Savvy Investors 'Buy Straw Hats in Winter'

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 22 April 2024

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

David Daglio, the chief investment officer and global investment strategist of wealth-
advisory firm TwinFocus, joins the show. He kicks things off by describing himself as a
contrarian, and he explains that understanding who you are as a person will lead to the best
investing results. After, he goes into detail on how TwinFocus looks for creative "straw hat"
solutions that the market isn't seeing. Plus, he talks about risk premiums, the current
opportunity in natural gas, and the 30-year discount in gold-mining stocks. (3:29)

Next, David discusses the advantages and disadvantages of working at a large firm versus
being an individual investor. He shares that individual investors have the advantage of not
being overloaded with information, plus they're their own boss and can make their own
decisions. David also details the three conditions TwinFocus looks for before jumping into an
investment, the importance of recognizing your own intellectual biases, and how market
skepticism can be a huge opportunity. (15:29)

Lastly, David talks about "net-net" companies in the biotech sector that are trading for less
than their total assets... he breaks down what capital imbalance is and how to spot it... and
he explains that the savviest investors try to be like Spock from Star Trek, valuing facts over
feelings. (28:49)

Dan and Corey close out the podcast by discussing the Stansberry Research editorial
meeting that happened last week. This meeting brings Stansberry's editors and analysts
together to discuss different investing ideas and pertinent world news. One of the hot topics
at the meeting was the presidential election in November. Dan and Corey emphasize that
the best investors keep politics out of their investing decisions and stick to their core
strategy regardless of which candidate takes office. (49:22)

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.
0:09.0	And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today we're going to talk with David Daglio, Chief Investment Officer of Twin Focus.
0:18.0	And Corey and I will talk about our participation in Stansberry's editorial meeting last week.
0:25.7	And remember if you want to ask us a question or tell us it's on your mind, email us at
0:30.0	Feedback at InvestorHour.com.
0:32.6	That and more right now on the Stansberry Investor Hour.
0:41.1	I more right now on the Stansberry Investor Hour. I am looking forward to talking with David Daglio because he's a high-powered dude,
0:48.9	and I don't know him that well.
0:50.9	And I can't wait to find out more about him.
0:52.9	He spoke at our conference, but I wasn't
0:55.4	there because, you know, all of a sudden I have a schedule and I'm like on stage nine times during
1:00.7	the conference and then I'm in my room working the rest of the time. And I am really looking
1:05.1	forward to this. I mean, the guy had $500 billion under management of Mellon. I'm like, whoa.
1:12.2	Yeah.
1:12.4	Yeah, he was at Mellon, you know, worked with clients, you know, directly for, I think, you know,
1:18.5	20, 25 years.
1:20.1	So knows a lot.
1:22.0	I'm expecting to hear, you know, hopefully in like the ins and outs of, uh, you know, his experience at
1:28.9	Mellon and what he, what he's doing now. And so, yeah, it's, uh, glad to have a guy like him on.
1:34.8	Right. And so his current firm is twin focus, where he is what, chief investment officer
1:39.9	and global investment strategist. So I, uh, I don't know. know. I'm looking forward to this. Maybe we should
1:48.8	just like jump right into it. So let's talk with chief investment officer and global investment
	...

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