In This Episode

We have two guests with a track record that’s, in Porter’s words, “ridiculous” this week – Venture Technology’s Dave Lashmet and Christian Olsen, whose research service has uncovered 14 doubles since its launch. Dave and Christian both have deep backgrounds in biology and biotech – and they’re not just focused on promising small-caps with pipelines that position them for rocket returns. In fact, in this episode they crown some winners among the big pharma giants in immune oncology, cardiac disease, and neuro diseases. In this recording taking place on the 17th anniversary of 9/11, Porter, Buck, and “Country Club Guy” Jamison Miller all reflect on where they were that morning, and how it’s affected where they are today. From Porter’s decision to get married on September 11, to Buck’s decision to join the intelligence agency, the quirks of fate are interesting to pick apart. After interviewing Dave and Christian on the most exciting opportunities in tech today – including the field that they both say is about to be as transformative as the Internet, but still in its infancy – it’s mail bag time. Dan W. writes about his home state of Texas “protecting him from himself” by barring him from investing in assets considered too risky – high yield bonds in this case. Porter explains a possible workaround, and then takes a question from an anonymous reader who says Porter’s done everything he said he would, but is still unhappy, calling Porter “like a senior in a fraternity” vs. him being “a pledge.” Porter explains why he can’t apologize for what he’s done.


Featured Guests

Christian Olsen
Christian Olsen
Christian Olsen is the editor of the Stansberry Innovations Report, a service focused on the most pioneering, disruptive technologies in the world today.
READ FULL BIO
Dave Lashmet
Dave Lashmet
Dave Lashmet is editor of Stansberry Venture Technology, an advisory service focused on the most important trend in the world - emerging technologies. This letter takes a "venture capitalist" approach to investing... seeking out small-cap speculative stocks with strong catalysts and outstanding breakout growth potential.
READ FULL BIO

Episode Extras

NOTES AND LINKS


Transcript

Announcer: Broadcasting from Baltimore, Maryland and New York City, you're listening to the Stansberry Investor Hour.

[Music plays]

Tune in each Thursday on iTunes for the latest episode of the Stansberry Investor Hour. Sign up for the free show archive at InvestorHour.com. Here are the hosts of your show, Buck Sexton and Porter Stansberry.

Buck Sexton: Hey, everybody. Welcome back to another fantastic episode of the Stansberry Investor Hour. I am nationally syndicated radio host, host of The Buck Sexton Podcast, and also Hill.tv, Buck Sexton. We have, in the driver's seat, the main man, the only and only Mr. Porter Stansberry, founder of Stansberry Research. Mr. Porter, how are you?

Porter Stansberry: I'm doing great, Buck. How are you?

Buck Sexton: You know, I'm hanging in there.

Porter Stansberry: You know, today when we're recording this, it's September the 11th. And I think for a lot of Americans, that's a day of painful memories and a serious day. For me, it's also the day I got married, and, ironically enough, the day that my first child was born. So, for me, it's a really important day, and full of memories and thoughts and recollections and emotions. And so if I'm a little preoccupied today, you'll know why. What were you doing on September the 11th, Buck?

Buck Sexton: I was on my way in. It was actually – I think it was my second week of Arabic class but I wasn't going to Arabic right then, although I had the books on me, which is kind of strange. I was on my way to class at Amherst and the professor said that a plane has hit the World Trade Center and he cleared out the class and we all thought it was a prop plane. And then I went back to my room, flipped on the TV, and actually saw the second plane strike.

Porter Stansberry: Wow. So not a good day to be holding an Arabic book.

Buck Sexton: Well, it led me to the CIA later on. But, yeah.

Porter Stansberry: What about you, Country Club Guy? Where were you on the September 11th?

Country Club Guy: I was on the 26th floor, Legg Mason trading desk. And of course when the first plane hit, you didn't see it. You knew there was something wrong with the tower. I don't remember which number it was. And as we were watching the coverage, all of the major news had it. And as they were showing the live footage of the building, you see another plane run into 'em.

[Crosstalk]

Porter Stansberry: Boom.

Country Club Guy: The first one was like: hey, it might've been a plane that got lost or maybe the guy lost consciousness. Second one you knew.

Porter Stansberry: Yeah.

Country Club Guy: But we were calling our accounts in the trade towers and none of the phones were ringing. So.

Porter Stansberry: Yeah. And you knew that Cantor Fitzgerald was on the top of that first building.

Country Club Guy: Yup. And Howard Lutnick, the CEO – I think he had one of those lucky stories where he had to take his kid to school that morning the one day in two months he ever took the kids – I don't remember the exact story, but he was fortunate enough –

Porter Stansberry: Not to be there.

Country Club Guy: Yeah.

Porter Stansberry: That was awful. The whole firm was destroyed. I think they had 90-percent-plus of their employees dead.

Country Club Guy: Absolutely. Devastating.

Buck Sexton: My uncle worked for AON. He lost everybody. And actually the president of my college at the time came and – well, he called me, which had never happened before or since, because they knew that my uncle was missing. And he happened to be late to work that day.

Porter Stansberry: Oh God.

Buck Sexton: But he worked at AON. He lost everybody.

Porter Stansberry: Terrible. Terrible, terrible. Anyways, just so the listeners are clear, I did get married and have a child on September 11th, but it wasn't September 11th, 2001. I got married in September, 2004. And we had our child in September, 2007. And we thought that getting married on that day would be a good idea, a way of moving past those events and not letting the terrorists win. So I hope that our listeners'll be understanding of that and not feel like I was disrespecting that day in any way. Because lately it seems that whatever I say people can find a way to take the wrong way.

Country Club Guy: Is that called foreshadowing for the mailbag later?

Porter Stansberry: We'll get to the mailbag later. Let's move on to men behaving badly. Has anybody – I haven't paid any attention to the details of the Les Moonves thing. Has anybody read anything about that? Is he like a –

Buck Sexton: Oh yeah.

Porter Stansberry: – bad flirt like Charlie Rose? Or is he like a molester or a rapist? Where are we on the Me Too scale here, from 1 to 10?

Buck Sexton: Nothing high-level or serious from a criminal perspective, Porter, has been alleged. But the allegations are mostly around: "Sleep with me or your career is toast."

Porter Stansberry: Casting coach?

Buck Sexton: Casting couch, exactly. But there was one involving a doctor, where he's in a female doctor's office and he just decides to go all in and like make a play in the doctor's office, which I was shocked. And then he – I don't know if this is a family show or not, but let's just say, from the allegation, he finished himself in the female doctor's office in front of her just 'cause.

Porter Stansberry: Wow. Hm. Okay.

Country Club Guy: Some might say that's ballsy.

Porter Stansberry: [Laughs]. I hear these stories and I just – I mean, I really do find them shocking. Maybe I'm naïve. Maybe there's things going on at my company that I don't know of. But I just can't imagine anyone behaving any of these ways. I just really find it shocking.

