Stansberry Investor Hour

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)

On this week's Stansberry Investor Hour, Corey welcomes Josh Brown to the show. Josh is the CEO and co-founder of investment advisory firm Ritholtz Wealth Management, as well as an author and co-host of The Compound and Friends podcast. Josh kicks things off by discussing how his lack of formal education in economics sets him apart in the world of financial media, the importance of relying on your own instincts, and what it was like interviewing legendary investor Peter Lynch. He also talks a bit about how he got to where he is today, including falling in love with the stock market from a young age and the "anti-mentors" he had growing up who showed him firsthand what not to do. Plus, he shares his thoughts on financial media. (0:00) Next, Josh explores what's happening with today's bull market – why it's not 1999 all over again, how folks are underestimating the power of earnings, and AI being in a bubble that will inevitably end. After that, he discusses how he helps his clients, why investors should take on risk earlier in life rather than later, and how Ritholtz withstood losing its biggest client a week before launch to grow to where it is today, with more than $6 billion in assets under management. He notes that being able to scale the business responsibly is a balancing act. (12:32) Finally, Josh explains an important lesson he learned from Shake Shack founder Daniel Meyer about putting your employees first, why he wrote his latest book (You Weren't Supposed to See That), and what's different about today's market versus past markets. He points out that even when the Federal Reserve was hiking rates aggressively, the economy was just fine, so clearly our current market doesn't adhere to previous norms. And Josh closes things out with a discussion about why we might never again get a cyclical recession and what worries him about today's market. (26:51)

On this week's Stansberry Investor Hour, Dan and Corey welcome Adrian Fenty to the show. Adrian is the founding managing partner of MaC Venture Capital, an early-stage venture-capital ("VC") firm investing in visionary founders. Before breaking into VC, Adrian was the mayor of Washington, D.C. from 2007 to 2011. Adrian kicks off the show by discussing how he transitioned from politics to VC, starting with investing in education-technology companies and working at established firm Andreessen Horowitz. As he explains, VC is still the Wild West of investing, so he searches to find "technical" founders with big ideas. Adrian also covers which sorts of companies MaC is invested in right now and how he helps them grow. (0:00) Next, Adrian talks about AI investing in the VC space – what conversations are happening and how companies are keeping up in this new and rapidly evolving ecosystem. He says that the U.S. is "building the future through technology," and it's drawing talent from all over the world. Adrian then discusses why he doesn't encourage early exits, the pattern of larger companies "acqui-hiring" AI engineers and founders from smaller companies, and how he finds promising startups to invest in. (17:26) Finally, Adrian talks politics. Once D.C.'s youngest mayor, he shares his thoughts on city governments and politicians not doing enough for their people, especially in terms of trying to reduce crime. His solution for this problem involves putting someone ambitious and qualified in charge of the efforts. Adrian says that, similar to management at successful companies, city officials need to tackle problems head on and not let them fester. He then finishes with a discussion about Americans "letting politicians off too easy," gives his opinion on the upcoming New York City mayoral election, and argues that the government needs to be held to higher standards. (35:20)

