Stansberry Investor Hour

In this week's Stansberry Investor Hour, Dan welcomes Michelle Leder back to the show. Michelle is the creator of footnoted.com, an information service dedicated to finding opportunities and early warning signals buried in U.S. Securities and Exchange Commission ("SEC") filings. Michelle kicks things off by explaining what company proxy statements are and why they matter for investors. She says the summary compensation table and footnotes found in these documents let you know not only how much management is being paid but also what motivates their actions. Michelle emphasizes that as an investor, you need to know whether the company has your best interests in mind. She also says to look at director pay, as some officers sit on the boards of multiple companies and may not be likely to "rock the boat" and push for change. Another key component to examine is the related-party transactions that show you any disclosures in company spending. (0:00) Next, Michelle says that observing who the owners and top investors are is critical. You should also know how many shares investors have. She says knowing this will let you know if they "have any skin in the game" and will work to ensure that shareholders are being considered. Another aspect to look at is shareholder proposals. Michelle states that there's an argument to be made that proposals should come from shareholders with substantial positions rather than those with smaller stakes. And she gives her thoughts on AI utilization in SEC filings. (19:17) Finally, Michelle shares one stock that she warned her subscribers about before it fell dramatically over the past year. While some had believed that the stock would perform well, Michelle says the SEC filings were the key indicator to stay away from the company. She also addresses other small details that she looks for to evaluate a company's health and her strategy for short-term signals. (40:25)

In this week's Stansberry Investor Hour, Dan welcomes David Cervantes back to the show. David is the founder of Pinebrook Capital Management – a boutique asset manager focused on asset allocation and managing various systematic trading strategies. David kicks things off by reflecting on the progress that glucagon-like peptide-1 (GLP-1) drugs have made since his last discussion at a Stansberry Research Conference several years ago. The drug has branched out of medical use into professional use and for standard weight loss, resulting in the companies he previously discussed to have performed well since then. He then discusses the current market shift from the Magnificent Seven to industrials and the S&P 493. The equal-weighted S&P 500, in particular, is beginning to outperform the Mag Seven. And David shares his thoughts on Blue Owl Capital selling its assets and what that means for the private-equity industry. (0:00) Next, David explains where the money flowing from the Blue Owl sale is coming from and how it's connected to the banking system. If the sell-off negatively impacts banks (and by extension, the labor market comprised of voters), politicians will step in to "fix" things using whatever means necessary. David then gives his thoughts on the U.S. dollar and why he thinks that, despite skepticism and bearish outlooks, it still has what it needs to maintain its current position. And he lists how small-cap stocks have changed in how they operate and their relationship with private equity. (20:44) Finally, David expresses why the labor market is important for the economy and for policy. Discussions he has had with experts indicate that tightening or hardening the labor market will likely result in layoffs and inflation. Following this, David details the areas that he thinks will do well, given the current market rotation and uncertainty in Iran. (41:52)

In this week's Stansberry Investor Hour, Dan welcomes Cullen Roche back to the show. Cullen is the founder of portfolio-management firm Discipline Funds. He is also the author of several books, his most recent one titled Your Perfect Portfolio. Cullen kicks things off with his thoughts on market uncertainty due to the Middle East conflict. He believes that volatile oil prices (and other commodities) will have an impact on the market. Additionally, he says that the U.S.'s attacks could prompt an escalating confrontation with China – where the latter decides to invade Taiwan and seize control of Taiwan Semiconductor Manufacturing (TSM), the world's largest semiconductor producer. And he expresses his desire to see a freer market unhindered by tariffs. (0:00) Next, Cullen delves deep into AI and how it relates to his investing strategies. He states the risk that the technology poses with many companies and sectors pouring money into it. However, he doesn't see that outcome playing out. He then shares how AI has been beneficial for him and says that utilizing it in creative ways can help differentiate your business from the competition. And he gives his outlook on robotics and how that will impact jobs in the future. (20:33) Finally, Cullen details his exchange-traded funds ("ETFs") and what their purposes are. He also shares the time horizons for the ETFs so investors can know how to plan their strategies over those periods. But Cullen does allow flexibility with his funds to ensure that they can evolve and shift to match the changes in the markets and decrease risk. And he compares the pros and cons of using equal-weighted indexes versus market-cap-weighted indexes. (40:00)

