Stansberry Investor Hour

Stansberry Research

From financial markets and politics to business and social issues, Dan Ferris and our Stansberry Analysts offer candid discussion on today's most important headlines. Each week you'll hear exclusive interviews with guest investment experts, authors, and top thinkers such as Jim Rogers, Kevin O'Leary, Glenn Beck, PJ O'Rourke, and Jim Grant.

The Stansberry Investor Hour is produced by Stansberry Research, LLC.

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#488
Tuesday · 57 min
Paul Podolsky: The Hidden Risk in Your Stocks Nobody Talks About
In this week's Stansberry Investor Hour, Dan welcomes Paul Podolsky back to the show. Paul is the founder of investment management firm Kate Capital. Paul believes that while the world is complex in how it functions, it can still be understood, and he reflects that in his investing and writing. Paul kicks things off by explaining why bond yields are rising. He says there's an increased amount of borrowing caused by the U.S. government and the AI build-out. Normally, the U.S. government would run a budget deficit during a crisis. But amid the ongoing Middle East conflict, the economy is healthy and the spending is coming from the government creating supply. Additionally, AI companies are in a "cage fight" vying for supremacy, and they're spending heavily to beat out the competition. Paul believes that folks should understand how the bond market operates because it does impact their daily lives. (0:00) Next, Paul discusses the two sectors responsible for the majority of earnings in the S&P 500 Index: AI and oil. The conflict in the Middle East has driven the price of oil higher, resulting in the drilling companies profiting from obtaining more of it. And the bonds and debt that the AI companies are issuing will be reflected in the earnings of companies that they are servicing (i.e., a Meta Platforms bond creating earnings for Dell Technologies). Paul says that debt creates supply and the goal for the companies that take on debt is to illustrate what the future will look like. But they have to be careful that they get it right, especially when there's a lot of competition. Paul says investors need to be cautious in picking the right company and avoid taking a "basket approach" mentality. (21:07) Finally, Paul shares how he finds new investing opportunities. He looks at data for various countries and uses AI to synthesize the information. He then looks at all the moving parts of each country (real yield, price to earnings, bond earnings) to make sense of the data. That helps him avoid risky areas and find attractive sectors. But unlike most stock investors who see it as a chance to buy more shares, Paul tries to avoid massive drawdowns. And he'll also get out of a trade if he can't understand why its price is moving (down OR up). (38:14)
#487
October 20 · 55 min
Nick Hodge: The Coming Copper Shortage and Two Mining Stocks to Watch
In this week's Stansberry Investor Hour, Dan welcomes Nick Hodge back to the show. Nick is the co-founder of Digest Publishing and an expert natural resource investor. Nick kicks things off by explaining why he's still bullish on gold since the last time he was on the show. Between several fundamental drivers he sees in the market and miners producing less gold than before, he predicts the metal will keep moving higher. And he says that he owns gold in several different ways: He owns the physical metal that he keeps in the event of an emergency, and he likes to own physical trusts when the conditions are right. Nick is also bullish on copper, even more so than on gold. The threat of tariffs on copper has increased its imports, driving up prices and demand. And with data centers requiring the metal for the expanding build-out and the available mines starting to produce less supply, we could be on the cusp of a major shortage. (0:00) Next, Nick says that while concerns with the government intervening with the available copper allocation are valid, he believes that this is one instance where there's potential upside. The government investing in new precious metals projects shows that there's demand and creates new opportunities for individual investors, even if the projects receiving support aren't the best ones. And with the federal push to see gold rise higher, Nick says there's a real chance that we could see it used as a real currency again. (17:53) Finally, Nick states that while government leaders might claim to "be the house," the market ultimately knows best and will move where it wants to despite the government's best efforts. But if gold does soar as high as federal members would like it to, that could cause many folks' portfolios to decline. Nick says it's best to prepare for that scenario now and diversify some of your portfolio into harder assets to prevent taking substantial losses. He then shares the names and tickers of two companies that have done well for him. Ultimately, he warns listeners to take charge of their own finances, because no one else is going to look after them. (37:13)
#486
October 13 · 54 min
Ben Hunt: The AI Boom Could Trigger the Next Financial Crisis
