "counterparty selection" is involved. He also breaks down what demutualization and remutualization are and how there are numerous opportunities in the banking sector today to deploy these strategies. According to Chris, many small-cap community banks out there are attractive in terms of valuation versus large caps. (3:11) Next, Chris describes the U.S. Treasury Department's "inept, corrupt, and profligate" Emergency Capital Investment Program ("ECIP"). He gives two in-depth examples of ECIP bank stocks that were trading for far less than they were worth – Bay Community Bancorp and Ponce Financial. And he discusses why investors who got in early enough will profit from them greatly. (16:03) Lastly, Chris names three stocks that he's excited about right now and details the specifics of each one. The first is a tax-efficient real estate and financial-services conglomerate trading at a discount to its asset value. The second is a Russian-owned mining company operating in Venezuela that should soon benefit from litigation against the Venezuelan government. And the final one is a hospice provider with a lot of potential for a private-equity shake-up and then subsequent acquisition by a larger health care company. Plus, you won't want to miss Chris' answer to the final question, where he explains how you can gain an edge as an investor simply by researching topics you're genuinely interested in. (29:44) Dan and Corey close the show by discussing Nvidia's recent blowout earnings, including its 262% revenue gain. Since the company provides the "picks and shovels" of AI, it's benefiting massively from the boom in this space. This leads Dan and Corey to compare AI stocks with Internet stocks during the dot-com bubble, speculate on what could happen next, and explore the disconnect between the markets and the economy. (57:56)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Bryan Beach back to the show. Bryan is the editor of Stansberry Venture Value and a senior analyst on Stansberry's Investment Advisory. Bryan kicks the show off by discussing the GameStop meme-stock craze and the deep-value market dynamics that were at play during the whole debacle. He argues that the "dumb money" folks (such as Keith Gill) got a bad rep and the self-titled "smart money" folks weren't very smart. (3:13) Next, Bryan talks about the bubbles in special purpose acquisition companies ("SPACs") and Software as a Service ("SaaS"). He points out that the pendulum can quickly swing from overloved to overhated. Bryan shares that, because of this, he's still finding winners in the SPAC scrap heap and he believes SaaS valuations are far too low today. He also explains how retail investors got clobbered by the smart money on SPACs and why cannabis stocks present such a good opportunity now with the impending reclassification of marijuana. (17:33) Lastly, Bryan emphasizes the importance of stop losses and "guideposts" since they take the emotion out of investing. This leads to a discussion of Amazon and its many drawdowns over the course of its trading history that would have stopped investors out. After, Bryan brings up small-cap restaurant-software company Par Technology and why he has so much hope for its future performance. (28:02) Dan and Corey close things out by talking more about the resurgence of meme stocks – GameStop and AMC Entertainment, in particular – and what it means for the market as a whole. Plus, they talk about this new era of inflation we're in, the worst-case scenario of rebounding inflation, and the long-lasting consequences of low interest rates. (55:39)

On this week's Stansberry Investor Hour, Dan and Corey welcome Lyn Alden to the show. Lyn is an independent analyst, bestselling author, and founder of Lyn Alden Investment Strategy – an investment research service for both retail and institutional investors. She kicks the podcast off by describing how her background in engineering has influenced her macroeconomic investing style. She explains why she became so interested in macroeconomics in the first place and why 2017 was a turning point for the U.S. economy. Lyn also talks about fiscal dominance – or when fiscal deficits and federal debts are large enough that they start reducing a central bank's options. She puts this in the historical context of the 1970s and clarifies why inflation and interest rates are so complexly intertwined today. (4:39) Next, Lyn shares her outlook for the U.S. economy, including higher-than-baseline inflation for the foreseeable future and the country being in a similar situation to emerging markets. She discusses areas of the market where fiscal dominance has been appearing over the past few years, how the 2010s taught investors the wrong lesson, why the U.S. may experience the same economic troubles that Japan is facing right now, and the divergence between sectors going through recessions versus those that benefit from deficits. (16:42) Lastly, Lyn cautions listeners against using the traditional 60/40 portfolio in inflationary environments like today's and instead urges them to prioritize energy, precious metals, and hard assets. She also breaks down why she finds Latin America so attractive today (particularly Brazil, Colombia, and Mexico) and gives an in-depth explanation of how technology impacts money. (34:03) Dan and Corey close things out by discussing the backlash to Argentine President Javier Milei's economic shake-up, including his devaluing the peso against the U.S. dollar and laying off thousands of government workers. Plus, they share their thoughts on the latest speculative meme craze – closed-end fund Destiny Tech100 (DXYZ) – and what it means for the broader market. (54:28)