In this week's Stansberry Investor Hour, Dan welcomes Greg Diamond back to the show. Greg is the editor of Ten Stock Trader, an advisory focused on trading using market analysis to find the best opportunities based on previous market patterns. Greg kicks things off by sharing his theme for 2026: time. He looked at the inflection points in January and is looking at the upcoming ones in April and May. January saw both technology and financial stocks peak before declining. And while Greg believes these sectors are oversold and will correct themselves slightly, the decline will continue. He says that AI taking over is part of this trend, and unlike other "creative destruction" (like the transition from horse-drawn carriages to automobiles) trends in the past, this one is developing much faster. Greg says looking at time cycles and understanding them is essential to prepare for where the market could be heading next. (0:00) Next, Greg discusses his thoughts on various commodities. He recently traded several positions in silver for wins before the metal's crash and is currently watching to see where it goes from here. He's not as optimistic on oil and natural gas due to the lack of information that investors have outside of OPEC, but he is looking for breakthroughs that could have an impact on the wider market. Copper is another resource that he's interested in, and there are several plays that he believes folks can make. But he says understanding what fuels these movements is more important than why they're occurring. (14:47) Finally, Greg lists his current trades and where he thinks market volatility is heading. He can't delve too deeply to be fair to his subscribers, but he's preparing to be extremely aggressive in his trades over the next few months. Greg then states that he does his best trading when he ignores what everyone else is saying. He'd rather focus on his monitors and charts than allow himself to be persuaded by outside voices. (31:20)

In this week's Stansberry Investor Hour, Dan welcomes Steve Burns to the show. Steve is the founder of New Trader U, a blog with thousands of articles plus online courses. Steve kicks things off by explaining how trading is math, detailing how its different components are formulaic. He says that understanding the "math" of expectancy for your returns can help you with managing your discipline, and knowing the risk-to-reward ratio for any trade is the first important step that every investor needs to take before they enter a trade. Steve notes that despite what many folks might believe, being right 50% of the time is pretty good. But even performing that well requires understanding the risks that your trades have. (0:00) Next, Steve reflects on his early trading days, comparing his methodology and results then with his current strategies. Then he details one metric that determines profitability. It's the most important thing you need to be mindful of that will impact the profits your trades bring in, regardless of factors like win rates. And Steve analyzes the cons with modern trading that ease of entry has provided. Most individual investors don't realize these risks exist and stand poised to lose big. (14:37) Finally, Steve discusses how to create an edge in trading as an individual investor despite the overwhelming odds. He then explains "positive expectancy," a mathematical formula that shows your average losses versus your average wins. Knowing this can help you more properly filter out volatility, which traders should keep in mind when establishing their position sizes and stop losses. And Steve shares the green lights he looks for when entering a trade. (30:53)