In this week's Stansberry Investor Hour, Dan welcomes 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 explaining why interest rates have been going up and why the rise might not be as much of a short-term event as folks believe. He says that while the war in the Middle East has contributed to the short term, there is such a surge of borrowing coming from the Big Tech companies that the government sees this as a chance to make money from it. And unlike the conflict that has no definite end date and could conclude relatively soon, the hyperscalers will be borrowing for a greater period of time. Ben says that those companies are the new "too big to fail," so they will do whatever it takes to protect themselves from a loss, including obtaining a government backstop on their debt. But he wants there to be a limit to how much the businesses can gain in the event of continued rapid success. (0:00) Next, Ben shares why there could be concerns for annuity reinsurers. While the insurance industry can handle rising interest rates, if they increase too much, too quickly, that jeopardizes wealth managers who advise their clients to put their money in annuities. And with insurers using Treasurys as a hedge, if rates also have an impact on the Treasurys, they'll be devastated. And then, Ben wonders with all of the data-center build-out spending whether there will be room for three competitors at the top. (21:17) Finally, Ben provides his thoughts on AI. He believes that AI is becoming so integrated into our way of life that it has changed our way of thinking. Additionally, because it has surpassed being used for labor and has reached the point where it can "think" as well as humans, occupations like mathematicians may no longer be needed, and those who pursue such fields do so as a hobby. But while AI can provide us with rapid answers and is used in writing, Ben believes that as long as the need for conversation exists, humans will always be at the center of creating – and that cannot be replaced. (37:45)
#485
October 6 · 53 min
Dan Ferris: Copper Could Double – and He Says You Have to Own It
In this week's Stansberry Investor Hour, Dan welcomes Bridget Bennett to the show. Bridget is the digital media producer for MarketBeat, where she tracks down market developments and financial news and conducts interviews for MarketBeat's videos and livestreams. In today's episode, she flips the script and interviews Dan in a special collaboration. Bridget and Dan kick things off by discussing diesel. Dan says that the commodity sits at the heart of the global energy crisis. And while the lack of diesel fuel will impact fuel for vehicles and powering electricity, there are shortages in other areas as well, such as copper (and, as a result, homebuilding). Between America's diminishing supply and the war in Iran, refiners have been doing well over the past year. Dan says existing owners of refinery stocks should do well as they hold their shares, but he's being cautious about the future as President Donald Trump's plans on banning imports without building new refiners could have a negative impact. (0:00) Next, the two expand further on the different impacts that the diesel shortage brings. Dan says that the conflict in the Middle East is having a devastating impact on oil production. Not only has production ceased at thousands of Middle East wells, but in many cases, the wells will require expensive rehabilitation because they were shut down so fast. Additionally, AI data centers are voracious consumers of copper. This growing demand is creating a buying opportunity that Dan says you should consider if you're looking at the metal, plus he gives the names of several tickers worth investing in. (18:24) Finally, Bridget and Dan examine the repercussions of halting U.S. production rare earths and the push to bring it back. The initial offshoring of production due to excessive pollution prevented the U.S. from properly adapting the pollution protocols that companies now utilize, and Dan believes that, in the long term, it was an unwise decision. Dan then talks about gold and the U.S. dollar. Dan says that since the two were untethered, the dollar is going to continue losing value as more money is printed, while gold retains its value. However, as a global currency, the U.S. dollar will be much stronger than competing currencies like the euro, yen, and pound. And Dan says that you should own both dollars and gold. (32:34)
#484
September 29 · 56 min
Rob Spivey: He Found Six Small Defense Stocks Positioned for the Coming Spending Spree
In 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 providing a deep dive into Altimetry's Defense Gold Rush webinar. In short, the Association of the United States Army ("AUSA") is hosting its annual confab in October. And it's not just the U.S. Army meeting up with the defense companies – other countries from around the world also attend with the goal of striking a deal with some of our nation's weapons manufacturers. So this is the best place to learn where the contracts are being made and where the money is flowing. But Rob says that it's not the big businesses you should be paying attention to, but the smaller ones. (0:00) Next, Rob explains why microcaps are some of the best businesses that provide growth opportunities. The majority of stocks in the S&P 500 and S&P 100 indexes were once microcaps, and if you can find a company that has the same potential and value, your investment could soar. But Rob understands why folks are cautious of microcaps – there are some bad apples out there. That's why he and Altimetry Chief Investment Officer Joel Litman created a "Do Not Buy" list of stocks that investors should avoid unless they make tremendous improvements. And Rob says that we haven't seen such a great opportunity in defense stocks since the 1980s. (19:25) Finally, Rob discusses the U.S. government's $40 trillion debt and why it's not as bad as people believe. The U.S.'s revenue is able to offset its debt, so it can afford to take on that amount. Additionally, Rob says that every American should want the government to run a reasonable deficit every year. That creates value for us as citizens by growing our economy. And Rob says that folks are mistaken for selling off the hyperscalers just because they've become net debtors. (34:03)
