Buffett's Departure as Berkshire CEO May Be a Good Thing
On this week's Stansberry Investor Hour, Dan and Corey welcome Vitaliy Katsenelson back to the show. Vitaliy is the CEO and chief investment officer of Investment Management Associates. He's also an author, award-winning writer, and founder of "The Intellectual Investor" newsletter and podcast. Vitaliy kicks off the show by discussing the difficulty in writing books and how he has evolved as an investor over the years. He explains that through continuous trial and error, he has learned not to dumpster-dive for bad stocks just because they're cheap. He emphasizes the value of good management, knowing your own strengths, and allowing yourself to say no to investments that aren't in your circle of competence. Vitaliy also gives his thoughts on Warren Buffett's retirement and Berkshire Hathaway's stock today. (1:40) Next, Vitaliy shares his experience running portfolios and how his strategy differs from Buffett's. This leads to a conversation about what could happen to Berkshire after Buffett passes and what made Vitaliy decide "I don't want to be like Buffett." He gives his nuanced take on learning from legendary businessmen and other historical figures without agreeing with them on everything. Similarly, the U.S. trading with countries it disagrees with (like Russia) is important. Vitaliy discusses his own experience growing up in the Soviet Union and being "brainwashed" to hate Americans. And he talks more about finding a good work-life balance, no matter your career. (21:19) Then, Vitaliy dives into the psychology behind decision-making and willpower. He quotes one of his favorite sayings as a reminder to investors: "Knowing and not doing is not knowing." After that, Vitaliy shares why he believes Uber Technologies still has a lot of upside today. He notes that the stock isn't cheap, but it is undervalued. And he breaks down his reasoning for wanting to hold the stock long term, including its potential to incorporate Waymo or other self-driving cars on its app. (39:26)
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1:07:14
The U.S. Dollar Will Fail in the Next 10 Years
On this week's Stansberry Investor Hour, Dan and Corey welcome Larry Lepard to the show. Larry – who boasts more than four decades of investing experience – is the co-founder and managing partner of Equity Management Associates. He's also the author of the recently released book The Big Print: What Happened to America and How Sound Money Will Fix It. Larry kicks off the show by diving deep into gold – why its price has been soaring recently, where its price could go next, and why a return to the gold standard after "50 years of mismanagement" would be a long-term positive. This leads to a conversation about President Donald Trump's tariffs and their potential unintended consequences, Elon Musk's disappointing Department of Government Efficiency, Trump's run-in with the bond vigilantes, and what could break Federal Reserve Chair Jerome Powell's stubbornness to lower rates. (1:47) Next, Larry talks about the psychological difficulty of bottom-fishing in the stock market and how fixing the monetary system could solve many societal problems that disproportionately affect the poor. He explains how exactly the U.S.'s fiat currency has "torn up the social fabric" and favors those who are already wealthy. Plus, Larry gives a multistep solution for how the system can be fixed so it's more fair, and he debunks the popular myth told by certain economists that a return to the gold standard wouldn't work. (25:18) Finally, Larry predicts currency failure within the next 10 years that will lead the U.S. to return to sound money. In the meantime, he advises investors to put their money in assets that the government can't print – gold, silver, bitcoin, and real estate. He says that bondholders are "the suckers at the table" thanks to inflation. And Larry closes things out by discussing the importance of studying history and longer-term cycles, the opportunity today in gold-mining stocks, and why he believes all investors should hold some bitcoin. (43:07)
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1:10:19
The Secret to Investing in Retail