On this week's Stansberry Investor Hour, Dan and Corey are joined by the founder and president of Chisholm Exploration, Cactus Schroeder. Cactus kicks off the conversation by describing the current economics of the oil industry, why rig counts are deceptive, what's happening with the Haynesville Shale and Marcellus Shale, and the upside in natural gas. He also explains why the Barnett Shale has become so attractive, how Chisholm Exploration differs from the oil majors, and how these larger companies essentially control the price of oil. (4:18) Next, Cactus discusses why his company prefers oil to natural gas, earthquakes as a side effect of drilling, and how the Biden administration has been hampering exploration and pipeline development. He also details his experience in the Eastern Shelf region, including both good and bad wells and royalty interests. (21:52) Lastly, Cactus covers the oil major he finds the most interesting today, the green-energy movement, and what's on the horizon for oil. He brings up Saudi Arabia cutting oil production in an effort to make prices reach $100 per barrel, the consequences of the war in Gaza, and the ongoing fight between land ownership and mineral rights in different states. (31:03) Dan and Corey close things out by discussing the consequences of the Drug Enforcement Administration moving to reclassify marijuana as a Schedule III drug. They analyze what has been happening with cannabis stocks since the announcement and the tax implications behind the move. Plus, they talk about Starbucks' recent disappointing earnings report and what weight-loss drugs becoming more available could mean for the economy and certain stocks. (53:32)

David Trainer, the founder and CEO of New Constructs, joins the show. He kicks off the conversation by describing how his company takes value investing to the next level with AI. He explains that the days of buying stocks and holding them forever are gone. Today's investing landscape requires investors to be more agile, and AI helps with this. David specifically mentions how he uses AI to sort through millions of financial filings, footnotes, and data points to give him an edge and produce better results. However, he warns that AI is only as good as the data that goes into it. (3:49) Then, David talks in depth about how humans are still involved in the investing process, including making decisions when the AI is unsure how to interpret certain findings. He breaks down how New Constructs' technology is giving clients a competitive advantage and augmenting the rest of their strategy. Plus, David discusses the importance of using both technicals and fundamentals when investing, and he shares why expectations matter so much to valuation. (14:34) Lastly, David names the two sectors he finds most attractive and two that folks should avoid. This segues into a conversation about a recent pump-and-dump scheme used to take advantage of retail investors, why the U.S. Securities and Exchange Commission doesn't take action even when it should, and the damage done by years of low interest rates. (33:35) Dan and Corey close things out by discussing inflation and the hotter-than-expected numbers for the personal consumption expenditures index. They cover unrealistic investor expectations for rate cuts, the government's misplaced priorities, and the very real consequences of this persistent inflation on workers and small businesses. (51:20)

