TKR063 | Doug Casey: AI Bubble, Market Risks & Why Commodities Matter Now on The Kinvestor Report

WEBVTT
Kind: captions
Language: en
00:00:00.000 --> 00:00:02.510
Commodities is where it's at. It's
00:00:02.520 --> 00:00:05.830
Look, I love technology, but
00:00:05.840 --> 00:00:08.470
there's an old saying in the market. Uh
00:00:08.480 --> 00:00:11.310
high-tech, big wreck. And that's where
00:00:11.320 --> 00:00:16.365
we are right now. So, don't go there.
00:00:16.375 --> 00:00:22.260
>> [music]
00:00:22.270 --> 00:00:27.710
[music]
00:00:27.720 --> 00:00:29.470
>> Hello everyone and welcome to another
00:00:29.480 --> 00:00:31.470
edition of the Kinvestor Report. It's
00:00:31.480 --> 00:00:33.510
been a while, and this is where I chat
00:00:33.520 --> 00:00:34.870
with industry experts discuss the
00:00:34.880 --> 00:00:36.230
market, commodities, stocks, and the
00:00:36.240 --> 00:00:38.070
economy. As always, I'm your host Arlen
00:00:38.080 --> 00:00:40.390
Hansen. This interview is not investment
00:00:40.400 --> 00:00:42.110
advice. I'm not a professional advisor
00:00:42.120 --> 00:00:44.270
or geologist, mining engineer, or
00:00:44.280 --> 00:00:45.870
anything with some letters behind my
00:00:45.880 --> 00:00:47.590
credentials. However, I have been
00:00:47.600 --> 00:00:49.510
investing kicking rocks for 25 years,
00:00:49.520 --> 00:00:51.110
visited mine sites around the world, and
00:00:51.120 --> 00:00:53.270
have hopefully learned what does not and
00:00:53.280 --> 00:00:55.630
does work in this market. Any financial
00:00:55.640 --> 00:00:57.150
interest Kinvestor or myself has in any
00:00:57.160 --> 00:00:58.870
companies mentioned in today's interview
00:00:58.880 --> 00:01:00.550
will be disclosed. Be sure to do your
00:01:00.560 --> 00:01:02.550
own due diligence, and certainly don't
00:01:02.560 --> 00:01:03.990
buy stocks just cuz people are talking
00:01:04.000 --> 00:01:05.430
about them online. Do your own due
00:01:05.440 --> 00:01:06.750
diligence.
00:01:06.760 --> 00:01:08.590
Today's guest needs a very little
00:01:08.600 --> 00:01:10.470
introduction. He's one of the most
00:01:10.480 --> 00:01:12.190
respected and outspoken investors in the
00:01:12.200 --> 00:01:14.470
natural resource sectors for decades.
00:01:14.480 --> 00:01:15.830
He's been the best-selling author of
00:01:15.840 --> 00:01:18.390
Crisis Investing, pioneering speculator,
00:01:18.400 --> 00:01:19.630
and for decades has been helping
00:01:19.640 --> 00:01:21.510
investors navigate bulls, bears,
00:01:21.520 --> 00:01:23.470
inflations, recessions, and financial
00:01:23.480 --> 00:01:25.430
crises. Whether you agree with him or
00:01:25.440 --> 00:01:28.030
not, one thing is for certain. Doug has
00:01:28.040 --> 00:01:29.070
never been afraid to challenge
00:01:29.080 --> 00:01:30.510
conventional thinking, and many of his
00:01:30.520 --> 00:01:32.190
biggest calls have come long before the
00:01:32.200 --> 00:01:34.310
rest of the market caught on. Um so,
00:01:34.320 --> 00:01:35.630
Doug, I'm just I'm just glad to have you
00:01:35.640 --> 00:01:37.390
on board because you've you've been in
00:01:37.400 --> 00:01:39.870
this game for quite a quite a while.
00:01:39.880 --> 00:01:41.950
I think about five decades, maybe, ish.
00:01:41.960 --> 00:01:43.550
You've seen inflationary '70s, you've
00:01:43.560 --> 00:01:45.470
seen dot-com dot-com bubbles, you've
00:01:45.480 --> 00:01:47.870
seen global financial crisis, COVIDs.
00:01:47.880 --> 00:01:49.870
You've kind of seen it all.
00:01:49.880 --> 00:01:51.790
And we're in unprecedented times now.
00:01:51.800 --> 00:01:53.110
Where do you What do you compare today
00:01:53.120 --> 00:01:54.550
to those periods? Are we just like in a
00:01:54.560 --> 00:01:56.470
totally different
00:01:56.480 --> 00:01:59.350
era of investing and understanding or if
00:01:59.360 --> 00:02:01.550
the same thesis for been forever just
00:02:01.560 --> 00:02:02.990
different times.
00:02:03.000 --> 00:02:06.230
>> Well, that is a um
00:02:06.240 --> 00:02:08.790
a rather profound question.
00:02:08.800 --> 00:02:10.190
With um
00:02:10.200 --> 00:02:12.110
Okay, um
00:02:12.120 --> 00:02:14.470
first of all, where are we today?
00:02:14.480 --> 00:02:16.550
And it seems to me
00:02:16.560 --> 00:02:18.630
that we're in the greatest financial
00:02:18.640 --> 00:02:21.350
bubble of all history.
00:02:21.360 --> 00:02:25.990
Uh and that's reflected in the
00:02:26.000 --> 00:02:28.670
price of stocks,
00:02:28.680 --> 00:02:30.870
real estate prices,
00:02:30.880 --> 00:02:34.230
and the fact that Uh so,
00:02:34.240 --> 00:02:37.870
why is this why is today different from
00:02:37.880 --> 00:02:40.150
from
00:02:40.160 --> 00:02:42.270
what it's been in the past? In my
00:02:42.280 --> 00:02:43.949
experience,
00:02:43.959 --> 00:02:45.550
it's because we we've had the Federal
00:02:45.560 --> 00:02:49.070
Reserve since 1913. And the Fed is the
00:02:49.080 --> 00:02:51.910
actual engine of inflation.
00:02:51.920 --> 00:02:53.949
But
00:02:53.959 --> 00:02:56.270
since 1971,
00:02:56.280 --> 00:02:58.350
it's gotten out of control. And now it's
00:02:58.360 --> 00:03:01.509
seriously out of control. Uh why more
00:03:01.519 --> 00:03:04.630
now than ever? It's because the US
00:03:04.640 --> 00:03:07.270
government uh is
00:03:07.280 --> 00:03:09.949
currently running $2 trillion
00:03:09.959 --> 00:03:10.597
and
00:03:10.607 --> 00:03:10.670
>> [clears throat]
00:03:10.680 --> 00:03:14.229
>> rising annual deficits. Now, where do
00:03:14.239 --> 00:03:17.150
they get the money to fund that deficit
00:03:17.160 --> 00:03:20.110
uh above what they take in taxes?
00:03:20.120 --> 00:03:22.270
Well, they sell bonds.
00:03:22.280 --> 00:03:24.070
Uh and
00:03:24.080 --> 00:03:25.750
now, who do
00:03:25.760 --> 00:03:27.790
In the past, they sold them to the
00:03:27.800 --> 00:03:29.750
public, to institutions, to foreign
00:03:29.760 --> 00:03:31.110
countries.
00:03:31.120 --> 00:03:32.590
But now,
00:03:32.600 --> 00:03:33.470
uh
00:03:34.880 --> 00:03:36.790
almost nobody really wants to buy a
00:03:36.800 --> 00:03:39.270
bond. Nobody with any sense.
00:03:39.280 --> 00:03:43.150
Uh they can see that inflation is is
00:03:43.160 --> 00:03:44.949
bound to go up
00:03:44.959 --> 00:03:46.910
and they're not being adequately
00:03:46.920 --> 00:03:49.350
compensated by the uh
00:03:49.360 --> 00:03:51.710
current level of interest rates.
00:03:51.720 --> 00:03:54.350
So, the Fed winds up buying all these
00:03:54.360 --> 00:03:56.670
bonds, and the Fed
00:03:56.680 --> 00:03:59.910
is actually the creator of super money.
00:03:59.920 --> 00:04:00.910
Uh,
00:04:00.920 --> 00:04:02.710
what it does when the Fed buys
00:04:02.720 --> 00:04:04.510
government bonds,
00:04:04.520 --> 00:04:05.670
it
00:04:05.680 --> 00:04:07.870
credits the US government's account at
00:04:07.880 --> 00:04:10.030
commercial banks.
00:04:10.040 --> 00:04:11.310
Uh,
00:04:11.320 --> 00:04:13.510
with that money, which appears from out
00:04:13.520 --> 00:04:14.990
of nowhere.
00:04:15.000 --> 00:04:17.509
In other words, if if the
00:04:17.519 --> 00:04:20.789
if uh T-note price bought [snorts]
00:04:20.799 --> 00:04:22.670
$2 trillion of government bonds, it
00:04:22.680 --> 00:04:24.190
wouldn't increase the money supply. If
00:04:24.200 --> 00:04:25.790
the Fed buys
00:04:25.800 --> 00:04:28.470
$2 trillion of government bonds,
00:04:28.480 --> 00:04:30.310
it increases the money supply by that
00:04:30.320 --> 00:04:32.350
much. And once it goes into the banking
00:04:32.360 --> 00:04:35.110
system, starting out in the uh accounts
00:04:35.120 --> 00:04:37.110
of the US government,
00:04:37.120 --> 00:04:39.230
through fact fractional reserve, it can
00:04:39.240 --> 00:04:41.030
be expanded.
00:04:41.040 --> 00:04:43.670
And during a time when everybody's
00:04:43.680 --> 00:04:45.790
already in debt and wants to and needs
00:04:45.800 --> 00:04:47.350
to borrow more,
00:04:47.360 --> 00:04:49.950
it's expanded at a greater rate.
00:04:49.960 --> 00:04:51.470
So,
00:04:51.480 --> 00:04:53.710
long explanation, I guess. How are
00:04:53.720 --> 00:04:55.830
things different than what they were
00:04:55.840 --> 00:04:57.909
have been in my lifetime.
00:04:57.919 --> 00:05:00.110
Uh, this is a major change, the
00:05:00.120 --> 00:05:01.630
increasing [clears throat] importance
00:05:01.640 --> 00:05:04.150
and influence of the Fed.
00:05:04.160 --> 00:05:06.630
And what the Fed does for a living is
00:05:06.640 --> 00:05:10.030
basically print money, more or less,
00:05:10.040 --> 00:05:11.630
depending on
00:05:11.640 --> 00:05:14.870
uh how the tea leaves read. So, anyway,
00:05:14.880 --> 00:05:16.790
sorry, that's an overly long answer.
00:05:16.800 --> 00:05:18.870
>> No, I want I would I like long answers.
00:05:18.880 --> 00:05:20.310
Um,
00:05:20.320 --> 00:05:22.750
who's buying these bonds now? Like like
00:05:22.760 --> 00:05:24.390
are they they're just the suckers now?
00:05:24.400 --> 00:05:25.990
Is that like to me the top is always
00:05:26.000 --> 00:05:27.670
when the suckers are buying. And I don't
00:05:27.680 --> 00:05:29.390
want to mean suckers of retail. I'm
00:05:29.400 --> 00:05:30.909
sorry people lose money when that way,
00:05:30.919 --> 00:05:32.110
but like
00:05:32.120 --> 00:05:33.990
who who's in the right line buying these
00:05:34.000 --> 00:05:35.150
bonds?
00:05:35.160 --> 00:05:38.190
>> That's a good question. Uh,
00:05:38.200 --> 00:05:41.350
some of the bond buyers are obligated to
00:05:41.360 --> 00:05:44.990
buy it. I mean, if you're a um
00:05:45.000 --> 00:05:47.110
if you're a fund manager
00:05:47.120 --> 00:05:50.270
and you want a safety so-called element
00:05:50.280 --> 00:05:52.310
in your portfolio, well,
00:05:52.320 --> 00:05:54.390
bonds or US government bonds are where
00:05:54.400 --> 00:05:56.310
you have to go because they're not going
00:05:56.320 --> 00:05:58.470
to be defaulted on. Uh probably not,
00:05:58.480 --> 00:05:58.990
anyway.
00:05:59.000 --> 00:05:59.950
>> Yeah.
00:05:59.960 --> 00:06:00.910
Yeah, well, [laughter]
00:06:00.920 --> 00:06:02.910
that's another discussion.
00:06:02.920 --> 00:06:03.950
>> Right.
00:06:03.960 --> 00:06:05.470
So, it's
00:06:05.480 --> 00:06:08.470
there's some obligatory buying of them
00:06:08.480 --> 00:06:10.990
and
00:06:11.000 --> 00:06:12.950
there are investors that think bonds are
00:06:12.960 --> 00:06:15.350
a good idea.
00:06:15.360 --> 00:06:16.430
But
00:06:16.440 --> 00:06:18.590
as [clears throat] a a speculation
00:06:18.600 --> 00:06:21.470
today, I mean, look, when the US
00:06:21.480 --> 00:06:25.750
government was paying 15, 16%
00:06:25.760 --> 00:06:26.470
uh
00:06:26.480 --> 00:06:29.909
for its money back in the early 1980s,
00:06:29.919 --> 00:06:33.350
bonds were an excellent speculation.
