On this week's Stansberry Investor Hour, Dan and Corey welcome Joe Milam to the show. Joe is the founder and CEO of AngelSpan, which provides investor relations for early-stage startups. He's also the founder of The Legacy Funds and managing member of the Texas Legacy Fund.

Joe kicks things off by recounting his background in finance and the "Forrest Gump-like experiences" that got him to where he is today. He critiques the venture-capital ("VC") world, as it requires no training or certification to enter. Joe explains that his mission is to bring professional standards and practices to early-stage VC. And he shares a few anecdotes of unprofessionalism in the VC world that you'll never hear reported by the media, including investing for access to a private jet. (0:47)

Next, Joe discusses the massive opportunity in bringing professional processes to VC, especially because entrepreneurship is growing, yet the financial infrastructure has not been modernized to accommodate for this growth. He also talks about lack of diversification being a problem, the history of angel investing since the Revolutionary War, the role hype plays in VC, why he believes we're at the top of the "hype cycle" for AI, and the unintended consequences of technological innovation. (19:19)

Finally, Joe points out that an understanding of financial history is directly linked to proper risk assessment and management. He notes that many folks will ignore risk even if they're warned about it, due to a lack of discipline and their fear of missing out on the next hottest thing. As Joe explains, there's an expanding pool of innovation and places to put money, so both VC and individual investors need to manage risk. (45:48)

On this week's Stansberry Investor Hour, Corey welcomes his colleague Brett Eversole back to the show. Brett is the editor of the True Wealth, True Wealth Systems, and DailyWealth newsletters. He also serves on the Investment Committee for Stansberry Portfolio Solutions.

Brett kicks things off by sharing what he learned from his mentor Steve Sjuggerud, including the investment philosophy of buying assets that are "cheap, hated, and in an uptrend." He examines the recent tariff drama and why he believes we're about to return to a boring market fueled by fundamentals after several months of turbulence. As Brett explains, a lot of it has to do with increased capital spending from hyperscalers. (0:46)

Next, Brett reviews the difference between secular bull markets and cyclical bull markets. He compares today's bull market (driven by AI) with the bull market of the late '90s (driven by the Internet), noting that a massive infrastructure buildout caused both. Brett predicts a normal market for the next few years, followed by a dot-com-style AI boom and then a "lost decade." He also discusses the S&P 500 Index decoupling from the U.S. economy, tariffs hurting smaller companies, and why he's bullish on gold and silver. (14:59)

Finally, Brett talks about indicators that investors can use to gauge the market's underlying health, as well as what divergence between the indicators can mean in both the short and long term. He then dives into his work on Stansberry Portfolio Solutions, including the strategy the team uses to find the best companies and how to manage risk. And he closes things out with an in-depth analysis of today's real estate market. (33:29)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Nick Maggiulli. Nick is the chief operating officer of Ritholtz Wealth Management and founder of the financial blog Of Dollars and Data. His new book, The Wealth Ladder, comes out next week. 

Nick kicks off the show by discussing The Wealth Ladder, including the six different levels of wealth and why income is a more crucial factor to building wealth than behavior. He also talks about jobs that will be a safe haven once artificial intelligence ("AI") becomes more prevalent, the mistakes people make when buying income-producing assets, the importance of diversification, and why he prefers to invest in index funds. (0:40)

Next, Nick goes in depth on the spending mistakes people make that prevent them from moving up to a higher wealth level. He touches on diversification again, using Elon Musk versus Bill Gates as an example. Plus, he covers the different strategies for different wealth levels, why it's important to still focus on the nonfinancial things in life, statistical data for whether money can buy happiness, and the significance of money being a quantifiable thing. (17:27)

Finally, Nick discusses the things that financially successful people may be overlooking, why the strategy for success may vary on a case-by-case basis, and the different levels of spending freedom. He says that level two allows freedom in the grocery store, level three allows freedom at restaurants, and level four allows freedom for traveling. And he shares a handy formula for people to use when it comes to nonessential spending. (35:15)

On this week's Stansberry Investor Hour, Dan and Corey welcome their colleague 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 flagship newsletter Stansberry's Investment Advisory.