On this week's Stansberry Investor Hour, Dan and Corey are joined by their colleague Gabe Marshank. Gabe is the editor of the new Market Maven newsletter, an advisory focused on asymmetric risk-versus-reward opportunities in the stock market. He's also senior analyst on Stansberry's Investment Advisory and Commodity Supercycles. Gabe kicks things off by describing how he got his start in finance, including discovering the world of hedge funds and working for investing legends Leon Cooperman, Steve Cohen, and David Einhorn. He shares what he learned from each investor and how those lessons have affected his current strategy. Gabe also discusses how today's financial world has changed since the 20th century, why the idea of value investing from Benjamin Graham's era is outdated, bankruptcy being capitalism's greatest tool, and what the dot-com boom tells us about future AI success stories. (0:00) Next, Gabe dives deep on Apple. He says the company has bungled its lead on agentic AI in phones, similar to how IBM fumbled its lead with PCs. As he points out, most of the top 10 stocks in the S&P 500 Index change each decade. So he's looking forward to finding what companies could replace today's big dogs. This leads Gabe to critique Microsoft and Amazon Web Services as "at risk," advise listeners not to worry about a potential AI market crash, and explain why he's looking outside of tech for opportunities today. (21:28) Finally, Gabe says consumer discretionary would be a good sector to investigate for future winners, as it's likely to benefit from AI transformations. He emphasizes that AI does not just mean chatbots and large language models – it's machine learning, too. Industries like onshore oil drilling have been using that technology already to improve their efficiency. Gabe then closes the show out with a conversation about copper prices and the commodity industry as a whole. (38:18)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Eric Fry. Eric is the editor of multiple newsletters at our corporate affiliate InvestorPlace, including Fry's Investment Report and The Speculator. Eric kicks off the show by discussing his time working alongside legendary financial publisher Jim Grant and his top-down approach to investing. His strategy involves finding industry leaders that have fallen on hard times but still have favorable underlying dynamics. Eric says that with this method, he has collected 100%-plus gains in the past few years in companies like Amazon and Corning. He also talks about investing in foreign stocks, the unbalanced risk in microcaps that many investors don't consider, and three industries he stays away from. (0:00) Next, Eric shares his time horizon for investing, whether he recommends adding to existing winners, his past experience with bitcoin, and the advice he gives his subscribers on position sizing and risk management. He notes that investors will often overstate their risk tolerance and understate their investment goals, which can cause problems. This leads to a conversation about the advantages of long-dated options versus short-term options. (20:39) Finally, Eric breaks the world of AI investment down into four groups: builders, enablers, appliers, and survivors. He says most of his current investment ideas are focused on the survivor category – and he names three such stocks he likes today. This includes a for-profit thrift-store chain, an English beverage company with rising U.S. sales, and an international food-delivery company that just became profitable. (40:03)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Whitney Tilson back to the show. Whitney is the editor of multiple newsletters at Stansberry Research, including our flagship Stansberry's Investment Advisory, Commodity Supercycles, and the free Whitney Tilson's Daily. Whitney kicks things off by discussing how he became a "make money" investor, his simple method for picking winning stocks, and a few lessons he has learned from decades in the market. He advises listeners to let their winners run and to hold them for a long period of time, as that's the only way to outperform index funds. Whitney also shares the story of missing out on Netflix's 100-bagger gains, makes a bullish case for Salesforce, and gives his thoughts on particular players in the AI space, such as Palantir Technologies. (0:00) Next, Whitney talks about the cannabis stock bubble, scam Chinese stocks, and why he's "pounding the table" on Alphabet and Meta Platforms. Using Adobe as an example, he tells listeners to start considering how AI will affect existing businesses and their share prices, especially if it's in negative ways. Plus, he goes in depth on index funds – their benefits, how his strategy has shifted to include market-cap-neutral funds, and which funds he likes today. (22:28) Finally, Whitney explains the power of compounding and discusses the opportunity today in clothing maker Lululemon. Despite "really struggling with" the stock, he believes it could be a big winner down the line. The secret, Whitney says, is finding good companies with headwinds that knock the stock way down but that are temporary. And to close the show out, Whitney covers the pitfalls of short selling, why you should never bet against companies that make products people love, and his most speculative stock idea today. (41:59)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Kevin Duffy. Kevin is the founder and editor of The Coffee Can Portfolio newsletter. He's also co-founder and principal of the investment-management firm Bearing Asset Management. Kevin kicks off the show by talking about The Coffee Can Portfolio, the investors who have inspired his work, and his outlook on some long-term secular trends, including fiat currencies. He explains that most trends today harken back to the American Revolution, as that was when centralization really began in the U.S. Kevin walks listeners through several key points in history that got us to where we are today. Plus, he explores the false beliefs of the dot-com boom, the market's current euphoria around AI, and the obvious threat to Nvidia that many investors are overlooking. (0:42) Next, Kevin dives deep on China. He discusses what he has learned by studying the country's stock market, why he's bullish on Chinese stocks, and the 50% discount that these stocks offer. Using Japan as an example, Kevin advises listeners to always question the popular economic narrative, as it can be completely wrong, especially at the end of major manias. He says the biggest culprits behind China's negative narrative today are the U.S. government and misplaced anger over worsening living standards. (18:45) Finally, Kevin talks about the flaws in modern economics and financial logic, the importance of educating oneself on economics and learning from past mistakes, and the future consequences of the U.S. isolating itself while the rest of the world comes together. He says there are still some stock opportunities in the U.S., but the best opportunities are in Asia. (37:14)