00:06:33.360 --> 00:06:34.590
Today,
00:06:34.600 --> 00:06:36.590
uh that's not the case.
00:06:36.600 --> 00:06:37.579
So, um
00:06:37.589 --> 00:06:38.110
>> [clears throat]
00:06:38.120 --> 00:06:41.030
>> who is buying these bonds, frankly?
00:06:41.040 --> 00:06:45.270
Well, the Fed. The Fed buys them and
00:06:45.280 --> 00:06:47.550
they stay in its portfolio. That's why
00:06:47.560 --> 00:06:50.830
That's why the balance sheet of the Fed,
00:06:50.840 --> 00:06:52.350
which
00:06:52.360 --> 00:06:53.790
Look, I I
00:06:53.800 --> 00:06:56.909
I I I'm not one of the nerdy kind of
00:06:56.919 --> 00:06:58.790
economists that the Fed hires, and they
00:06:58.800 --> 00:07:01.630
have thousands of PhD economists
00:07:01.640 --> 00:07:03.870
that are that they employ. I'm not going
00:07:03.880 --> 00:07:06.030
to say are working for them
00:07:06.040 --> 00:07:07.990
because work implies productive
00:07:08.000 --> 00:07:09.674
activity, and nothing these guys
00:07:09.684 --> 00:07:12.110
>> [laughter]
00:07:12.120 --> 00:07:13.470
>> But uh
00:07:13.480 --> 00:07:15.750
i- i- if you watch the Fed's balance
00:07:15.760 --> 00:07:18.990
sheet, the Fed's balance sheet is
00:07:19.000 --> 00:07:22.190
mostly composed of uh US government
00:07:22.200 --> 00:07:24.710
bonds, and it keeps growing
00:07:24.720 --> 00:07:26.830
for the reason I just said.
00:07:26.840 --> 00:07:28.950
The real danger is going to be in the
00:07:28.960 --> 00:07:31.670
future, uh what
00:07:31.680 --> 00:07:34.390
future, which is near at hand,
00:07:34.400 --> 00:07:37.790
where there are corporate entities that
00:07:37.800 --> 00:07:40.830
have to be bailed out, and if the Fed
00:07:40.840 --> 00:07:42.430
buys the
00:07:42.440 --> 00:07:45.990
stocks or bonds of corporate entities to
00:07:46.000 --> 00:07:47.550
support them,
00:07:47.560 --> 00:07:50.070
uh then it's really going to be game on.
00:07:50.080 --> 00:07:51.110
Uh
00:07:51.120 --> 00:07:52.670
so,
00:07:52.680 --> 00:07:55.390
it's a dangerous institution.
00:07:55.400 --> 00:07:57.390
It It's probably the
00:07:57.400 --> 00:08:00.150
It's There's so many choices to make,
00:08:00.160 --> 00:08:03.470
but it's probably the greatest single
00:08:03.480 --> 00:08:06.310
source of poison in our economy today
00:08:06.320 --> 00:08:08.990
because it corrupts everything through
00:08:09.000 --> 00:08:10.870
the money supply.
00:08:10.880 --> 00:08:13.590
So, um I'd say right now
00:08:13.600 --> 00:08:15.870
is um
00:08:15.880 --> 00:08:19.390
it seems to me a more dangerous time
00:08:19.400 --> 00:08:21.750
than any that I've experienced in the
00:08:21.760 --> 00:08:22.909
past.
00:08:22.919 --> 00:08:24.870
And that includes
00:08:24.880 --> 00:08:26.909
seeing what happened with the riots and
00:08:26.919 --> 00:08:28.950
the bombings and all this type of thing
00:08:28.960 --> 00:08:31.270
after the Vietnam War and
00:08:31.280 --> 00:08:33.510
what happened in the Vietnam War itself.
00:08:33.520 --> 00:08:35.670
So, uh
00:08:35.680 --> 00:08:38.390
But it's kind of disguised by the fact
00:08:38.400 --> 00:08:40.550
that the stock market
00:08:40.560 --> 00:08:42.149
is so high.
00:08:42.159 --> 00:08:43.190
And
00:08:43.200 --> 00:08:44.750
everybody thinks they're going to be
00:08:44.760 --> 00:08:47.670
wealthy. And incidentally, more people
00:08:47.680 --> 00:08:50.470
are involved in the stock market now
00:08:50.480 --> 00:08:52.070
of both um
00:08:52.080 --> 00:08:55.070
as in relative and in absolute terms
00:08:55.080 --> 00:08:57.430
than ever before in history.
00:08:57.440 --> 00:09:00.590
And more than that, uh just in the last
00:09:00.600 --> 00:09:03.110
year, I think this is a little-known
00:09:03.120 --> 00:09:06.030
fact, but it's a genuine fact.
00:09:06.040 --> 00:09:07.390
Uh
00:09:07.400 --> 00:09:10.430
the margin debt
00:09:10.440 --> 00:09:11.950
uh
00:09:11.960 --> 00:09:15.470
on the stock market has gone up 50% just
00:09:15.480 --> 00:09:16.829
in the last year.
00:09:16.839 --> 00:09:17.470
>> What?
00:09:17.480 --> 00:09:19.670
>> So, this is like the bell ringing at the
00:09:19.680 --> 00:09:21.710
top of the market. Famous last words.
00:09:21.720 --> 00:09:22.870
>> What?
00:09:22.880 --> 00:09:24.070
So, so you're saying half of like
00:09:24.080 --> 00:09:25.070
basically half of the value of the
00:09:25.080 --> 00:09:27.270
market is on borrowed money.
00:09:27.280 --> 00:09:28.710
Is that what Is that what that means?
00:09:28.720 --> 00:09:31.430
>> A lot of it. Or I'm not going to say the
00:09:31.440 --> 00:09:34.950
market is the the stock market's run on
00:09:34.960 --> 00:09:36.630
borrowed money,
00:09:36.640 --> 00:09:38.710
but the amount of borrowed money has
00:09:38.720 --> 00:09:40.430
gone up.
00:09:40.440 --> 00:09:42.670
What's the correct number?
00:09:42.680 --> 00:09:44.470
>> We don't need We don't need exact
00:09:44.480 --> 00:09:46.270
numbers, but I think we get it we get
00:09:46.280 --> 00:09:46.876
it, yeah.
00:09:46.886 --> 00:09:47.070
>> [laughter]
00:09:47.080 --> 00:09:49.390
>> It's up 50% in the last year.
00:09:49.400 --> 00:09:51.310
>> That is crazy.
00:09:51.320 --> 00:09:53.150
>> Yeah, it is I I I think it's actually
00:09:53.160 --> 00:09:55.950
from 1 trillion to 1.5.
00:09:55.960 --> 00:09:57.430
But, I stand to be corrected.
00:09:57.440 --> 00:09:59.430
>> Yeah, those are huge numbers. Just like
00:09:59.440 --> 00:10:01.550
on a percentage basis, right? Just It's
00:10:01.560 --> 00:10:02.830
just like
00:10:02.840 --> 00:10:05.510
It's I've never been in a spiraling debt
00:10:05.520 --> 00:10:07.270
pattern before, but like when I was
00:10:07.280 --> 00:10:08.830
younger I had, you know, credit card
00:10:08.840 --> 00:10:11.150
bills that kind of reached a little too
00:10:11.160 --> 00:10:12.870
high, and trying to get out of that was
00:10:12.880 --> 00:10:14.150
a mess.
00:10:14.160 --> 00:10:15.630
Like I had to borrow money from my
00:10:15.640 --> 00:10:17.070
parents to get out of that mess.
00:10:17.080 --> 00:10:18.230
Otherwise, I wouldn't have been able to
00:10:18.240 --> 00:10:19.430
get out of that mess just cuz the
00:10:19.440 --> 00:10:20.550
interest rates were too high. And this
00:10:20.560 --> 00:10:22.990
is where we are now. It's just It just
00:10:23.000 --> 00:10:25.150
can't go on. Like They like What do you
00:10:25.160 --> 00:10:27.310
think Why inves- Why do you think
00:10:27.320 --> 00:10:29.030
investors aren't getting this or seeing
00:10:29.040 --> 00:10:30.430
this? Why do you think investors aren't
00:10:30.440 --> 00:10:32.990
looking at a 25-year chart of gold
00:10:33.000 --> 00:10:34.670
versus the dollar and being like, "Hey,
00:10:34.680 --> 00:10:36.230
this is the best chart in the world.
00:10:36.240 --> 00:10:37.950
Let's stick with it."
00:10:37.960 --> 00:10:39.270
>> Well,
00:10:39.280 --> 00:10:43.110
you [clears throat] know, half of the um
00:10:43.120 --> 00:10:46.030
people in the US, I think I I saw this
00:10:46.040 --> 00:10:49.630
number just today, half of Americans
00:10:49.640 --> 00:10:50.510
have
00:10:50.520 --> 00:10:52.230
been to college.
00:10:52.240 --> 00:10:53.630
And uh
00:10:53.640 --> 00:10:55.070
I'm very
00:10:55.080 --> 00:10:57.670
This is a very sad thing because going
00:10:57.680 --> 00:10:59.470
to college today
00:10:59.480 --> 00:11:01.829
is a corrupting influence. It's
00:11:01.839 --> 00:11:05.150
detrimental to your psychological
00:11:05.160 --> 00:11:07.270
and intellectual health. It's really
00:11:07.280 --> 00:11:10.310
stupid uh as well as your um as well as
00:11:10.320 --> 00:11:12.230
your financial health because most
00:11:12.240 --> 00:11:13.990
people have to borrow money to go to
00:11:14.000 --> 00:11:15.430
college.
00:11:15.440 --> 00:11:18.350
So, um
00:11:18.360 --> 00:11:19.990
This is another thing.
00:11:20.000 --> 00:11:21.829
Uh it's not just the Federal Reserve
00:11:21.839 --> 00:11:24.550
which has corrupted American society,
00:11:24.560 --> 00:11:27.430
but the education system which has been
00:11:27.440 --> 00:11:31.190
totally captured by status
00:11:31.200 --> 00:11:35.750
uh Marxists uh woksters, all kinds of
00:11:35.760 --> 00:11:38.230
intellectually and morally unsound
00:11:38.240 --> 00:11:39.190
people.
00:11:39.200 --> 00:11:41.510
>> I and I can't I can't agree with you
00:11:41.520 --> 00:11:43.110
more on that, right? Like for the for
00:11:43.120 --> 00:11:44.350
the government and the system and the
00:11:44.360 --> 00:11:46.510
education system to tell us what we need
00:11:46.520 --> 00:11:48.430
to be good at in order to be valued as
00:11:48.440 --> 00:11:50.750
human beings in society.
00:11:50.760 --> 00:11:52.310
Like oh, I have to be good at math in
00:11:52.320 --> 00:11:54.270
order to be a valuable human being in
00:11:54.280 --> 00:11:56.230
the society? Like are you kidding me?
00:11:56.240 --> 00:11:58.590
Like it's it's absolutely ridiculous
00:11:58.600 --> 00:12:00.310
what they're kind of forcing what they
00:12:00.320 --> 00:12:01.870
want us to learn.
00:12:01.880 --> 00:12:02.230
Right?
00:12:02.240 --> 00:12:05.630
>> Well, and people are not being forced if
00:12:05.640 --> 00:12:06.830
you would
00:12:06.840 --> 00:12:08.230
to learn
00:12:08.240 --> 00:12:11.110
important real things like the STEM
00:12:11.120 --> 00:12:12.790
subjects, science, technology,
00:12:12.800 --> 00:12:15.150
engineering, and math.
00:12:15.160 --> 00:12:16.990
And even medicine.
00:12:17.000 --> 00:12:19.510
They're mostly learning um
00:12:19.520 --> 00:12:22.270
so-called liberal arts, the definite
00:12:22.280 --> 00:12:24.350
definition of which has been
00:12:24.360 --> 00:12:25.790
corrupted.
00:12:25.800 --> 00:12:27.870
The word liberal used to say come came
00:12:27.880 --> 00:12:29.910
from the Latin word liber, which means
00:12:29.920 --> 00:12:32.270
free. Something that a free man would
00:12:32.280 --> 00:12:34.510
study, but today it's somebody
00:12:34.520 --> 00:12:36.190
Liberal Arts are basically things that
00:12:36.200 --> 00:12:37.270
are
00:12:37.280 --> 00:12:38.950
somebody with the slave psychology would
00:12:38.960 --> 00:12:39.990
study.
00:12:40.000 --> 00:12:41.070
You know, it's funny. We're talking
00:12:41.080 --> 00:12:43.190
about this and
00:12:43.200 --> 00:12:45.110
my last book
00:12:45.120 --> 00:12:47.230
uh how old is it now? I don't know. This
00:12:47.240 --> 00:12:49.670
thing has been out about 9 months.
00:12:49.680 --> 00:12:51.510
Uh it's called The Preparation. I don't
00:12:51.520 --> 00:12:52.870
know if you're familiar with this or
00:12:52.880 --> 00:12:53.230
not.
00:12:53.240 --> 00:12:54.070
>> Well, actually I know I haven't seen
00:12:54.080 --> 00:12:55.510
that one yet to be quite honest.
