Stansberry Investor Hour

📈 Watch Dan’s Complete MAG 7 Presentation Get the full breakdown of the market’s most influential stocks. 👉 Watch now: https://backdoorprofits2026.com/ 🔔 Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. 👉 Learn more: https://stansberrydigest.com/ 📊 Follow Top Stocks with Matt Weinschenk Market analysis, stock ideas, and investing insights delivered regularly. 👉 Subscribe: https://youtube.com/@topstocksofficial?si=IcIwbXluE6tJo8OR Could one of the biggest investment opportunities of the next decade be hiding in the most overlooked corner of the economy? According to Top Stocks editor Matt Weinschenk, the answer may be yes. In this special crossover episode of the Stansberry Investor Hour and Top Stocks, Dan Ferris sits down with Matt Weinschenk for a wide-ranging discussion on a growing diesel fuel crisis, the energy demands of artificial intelligence, and why the next generation of market winners may look nothing like today's Magnificent Seven. As AI data centers continue to spread across the country, Matt argues that investors are focusing on the wrong side of the story. While Wall Street obsesses over software, chips, and AI models, the real bottleneck may be the physical infrastructure required to keep the entire system running. Matt explains why diesel fuel, refining capacity, and energy infrastructure could become some of the most important investment themes of the coming years. Matt argues that we're entering an era where the "world of bits" is colliding with the "world of atoms": • Why AI's biggest challenge may be energy—not technology • How shrinking refining capacity is creating supply risks for diesel fuel • The surprising connection between data centers and diesel demand • Why diesel inventories have fallen to historically low levels • And how geopolitical events could further tighten already strained energy markets The conversation begins with one of Matt's most important observations: The AI boom isn't just a digital story—it's a physical one. Matt explains: • Why more than 90% of data centers rely on diesel backup generators • How a major power outage could trigger a sudden surge in diesel demand • Why years of refinery closures have created a supply-side problem • And why investors may be underestimating the importance of physical infrastructure But the discussion doesn't stop there. Dan and Matt also dive into energy markets, commodity investing, capital allocation, and the investment opportunities emerging from AI's growing appetite for electricity and raw materials. The discussion covers: • Why diesel inventories are approaching critically low levels • The impact of refinery closures across the United States • How disruptions in the Strait of Hormuz could affect global energy markets • Why ExxonMobil remains one of the best-run companies in the energy sector • The investment case for refiners like Marathon Petroleum and Valero • How data centers are creating a new source of long-term energy demand • Why commodity businesses with disciplined management deserve more attention • The concept behind Matt's "New Magnificent Seven" • Why copper, uranium, energy, and industrial infrastructure could become major winners • And how the physical economy may benefit from trends investors currently view as purely digital Perhaps the biggest takeaway from the episode is this: The next great investment opportunities may come from the businesses that make technological progress possible. AI may dominate the headlines. But behind every data center, every semiconductor, and every breakthrough model is a vast network of physical assets, energy systems, and industrial infrastructure. Matt believes investors who understand that connection may be positioned for some of the biggest opportunities of the next decade. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro & Special Crossover Episode 2:00 – Why Matt Started Researching AI 4:30 – The Energy Bottleneck Behind Artificial Intelligence 7:00 – Diesel Demand, Data Centers & Refining Capacity 10:00 – The Impact of Middle East Energy Disruptions 13:00 – Why Diesel Inventories Are So Low 16:00 – Can America Build New Refineries? 20:00 – Why Diesel Powers the Economy 23:00 – Energy Markets, Commodities & Inflation 26:00 – How Investors Can Profit From the Diesel Shortage 28:00 – Marathon Petroleum, Valero & ExxonMobil 30:00 – The New Magnificent Seven 33:00 – The Future of the "Atoms Economy" 34:00 – Final Thoughts

🔔 Gain an instant edge over Wall Street: https://stansberrydigest.com/ Is the stock market heading toward one of the biggest bear markets in history? According to longtime market commentator and Cornell chemistry professor Dave Collum, the answer may be yes. In this week's Stansberry Investor Hour, Dan Ferris sits down with Dave Collum for a wide-ranging discussion on what Dave believes is the most dangerous financial environment of his lifetime. From record stock valuations and passive investing distortions to private equity, AI bubbles, and looming mega-IPOs, Dave explains why he believes today's market is more extreme than the dot-com era—and why investors may be underestimating the risks ahead. Dave argues that we're living through what he calls a "complacency bubble": • Why today's market may be even more dangerous than 2000 • How passive investing has altered price discovery • The hidden risks inside private equity and private credit • Why trillions of dollars