#483
September 22 · 53 min
Joel Litman: We Are NOT in an AI Bubble
In this week's Stansberry Investor Hour, Dan welcomes 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 increases in the U.S. military budget and says that investors should be wary of which stocks they decide to buy. While overall military spending has gone up, certain branches like the Army have seen a decrease in spending, so it's vital to put your money to work in the right sector. Joel then shares that despite concerns over America's munitions being down and our supply-chain reliance on China, many companies are innovating to either break away completely by manufacturing what they need or substitute materials or products to achieve similar results. And Joel says that AI woes are overblown because of a few questionable stocks. (0:00) Next, Joel explains why Altimetry uses Uniform Accounting and why serious accountants don't rely on generally accepted accounting principles ("GAAP") data alone. In short, GAAP accounting has become increasingly unreliable due to its many changes that misrepresent how a company is truly performing. Uniform Accounting cuts through the noise and creates a set standard to determine how well a business did during earnings season. And while the cyclically adjusted price-to-earnings ratio says the market is expensive, Joel says that metric is flawed and that the market is actually cheap. (17:54) Finally, Joel shares the dynamics and problems with buying IPOs. The greatest issue is not having enough financial data and having to wait months before you know enough details to judge if a company is worth investing in. Joel then mentions one major defense business that he's interested in and believes will do well. But he says the better opportunities are in the smaller companies. These are cheaper stocks that have more room to grow and, therefore, have potential for better returns. And while these are the kind of businesses that Warren Buffett would own, investors don't have to compete with him to buy them. (40:08)
#482
September 15 · 57 min
Bryan Beach: He Never Would Have Bought These Stocks – Until Now
In this week's Stansberry Investor Hour, Dan welcomes Bryan Beach back to the show. Bryan is the senior analyst for Whitney Tilson's Ultimate Upside and a senior analyst on Stansberry's Investment Advisory. Bryan kicks things off by discussing what's new in the Whitney Tilson's Ultimate Upside newsletter (previously Venture Value). Both Bryan and Whitney have teamed up to develop a new system built upon the proprietary Stansberry Score that further helps subscribers find overlooked, high-value stocks that have room to grow. The three newest recommendations that their new system discovered are already performing well. And Bryan warns of the belief that a stock is cheaply valued when it returns so little. (0:00) Next, Bryan shares how peer groups aren't as easy to identify as many folks believe, especially in technology or consulting companies. While a business might offer a product that competes with another company, its other services might not be related at all. And with small caps, it's even harder to find a true peer due to differing business practices. So Bryan and Whitney look at historical valuations to compare them instead. Bryan then shares how his views on the utilization of technology, such as the Stansberry Score, in investing have changed after finding one company he wouldn't have considered without it. (23:29) Finally, Bryan mentions how Whitney's connections help provide an edge in learning more about a company and to gain wisdom that has been built up over decades of experience. One lesson that Bryan learned is that you don't need to be completely rigid in your philosophies. Near the beginning of the Russia-Ukraine conflict, he thought it might be best to recommend energy stocks in Venture Value to hedge against that , despite the fact that they weren't value stocks. And Bryan expanded upon Whitney's idea for the Ultimate Upside. (38:41)
#481
September 8 · 56 min
Ramin Nakisa: The 90/10 Portfolio Strategy Every Investor Should Know