00:12:55.520 --> 00:12:58.430
>> Well, like all authors, I have a copy on
00:12:58.440 --> 00:12:59.750
my desk
00:12:59.760 --> 00:13:01.910
for occasions such as this.
00:13:01.920 --> 00:13:04.110
And let me take the opportunity. We were
00:13:04.120 --> 00:13:06.190
just talking about or I was just talking
00:13:06.200 --> 00:13:07.310
about
00:13:07.320 --> 00:13:11.150
uh college and what a disaster it is.
00:13:11.160 --> 00:13:13.670
And it's true. Uh
00:13:13.680 --> 00:13:16.470
I should I wish I hadn't gone to
00:13:16.480 --> 00:13:19.350
misallocated 4 years of my time
00:13:19.360 --> 00:13:21.750
and what was then a lot of money.
00:13:21.760 --> 00:13:25.670
Peanuts today. Uh going to college and
00:13:25.680 --> 00:13:27.750
getting a a degree.
00:13:27.760 --> 00:13:30.630
It was a waste of my time. Uh
00:13:30.640 --> 00:13:33.630
today it's more than a waste. It's a
00:13:33.640 --> 00:13:34.790
And and it had [clears throat] value
00:13:34.800 --> 00:13:38.190
because not everybody went to college um
00:13:38.200 --> 00:13:40.059
years ago. But
00:13:40.069 --> 00:13:40.110
>> [clears throat]
00:13:40.120 --> 00:13:41.150
>> anyway,
00:13:41.160 --> 00:13:42.910
what I'm trying to do in this book, The
00:13:42.920 --> 00:13:44.390
Preparation,
00:13:44.400 --> 00:13:48.030
is describe why college is worse than
00:13:48.040 --> 00:13:50.670
unnecessary. It's
00:13:50.680 --> 00:13:52.510
it's a negative.
00:13:52.520 --> 00:13:54.670
Uh but more important, I'm trying to
00:13:54.680 --> 00:13:57.590
describe in this book what you should do
00:13:57.600 --> 00:14:00.470
in those four years. A young man
00:14:00.480 --> 00:14:02.670
Cuz it seems to me that a lot of young
00:14:02.680 --> 00:14:05.150
men are floating around and feel kind of
00:14:05.160 --> 00:14:08.470
lost. They feel redundant. They feel
00:14:08.480 --> 00:14:10.990
unloved and unnecessary.
00:14:11.000 --> 00:14:12.870
And once they get out of high school,
00:14:12.880 --> 00:14:15.230
now what are you going to do? I mean
00:14:15.240 --> 00:14:17.430
work as a male barista? Well, maybe. A
00:14:17.440 --> 00:14:19.710
lot of them do now. So, what this book
00:14:19.720 --> 00:14:21.630
describes is not
00:14:21.640 --> 00:14:24.470
uh is what you should do during that
00:14:24.480 --> 00:14:26.510
four-year period of time.
00:14:26.520 --> 00:14:28.150
Uh
00:14:28.160 --> 00:14:30.630
and it's divided into two parts. The
00:14:30.640 --> 00:14:34.910
academic part, where basically by taking
00:14:34.920 --> 00:14:37.829
courses from an outfit like The Teaching
00:14:37.839 --> 00:14:39.870
Company, that
00:14:39.880 --> 00:14:40.829
Are you familiar with them,
00:14:40.839 --> 00:14:41.390
incidentally?
00:14:41.400 --> 00:14:43.110
>> No, no, I'm not the teach The Teaching
00:14:43.120 --> 00:14:43.990
Company?
00:14:44.000 --> 00:14:45.950
>> Yeah, exactly. No, it's a it's a
00:14:45.960 --> 00:14:47.750
fantastic uh
00:14:47.760 --> 00:14:50.030
organization. What they've done
00:14:50.040 --> 00:14:52.750
is they've taken the uh
00:14:52.760 --> 00:14:56.510
they've searched for and I largely found
00:14:56.520 --> 00:14:59.150
uh the best college professors in the
00:14:59.160 --> 00:15:00.350
world
00:15:00.360 --> 00:15:02.350
and pay them to give a command
00:15:02.360 --> 00:15:05.230
performance presentation of everything
00:15:05.240 --> 00:15:07.550
they know about their subject. Uh
00:15:07.560 --> 00:15:10.790
history, various sciences, literature,
00:15:10.800 --> 00:15:11.990
you name it.
00:15:12.000 --> 00:15:14.829
Uh and of course, since these things are
00:15:14.839 --> 00:15:17.470
uh recorded electronically,
00:15:17.480 --> 00:15:19.350
you can listen to them as many times as
00:15:19.360 --> 00:15:21.430
possible. Whereas, if you go to
00:15:21.440 --> 00:15:22.790
if you
00:15:22.800 --> 00:15:25.270
do go to college, uh half the time
00:15:25.280 --> 00:15:27.150
you'll miss the classes because you were
00:15:27.160 --> 00:15:29.830
staying up too late the night before.
00:15:29.840 --> 00:15:32.590
Uh when you go to you might fall asleep.
00:15:32.600 --> 00:15:33.670
I'm just speaking from my own
00:15:33.680 --> 00:15:36.990
experience. Uh and if you do take notes,
00:15:37.000 --> 00:15:39.030
they're bad notes and you probably won't
00:15:39.040 --> 00:15:40.470
read them anyway.
00:15:40.480 --> 00:15:42.630
So,
00:15:42.640 --> 00:15:44.950
you spend 4 years learning stuff in
00:15:44.960 --> 00:15:46.110
college
00:15:46.120 --> 00:15:48.110
and anything you do or do learn is
00:15:48.120 --> 00:15:50.870
accidentally absorbed by osmosis or
00:15:50.880 --> 00:15:53.510
cramming for exams at the last minute.
00:15:53.520 --> 00:15:56.430
It it it's a stupid uh
00:15:56.440 --> 00:15:59.110
thing to do. So,
00:15:59.120 --> 00:16:01.190
I would say that by
00:16:01.200 --> 00:16:03.030
taking the courses which are
00:16:03.040 --> 00:16:04.870
entertaining and interesting and well
00:16:04.880 --> 00:16:06.950
delivered, not uh
00:16:06.960 --> 00:16:08.510
you know, most college professors are
00:16:08.520 --> 00:16:10.750
just droning and giving the same speech
00:16:10.760 --> 00:16:13.590
again and again
00:16:13.600 --> 00:16:16.430
to new classes. Waste of time.
00:16:16.440 --> 00:16:17.990
So,
00:16:18.000 --> 00:16:21.070
you get better than a college education.
00:16:21.080 --> 00:16:23.990
But also, we divide the uh
00:16:24.000 --> 00:16:27.670
the uh 4 years into 16 quarters and in
00:16:27.680 --> 00:16:29.870
each of these quarters,
00:16:29.880 --> 00:16:32.710
you learn a an important skill. The idea
00:16:32.720 --> 00:16:34.070
with this
00:16:34.080 --> 00:16:36.390
is that by the time you finish, by the
00:16:36.400 --> 00:16:38.070
time you're 22,
00:16:38.080 --> 00:16:39.870
you shouldn't be just a kid with a piece
00:16:39.880 --> 00:16:42.110
of paper on the wall if you're lucky or
00:16:42.120 --> 00:16:43.829
unlucky as it were.
00:16:43.839 --> 00:16:46.630
Uh but a Renaissance man who's widely
00:16:46.640 --> 00:16:49.990
experienced in the world. For instance,
00:16:50.000 --> 00:16:51.829
the one quarter, we have you go into
00:16:51.839 --> 00:16:52.990
Italy
00:16:53.000 --> 00:16:55.990
to take a month cooking school. Not
00:16:56.000 --> 00:16:57.870
because you want to become Gordon Ramsay
00:16:57.880 --> 00:17:00.150
or Wolfgang Puck, but
00:17:00.160 --> 00:17:03.829
but it's a it's a very valuable skill.
00:17:03.839 --> 00:17:05.731
>> To feed yourself? Yes, it is.
00:17:05.741 --> 00:17:06.150
>> [laughter]
00:17:06.160 --> 00:17:08.510
>> Yeah, and properly. And people people
00:17:08.520 --> 00:17:10.750
respect that as they should.
00:17:10.760 --> 00:17:13.470
One quarter will send you to Canada
00:17:13.480 --> 00:17:16.429
to learn welding, uh which is a trade
00:17:16.439 --> 00:17:18.829
which pays well, and
00:17:18.839 --> 00:17:19.550
uh,
00:17:19.560 --> 00:17:23.069
one quarter will send you to
00:17:23.079 --> 00:17:25.270
the west, Wyoming,
00:17:25.280 --> 00:17:26.990
to, um,
00:17:27.000 --> 00:17:30.510
learn survival skills to live in the
00:17:30.520 --> 00:17:32.590
wilderness with
00:17:32.600 --> 00:17:34.510
This is a very valuable skill.
00:17:34.520 --> 00:17:34.950
>> Yes, it is.
00:17:34.960 --> 00:17:37.670
>> One quarter will send you to a ranch to
00:17:37.680 --> 00:17:41.030
learn cowboying, working with animals.
00:17:41.040 --> 00:17:43.670
One quarter will, um,
00:17:43.680 --> 00:17:44.630
well,
00:17:44.640 --> 00:17:47.510
uh, my co-author, uh, one of my
00:17:47.520 --> 00:17:50.270
co-authors on this book, Maxim, is now
00:17:50.280 --> 00:17:53.190
he's 20 years old. When he was 19, he
00:17:53.200 --> 00:17:54.990
sailed from the Falkland Islands to
00:17:55.000 --> 00:17:57.430
Chile around Cape Horn.
00:17:57.440 --> 00:17:59.550
So, you'll learn to be an open ocean
00:17:59.560 --> 00:18:02.470
sailor. So, you see where I Yeah,
00:18:02.480 --> 00:18:04.590
another quarter, you learn to be an EMT,
00:18:04.600 --> 00:18:07.630
which is a which is a valuable skill
00:18:07.640 --> 00:18:09.670
that's immediately employable. Maxim did
00:18:09.680 --> 00:18:11.510
that, too. We're using him as a guinea
00:18:11.520 --> 00:18:13.190
pig for this program.
00:18:13.200 --> 00:18:14.507
>> Sorry, Maxim.
00:18:14.517 --> 00:18:15.150
>> [laughter]
00:18:15.160 --> 00:18:19.590
>> And after he got his EMT, he he's doing
00:18:19.600 --> 00:18:22.830
his when he's available, uh,
00:18:22.840 --> 00:18:26.190
working fires, uh, in the west, and he's
00:18:26.200 --> 00:18:28.830
paid $600 a day,
00:18:28.840 --> 00:18:31.430
plus expenses. This is pretty good for a
00:18:31.440 --> 00:18:33.790
19-year-old kid.
00:18:33.800 --> 00:18:34.550
>> Yeah.
00:18:34.560 --> 00:18:35.710
>> you get the
00:18:35.720 --> 00:18:37.430
I hope you get the idea of what I'm what
00:18:37.440 --> 00:18:39.990
we're trying to do in this book. Uh,
00:18:40.000 --> 00:18:43.550
you get a proper classical education and
00:18:43.560 --> 00:18:46.710
lots of practical experience, which
00:18:46.720 --> 00:18:48.470
allows you to be able to deal with
00:18:48.480 --> 00:18:50.830
everything. And in the environment we're
00:18:50.840 --> 00:18:53.270
looking at over the next 10 years,
00:18:53.280 --> 00:18:55.510
minimum, uh, you're going to need all
00:18:55.520 --> 00:18:58.910
the skills and, um,
00:18:58.920 --> 00:19:01.070
fortitude that you can muster. The
00:19:01.080 --> 00:19:03.110
object of this book is to turn a young
00:19:03.120 --> 00:19:05.590
man into something somebody who's
00:19:05.600 --> 00:19:08.910
confident, competent, and actually
00:19:08.920 --> 00:19:11.070
dangerous. Oh,
00:19:11.080 --> 00:19:14.230
you'll also spend a couple of months in
00:19:14.240 --> 00:19:16.110
the Orient learning
00:19:16.120 --> 00:19:17.510
learning uh
00:19:17.520 --> 00:19:20.030
martial arts so you can defend yourself
00:19:20.040 --> 00:19:22.470
or understand the basics of
00:19:22.480 --> 00:19:25.390
defending yourself. So,
00:19:25.400 --> 00:19:26.830
you see by the time you finish this
00:19:26.840 --> 00:19:28.910
4-year preparation,
00:19:28.920 --> 00:19:30.990
you've been everywhere in the world,
00:19:31.000 --> 00:19:33.870
you've learned or been exposed to
00:19:33.880 --> 00:19:35.790
several foreign languages, you picked up
00:19:35.800 --> 00:19:39.110
practical skills, and a very good uh
00:19:39.120 --> 00:19:41.630
education and and you had a lot more fun
00:19:41.640 --> 00:19:43.110
than going to college.
00:19:43.120 --> 00:19:44.750
>> Yeah. I There's There's two things I
00:19:44.760 --> 00:19:46.870
think that are very valuable here is
00:19:46.880 --> 00:19:48.030
we're actually learning through
00:19:48.040 --> 00:19:49.990
experience.