in upcoming IPOs could create major market distortions • And why investors shouldn't assume the Federal Reserve can save markets forever The conversation begins with one of Dave's boldest claims: This is not an "everything bubble"—it's a complacency bubble. Dave explains: • Why nearly everyone knows markets are overvalued—and buys anyway • How passive fund flows may be masking serious structural problems • Why short sellers and institutional oversight have largely disappeared • And why extreme valuations could lead to a prolonged period of disappointing returns But the discussion doesn't stop there. Dave also dives into energy markets, precious metals, retirement planning, inflation, and the lessons investors can learn from history. The discussion covers: • Why Dave believes private equity investors are searching for the exits • The Japanese carry trade and its potential impact on global markets • Buffett's growing cash pile and what it may signal • Why gold and platinum remain attractive long-term investments • The risks surrounding SpaceX, OpenAI, Anthropic, and other mega-IPOs • How government policy and Federal Reserve actions have shaped today's market • The growing influence of private equity across industries—from veterinary clinics to auto dealerships • And why market history suggests investors should prepare for outcomes few are considering Perhaps the biggest takeaway from the episode is this: The most valuable investment insights often come from outside investing. Dave argues that investors should spend more time reading history, science, psychology, and other disciplines—not just financial news and market commentary. Because understanding how the world works may ultimately be more important than understanding the next earnings report. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro 1:03 – Is This the Biggest Bubble Ever? 4:00 – The Complacency Bubble Explained 6:00 – Private Equity, Passive Investing & Market Risks 9:00 – Why Price Discovery Is Breaking Down 13:00 – The Japanese Carry Trade Debate 17:00 – Energy Markets & Geopolitical Risk 19:30 – SpaceX, OpenAI & The Coming IPO Wave 24:00 – Buffett's Cash Hoard 25:00 – Why Career Risk Distorts Investing 30:00 – The Fed, Inflation & Interest Rates 38:00 – Could We Face a Multi-Decade Bear Market? 42:00 – Gold, Platinum & Energy Investments 55:00 – Why Dave Thinks Markets Could Stay Difficult for Years 1:05:00 – Dave's Most Important Advice for Investors 1:08:00 – Final Thoughts

🔔 Gain an instant edge over Wall Street: https://stansberrydigest.com/ Should investors buy SpaceX when it goes public? According to longtime Stansberry analyst Dave Lashmet, the answer is a resounding no. In this week's Stansberry Investor Hour, Dan Ferris sits down with Dave Lashmet for a fascinating deep dive into one of the hottest investment themes of the decade: space. But instead of telling investors to chase the biggest name in the industry, Dave explains why he believes SpaceX—and particularly Starlink—may be one of the most misunderstood businesses in the market. Dave argues that despite its technological achievements, Starlink faces fundamental economic challenges: • Why satellite internet may never compete with terrestrial cell towers • The hidden capital costs investors aren't paying attention to • Why Starlink's economics worsen as more users join the network • And why SpaceX could become a massive capital sink rather than a cash-generating machine The conversation begins with one of Dave's most controversial claims: SpaceX is a "Tower of Babel." Dave explains: • Why Starlink suffers from a negative network effect • How satellite bandwidth limitations create structural challenges • Why space-based communications are always technologically behind ground networks • And why investors should separate technological success from investment success But the discussion doesn't stop there. Dave then reveals where he believes the real opportunities in space investing exist—not in the companies burning billions to launch satellites, but in the businesses building critical infrastructure, observation systems, and next-generation space technologies. The discussion covers: • Why Google, Apple, and Amazon may be the real winners from satellite connectivity • The economics behind Starlink and SpaceX's growing capital requirements • Advanced shortwave infrared satellites that can see through clouds, fog, and dust • Near-space aerospace platforms and the future of missile defense • Lunar landers, moon-based energy systems, and NASA's next frontier • Why government spending could create massive opportunities in space infrastructure • And how investors can identify the businesses with real competitive advantages before Wall Street does Perhaps the biggest takeaway from the episode is this: Space is valuable. But that doesn't mean every space company is a good investment. The investors who succeed in this sector may not be the ones buying the most famous names—but the ones identifying the businesses with unique technologies, durable moats, and long-term economic value. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro: Should You Buy SpaceX? 1:30 – Why SpaceX Is a "Tower of Babel" 4:30 – The Economics of Starlink 8:00 – Why Satellite Internet Faces Structural Limits 12:30 – The Hidden Cost of Space Infrastructure 15:00 – Google, Apple & Amazon as Space Winners 20:00 – Why SpaceX May Be a Trade, Not an Investment 24:00 – The Future of Space Investing 30:00 – The Accidental Breakthrough in Satellite Imaging 34:00 – Shortwave Infrared Technology Explained 38:00 – The Space Observation Opportunity 40:00 – Near Space & Golden Dome 45:00 – Lunar Landers & Moon Infrastructure 49:00 – The Government's Growing Role in Space 51:00 – Final Takeaway: Space Is Valuable

