Stansberry Investor Hour

⚠️ Discover the Gold Stock Opportunity That Could Surge 500%–1,000% Dan Ferris shares a situation that could send one particular type of gold stock dramatically higher—while potentially devastating millions of Americans’ retirement accounts. ? Watch free: https://BestGoldStock.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ What if most traders are focused on the WRONG thing? They obsess over predicting where the market will go next... But according to Market Wizard Jason Shapiro... That's not how you make money consistently. In this week's Stansberry Investor Hour, Dan Ferris sits down with Jason Shapiro for a wide-ranging discussion about contrarian trading, market positioning, sentiment, risk management, discipline, and the mistakes that separate professional traders from amateurs. Jason's approach comes down to three things: Positioning. Sentiment. And market tone. He looks for moments when traders are overwhelmingly positioned in one direction... Then waits for the market itself to tell him they're wrong. For example, if traders are extremely bearish and bad news hits—but the market refuses to go down... Jason pays attention. He calls it a "news failure." And it can be a powerful signal that the trend is about to reverse. Jason explains: • Why being contrarian doesn't mean automatically betting against the crowd • How positioning, sentiment, and market tone work together • Why he waits for the market to CONFIRM a contrarian trade before entering • How "news failures" can signal that a trend is exhausted • And why predicting the future isn't the key to successful trading Along the way, Dan and Jason also discuss: • Why all four major U.S. stock indexes recently reached unusually crowded positioning • How Jason uses Commitment of Traders data to identify asymmetric opportunities • Why positioning is NOT a magical market-prediction tool • Why patience can be one of a trader's biggest advantages • How Jason determines exactly when to enter and exit a trade • Why his winning trades typically last around two to three months • How the structure of a trade helps him determine exactly where to place his stop • Why he doesn't size up or down once he's entered a position • Why professional traders focus on RISK while novices focus on PROFIT • Why trading less could actually make you a better trader • How Jason's Crowded Market Report has evolved into a global trading community • What Jason learned from legendary trader Paul Tudor Jones • Why Jason manages hundreds of millions of dollars without a single employee • How spending a month at a monastery in Burma influenced his outlook on life • And why making more money eventually stopped being Jason's primary goal But perhaps Jason's biggest lesson is about something many traders overlook: Risk. Novice traders tend to obsess over finding the perfect entry. Professional traders think about what happens when they're WRONG. Jason believes having a clearly defined stop is one of the biggest advantages a trader can have. Because once you know where you're wrong... You know how much you're risking. You know how to size the trade. And you can focus on finding opportunities where the potential gain is significantly larger than the potential loss. Perhaps the biggest takeaway from this episode is this: Forget about being right. Focus on making money. Jason doesn't believe successful trading is about predicting exactly what the market will do next. It's about identifying asymmetric opportunities... Taking small losses when you're wrong... Because if Jason is right... The traders who survive over the long run won't necessarily be the ones who make the best predictions. They'll be the ones who understand risk, stay disciplined, and know when the crowd has gone too far. CAN'T WATCH THE FULL EPISODE? START HERE: 1:29 – Jason Shapiro's Contrarian Trading Strategy 2:52 – The 3 Things Jason Watches Before Every Trade 4:48 – The Fine Line Between Contrarian and Stupid 6:03 – How "News Failure" Can Signal a Market Turn 10:13 – A Market Setup Jason Has Never Seen Before 12:56 – Why Positioning Isn't a Prediction Machine 14:30 – How Jason Knows When to Exit a Trade 17:17 – Why Having the Right Stop Is So Powerful 18:32 – How Jason Sizes His Trades 19:28 – Why Professionals Focus on Risk, Not Profit 21:04 – Why Successful Trading Shouldn't Be Exciting 23:13 – Why Jason Encourages People to Trade LESS 24:31 – Inside Jason's Crowded Market Report 31:52 – How Sharing His Trades Made Jason Better 34:29 – Did Jason Beat Paul Tudor Jones? 39:02 – The Month Jason Spent in a Monastery 42:02 – Why More Money Doesn't Always Mean More Happiness 44:38 – How Jason Manages Hundreds of Millions Alone 48:05 – Why Jason Shares His Trading Strategy 50:22 – Jason Shapiro's Most Important Trading Advice

