Having the Tenacity as an Investor... No Matter the Climate

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 23 January 2023

⏱️ 68 minutes

🔗️ Recording | iTunes | RSS

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Summary

This week, we're thrilled to welcome a brand-new guest to the Stansberry Investor Hour... who happens to be the lead analyst for Stansberry Research's longest-running flagship publication: Alan Gula.

But first, Dan and his co-host Corey discuss the latest hot-button topics: Big Tech's sweeping wave of layoffs, why media coverage of the "debt-ceiling crisis" is just "pure noise," the "cat-and-mouse game" of the lag effects of Federal Reserve policy, and whether there could be an encore to last year's bond-market beatdown.

Speaking of distressed investments... today's guest had a front-row seat to the financial crisis, as he was working Barclays Investment Bank's distressed-debt desk when Lehman Brothers filed for bankruptcy. Alan worked at some of Wall Street's biggest firms before joining Stansberry Research.

"I think that any good recommendation has a good macro tailwind. And cycles are crucial from a macro standpoint," says Alan.

But finding a winner requires more than just the right macroeconomic setup... As Alan states, it's one that "marries both the macro and the bottom-up fundamentals research." He dives deep into his bottom-up research process. And he also shares his No. 1 tip for successful investing.

Transcript

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0:00.0	Hello and welcome to the Stansberry Investor Hour. I'm your host, Dan Ferris.
0:09.0	I'm also the editor of Extreme Value and the Ferris Report, both published by Stansberry Research.
0:14.0	And I'm Corey McLaughman, editor of the Stansberry Daily Digest.
0:18.0	Today we talk with our colleague Alan Gula, senior analyst at Stansbury Research.
0:22.6	And for today's rant, we'll talk about tech layoffs, the dead-searing crisis and more.
0:27.6	And remember, you can email us at Feedback at InvestorHour.com and tell us what's on your mind.
0:32.6	That and more right now on the Stansberry Investor Hour.
0:50.0	So I'm looking at some stats here at layoffs.fyi, and they list the biggest tech layoffs since COVID-19.
0:52.7	And the top ones are Google meta, the top six. Google, Meta, Microsoft, Amazon,
1:00.1	Amazon again, and then Salesforce, all since November. And it totals 57,000, as I read here,
1:10.0	57,000 people in these companies these are the companies that
1:16.2	you've seen these like TikTok videos where they go to work and they show you basically I work at a resort called Google or something right I work at a resort called meta and they have all these incredible foods and and you know services and
1:29.7	anything you want and their job looks like a piece of cake the way they represent in the tic-toc
1:34.2	videos so my point here is that these companies like their employees are a huge investment
1:42.7	and they're looking for the best of the best.
1:45.2	Now, I'm not saying that all the people got laid off.
1:47.3	If you're going to lay people off, you don't lay off the best of the best, right?
1:50.6	But overall, they spend a lot of money to get these folks, and now they're laying off 57,000 of them.
1:59.7	I think this is a harbinger. And Microsoft, when they did their big layoff a few days ago,
2:04.6	they said, you know, it's the slowdown in the global economy. There's no if ands or buts.
2:10.4	Yeah, like you said, Microsoft was the most recent one. You know, they laid off 10,000 employees this week,
2:15.9	cost-cutting measures, basically. And, you know, Microsoft's
	...

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