On this week's Stansberry Investor Hour, Dan and Corey welcome Alex Morris to the show. Alex is the founder of TSOH (The Science of Hitting) Investment Research and an author. TSOH, which boasts more than 20,000 subscribers, aims to generate attractive long-term returns while providing complete transparency on the research process, portfolio decision-making, and returns. Alex kicks off the show by discussing the inspiration behind his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights From the Berkshire Hathaway Shareholder Meetings. He goes in depth on what he learned from Warren Buffett and Charlie Munger in the process of crafting his book, including understanding incentives, management turnover, and which macroeconomic factors are important. (1:46) Next, Alex talks about the "pointed" questions Buffett and Munger got during the dot-com era from shareholders who doubted their abilities. Then he breaks down his own investing style, how that style has evolved over the years, and how he got interested in investing in the first place. This leads to a discussion about struggling retailer Five Below (which Alex is keeping an eye on to see if it can turn its business around) and Dollar Tree (which Alex owns and still likes today). (19:53) Finally, Alex delves further into the retail space. He discusses Costco Wholesale versus Walmart, the importance of retailers understanding their core customer base, why Dollar Tree is misunderstood, geographic retail strategies, President Donald Trump's tariffs, and a U.K.-based mixers company he finds attractive. (40:24)
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1:09:39
The Tariff Drama Is Temporary – But AI Is Here to Stay
On this week's Stansberry Investor Hour, Dan and Corey welcome Rob Spivey back to the show. Rob is the director of research at our corporate affiliate Altimetry. With both buy-side and sell-side experience, he offers his unique perspective on the markets today. Rob kicks off the show by describing how Altimetry uses "Uniform accounting" to get a better sense of a company's financials and the health of the U.S. market as a whole. This leads to a conversation about corporate profitability, credit risk, and the future of AI. Rob explains the role Elon Musk's Department of Government Efficiency is playing in implementing AI at the federal level, how AI could revamp Medicare and Medicaid, and what the fiscal multiplier effect means for government spending and AI. (1:47) Next, Rob breaks down the entire AI ecosystem and its many parts. He cites Twilio as an example of an AI company that's leveraging this technology in interesting ways today. And he goes in depth on a hidden opportunity in AI investing: companies that are warehousing and organizing data. "Nobody's paying attention to them now," he says. Rob then covers the government's profit surplus, how it differs from China's, and how a trade war could lead to a real war. (20:56) Then, Rob divulges America's secret weapon for corporate dominance: the Bill of Rights. He notes that it protects innovation and gives the U.S. a leg up on a global scale. After that, Rob discusses large language models and how they're trained, the usefulness of Google's NotebookLM, and the "revolution" that will be happening in AI in the next three to six months. (39:17)
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1:03:35
What to Do When the Market Punches You in the Face
On this week's Stansberry Investor Hour, Dan and Corey welcome Chris Mayer back to the show. Chris is co-founder and portfolio manager of Woodlock House Family Capital – a firm that focuses on long-term, patient investing. He has also written several books, including 100 Baggers: Stocks That Return 100-to-1 and How to Find Them. Chris kicks things off by breaking down his "CODE" acronym that he uses for picking stocks – cheap, owner operator, disclosures, and excellent financial condition. He lists Brown & Brown as an example of one such company that checks all four boxes. And he shares a trucking company he likes because of its lower-than-average turnover rate. This leads to a conversation about the importance of management having skin in the game and why investors should mostly leave their portfolios alone. Chris then uses Monster Beverage as a case study for identifying a good company. (1:47) Next, Chris talks about investor psychology. He says that it's difficult to hold stocks through large drawdowns and through periods of boredom, but that's how you can make a lot of money in the long term. Doing nothing is often the best thing you can do for your portfolio. Chris also covers how philosophy has influenced his investing style, the hidden opportunity in Swedish stocks, two specific Swedish companies that he likes today, and why you should always stick to your core principles – even if it means missing some winners along the way. (20:02) Finally, Chris explains that staying true to your investment principles is hardest (yet also most crucial) when times get tough. It all comes down to knowing yourself, your risk tolerance, and what you're most comfortable investing in. Chris shares the names of two spun-off companies he's excited about today, as he expects a big surge in free cash flow for both. He clarifies that these are for holding long term rather than trying to make a quick buck. And Chris finishes with a discussion about why the recent tariff drama doesn't really matter. (39:26)
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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