00:19:50.000 --> 00:19:51.150
And I think that's the best way to
00:19:51.160 --> 00:19:53.110
learn. That's the best way to learn. No
00:19:53.120 --> 00:19:55.470
books can teach you how to survive in
00:19:55.480 --> 00:19:56.910
the woods if that's what it comes down
00:19:56.920 --> 00:19:59.030
to. Like it really and and you can read
00:19:59.040 --> 00:20:00.870
a book on how to cook, but really how
00:20:00.880 --> 00:20:02.030
are you going to become a good cook? By
00:20:02.040 --> 00:20:04.110
experience, right? The other thing that
00:20:04.120 --> 00:20:06.310
I like what you said there is learn to
00:20:06.320 --> 00:20:08.070
be dangerous.
00:20:08.080 --> 00:20:10.670
Right? So, or so you learn to be a
00:20:10.680 --> 00:20:15.390
learn to be a danger, but not dangerous.
00:20:15.400 --> 00:20:16.830
If that makes sense. Like we want to
00:20:16.840 --> 00:20:18.190
become dangerous. We don't want to hurt
00:20:18.200 --> 00:20:19.710
people, but we don't want people to
00:20:19.720 --> 00:20:21.270
think that they can just walk all over
00:20:21.280 --> 00:20:22.510
us.
00:20:22.520 --> 00:20:23.310
>> Precisely correct.
00:20:23.320 --> 00:20:24.710
>> The big difference. Very big difference
00:20:24.720 --> 00:20:26.670
there. But okay, but let's wrap all this
00:20:26.680 --> 00:20:29.270
around to experience. You've got a lot
00:20:29.280 --> 00:20:32.070
of experience investing in the gold and
00:20:32.080 --> 00:20:33.790
precious metal sector, in the junior
00:20:33.800 --> 00:20:35.270
mining sector.
00:20:35.280 --> 00:20:37.270
What do you think has changed the most
00:20:37.280 --> 00:20:38.870
over these last, you know, since the
00:20:38.880 --> 00:20:43.150
1970s or 1980s to now on how to look at
00:20:43.160 --> 00:20:45.310
investments, how to manage your capital
00:20:45.320 --> 00:20:47.350
when it comes to commodities?
00:20:47.360 --> 00:20:48.830
Just let's let's I just want to pick
00:20:48.840 --> 00:20:51.630
your brain on that. Go go free.
00:20:51.640 --> 00:20:53.390
>> Well, we've had
00:20:53.400 --> 00:20:56.350
some fantastic bull markets since gold
00:20:56.360 --> 00:20:59.430
was liberated in 1971.
00:20:59.440 --> 00:21:01.470
Um
00:21:01.480 --> 00:21:02.790
and
00:21:02.800 --> 00:21:05.310
in these bull markets,
00:21:05.320 --> 00:21:08.550
the whole market, the whole universe of
00:21:08.560 --> 00:21:11.870
of small mining companies, most of which
00:21:11.880 --> 00:21:13.750
are just as Mark Twain said, holes in
00:21:13.760 --> 00:21:16.030
the ground with a liar at the entrance.
00:21:16.040 --> 00:21:19.710
But the whole market could go 10 to 1.
00:21:19.720 --> 00:21:20.510
Uh,
00:21:20.520 --> 00:21:22.270
just in the course of of three or four
00:21:22.280 --> 00:21:23.710
year cycle.
00:21:23.720 --> 00:21:26.830
Uh, this last time, even though gold ran
00:21:26.840 --> 00:21:29.750
to what, $5,400 an ounce,
00:21:29.760 --> 00:21:30.990
um,
00:21:31.000 --> 00:21:32.910
and the stocks, these mining stocks have
00:21:32.920 --> 00:21:35.030
done extremely well,
00:21:35.040 --> 00:21:38.830
but not nearly as well as they should
00:21:38.840 --> 00:21:41.550
have with these kind of gold and silver
00:21:41.560 --> 00:21:42.750
prices.
00:21:42.760 --> 00:21:44.790
Um,
00:21:44.800 --> 00:21:49.110
it's even though they run up relative to
00:21:49.120 --> 00:21:52.310
other things in the investment world,
00:21:52.320 --> 00:21:53.270
uh,
00:21:53.280 --> 00:21:55.630
s- mining stocks
00:21:55.640 --> 00:21:58.470
are, in fact, all commodity stocks are
00:21:58.480 --> 00:22:02.030
at their lowest level ever, the cheapest
00:22:02.040 --> 00:22:04.350
ever. I mean, Newmont, [clears throat]
00:22:04.360 --> 00:22:07.350
which is the biggest gold miner,
00:22:07.360 --> 00:22:10.070
is selling at a 9 to 1 price earnings
00:22:10.080 --> 00:22:11.390
ratio.
00:22:11.400 --> 00:22:13.190
And I think it's earnings are going to
00:22:13.200 --> 00:22:16.190
go up because they're coining money. The
00:22:16.200 --> 00:22:19.990
oil in all in sustaining costs of
00:22:20.000 --> 00:22:23.350
a marginal ounce of gold is estimated to
00:22:23.360 --> 00:22:25.430
be around $1,700
00:22:25.440 --> 00:22:26.830
in that area.
00:22:26.840 --> 00:22:29.630
Uh, with gold at 4,000, for the first
00:22:29.640 --> 00:22:32.110
time in a very long time, these
00:22:32.120 --> 00:22:35.430
companies, it's like owning a gold mine.
00:22:35.440 --> 00:22:37.430
And and
00:22:37.440 --> 00:22:39.110
I I say that as somebody who believes
00:22:39.120 --> 00:22:41.550
that the mining industry is the world's
00:22:41.560 --> 00:22:44.630
crappiest industry or close to it. I
00:22:44.640 --> 00:22:47.190
mean, no wonder Warren Buffett never
00:22:47.200 --> 00:22:49.550
invested in mining stocks. I can give
00:22:49.560 --> 00:22:51.590
you all the reasons why nobody should
00:22:51.600 --> 00:22:53.550
invest in them. First of all, cuz you
00:22:53.560 --> 00:22:56.070
can't invest in them. You can speculate
00:22:56.080 --> 00:22:57.470
in them at most,
00:22:57.480 --> 00:22:58.630
>> [laughter]
00:22:58.640 --> 00:23:01.470
>> not not invest. That's
00:23:01.480 --> 00:23:04.070
But still, I'd say right now, as we
00:23:04.080 --> 00:23:05.190
speak,
00:23:05.200 --> 00:23:05.790
uh
00:23:05.800 --> 00:23:07.950
they're the best place in the world to
00:23:07.960 --> 00:23:11.070
put your money, along with energy
00:23:11.080 --> 00:23:12.390
commodities,
00:23:12.400 --> 00:23:14.790
oil, gas, uranium.
00:23:14.800 --> 00:23:17.270
Same thing, really, really cheap. People
00:23:17.280 --> 00:23:20.510
don't realize that
00:23:20.520 --> 00:23:24.950
the last real peak in oil and gas stocks
00:23:24.960 --> 00:23:26.870
was 1980,
00:23:26.880 --> 00:23:30.630
when they were 20% of the S&P 500. You
00:23:30.640 --> 00:23:32.150
know what percentage they are today?
00:23:32.160 --> 00:23:33.150
Well, I guess
00:23:33.160 --> 00:23:33.910
>> Three?
00:23:33.920 --> 00:23:35.430
>> Like three or something like that?
00:23:35.440 --> 00:23:35.830
>> Three?
00:23:35.840 --> 00:23:36.430
>> Yeah,
00:23:36.440 --> 00:23:38.750
it was it was it was it was three. It's
00:23:38.760 --> 00:23:40.710
come up a little bit. It's four now.
00:23:40.720 --> 00:23:41.470
>> Right.
00:23:41.480 --> 00:23:42.510
>> Which
00:23:42.520 --> 00:23:45.390
Which is crazy. And and mining stocks
00:23:45.400 --> 00:23:46.910
uh
00:23:46.920 --> 00:23:49.910
are And, of course, mining produces most
00:23:49.920 --> 00:23:52.350
of the raw materials of civilization,
00:23:52.360 --> 00:23:53.070
frankly.
00:23:53.080 --> 00:23:55.111
>> Period. Period.
00:23:55.121 --> 00:23:55.350
>> [laughter]
00:23:55.360 --> 00:23:58.350
>> It's 2%. So, I think they're greatly
00:23:58.360 --> 00:24:00.710
under owned and and they're hated
00:24:00.720 --> 00:24:03.790
by the kind of people that
00:24:03.800 --> 00:24:05.030
run
00:24:05.040 --> 00:24:07.230
mutual funds and ETFs and the same
00:24:07.240 --> 00:24:07.830
thing.
00:24:07.840 --> 00:24:08.190
>> Yeah.
00:24:08.200 --> 00:24:09.870
>> I mean, look,
00:24:09.880 --> 00:24:12.270
they're raping Mother Earth, but
00:24:12.280 --> 00:24:14.470
you know, the natives hate them, and
00:24:14.480 --> 00:24:16.150
everybody's supposed to hate mining.
00:24:16.160 --> 00:24:18.670
It's a stupid 19th century choo-choo
00:24:18.680 --> 00:24:20.110
train business,
00:24:20.120 --> 00:24:21.550
playing around in the dirt with yellow
00:24:21.560 --> 00:24:24.030
trucks. Who wants to do that? Rather sit
00:24:24.040 --> 00:24:25.230
here
00:24:25.240 --> 00:24:26.630
you know, in Mother's basement, play
00:24:26.640 --> 00:24:27.830
with your computer.
00:24:27.840 --> 00:24:30.150
>> Yeah, and their cell phones and ChatGPT
00:24:30.160 --> 00:24:32.070
and everything else that requires mining
00:24:32.080 --> 00:24:35.870
to fuel it. It's crazy.
00:24:35.880 --> 00:24:38.870
>> Yeah, precisely. So, uh
00:24:38.880 --> 00:24:40.970
at this point, everything that I own
00:24:40.980 --> 00:24:42.430
[clears throat] in the stock market,
00:24:42.440 --> 00:24:44.030
with with a couple of my couple of
00:24:44.040 --> 00:24:46.190
relatively minor exceptions,
00:24:46.200 --> 00:24:49.870
uh is in the resource area. And
00:24:49.880 --> 00:24:50.132
I
00:24:50.142 --> 00:24:50.150
>> [clears throat]
00:24:50.160 --> 00:24:51.790
>> I'll go further. When it comes to
00:24:51.800 --> 00:24:53.230
commodities,
00:24:53.240 --> 00:24:55.590
right now, all of the uh
00:24:55.600 --> 00:24:59.150
grains, especially soybeans, corn,
00:24:59.160 --> 00:25:00.350
wheat,
00:25:00.360 --> 00:25:03.190
rice. Uh they're all traded
00:25:03.200 --> 00:25:04.790
and they're all really, really cheap
00:25:04.800 --> 00:25:06.030
right now.
00:25:06.040 --> 00:25:06.630
Uh
00:25:06.640 --> 00:25:08.750
once again, historic lows from a number
00:25:08.760 --> 00:25:10.230
of points of view
00:25:10.240 --> 00:25:11.790
that we could discuss
00:25:11.800 --> 00:25:12.590
uh
00:25:12.600 --> 00:25:14.830
about why that is. So,
00:25:14.840 --> 00:25:16.470
that's where people should put their
00:25:16.480 --> 00:25:18.190
money, but they're not.
00:25:18.200 --> 00:25:19.590
I mean, they're putting their money in
00:25:19.600 --> 00:25:22.670
things like, well, SpaceX. And I I I'm a
00:25:22.680 --> 00:25:25.510
huge fan of Elon Musk.
00:25:25.520 --> 00:25:28.430
Got immense respect for him. He's, you
00:25:28.440 --> 00:25:30.230
know, he's a genius.
00:25:30.240 --> 00:25:31.150
But
00:25:31.160 --> 00:25:31.990
but [clears throat]
00:25:32.000 --> 00:25:32.950
but the
00:25:32.960 --> 00:25:36.350
that that and the fact he's got a vision
00:25:36.360 --> 00:25:38.750
doesn't at this particular stage of the
00:25:38.760 --> 00:25:41.270
market, which is the top of a bubble, I
00:25:41.280 --> 00:25:43.310
mean, it's not worth $2
00:25:43.320 --> 00:25:46.150
trillion dollars, especially since only
00:25:46.160 --> 00:25:48.670
a small proportion of SpaceX is actually
00:25:48.680 --> 00:25:51.430
the rockets and the satellites. The rest
00:25:51.440 --> 00:25:53.190
of it's all
00:25:53.200 --> 00:25:56.190
AI building AI data centers. And And I
00:25:56.200 --> 00:25:56.910
think [clears throat] this is going to
00:25:56.920 --> 00:25:58.390
turn into a
00:25:58.400 --> 00:26:01.070
catastrophic mistake for the people that
00:26:01.080 --> 00:26:03.670
are in it, directly and indirectly. And
00:26:03.680 --> 00:26:06.910
I say that as a a fan of AI and a fan of
00:26:06.920 --> 00:26:10.310
technology. I I'm just talking about
00:26:10.320 --> 00:26:12.390
the market for these things.