Buck Sexton: $100 million of compensation, by the way, on the line. You know, Porter, I always feel like, with some of these guys: how could he be worth this much money?

Porter Stansberry: He's not.

Buck Sexton: When you had somebody else doing the job, they do the job just as well. Why do these people –?

Porter Stansberry: He's not. And I think that's one of the most revealing things about this: how vastly overpaid most chief executives are. He's not worth anything like that. What is worth that much is the cash that this company produces for its shareholders. And having an experienced executive in that seat gives them the belief that they'll continue to perform. So they pay it. But it's a false belief. And, in fact, I've thought for a long time that CBS was in big trouble as a company and I still believe that.

I can remember a time 20 years ago where you couldn't go a single day without tuning into CBS News. You either watched Walter Cronkite or you watched Dan Rather or you watched 60 Minutes or you watched one of their sitcoms, which, for a long time they had the very most-watched network. I remember on Sunday afternoons CBS would have – they'd cover six or eight football games and you could watch them all for free. I turned on the TV this Sunday afternoon – I was having a birthday party for 16 11-year-olds and it was raining outside, so we were desperate for any kind of entertainment. And I couldn't find a football game on the TV.

Country Club Guy: They're all on ESPN.

Porter Stansberry: There was nothing on.

Country Club Guy: And the conferences have their own networks. So that's where they all are.

Porter Stansberry: I mean, there was the Ravens game and that was it. If you didn't wanna watch the Ravens or the Redskins, there was no free football available. You couldn't turn on Fox or CBS or NBC and find a different game.

Country Club Guy: I was talking about college football. I forgot the NFL.

Porter Stansberry: This is Sunday. This is on Sunday. There was nothing on. It was weird. And then you think about it: when's the last time you watched CBS News? I don't even know who the anchor is. I remember it was Connie Chung. She's no longer there. Wonder if she got the casting couch goodbye.

Country Club Guy: I bet you only watch one CBS show.

Porter Stansberry: I do watch 60 Minutes still.

Country Club Guy: 60 Minutes and that's it.

Porter Stansberry: And that's it. So I don't know that CBS is gonna be a good investment going forward, whether Les Moonves is there or not.

Buck Sexton: Can I throw something out there for you, Porter, by the way? Somebody said to me that they think that Hulu is eventually gonna get – is essentially being run as a means of collecting data – and this is in the media space – collecting data on users and everything else and that Hulu eventually will be folded into essentially a Comcast digital platform. And Hulu will be –

Porter Stansberry: No. Hulu is gonna be bought up I'm pretty sure by Disney. Isn't that the main motivation for buying out Fox?

Buck Sexton: I don't know.

Porter Stansberry: Yeah. I mean, you're in the media business. You know that Disney is buying Fox, right?

Buck Sexton: Yeah.

Porter Stansberry: And they were partners at Hulu. So now Disney will have a controlling interest in Hulu.

Buck Sexton: I didn't know that.

Porter Stansberry: It's your business. Come on.

Buck Sexton: No. My business is to have my hair a certain way and to sit thee and to read off a prompter, Porter. My business is not actually business. It's all show business.

Porter Stansberry: Are you like the guy from – are you like Will Ferrell in Anchor Man? Will you read anything –

Buck Sexton: Oh, Ron Burgundy?

Porter Stansberry: Will you read anything that's on the teleprompter?

Buck Sexton: Let me tell you: that actually happens, and you always, at the end of it – when you go, "And then the stories goes on, and, oh my gosh, I am Ron Burgundy?" You have to say it at the end or else people make fun of you.

Country Club Guy: Blank you, San Diego.

Porter Stansberry: Or the poor people on the local news in San Francisco who actually believed the Korean airline pilot names from that crash ten years ago [laughs]. They read them off the teleprompter [laughing]. Wi Tu Lo [laughs].

Country Club Guy: And his copilot, Crash Bang Ow?

Porter Stansberry: Yeah. And Ho Li Fuk [laughs].

Country Club Guy: That's gonna be you, Buck, one day.

Porter Stansberry: I mean, she read those names. And she said, "We called to confirm and these are the real names." And there was some intern at the – not the FCC. What's the government flight guys, the FAA.

[Crosstalk]

Buck Sexton: FAA?

Porter Stansberry: The FAA. They had some intern who was playing a great joke. I would love to discover who did that, give them a big pat on the back. I mean, that is a hysterical prank [laughs]. All right. What's next. What are the options in Syria, Buck? What's going on.

Buck Sexton: They're all crappy.

Porter Stansberry: What is happening in Syria lately? Are they still gassing their _____ people?

[Crosstalk]

Buck Sexton: I wanna tell your audience to watch the – there's a lotta stuff in Syria. It's one of the main venues in the whole show, or locations or whatever. But the Jack Ryan show on Amazon Prime. If you actually wanna hear some decent CIA lingo – the storyline is obviously – it's Hollywood and all that stuff. But if you wanna hear some – they actually did some research before they wrote the script, which is really unusual for particularly spy kinda thrillers. Have you seen the Jack Ryan thing on Amazon yet? It just came out a couple weeks ago.

Porter Stansberry: No. But based on –

Buck Sexton: It's good.

Porter Stansberry: – that, I will check it out. I'd love to know some real CIA lingo.

Buck Sexton: Well, no, but you'll like it because I think Vox, which I call beta male central – it's this far-left website – they did a review of it and they said that Tom Clancy's Jack Ryan on Amazon Prime is an homage to toxic masculinity and white privilege [laughs].

Porter Stansberry: Oh, I gotta watch it.

Buck Sexton: Yeah. See? Country Club Guy – he's sold now. Now he's gonna watch it.

Country Club Guy: I'm in.

Porter Stansberry: By the way, what is a beta male? You said –

Buck Sexton: The opposite of an alpha male.

Porter Stansberry: You said it's a beta male central. What does that mean?

Buck Sexton: Yeah. It's where all the beta males congregate. Like Pajama Boy is a beta male. Remember Pajama Boy?

Porter Stansberry: Mm-mmm.

Buck Sexton: Oh, that was an Obama-era thing. He's in his pajamas drinking tea, signing up for Obamacare. This was a thing that the federal government put out, and it's this little nerdy hipster-looking guy – you guys in Baltimore, 'cause you got the campus near you – there's some hipsters walking around there.

Porter Stansberry: Oh, there's lots of beta males around us.

Buck Sexton: Yeah. Like beta male hipsters. Anyway, Vox is a very – it's like HuffPost. Very left-wing. But you ask –

Porter Stansberry: It's like guys who don't have a job and they don't have any money, but somehow they're still wearing great shoes and they have the latest sunglasses and they apparently spend all day grooming their facial hair.

Buck Sexton: Yup. A lotta that.

Porter Stansberry: They wear fake Rolexes, things like that [laughs]. I'm making fun of one of my guys in the control room who will remain nameless.