⚠️ Discover the Indicator Designed to Spot the End of the AI Bull Market Doc Eifrig reveals the “Red Line Indicator” he believes could help investors recognize when the AI bull market is finally running out of steam. ? Watch free: https://2026MeltUp.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ The Fed has been cutting interest rates... So why are long-term bond yields going UP? According to Bianco Research President Jim Bianco... The bond market is trying to tell investors something important. In this week's Stansberry Investor Hour, Dan Ferris sits down with Jim Bianco for a wide-ranging discussion about interest rates, inflation, the bond market, government debt, private credit, cryptocurrencies, and what could finally force the Federal Reserve to change course. Over the past two years, the Fed has cut rates six times—a total of 175 basis points. Yet over that same period, Jim says the 10-year Treasury yield has risen roughly a full percentage point. According to his data going back to 1971... This is the only time a sustained Fed rate-cutting campaign has coincided with higher bond yields. Jim believes there's a reason: Inflation. And if bond investors don't believe the Fed is taking inflation seriously enough... They may continue pushing long-term yields higher. Jim explains: • Why bond yields are rising even as the Fed cuts interest rates • Why the bond market may be sending a warning about inflation • How massive government spending and debt can push borrowing costs higher • Why a 5% 10-year Treasury yield may NOT be the breaking point investors think it is • And why the bond market may be the most important financial market in the world Along the way, Dan and Jim also discuss: • Why lower interest rates aren't always good for the economy • Why the U.S. dollar remains incredibly difficult to replace as the world's reserve currency • Whether Bitcoin or another cryptocurrency could eventually challenge the dollar • Why crypto adoption may matter more in emerging economies than in the United States • How stablecoins are already being used in places with unstable currencies • Why every stock investor needs to understand what's happening in bonds • How interest rates determine the “price of money” across virtually every investment • Why AI's enormous capital requirements make interest rates especially important today • Whether private credit could become the source of the next major financial problem • Why private-credit firms became heavily exposed to software companies • How AI could threaten some of those software loans • Why today's credit markets can go from appearing healthy to showing serious stress very quickly • How higher oil and refining costs are feeding into the inflation picture • Why the Federal Reserve itself may be undergoing a major transformation • And why investors shouldn't assume today's winning investment will remain the winner forever But perhaps Jim's biggest warning is about something many investors believe has already been solved: Inflation. Jim isn't worried about 8% or 10% inflation. He's worried about inflation remaining around 3% to 4% for years. Because persistent inflation can keep interest rates elevated, increase the cost of money throughout the economy, and eventually leave the Fed with very difficult choices. Perhaps the biggest takeaway from this episode is this: 3% inflation is NOT normal. The inflation regime that existed before 2020 may be gone. And if inflation remains stubbornly high... The Fed may eventually face a choice between supporting the economy and keeping inflation under control. Because if Jim is right... The biggest risk to markets may not be an economic collapse that sends rates back to zero... But an economy where inflation stays high enough to keep the cost of money painfully elevated. CAN'T WATCH THE FULL EPISODE? START HERE: 1:26 – Why Bond Traders Are “Panicking” 2:24 – Why Yields Are Rising While the Fed Cuts Rates 6:43 – Does America's Massive Debt Matter to the Bond Market? 8:20 – The Risks of a Weaker U.S. Dollar 10:01 – Why the Dollar Remains the World's Reserve Currency 12:55 – Bitcoin: Store of Value or Real Currency? 14:21 – Where Crypto Could Actually Change the Financial System 20:47 – Why Stock Investors Need to Understand Bonds 21:57 – The Most Important Market in the World 23:59 – Is a 5% 10-Year Treasury Yield the Breaking Point? 29:02 – Is Trouble Building in Private Credit? 32:39 – Private Credit's Growing Software Problem 37:40 – What Keeps Jim Bianco Up at Night? 38:07 – Why 3% Inflation Is Still a Major Problem 43:21 – Is the Fed Trapped? 44:40 – How the Federal Reserve Is Changing 50:10 – Why Today's Inflation Regime Is Different 55:05 – Jim Bianco's Most Important Investing Advice