00:26:12.400 --> 00:26:15.910
>> Yeah, it's uh but also for I I really
00:26:15.920 --> 00:26:17.910
believe for humanity. Let's I am a fan
00:26:17.920 --> 00:26:20.350
of AI. I use it, obviously, but like it
00:26:20.360 --> 00:26:21.870
gets to the point where we rely so
00:26:21.880 --> 00:26:23.590
heavily on it that we stop using our
00:26:23.600 --> 00:26:25.030
brains. And when we stop using our
00:26:25.040 --> 00:26:27.270
brains, our brains actually start
00:26:27.280 --> 00:26:29.750
shrinking. And we stop thinking for
00:26:29.760 --> 00:26:31.430
ourselves, right? It's just like it The
00:26:31.440 --> 00:26:32.750
list goes on. I'm not a scientist. I
00:26:32.760 --> 00:26:34.630
can't tell all about it, but it's just
00:26:34.640 --> 00:26:35.790
like without a question in my mind, I
00:26:35.800 --> 00:26:37.310
don't think this is all good great for
00:26:37.320 --> 00:26:38.430
humanity.
00:26:38.440 --> 00:26:39.710
>> Oh,
00:26:39.720 --> 00:26:43.070
I was talking about college today.
00:26:43.080 --> 00:26:44.110
I mean,
00:26:44.120 --> 00:26:46.030
part of college in the old days used to
00:26:46.040 --> 00:26:48.870
be writing papers. But any paper that's
00:26:48.880 --> 00:26:50.653
written today is written basically
00:26:50.663 --> 00:26:52.990
[clears throat] by AI. And at least if
00:26:53.000 --> 00:26:54.990
the kid is smart, modified enough so
00:26:55.000 --> 00:26:57.950
that maybe the professor can't put his
00:26:57.960 --> 00:26:58.870
finger on it.
00:26:58.880 --> 00:27:00.870
>> Oh, oh, no, no, but now they have AI to
00:27:00.880 --> 00:27:02.443
detect AI.
00:27:02.453 --> 00:27:02.950
>> [laughter]
00:27:02.960 --> 00:27:03.230
>> Yeah.
00:27:03.240 --> 00:27:04.590
>> Right? So
00:27:04.600 --> 00:27:06.350
>> Yeah, that's right. So, once again,
00:27:06.360 --> 00:27:08.510
because it's used all the time in in
00:27:08.520 --> 00:27:10.710
college, uh
00:27:10.720 --> 00:27:12.070
you don't learn anything. You get a
00:27:12.080 --> 00:27:14.430
paper that's spewed out uh
00:27:14.440 --> 00:27:15.990
It's a waste of paper. So, my college is
00:27:16.000 --> 00:27:17.270
a waste of time today.
00:27:17.280 --> 00:27:19.390
>> Yeah. Okay, so you said the best place
00:27:19.400 --> 00:27:20.670
where you think the best place to put
00:27:20.680 --> 00:27:22.310
your money is in these resource stocks
00:27:22.320 --> 00:27:24.070
and all that. But, does that mean that
00:27:24.080 --> 00:27:26.150
we're early, or do you think that we're
00:27:26.160 --> 00:27:27.710
kind of like maybe inning three of a
00:27:27.720 --> 00:27:30.790
nine-inning game? We've We've just kind
00:27:30.800 --> 00:27:33.750
of
00:27:33.760 --> 00:27:35.910
This is the word I'm looking for. It's
00:27:35.920 --> 00:27:38.150
It's just like a valuation gap within
00:27:38.160 --> 00:27:39.590
the bull market that we're in. Do you
00:27:39.600 --> 00:27:40.350
think that's just kind of what's
00:27:40.360 --> 00:27:42.190
happening?
00:27:42.200 --> 00:27:43.430
>> And [clears throat] And I'd say we are
00:27:43.440 --> 00:27:44.590
in about
00:27:44.600 --> 00:27:46.550
inning three of a nine-inning game as
00:27:46.560 --> 00:27:48.950
far as the resource stocks concerned.
00:27:48.960 --> 00:27:51.550
They've gone up a lot, but for what it's
00:27:51.560 --> 00:27:54.670
worth, gold peaked in
00:27:54.680 --> 00:27:55.390
uh
00:27:55.400 --> 00:27:57.710
at the beginning of this year, uh these
00:27:57.720 --> 00:27:59.990
stocks have come off about typically
00:28:00.000 --> 00:28:03.790
about 30%. So, now is especially a good
00:28:03.800 --> 00:28:06.310
time to buy them because the primary
00:28:06.320 --> 00:28:09.870
trend is up. And there are fluctuations
00:28:09.880 --> 00:28:11.670
along the way, and you
00:28:11.680 --> 00:28:13.270
if you're lucky, you try to buy at the
00:28:13.280 --> 00:28:13.750
lows.
00:28:13.760 --> 00:28:15.630
>> Yeah. And And And everything makes sense
00:28:15.640 --> 00:28:16.830
now for that because we have like the
00:28:16.840 --> 00:28:19.030
sell in May and go away. We've got this
00:28:19.040 --> 00:28:20.790
war that just can the conflict that just
00:28:20.800 --> 00:28:22.750
continues to kind of like death by a
00:28:22.760 --> 00:28:24.870
thousand cuts. And it's And it's
00:28:24.880 --> 00:28:26.110
summertime.
00:28:26.120 --> 00:28:27.790
Right? So, if you put those three things
00:28:27.800 --> 00:28:29.230
together, something tells me that we're
00:28:29.240 --> 00:28:30.550
getting pretty darn cheap in some of
00:28:30.560 --> 00:28:31.830
these names.
00:28:31.840 --> 00:28:32.270
>> Yeah.
00:28:32.800 --> 00:28:35.470
>> Yeah, we are. And the war isn't going to
00:28:35.480 --> 00:28:36.990
go away.
00:28:37.000 --> 00:28:39.550
In fact, I expect it to expand in a
00:28:39.560 --> 00:28:41.590
number of ways.
00:28:41.600 --> 00:28:44.750
Oil is going up from here. Natural gas
00:28:44.760 --> 00:28:47.270
is going up from here. I think
00:28:47.280 --> 00:28:48.710
especially
00:28:48.720 --> 00:28:49.630
Uh
00:28:49.640 --> 00:28:51.790
and of course uranium
00:28:51.800 --> 00:28:53.310
which is trading around I don't know
00:28:53.320 --> 00:28:55.630
what it is, $85 a pound right now.
00:28:55.640 --> 00:28:57.390
>> I think Cameco just printed long-term
00:28:57.400 --> 00:28:59.350
pricing at 95, I think.
00:28:59.360 --> 00:29:02.230
>> Yeah, well
00:29:02.240 --> 00:29:04.550
I wouldn't necessarily buy Cameco.
00:29:04.560 --> 00:29:06.750
That's kind of a go-to uranium stock in
00:29:06.760 --> 00:29:08.630
North America.
00:29:08.640 --> 00:29:10.870
But uh with almost all of these
00:29:10.880 --> 00:29:13.750
companies, I tend not to buy the biggest
00:29:13.760 --> 00:29:14.910
ones.
00:29:14.920 --> 00:29:17.150
Because the biggest ones
00:29:17.160 --> 00:29:18.230
uh
00:29:18.240 --> 00:29:19.870
are
00:29:19.880 --> 00:29:20.910
by very
00:29:20.920 --> 00:29:22.950
they're basically a bureaucracy run by
00:29:22.960 --> 00:29:25.310
managers. The companies that I like to
00:29:25.320 --> 00:29:26.430
buy
00:29:26.440 --> 00:29:29.430
uh are middle-level.
00:29:29.440 --> 00:29:31.990
Uh that uh are still run by the founding
00:29:32.000 --> 00:29:34.510
entrepreneur. All kinds of advantages to
00:29:34.520 --> 00:29:36.470
that as opposed to hired management.
00:29:36.480 --> 00:29:38.870
>> The hungry guy or woman, whatever. Yeah.
00:29:38.880 --> 00:29:39.550
>> Wow.
00:29:39.560 --> 00:29:41.110
>> Yeah, well, that makes sense. So, the
00:29:41.120 --> 00:29:43.190
hypergrowth stories versus and the ones
00:29:43.200 --> 00:29:44.870
that want to get bought out by the big
00:29:44.880 --> 00:29:46.310
guys.
00:29:46.320 --> 00:29:48.150
Yeah. Um
00:29:48.160 --> 00:29:50.110
Yeah, so uranium's been been been quite
00:29:50.120 --> 00:29:51.590
interesting. You you'd think that with
00:29:51.600 --> 00:29:53.270
like the most acceptance of uranium in
00:29:53.280 --> 00:29:54.870
the world that you'd see a little bit
00:29:54.880 --> 00:29:56.390
quicker development of some of these
00:29:56.400 --> 00:29:57.630
projects and things like that, but I
00:29:57.640 --> 00:29:58.990
just don't see a lot of projects getting
00:29:59.000 --> 00:30:00.910
kicked up online in the states quite yet
00:30:00.920 --> 00:30:03.150
still. It's more acceptance than ever,
00:30:03.160 --> 00:30:05.750
but still quite slow, right?
00:30:05.760 --> 00:30:08.070
>> Well, just in order to power these
00:30:08.080 --> 00:30:10.390
ridiculous data centers
00:30:10.400 --> 00:30:13.550
uh of which there are scores being built
00:30:13.560 --> 00:30:15.470
and many of these things
00:30:15.480 --> 00:30:18.110
the buildings cover acres
00:30:18.120 --> 00:30:21.350
and they consume giant amounts of power.
00:30:21.360 --> 00:30:23.310
I mean, some of them will consume a
00:30:23.320 --> 00:30:27.070
gigawatt. How much is a gigawatt?
00:30:27.080 --> 00:30:31.030
It's the amount of electricity that a
00:30:31.040 --> 00:30:33.710
small city uses.
00:30:33.720 --> 00:30:36.550
It's the output of a major nuclear power
00:30:36.560 --> 00:30:38.470
plant. They're generally about a
00:30:38.480 --> 00:30:40.430
gigawatt in size.
00:30:40.440 --> 00:30:41.950
So,
00:30:41.960 --> 00:30:45.670
if the bubble in AI or data data centers
00:30:45.680 --> 00:30:47.790
continues,
00:30:47.800 --> 00:30:49.870
the demand for electricity is going to
00:30:49.880 --> 00:30:51.670
be huge.
00:30:51.680 --> 00:30:52.990
And
00:30:53.000 --> 00:30:55.430
the problem is to build a new nuclear
00:30:55.440 --> 00:30:57.350
power plant with
00:30:57.360 --> 00:31:00.950
regulatory and delays and just building
00:31:00.960 --> 00:31:01.790
it,
00:31:01.800 --> 00:31:04.150
uh it takes 10 years. I think the
00:31:04.160 --> 00:31:06.270
future's going to be in small nuclear
00:31:06.280 --> 00:31:07.630
reactors.
00:31:07.640 --> 00:31:10.150
Uh they've been used successfully in
00:31:10.160 --> 00:31:13.390
naval vessels now for um
00:31:13.400 --> 00:31:17.910
how long? 60 years. This is a long time.
00:31:17.920 --> 00:31:20.750
Uh the technology is well understood,
00:31:20.760 --> 00:31:22.950
safe.
00:31:22.960 --> 00:31:23.830
Uh
00:31:23.840 --> 00:31:26.710
so, the future is in SMRs, small nuclear
00:31:26.720 --> 00:31:27.830
reactors.
00:31:27.840 --> 00:31:29.190
And there should be
00:31:29.200 --> 00:31:30.830
there actually should be thousands of
00:31:30.840 --> 00:31:33.510
them built in the US.
00:31:33.520 --> 00:31:34.390
Uh
00:31:34.400 --> 00:31:36.670
small, they're buried.
00:31:36.680 --> 00:31:38.030
You don't even have to look at them for
00:31:38.040 --> 00:31:40.710
10 years uh with some of the
00:31:40.720 --> 00:31:45.190
technologies being developed. So,
00:31:45.200 --> 00:31:45.910
Uh
00:31:45.920 --> 00:31:48.990
look, the free market would solve all of
00:31:49.000 --> 00:31:52.030
these things. The the problem
00:31:52.040 --> 00:31:53.150
is the government.
00:31:53.160 --> 00:31:54.790
>> The system.
00:31:54.800 --> 00:31:57.070
>> It it stalks the land like a
00:31:57.080 --> 00:31:59.070
like a predator, but people love it.
00:31:59.080 --> 00:32:01.630
They see it as a problem solver, not as
00:32:01.640 --> 00:32:03.710
a problem creator, which it almost
00:32:03.720 --> 00:32:05.590
exclusively is.
00:32:05.600 --> 00:32:08.270
So, anyway, uh how much power do we need
00:32:08.280 --> 00:32:10.510
for whatever and
00:32:10.520 --> 00:32:12.230
>> Yeah, it's it's inevitable. It's like
00:32:12.240 --> 00:32:14.110
absolutely inevitable that demand for
00:32:14.120 --> 00:32:15.910
electricity is going to scream and
00:32:15.920 --> 00:32:18.470
continue to scream as long as AI is and
00:32:18.480 --> 00:32:21.310
these data centers are front and center
00:32:21.320 --> 00:32:23.350
for people. And which it will be because
00:32:23.360 --> 00:32:24.550
AI
00:32:24.560 --> 00:32:26.510
makes people's lives a lot simpler and
00:32:26.520 --> 00:32:28.190
easier and humans always look for the
00:32:28.200 --> 00:32:30.950
escape to have an easier, simpler life.