Buck Sexton: Yeah. The options in Syria are bad. And the notion that we're gonna start firing off more missiles because of a chemical weapons attack – it doesn't stop anything. It makes us feel good in the short term because people like the flexing of American foreign policy muscle. But, see, Porter, I like to learn from mistakes. My generation – I got sent to Iraq. I got sent to Afghanistan. We are unwilling to accept that we're not winning the war in Afghanistan after almost 20 years now. We did not win the war in Iraq the way we thought we would, to the extent that we thought we would. And no more stupid wars is actually something that my generation has learned. No more.

Porter Stansberry: Buck, can we review the bidding, so to speak, on Afghanistan? Now, there have been foreign powers that were interested in Afghanistan for several hundred years. And how many of them were successful?

Buck Sexton: It's a couple thousand. Really goes all the way back to Alexander the Great. The Mongols came in through there. They weren't successful. The British fought two wars in the 19th century in Afghanistan for control there. Obviously the Soviets invaded the latter part of the 20th century. By the way, success ratio, Porter: zero.

Porter Stansberry: Zero. So foreign invasion into Afghanistan is kind of like land war in Asia. It doesn't work.

Buck Sexton: Bad idea. _____ _____ _____.

[Crosstalk]

Porter Stansberry: Bad Idea Jeans.

Buck Sexton: I have Erik Prince joining me this week. I'll ask. 'Cause he wants to privatize the war there. He's the Blackwater founder. I'm gonna be interviewing him.

Porter Stansberry: Oh, Mr. Prince is coming on your show.

Buck Sexton: Yep.

Porter Stansberry: Oh, he's an interesting character. I would like to see that interview. I'll have to tune in.

Buck Sexton: Would you like to get him on the Investor Hour or is that too far afield from what we do?

[Crosstalk]

Porter Stansberry: Oh, yes, very much.

Buck Sexton: I'll ask him.

Porter Stansberry: He's a fascinating guy.

Buck Sexton: Okay. Cool.

Porter Stansberry: Can we talk for one minute before we go to something useful of our listeners – can we talk about Alex Jones? He's been permanently banned from Apple platforms. And the question is: is that something that should happen in America? Should large media companies be allowed to censor content in that way? What I would call – that is a prior restraint of speech, which is abhorrent under constitutional law. You can't tell someone they're not allowed to speak. You can, if you're the SEC – you can edit their speech for profanity. You can say something was profane and can't be aired. But you can't say, "Look, Janet Jackson is no longer allowed to appear on network television because she once took off her top at the Super Bowl." So you can't do – that prior restraint is something that is abhorrent under the constitution.

But of course Apple is not the federal or a state government. Apple's a private company. And their networks and their platforms are their private property. So of course they're allowed to tell people that they can't come on and they're not welcome.

What's your feeling about this, Buck? Do you think that platforms like Facebook and Twitter and Apple are so large and have such a monopoly status in the world of media that they should be forced to abide by more constitutional regulations of speech instead of private property rules?

Buck Sexton: That is my inclination. Because if you leave it up to the powers that be at these companies – look, Silicon Valley is very – I actually had a congressman from Silicon Valley on today – very very progressive place. And the people who are running these major social media companies – I don't just mean the CEOs; I mean the upper-level management – they're as left-wing as people think of with Hollywood and university professors and all the rest of it. That's a very left-wing clue. And they're so biased, Porter, they don't even know how they're being biased. That's part of the problem.

And you mentioned FCC. I mean, I sit here and I say, "Hold on a second. So the internet we're gonna leave without regulation except for private regulation, even though there're a lot of other private companies" – I mean, I work in broadcast radio, for example. There's all kinds of rules that're imposed upon broadcast radio.

Porter Stansberry: Right. But there's not prior restraint of speech.

Buck Sexton: No, but there are rules that're in place about preventing essentially one side from having a monopoly or – Sinclair – I spoke to the FCC commissioner about the Sinclair merger, which got completely blown up. It was gonna be Sinclair merging with Tribute. People thought it was gonna go through. They thought it would be –

[Crosstalk]

Porter Stansberry: It didn't.

Buck Sexton: I know. It's dunzo and now they're suing each other. But when I asked the FCC commissioner, "Why is it a problem – I mean, you got two private companies. Why is it a problem if" – and they said, "Oh, because of the rules about reaching local broadcast homes." This is just an anachronism. This is a joke.

Porter Stansberry: Yes. I agree with all of that. But that's not what we're talking about. You've moved the issue into something about anti-Trust law and market access, which is not what we're talking about. We're talking about whether or not private companies should have the ability to engage in prior restraint, that is to say that someone – it's fine I think, in any kinda constitutional speech, to say that certain types of speech are not welcome. You can't yell "Fire" in a crowded theater. You can't use racial and other obscenities.

But to say that someone is not allowed to appear on your network – can you imagine if CBS said, "We are never going to allow Jesse Jackson to speak again on our network because we do not like the things he says." There would be tremendous uproar. Tremendous uproar. And Apple is now saying, "This person, Alex Jones, is no longer welcome on our network." I know it's not a network. It's a platform. But it's the same thing.

Buck Sexton: But are you asking me the legal question or the free speech –?

Porter Stansberry: No. I'm asking if you think that something should be done to protect minority opinions like Alex Jones' so that Apple cannot engage in prior restraint? I'm asking if you think that's something that – is that a law we should have, that Congress should get involved and say, "Look, if you wanna edit Alex Jones' speech, that's fine. You can say, 'No, we're not gonna let Alex Jones to get on our platform and tell everyone that the parents at Sandy Hook are actors and that they didn't really have their children murdered and that they're making it all up,'" which is something that Alex Jones has unfortunately said.

Buck Sexton: I see. So you're focusing on the distinction between somebody being completely banned entirely from using the airwaves, so to speak – in this case, digital versus –

Porter Stansberry: Right.

Buck Sexton: Usually people focus in on the content and trying to police the content and I just feel like that's gonna be an ongoing conversation forever because where are the lines and who are the – you're saying: push off entirely. You know, it's a private company but I'm certainly uncomfortable with the notion that somebody would be prevented from – although, you know, he's actually doing well as a result of all this. He's not –

Porter Stansberry: Right. But that's not the issue. We can't get an answer outta Buck. He's a professional media guy. He's dodging the question. He's [makes sound of dodging]. He's like Phil Mickelson in that goofy golf ball ad. You know, he does a leg kick and the ball still doesn't hit him.

Buck Sexton: I don't think you can tell – to answer your question – and it is a complicated issue. And, by the way, shouting "Fire" in a crowded theater – people always say that like it's an argument ender. That had to do with the majority opinion in a Supreme Court case where they said that passing out pro-socialist, antiwar pamphlets in the First World War was the equivalent of shouting "Fire" in a crowded theater, so it was in fact speech restraint. But that's a side note.

In this case, though, Porter, I don't think you can tell a private company who they can and can't have on. I don't know how you craft that legislation.

