'Investing Is Back' – But It Looks Different

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 9 October 2023

⏱️ 61 minutes

🔗️ Recording | iTunes | RSS

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Summary

In this week's episode of Stansberry Investor Hour, Dan and Corey welcome Harris "Kuppy" Kupperman back to the show. But first, Dan and Corey discuss the surprising employment numbers that exceeded expectations and fueled speculation about further interest-rate hikes. They also cover the turbulence in the bond market and the significance of the yield curve finally correcting after more than 18 months of inversion. (00:41)

Next, Kuppy joins the show to express his skepticism about the widespread belief that the world can revert to "normalcy," that interest rates will decline, and that another bull market will kick off. Instead, he explains why he thinks there will be significant changes in the next couple of years while "everyone's playing the old playbook." (20:22)

Kuppy also gives his take on the overall economy, addressing sectors with inflationary correlations. He describes his outlook on inflation as a series of sine waves, with periodic fluctuations of heating up or cooling down. However, he focuses on the overarching trend of upward inflation and predicts that it will surpass previous highs in the coming years. (31:24)

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Transcript

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0:00.0	Hello and welcome to the Stansberry Investor Hour. I'm Dan Ferris. I'm the editor of Extreme Value and the Ferris Report, both published by Stansberry Research.
0:10.0	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today, Dan interviews Harris Cupperman, founder and chief investment officer of Cretorian Capital Management.
0:20.0	And today, Corey and I will talk about
0:21.6	the bond market, maybe the stock market, and definitely the employment numbers. And remember,
0:27.2	if you want to ask us a question or tell us what's on your mind, email us at Feedback at
0:31.6	InvestorHour.com. That and more right now on the Stansbury Investor Hour.
0:41.0	So That and more right now on the Stansberry Investor Hour. So the headline I'm looking at is on the Wall Street Journal, and it says hiring accelerated with 336,000 jobs added last month, which is way above what was expected. Yeah, about 150,000 more than
1:01.9	the economists thought. Right. Not that economists know anything, but they usually get it close because, you know, that's the way they operate.
1:13.6	So they never see these big changes.
1:16.4	They never see these big surges or big drops.
1:19.7	So I don't know about you, but I mean, I think, and it seems like the market thinks,
1:26.3	that this means that we're more likely now to get another hike, to get another interest rate hike.
1:35.1	I think that's what a lot of folks' minds.
1:37.8	It seems that way, because going into this latest jobs report, I think there was some expectation i was expecting
1:46.0	the numbers to get worse and if you look at i mean if you look at the unemployment rate
1:52.2	the unemployment rate actually stayed the same which was a 3.8 percent which so it didn't go down
1:58.1	or it didn't change so from from that standpoint, maybe not much has changed, but that monthly number certainly was off expectations.
2:09.5	So, yeah, it's all tied into what we've been seeing with the bond market over the last couple weeks, I think, since that Fed meeting where they
2:18.5	talked about higher for longer, less rate cuts in next year, and basically acknowledging
2:26.7	that inflation and growth might be higher. So, and interest rates won't be whatever reason
2:33.5	to go lower. So, yeah. Yeah won't be, whatever reason to go lower.
2:35.1	So, yeah.
	...

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