Stansberry Investor Hour

‼️NEXT AMERICAN CRISIS! Here more for FREE here: NextEnergyShock2026.com Most investors chase the next big story. They jump from stock to stock… reacting to headlines… chasing momentum… and hoping to get in before it’s too late. But the real money isn’t made chasing what’s hot. It’s made by studying businesses… patiently watching them for years… and striking only when the odds are clearly in your favor. So the real question is: What does it actually take to build conviction… and find stocks worth holding for the long term? In this week’s Stansberry Investor Hour, Dan welcomes back Alex Morris, founder of TSOH Investment Research and author of Buffett and Munger Unscripted. Alex is known for his deep, long-term approach to investing — often following companies for years before ever buying a single share. This episode is all about stocks. Alex walks through a slate of current positions and watchlist ideas — including Peloton (PTON), Dollar Tree (DLTR), Dollar General (DG), Floor & Decor (FND), and Fever-Tree — breaking down where he sees opportunity, where others see risk, and what has to go right from here. He explains why some of the most hated stocks can become the best investments… how to identify real turnarounds versus value traps… and why management decisions, capital allocation, and strategic focus matter more than any short-term narrative. The conversation also dives into broader themes — from the post-Buffett future of Berkshire Hathaway… to the hidden risks and potential of platforms like Roblox… to how premium brands quietly take share in massive, stagnant industries. Finally, Alex shares the mindset behind his process: why he’s willing to watch businesses for a decade before buying… and how that patience leads to the kind of conviction required to hold through volatility and capture true multi-bagger returns. This is how long-term investors think. CAN’T WATCH THE FULL EPISODE? START HERE: 0:00 – The Next Energy Shock Warning 0:44 – Meet Alex Morris: “All Stocks Today” 2:00 – Berkshire After Buffett & Munger 6:00 – Capital Allocation & Berkshire’s Cash Problem 8:00 – Why Alex Is Long Peloton (PTON) 12:00 – Stabilization vs. Growth: The Peloton Thesis 15:00 – Turnarounds vs. Value Traps 18:00 – Dollar Tree (DLTR): Fixing the Core Business 22:00 – Pricing Power & Traffic Risks 25:00 – Dollar General (DG): A True Turnaround 29:00 – Floor & Decor (FND) & the Housing Cycle 34:00 – Fever-Tree: From Tonic to Premium Beverages 40:00 – Premium Brands Taking Share 44:00 – Roblox (RBLX): Opportunity vs. Risk 50:00 – Final Takeaway: The Power of Patience in Investing

RESERVE YOUR SEAT FOR FREE: Join our webinar on April 7, 2026, at 10:00 a.m. ET here: http://marketevent2026.com/ Most investors chase headlines. They react to wars… price spikes… and whatever the market is doing today. But the real money is made before the headlines — when assets are cheap, ignored, and out of favor. So the real question is: Where is the opportunity… before everyone else sees it? In this week’s Stansberry Investor Hour, Dan welcomes back Tobias Carlisle, founder of Acquirer’s Funds and one of the leading voices in value investing. Tobias lays out the case for why energy stocks may still be one of the most overlooked opportunities in today’s market — even after their recent run. With oil prices surging amid geopolitical tensions, including the Iran conflict and disruptions in global supply, many investors assume the trade is already over. Tobias disagrees. He explains why the real story isn’t the short-term spike in oil prices — but the long-term supply constraints, underinvestment, and structural shifts that could keep energy prices elevated for years. The conversation dives into specific names like Devon Energy (DVN) and EOG Resources (EOG), why they remain attractive at current levels, and how disciplined capital allocation and strong free cash flow set them apart. Dan and Tobias also explore the broader opportunity in commodities — from copper to fertilizers — and why decades of underinvestment could create a powerful tailwind for real assets. They break down why “mean reversion” is one of the most important forces in investing, and how buying out-of-favor sectors has historically led to the biggest gains. Finally, Tobias shares his framework for valuing businesses, including the “Acquirer’s Multiple,” and explains why investors should focus less on narratives — and more on what companies are actually earning. Welcome to contrarian investing. CAN’T WATCH THE FULL EPISODE? START HERE: 0:00 – Why the Iran Conflict Is Moving Markets 0:44 – The Overlooked Energy Trade (DVN, EOG) 2:00 – Oil Supply Destruction & Why Prices Are Rising 3:00 – What $70–$80 Oil Means for Investors 5:30 – Why Energy Stocks Are Still Cheap 8:00 – Short-Term Volatility vs. Long-Term Opportunity 10:00 – The Shift From Growth to Value 12:30 – Why Devon (DVN) & EOG Stand Out 15:00 – Other Energy Plays (APA, CRC) 18:00 – The Fertilizer Trade (CF Industries) 22:00 – Why Copper Could Be the Next Big Opportunity 26:00 – The Case for Small & Micro Cap Value 30:00 – Housing Market Freeze & Contrarian Opportunities 33:00 – How to Buy “Out of Favor” Sectors 36:00 – The Acquirer’s Multiple Explained 42:00 – Why Narratives Mislead Investors 42:40 – Final Takeaway: The Power of Mean Reversion