In this week's Stansberry Investor Hour, Dan welcomes Ramin Nakisa to the show. Ramin is the co-founder of PensionCraft, a service that's geared toward providing members with the tools and information needed to make their own informed investing decisions. Ramin kicks things off by explaining his reason for switching from a global equity portfolio to a fixed equity 60/40 portfolio. He says that after spending years investing and building up to his retirement goal, he wanted to take as much risk and volatility off the table as possible and just coast off the fixed income. And while folks tend to paint fixed income with a broad stroke, he says that it's actually nuanced. With multiple facets and sectors within fixed equity, there are noteworthy investments to consider. Ramin also gives a deep dive on the purpose of PensionCraft and what he wants members to take away from his service. (0:00) Next, Ramin details why folks should get the "big picture" of the financial news and reports rather than try to delve into every nitty-gritty detail. Then he has a deep discussion on the Federal Reserve. While the speeches might be technical, he thinks investors can glean some insight. He also finds it interesting from a British perspective that American investors are more willing to lend money to "dot-com businesses" than to the U.S. government (by buying government bonds). While at the moment they might have moats, eventually competitors will undercut them and take their positions. And he gives his take on "passive" investing, saying that while more passive investors are emerging, there's no need to be concerned about that hurting the market in the long term. (21:44) Finally, Ramin shares his thoughts on the hypothetical scenario of the S&P 500 Index crashing 50%. He says that despite the massive fear that it would bring, he sees that as a great buying opportunity. The markets will eventually correct, and anyone who bought during the discount will have made substantial returns. Then Ramin details why he formed his 90/10 core fund asset and his logic behind it. (40:01)
#472
September 1 · 55 min
Jason Shapiro: Most Traders Are Focused on the Wrong Thing
In this week's Stansberry Investor Hour, Dan welcomes Jason Shapiro back to the show. Jason is the founder of Crowded Market Report and a seasoned futures trader with a proven approach built on exploiting crowd behavior. He has more than 10,000 subscribers on his Substack. Jason kicks things off by detailing three signals he focuses on when he wants to make a contrarian play against what the market's doing. He executes this strategy by looking for extremes in a bearish position and waits for the market to start heading in the opposite direction before making a short-term trade. But Jason emphasizes that being a contrarian isn't just about betting against the market. To be successful, you have to understand market tone, which is the sentiment that confirms your thesis is correct, and a position has reached its lowest point before it starts improving. But he only makes trades if he likes the potential risk to reward. (0:00) Next, Jason explains the difference in focus between professional traders and novice traders. The professionals like to focus on risk to mitigate losses, while the novices focus on maximizing profits that they might not even make. And even if they are successful a few times, over the long term, they're going to lose most of the time. And that's why Jason says that you need to know why you're trading. If you know that, you become more disciplined in making trades. Jason then describes how Crowded Market Report has encouraged him to become a better trader. (19:11) Finally, Jason shares the story of the time he spent living with monks, which gave him some perspective on life. It didn't fully resonate with him at the time, but over the years, he has learned to emphasize happiness over money, and that has given him personal satisfaction in life. He then explains why he decided to run Crowded Market Report by himself and expresses the freedom that brings. He ends things by giving listeners a dire warning about believing that they can outsmart the market. (38:46)
#479
August 25 · 1 hr
James Bianco: The Fed Is Cutting Rates – So Why Are Yields Going Up?
In this week's Stansberry Investor Hour, Dan welcomes Jim Bianco to the show. Jim is the president of Bianco Research. Since 1990, Jim's commentaries have offered a unique perspective on the global economy and financial markets. Jim kicks things off by explaining a post he made on social media platform X, where he stated that bond traders could stop panicking once the Federal Reserve starts to panic. In short, over the past two years, when the Fed was cutting rates to curb inflation, yields on bonds have risen. So Jim believes that bond investors don't need to be worried if the Fed decides to cut rates later this year. He then discusses the dollar's position as the global reserve currency and says that regardless of anyone's plans, it cannot be toppled until another currency exists that can sufficiently replace it. (0:00) Next, Jim shares why the bond market is the most important market – even if it isn't the most profitable one. He says that it sets the price of money, and every other investment is dependent on that basis for determining value. However, money needs to be priced properly. It cannot be too high or too low, or you'll encounter economic problems. And while Jim doesn't believe that we're currently close to a credit crisis, one could emerge without warning. (20:49) Finally, Jim reveals his fears about persistent 3% to 4% inflation. He says that the Fed will eventually respond by raising interest rates, which will make money more expensive. Additionally, he believes that economic expansions are "murdered," which is succeeded by a recession and a fundamental change in the economy (a recent example being remote work being a common practice following the COVID-19 pandemic). And Jim says that a lot of folks aren't measuring inflation properly. He says the prices of services should be measured, not goods – and those have been rising rapidly. (36:51)