Porter Stansberry: So you're saying that even though Alex Jones says things that are often reprehensible – I mean, I think the things he said about Sandy Hook were disgusting. I think the allegations he makes about 9/11 are foolish. I disagree with much of his opinion. But you're saying that even so, he should be allowed to access Facebook and Twitter and –

Buck Sexton: No. I'm saying if Facebook wants to kick him off, they can. There's nothing we can do about it.

Porter Stansberry: Oh, you're saying the opposite. You're saying that –

Buck Sexton: Yeah.

Porter Stansberry: You're saying that Apple should have the right to engage in prior restraint because it's a privately-owned company. It's private property.

Buck Sexton: Yeah.

Porter Stansberry: So you're saying that you're in favor of strong property rights.

Buck Sexton: I don't see a way around it.

Porter Stansberry: Well, that's exactly what someone like you, you male privileged, elitist, capitalist pig –

Buck Sexton: I wish.

Porter Stansberry: That's exactly what you should say. It's 'cause you do not care about the fate of the little people. What I think is so interesting about all of this is: that is typically the liberal point of view. What's very interesting on the political spectrum: at some point you're so conservative that you actually end up having these sort of more liberal viewpoints.

So the people who normally defend freedom of speech are the guys at the ACLU. Extremely liberal, right? So the ACLU would probably take the opposite view of this, right? They'd say that, no, that Alex Jones should be allowed to say whatever he wants on Apple platforms. So all of a sudden you got the ACLU arguing on behalf of Alex Jones. So there's a situation where Alex Jones is now so far to the right, he's actually teamed up with the ACLU. And you see this a lotta times in politics.

Buck, I know you've seen it before: the sometimes really odd bedfellows of the extreme left and the extreme right. On certain topics, they end up in agreement.

Buck Sexton: Oh yeah. You see it now on some prison reform stuff or on some criminal justice reform. You see it on some drug issues now. More with libertarians and the far left than with hardcore conservatives and the far left. But that's actually begun to shift as well. So, yeah. That's true.

But, by the way, the ACLU has kind of abandoned the whole "We're really in favor of civil liberties." It is honestly now a left-wing advocacy organization.

Porter Stansberry: Right. They're only favor of certain kinds of speech from now on.

Buck Sexton: That's right.

Porter Stansberry: Speech especially about homosexuals is very encouraged. Speech that's in favor of religion is not so much protected.

Buck Sexton: Yeah. It's sorta like the Southern Poverty Law Center, which people used to think of as the anti-hate organization. Now it's almost like an extension of Media Matters, which is a 501(c)(3) that dedicates itself to finding and eliminating and de-platforming conservative voices in media. That is all it does.

Porter Stansberry: Well, they don't like me at all. Which is funny 'cause I'm not a conservative [laughs]. But that's never occurred to them.

Buck Sexton: Media Matters has come after you? Oh gosh.

Porter Stansberry: Oh yeah. They don't like me at all.

Buck Sexton: The founder was on my show earlier this week. The founder wrote an editorial about Judge Kavanaugh. This is this guy David Brock. Says he used to be a conservative – which I always find an interesting place to start the conversation – 30 years ago. But he said that he saw in 2000 Kavanaugh mouth the word "bitch" when he saw Hillary Clinton on TV. And I asked him: "You remember this? Are you a lip reader? How would you even know that?" And, by the way, his answers were just the most mealy-mouthed, "I was paying close attention." Like yeah, right.

Porter Stansberry: By the way, don't a lotta people think that Hillary Clinton is a fu-beep-ing b-beep-tch? I mean, even people who are otherwise liberal. I mean, I know lots of people that think she's just a terrible person.

Buck Sexton: See, Country Club Guy, when I'm wealthy and have my own company, I will answer questions like this.

Country Club Guy: I don't know why you don't now.

Buck Sexton: But as I am not and do not, I sit here and –

Porter Stansberry: Buck, I'm not speaking for you. I'm saying that –

Buck Sexton: I know.

Porter Stansberry: – I think that if you asked a lot of people across the political spectrum, in their heart of hearts, do they not think that Hillary Clinton meets most of the definitions for the colloquial meaning of the word b-beep-tch? And I don't mean that she's a female dog. I mean that she's a woman that doesn't have any friends and isn't trustworthy that's rude, that is aggressive in a way that is just deeply offensive to most people around her. Isn't that what beep means? And would it be so surprising that someone who knows her well and has to interact with her constantly thinks that she's a beep?

Country Club Guy: I think there's a different term for her that I won't say on the air. But you're on the right path.

Porter Stansberry: Is it see you next Tuesday?

Country Club Guy: I'll see you next Tuesday.

Porter Stansberry: [Laughs]. Anyways, I don't know what's happened in America where people are not allowed to speak more plainly. I mean, if you said, "You know what? I think Bill Clinton in a letch or a cat or a cad" – obviously the guy's a complete horndog. That's Bill Clinton. It's not being disrespectful to call a spade a spade.

Country Club Guy: Just check out the pictures of the Aretha funeral.

Porter Stansberry: Yeah. Staring at Ariana Grande? Who's only I think 50 years his junior? [Laughs].

Country Club Guy: There was a musician on before him and the shot from the front was of the singer and them him behind, and he couldn't have been any more bored. And she walked out. It looks like –

Porter Stansberry: Boom.

Country Club Guy: Yeah. It looked like he smoked a big –

Porter Stansberry: A star is born. Anyways, I think there's lots of people who think that the Clintons are just abhorrent people. And I don't think that has anything to do necessarily with their politics. They're not the kinda people that you want around, right? We wouldn't want them in our company. I wouldn't want them in my circle of friends.

Country Club Guy: Well, the Clintons make people have suicides. So they're really bad people.

Porter Stansberry: I don't know about that. I don't think you can blame suicide on other people. That's another topic.

Country Club Guy: It was a joke.

Porter Stansberry: Can I get back to Alex Jones just for one second? Somebody correct me if I'm wrong, but we've never had Alex Jones on our show, have we?

Country Club Guy: We did in the Stansberry –

Porter Stansberry: No, no. I was on his show twice. We never had Alex Jones on our show. I'm being told that we did. And I can't read lips.

Country Club Guy: You know what? The magic of –

Porter Stansberry: Jimmy, will you tell me in my earphones?

On the black label, not on the main podcast. We don't know. Anyways, I found personally Alex Jones an affected personality. Meaning I didn't think that he was actually – I thought he was either mentally ill or I thought he was playing a role of a mentally ill person. So if I had him on the show, I know we only had him on once. Because I didn't enjoy talking to him. And I couldn't figure out if he was playing a role or if he really is just crazy. I mean, the things he was saying were the same kind of things that you hear people who are suffering from schizophrenia say. So he was saying that he really thought that the Bilderbergs are in charge of the world and that the CIA is engaged in –

Buck Sexton: The Illuminati.