? Learn How to Prepare for the Coming AI Melt-Up Dan Ferris believes the AI bull market could be entering a euphoric new phase—and some of the biggest gains may still be ahead. ? Watch free: https://MeltUp2026.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ What if some of the best investment opportunities in the world aren't in the U.S. at all... But in markets most American investors barely think about? According to Firebird Fund co-founder Harvey Sawikin... That's exactly what investors need to understand. In this week's Stansberry Investor Hour, Dan Ferris sits down with Harvey Sawikin for a wide-ranging discussion about emerging markets, Eastern Europe, AI, investment bubbles, private equity, and the opportunities hiding in places most investors overlook. While many U.S. investors remain focused on the same handful of American stocks... Harvey believes they're missing a critical part of the story. For more than 30 years, Harvey and his partners have invested in markets like Russia, the Baltic states, Kazakhstan, Romania, Bulgaria, Georgia, and Armenia—often getting in before major institutional investors even had the ability to participate. And if you find the right market early enough... The opportunity can last for decades. Harvey explains: • Why the biggest opportunities in emerging markets can appear before Wall Street arrives • How politics can matter just as much as economics when investing overseas • Why some countries are investable while others should be avoided entirely • What strong local currencies can tell you about an economy • And why today's enormous valuation gap between U.S. and emerging-market stocks could eventually matter Along the way, Dan and Harvey also discuss: • How Harvey went from being an M&A lawyer to launching one of the earliest emerging-market equity hedge funds • Why Firebird traveled to Russia in the 1990s to invest during mass privatization • How one investment in Georgia went from a company valued below $20 million to a roughly $5 billion business • Why the war in Ukraine unexpectedly helped fuel a bull market across parts of Eastern Europe • How new trade routes and infrastructure investment are reshaping Georgia, Armenia, and Kazakhstan • Why Harvey is surprised the U.S. dollar has remained so strong • How a former Russian technology investment turned into a massive AI winner • Why Harvey bought shares around $8 before watching the stock eventually trade around $240 • Whether AI companies could become the fiber-optic companies of the next tech bust • Why Main Street businesses could ultimately be the biggest winners from AI • How Harvey looks for the qualitative warning signs of a market bubble • What the 2007 emerging-markets crash taught him about liquidity and risk • And why investors can't expect fund managers or financial entrepreneurs to protect them from bad decisions Perhaps the biggest takeaway from this episode is this: Nobody is going to protect you from your own desire to participate in a bull market. When money is pouring into an investment... Fund managers will take it. Entrepreneurs will raise it. And Wall Street will find something to sell you. Harvey's warning is that ultimately, it's up to the investor to decide whether the opportunity actually makes sense. Because after more than three decades investing through bubbles, crashes, wars, political upheaval, and some of the world's most overlooked markets... Harvey has learned that making money isn't simply about chasing whatever is hottest. Sometimes the greatest opportunities are found where almost nobody else is looking. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Why Dan Thinks an AI Melt-Up Is Coming 0:59 – Harvey Sawikin's Investing Origin Story 6:06 – Finding Markets Before Wall Street Arrives 12:10 – The Political Risks of Emerging Markets 18:11 – Why Emerging Markets Could Matter Again 21:19 – Why the U.S. Dollar Remains So Powerful 23:29 – What Strong Local Currencies Tell Investors 24:29 – How Russia's War Reshaped Eastern Europe 29:30 – Harvey's Surprising AI Investment 35:12 – Are AI Companies the New Fiber-Optic Stocks? 38:32 – Who Could Really Win From AI? 39:55 – Is AI Becoming a Bubble? 42:23 – The Warning Signs of Market Mania 45:49 – Lessons From the 2007 Bubble 48:35 – How to Navigate a Frothy Market 50:18 – Why Investors Must Protect Themselves 54:49 – Harvey Sawikin's Most Important Investing Advice