🔔 Gain an instant edge over Wall Street: https://stansberrydigest.com/ Is value investing dead? According to ETF manager Matthew Tuttle, the answer is yes—or at least the version investors have relied on for decades. In this week's Stansberry Investor Hour, Dan Ferris sits down with Matthew Tuttle, CEO of Tuttle Capital Management, for a fascinating conversation about the future of investing in an AI-driven world. Matt argues that traditional value investing has been fundamentally disrupted by technology, AI, and the democratization of information. But that doesn't mean investors can't find bargains—it just means they need a new framework for identifying them. The discussion begins with one of Matt's most controversial ideas: The death of value investing. Matt explains: • Why traditional value metrics like low P/E ratios may no longer be enough • How AI is changing the way investors should analyze businesses • Why information advantages have largely disappeared • And what investors should be looking for instead Matt introduces his concept of HALO investing: Heavy Asset, Low Obsolescence The idea is simple: focus on businesses that AI can't easily replace but can help make more efficient. Examples include: • Railroads • Energy infrastructure • Utilities • Commodity producers • Transportation companies The conversation then shifts to one of the most important investment themes of the next decade: Artificial Intelligence. Dan and Matt discuss: • Which businesses AI could permanently disrupt • Why some software companies may be more vulnerable than investors realize • How cybersecurity could become an even bigger opportunity • Why infrastructure providers may benefit more than many AI application companies • And how investors can identify second- and third-order winners Matt also explains his approach to thematic investing and why he believes investors should "peel the onion" to find opportunities further down the supply chain. Rather than simply buying obvious winners, he argues investors should look for: • Suppliers to the winners • Suppliers to the suppliers • Infrastructure providers • Critical materials and bottlenecks The discussion also covers: • Why most ETFs fail to add value • The rise of thematic investing • The problem with marketing-driven investment products • Cathie Wood, ARKK, and the cult of star investors • Why Wall Street's incentives often don't align with investors' • And how investors can develop a genuine edge in today's markets Matt then breaks down his HEAT investing framework: Hedges. Edges. Asymmetry. Themes. Including: • Why bonds may no longer provide the protection investors expect • How professional investors think about hedging • Why limiting downside matters more than maximizing upside • And how asymmetry drives long-term investment success Perhaps the biggest takeaway from the episode is this: The market hasn't gotten easier because information is more accessible. It's gotten harder. The investors who succeed over the next decade may not be the ones looking for the cheapest stocks—but the ones who can identify durable businesses, emerging themes, and opportunities that Wall Street hasn't fully recognized yet. CAN'T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro 1:30 – Is Value Investing Dead? 4:00 – The HALO Investing Framework 8:30 – CoreWeave, AI & Infrastructure 10:00 – Cybersecurity as an AI Winner 13:00 – Why Most ETFs Fail Investors 16:00 – Factor Investing & Market Edges 19:00 – Trading Strategies That Still Work 21:00 – The Problem with Wall Street Incentives 27:00 – Cathie Wood, ARKK & Star Managers 35:00 – Hedges, Edges, Asymmetry & Themes 39:00 – Why Bonds Aren't a Hedge 42:00 – Thematic Investing & AI Supply Chains 45:00 – Finding Opportunities Before Wall Street 49:00 – Final Takeaway: Bonds Are Not a Hedge

🔔 Get smarter about markets before everyone else: https://stansberrydigest.com/ What do passive investing, AI disruption, oil wars, and Salesforce all have in common? According to investor Bryan Beach… they may all be connected to the next major wave of market volatility. In this week’s Stansberry Investor Hour, Dan sits down with Bryan for a wide-ranging conversation covering passive investing, mega-cap tech, AI winners and losers, options trading, energy markets, and why investors should be paying very close attention to what’s happening in the Middle East right now. This isn’t your typical market interview. It’s a fast-moving discussion about how massive structural forces — from passive 401(k) flows to AI infrastructure spending to geopolitical conflict — are reshaping the investment landscape in ways most investors still don’t fully appreciate. The conversation begins with the growing influence of passive investing and the “relentless bid” pushing money into the market’s largest stocks. Bryan explains: • How passive investing may be permanently changing market valuations • Why mega-cap stocks like Apple and Microsoft keep attracting enormous inflows • The risks that emerge when fewer active investors drive price discovery • And why market volatility could eventually