#469
August 18 · 59 min
Harvey Sawikin: He Bought This AI Stock at $8 – Now It's $240
In this week's Stansberry Investor Hour, Dan welcomes Harvey Sawikin to the show. Harvey is the co-founder and principal of Firebird Management, a fund that focuses on investing in emerging markets, primarily in Eastern Europe. Harvey kicks things off by stating that emerging market investors don't pay enough attention to politics compared with macroeconomics. He says that you can glean insight into how a country could develop if you understand its politics, especially in cases where there's new leadership. But it's still important to understand the macroeconomics, as those have been red flags for otherwise promising markets. And he shares why folks would want to invest in emerging markets despite strong growth in American companies. (0:00) Next, Harvey explains how emerging markets view the dollar. If a country exports commodities, it might not care about the strength of the dollar. Additionally, some exporting countries might prefer to have a slightly weaker currency to look more appealing compared with U.S. companies, so traders use the local currency to invest in these markets. Harvey then gives his background with investing in AI companies (with one that went from $8 a share to $240 a share) and his thoughts on the technology. (22:38) Finally, Harvey informs listeners that it's OK to be cautious during the AI frenzy. No one knows where the peak of the hype will be, but it might be beneficial to avoid throwing all your money at AI (especially AI companies where you can't even tell what their product is). Harvey believes that patience is the key to successfully navigating the markets, and when everyone is bullish, it's even more crucial. But at the end of the day, it's up to the individual investor – not someone pushing a stock or fund – to determine when they want to get into a position. (40:01)
#477
August 11 · 50 min
Brent Johnson: You Don't Need a Dollar Collapse for Gold to Explode
In this week's Stansberry Investor Hour, Dan welcomes Brent Johnson back to the show. Brent is the CEO of Puerto Rico-based Santiago Capital and creator of the famous "dollar milkshake theory." He has more than 13,000 subscribers on the Santiago Capital Substack. Brent kicks things off by expressing his optimism for the U.S. and believes that, despite the supply-chain issues the country is facing, it will make the changes needed to come out of the crisis. That's not to say that there won't be pain along the way, but Brent says it will be better than most people expect. Additionally, he says that criticisms of the U.S. and the dollar are valid, but relative to other countries, they're in a much better position than their peers. And he tells listeners that you can still buy gold without being bearish on the dollar. (0:00) Next, Brent says that there's no need to be worried about gold overtaking the dollar as a reserve asset in central banks. A key contributor to that has been gold going up while Treasurys have gone down. But Brent's research shows that on a global scale, government bonds have been falling across the board. (The exception is China, due to companies not wanting to buy Chinese stocks or real estate and getting tax breaks from buying Chinese bonds). Brent then explains how the dollar will become broken the stronger it becomes, which would create more pressure on countries that have debt in dollars and could lead to a currency crisis and a great credit reset. And he shows how the U.S. could weaponize the dollar against companies that are indebted to it. (15:08) Finally, Brent criticizes the mentality that it doesn't matter which fiat currency you're holding, because they're all going to crash. He says that folks who work, own businesses, or have exposure to the geopolitical landscape should care about fiat levels. A sharp rise in one currency compared with another has been a key component in every global financial crisis over the past 50 years. And Brent states that the order of the currency declines matters. Folks who retreat from the market out of fear could be missing out on all the opportunities that happen before a major crash occurs. (34:04)
#476
August 4 · 53 min
Rick Rule: Why Oil Companies Are Cannibalizing Themselves
In this week's Stansberry Investor Hour, Dan welcomes Rick Rule back to the show. Rick is the president and CEO of Rule Investment Media, which boasts more than 28,000 subscribers on Substack. With nearly 50 years of experience managing investments, primarily in the natural resources sector, Rick is an authority in the field. Rick kicks things off by providing his long-term view on oil and gas as commodities, as well as his view on oil and gas stocks. He says that while the price of oil could temporarily decline if the conflict in the Middle East reaches a permanent resolution, current prices could be a glimpse of what's in store within the next four years. And according to Rick, many oil and gas companies are "cannibalizing" themselves by directing money away from reinvesting in their businesses and into dividends and share buybacks, which