The Biggest Bubble Ever? Live From Vegas

Stansberry Investor Hour

Stansberry Research

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4.4 • 677 Ratings

🗓️ 10 October 2019

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

We’re live from the bright lights of Las Vegas for this week’s Investor Hour podcast! Extreme Value Editor Dan Ferris discusses what he calls the biggest bubble in history… and why it’s bigger than the tech or housing bubble.

Transcript

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0:00.0	Broadcasting from Baltimore, Maryland, and all around the world, you're listening to the Stansberry Investor Hour.
0:11.5	Tune in each Thursday on iTunes for the latest episodes of the Stansberry Investor Hour.
0:16.6	Sign up for the free show archive at Investor Hour.com.
0:20.2	Here is your host, Dan Ferris. Hello and welcome to the St archive at Investor Hour.com. Here is your host, Dan Ferris.
0:22.5	Hello and welcome to the Stansberry Investor Hour. I'm your host, Dan Ferris. I'm also the
0:27.0	editor of Extreme Value, a value investing service published by Stansberry Research. This week,
0:32.8	I'm in Las Vegas at the annual Stansberry Conference, having a good time. And today I'll tell you some of what I told the folks this week during my presentation.
0:42.2	And I'm also going to throw a book recommendation your way later on in the program, which I kind of forgot to do on stage.
0:49.1	So you'll be the first to hear that one.
0:51.8	And right now, let's talk about the stuff that I've been talking about all week here in Las Vegas.
0:58.4	So for the past three years, my message has been pretty consistent, and you'll recognize some
1:04.3	pieces of it. I've got some new stuff to add to it, but the overall message, I think you will recognize in many cases.
1:13.3	But I got some really cool stuff.
1:15.3	First of all, the very first thing I want to talk to anybody about these days is, of course, the biggest bubble in history, bigger than the dot-com bubble, bigger than the housing bubble.
1:27.3	And that is the bond market,
1:29.1	the global bond market. Of course, we're right around 15 trillion of negative yielding sovereign
1:34.9	debt in the world. The biggest chunk of that is Japanese government bonds, and then the rest are
1:39.6	all European bonds. And it's just to think that people are approaching these sovereign dead instruments, which
1:48.3	is supposed to be the safest stuff in the world with the same fervor as they were buying.
1:53.1	dot-com stocks in 1999 and 2000 is a little insane. Turning these safe instruments into toxic waste is just a moment of,
2:04.8	it is the most insane moment, certainly, of my career in financial markets. So what do you buy?
2:12.2	What do you buy when you can't buy the safe sovereign debt? Well, the bond fund managers
	...

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