In this week's Stansberry Investor Hour, Dan and Corey welcome Andy Swan to the show. Andy is the co-founder of LikeFolio, a financial-technology company focused on providing its clients with actionable research based on consumer-driven data. He has a free report focused on a new wave of health care and AI that can inform investors of how to best prepare before it arrives. You can download the report here. Andy kicks things off by sharing how LikeFolio evolved from being designed to create "like" portfolios for social media users based on the companies they and their friends are interested in to being geared toward investors and traders. He says that the data from social media and other publicly available sources is very powerful because it can show where consumer sentiment is for a product and can help estimate sales for a product before an earnings report is released. Andy then provides some of his background in trading, along with his rules for investing. Next, Andy states that investors need to have some guardrails in place to protect their capital when investing. However, he believes that there's no "one size fits all" method and that investors need to ensure that the rules they establish match their approach. Andy switches the topic to the ease and accessibility of trading with apps like Robinhood. But he warns users to beware leveraged exchange-traded funds – while they sound appealing because of the potential to triple gains, "poisonous" stocks in a fund could send you tumbling. He then gives his thoughts on how AI is changing the world and what he thinks is the next step in its development. Finally, Andy discusses how one company is currently hated due to its financials, but according to his data, consumers are gravitating toward it. He compares it with other stocks that lost money early on but turned into behemoths in today's market due to new customers consistently using their products. This company could follow in their steps based on his data. And Andy provides his thoughts on the type of mentality to have as an investor.

In this week's Stansberry Investor Hour, Dan and John Engel welcome Dave Lashmet to the show. Dave is the editor of Stansberry Venture Technology, an advisory that takes a "venture capitalist" look at the market. Dave scours the market looking for little-known small-cap companies that are potentially producing the next wonder drug or technology. Dave kicks things off by discussing the first of three biopharmaceutical companies he's sharing that have monopolies in weight-loss drugs. He starts by showing how drugs gain their monopolies via patents, giving them "economic exclusivity." While companies might be targeting the same patients, the patents influence how they're being treated. The first company gains an edge by not only targeting folks suffering from obesity, but also by treating those with Type 2 diabetes. Dave also explains the contrast in mentality between the U.S. and other countries regarding obesity being preventable. And he provides info showing how obesity is a "slippery slope" and shares that a study found that participants who got off the drug gained back the weight they lost before. (0:00) Next, Dave sums up how the first company has cleared all of the risks and expenses from clinical trials, while a close competitor still has to get past its trials due to unknown side effects. When asked about why folks would stay on a weight-loss pill for life, Dave points to how our culture has drastically changed over the years, from actively working on farms to passively working in cubicles. These drugs help balance out the resulting shift. Dave then transitions into the next company that has a drug that focuses on fatty liver disease. He explains how this distinction helps the company gain its monopoly due to how irreplaceable livers are. And similar to the first company, this drug will have lifelong consumers. And the good news for investors is that its only competitor causes weight gain. (21:49) Finally, Dave presents the final company that tackles weight loss by focusing on genetics. Unlike the first two companies, this one treats patients with an injectable drug rather than a pill. However, it zeroes in on our natural "hunger switch," suppressing the users' appetites. Right now, the company is only waiting to get past trials, which puts it at a disadvantage compared with the other two. But Dave still believes that because of how it works, it's still set to stand beside the two pills. (39:44)

In this week's Stansberry Investor Hour, Dan and Corey welcome Jeff Clark to the show. Jeff is the editor of Jeff Clark Trader, a newsletter focused on options trading. Using his decades' worth of experience, Jeff helps his subscribers profit from options regardless of the market environment. Jeff kicks things off by stating how options trading can be a great way to invest. He says if you're responsible, you can reduce your risk and improve your upside in a trade. He then dissects a core rule of trading: maintaining discipline. Knowing how much capital you're willing to risk in a trade is the first step. Jeff says a common mistake folks make is putting all their money in without proper risk assessment. On the other hand, he warns that handling winners is equally important. Knowing when to take money out of winning trades can help you preserve your gains. (0:00) Next, Jeff shares some of his personal rules and strategies. He provides two consistent rules that he uses in his trades. However, he also acknowledges that the market is constantly fluctuating and explains his strategies in a few different market scenarios. Jeff follows up by detailing how much money he's willing to risk in certain trades based on his portfolio. When the topic of AI is brought up, Jeff says that while it's great in analyzing data in the long term, he believes it can't predict how investors can react in the short term. (19:06) Finally, Jeff emphasizes how investors won't know when a stock has peaked and when it has bottomed until long after the moment has passed. As a result, he warns against bottom fishing and thinking you're getting a good deal on a stock, because it just might keep sliding down. Additionally, he thinks that investors should be responsible with their money, especially the older they get. Making risky plays with retirement money is never a wise decision. Jeff then wraps things up by showing how to earn income by selling uncovered puts. (37:41)

