Stansberry Investor Hour

⚡ Discover Whitney Tilson’s New AI-Powered Stock-Picking System Whitney Tilson has developed a new AI-powered system designed to identify potential big winners while avoiding stocks at risk of major losses. The former hedge fund manager, who once oversaw as much as $200 million, believes this system could help investors find opportunities while managing downside risk. 👉 Discover how it works: https://RippingPoint2026.com/ 🔔 Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. 👉 Learn more: https://stansberrydigest.com/ What if the AI boom is creating the conditions for the next financial crisis? And what if the biggest technology companies in the world are becoming so important that the government simply CAN'T let them fail? Microsoft. Google. Nvidia. Oracle. These companies are spending hundreds of billions of dollars building the infrastructure needed to power artificial intelligence. But according to Ben Hunt, there's a dangerous side to this massive investment boom that most investors aren't paying enough attention to. Big Tech could become the next "too big to fail." In this week's Stansberry Investor Hour, Dan Ferris sits down with returning guest Ben Hunt, co-founder of Epsilon Theory and an expert in financial market narratives, for a fascinating conversation about AI, rising interest rates, hidden financial risks, and the possibility of another government bailout. And Ben's warning is clear: The AI boom could end up looking a lot more like the 2008 financial crisis than investors realize. He starts with the bond market. Interest rates are rising, and many investors believe the increase is temporary. But Ben argues that something much bigger is happening. The U.S. government is borrowing trillions of dollars while AI companies are simultaneously borrowing hundreds of billions to finance data centers and infrastructure. That means more competition for capital. And potentially much higher borrowing costs for everyone. Even some of the world's most profitable technology companies are spending so aggressively that their free cash flow is coming under pressure. Ben calls these "bet the company" decisions. And he believes the consequences could be enormous. His prediction? The government may eventually step in to guarantee the debt of major AI companies, just as it supported the banking system during the 2008 financial crisis. But there's a catch. The profits could remain private while the losses get passed on to taxpayers. Ben argues that this would create a dangerous situation where the largest technology companies receive government protection while ordinary Americans bear the financial consequences. And that's only the beginning. He also identifies another potential source of financial instability that few investors are discussing: The insurance industry and private credit markets. Ben explains why rapidly rising interest rates could create serious problems for annuity reinsurers and alternative asset managers. The danger isn't necessarily how HIGH interest rates rise. It's how FAST they get there. A sudden increase could create liquidity problems, expose hidden vulnerabilities, and trigger financial disruptions in unexpected places. But Ben isn't simply bearish on artificial intelligence. In fact, he believes AI could be even more transformative than the internet or the printing press. CAN'T WATCH THE FULL EPISODE? START HERE: 2:10 – The Treasury Secretary's Warning to Bond Investors 3:45 – Why Interest Rates Are Rising So Quickly 5:05 – How Government Debt and AI Spending Are Driving Rates Higher 7:09 – Why Big Tech Is Burning Through Its Cash Flow 8:03 – The Massive "Bet the Company" AI Gamble 9:21 – Why Big Tech Could Become Too Big to Fail 10:08 – Could Taxpayers End Up Bailing Out AI Companies? 11:10 – What the 2008 Financial Crisis Can Teach Us 13:36 – What Happens if the AI Bubble Bursts? 15:52 – Are AI Companies Manipulating the Narrative? 17:05 – How Fear Could Help Big Tech Win Government Protection 21:07 – The Hidden Financial Risk Few Investors Are Watching 21:40 – Why Rising Interest Rates Could Break the Insurance Market 24:01 – How Annuity Investors Could Trigger a Liquidity Crisis 27:31 – Who's Really Holding the Financial Risk? 29:00 – The Growing Dangers in Private Credit 31:38 – Will There Be More Than One AI Winner? 33:33 – How Debt Can Turn a Boom Into a Crisis 36:31 – Why Big Tech May Never Be Allowed to Fail 37:40 – Is AI Bigger Than the Internet? 47:23 – The Biggest Narrative Driving Markets Today