David Daglio, the chief investment officer and global investment strategist of wealth- advisory firm TwinFocus, joins the show. He kicks things off by describing himself as a contrarian, and he explains that understanding who you are as a person will lead to the best investing results. After, he goes into detail on how TwinFocus looks for creative "straw hat" solutions that the market isn't seeing. Plus, he talks about risk premiums, the current opportunity in natural gas, and the 30-year discount in gold-mining stocks. (3:29) Next, David discusses the advantages and disadvantages of working at a large firm versus being an individual investor. He shares that individual investors have the advantage of not being overloaded with information, plus they're their own boss and can make their own decisions. David also details the three conditions TwinFocus looks for before jumping into an investment, the importance of recognizing your own intellectual biases, and how market skepticism can be a huge opportunity. (15:29) Lastly, David talks about "net-net" companies in the biotech sector that are trading for less than their total assets... he breaks down what capital imbalance is and how to spot it... and he explains that the savviest investors try to be like Spock from Star Trek, valuing facts over feelings. (28:49) Dan and Corey close out the podcast by discussing the Stansberry Research editorial meeting that happened last week. This meeting brings Stansberry's editors and analysts together to discuss different investing ideas and pertinent world news. One of the hot topics at the meeting was the presidential election in November. Dan and Corey emphasize that the best investors keep politics out of their investing decisions and stick to their core strategy regardless of which candidate takes office. (49:22)

Gary Mishuris of Silver Ring Value Partners talks about today's market being one of the most challenging periods for bottom-up investing since 2007. In terms of the quality of a business versus its stock price, there isn't a lot of opportunity right now. But he emphasizes that transparency and candor with clients is essential, as is prioritizing the long-term process over short-term performance. (5:19) Next, Gary describes what sets Silver Ring Value apart from other fund managers. He shares why he left the "sausage factory" of larger firms behind, how his firm makes money for clients rather than off of clients, and how his unique temperament and behavioral models allow him to make better investing decisions. (14:38) Gary also goes into detail on the psychology behind investing and compares it with a game of poker. He talks about trying to avoid making mistakes, continuously learning from past errors, the importance of having guardrails in place, and cutting your losses. (21:44) Then, Gary explains why you should never be ashamed to change your mind, even when you haven't received any new information. It's OK to reanalyze the same set of facts and admit that you were wrong, and he cites several examples of investors who have learned and grown from their past mistakes. (31:21) Lastly, Dan and Corey discuss the consumer price index and gold. Inflation came in hotter than expected, while gold has broken out to new highs. Dan and Corey speculate on how long gold's bull run can last. Plus, they detail gold being a good hedge for retirement against the government's money-printing addiction. (48:18)

Dan and Corey kick off the show by discussing inflation staying persistently higher, rampant government spending and money-printing, and the repercussions of the Federal Reserve's decade-plus of low interest rates. (0:41) Next, Cambria Investment Management's Meb Faber joins the conversation to talk about the exchange-traded funds ("ETFs") at Cambria and why the team focuses on shareholder yield when picking stocks for these ETFs. He breaks down the importance of shareholder yield in mega-bubble markets like today's and urges investors to pay more attention to it. (24:25) Meb then discusses managing risk on a portfolio level, including focusing on quality and value. He also covers why emerging and foreign markets are so attractive today, the opportunity in fixed-income investments like bonds and Treasury bills, and how higher interest rates have changed the game. (38:21) Finally, Meb describes himself as a value investor and shares which areas of the economy he's most concerned about. He talks about inflation driving commodities sharply higher, gold hitting new highs, and why investing at all-time highs can still be a smart choice. (56:43)

Dan and Corey kick off the show by reviewing the most recent PCE number, what's happening with inflation, and the current state of the economy. (0:41) Next, real estate expert and entrepreneur George Gammon joins the conversation and explains how he became a self-described "macro addict" without any formal education in the world of finance or economics. Plus, he discusses why he considers himself a libertarian and why most investors and billionaires would fall into this category, even if they don't self- identify as such. (21:59) Further, George describes how his investment style is influenced by being a libertarian. By default, his view is that the government is always going to do the wrong thing, resulting in unintended, net-negative consequences. George also goes into detail on the similarities between value investing and trend following. He argues that successful value investors are always looking for a catalyst so that they can catch the trend at its very beginning stages, while stereotypical investors are happy to catch the middle portion of the trend. (34:16) Lastly, George explores the biggest differences between retail investors and professional investors. He details the strategy that the best hedge-fund managers use: starting with a macro view and then looking at the fundamentals and the narrative later. George emphasizes that these experts spend most of their time deciding how to position themselves and using asymmetry to stack the odds in their favor like in a game of blackjack. (46:32)