00:32:30.960 --> 00:32:33.630
>> Well, yeah, that's true, but
00:32:33.640 --> 00:32:34.710
uh
00:32:34.720 --> 00:32:36.750
you know, I can understand
00:32:36.760 --> 00:32:39.190
AI being used and data centers being
00:32:39.200 --> 00:32:41.910
built to um
00:32:41.920 --> 00:32:46.870
make advances in STEM studies like the
00:32:46.880 --> 00:32:49.390
figuring out um
00:32:49.400 --> 00:32:52.870
uh more of the nearly infinite
00:32:52.880 --> 00:32:55.470
uh molecules that can be built around
00:32:55.480 --> 00:32:58.790
carbon. I mean, this is very helpful.
00:32:58.800 --> 00:33:02.670
But, the degree of building of data
00:33:02.680 --> 00:33:04.750
centers now is so gigantic. It's not
00:33:04.760 --> 00:33:08.110
being used for advancing science and
00:33:08.120 --> 00:33:10.870
technology. It's to gather information
00:33:10.880 --> 00:33:14.270
about people. That's what most of it is.
00:33:14.280 --> 00:33:17.550
And that concentration of information
00:33:17.560 --> 00:33:20.270
about everything about everybody
00:33:20.280 --> 00:33:21.870
everywhere
00:33:21.880 --> 00:33:24.830
is really dangerous because the first
00:33:24.840 --> 00:33:27.430
beneficiary of it is the government,
00:33:27.440 --> 00:33:29.590
which is not our friend. And secondly,
00:33:29.600 --> 00:33:32.350
these corporations which
00:33:32.360 --> 00:33:34.430
have turned into arms of the government
00:33:34.440 --> 00:33:36.990
and are dangerous enough by themselves.
00:33:37.000 --> 00:33:38.550
>> K- K- I got one question, doc. You said
00:33:38.560 --> 00:33:40.670
the government is not our friend. Can
00:33:40.680 --> 00:33:41.790
you explain that [laughter] a little
00:33:41.800 --> 00:33:43.350
bit?
00:33:43.360 --> 00:33:44.190
>> Huh.
00:33:44.200 --> 00:33:45.710
Well,
00:33:45.720 --> 00:33:46.550
uh
00:33:46.560 --> 00:33:47.670
Look, I I I
00:33:47.680 --> 00:33:51.270
I have to identify myself. Uh
00:33:51.280 --> 00:33:53.630
People You know, if if when people hear
00:33:53.640 --> 00:33:55.310
me say that, they say, "Hey, he must be
00:33:55.320 --> 00:33:59.270
a communist." No, just the opposite. Uh
00:33:59.280 --> 00:34:02.303
I define myself as an ancap,
00:34:02.313 --> 00:34:02.830
[clears throat]
00:34:02.840 --> 00:34:05.070
an anarcho-capitalist.
00:34:05.080 --> 00:34:08.110
Uh capitalism because I believe in the
00:34:08.120 --> 00:34:11.590
total free exchange of goods and
00:34:11.600 --> 00:34:15.550
services between consulting consenting
00:34:15.560 --> 00:34:17.710
uh individuals.
00:34:17.720 --> 00:34:19.550
Total freedom.
00:34:19.560 --> 00:34:20.190
Uh
00:34:20.200 --> 00:34:21.298
that's what anarchy is about.
00:34:21.308 --> 00:34:22.550
[clears throat]
00:34:22.560 --> 00:34:24.350
Anarchy is not about
00:34:24.360 --> 00:34:25.190
uh
00:34:25.200 --> 00:34:26.830
a guy in a black cape with a little
00:34:26.840 --> 00:34:29.430
round bomb looking to destroy things.
00:34:29.440 --> 00:34:32.470
Uh anarchy simply means that you don't
00:34:32.480 --> 00:34:35.030
have any designated rulers.
00:34:35.040 --> 00:34:38.869
It means a from the Greek a none archy
00:34:38.879 --> 00:34:40.110
rule.
00:34:40.120 --> 00:34:40.830
Uh
00:34:40.840 --> 00:34:43.869
doesn't mean I don't believe in
00:34:43.879 --> 00:34:47.149
a polite society, but society is
00:34:47.159 --> 00:34:50.310
generally self-governing except for
00:34:50.320 --> 00:34:52.070
except for the occasional criminal, but
00:34:52.080 --> 00:34:54.470
most of the criminals and I I'm not
00:34:54.480 --> 00:34:56.990
making a joke when I say this wind up in
00:34:57.000 --> 00:34:59.310
Washington because a certain type of
00:34:59.320 --> 00:35:01.470
person goes into government. It's a
00:35:01.480 --> 00:35:03.910
person that thinks he knows what's best
00:35:03.920 --> 00:35:05.990
for other people. They all have their
00:35:06.000 --> 00:35:07.710
plans of how they're going to use the
00:35:07.720 --> 00:35:08.830
state
00:35:08.840 --> 00:35:11.470
to order things the way they want
00:35:11.480 --> 00:35:11.750
them to be.
00:35:11.760 --> 00:35:12.950
>> you want them.
00:35:12.960 --> 00:35:16.750
>> Yes, and and and not only that but
00:35:16.760 --> 00:35:19.790
they charge directly and indirectly 30,
00:35:19.800 --> 00:35:22.990
40% or more in this country
00:35:23.000 --> 00:35:26.310
uh of your income to support their
00:35:26.320 --> 00:35:27.470
their
00:35:27.480 --> 00:35:30.030
delusions. I mean in some countries in
00:35:30.040 --> 00:35:33.310
>> in in Western Europe, it's much more. Um
00:35:33.320 --> 00:35:34.510
I think what you said earlier kind of
00:35:34.520 --> 00:35:36.510
brings up that that famous comment like
00:35:36.520 --> 00:35:38.110
when you put the power in the hands of
00:35:38.120 --> 00:35:39.790
few
00:35:39.800 --> 00:35:41.710
they will abuse the power of the many,
00:35:41.720 --> 00:35:43.590
right? Like they will do they will abuse
00:35:43.600 --> 00:35:45.830
all the power that they have. Okay, so
00:35:45.840 --> 00:35:47.630
looking back over at your career, what
00:35:47.640 --> 00:35:49.630
are some of the biggest maybe one or two
00:35:49.640 --> 00:35:51.510
of the biggest lessons you've learned
00:35:51.520 --> 00:35:52.870
that you'd like to pass on to people
00:35:52.880 --> 00:35:54.150
listening to this show, the younger
00:35:54.160 --> 00:35:56.150
people out there about investing or
00:35:56.160 --> 00:35:58.230
about commodities or about like how you
00:35:58.240 --> 00:35:59.510
approach your
00:35:59.520 --> 00:36:01.750
financial well-being.
00:36:01.760 --> 00:36:03.630
>> Well, look
00:36:03.640 --> 00:36:04.190
uh
00:36:04.200 --> 00:36:05.270
that's
00:36:05.280 --> 00:36:06.870
frankly
00:36:06.880 --> 00:36:10.350
why Matt Smith and I wrote this book The
00:36:10.360 --> 00:36:12.110
Preparation.
00:36:12.120 --> 00:36:14.870
Uh
00:36:14.880 --> 00:36:18.230
it's you've got to um
00:36:18.240 --> 00:36:21.790
as soon as possible in life learn as
00:36:21.800 --> 00:36:23.630
much as you can
00:36:23.640 --> 00:36:25.350
and that means you really have to be an
00:36:25.360 --> 00:36:27.590
autodidact, somebody who teaches
00:36:27.600 --> 00:36:29.030
themselves.
00:36:29.040 --> 00:36:31.030
Uh going to school
00:36:31.040 --> 00:36:32.430
uh is a
00:36:32.440 --> 00:36:34.470
really a passive enterprise and not very
00:36:34.480 --> 00:36:36.150
productive. So,
00:36:36.160 --> 00:36:38.590
in order to be an effective investor
00:36:38.600 --> 00:36:40.310
effective investor, you've got to have
00:36:40.320 --> 00:36:44.230
as broad a knowledge and experience base
00:36:44.240 --> 00:36:46.350
as possible, which will help you
00:36:46.360 --> 00:36:49.870
identify opportunities when they occur.
00:36:49.880 --> 00:36:53.390
And also, the more knowledge and
00:36:53.400 --> 00:36:55.470
experience you have,
00:36:55.480 --> 00:36:56.670
uh
00:36:56.680 --> 00:36:59.030
you will naturally
00:36:59.040 --> 00:37:01.870
find that people gravitate towards you,
00:37:01.880 --> 00:37:03.590
the right kind of people that are
00:37:03.600 --> 00:37:05.870
interested in more knowledge and
00:37:05.880 --> 00:37:08.230
experience. And the the world is all
00:37:08.240 --> 00:37:09.750
about people.
00:37:09.760 --> 00:37:11.750
So, um
00:37:11.760 --> 00:37:13.630
and
00:37:13.640 --> 00:37:15.350
having a lot of knowledge and experience
00:37:15.360 --> 00:37:17.110
is going to help you analyze these
00:37:17.120 --> 00:37:19.230
companies cuz you'll have a little bit
00:37:19.240 --> 00:37:21.830
of boots on the ground understanding of
00:37:21.840 --> 00:37:25.870
what goes on in the economy, which is
00:37:25.880 --> 00:37:26.630
uh
00:37:26.640 --> 00:37:28.870
economics is the study of
00:37:28.880 --> 00:37:31.270
how people go about
00:37:31.280 --> 00:37:34.230
consuming and uh producing
00:37:34.240 --> 00:37:35.950
in the real world. Nothing to do with
00:37:35.960 --> 00:37:37.990
the economics that are taught in
00:37:38.000 --> 00:37:40.190
taught in college, I've got to say.
00:37:40.200 --> 00:37:41.750
>> And then like, what do you think what do
00:37:41.760 --> 00:37:43.310
you think is going to bring
00:37:43.320 --> 00:37:44.910
these generalists back to You said
00:37:44.920 --> 00:37:46.550
earlier like people hate mining stocks.
00:37:46.560 --> 00:37:47.910
Like these mutual funds and all these
00:37:47.920 --> 00:37:48.950
people. Like what do you think is going
00:37:48.960 --> 00:37:49.670
to
00:37:49.680 --> 00:37:52.590
turn that around for people eventually?
00:37:52.600 --> 00:37:54.176
>> Uh the fact that
00:37:54.186 --> 00:37:54.510
>> [clears throat]
00:37:54.520 --> 00:37:56.830
>> some of these companies
00:37:56.840 --> 00:37:58.870
are selling
00:37:58.880 --> 00:38:00.990
uh for
00:38:01.000 --> 00:38:02.830
one times
00:38:02.840 --> 00:38:05.430
next year's projected reasonably
00:38:05.440 --> 00:38:08.710
projected cash flow means that they're
00:38:08.720 --> 00:38:11.630
ultra ultra cheap, and that will draw
00:38:11.640 --> 00:38:12.870
attention
00:38:12.880 --> 00:38:15.070
to the fact that they exist.
00:38:15.080 --> 00:38:17.590
Most people don't know or care mining
00:38:17.600 --> 00:38:20.550
stocks exist for the reasons that I've
00:38:20.560 --> 00:38:22.510
pointed out before. They're
00:38:22.520 --> 00:38:23.870
seen as
00:38:23.880 --> 00:38:26.270
uh raping the earth and polluting the
00:38:26.280 --> 00:38:28.310
water and all this all this type of
00:38:28.320 --> 00:38:30.190
thing. People don't have any
00:38:30.200 --> 00:38:32.150
understanding about the nature of the
00:38:32.160 --> 00:38:34.310
mining business today.
00:38:34.320 --> 00:38:35.590
So,
00:38:35.600 --> 00:38:37.630
and it's got a bad reputation. There are
00:38:37.640 --> 00:38:38.790
about
00:38:38.800 --> 00:38:40.870
2,000 roughly
00:38:40.880 --> 00:38:41.590
uh
00:38:41.600 --> 00:38:43.630
so-called gold mining stocks out there.
00:38:43.640 --> 00:38:45.710
And most of them have no gold except the
00:38:45.720 --> 00:38:48.310
word on their share certificate.
00:38:48.320 --> 00:38:49.350
So,
00:38:49.360 --> 00:38:51.550
uh that scares people away from these
00:38:51.560 --> 00:38:53.590
things. Brokers scare people away from
00:38:53.600 --> 00:38:54.230
these things.
00:38:54.240 --> 00:38:55.746
>> Bankers do.
00:38:55.756 --> 00:38:55.830
>> [laughter]
00:38:55.840 --> 00:38:58.590
>> They're not just microcaps. Uh smallcaps
00:38:58.600 --> 00:39:01.150
or microcaps or they're nanocaps or
00:39:01.160 --> 00:39:03.430
picocaps. They're so tiny.
00:39:03.440 --> 00:39:05.270
So, you can't buy them.