⚠️ Learn How to Get Ahead of the Next Wave of Capital in Natural Resources Free presentation on critical minerals, energy, and the investment opportunities emerging from today's resource shortages. ? Watch free: https://ProjectVault2026.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ What if the biggest threat to the global financial system isn't a weak U.S. dollar... But a dollar that becomes too strong? According to Santiago Capital's Brent Johnson... That's exactly what investors need to understand. In this week's Stansberry Investor Hour, Dan Ferris sits down with Brent Johnson for a wide-ranging discussion about the U.S. dollar, gold, global debt, geopolitics, and the investment opportunities emerging from a rapidly changing world. While many investors remain convinced America's debt will eventually destroy the dollar... Brent believes they're missing a critical part of the story. Trillions of dollars of debt around the world are denominated in U.S. dollars—creating constant demand for a currency foreign borrowers cannot print. And if the dollar strengthens enough... That demand could put enormous pressure on the global financial system. Brent explains: • Why a stronger dollar could ultimately be more dangerous than a weaker one • How global dollar-denominated debt creates constant demand for U.S. dollars • Why gold can soar even while the dollar remains strong • What central-bank gold buying really means for the dollar • And how the U.S. can use dollar liquidity as a powerful geopolitical weapon Along the way, Dan and Brent also discuss: • Why the global investing regime may be changing • How COVID revealed the mechanics of the Dollar Milkshake Theory • Why currency moves have played a role in major financial crises • What the conflict with Iran and the Strait of Hormuz could mean for global markets • Why Brent sees an opportunity developing in corn and wheat • How supply-chain disruptions can create unexpected second- and third-order investment opportunities • Why the United States may be better positioned than many investors realize • And why investors must separate what they WANT to happen from what is actually LIKELY to happen Perhaps the biggest takeaway from this episode is this: The world doesn't operate according to your political beliefs, your morals, or what you think should happen. If you're putting your hard-earned money on the line... You need to understand what is actually happening. Because if Brent is right... The next major monetary crisis may not begin when the dollar collapses... But when the dollar becomes too strong. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Why Macro and Geopolitics Matter More Than Ever 8:33 – Why the U.S. Dollar Remains So Powerful 12:44 – Why Gold and a Strong Dollar Can Rise Together 15:29 – What Central-Bank Gold Buying Really Means 21:46 – The Global Dollar-Debt Problem 23:25 – How the Dollar Milkshake Theory Works 26:13 – How a Strong Dollar Could Break the System 30:12 – The $80 Trillion Dollar Problem 37:30 – Iran, Hormuz, and the Global Economy 42:03 – Brent's Opportunity in Corn and Wheat 46:48 – Brent Johnson's Most Important Investing Advice

⚠️ Learn How to Get Ahead of the Next Wave of Capital in Natural Resources Free presentation on critical minerals, energy, and the investment opportunities emerging from today's resource shortages. ? Watch free: https://ProjectVault2026.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ Will the biggest investing opportunity of the next decade come from one of Wall Street's most hated sectors? According to legendary natural resource investor Rick Rule... The answer is yes. In this week's Stansberry Investor Hour, Dan Ferris sits down with longtime friend and investing legend Rick Rule for a wide-ranging discussion about energy markets, natural resources, passive investing, and why today's headlines may be distracting investors from one of the biggest opportunities ahead. While markets remain obsessed with AI, mega-cap tech stocks, and geopolitical headlines... Rick believes the real story is happening beneath the surface. Years of underinvestment in oil, gas, and critical resources have created what he believes will become a structural supply shortage later this decade. And if he's right... Patient investors who position themselves today could be rewarded in a major way over the next five years. Rick also shares why he believes investors should position themselves before the next wave of institutional money arrives—and explains this strategy in more detail in his free presentation at ProjectVault2026.com. Rick explains: • Why today's oil prices are masking a much bigger long-term supply problem • How years of underinvestment are setting up a structural energy shortage • Why passive investing is creating hidden opportunities in overlooked resource stocks • How investors can "get in front of the wave of capital" before Wall Street catches on • And why critical minerals could