Having the 'Capacity to Suffer'

Stansberry Investor Hour

Stansberry Research

America, How, To, Crash, Money, Learn, Stansberry, Income, Research, Debt, Stocks, Porter, Business, Realestate, Banking, Investment, American, Investing, Invest, Howtosave, Sjuggerud, Ferris, Eifrig, Jubilee, Buck, Sexton, Market, Bonds, Churchouse, Savings, Options, Lashmet

4.4 • 677 Ratings

🗓️ 27 June 2022

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today, Dan welcomes first-time Investor Hour guest Steve Gorelik to the show. A 15-plus-year veteran of Firebird Management, Steve currently manages the Firebird U.S. Value Fund. And as a native Belarusian, there's no one better suited to manage Firebird's Eastern Europe and Russia funds as well.

The big question Dan asks Steve is how he has been handling the funds amid the Russia-Ukraine war. Steve shares his thoughts on Russia's investment prospects and the ruble's volatility. And he explains that, surprisingly, many Eastern European companies present very robust investment opportunities – as long as the countries' macroeconomics look good.

When it comes to doing the legwork on researching a prospective addition to your portfolio, Steve emphasizes that you shouldn't just look at how a company makes money... Seeing how a company spends its money is critically important, too. He also delves into the prospect he sees in a particular type of financial company. And finally, according to Steve, every investor should aim to hone this invaluable trait, especially in today's tumultuous market...

The number of people who are able to hold through a year like 2022... and then be afraid to get back into the market when things are bottomed out... it's the capacity to suffer. It's the capacity to take a loss and not be afraid of what's happening. It's the capacity of being able to do the hard thing and get rewarded for it because other people won't. And that's going to be a competitive advantage both in investing... and in life.

Transcript

Click on a timestamp to play from that location

0:00.0	Hello and welcome to the Stansberry Investor Hour.
0:10.0	I'm your host, Dan Ferris.
0:12.0	I'm also the editor of Extreme Value published by Stansberry Research.
0:16.0	Today we'll talk with Steve Gorillic of the Firebird Fund. Steve invests in Eastern Europe and Russia.
0:24.0	And he'll have some ideas for us about how to do that. Amazing.
0:27.8	In the mailbag today, not a whole lot. Good question about silver and an interesting comment about Russian real estate.
0:35.5	And remember, you can call our listener feedback line
0:38.6	800381-2357. Tell us what's on your mind and hear your voice on the show. For my opening
0:45.6	rant this week, one key fact. I'll tell you what I mean in a second. That and more right now
0:53.9	on the Stansberry Investor Hour.
1:03.0	One key fact. What on earth could he possibly mean by that? What I mean is I think there's a lot of noise out there right now. Everybody in a
1:14.7	bare market wants to be a market technician and they want to try to predict a recession or not.
1:20.2	They want to predict, in this case, more inflation, less inflation, peak inflation, peak interest
1:25.5	rates. You're just being bombarded with this stuff
1:28.9	if you read all the usual sources, Wall Street Journal, Financial Times, Barron's, et cetera,
1:33.8	et cetera. But I think there's one key fact. You know, you can't respond to all, you can't
1:42.3	keep all the noise in your head and make a decision.
1:45.6	You have to be selective.
1:47.8	You have to decide which are the important facts and which are less important and which
1:53.7	are pure noise.
1:55.8	A lot of it's pure noise and in particular the predictions, right, the recession prediction,
2:02.8	you know, or peak inflation predictions or even continued high inflation predict,
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Stansberry Research, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Stansberry Research and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.