Porter Stansberry: – mind control. And so I don't even have the cognitive ability to make my own choices 'cause the CIA has already programmed me to believe something. It was like –

Buck Sexton: You have a CIA plant working for your show, Porter. You didn't realize that.

Porter Stansberry: You're a CIA plant working for my show. I know. It was like someone who believed in The Matrix. Like they really believe that there was this ongoing alternate reality. And so I didn't know if he was mentally ill or just playing the role. But I can tell you he attracts a whole lotta mentally ill people. And some of them came to our conference one time and made me very uncomfortable. In Dallas. It was weirdos.

Country Club Guy: Yeah. I know he was on your show 'cause I booked him. Because he was in our –

Porter Stansberry: Well then it's Country Club Guy's fault.

Buck Sexton: I wanna find that. I would listen to that interview right now, by the way.

Country Club Guy: I'll send it to you, Buck.

Porter Stansberry: Oh boy.

Buck Sexton: Yeah. Send it to me. He doesn't like me, by the way. He has personal beef with me. He does not like me.

Porter Stansberry: Well, I don't think he likes me anymore either. But he did the voiceover for our End of America advertising campaign. He was very effective at that.

Anyways, I haven't been back on his show in many years and I wouldn't have him back on my show, and so I think that if I don't wanna have this person on my show, I have the right to make that choice. And I think Apple has the same right. And as far as the fact that that's risky because Apple's so dominant, well, Apple's gotta make those decisions in the right way or they won't be dominant for long. Because if Facebook and Twitter and Apple start outlawing any legitimate conservative views just because they're conservative, I think you're gonna see a very strong reaction on the behalf of the American people, who can then choose to use another private platform. And that's why the same laws that govern the government's actions shouldn't be used to govern be used to govern the private sector.

Because in the private sector, you have choice. If I don't like City Hall, it's not like I can go use another one. There's only one City Hall. And so I think that's a very important difference that most people in America don't understand. And the idea that you should tell Apple what should be on their platform or that the government should I think is a really bad idea.

Should we move on to something less political and more financial that will help our listeners?

Buck Sexton: Yeah. Let's tell people including me how to make money. 'Cause I don't wanna keep working for media people forever.

Porter Stansberry: Let's go talk with a really brilliant tech analyst, David Lashmet, and one of our newest analysts, Christian Olsen, who's also super brilliant.

Buck Sexton: _____ do some intros here.

[Crosstalk]

Porter Stansberry: So I know you met a lotta smart people in college with you at Amherst. There's a lotta real smart kids up there. But you know the people that are so smart that even the smart people oftentimes don't know what they're talking about?

Buck Sexton: Mm-hmm.

Porter Stansberry: That's these guys.

[Music plays]

Buck Sexton: We got Dave Lashmet and Christian Olsen joining. Dave and Christian are the editors of Stansberry's new publication, Stansberry Innovations Report. Dave's also the lead editor of Stansberry's Venture Technology. Dave has spent years writing and teaching about medicine and technology at major research universities such as Harvard Medical School, Johns Hopkins, and MIT. Dave is also the inventor of three US patents in high-tech hardware and software. He's responsible for some of the biggest gains in the history of Stansberry Research, including one of their top-ten hall-of-fame recommendations, ID Biomedical, a 331-percent gain.

Christian started his career off in mechanical engineering, and after three years went on to earn a bachelor's degree in molecular biology and biochemistry and a master's degree in bioinformatics. Today he identifies the safest way to invest in technology revolutions across the globe with big upside potential for early investors.

With Stansberry Innovations Report, you get more than just a stock pick each month; you get a full education about the most important innovative and disruptive technologies around the world today. They look for big trends in technology that will play out over several years and decades. They find companies operating within these trends that provide you a safe, high-upside way to invest that could make readers huge triple-digit gains. Please welcome Dave Lashmet and Christian Olsen. Some serious resumes there, Porter.

[Crosstalk]

Porter Stansberry: Some seriously guys. Dave, Christian, thanks for being on. How are y'all?

Dave Lashmet: Good.

Christian Olsen: Doing well, Porter. Thank you.

Porter Stansberry: Dave, where are you today? You travel the world constantly. What are you up to today?

Dave Lashmet: I just got home. I was in Munich last week. So I'm actually home to see my kids off to school for their first week.

Porter Stansberry: And home, by the way, people, is a small island off the coast of Seattle. We don't need to mention which one. And Christian Olsen, where are you today?

Christian Olsen: Well, actually today I'm home as well, recently returned from a DARPA conference in Washington, DC last week.

Porter Stansberry: And where is home for you, Christian?

Christian Olsen: Home is North Carolina.

Porter Stansberry: Very good. Well, I hope you will be okay there. I know you guys are expecting a very bad storm. So batten down the hatches.

Christian Olsen: We are. Thank you.

Porter Stansberry: Okay. Great. Listen, guys, I've got a buncha questions for you. But I wanna start with the big picture. And I'd like for you guys to answer individually. If you have the same answer, that's of course fine. But I really wanna know what you personally think. Dave and Christian, you guys have both spend well over 20 years studying the evolution of technology. And I mean that very broadly. I know more about Dave's background because I've known Dave personally since the mid-1990s. And he has studied everything from virology to digital networking and microprocessing. He's been across the gamut in technology.

So I'm gonna ask you first, Dave: what do you think is the single most important technology that is still in its infancy today? What are companies working on today that in 20 years will have changed the world's economy as much as the internet has in the last 20 years?

Dave Lashmet: Machine learning. I think that we're at the dawn of machine learning. So I was on your show about a year ago, this show. And you tried to get me to say nice things about autonomous driving. And I said, "We still have to figure out what happens when a pedestrian's hit by an automatic car, and in the US, who has to pay the bill." But now in Europe, where they don't have these sorts of issues, we see the new Audi rolling out with Level-3 driving. And, over time, it'll be the most obvious thing: that my youngest daughter, who I just sent to third grade, will never learn to drive. Because her car will drive her.

Porter Stansberry: All right. And, Christian, how would you answer that question?

Christian Olsen: Yeah, you know, Porter, I would answer the same way. Machine learning is definitely I think one of the hottest things going right now. And I agree: we're on the cusp of it. It applies to so many sectors in our world that I think we're gonna see some pretty fantastic things. And maybe a little bit later I can talk about one specifically. But machine learning is definitely, to me, the most promising.

Porter Stansberry: So machine learning – I know one application would be cars that know how to drive. Would another application perhaps be that thee could someday be a machine that would help investors make better investment decisions by studying all of the different macroeconomic inputs and looking at all the earnings reports and then boiling it down and looking at different ratios and growth patterns and then saying, "Out of all the stocks in the stock market, these are the five most likely to outperform over the next six months"?