will impact production in the long term. (0:00) Next, Rick shares his disdain for how government spending and interference have impacted both taxpayers and investors. He personally wrote an e-mail to President Donald Trump to inform him about one of the largest copper deposits in the world just sitting around. It sits on U.S. soil, but we have done nothing to begin production due to regulations. Rick then shares advice for listeners who want to invest during the oil shortage. (22:00) Finally, Rick explains why "stingy" dividends are beneficial to investors. He goes further and reveals why capital-intensive companies should reinvest in their projects and illustrates why one Brazilian company is set up to disappoint investors who bought shares due to absurdly high dividends. Rick then states that institutional investors have been wrong about oil and gas. Many activists have predicted that fossil fuels will no longer be desired and will soon die out. On the contrary, with the growing need for energy, demand will continue to endure. (37:20)
#475
July 28 · 51 min
Matt Franz: The 50%-Off Software Stock AI Can't Destroy
In this week's Stansberry Investor Hour, Dan welcomes Matt Franz back to the show. Matt is the founder of Eagle Point Capital, an advisory firm focused on long-term investing. Eagle Point Capital has more than 5,000 subscribers on Substack. Matt kicks things off by sharing the kinds of companies that he likes to search for. He says that these are "simple, predictable, and profitable" businesses that he can look at over a period of five-plus years and know where they're heading. But even though Matt's firm likes to have a long holding period for its stock picks, the team is constantly assessing and investigating what's occurring with the companies to ensure that they're still worthwhile buys. Matt then begins discussing a vertical market software ("VMS") company he likes. Despite the stock starting to decline following the "SaaSpocalypse" and more recent concerns of AI harming the business, Matt says there's no reason to be afraid. (0:00) Next, Matt explains why decentralization is one of the biggest strengths for the company. It has about 1,500 business units that operate independently. Management looks at what works and what doesn't and shares the data throughout the rest of the business. But the individual units are still free to evaluate the practices and decide if they're beneficial for that particular unit and can implement them as needed. This allows the company as a whole to constantly innovate and improve itself. Matt then discusses the process this company goes through to make acquisitions. It's able to find bargain deals on smaller, overlooked businesses that can have a dominant role in their respective fields. And with the success that it has had with this strategy, it's leaning more into this method. (20:33) Finally, Matt presents another company he's fond of. Its focus is mainly on coal royalties, though it also owns soda-ash assets as well. It had suffered from years of debt after investing in multiple businesses before making coal its primary business. Today, it's nearly debt-free, and while coal prices are low today, with the many mines that it owns, if the prices start soaring, the value of those mines (and the company) will also go up. And Matt leaves listeners with advice on deciding to stay long in positions in the face of potential downturns. (35:58)
#472
July 21 · 56 min
Craig Tindale: The Next Crisis Will Be Physical, Not Financial
In this week's Stansberry Investor Hour, Dan welcomes Craig Tindale to the show. Craig is a private investor with a keen perspective on economic and geopolitical analysis. He has more than 5,000 subscribers on Substack. Craig kicks things off by discussing "hard bifurcation," a term he uses to refer to the U.S. importing its products instead of manufacturing them, creating dependencies on other countries. For instance, China has control over the precious metals the U.S. needs for defense. Craig looks at history to show why nations didn't trade crucial resources with rival nations... and how nations that did faced shortages during war. And he addresses how China could restrict our access to rare earth metals to slow down U.S. AI chip development. (0:00) Next, Craig notes several gases the U.S. produces that serve as counters to China's choke points. The only thing that could impact them would be a breakdown in the supply chain. Craig says that the U.S. would need at least five years to build the overall industrial factories and infrastructure needed to match what China has. And while not economically viable, if a rare earth shortage did hit the U.S., we could recycle e-waste to produce the materials we need. Craig discusses the byproducts that come from mining production and how they impact other industries. (19:14) Finally, Craig expresses his frustration at how policy and regulation have created more risk factors for shortages. He says that companies move their efforts to other countries where such restrictions are looser or nonexistent. And while most folks won't notice those changes, they'd feel the knock-on effects if anything were to impact operations wherever that manufacturing was happening. And Craig warns folks to become more resilient and self-sufficient to protect themselves against uncertainty. (35:49)
#473
July 14 · 59 min