Most investors ignore this document. They throw it away… delete the email… or never even open it. But inside this “boring” SEC filing could be the difference between buying the right stock… or holding the wrong one. So the real question is: What are companies quietly telling you — that they’re not saying out loud? In this week’s Stansberry Investor Hour, Dan welcomes back Michelle Leder, founder of Footnoted.com and one of the leading experts in SEC filings. Michelle explains why proxy statements — often dismissed as tedious and irrelevant — may actually be one of the most powerful tools individual investors have. She breaks down how these filings reveal what executives are really paid, how insiders are incentivized, and where potential red flags may be hiding in plain sight. From unusual compensation structures to related-party transactions and shareholder proposals, Michelle shows how to uncover insights that most investors completely miss. The conversation also explores why proxy season (right now) is one of the most important times of the year for investors, how to quickly navigate 80+ page filings without getting overwhelmed, and why “there are no accidents” in SEC disclosures — everything is there for a reason. Finally, Michelle shares real examples of how reading SEC filings has helped her spot opportunities, avoid risks, and even identify potential market-moving events before they happen. Welcome to the hidden side of investing. CAN’T WATCH THE FULL EPISODE? START HERE: 0:00 – The “Sexiest” SEC Filing Explained 2:00 – Why Most Investors Ignore Proxy Statements 5:00 – Executive Compensation: What to Look For 10:00 – The Hidden Meaning Behind “All Other Compensation” 16:30 – Director Pay & Incentives (Red Flags to Watch) 20:30 – Related-Party Transactions (What Companies Don’t Highlight) 24:45 – Shareholder Proposals & Political Influence 29:00 – Who Really Owns the Company? (Institutional Holders) 35:00 – Why SEC Filings Reveal More Than Earnings Calls 41:00 – Real Example: Spotting Trouble in a Stock 48:00 – “There Are No Accidents” in SEC Filings 51:40 – Final Takeaway: What Every Investor Should Do

In this week’s Stansberry Investor Hour, Dan welcomes macro analyst David Cervantes back to the show. David begins by revisiting one of his earliest big calls — the economic impact of GLP-1 weight-loss drugs — and explains how these treatments have moved from niche medical use to a mass-adoption trend with real implications for industries, markets, and long-term growth. He discusses how companies tied to the GLP-1 boom have dramatically outperformed the broader market and why the ripple effects could continue. Next, David dives into one of the biggest shifts happening in markets today: the potential rotation away from the “Mag 7” tech trade and toward a broader set of sectors. He explains how massive AI capital spending, changing cash-flow expectations, and improving profit margins in global and industrial businesses are reshaping investor preferences. David argues that leadership is beginning to expand beyond mega-cap technology, with equal-weighted indexes, energy, utilities, and industrial companies showing increasing strength. The conversation then turns to risks building beneath the surface of the financial system — particularly in private credit markets. David walks through why stress in lower-quality debt could be an early warning signal for the broader cycle and explains how late-cycle dynamics, geopolitical uncertainty, and shifting interest-rate expectations are influencing asset allocation decisions. He also shares his view that inflation pressures tied to inventory restocking and a tighter labor market may limit the Federal Reserve’s ability to cut rates as much as investors expect. Finally, David discusses structural changes in the investment landscape, including why small-cap stocks may no longer offer the same long-term advantages they once did and how private equity has reshaped public markets. He concludes by outlining where he sees opportunities today — from defense and energy to logistics and industrial suppliers — and explains how productivity gains from AI adoption could gradually lift margins across the broader economy. 0:00 GLP-1 drugs and their impact on markets and industries 12:40 Rotation beyond the Mag 7; sector leadership shifts 19:00 Private credit stress and late-cycle warning signs 28:30 The U.S. dollar, global capital flows, and market positioning 35:30 Why small caps may be structurally disadvantaged 46:30 Restocking trends, inflation risk, and Fed policy outlook 51:40 Trade ideas: defense, energy, logistics, and industrials 01:00:00 Dan’s final thoughts