Dave Lashmet: Yes. But we already have Mike DiBiase. So –

Porter Stansberry: [Laughs]. I'm just thinking: I wonder if that would be good for my business or bad for my business. Because on the one hand, it might allow me to get rid of a lot of overhead. But on the other hand, it would probably allow our customers to get rid of us. So, hmm. That's a very disruptive potential. Besides cars and potentially replacement for investment newsletter researchers, what else will machine learning do to our economy?

Dave Lashmet: I think medicine gets cheaper and more effective. Because diagnostics won't be a: you walk in and someone notices you're blue and say that you have one of 54 maladies but we don't know which one. They'll be able to lock down what's wrong with folks quicker and more effectively and then treat them more effectively.

Porter Stansberry: Back in the day, Roche used to have a really good bioinformatics and diagnostics business. Are they still industry leaders?

Christian Olsen: Yes. Actually, Porter, they are doing some very interesting things within the walls of Roche. So I've got a couple colleagues that have worked there that I talk with quite a bit. And they are doing some very interesting things. Honestly, Roche and some other of the higher-end pharma companies have these bioinformatics departments that are helping them look for drug targets and helping them guide the business.

Porter Stansberry: Well, speaking of that, you guys know these companies inside and out. If we could for a minute just talk about large pharma – and I'm referencing the work that I did in pharma, and this is now 20 years ago. But when I was in this world, Bristol-Myers was in a terrible slump and basically had to be completely rebuilt from the ground up 'cause it had gotten so far off track. And, on the other hand, there were some big pharma companies that were really doing smart acquisitions and doing very well. I would put Roche in that category. Today how does the industry break down? In terms of big pharma, who are the companies that have the most brains and have the best pipeline production process? And who has gotten far afield?

Dave Lashmet: I think what happened is that they splintered. So each big pharma has a center of excellence. So Biogen, which you know is the Alzheimer's premier neurological company – they just fired $1,000.00 people in infectious disease and then they hired up hundreds more neurologists. So what we're seeing is that, almost like the game of Risk, the big pharmas are taking over different sets of countries so that they can control a landscape in a dominant way. And so each can succeed in their own space. So Bristol is by far the leader in immuno-oncology, chased by Merck and then Roche. Pfizer is probably gonna end up more in cardiovascular disease. And Biogen does neuro disease. And there's other sort of breakdowns at the mid-tier.

Porter Stansberry: All right. And what about on the other end? There're always these guys who are sort of super top-notch scientists that splinter off and they'll buy a drug target or two from a major pharma that was sort of languishing and then they'll build it up, and all of a sudden you've got a company that's gone up 50 times or 100 times. I mean, Dave, how many of these have we seen over the years? I mean, just again and again and again and again. So my favorite example was Regeneron.

We stumbled across Regeneron, I don't know, 15 years ago or more? It was trading for around $10.00, lower and higher. It was always below $20.00. And I noticed that the former chairman of Merck was the CEO of Regeneron. So when you have a guy who had probably the most prestigious job in all of pharma – the chairman of Merck is a sort of legendary position. It's kind of like being the coach of Notre Dame. It's a revered role to have. All of a sudden he leaves that and starts up a tiny biotech startup. And now of course Regeneron's gone from under $20.00 to over $600.00. So there are these opportunities where really talented people walk out, start new businesses, and those businesses can explode in value.

And one of the things that Dave Lashmet's always done incredibly well was not just know the businesses but know the people and get to know the people. You follow the people, you oftentimes find a lot of value. Dave, are there any stories like that currently going on in your space?

Dave Lashmet: Yeah. There's a ton. I mean, one thing I used to do when I was in tech is that we'd do a two-person sales call. We'd have a smart guy and a wise guy. So the wise guy understands all the underpinnings of the economics but doesn't have to get caught up in the nuances about the engineering of specific electrons hitting a specific part of a chip in a specific way. The smart guy you look at to get the answer to those questions. Well, you can't have a doctor break off without a wise guy. Because they get some idea about science which is completely impractical or completely not economical. And when you find folks like the Merck CEO who understand the economics who can bring along smart guys with them, then you get outrageously productive companies.

So one company we talked about, and I'll talk about it in my speech at Alliance, is called Five Prime. And we noticed that Bristol-Myers had given them $50 million as a earnest payment to wait on a deal. And it's like the head of Five Prime at the time, a guy name Rusty Williams, had left as chief research officer of a big pharma to go to a small-cap firm. And he literally was on the patent to discover a new part of our immune system. And that's what their patent was. It published in Nature even though it was from a private company. And they understood the business. And to get Bristol to give you $50 million to wait – there's no way that Bristol couldn't close the deal. There's no way you can go to your boss and say, "Boss, I accidentally misplaced $50 million into another company's coffers." It cannot happen.

And two years ago at Alliance I said, "Look, there's going to be a deal. It's gonna be with Bristol-Myers. It's gonna be huge. I don't know how huge. That's up to Bristol-Myers. But it has to get done." And it's not just the science. It's also the economics, where investors make money.

Porter Stansberry: I think that's a really important distinction. And I know that's something that was hard-learned on your behalf by seeing a lot of companies make mistakes by going after scientific pipe dreams that were really cool on paper but couldn't ever be scaled. I would reference Antigenics as an example of that.

So that's how Dave does his work. And his product is called Venture Technology. And it's very expensive. I think we're currently selling access to Venture Technology for around $5,000.00. Of course we'd love to have your business but we recognize that most people are not gonna start down a path of technology research with our company at that price. So we have an introductory product, and that is – Christian Olsen does all the primary work on that, although of course he works in conjunction with Dave. And I've seen it. I've read it. It's great. Christian, can you tell us the basic philosophy of what you're looking for when you're doing your research and what kinda companies you look to present to investors?

Christian Olsen: Yeah. Absolutely. So the Stansberry Innovations Report is a report that is focused on finding innovative technologies within a mid-cap company size. And so there's a method that Dave and I have put together for looking at these companies. These companies need to have a history of revenue. They need to be a viable business. And they also have to have a foundational change that they're offering. So those three components need to be satisfied before we can really consider the company worth looking into more deeply. And we're looking at sectors that cut across the technology domain, with all sorts of applications. And so everything ranging from cyber-security to robotics to you name it. It's about innovation.

Porter Stansberry: And can you give us an example of a current recommendation?

Christian Olsen: Yeah. So there's a company outta California that I recently recommended called Splunk. And Splunk is a company that not many people have heard about, but they're in the security information space. And they let companies make sense of machine data so that they can protect their assets from cyber-attacks. They can also streamline their operations with their software. And Splunk is actually doing pretty well right now. They touch both the security space as well as the internet-of-things space. So it's a very sweet spot this company's sitting in.

Porter Stansberry: Yeah. You know, one of the things I've noticed over many years is that there are certain other firms that're really good with tech investing. And I would say that T. Rowe Price, actually right here Baltimore, is one of the best at getting growth and technology right. And I'm pretty sure that T. Rowe Price is the largest institutional holder of Splunk. So that's always a good sign when you see other smart people gravitating towards the same businesses. Another good sign is that Splunk is up about 400 percent over the last two years. So has some momentum.