Marko Papic: Why the AI Boom Could Make Inflation Worse
In this week's Stansberry Investor Hour, Dan welcomes Marko Papic back to the show. Marko is the chief strategist and head of GeoMacro at BCA Research, a global investment research firm. Marko kicks things off by discussing the "second derivative of AI capex," which signals the beginning of the end of the AI boom. Due to tension in the Middle East potentially starting to ease up, the market is nearing the peak of the "Wall of Worry," and as a result, investors could lose a component that helps fuel the current rally. Additionally, Marko says that AI is inflationary. It takes labor, copper, and electricity to construct and run a data center, and with oil prices not likely to return to the levels they were at before the conflict at the Strait of Hormuz, that will just compound the inflation. Marko details what you can expect from the "endgame" of the Hormuz blockade. (0:00) Next, Marko delves into oil prices and demand. He says that the conflict is starting to give several impressions to other countries after this passes. The first is that the U.S. creates demand when it has a desire to obtain resources and seeks them out. Countries will then start hoarding them as a means of securing them. The second impression the conflict shows is that our allies might not be able to rely on us in a prolonged conflict. Marko says that the raid in Venezuela earlier this year and the Strait of Hormuz situation were both supposed to be short-term incidents. The U.S. did not intend for the blockade to last as long as it has. So in the event of a drawn-out conflict, our allies might have second thoughts about asking for aid. However, even if we are shut out, Marko says America is integrated into the global infrastructure. (18:24) Finally, Marko sums up the three main reasons why an "inflationary brew" is developing for data centers. The first is that Federal Reserve Chair Kevin Warsh might not be as dovish as hoped prior to entering the role. And it doesn't seem like President Donald Trump will do much to deter him from raising interest rates. That will make building data centers more expensive. The second is that the major AI IPOs are creating a massive supply with little liquidity. With many individual investors primarily having exposure to the S&P 500 Index, they'll be gaining exposure with their 401(k)s but won't be actively buying or selling them, resulting in stagnancy. And lastly, AI capex is slowing down since it's not feasible to build as many data centers as these companies desire. (36:06)
#470
July 7 · 56 min
Peter Zeihan: The Next Global Crisis Could Hit Investors Hard
In this week's Stansberry Investor Hour, Dan welcomes Peter Zeihan to the show. Peter specializes in geopolitics and brings a critical perspective on how foreign affairs impact the U.S. market. Peter kicks things off by discussing why the market hasn't reacted or improved in response to the peace talks surrounding the Strait of Hormuz. He says the reason is threefold. First, the White House acted with very little planning, only using Israeli intel and data. What was supposed to last no more than 96 hours was drawn out into a monthslong conflict. Second, Peter says that President Donald Trump fired numerous ambassadors and policy experts with the intention of not refilling those seats. This has made negotiating more difficult. And third, turning the oilfields back on will take months at best. Peter then says that due to comments made by the Trump administration, Europeans have a growing mistrust of America and are seeing it as a potential enemy. (0:00) Next, Peter delves into Ukraine and its usage of drones in the war. Drones have and are continuing to become so advanced that Peter considers them part of what he calls the "second revolution of military technology." They're now capable of making decisions on what to target once they arrive at a destination area and cannot be jammed once they've made a decision. And the first-generation ground drones in development could be a game changer for Ukraine. Following this, Peter gives an update on a video he made titled "Don't Be Fooled. China Is Collapsing." He says the Chinese population numbers are not as high as stated, partially due to millions of citizens in the census having possibly been fabricated. Unlike the U.S. and other Western countries, China only has several "touchpoints" that determine that a citizen exists, and these have had falsified numbers in the past. While the official numbers might provide a false sense of security, the population decline will have a massive impact on the country. (17:20) Finally, Peter shares his thoughts on a major transition period. He says that this will be a time of short-term pain, but in the long run, the countries that could weather the storm and emerge first would be the big winners in the new era. The United States was one potential winner, but with hostile work environments with other countries (in addition to globalization universally deteriorating) and an aging power grid, it's facing strong headwinds. Peter says the country will need to double its efforts in manufacturing at home if it wants to have a chance of surviving without other countries, especially if trade slows down or is even severed. (35:16)
#471
June 30 · 54 min
Gold Is Down 20%. So Why Is the Smart Money Still Buying?