⚡ Discover Whitney Tilson’s “Greatest Retirement Stock in America” Whitney Tilson has identified a little-known company at the intersection of AI, energy, and America’s data center boom—and he believes it could be one of America’s greatest retirement stocks. ? Discover the name and ticker: https://EnergyBoom2026.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 biggest investment opportunities today have nothing to do with AI stocks? What if they’re hiding in the physical resources the world simply can’t function without? Copper. Oil. Diesel. Gold. Housing. In this special episode of Stansberry Investor Hour, the tables are turned. Instead of interviewing a guest, Dan Ferris becomes the guest, as MarketBeat’s Bridget Bennett sits down with him for a wide-ranging conversation about physical scarcity, commodities, energy, interest rates, and where investors should be looking today. And Dan’s message is clear: The world isn’t investing enough in the physical resources it needs. He starts with the growing diesel crisis. Diesel prices have reached record levels, and Dan argues that banning U.S. diesel exports could actually make the problem worse—not better—potentially pushing fuel costs even higher. But energy is only the beginning. Dan believes copper could be one of the most important investments of the next five years. The world needs roughly $250 billion in investment just to maintain copper production, according to figures Dan discusses, while current commitments fall about $100 billion short. Meanwhile, demand continues to grow from housing, the electrical grid, and massive AI data centers. Dan says copper is approaching $7 per pound—and discusses forecasts that could potentially send it much higher. His conclusion? “You have to own copper.” Dan reveals the large copper companies he believes ordinary investors should consider and explains why he thinks speculative exploration stocks are too dangerous for most people. But Dan sees another opportunity that reminds him of the refinery stocks before their massive run: Offshore service vessels. He explains why Tidewater could benefit from a shortage of vessels, rising day rates, and a fleet valued at a fraction of replacement cost. Dan also explains: • Why the global diesel shortage could get worse • Why refiners could remain strong even after huge gains • The energy stock setup that reminds him of refiners 10 months ago • Why chronic underinvestment could keep oil prices elevated • Why copper could eventually reach $10, $12, or even $14 per pound • The copper stocks he prefers for long-term investors • Why most investors should avoid tiny mining exploration stocks • What government spending could mean for rare earths and critical minerals • Why the U.S. housing shortage could persist • Why he believes investors should own BOTH gold and the U.S. dollar • What rising Treasury yields could mean for stocks • And why Dan says he’d actually welcome a 50% stock market crash That last point might sound crazy. But Dan argues that lower stock prices could ultimately create something investors haven’t seen in years: Truly attractive valuations. From copper and oil to gold, the dollar, housing, and interest rates, Dan believes investors need to understand two enormous forces shaping financial markets today: Financialization and physical scarcity. Learn to recognize both—and Dan believes you’ll have a major advantage over the average investor. CAN’T WATCH THE FULL EPISODE? START HERE: 1:22 – The Tables Turn: Dan Ferris Becomes the Guest 1:58 – The Diesel Crisis Hitting America 5:31 – How High Fuel Prices Could Hit the Economy 5:51 – The Growing Copper Shortage 9:25 – Where Investors Can Profit From Scarcity 9:52 – Why Refinery Stocks Have Exploded 13:17 – Would Dan Buy Refiners Today? 16:15 – Dan’s Next Big Energy Opportunity 18:02 – Why Dan Likes Tidewater 19:06 – How Long Could High Energy Prices Last? 22:56 – The Real Problem Facing Global Oil Supply 24:01 – Why Copper Is Becoming Critically Important 26:17 – The $100 Billion Copper Investment Gap 27:15 – Could Copper Double From Here? 28:46 – Dan’s Favorite Copper Stocks 30:28 – The Danger of Small Mining Stocks 32:11 – Could Copper Reach $10–$14? 33:01 – Should Investors Buy Rare Earth Stocks? 38:42 – Dan’s Take on Rare Earth Investments 40:03 – America’s Housing Shortage 42:03 – Gold, the Dollar, and Protecting Your Wealth 45:09 – Why Dan Says You Need Gold AND Dollars 48:44 – What Rising Bond Yields Mean for Investors 50:27 – Why Dan Would Welcome a 50% Stock Market Crash 52:15 – Dan’s Biggest Takeaway for Investors

⚠️ Discover the Small Defense Stocks Positioned for the Coming Spending Boom Rob Spivey and Joel Litman have identified a group of smaller defense companies they believe could benefit as more money flows into drones, missiles, space, submarines, and other next-generation military technology. ? Watch free: https://DefenseGoldRush.