Alan kicks off the show by analyzing a chart of the S&P 500 Index since 1957. He notes that the index is running 35% above its long-term trend, which is high but not a historic extreme. Focusing on just the past 15 years, Alan discusses the current secular bull market and whether artificial intelligence ("AI") could usher in a dot-com-style boom. He also goes in depth on The Total Portfolio's investment philosophy, what kinds of assets are in the portfolio, how the portfolio has outperformed this year, and the difficulty with being truly diversified. (0:40)

Next, Alan talks about managed futures and why their negative correlation with the S&P 500 makes them "the ultimate portfolio diversifier." As he explains, almost all investment advisers simply follow trends nowadays, so The Total Portfolio is one of the only places you can find truly diversified recommendations that'll protect you in any outcome. He then shares why he believes the traditional 40% allocation to bonds is dead, recommends two better ways to invest in this space, and explores where we are in the current bull market. (18:44)

Finally, Alan advises bearish listeners to keep looking for opportunities. He says you can't predict the future, but you can set up win-win scenarios. This leads to a conversation about real estate investment trusts, sector correlations, strategies for picking stocks, and both the pros and cons of AI replacing human jobs. (34:26)

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 things off by discussing passive investing, the stock market's "relentless bid," and what could derail passive investing in the future. He points out that the total assets invested passively surpassed those invested actively last year. Not only is this an important fundamental change, but Bryan says that this alters the dynamic between investors and Mr. Market that legendary economist Ben Graham outlined 70-plus years ago. Then, using Microsoft as an example, Bryan analyzes whether it's realistic to expect the Magnificent Seven companies to return to lower multiples. (0:47)

Next, Bryan talks about all the headwinds Apple has faced in the past six months and why he believes the stock would be down much more than it is today if it weren't receiving so many passively invested dollars. He says the size of the relentless bid reached a critical mass during the pandemic, and now the S&P 500 Index will continue to grind higher indefinitely. The only thing that can offset this natural inertia is bad economic news (such as tariffs), and even that is temporary. As Bryan points out, many passive investors aren't aware of what they're doing, so it would take legal changes to fix the problem. (19:32)

Finally, Bryan explains that this relentless bid does not apply to every corner of the market. He says small caps and microcaps are still great places to find value. Plus, Bryan discusses the unique situation Tesla is in today, makes a bullish case for restaurant-operations company PAR Technology, and discusses what he got wrong with special purpose acquisition companies ("SPACs") back in 2022. (42:56)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Joe Austin. Joe is an editor and senior analyst at our corporate affiliate Chaikin Analytics. He spent four decades in the financial-services industry and now joins the podcast to share some of his insights and future outlooks.

Joe kicks off the show by outlining his background in finance and how he got involved at Chaikin Analytics. He delves into the usefulness of the Power Gauge, how he combines the tool with fundamentals to make stock-picking decisions, and what specific factors he finds most important. Next, Joe talks about artificial intelligence ("AI"). He says you can invest in the technology either by buying the companies developing AI or by buying non-AI companies that are implementing the technology to improve their businesses. Joe prefers the latter. He notes that certain industry groups are integrating AI more than others, and those would give you the biggest areas of opportunity. (0:38)

Next, Joe discusses the data sets which AI uses and why the companies with the best data will win out in the end. He gives medical-technology company Veeva Systems and tool manufacturer Snap-on as two such examples. Joe then shares how macro influences affect his investing process, what he learned about the insurance industry from working in it, and one particular company he believes will do well in the long term. (17:58)

Finally, Joe highlights specific industries he stays away from, the importance of understanding where you went wrong with an investment, and how he decides when to sell a stock. He notes that stocks that rise the most tend to fall the most... and that having fresh capital to use on new ideas is crucial. And he reminds listeners that having a defensive strategy is often more important than having an offensive strategy. (36:50)

On this week's Stansberry Investor Hour, Dan and Corey welcome Rupal Bhansali back to the show. Rupal is the founder, CEO, chief investment officer, and portfolio manager of investment adviser Double Duty Money Management. She's also the author of the book Non-Consensus Investing and a leading figure in value investing, with more than three decades of experience.

Rupal kicks off the show by discussing her investment philosophy, how she defines "winning" in the stock market, the main misconception about contrarian investing, and why it's more important to not lose money in the market than to earn money. She warns investors that they can still lose money when investing in a high-quality company. As she says, the key to value investing is low downside. Rupal uses the auto industry as an example of a low-quality, cyclical industry, but highlights the hidden opportunity in tires, which are a consumer staple and not cyclical. (0:38)

Next, Rupal talks about getting the best of both worlds with growth and value investing. She notes that this is very difficult to do today with U.S. stocks but that there are many untapped opportunities abroad – especially in Latin America. Rupal then delves into the world of diversification, including why having uncorrelated investment ideas in your portfolio is so crucial. This leads to a conversation about knowing when to buy more shares when one of your stocks is down versus cutting your losses and selling completely. Rupal outlines three core reasons to sell a stock, regardless of whether a stop loss was hit or not. (16:15)

Finally, Rupal gives her opinion on buying companies like Costco Wholesale that have very high multiples but keep trading higher. She says the reward isn't worth the risk, since there are 49 non-Costcos for every Costco, and trying to find the one winner is very difficult. Rupal reiterates that it's all about cutting your losses early, accepting that you'll get things wrong, and learning from your mistakes. She also covers the wider macro environment relating to President Donald Trump's tariffs, clarifying that she's "macro aware" rather than "macro driven." (29:48)

On this week's Stansberry Investor Hour, Dan and Corey welcome Mike Barrett back to the show. Mike is the editor of Select Value Opportunities and senior analyst for Extreme Value. He has decades of cash-flow modeling and valuation expertise that he uses to find underappreciated, high-quality growth stocks.