In this week's Stansberry Investor Hour, Dan welcomes Andy Schectman to the show. Andy is the founder and CEO of Miles Franklin Precious Metals, a company dedicated to transparency, ethics, and long-term wealth preservation. Andy kicks things off by explaining why gold prices breaking down isn't as bad as many people believe. He says that while the paper price of gold is going down, the physical asset has been going strong. In fact, since the start of President Donald Trump's second term, billions of physical gold bars in contracts have been delivered to CME Group's Commodity Exchange ("COMEX"). Silver also had strong deliveries to COMEX, with December 2025 seeing a record 65 million ounces in contracts delivered. Andy also says that one reason why gold exchange-traded funds ("ETFs") have experienced increased outflows is because large firms are redeeming their shares in exchange for gold to fulfill delivery contracts. And some of these contracts are for foreign countries that have lost trust in the central banks. (0:00) Next, Andy shares his thoughts on bitcoin (BTC) and gold. Contrary to the stances supporters of either asset have, he doesn't believe investors need to be in only one of them and opposed to the other. He believes it's best if you invest in both. Andy personally invested in 1 BTC early on so he could have some exposure to the development of bitcoin. Andy then talks about the country's debt problem. With the U.S. in debt by more than $39 trillion, our country needs a way to pay it off. Andy says we have no way of selling products to other countries in the hopes of being paid in dollars, and other countries have established their own methods of trade without relying on the U.S. dollar. And with a trifecta of worse education rates, a lack of at-home manufacturing, and AI replacing certain jobs, the future outlook is grim. (19:14) Finally, Andy says that Trump does have a plan to address this problem. The key is to bring manufacturing back home and sell that to the world. The U.S. cannot afford to be reliant on other countries. Also, the U.S. needs to aggressively buy gold. That would go straight into the Treasurys and help pay off our debt. While in the short-to-mid term this will be painful for Americans as certain services might need to be withheld, in the long term, Andy says it would be worth it. He ends the interview by warning investors to not save their money in dollars due to its dwindling value but to put their money into hard assets instead. (39:46)
#470
June 23 · 35 min
America Is Running Out of Diesel and No One Is Paying Attention
In this week's Stansberry Investor Hour, Dan welcomes Stansberry Research's Director of Research Matt Weinschenk back to the show in a special crossover episode with Top Stocks. In this collaborative episode, the two discuss diesel, and Matt shakes things up by asking Dan most of the questions. Matt and Dan kick things off by discussing the current state of diesel. The reserve diesel supply is now low enough that it's being measured in days instead of the usual months. The most recent report says that America only has 20 days' worth in reserve. This doesn't bode well for AI data centers since they cannot afford to have long downtimes, and at least 90% of their backup generators run on diesel. Another issue is that the fuel has a limited shelf life. If it's being stored, it can only last for so long, and if it's sitting in a generator, it has to be used or switched out so the generator isn't filled with gunk. And Dan says that even if global issues suddenly got better, diesel's current predicament wouldn't be resolved for a while. (0:00) Next, the two explain how difficult it is to get a permit to build a new diesel refinery in the U.S., along with the pressure of building one near residential areas. Diesel costs around $100 per barrel and between $5.45 and $5.50 per gallon on average. Folks will adopt a "not in my backyard" mentality even if the price of diesel is higher. And even if the stakes are high enough, Matt says that no one is going to step up and compete with established oil and gas companies to build a new refinery. (10:46) Finally, Matt and Dan detail all the industries and segments that rely on diesel. And with data centers having high demand, in the event of a power outage, they'll pay to have top priority for the available supply. But despite the worry around the potential diesel shortages, there are ways that you can profit from it. Dan shares the names of several companies that he believes will continue to perform well and return value to shareholders. These are companies that he has recommended to his subscribers in the past during "buy the dip" scenarios, and he still recommends them. And Dan teases a new group of "Magnificent Seven" stocks that will serve the "hard asset" needs of AI. (20:16)
#469
June 16 · 1 hr 12 min
The Stock Market May Not Recover for a Generation
In this week's Stansberry Investor Hour, Dan welcomes Dave Collum back to the show. He's the Betty R. Miller Professor of Chemistry at Cornell University. 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 kicks things off by discussing the "everything bubble," or as he prefers to call it, the "complacency bubble." According to him, previous market bubbles had logic behind their euphoria, but he says the current one does not follow logic because the companies' earnings are not as good as they appear. He then says that based on a report he received, passive investing could be reversing. The problem with this is that folks could build a passive portfolio and sell individual stocks if a company gave reason for fear. With index funds, investors are holding all the stocks and will sell the stocks they might like while trying to remove a stock they dislike. And Dave warns that the wave of trillion-dollar IPOs could be the breaking point due to passive investors not being able to support them. (0:00) Next, Dave explains how the market is overvalued and says that while many folks won't mind a correction, they should be concerned. As an example, he says that the average Boomer-generation investor has $300,000 in their retirement savings account. And if the market collapses, that will halve their income flow. Dave shifts the focus to interest rates. Folks aren't quite certain what to make of Federal Reserve Chair Kevin Warsh and whether he'll raise or lower rates. Dave believes that he could be a "Paul Volcker 2.0" who makes America "take its medicine" and start things over despite the short-term pain. But regardless of how things are handled, if the market bubble bursts, it will cause a "multidecade secular bear market." (21:57) Finally, Dave shares what kinds of stocks he owns. He says that he bought gold after selling off platinum. While he initially had a rocky period with the precious metal, it has served him well over the past few years. Energy has also been doing decently in recent times. Dave also says that he has given up on sentiment indicators because he was dissatisfied with them. But he says that engaging in reading outside of your comfort zone and the markets is a great way to get insight into multiple areas and learn about developments in the world. (47:21)

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