become one of the decade's biggest investment themes Along the way, Dan and Rick also discuss: • Why investors should think in five-year timeframes instead of five-month timeframes • The biggest mistake energy companies are making with dividends and share buybacks • Why sustaining capital spending matters more than most investors realize • How ETFs and passive investing are reshaping mergers and acquisitions in mining and energy • Why permitting—not geology—is holding back America's critical mineral production • The investment case for U.S. natural gas and Canadian energy producers • Why governments often create opportunities for disciplined private investors • And the timeless lessons Rick learned after surviving multiple commodity cycles Perhaps the biggest takeaway from this episode is this: The best investments often appear when an industry is unpopular—not when everyone is talking about it. If Rick is right... The biggest winners of the next decade may not be found in the hottest AI stocks... But in the energy and natural resource companies quietly preparing for a supply crunch few investors are expecting. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Why Rick Rule Is Bullish on Energy Again 2:28 – Why Oil Prices Could Rise Later This Decade 8:15 – The Contrarian Mindset Every Investor Needs 15:44 – How Passive Investing Is Changing the Market 23:54 – America's Critical Minerals Problem 31:24 – How to Profit From the Coming Energy Shortage 37:40 – Rick's Favorite Energy Investment Ideas 42:00 – Why Wall Street Is Wrong About Peak Oil Demand 47:20 – Rick Rule's Best Investing Advice

Could one of the greatest businesses ever built still be one of the market's best investment opportunities? Or has its incredible run finally come to an end? In this week's Stansberry Investor Hour, Dan Ferris sits down with value investor Matt Franz, portfolio manager at Stansberry Asset Management, for a fascinating discussion about two businesses that couldn't be more different—but share one thing in common: They're quietly generating extraordinary returns while most investors are looking elsewhere. The conversation begins with Constellation Software, one of the greatest compounders in stock market history. While investors remain obsessed with AI leaders and mega-cap tech stocks... Matt explains why Constellation has quietly outperformed nearly everyone by following a remarkably simple strategy: buying hundreds of small, mission-critical software businesses and allowing them to compound over decades. But that's only half the story. The discussion then shifts to one of the market's most overlooked opportunities: Natural Resource Partners. Despite operating in an industry many investors avoid, Matt argues the company owns irreplaceable mineral assets, generates enormous cash flow through royalties, and could continue rewarding shareholders for years to come. Matt explains: • Why Constellation Software has become one of history's greatest compounders • How acquiring small software businesses created billions in shareholder value • Why Natural Resource Partners' royalty model makes it different from traditional mining companies • And why patient investors often find their biggest opportunities where few others are looking Along the way, Dan and Matt also discuss: • Why capital allocation matters more than flashy growth stories • The power of recurring revenue and disciplined acquisitions • Why royalty businesses can produce exceptional long-term cash flows • The difference between metallurgical coal and thermal coal • How AI and data centers could increase demand for electricity and energy infrastructure • Why commodity cycles create opportunities for long-term investors • The importance of management quality when evaluating businesses • And why buying great companies at reasonable prices can outperform chasing market trends Perhaps the biggest takeaway from this episode is this: The best investments aren't always the companies making the most headlines. Sometimes they're businesses with exceptional management, durable economics, and decades of disciplined capital allocation quietly compounding wealth in the background. If Matt is right... Some of the market's biggest opportunities may still be hiding in plain sight. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Why Great Businesses Keep Winning 13:22 – The Secret Behind Constellation Software's Success 21:15 – Why Capital Allocation Matters More Than Growth 30:45 – Lessons From History's Greatest Compounders 36:18 – The Hidden Opportunity in Natural Resource Partners 41:10 – Metallurgical Coal vs. Thermal Coal 45:30 – Why AI Still Depends on Energy & Commodities 50:20 – Matt's Investing Philosophy for Long-Term Success