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ Everyone knows defense spending is rising. But what if the biggest opportunities AREN’T the giant defense contractors everyone already knows? What if they’re much smaller companies most investors have never heard of? In this week’s Stansberry Investor Hour, Dan Ferris sits down with longtime defense investor Rob Spivey to discuss where the next wave of defense spending could actually flow. Rob says the proposed U.S. defense budget could rise from roughly $1 trillion to $1.5 trillion—and argues that much of the investable increase could flow toward areas like drones, missiles, space, submarines, R&D, and other next-generation technologies. And Rob isn’t focused on Lockheed Martin, Boeing, or the other defense giants. He and his team have been digging into companies below $2 billion in market value... And they’ve narrowed their research down to roughly half a dozen names they find particularly compelling Rob explains: • Why smaller defense companies could benefit from rising spending • Where the next wave of defense money could flow • Why drones, missiles, space, and submarine technology matter • How tiny suppliers can become critical to massive defense programs • Why M&A is so common in aerospace and defense • How his team tries to avoid dangerous microcap stocks • And why October could be an important month for the defense industry One of the most interesting parts of the opportunity? Many of these smaller companies don’t build the headline-grabbing weapons themselves. Instead, they make highly specialized components that larger defense systems depend on. And once a component is designed into a major defense program, Rob says it can remain there for decades. That can also make these companies attractive acquisition targets. Rob explains that larger contractors frequently acquire smaller companies to gain access to specialized technology, intellectual property, or important contracts. But defense isn’t the only major topic Dan and Rob tackle. They also debate the U.S. government’s $40 trillion debt load, rising Treasury yields, corporate borrowing, inflation expectations, and the massive amounts of capital flowing into AI infrastructure. And Rob has a controversial view: The hyperscalers taking on debt to fund their AI buildouts may actually be doing exactly what they SHOULD be doing—if the returns on those investments remain significantly higher than their borrowing costs. From defense stocks and microcaps to government debt and AI... This episode is about where enormous amounts of money are flowing—and where investors may want to pay attention. CAN’T WATCH THE FULL EPISODE? START HERE: 1:58 – Why Defense Spending Has Rob’s Attention 2:32 – The $1.5 Trillion Defense Opportunity 4:25 – Why October Could Be Critical for Defense 7:51 – Where the New Defense Money Could Go 9:59 – Why Small Defense Companies Could Benefit 12:17 – The Six Small Defense Stocks Rob Is Watching 15:31 – Why Defense Companies Keep Getting Acquired 17:19 – How Defense Contracts Can Last for Decades 19:51 – Why Rob Focuses on Microcap Stocks 21:46 – A “Venture Capital” Approach to Public Markets 22:08 – How Rob Avoids Dangerous Microcaps 26:49 – The Power of Small-Cap Defense Investing 29:07 – Why Rob Is So Bullish on Defense 32:38 – Inside the Defense Gold Rush Presentation 35:47 – Can the U.S. Handle $40 Trillion in Debt? 38:12 – Why Government Spending Can Boost the Economy 42:35 – What’s Really Driving Treasury Yields Higher? 47:51 – Why Big Tech Is Taking On More Debt 48:22 – Why Rob Still Likes the AI Infrastructure Buildout 53:55 – Rob’s Biggest Takeaway for Investors

?️ Discover the Small Defense Stocks That Could Double or Triple Joel Litman has identified a group of smaller defense companies positioned to benefit as military spending shifts toward autonomous systems, drones, advanced weapons, and other emerging technologies. ? Watch free: https://DefenseGoldRush.com/ ? Watch the 2026 Stansberry Conference Live From Home The Stansberry Conference is sold out—but you can still watch Porter Stansberry, Dan Ives, Dan Ferris, Henry Winkler, and more online. ? Learn more: https://2026VegasLivestream.com/ ? Gain an instant edge over Wall Street: https://stansberrydigest.com/ Are investors wrong about the AI bubble? Joel Litman believes the data tells a very different story. In this week’s Stansberry Investor Hour, Dan Ferris sits down with Joel to discuss why he believes publicly traded AI companies are not experiencing a bubble—and why today’s market may resemble 1996 or 1997 more than 1999 or 2000. According to Joel, investors focusing on traditional accounting numbers may be getting a distorted view of corporate profitability. That’s because generally accepted accounting principles can make investments in research, development, and innovation appear as immediate expenses—even when those investments may generate returns for years. Using Uniform Accounting, Joel sees a much more encouraging picture. He argues that corporate earnings are growing quickly, returns on capital remain strong, and the market’s valuation is more reasonable than the traditional Shiller P/E ratio suggests. His conclusion? This may still be the early stage of a bull market. Joel explains: • Why he doesn’t believe publicly traded AI stocks are in a bubble • Why circular