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Here is your host, Dan Ferris.

Hello and welcome everyone to another episode of the Stansbury Investor Hour.

I'm your host, Dan Ferris.

I'm also the editor of Extreme Value, a Value Investing Service published by Stansberry Research.

We have a really cool show, and let's just get on with it. Let's start

with the rant. Okay, now last week's rant relates to this week. In fact, this week is kind of a

continuation of last week. It may even be a little shorter just because this is something I

would have liked to have done

last week.

Now, last week you will recall that I told you a little story about the fish and the water,

and the idea was that fish are unaware of water.

The thing that sustains them, like the most important fact of their existence, their whole

world is water, and yet they're perhaps unaware of its existence until you pull them out of it,

right?

And I said that water for investors meant, you know, anything that's super duper important that you take so for granted

that you are mostly unaware of its existence. And the ultimate example with no stupid pun intended

was liquidity. Liquidity is the thing you take for granted.

You take it for granted that you go into the market and you can sell at the market and

you can sell 100,000 shares of just about anything in the U.S. stock market and you won't move

...