In this week's Stansberry Investor Hour, Dan welcomes Cullen Roche to the show. Cullen is the founder of Discipline Funds, an ETF firm focused on helping investors build portfolios based on real-world time horizons rather than short-term market predictions or traditional benchmarks. Cullen begins by explaining the concept of “defined duration investing” — a framework that encourages investors to match their assets with their expected financial needs over time. Drawing from his experience working with banks after the financial crisis, he describes how institutions carefully manage asset-liability mismatches and why individual investors often unknowingly take on similar risks. He argues that many portfolios are structured inefficiently, with long-term assets being used to fund short-term consumption, creating unnecessary volatility and uncertainty. Next, Cullen discusses how market-cap-weighted indexes like the S&P 500 can unintentionally increase risk as valuations rise. He explains that when expectations become elevated — particularly in sectors like technology and AI — the stock market effectively becomes a “longer duration” asset, meaning investors may face greater volatility and longer recovery periods. Cullen believes that understanding valuation-driven risk and time horizons is essential for navigating today’s markets. Finally, Cullen walks through the structure of his defined duration ETFs and how they are designed to provide investors with clearer expectations around stability and long-term returns. He explains why traditional bond aggregates may expose investors to excessive long-duration risk and why real assets and equities are likely to outperform long-term bonds over extended time frames. Cullen concludes by emphasizing that successful investing isn’t about predicting short-term market moves — it’s about aligning portfolios with realistic financial timelines. 0:00 Defined duration investing explained; Asset-liability mismatches 15:32 Market-cap weighting and valuation risk; Time horizons in investing 33:10 E-commerce adoption and structural economic change 43:47 Building portfolios around stability and expected returns 56:21 ETF mechanics and passive investing dynamics 01:05:01 Dan's final thoughts

In this week's Stansberry Investor Hour, Dan welcomes Greg Diamond back to the show. Greg is the editor of Ten Stock Trader, an advisory focused on trading using market analysis to find the best opportunities based on previous market patterns. Greg kicks things off by sharing his theme for 2026: time. He looked at the inflection points in January and is looking at the upcoming ones in April and May. January saw both technology and financial stocks peak before declining. And while Greg believes these sectors are oversold and will correct themselves slightly, the decline will continue. He says that AI taking over is part of this trend, and unlike other "creative destruction" (like the transition from horse-drawn carriages to automobiles) trends in the past, this one is developing much faster. Greg says looking at time cycles and understanding them is essential to prepare for where the market could be heading next. Next, Greg discusses his thoughts on various commodities. He recently traded several positions in silver for wins before the metal's crash and is currently watching to see where it goes from here. He's not as optimistic on oil and natural gas due to the lack of information that investors have outside of OPEC, but he is looking for breakthroughs that could have an impact on the wider market. Copper is another resource that he's interested in, and there are several plays that he believes folks can make. But he says understanding what fuels these movements is more important than why they're occurring. Finally, Greg lists his current trades and where he thinks market volatility is heading. He can't delve too deeply to be fair to his subscribers, but he's preparing to be extremely aggressive in his trades over the next few months. Greg then states that he does his best trading when he ignores what everyone else is saying. He'd rather focus on his monitors and charts than allow himself to be persuaded by outside voices. 0:00 Greg's standing in the U.S. Investing Championship; Understanding time cycles and pricing; What Greg does differently 14:47 Greg's thoughts on commodities; The "why" isn't important 31:20 Greg's current trades; Ignore the noise 45:55 Dan's final thoughts