In this week's Stansberry Investor Hour, Dan and Corey welcome Josh Young to the show. Josh is the founder of Bison Interests and writer of the Bison Insights newsletter on Substack. Josh specializes in focusing on the best opportunities in the oil and gas industry. Josh kicks things off by presenting his evaluations on the current landscape for energy stocks. He sees increasing geopolitical risk in the larger oil and gas companies. He also says that many of them have lost a lot of value as well. He then discusses the two biggest global risks in the oil and gas sector that he cautions investors to stay away from. Despite these challenges, Josh says that smaller oil and gas producers are where he sees the best opportunity in the sector. (0:00) Next, Josh shares why he chose oil and gas as his primary investment focus. He also reflects on the risks and mistakes that led him to the successes that he has today. Josh follows that up by addressing how technological advancements have contributed to the decrease in the oil-rig count. However, despite this appearing to be a negative scenario, Josh says that tailwinds are emerging from production going down. And he believes that oil production is going to be a critical topic during the 2028 presidential election, if not sooner. (17:22) Finally, Josh goes into depth on a company that he's fond of. He also gives his thoughts on the future of oil and where he thinks certain subsectors could grow, especially with regard to demand. But he stresses that he's not a universal commodity bull and says there's one commodity that he's less optimistic about. However, investors should still be careful overall about where they put their money. (42:17)

In this week's Stansberry Investor Hour, Dan and Corey welcome Alan Gula back to the show. Alan is an editor and member of the Investment Committee for The Total Portfolio and Stansberry's Forever Portfolio, as well as a senior analyst for Stansberry Research's flagship newsletter, Stansberry's Investment Advisory. Alan kicks things off by sharing three concerns he has for the current market rally. He looks at the market's credit spreads, as he uses that as a sentiment indicator for the broader market. Then he gives an in-depth examination of the high bids of stocks by looking at the high beta (the measure of market risk) relative to the S&P 500 Index. (0:00) Next, Alan discusses gold's history during secular bull markets, highlighting how the precious metal has had impressive spikes but serious drawdowns along the way. As such, he states that investors should be cautious during the current bull run and trim any risk. He then reflects upon The Total Portfolio outperforming its benchmark and the framework that contributed to its success. And he gives his take on "whether AI is in a bubble or not." (17:39) Finally, Alan expresses why you shouldn't focus so much on previous earnings over the long term for rapidly growing companies. Instead, he says it's better to examine their free-cash-flow yields. He also warns investors to be mindful of what to invest in to protect themselves during a bear market. Companies that provide opportunities during bull markets might be poor performers during drawdowns, so it's wise to plan accordingly when diversifying your portfolio. He illustrates this with one sector. (39:09)

In this week's Stansberry Investor Hour, Dan welcomes Brad Thomas back to the show. Brad is an editor at our corporate affiliate Wide Moat Research. Brad kicks things off by stating why he thinks now is a great time to invest in real estate investment trusts ("REITs"). He shares a chart of different asset classes going back to 2010 to show how many times REITs were a leading sector. He then discusses the Federal Reserve, interest rates, and why he isn't worried about their impact on REITs in the long term. Additionally, he talks about how the growing "silver tsunami" is going to create a surge in REITs. (0:00) Next, Brad details one company primed to meet the silver tsunami demand. It owns its own buildings and rents off the land while possessing a strong balance sheet. Brad then shares his thoughts on data-center REITs and his previous recommendations in that subsector. He also says that more REITs outside of data centers are increasing their investing in AI. But with energy bottlenecks and other factors, the one concern that investors could have is vacant data centers. (15:44) Finally, Brad mentions a sector that's boring yet is stable and provides predictable dividends. He provides an example with one company that had a slowdown due to COVID-19 but is starting to come back from the rough times. And he emphasizes Wide Moat Research's goal of meeting with management teams to see what they do for investors. (35:49)