00:39:05.280 --> 00:39:06.830
Well, these are all good things from a
00:39:06.840 --> 00:39:08.910
speculator's point of view because I
00:39:08.920 --> 00:39:10.870
think they're going to change. The
00:39:10.880 --> 00:39:13.950
public psychology will change. And like
00:39:13.960 --> 00:39:15.830
as in the last
00:39:15.840 --> 00:39:18.030
well, since 1970,
00:39:18.040 --> 00:39:20.110
which is a long time already, there have
00:39:20.120 --> 00:39:22.790
been about five four or five really
00:39:22.800 --> 00:39:24.150
major
00:39:24.160 --> 00:39:25.830
bubbles in the mining business where
00:39:25.840 --> 00:39:27.910
they just went straight up.
00:39:27.920 --> 00:39:29.230
Uh
00:39:29.240 --> 00:39:31.030
they go up 10 times and then they lose
00:39:31.040 --> 00:39:33.910
95% of their value, which means they
00:39:33.920 --> 00:39:36.270
wind up worse than where they started.
00:39:36.280 --> 00:39:38.430
So, it's going to happen again.
00:39:38.440 --> 00:39:40.230
It's
00:39:40.240 --> 00:39:41.510
It's like the clock on the wall. It's
00:39:41.520 --> 00:39:44.550
cyclical. It goes around all the time.
00:39:44.560 --> 00:39:46.390
And now is a very good time to get in
00:39:46.400 --> 00:39:48.270
these things. All of the commodities,
00:39:48.280 --> 00:39:50.430
like I said, everything from the
00:39:50.440 --> 00:39:54.310
the food commodities to uh
00:39:54.320 --> 00:39:57.750
energy commodities to everything. Look,
00:39:57.760 --> 00:40:00.070
even if I was going to buy a stock that
00:40:00.080 --> 00:40:02.630
wasn't a mining stock, I I'd look at
00:40:02.640 --> 00:40:05.830
forestry stocks like like Weyerhaeuser.
00:40:05.840 --> 00:40:07.270
Very cheap.
00:40:07.280 --> 00:40:08.830
And uh
00:40:08.840 --> 00:40:11.430
wood isn't going away as a commodity. As
00:40:11.440 --> 00:40:13.990
commodities is where it's at. It's
00:40:14.000 --> 00:40:17.310
Look, I love technology, but
00:40:17.320 --> 00:40:19.710
the there's an old saying in the market,
00:40:19.720 --> 00:40:21.950
high-tech, big wreck.
00:40:21.960 --> 00:40:24.990
And that's where we are right now. So,
00:40:25.000 --> 00:40:26.070
don't go there.
00:40:26.080 --> 00:40:27.710
>> Mhm. Mhm.
00:40:27.720 --> 00:40:29.710
Um do you have any names that you're
00:40:29.720 --> 00:40:31.430
willing to share that on some of these
00:40:31.440 --> 00:40:32.750
kind of hyper-growth stories that you
00:40:32.760 --> 00:40:34.550
like?
00:40:34.560 --> 00:40:36.990
>> No, because
00:40:37.000 --> 00:40:38.990
I I I don't like because because then
00:40:39.000 --> 00:40:40.870
that amounts to what we call a stock
00:40:40.880 --> 00:40:43.390
tout. And uh
00:40:43.400 --> 00:40:45.910
you shouldn't buy these stocks uh any
00:40:45.920 --> 00:40:48.710
stocks, but especially these stocks
00:40:48.720 --> 00:40:51.550
without looking into it,
00:40:51.560 --> 00:40:53.830
or learning something about the company,
00:40:53.840 --> 00:40:56.350
and seeing if it's credible. So,
00:40:56.360 --> 00:40:58.350
I don't want anybody to take my word on
00:40:58.360 --> 00:41:00.670
any particular company.
00:41:00.680 --> 00:41:02.550
Yeah, some of these companies are so
00:41:02.560 --> 00:41:05.830
small that just the viewers on your
00:41:05.840 --> 00:41:08.470
show, if they just decided to buy, will
00:41:08.480 --> 00:41:10.110
will move the price.
00:41:10.120 --> 00:41:12.950
So, uh
00:41:12.960 --> 00:41:15.310
What What we have we have Look, I've got
00:41:15.320 --> 00:41:16.150
a
00:41:16.160 --> 00:41:17.470
I have a a
00:41:17.480 --> 00:41:20.230
a a paid newsletters. I've got lots of
00:41:20.240 --> 00:41:21.630
free publications like
00:41:21.640 --> 00:41:24.030
internationalman.com
00:41:24.040 --> 00:41:26.470
uh for instance, and uh
00:41:26.480 --> 00:41:28.430
and my YouTube channel is called Doug
00:41:28.440 --> 00:41:30.110
Casey's Take.
00:41:30.120 --> 00:41:32.070
And I talk about all kinds of things
00:41:32.080 --> 00:41:35.190
there, but I do have a paid publication
00:41:35.200 --> 00:41:37.590
called Crisis Investing. That's
00:41:37.600 --> 00:41:39.790
crisisinvesting.com,
00:41:39.800 --> 00:41:42.230
where we cover the universe of all these
00:41:42.240 --> 00:41:44.310
things, and talk about
00:41:44.320 --> 00:41:46.430
what we think uh
00:41:46.440 --> 00:41:48.110
cuz it's not just me
00:41:48.120 --> 00:41:51.150
uh are the best deals with the most
00:41:51.160 --> 00:41:53.550
upside potential and least downside
00:41:53.560 --> 00:41:54.590
risk.
00:41:54.600 --> 00:41:57.230
And And today's world, I see mostly
00:41:57.240 --> 00:41:59.630
downside risk in everything. That's
00:41:59.640 --> 00:42:01.550
That's sound That sounds metaphysically
00:42:01.560 --> 00:42:04.510
impossible for everything to be risky,
00:42:04.520 --> 00:42:06.510
but it's it's just about true.
00:42:06.520 --> 00:42:08.630
>> I don't I don't disagree with you there,
00:42:08.640 --> 00:42:10.710
to be quite honest. Um yeah, it's funny
00:42:10.720 --> 00:42:12.790
that you you said that um cuz in my
00:42:12.800 --> 00:42:14.470
introduction I say,
00:42:14.480 --> 00:42:16.190
you know, as my disclaimer, if any
00:42:16.200 --> 00:42:17.830
stocks are mentioned that I own, I will
00:42:17.840 --> 00:42:20.150
disclose, but don't be an idiot and buy
00:42:20.160 --> 00:42:21.510
any stocks that people talk about
00:42:21.520 --> 00:42:23.670
online. Do your homework.
00:42:23.680 --> 00:42:25.150
Right? And I think it's really important
00:42:25.160 --> 00:42:26.630
for investors to understand that you can
00:42:26.640 --> 00:42:28.510
get ideas from people like you and I and
00:42:28.520 --> 00:42:30.030
things like that, but still do your own
00:42:30.040 --> 00:42:32.430
due diligence. Get to understand the DNA
00:42:32.440 --> 00:42:33.830
of these companies, the management of
00:42:33.840 --> 00:42:34.910
the companies, the assets of the
00:42:34.920 --> 00:42:36.390
companies. Make sure you're not losing
00:42:36.400 --> 00:42:37.750
sleep when you're investing in these
00:42:37.760 --> 00:42:38.990
companies. That's not good for your
00:42:39.000 --> 00:42:40.990
nervous system. Right? Then you become a
00:42:41.000 --> 00:42:43.150
poorer investor, right? So, there's all
00:42:43.160 --> 00:42:44.550
sorts of things. So, I appreciate your
00:42:44.560 --> 00:42:46.310
disclaimer there and I appreciate that
00:42:46.320 --> 00:42:47.790
you've you do got a paid letter there
00:42:47.800 --> 00:42:49.070
that if people want to pick your brain
00:42:49.080 --> 00:42:50.550
on ideas that they can go and pay for
00:42:50.560 --> 00:42:52.670
that and, uh, and get and, uh, get your
00:42:52.680 --> 00:42:54.710
ideas from that. Um, okay, I'm just
00:42:54.720 --> 00:42:56.630
going to rapid-fire a couple quick quick
00:42:56.640 --> 00:42:59.270
questions here to wrap this up. Um, as
00:42:59.280 --> 00:43:01.150
of today, gold or Bitcoin?
00:43:01.160 --> 00:43:02.390
Think I know the answer to this one, but
00:43:02.400 --> 00:43:04.830
what do you want?
00:43:04.840 --> 00:43:05.790
>> Well,
00:43:05.800 --> 00:43:08.270
gold at $4,000
00:43:08.280 --> 00:43:10.830
is not the same investment that it was
00:43:10.840 --> 00:43:14.430
at 200 or 400. Uh, that's true of
00:43:14.440 --> 00:43:16.270
Bitcoin, too, isn't it? I mean, talk
00:43:16.280 --> 00:43:17.310
about a
00:43:17.320 --> 00:43:20.150
uh, a life-changing home run. Between
00:43:20.160 --> 00:43:22.070
the two of them right now,
00:43:22.080 --> 00:43:23.310
uh,
00:43:23.320 --> 00:43:26.270
look, I I I'm a fan of Bitcoin. I own
00:43:26.280 --> 00:43:29.190
Bitcoin. Uh, I buy the arguments for it,
00:43:29.200 --> 00:43:31.710
which we don't have to go into now.
00:43:31.720 --> 00:43:34.030
The only problem with Bitcoin is it
00:43:34.040 --> 00:43:35.870
hasn't been around very long. It's been
00:43:35.880 --> 00:43:37.990
around like 13 years.
00:43:38.000 --> 00:43:39.470
And there are there are a lot of things
00:43:39.480 --> 00:43:42.270
that could still happen that break the
00:43:42.280 --> 00:43:44.510
premise for investing in it.
00:43:44.520 --> 00:43:46.710
So, yeah, I'm bullish on Bitcoin for
00:43:46.720 --> 00:43:49.470
lots of reasons and gold. Own them both.
00:43:49.480 --> 00:43:50.910
Don't want to choose between the two of
00:43:50.920 --> 00:43:53.430
them. Well, I tend towards gold, but I
00:43:53.440 --> 00:43:54.550
like them both.
00:43:54.560 --> 00:43:55.670
>> All right, we'll take gold as the
00:43:55.680 --> 00:44:00.470
answer. Uh, copper or uranium?
00:44:00.480 --> 00:44:01.470
>> Uh, uranium.
00:44:01.480 --> 00:44:01.790
>> Good.
00:44:01.800 --> 00:44:03.510
>> Um,
00:44:03.520 --> 00:44:05.430
because I think the, uh,
00:44:05.440 --> 00:44:07.830
the mania in building data centers,
00:44:07.840 --> 00:44:10.510
which is a and and having to hugely
00:44:10.520 --> 00:44:14.030
expand the grid in order to provide the
00:44:14.040 --> 00:44:17.150
gigawatts of power for uh
00:44:17.160 --> 00:44:19.590
for these data centers requires a lot
00:44:19.600 --> 00:44:22.150
lots of copper. And there's a whole
00:44:22.160 --> 00:44:23.950
argument about
00:44:23.960 --> 00:44:25.950
the amount of copper being mined and the
00:44:25.960 --> 00:44:27.190
nature of the mines, how they're
00:44:27.200 --> 00:44:29.270
depleting. All this We don't have time
00:44:29.280 --> 00:44:31.590
to go into that obviously.
00:44:31.600 --> 00:44:34.230
But uh that said, I'll still go for
00:44:34.240 --> 00:44:35.470
uranium.
00:44:35.480 --> 00:44:37.070
>> Yep. Okay.
00:44:37.080 --> 00:44:40.990
Uh oil or natural gas?
00:44:41.000 --> 00:44:43.750
>> Well, you know, that's that's very
00:44:43.760 --> 00:44:46.550
interesting because relative to oil,
00:44:46.560 --> 00:44:49.510
natural gas is
00:44:49.520 --> 00:44:50.910
about
00:44:50.920 --> 00:44:53.550
uh in in terms of um
00:44:53.560 --> 00:44:54.630
uh
00:44:54.640 --> 00:44:59.190
energy per unit is relatively speaking,
00:44:59.200 --> 00:45:03.190
natural gas is very cheap. Why? Because
00:45:03.200 --> 00:45:05.150
uh the US
00:45:05.160 --> 00:45:07.630
it seems has infinite amounts of natural
00:45:07.640 --> 00:45:08.790
gas.
00:45:08.800 --> 00:45:10.630
Uh
00:45:10.640 --> 00:45:12.430
So, that's why it's very cheap in the
00:45:12.440 --> 00:45:14.270
face of oil, which [clears throat] what
00:45:14.280 --> 00:45:15.310
is it?
00:45:15.320 --> 00:45:19.030
$80 to $85 right now and going higher.
00:45:19.040 --> 00:45:22.470
But it's supply and demand. So, um
00:45:22.480 --> 00:45:25.910
uh the supply of oil
00:45:25.920 --> 00:45:27.430
is uh
00:45:27.440 --> 00:45:29.750
is like You know, this is funny. The
00:45:29.760 --> 00:45:32.790
argument for oil going higher
00:45:32.800 --> 00:45:36.390
is excellent. I mean, closing off uh the
00:45:36.400 --> 00:45:38.870
Straits of Hormuz, closing off the Bab
00:45:38.880 --> 00:45:41.270
el Mandeb, which is going to happen.