So, Christian, for folks who are interested in getting a little more growth in their portfolio, a little bit more excitement into their investing, how can they get ahold of your product? I see here we're running a special offer. Normally we charge $200.00 a year for our innovations report. But for our listeners here at Investor Hour, we've got a deal for you: $98.00 can get you two years. So if you wanna go and sign up and see what that's all about, it's InvestorHourSIR.com. So that's the Stansberry Innovations Report abbreviation. So it's one word: InvestorHourSIR.com. And, once again, we thank our crack marketing team for such easy-to-use-and-communicate URLs: InvestorHourSIR.com.

Christian, what can you promise folks who sign up for your newsletter? What are you gonna do for them that they can't get anywhere else?

Christian Olsen: [Laughs]. So what they're gonna get from this newsletter is they're going to get a very deep analysis. We look at things quite holistically. And we're looking for things that perhaps other people have stared at for a long time but they've not found value in. And so we're looking to connect the dots, technologically speaking, so that they can safely put their money in a place that will return money for, as we said earlier, multiple years into the future.

Porter Stansberry: One last question for you guys before I let you go. Lashmet, one of the things we really struggled with when we launched our first technical research stuff, which is yours – we called it Diligence way back then. Now of course it's called Venture Technology. But we struggled with risk management. Sometimes these tech stocks can be so darn volatile that even when you write about them, it's just very painful to hold. Regeneron, for example, did go over $600.00. But first it went from $20.00 to $6.00. And, trust me, that ride down was really really painful.

So how do you manage risk in these portfolios? Simple trailing stops are not gonna usually be very effective. And yet, with a lotta these companies, there is always the risk that it'll go all the way to zero if the technology doesn't wok or if the innovation doesn't pan out. So how do you guys think about risk and how do you manage it?

Dave Lashmet: You know, one thing we do is actually do a legitimate portfolio review every month. And if something really positive or really negative breaks about one of our positions, we answer that day or the next day, as soon as we can analyze what's happening. And so I guess that's the first tier: active portfolio management. So if we don't like the direction one of our picks is heading, we pull out. If we think the market is punishing it for – and the market misunderstands a scientific development or a technical development or even a business development, we'll stick with it.

But the second thing we've been able to do – and really it's probably a function of the bull market – is sell half at double. So a bunch of our riskiest positions already doubled and we sold half. And so we still own those positions but we own them at zero risk. All your initial capital already came back to you. I think we're – almost one third of our positions, we own the portfolio for free. So we recommend that you pick about ten of our stocks. Because we don't have a crystal ball. We're not always gonna be right. And to sort of balance the high-end risk with high-end reward, if you pick ten, it should balance out.

But we have another 14 positions that we own for free already. And those positions really reduces your risk globally and still gives you upside.

Porter Stansberry: Yeah. And I will tell you, just from the experience I have with both of these gentlemen, I think the smartest thing you can do is just have small position sizes. So if you subscribe to these publications – and I definitely believe that you should. The track record that David Lashmet has is absurd. The average return in his portfolio is over 50 percent. And these are holding products of around a year, so these are very good annualized returns. I mean, they're outrageous.

Of course, it has been a bull market. But he has been able to key in on technologies that work. No other analyst has given me more than a dozen stocks that've gone up by ten times. But Dave has. And if you just get a couple of those, you're gonna cover a lot of users. So we just have to understand that there's a very wide variability in what the returns are gonna be, and down 80 percent is an option, but so is up 800 percent. And so you manage that, I think best, by just having small position sizes in the companies and the technologies that you have the most conviction in. And you just have to let 'em ride.

Now I know Dave is saying take half off, and that's obviously another strategy that I think works fine too. My recommendation would be: put a percent or two percent of your portfolio into these things where you have conviction and just let it go. If you had put two percent of your portfolio in Regeneron and it goes up 6,000 percent, which is what it did, you're gonna be a very happy camper. And that's gonna cover a lot of other losses. So if that style of investing appeals to you, I would recommend you get Dave's product, which again is called Venture Technology. You can find it on our website.

And if you wanna just test the waters with us, we have a great offer for you to get Christian Olsen's product, which is Stansberry's Innovation Report. It's InvestorHourSIR.com. And for $98.00, you can get two years of our work, you're gonna learn a lot, and you're gonna get a buncha great picks.

David and Christian, thank you very much for your time today. Appreciate you being with us.

Dave Lashmet: Thanks, Porter.

Christian Olsen: Thanks, Porter.

Porter Stansberry: Buck, did you learn anything? You're gonna check out Five Prime Therapeutics or Splunk?

Buck Sexton: Yeah. I wanna look at Splunk for sure, just 'cause the name sounds cool.

Country Club Guy: Well, there's a newsletter we can do here at Stansberry: "Hey, what name seems cool?"

Porter Stansberry: We should have the Country Club Guy head up our cool name stock portfolio.

Country Club Guy: I can do that. I'll come up with one for next week.

Buck Sexton: Splunk sounds like a new internet company that doesn't have a product but has a really cool vibe so it gets funded, you know? Splunk.

Porter Stansberry: Splunk. I don't know. Maybe they're digging in caves. I don't know what they're doing. All right, listen, Buck, we've been gabbing now for almost an hour. Why don't we get to the mailbag and then we can go onto something a little more productive with our lives?

[Music plays]

Buck Sexton: [email protected], folks. You wanna get in on this action. Let's get to it. Dan W., who is a happy and paid-up subscriber, writes, "Hi, Porter and Buck. I recently tried purchasing a few high-yield bonds that your team recommended and was turned away. It seems the great state of Texas, known for its stance on freedom and independence, has decided to protect me from myself by disallowing my ability to invest in certain assets that it considers too risky. Really, what's next, making my high-fat breakfast a crime? Mandating my cholesterol levels at legal limits? Is there any way around this stupidity besides moving to a freer state?" A freer state that Texas?

Porter Stansberry: I don't think that exists.

Buck Sexton: "Ben W." Yeah.

Porter Stansberry: You know, I don't know what's going on here, Dan. We'd have to have some more information to understand what happened. It could be that the bond you tried to buy simply isn't registered with the state of Texas. And that happens occasionally, very rarely. So it may work fine if you try to buy a different bond. That's the first thing I would say. But you're not telling me who your broker is. You're not telling me what the bond is. So I really just don't know what's going on there. This is not a problem I've ever seen before. And I think we have a lot of customers in Texas. So I have a feeling there's something else going on here but we just don't have enough details to find out what it was.

