Stansberry Investor Hour Stansberry Research

On this week's Stansberry Investor Hour, Dan and Corey welcome author Alex Epstein to the
show. Alex has written several books advocating for the use of fossil fuels, including his most
recent work, Fossil Future. The self-described "energy-freedom advocate" joins the podcast
to challenge the popular climate-change narrative and provide more context for the crucial
role fossil fuels play in society.

Alex kicks things off by weighing in on the debate around climate change and the effects of
fossil fuels. He argues that the benefits of using fossil fuels far outweigh the negatives and
that, in many cases, energy can be used to overcome any adverse effects. Alex also breaks
down the myth of unsustainability, the anti-human bias implicit in environmentalism, and
the incorrect belief that more folks die of climate-related catastrophes today than in the
past. (2:38)

Next, Alex discusses his impact with politicians and lawmakers. He explains that 200 major
political offices use his content to direct policy and become more informed on energy topics.
Alex then shares his opinion on climate change, pointing out that we're currently in a climate
renaissance and that the Earth has never been more livable for human beings. He brings up
geoengineering as a way to cool the climate, asserts that the negative environmental
impacts are severely overblown, and emphasizes the crucial role energy plays in the
economy. (21:30)

Finally, Alex talks about climate-change rhetoric dominating in elections, the harm that tech
companies have done by blatantly lying about being 100% renewable, and why humans
should take pride in the fact that we're progressing as a species and learning to use the
Earth in new ways. He puts the anti-impact perspective into both a philosophical and
historical context, noting that primitive religions believed "sinning" against nature had dire
consequences. (34:19)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague John Engel
to the podcast. John is the lead equity analyst on the Stansberry Innovations Report
newsletter, where he finds companies that are revolutionizing their respective industries
with cutting-edge technology. He also works on Prosperity Investor, a newsletter that
focuses on opportunities in the health care sector.

John kicks off the show by detailing the new Biosecure Act that's currently moving through
Congress. Its purpose is to limit China's access to U.S. biological information. As he explains,
this legislation is going to disrupt the industry, hurt biotech companies, and possibly even
bankrupt the smaller players. But, conversely, it's going to allow other contract development
and management organizations to replace Chinese ones, creating massive opportunities for
investors. John also shares how he got his start in the biotech field at a fermentation lab and
as a molecular biologist before shifting to the world of finance. (2:19)

Next, John talks about the pandemic, vaccines, and the current bear market in biotech. He
mentions one big story in biotech that he believes isn't getting enough attention – bispecific
antibodies. This development allows one drug to hit two targets, so patients no longer have
to receive two different drugs for treatment. This leads to a conversation about gene editing,
personalized medicine, and rare diseases. (22:01)

Finally, John delves into AI, Nvidia, and the "hype cycle" surrounding the technology. He
points out that companies are desperate to use AI to their advantage, but for many of them,
there's no use for it in their business. Plus, John discusses "advanced general intelligence,"
which involves systems that can reason like human beings. (42:27)

On this week's Stansberry Investor Hour, Dan and Corey welcome Dave Collum back to the
show. Dave is a professor of chemistry at Cornell University and associate editor of the
Journal of Organic Chemistry. He's outspoken about many topics and issues ranging from
finance to politics and everything in between. And he brings this same no-holds-barred
attitude to today's podcast. Dave starts off by discussing the link between vaccines and autism, why "live" attenuated vaccines are better than "dead" ones, and the effects of the COVID-19 vaccine. He specifically mentions how children in the U.S. receive about 72 vaccinations during
childhood, while children in Europe receive only three. He also argues that the war in
Ukraine is a direct result of NATO interfering and forcing Russian President Vladimir Putin's
hand. (5:31)

Next, Dave talks all about the U.S. government. He breaks down why the U.S. has never
supported burgeoning democracies abroad and why it's a better move geopolitically for the
country to work with a single leader or a select few in power. He compares President Joe
Biden with former President Donald Trump and asserts that Biden wouldn't be able to make
tough calls in a time of crisis. After, Dave makes his case for why we're headed for a 40-year
bear market that will drag down Americans' standard of living. (24:27)