00:45:41.280 --> 00:45:44.190
Uh the fact that Russia can't export the
00:45:44.200 --> 00:45:45.710
kind of
00:45:45.720 --> 00:45:48.390
oil that it used to. All these are
00:45:48.400 --> 00:45:52.270
putting a a constriction on on oil
00:45:52.280 --> 00:45:55.430
supply. And demand isn't going to go
00:45:55.440 --> 00:45:57.230
down seriously.
00:45:57.240 --> 00:45:59.950
So, yeah, I'm really bullish on oil and
00:45:59.960 --> 00:46:02.550
natural gas because it's very, very
00:46:02.560 --> 00:46:05.390
cheap in terms of energy per dollar.
00:46:05.400 --> 00:46:07.230
Very cheap
00:46:07.240 --> 00:46:09.230
relative to oil.
00:46:09.240 --> 00:46:11.630
I got I should be more bullish on
00:46:11.640 --> 00:46:13.350
natural gas,
00:46:13.360 --> 00:46:16.270
but there's such a surfeit of it
00:46:16.280 --> 00:46:17.910
in the US
00:46:17.920 --> 00:46:20.750
that that doesn't matter at the moment.
00:46:20.760 --> 00:46:22.510
So, how am I playing it?
00:46:22.520 --> 00:46:24.030
Uh
00:46:24.040 --> 00:46:25.630
I'm not
00:46:25.640 --> 00:46:27.510
speculating in
00:46:27.520 --> 00:46:30.790
either of them as commodities actually,
00:46:30.800 --> 00:46:32.990
but I'm buying the shares of
00:46:33.000 --> 00:46:36.510
oil and gas producers, both of which are
00:46:36.520 --> 00:46:39.510
really cheap, some of which yield huge
00:46:39.520 --> 00:46:42.390
dividends, up to 10%.
00:46:42.400 --> 00:46:46.670
Solid companies. And I like dividends uh
00:46:46.680 --> 00:46:49.910
because they're as religious people say,
00:46:49.920 --> 00:46:50.830
they're
00:46:50.840 --> 00:46:53.390
an outward sign of inward grace,
00:46:53.400 --> 00:46:54.590
dividends.
00:46:54.600 --> 00:46:56.630
So, um
00:46:56.640 --> 00:46:58.150
They're They're cheap right now with
00:46:58.160 --> 00:46:59.797
high dividends. And the stock
00:46:59.807 --> 00:47:01.630
[clears throat] market as a whole, I
00:47:01.640 --> 00:47:03.270
think the average dividend yield on the
00:47:03.280 --> 00:47:04.710
S&P is only a
00:47:04.720 --> 00:47:07.670
or the S&P only yields a fraction over
00:47:07.680 --> 00:47:09.990
1% right now. So, I
00:47:10.000 --> 00:47:12.670
I'll take something that's unloved and
00:47:12.680 --> 00:47:13.270
uh
00:47:13.280 --> 00:47:15.670
more important and
00:47:15.680 --> 00:47:16.950
cheap
00:47:16.960 --> 00:47:19.790
at a 10% dividend yield. I like that.
00:47:19.800 --> 00:47:23.950
>> Uh one country you're most bullish on?
00:47:23.960 --> 00:47:25.342
>> Well,
00:47:25.352 --> 00:47:25.390
>> [clears throat]
00:47:25.400 --> 00:47:26.910
>> I've been to
00:47:26.920 --> 00:47:30.310
over 150 countries, most of them many
00:47:30.320 --> 00:47:31.790
times,
00:47:31.800 --> 00:47:33.990
lived in 10.
00:47:34.000 --> 00:47:36.510
Uh so, I think I can speak on this with
00:47:36.520 --> 00:47:38.150
some authority.
00:47:38.160 --> 00:47:39.270
Um
00:47:39.280 --> 00:47:41.270
right now,
00:47:41.280 --> 00:47:43.310
Argentina.
00:47:43.320 --> 00:47:45.190
It hit bottom.
00:47:45.200 --> 00:47:47.310
It was run until the wheels fell fell
00:47:47.320 --> 00:47:48.350
off.
00:47:48.360 --> 00:47:51.070
Uh I spend a good part of the year there
00:47:51.080 --> 00:47:52.750
myself.
00:47:52.760 --> 00:47:54.870
And um
00:47:54.880 --> 00:47:57.870
hopefully, the changes being made by the
00:47:57.880 --> 00:48:00.470
new government under Milei
00:48:00.480 --> 00:48:01.750
uh he's also a declared
00:48:01.760 --> 00:48:04.510
anarcho-capitalist like myself. That's a
00:48:04.520 --> 00:48:06.630
whole different story.
00:48:06.640 --> 00:48:08.310
And he's not walking the straight and
00:48:08.320 --> 00:48:10.070
narrow from my point of view, but hey,
00:48:10.080 --> 00:48:11.910
I'll take what I can get.
00:48:11.920 --> 00:48:15.310
Uh Argentina's really cheap. It's really
00:48:15.320 --> 00:48:16.510
nice.
00:48:16.520 --> 00:48:20.670
And it's turning the corner, I think.
00:48:20.680 --> 00:48:21.790
So,
00:48:21.800 --> 00:48:25.470
number one choice, Argentina. And and
00:48:25.480 --> 00:48:27.270
and and its little buddy next door,
00:48:27.280 --> 00:48:30.190
Uruguay. I'm a big fan of Uruguay, too.
00:48:30.200 --> 00:48:31.990
But for different reasons.
00:48:32.000 --> 00:48:34.790
>> Uh and then one investment book everyone
00:48:34.800 --> 00:48:36.310
should read. And you're allowed to say
00:48:36.320 --> 00:48:38.048
your own.
00:48:38.058 --> 00:48:38.910
>> [laughter]
00:48:38.920 --> 00:48:41.950
>> Well, my best investment book
00:48:41.960 --> 00:48:43.910
was Crisis Investing for the rest of the
00:48:43.920 --> 00:48:45.510
'90s.
00:48:45.520 --> 00:48:47.270
It's really a good book, I've got to
00:48:47.280 --> 00:48:47.590
say.
00:48:47.600 --> 00:48:49.270
>> still super [snorts] relevant.
00:48:49.280 --> 00:48:52.630
>> Uh yes, it is. I mean, the individual I
00:48:52.640 --> 00:48:55.190
I mentioned some stocks and all all this
00:48:55.200 --> 00:48:56.430
type of thing.
00:48:56.440 --> 00:48:58.590
But it's cyclically from an investment
00:48:58.600 --> 00:49:01.150
point of view come around again
00:49:01.160 --> 00:49:02.190
to uh
00:49:02.200 --> 00:49:04.670
to being correct. Uh
00:49:04.680 --> 00:49:07.190
I like that. The investment book that
00:49:07.200 --> 00:49:09.510
changed my way of thinking was Harry
00:49:09.520 --> 00:49:11.230
Browne's book
00:49:11.240 --> 00:49:13.910
uh from 1970
00:49:13.920 --> 00:49:16.030
called You Can Profit from the Coming
00:49:16.040 --> 00:49:17.630
Devaluation.
00:49:17.640 --> 00:49:18.630
I mean,
00:49:18.640 --> 00:49:20.990
absolutely as correct now as it was
00:49:21.000 --> 00:49:21.910
then.
00:49:21.920 --> 00:49:24.110
In fact, much more urgent.
00:49:24.120 --> 00:49:27.870
Uh other investment book
00:49:27.880 --> 00:49:29.630
What's a current What's a current
00:49:29.640 --> 00:49:31.430
investment book?
00:49:31.440 --> 00:49:34.030
Look, I tend not to read investment
00:49:34.040 --> 00:49:35.390
books myself. You want to know what I
00:49:35.400 --> 00:49:36.110
read?
00:49:36.120 --> 00:49:37.654
>> You don't read investment books.
00:49:37.664 --> 00:49:38.550
>> [laughter]
00:49:38.560 --> 00:49:40.510
>> No. Yeah, I don't I I really don't read
00:49:40.520 --> 00:49:42.310
investment
00:49:42.320 --> 00:49:44.870
investment books because
00:49:44.880 --> 00:49:46.910
I mean, I I know what I'm doing
00:49:46.920 --> 00:49:47.910
>> Yeah, yeah, yeah.
00:49:47.920 --> 00:49:49.350
>> in [clears throat] in my little area of
00:49:49.360 --> 00:49:51.470
the market. And
00:49:51.480 --> 00:49:53.190
you know, I'm
00:49:53.200 --> 00:49:57.590
Do I really want to spend in my case uh
00:49:57.600 --> 00:49:59.790
10 hours reading a book? Well, no,
00:49:59.800 --> 00:50:02.790
there's other books I'd rather read. But
00:50:02.800 --> 00:50:04.750
if if you haven't already been through
00:50:04.760 --> 00:50:07.110
the whole drill like I have, yeah, you
00:50:07.120 --> 00:50:09.150
want to you you should definitely read
00:50:09.160 --> 00:50:10.670
investment books.
00:50:10.680 --> 00:50:12.590
Yeah, so speaking for myself, not for
00:50:12.600 --> 00:50:13.350
the
00:50:13.360 --> 00:50:14.550
Yeah, the launch.
00:50:14.560 --> 00:50:15.710
>> One of the ones that helped me really
00:50:15.720 --> 00:50:18.430
shape me my investing was uh Fear and
00:50:18.440 --> 00:50:20.350
Greed by James Dines.
00:50:20.360 --> 00:50:21.910
That was an awesome book.
00:50:21.920 --> 00:50:24.350
>> Oh, yeah, I
00:50:24.360 --> 00:50:26.430
Jimmy and I became good friends before
00:50:26.440 --> 00:50:29.110
he died. We got We got along well.
00:50:29.120 --> 00:50:29.550
>> Yeah.
00:50:29.560 --> 00:50:30.750
>> Uh
00:50:30.760 --> 00:50:32.510
Didn't read that book by him though.
00:50:32.520 --> 00:50:34.030
>> Yeah, it it was it was really about the
00:50:34.040 --> 00:50:35.950
psychology of the market, which we all
00:50:35.960 --> 00:50:37.750
know the market runs on fear and greed,
00:50:37.760 --> 00:50:38.990
right? So,
00:50:39.000 --> 00:50:40.070
you know, it was an excellent book. So,
00:50:40.080 --> 00:50:41.390
I I recommend that. Not that anyone
00:50:41.400 --> 00:50:42.670
asked my opinion, but I'm giving my
00:50:42.680 --> 00:50:43.750
opinion anyways.
00:50:43.760 --> 00:50:44.464
>> Well,
00:50:44.474 --> 00:50:45.150
>> [laughter]
00:50:45.160 --> 00:50:47.430
>> I'm glad I'm glad to hear that because
00:50:47.440 --> 00:50:48.390
uh
00:50:48.400 --> 00:50:51.070
uh no, I haven't I haven't read that
00:50:51.080 --> 00:50:53.950
>> Yeah, by him. Yeah. Awesome. Well, um
00:50:53.960 --> 00:50:55.470
Doug, it's been an absolute pleasure.
00:50:55.480 --> 00:50:57.150
You gave me about 30 more minutes than I
00:50:57.160 --> 00:50:58.430
even wanted. So, thank you for your
00:50:58.440 --> 00:51:00.310
time. That's That was awesome. Thanks,
00:51:00.320 --> 00:51:00.750
Doug.
00:51:00.760 --> 00:51:01.350
>> Okay.
00:51:01.360 --> 00:51:02.670
>> Yeah, you you have a great day.
00:51:02.680 --> 00:51:03.830
>> to Good talking to you, Daryl.
00:51:03.840 --> 00:51:06.510
>> Yeah, you too. Have a Have a lovely day.
00:51:06.520 --> 00:51:08.510
And that's it for today's show. Doug,
00:51:08.520 --> 00:51:10.230
thank you so much for joining us. Lots
00:51:10.240 --> 00:51:12.070
to unpack there. You can stay up-to-date
00:51:12.080 --> 00:51:12.990
with Doug and his work through his
00:51:13.000 --> 00:51:15.310
websites internationalman.com
00:51:15.320 --> 00:51:17.150
and expertsroundtable.com
00:51:17.160 --> 00:51:18.630
or through his YouTube channel Doug
00:51:18.640 --> 00:51:21.430
Casey's Takes. All the links below. And
00:51:21.440 --> 00:51:22.830
if you haven't already, you can join the
00:51:22.840 --> 00:51:24.270
Convestor network by
00:51:24.280 --> 00:51:26.990
subscribing subscribing to our channel.
00:51:27.000 --> 00:51:28.430
Follow us on social media or visit us at
00:51:28.440 --> 00:51:30.470
convestor.net. Subscribe to our email
00:51:30.480 --> 00:51:31.950
list, get all the episodes of Convestor
00:51:31.960 --> 00:51:34.390
Report and our upcoming conferences.
00:51:34.400 --> 00:51:36.070
And until next time, happy investing.
00:51:36.080 --> 00:51:37.550
Good luck. Stay safe. Have a great
00:51:37.560 --> 00:51:39.910
summer. And uh take time for your
00:51:39.920 --> 00:51:46.690
family.
00:51:46.700 --> 00:51:53.310
>> [music]
00:51:53.320 --> 00:51:55.400
>> Woo!