Dan and Corey kick off the show by arguing against the Federal Reserve potentially cutting rates this year. They point out that inflation is persistently volatile, gas prices are soaring and hurting everyday consumers, and the Fed is "pretending that everything is OK," according to Corey. Dan also brings up the fact that 2024 being an election year may have something to do with this. (0:43) Next, Stansberry Venture Technology editor Dave Lashmet joins the conversation to discuss the biotech industry. He explains that he doesn't see biotech as a sector, and rather he looks bottom up at biotech companies to find a drug that will have a macroeconomic effect. Because only 6% of drugs that start a Phase I trial succeed, he says being selective is crucial. Dave also describes the three phases of drug testing and the importance of efficacy and safety data. (17:55) After, Dave talks all things weight-loss drugs. He reflects on how he knew Ozempic was going to be a blockbuster drug from his boots-on-the-ground research, the incredible room for growth in this area, and the unprecedented amounts of money that biotech companies are spending on factories to develop these weight-loss drugs. (24:36) Further, Dave discusses why the obesity epidemic has worsened over the decades and how exactly weight-loss drugs work to increase metabolism and suppress appetite. It involves something he calls the "winter switch." Plus, Dave brings up the U.S. Food and Drug Administration approving these drugs for the purpose of reducing strokes and heart attacks by nearly 20%. (32:40) Lastly, Dave talks about the widespread economic implications behind weight-loss drugs and other areas of the market that could be impacted, such as the airline industry. However, Dave emphasizes once again that any mass changes are still years away due to supply constraints. (41:20)

Dan and Corey kick off the show by discussing both bubbles and "anti-bubble" stocks. Dan mentions how the S&P 500 Index's cyclically adjusted price-to-earnings ratio, with data going back to 1871, is currently in the top 1%. He even believes this is the biggest mega- bubble in all of recorded history. (0:41) Next, Porter & Co. analyst Erez Kalir joins the conversation and shares his financial philosophy. He talks about investing legends who have influenced his investing style, the importance of avoiding labels, and how successful investing is similar to using a Swiss Army knife. Plus, Erez explains the yin and yang of macroeconomics versus security-specific fundamentals and how there are extreme periods where one can entirely dominate the other. (13:00) After, Erez goes into detail about biotech – the sector's history in the stock market, how it's shaped by interest rates, and how you can find companies trading at an extreme discount with negative enterprise value. He argues that not being able to time the markets is merely a myth, and he shares the seven factors he uses to evaluate whether a biotech stock is worth buying. (21:59) Lastly, Erez explains why the conditions are right for biotech stocks today. He covers the sector being hated and how this gives savvy investors a chance to break away from the herd and profit. (38:36)

Dan and Corey kick off the show by discussing famed economist Nouriel "Dr. Doom" Roubini and his current bullish stance. They explore whether Dr. Doom is correct in his optimism, if gold's new all-time highs are here to stay, and what could happen next with bitcoin. (0:41) Next, Stansberry Research editor Brett Eversole joins the conversation and talks about where he thinks stocks will go this year thanks to the election. After, he analyzes the overall health of the market using several different metrics, urges investors to invest based on the size of a company's market capitalization, gives his thoughts on whether small-cap stocks can catch up to the rest of the market, and reviews moments of extreme volatility in history. (16:49) Further, Brett describes a shareholder yield fund and how it works. He points out that if you buy companies that return a lot of cash to shareholders, those companies tend to go up a lot over time. He also discusses the strategies he uses in his True Wealth publication to find winning stocks, buy in at the right time, and protect capital. (29:35) Finally, Brett explains why he isn't investing in individual Chinese stocks today, but he provides one unique way to still profit from China that you may have never heard of. (47:15