Mike kicks things off by discussing President Donald Trump's tariffs, their implication in the context of broad market cycles, and a potential 2026 low. He explains that he believes stocks have limited upside from here because of extreme positive sentiment and rampant overvaluation. And because there's so much uncertainty, Mike advises investors to make sure they have high-quality businesses in their portfolios. He also points out that the most overvalued stocks today are the defensive ones, but that could change once the tariff situation eases. (1:47)

Next, Mike breaks down his personal investing philosophy and why he uses macroeconomic factors to look ahead only a few weeks rather than longer term. He also talks about the importance of momentum, taking risks to find out what works best for you as an investor, Nvidia being undervalued today, one company he likes that offers a good way to compound your wealth, and the optionality baked into Sprouts Farmers Market thanks to the rising popularity of weight-loss drugs. (18:42)

Finally, Mike discusses Costco Wholesale's fantastic business growth, the importance of finding companies that perform consistently well, his recommendation of Constellation Brands that earned a triple-digit return for subscribers, crypto, and generative AI. (43:03)

On this week's Stansberry Investor Hour, Dan and Corey are joined by Jim Carroll. Jim runs the Vixology Substack, where he analyzes stock market volatility. He also serves as senior wealth adviser and portfolio manager for investment adviser Ballast Rock Private Wealth.

Jim kicks off the show by describing how he got his start in finance and how he found his way to volatility trading with CBOE Volatility Index ("VIX") futures. He breaks down what caused "Volmageddon" in February 2018, what he learned from the experience, and which specific factors drive the VIX. As Jim explains, many investors don't realize that the VIX can soar higher when everyone is piling into buying call options. (0:46)

Next, Jim talks about his "VIX Mix" composite of 17 different indicators that he uses as a warning signal for what's about to happen in the markets. This applies to both the downside and the upside, with the VIX Mix predicting crashes and rebounds alike. Though primarily for trading, Jim explains that long-term investors can use this tool to their advantage too, since they can prepare for bottoms and buy more stock when those drawdowns hit. He then warns listeners of several things they should keep in mind about volatility data, including small sample sizes, the fact that volatility clusters, and the outsized influence of institutional investors. (18:41)

Finally, Jim gives his opinions on VIX futures products, such as the popular Simplify Volatility Premium Fund (SVOL). He reminds listeners to beware of embedded leverage and to size their positions carefully – especially because the stock market has become like a giant casino. Jim also analyzes why the VIX is tilted more toward the bearish side, how "market makers" profit from investor fear, and how to more accurately gauge underlying sentiment. (40:15)

On this week's Stansberry Investor Hour, Dan and Corey welcome Garrett Baldwin to the show. Garrett is a research economist, financial analyst, and investigative journalist. He's also a contributor to our flagship newsletter, Stansberry's Investment Advisory, as well as author of the Me and the Money Printer Substack. 

Garrett kicks off the show by explaining how he got his start in finance, why leaving the gold standard was the American economy's "core breaking point," and how liquidity is driving boom and bust cycles. He says that even though Consumer Price Index inflation can come in at 3% officially, actual currency debasement is 6% to 8% per year based on real assets. This leads Garrett to break down the "Cantillon effect," how everyday folks are most disadvantaged by excessive money printing, and why the American manufacturing sector has been destroyed. He also delves into the troubling trend of Americans essentially paying rent to foreign investors, why we'll "hit a wall" in 2026 or 2027, and how you can protect yourself from the inevitable fallout. (0:59)

Next, Garrett analyzes a pattern that warns him to flee the markets, plus the contrarian signal of insider buying that he uses to time his reentry into the markets. He notes that this trend has been playing out consistently since 2008 and allows those aware to successfully buy the dip. Garrett says that company fundamentals still matter, however, and he explains what he looks for in a company before investing. He then reviews liquidity versus momentum, the Federal Reserve's relationship to liquidity, a core problem with the traditional banking system, and why the Fed tolerates shadow banking. (21:48)

Finally, Garrett talks about the relationship between liquidity and bitcoin, why he likes silver today, and how quantitative easing paradoxically leads to a higher dollar. He explains that many paradoxes in our fiat currency system started in the 1990s, thanks to six major policy shifts and their incentives. Garrett goes in depth on how such policy has affected our financial system today and made the Fed more consequential for our wallets than the president. (41:38)