On this week's Stansberry Investor Hour, Dan and Corey welcome Marc Chaikin back to the show. Marc is the founder of our corporate affiliate Chaikin Analytics and a market veteran of more than 50 years. Marc kicks off the show by explaining why he's bullish through the first quarter of next year, the implications behind a Federal Reserve rate-cutting cycle, the opportunity today in homebuilders and biotech, and what's happening in the bond market with the "bond vigilantes." He breaks down the three factors driving the market right now and lists a few "less obvious" sectors and companies that are benefiting from these factors. (1:04) Next, Marc discusses his Power Gauge system and how it gives you an inside look into what folks on Wall Street are doing. After, he delves into how the current AI boom resembles the dot-com boom, a "mini bubble in the making" for data-management company Oracle, and China being behind gold's soaring price. Using the Power Gauge in real time, Marc gives listeners several gold-mining and construction stocks that are rated bullish by his system. (18:31) Finally, Marc reminds listeners that small caps were the real winners when the dot-com bubble burst, so that could happen again when the AI bubble inevitably bursts. This leads to a conversation about the late investment adviser Marty Zweig and his timeless advice for investors. Then, to close the show out, Marc speaks about the significance of this leg of the bull market being fueled by capital spending rather than customers... millennials investing in stocks... and fundamentals not mattering for younger investors. (36:39)

On this week's Stansberry Investor Hour, Dan and Corey welcome Edwin Dorsey back to the show. Edwin is the founder and editor of The Bear Cave newsletter, in which he conducts deep, investigative analyses of public companies for his 80,000-plus subscribers. Edwin kicks things off by discussing The Bear Cave and his extensive work exposing corporate misconduct. He says, currently, his favorite companies to find for shorting purposes are those that are going to be hurt by technological innovations. Edwin gives education-support company Chegg as one example of a business that has already been disrupted by AI and has been employing questionable cancellation practices. And he discusses the growing market for lab-grown diamonds and how that will harm traditional retailers such as Signet Jewelers. (1:22) Next, Edwin talks about QMMM, a U.S.-listed Chinese company whose stock is being manipulated by overseas groups. He goes in depth on the manipulation tactics these groups use on social media to pump and dump shares of unprofitable companies, why it's so difficult to pinpoint the scammers and investors running this dark network, the investigative research he's doing to stay up to date on the scams, and how crowdsourcing from the community has helped increase awareness. (18:33) Finally, Edwin warns listeners that the overseas scammers will often engage in after-hours market manipulation, so the best time to short the companies is intraday. He further advises listeners not to take large positions because there is so much volatility in these scam companies. This leads to a conversation about why Edwin has never criticized electric-vehicle maker Tesla in his newsletter, the legendary saga of Netflix ex-CEO Reed Hastings responding publicly to short seller Whitney Tilson, and which sectors Edwin believes will be hardest hit by AI. (36:49)

On this week's Stansberry Investor Hour, Dan and Corey welcome Joel Litman back to the show. Joel is the founder and chief investment officer of our corporate affiliate Altimetry, where his team uses their Uniform Accounting system to look beyond the as-reported numbers in financial reports to see how companies are really performing. Joel kicks things off by discussing the resilience of the U.S. stock market, which has takenmany professional investors by surprise. He states that historically, tariffs have not been a tax on consumers, with exporters absorbing 50% to 60% of costs to maintain their market share. Joel also argues that the U.S. dollar continues to be strong and that despite recession woes, corporate credit shows the economy is persistent. (0:00) Next, Joel urges folks not to give in to the "fear of getting in" (the counterpart to the "fear of missing out"). Because investors are seeing new highs, they think they've missed out on buying in, but Joel says that's a mistake. Joel also shares his thoughts on the usage of AI and how many concerns over it replacing the entire workforce are unwarranted. Additionally, he says that the investment advice it provides is often incorrect and that is should be used as a supplement to research instead. (26:36) Finally, Joel reflects along with Dan and Corey on Nobel Prize-winning economist Eugene Fama and the scope of his knowledge. Joel also provides a brief explanation of what he and his team look for at Altimetry. And he provides a glimpse of some of his latest research.(45:41)