In this week's Stansberry Investor Hour, Dan and Corey welcome Stephen Hester to the show. Stephen is an editor at our corporate affiliate Wide Moat Research. Stephen kicks things off by breaking down the Federal Reserve, interest rates, bonds, and how all of them are intertwined. He also clears up some misconceptions that folks might have regarding the Fed and the markets. He follows up by explaining his strategy for investing in options. Contrary to what some might believe, Stephen says that it's important to know about a company before its options. (0:00) Next, Stephen warns about the temptation to sell premiums on trending companies. He says that successful trades might cause folks to focus on potential high gains rather than the fundamentals. Then he discusses the different methods of knowing where the yields for options ought to be. And he mentions the struggles that individual investors might have with finding good opportunities. (19:18) Finally, Stephen shares one company that he's really interested in. It's a company that he has studied and researched in the past, and it remains a strong business. And Stephen mentions that one of the biggest things he hopes he can do for readers (apart from helping them find worthwhile companies to invest in) is to educate them. He says his goal is to help provide them with the tools to invest in the years to come. (35:54)

In this week's Stansberry Investor Hour, Dan and Corey welcome Pieter Slegers back to the show. Pieter is the founder of Compounding Quality, an investment newsletter that boasts more than 507,000 subscribers. Pieter kicks things off by discussing how AI and market momentum are doing well. However, he says that "classical" companies are currently struggling. He then talks about the need to have a tangible long-term goal in investing and shares his own investing goal and what it would do for his portfolio. And he explains the benefits of removing yourself from your normal environment to gain perspective and how to use that mindset for investing. (0:00) Next, Pieter shares how he views AI and its impact on the companies that he analyzes. He also adds how he personally uses AI in stock research. Pieter stresses the importance of doing your own reading, both in investing and in your personal life. He says that this not only ensures that you don't miss any details in financial reports but also helps you find new investment ideas in unexpected places. (20:33) Finally, Pieter details one company that he's excited about over the next 10 years. He found multiple reasons to love it, but after some skepticism, he drove to Germany to meet the CEO. The discussion solidified his optimism for the company. Pieter expressed how talking with the CEOs of smaller companies can provide some information that most people don't have. (39:43)

In this week's Stansberry Investor Hour, Dan and Corey welcome John Sviokla back to the show. John is an author, executive fellow at Harvard Business School, and co-founder of GAI Insights – an industry analyst firm that provides leaders with the strategies for successful AI integration. John kicks things off by recapping his analysis on AI in the markets since he last spoke with Dan and Corey and sharing the changes that have occurred. He then discusses his focus on DEF 14As to gain insight into what's incentivizing management. He mentions that more CEOs have adopted AI usage – however, there are two main groups: the leaders who are advancing rapidly and the laggards who are making slow progress. And he shares the many variables that impact folks' finances today. (0:00) Next, John expresses his desire for the funding of a public library for AI so users have a database to train their models. He also states that the U.S. has lost ground and intellectual property to China in the AI field and other areas due to companies wanting market access. And he says that using AI is something that needs to be experienced to see how useful it can be, especially with automation. (25:07) Finally, John provides advice for parents who want to know what career opportunities are available for their kids. There are four areas that he thinks are most crucial in today's tech-driven world. John discusses robots in the tech industry and gives his praise for Waymo. He then reflects on the sectors that he's most interested in. And he believes that folks are wrong about AI being in a bubble – rather, he thinks that there's overinvestment in that area. (44:06)

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)