Buck Sexton: Next up here we have unnamed reader. Okay. This is anonymous, like that editorial that was written in The New York Times. Dear Porter, Buck, and Country Club Guy, thanks for show from this long-time long-arm-er, Capital Portfolio, plus lifetime Income Intelligence. Here's a few comments. On the Alliance, Porter has done exactly what he said he would but it still doesn't feel good to me. I first subscribed back in around 2011. Can't remember exactly when. When I first heard about the Alliance, the cost was increasing from $7,500.00 to $10,000.00. That's more than I ever thought I would spend on research and more than I could in any way reasonably afford.

"Porter said the price would never go down and it would probably go up, and indeed it has. If the Alliance was still at the price level when I first heard about it, I'd probably buy. Basically, this Alliance thing keeps running away and I feel like Porter is like senior in the fraternity and I'm a pledge and he keeps it just out of reach. Don't take my complaint too seriously. Even though I'll probably never been an Alliance member, I nevertheless expect to maintain my long-arm status long-term, and may sometime soon look to adding Credit Opportunities letter. From Anonymous."

Porter Stansberry: Well, we certainly appreciate all your business. And I can't really apologize for increasing the price of our Alliance offer because it's a very unique offer. It allows you to get everything we publish today but also everything we add in the future. And we have doubled up on the size of our technology team. We have added an entire new intraday information service, NewsWire, where we've hired four traders off of trading desks across Wall Street, made our own trading desk team. We've launched Credit Opportunities, which does high-yield bond research. Nobody else does it. I mean, I can go on and on and on. We continue to greatly expand the research offerings that we publish here, and that is drawing us in more business and giving us a higher price to buy everything.

Kinda like if you join a country club and they build another golf course, then the price to join's gonna go up. So that's what we're doing. And I still think it's outrageous value. Even though it's $30,000.00 now, it's still less than the cost of one year's subscription to all of our products. So if you can use all of our work and if you can afford all of our work, then it's definitely the best way to do business with us.

Country Club Guy: And you know where the price is going. It's not going down.

Porter Stansberry: It's gonna continue to go up.

Country Club Guy: So you might wanna get in now, unnamed reader. I have your e-mail. I'll reach out.

Porter Stansberry: Well, I mean, maybe we can make him a deal or something 'cause he seems like a very sincere guy.

Country Club Guy: All right. I'll talk to him this week.

Buck Sexton: Hunter, up with e-mail number three here. "Buck and Big P." – that's what he wrote – "I love hearing your thoughts and opinions about everything happening in the world. Thank you for bringing diverse perspectives to the table. Porter, make this new letter of yours happen faster. I'll be your first subscriber. Or feel free to add it to my Capital Portfolio subscription. As a young investor, I'm hungry to learn as much as you are willing to share. You're doing a fantastic job. I genuinely appreciate your ethics and business model. Buck, thanks for bringing the non-financial viewpoint to the table. You add a most excellent twist to the show and ask many questions that I'm not wise enough to think of. Also, Arianna – she's been on a long vacation. Summer's winding down. Could you bring her back on the show for us soon? Thanks."

Arianna, Porter – I'm hearing rumors – may make a special guest appearance in Las Vegas. I don't know if you've been told.

Porter Stansberry: I miss Arianna. I think that there's been lots going in the world that we needed Arianna's input on.

Buck Sexton: She'll be back. But in Vegas in particular –

Porter Stansberry: I'm not sure about yoga and my diet and I don't know all these things about beta males and mansplaining. We need Arianna's view.

Country Club Guy: Well, I'll give her your number. So she might be calling in while we're out there.

Buck Sexton: She's gonna be calling in when you're in Vegas, Porter.

Porter Stansberry: That'd be a lotta fun. Maybe she can call in while I'm on stage.

Buck Sexton: That's what's gonna happen.

Porter Stansberry: Could be [laughs]. Okay.

Buck Sexton: Biker Bob. Hey, Biker Bob. "Solar is a good investment. We also have it on our home. Yes, it does add to the price. But during our lifetime, we're making double payments on the loan, and even doing it at about two thirds the price of our monthly power bills with San Diego Gas & Electric, in two years, all our power is free. Gotta keep riding bicycles, and I hope I make it to 90. I won't need a Social Security cola due to zero dollars on power bills. Of course Jerry Brown will no doubt create a new tax on solar. Tell Porter I enjoy his newsletters tremendously. Biker Bob."

Porter Stansberry: Well, Biker Bob, I certainly hope that your power is free. And your neighbors will enjoy paying for it I'm sure.

Country Club Guy: Yeah. Somebody's paying for it.

Porter Stansberry: It won't be the solar panels on your roof. And good luck with the leaks. Also good luck selling your home.

Country Club Guy: [Laughs]. Yeah. And the tax that's coming down the pike.

Buck Sexton: Oh, that's gonna be it for this episode of the Investor Hour. Porter, any closing thoughts?

Porter Stansberry: No. You know, it is September 11th and I hope everyone will take a moment just to appreciate the fact that we have had – what is it now? – 17 years of relative safety and peace in our country. And I'm very grateful to all the men in uniform who have protected us. I'm sure there's lots of things that've gone on behind the scenes that I'm glad I don't have to know about. And, you know, enjoy your families today and thank goodness for the freedom in the country that we still have.

Country Club Guy: And I wanna wish you a happy anniversary.

Porter Stansberry: Thank you very much. I made it 14 years with 1 woman.

Country Club Guy: And only two black eyes. Yours. No hers.

Porter Stansberry: [Laughs]. What?

Country Club Guy: She beats you. That's what I was alluding to.

Porter Stansberry: Black eyes?

Country Club Guy: Yeah, you know. She hit you in the face. You said something stupid.

Porter Stansberry: What are you talking about? My wife's never hit me.

Country Club Guy: I'd like to hit you sometimes.

Porter Stansberry: [Laughs].

Male: Anyway, Buck, why don't we do the closing segment?

Porter Stansberry: I don't even know how to respond to that [laughs].

Buck Sexton: All right. That concludes another episode of the Stansberry Investor Hour. Be sure to check out our recently revamped website where you can listen to all our episodes, see show transcripts – get a lotta e-mails where you folks want that – and where you can enter your e-mail to make sure you get all the latest updates. Just go to InvestorHour.com. InvestorHour.com, everybody. That's it for this week. Love us or hate us – Mr. Porter?

Country Club Guy: Ooh, almost said it.

Porter Stansberry: [Laughs]. Love us or hate us, just don't ignore us. Have a great week, everybody.

Buck Sexton: Thanks, everyone.

[Music plays]

Announcer: Thank you for listening to the Stansberry Investor Hour. To access today's notes and receive notice of upcoming episodes, go to InvestorHour.com and enter your e-mail. Have a question for Porter and Buck? Send them an e-mail at [email protected] If we use your question on air, we'll send you one of our studio mugs.

This broadcast is provided for entertainment purposes only and should not be considered personalized investment advice. Trading stocks and all other financial instruments involves risk. You should not make any investment decision based solely on what you hear. Stansberry Investor Hour is produced by Stansberry Research and is copyrighted by the Stansberry Radio Network.

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