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Here is your host, Dan Ferris.

Hello and welcome to another episode of the Stansberry Investor Hour. I'm your host, Dan

Ferris. I'm also the editor of Extreme Value, a value investing service published by

Stansberry Research. All right, let's get to it. Okay, the last two rants last week and the week before,

they were on the same topic.

And I'm going to stick with that one more time.

I got one more thing to add.

And what I did was I showed you a few historical examples

of how Wall Street turns conservative investment vehicles into dangerous toxic waste.

And we talked about, you recall, the investment trust of the 1920s, mortgage-backed securities

of the housing bubble, and then last week we added the mutual funds of the 1960s era. Okay. All three of those things came out of

conservative traditions of investment and they were transformed in a big boom period into dangerous,

leveraged, risky instruments that led many, many investors to big losses.

In both of the last two rounds, I offered the negative yielding sovereign debt phenomenon of

the current age as the best current example, right? There's at this point, I think it's like

16.5 trillion of negative yielding debt.

Almost all of it is sovereign debt, although now there's a trillion of corporate debt in the world

that's negative yielding as well.

But most of it is sovereign debt, right?

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