become far more extreme than most investors expect But the discussion quickly expands into another major theme: How AI may impact today’s dominant software companies. Dan and Bryan break down: • Why investors may be underestimating the staying power of companies like Salesforce, Microsoft, Oracle, and Intuit • How switching costs create powerful competitive advantages • Why AI may strengthen incumbents instead of destroying them • And how today’s software selloff could create opportunities for value investors Bryan also shares real-world “scuttlebutt” research from sales executives actually using Salesforce — offering insight into why deeply embedded enterprise software is far harder to replace than many investors assume. The conversation then shifts toward volatility, trading, and energy markets: • Why options traders thrive during periods of uncertainty • How volatility itself can become an investment opportunity • Why Bryan and Dan are both closely watching the Strait of Hormuz • How energy supply disruptions could reshape global manufacturing • And why North American energy and infrastructure companies may benefit from ongoing geopolitical conflict Perhaps the biggest takeaway from the episode is this: Markets aren’t driven by one single force anymore. Passive investing… AI… Geopolitics… Energy shocks… And volatility itself… They’re all interacting at the same time — often in ways investors haven’t fully modeled yet. And the investors who understand those connections early may have a major edge in the years ahead. CAN’T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro & Why Volatility Matters 2:00 – AI, Augmented Humans & Future Investing Themes 3:00 – The Rise of Passive Investing 5:00 – How 401(k) Flows Changed Market Valuations 8:00 – Why Mega-Cap Stocks Keep Rising 10:00 – Could Passive Investing Create Extreme Volatility? 13:00 – SaaS, AI & Why Microsoft Survived the SaaS Revolution 16:00 – Why AI May Strengthen Big Software Companies 19:00 – Salesforce, Switching Costs & Competitive Moats 24:00 – Duolingo vs. Enterprise Software 29:00 – How Investors Should Research Companies 33:00 – Energy Markets & Middle East Conflict 37:00 – North American Energy Opportunities 40:00 – Trading Volatility & Options Strategies 45:00 – Final Takeaway: Watch the Strait of Hormuz

What do blackjack, chaos theory, AI, and the 1987 market crash all have in common? According to physicist and philosopher James Owen Weatherall… they all help explain how modern markets actually work. In this week’s Stansberry Investor Hour, Dan sits down with the author of The Physics of Wall Street for a fascinating conversation about the hidden mathematical ideas driving today’s financial system — and why investors need to understand the assumptions buried inside the models Wall Street relies on. This isn’t your typical market interview. It’s a deep dive into the history of probability, risk, options pricing, algorithmic trading, passive investing, and the unintended consequences of turning mathematical theories into trillion-dollar financial products. The discussion begins with legendary figures like Louis Bachelier, Edward Thorp, Benoit Mandelbrot, and John von Neumann — the mathematicians and physicists whose ideas quietly shaped modern finance. James explains: • How probability theory became the foundation of options pricing • Why Wall Street borrowed ideas directly from physics • How Ed Thorp used math to beat blackjack… then built the first quant hedge fund • Why Mandelbrot warned markets were far more chaotic than traditional finance believed • And how “fat tail” events like market crashes happen far more often than standard models assume But the conversation quickly expands into bigger questions: What happens when everyone relies on the same models? What risks emerge when passive investing dominates markets? And how could AI reshape finance, education, and the economy itself? Dan and James also discuss: • Why the 2008 crisis exposed the limits of financial modeling • The hidden assumptions behind Black-Scholes and portfolio theory • How the “volatility smile” revealed flaws in options pricing • Why passive ETFs may weaken price discovery • The dangers of extreme leverage and speculative trading • Why survival — not prediction — is the real key to investing success Along the way, James shares insights from decades studying philosophy, physics, and financial history — and explains why the smartest people in finance were often the most humble about what models could actually predict. Perhaps the biggest takeaway from the episode is this: Models are powerful… But every model rests on assumptions. And when those assumptions disappear from view, markets can become far more fragile than investors realize. CAN’T WATCH THE FULL EPISODE? START HERE: 0:00 – Intro & Why Physics Matters to Markets 2:00 – The Origins of Quant Finance 7:30 – Louis Bachelier & Options Pricing 10:00 – Ed Thorp, Blackjack & The First Quant Hedge Fund 13:30 – Mandelbrot & “Fat Tail” Risk 18:00 – Why Extreme Events Happen More Often Than Expected 23:00 – Survival, Position Sizing & The Kelly Criterion 26:00 – Lessons From the 2008 Financial Crisis 31:00 – The Volatility Smile Explained 35:30 – Passive Investing & Hidden Market Risks 40:00 – Why ETFs Could Distort Markets 43:00 – John von Neumann & The Origins of AI 47:00 – AI, Coding & The Future of Work 51:30 – Final Takeaway: Think About The Assumptions