In this week's Stansberry Investor Hour, Dan and Corey welcome Gary Mishuris back to the show. Gary is the managing partner and chief investment officer of investment firm Silver Ring Value Partners. He has kindly allowed listeners to download the PDF of how he uses AI to aid in his strategies. You can access it here. Gary kicks things off by sharing how he uses AI in his investment process. He cautions against the extremes of thinking of AI as being a "genie in a bottle" that solves every problem or that it's completely ineffective and should be disregarded completely. The truth, he says, is in the middle. There are two use cases he argues for using it, with the second one being a "holy grail" method. And while AI can be accessible for most folks, Gary warns that it will not level the playing field. (0:00) Next, Gary reveals the one AI tool that he thinks is critical in utilizing AI in investing. It's not a popular model that makes the headlines, but Gary shows how effective it can be – and it's FREE. He then acknowledges how AI prevents him from falling into any biases and emphasizes that even though AI provides resources for him, he still does the research needed for investing and makes the final decisions for investing. (21:26) Finally, Gary explains how AI is a viable tool that is being used in real investment scenarios. He also bemoans YouTube influencers who use AI as a hype gimmick to market their online courses. Then he expresses his opinions on the wider market piling into AI data centers, stating that expectations are too high for what the technology can provide today. (36:07)

On this week's Stansberry Investor Hour, Dan welcomes Rob Spivey back to the show. Rob is the director of research at our corporate affiliate Altimetry. He and his team utilize their proprietary Uniform Accounting strategy to dig through the as-reported numbers in company reports to find their true value. Rob kicks things off by posing a topic of debate with Dan regarding the Federal Reserve cutting interest rates. The two follow up by sharing their thoughts on the long-running AI narrative. Rob expresses how the talk of an AI bubble is producing a "fear of getting in," which keeps people from buying stocks. And he shares his team's thoughts on several market areas where government regulation could provide opportunities. (0:00) Next, Rob reflects on how 22 companies recommended by Altimetry publications were acquired over the past six years. He then lists the catalysts that are key targets for company acquisitions. In the midst of opinions and market fear, Rob stresses the importance of trusting the data. And he says that even though the market is currently weak, it was due for a cooldown based on history. (21:45) Finally, Rob shares three steps to picking a great stock according to some of the greatest investors. He says that these three things can help provide consistent wins in the market. This leads to Dan and Rob discussing the benefit of finding a stock with consistent dividends that an investor would hold on to, whether the price goes up or down. And Rob reiterates the importance of not staying out of the market. (35:36)

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 2007 17:47 The Fed as a backstop; gold; manufacturing; AI vs. power generation 46:38 Ben's investing outlook; how to profit from stories in the market 1:08:15 Dan and Corey's final thoughts

On this week's Stansberry Investor Hour, Dan and Corey welcome Nick Hodge to the show. Nick is the editor of Underground Alpha at Digest Publishing and an expert natural resource investor. Nick kicks off the show by discussing how he got into natural resource investing. He says that he began with a focus on clean technology but switched lanes after the great financial crisis hit. Sharing a case study, Nick talks about antimony miner Perpetua Resources and notes that "the smart money is now here" in the natural resource space. Nick also makes his bullish case for $5,000 or $6,000 gold over the next 12 to 18 months – there are more buyers than sellers, the metal is "underowned," and crypto traders continue to enter the space. (0:00) Next, Nick says his specialty is evaluating junior miners, so he dives deep into what he looks for in each company – both in terms of share structure and management. After that, Nick covers human psychology versus the cyclical nature of natural resources, the U.S. outsourcing the production and refining of rare earths and minerals to China, and why the federal government is now scrambling to reverse the outsourcing. He explains that we're still at the very beginning of this growth trend, so there's time for investors to profit for years to come. (19:39) Finally, Nick explains the nuance in precious metals investing, including the difference between heavy and light rare earths. He then shares the name of a technology company he likes today that tracks and digitizes mining-company data. Nick says that it "brings mining out from the opaque nature that it has into a transparent nature." And he closes with a conversation about the importance of investing in precious metals in such rough economic times. (39:00)