financing in the AI industry isn’t automatically a warning sign • Which major technology company concerns him most • How traditional accounting can distort earnings and valuations • Why the Shiller P/E ratio may make the market appear more expensive than it is • Why U.S. companies generate stronger returns than many global competitors • How long-term investors should consider entering the market • Why Warren Buffett’s enormous capital base limits his investment opportunities • And why smaller defense companies could offer significantly greater upside Dan and Joel also examine the rapidly changing defense industry. Defense spending is increasing—but Joel says investors cannot simply buy any defense company and expect to profit. What matters is where the money is being allocated. Military budgets are increasingly targeting artificial intelligence, autonomous systems, drones, counter-drone technology, advanced missiles, lasers, and naval capabilities. Joel recently attended the Fed Supernova conference, where he met with emerging defense companies and saw firsthand how the industry is addressing supply-chain problems and reducing its dependence on China. He was especially impressed by the pace of innovation. Some companies are developing weapons at a fraction of the cost charged by traditional defense contractors. Others are building systems designed to counter massive drone attacks using lasers and other low-cost technologies. But Joel believes the most compelling opportunity may be among smaller publicly traded defense companies. A $1 billion contract may barely move the needle for a massive defense contractor. But for a company valued at $1 billion or $2 billion? A $200 million or $500 million contract could transform the business—and potentially the stock. CAN’T WATCH THE FULL EPISODE? START HERE: 1:33 – Joel Litman Joins the Show 4:28 – How Military Budgets Actually Reach Defense Companies 6:12 – Inside the Fed Supernova Defense Conference 7:27 – Reducing America’s Dependence on Chinese Supply Chains 8:51 – Is the U.S. Munitions Shortage Being Exaggerated? 11:34 – Why Financial Media Narratives Can Mislead Investors 12:45 – Why Joel Says This Is Not an AI Bubble 14:18 – Should Investors Worry About Circular AI Financing? 16:54 – Why Joel Is Concerned About Oracle 17:52 – What Is Uniform Accounting? 21:18 – The Market Signal Joel Calls a “Screaming Buy” 22:51 – Why U.S. Companies Outperform Global Competitors 26:09 – The Problem With the Shiller P/E Ratio 30:22 – Joel’s Five-Month Investing Strategy 33:41 – Why the S&P 500 Is Not the U.S. Economy 34:53 – The Risk of Capital-Intensive AI Investments 36:03 – Has Berkshire Hathaway Become Too Big? 40:06 – Where Joel Sees the Biggest Defense Opportunities 42:46 – Why Northrop Grumman Is Positioned for the New Defense Budget 43:33 – Drones, Autonomous Systems, Lasers, and the Future of Warfare 45:03 – Why Small Defense Companies Could Offer Greater Upside 47:19 – Why Global Defense Spending Could Keep Rising 49:17 – Joel Litman’s Final Take: “We Are Not in a Bubble”

⚠️ Discover the New Stock-Picking System Behind Three Fast Winners Bryan Beach and Whitney Tilson have developed a new system for finding overlooked small-cap opportunities—and their first three picks are already off to a strong start. ? Watch free: https://WhitneyBreakthrough.com/ ? Watch the 2026 Stansberry Conference Live From Home The Stansberry Conference is sold out—but you can still watch Porter Stansberry, Dan Ives, Dan Ferris, Henry Winkler, and more online. ? Learn more: https://2026VegasLivestream.com/ ? Gain an instant edge over Wall Street: https://stansberrydigest.com/ What happens when a value investor starts trusting the numbers? For years, Bryan Beach was skeptical of quantitative stock-picking systems. Now... He's changing his mind. In this week's Stansberry Investor Hour, Dan Ferris sits down with Bryan to discuss the new stock-picking system he developed alongside Whitney Tilson—and why it's finding companies Bryan admits he NEVER would have considered before. The system starts with the Stansberry Score... Then adds additional screens designed specifically to uncover promising small-cap opportunities. And so far? The first three picks are off to an impressive start. One gained roughly 25%. Another gained roughly 25%. And a third—Bowman Consulting—was flagged before private equity agreed to acquire it at a 55% premium. Bryan explains: • Why he was originally skeptical of the Stansberry Score • What finally changed his mind • How Bryan and Whitney built additional screens on top of the system • Why comparing companies across different industries is so difficult • How capital efficiency factors into their process • Why valuation can't be judged the same way for every business • And why a stock's own valuation history may be more useful than its peers But perhaps the most interesting part of the system is what it's forcing Bryan to