Stansberry Investor Hour

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

In this week's Stansberry Investor Hour, Dan welcomes Steve Burns to the show. Steve is the founder of New Trader U, a blog with thousands of articles plus online courses. Steve kicks things off by explaining how trading is math, detailing how its different components are formulaic. He says that understanding the "math" of expectancy for your returns can help you with managing your discipline, and knowing the risk-to-reward ratio for any trade is the first important step that every investor needs to take before they enter a trade. Steve notes that despite what many folks might believe, being right 50% of the time is pretty good. But even performing that well requires understanding the risks that your trades have. Next, Steve reflects on his early trading days, comparing his methodology and results then with his current strategies. Then he details one metric that determines profitability. It's the most important thing you need to be mindful of that will impact the profits your trades bring in, regardless of factors like win rates. And Steve analyzes the cons with modern trading that ease of entry has provided. Most individual investors don't realize these risks exist and stand poised to lose big. Finally, Steve discusses how to create an edge in trading as an individual investor despite the overwhelming odds. He then explains "positive expectancy," a mathematical formula that shows your average losses versus your average wins. Knowing this can help you more properly filter out volatility, which traders should keep in mind when establishing their position sizes and stop losses. And Steve shares the green lights he looks for when entering a trade. 0:00 Trading is math; Using math to maintain discipline; Understand the risks in trading 14:37 Steve's early trading days; The key to profitability; The low barrier to entry 30:53 How to get your own edge in trading; Filtering out volatility; The green lights for entering a trade 46:21 Dan's final thoughts Steve Burns Book: Trading Is Math

In this week's Stansberry Investor Hour, Dan and Corey welcome Andy Swan to the show. Andy is the co-founder of LikeFolio, a financial-technology company focused on providing its clients with actionable research based on consumer-driven data. He has a free report focused on a new wave of health care and AI that can inform investors of how to best prepare before it arrives. You can download the report here: https://stocktradesmith.com/ Andy kicks things off by sharing how LikeFolio evolved from being designed to create "like" portfolios for social media users based on the companies they and their friends are interested in to being geared toward investors and traders. He says that the data from social media and other publicly available sources is very powerful because it can show where consumer sentiment is for a product and can help estimate sales for a product before an earnings report is released. Andy then provides some of his background in trading, along with his rules for investing. Next, Andy states that investors need to have some guardrails in place to protect their capital when investing. However, he believes that there's no "one size fits all" method and that investors need to ensure that the rules they establish match their approach. Andy switches the topic to the ease and accessibility of trading with apps like Robinhood. But he warns users to beware leveraged exchange-traded funds – while they sound appealing because of the potential to triple gains, "poisonous" stocks in a fund could send you tumbling. He then gives his thoughts on how AI is changing the world and what he thinks is the next step in its development. Finally, Andy discusses how one company is currently hated due to its financials, but according to his data, consumers are gravitating toward it. He compares it with other stocks that lost money early on but turned into behemoths in today's market due to new customers consistently using their products. This company could follow in their steps based on his data. And Andy provides his thoughts on the type of mentality to have as an investor. 0:00 Using social media to find investing opportunities; Andy's trading methods 20:12 Establish personalized guardrails; The dangers in leveraged trading; The future of AI investing 37:38 A hated company consumers love; The mentality to have as an investor 47:10 Dan and Corey's final thoughts