Lastly, Dave contends that AI risks taking the human element out of everything, dampening
creativity, and cluttering scientific literature. He then discusses the role of pedophilia in geopolitics and the prevalence of child trafficking. And he leaves younger listeners with some sage financial advice. (45:39)

Dan and Corey close the show by discussing the Federal Reserve's preferred inflation gauge – the core personal consumption expenditures ("PCE") index. The newest core PCE data shows that inflation has stabilized at 2.8% for the past three readings. Even though this is down from much higher levels in 2022, Dan and Corey point out that everyday consumers are still struggling with far higher prices while their paychecks don't keep pace. (1:11:12)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Chris DeMuth Jr. Chris is a co-founder and managing partner of hedge fund Rangeley Capital. He invests in
mispriced securities with limited downside and corporate events that unlock value for shareholders. Chris kicks things off by explaining what event-driven investing is, how he uses it, and how
the concept of "counterparty selection" is involved. He also breaks down what demutualization and remutualization are and how there are numerous opportunities in the banking sector today to deploy these strategies. According to Chris, many small-cap
community banks out there are attractive in terms of valuation versus large caps. (3:11)

Next, Chris describes the U.S. Treasury Department's "inept, corrupt, and profligate" Emergency Capital Investment Program ("ECIP"). He gives two in-depth examples of ECIP bank stocks that were trading for far less than they were worth – Bay Community Bancorp and Ponce Financial. And he discusses why investors who got in early enough will profit from them greatly. (16:03)

Lastly, Chris names three stocks that he's excited about right now and details the specifics of each one. The first is a tax-efficient real estate and financial-services conglomerate trading at a discount to its asset value. The second is a Russian-owned mining company operating in Venezuela that should soon benefit from litigation against the Venezuelan government. And the final one is a hospice provider with a lot of potential for a private-equity shake-up and then subsequent acquisition by a larger health care company. Plus, you won't want to miss Chris' answer to the final question, where he explains how you can gain an edge as an investor simply by researching topics you're genuinely interested in. (29:44)

Dan and Corey close the show by discussing Nvidia's recent blowout earnings, including its 262% revenue gain. Since the company provides the "picks and shovels" of AI, it's benefiting
massively from the boom in this space. This leads Dan and Corey to compare AI stocks with Internet stocks during the dot-com bubble, speculate on what could happen next, and
explore the disconnect between the markets and the economy. (57:56)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague Bryan
Beach back to the show. Bryan is the editor of Stansberry Venture Value and a senior analyst
on Stansberry's Investment Advisory. Bryan kicks the show off by discussing the GameStop
meme-stock craze and the deep-value market dynamics that were at play during the whole
debacle. He argues that the "dumb money" folks (such as Keith Gill) got a bad rep and the
self-titled "smart money" folks weren't very smart. (3:13)

Next, Bryan talks about the bubbles in special purpose acquisition companies ("SPACs") and
Software as a Service ("SaaS"). He points out that the pendulum can quickly swing from
overloved to overhated. Bryan shares that, because of this, he's still finding winners in the
SPAC scrap heap and he believes SaaS valuations are far too low today. He also explains how
retail investors got clobbered by the smart money on SPACs and why cannabis stocks
present such a good opportunity now with the impending reclassification of marijuana.
(17:33)

Lastly, Bryan emphasizes the importance of stop losses and "guideposts" since they take the
emotion out of investing. This leads to a discussion of Amazon and its many drawdowns over
the course of its trading history that would have stopped investors out. After, Bryan brings
up small-cap restaurant-software company Par Technology and why he has so much hope for
its future performance. (28:02)

Dan and Corey close things out by talking more about the resurgence of meme stocks –
GameStop and AMC Entertainment, in particular – and what it means for the market as a
whole. Plus, they talk about this new era of inflation we're in, the worst-case scenario of
rebounding inflation, and the long-lasting consequences of low interest rates. (55:39)

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