do... Look at stocks he normally wouldn't touch. Bryan has historically avoided retailers. Yet the system recently identified one that made him reconsider his bias entirely. For Bryan, that's one of the biggest advantages of using a quantitative process: It can force you to investigate opportunities your own biases might cause you to ignore. Dan and Bryan also discuss value investing, passive versus systematic approaches, energy investments, geopolitical risk, and why both are paying close attention to North American energy. Bryan isn't abandoning value investing. Instead, he's combining the principles he's relied on for years with a system that can help narrow thousands of stocks into a much smaller pool of potential opportunities. And if the first three picks are any indication... It's a system worth watching. CAN'T WATCH THE FULL EPISODE? START HERE: 2:01 – Bryan Beach's New Stock-Picking System 3:54 – How the First Three Picks Have Performed 6:24 – The Stansberry Score Explained 7:25 – Why Bryan Was Originally a Skeptic 10:25 – Building a Better Small-Cap Stock Screen 12:46 – Why Capital Efficiency Matters 17:31 – The Problem With Traditional Valuation 21:21 – How Dan Ferris Finds the Right Comparisons 24:54 – Why a Stock's Own History Can Be Its Best Comparison 26:45 – What the First Three Winners Had in Common 29:46 – Narrowing Thousands of Stocks Into a "Fishing Pond" 32:01 – Why Bryan Usually Avoids Retail Stocks 35:08 – The Stock Bryan Never Would Have Considered Before 36:44 – Why Value Investors Are Turning to Systems 41:04 – Dan's Case for Old-School Value Investing 43:23 – Bryan's Energy Hedge Strategy 47:14 – Why Energy Markets Aren't Reacting as Expected 50:38 – Bryan Beach's Biggest Takeaway for Investors

⚠️ Discover the AI Stock Whitney Tilson Says Could Have 22X Upside Dan Ferris shares a free presentation from Whitney Tilson about a company he believes could be one of the most compelling ways to play the AI boom. ? Watch free: https://2026RetirementStock.com/ ? Get an Instant Edge Over Wall Street Stay ahead with timely market insights and analysis. ? Learn more: https://stansberrydigest.com/ What if the smartest thing you could do with your portfolio... Was take LESS risk? For years, PensionCraft founder Ramin Nakisa was 100% invested in global equities. Then he changed his mind. Not because he became bearish... But because he realized he had already made enough money. In this week's Stansberry Investor Hour, Dan Ferris sits down with Ramin for a wide-ranging discussion about portfolio construction, risk, index investing, bonds, market crashes, and his unique 90/10 investing strategy. After reaching his retirement number, Ramin shifted from 100% equities toward a 60/40 stock-and-bond portfolio. His reasoning was simple: He didn't need the extra return. So why take the extra risk? Ramin explains: • Why he moved away from 100% stocks • Why today's bond market looks more attractive • How diversification can protect investors during crashes • Why keeping fees low matters so much • Why a simple global index fund beat his complicated portfolio • And why knowing your own risk tolerance is critical But Ramin also admits something... Index investing is boring. That's why he created his 90/10 approach. He keeps roughly 90% of his investments in a core portfolio that he barely touches. The remaining 10% is his "toy box"... Where he experiments with crypto, leveraged trades, copper miners, small caps, and other active investments. That allows him to scratch the itch to beat the market... Without putting his entire portfolio at risk. Dan and Ramin also discuss the rise of passive investing, risks surrounding today's AI leaders, the Federal Reserve, stock valuations, and why a major market crash isn't necessarily something investors should fear. In fact, Ramin says a 50% S&P 500 crash could be the opportunity of a lifetime for some younger investors. But perhaps his most important lesson has nothing to do with markets. It's knowing what's "enough." Once you know how much money you actually need... It can completely change how you invest—and how you live. CAN'T WATCH THE FULL EPISODE? START HERE: 1:55 – Why Ramin Moved Away From 100% Stocks 4:11 – Why He No Longer Needs the Risk 5:21 – Does the 60/40 Portfolio Still Work? 9:30 – Building a Better Diversified Portfolio 12:32 – How Ramin Went From Physics to Finance 16:32 – What PensionCraft Teaches Investors 20:03 – Why Ramin Doesn't Give Stock Tips 24:53 – Why Understanding Finance Changes Everything 30:24 – Why Long-Term Investors Should Ignore the Noise 35:11 – The Advantage of Index Investing 35:43 – Could Passive Investing Break the Market? 40:33 – Why a 50% Market Crash Could Be a Huge Opportunity 43:03 – How to Think About Stocks During a Crisis 48:00 – Ramin's 90/10 Portfolio Strategy 50:22 – What's Inside Ramin's "Toy Box" Portfolio 52:37 – The Most Important Number Every Investor Should Know