The Secret to Investing in Retail

Stansberry Investor Hour

Stansberry Research

America, How, To, Crash, Money, Learn, Stansberry, Income, Research, Debt, Stocks, Porter, Business, Realestate, Banking, Investment, American, Investing, Invest, Howtosave, Sjuggerud, Ferris, Eifrig, Jubilee, Buck, Sexton, Market, Bonds, Churchouse, Savings, Options, Lashmet

4.4 • 677 Ratings

🗓️ 28 April 2025

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this week's Stansberry Investor Hour, Dan and Corey welcome Alex Morris to the show. Alex is the founder of TSOH (The Science of Hitting) Investment Research and an author. TSOH, which boasts more than 20,000 subscribers, aims to generate attractive long-term returns while providing complete transparency on the research process, portfolio decision-making, and returns.

Alex kicks off the show by discussing the inspiration behind his new book, Buffett and Munger Unscripted: Three Decades of Investment and Business Insights From the Berkshire Hathaway Shareholder Meetings. He goes in depth on what he learned from Warren Buffett and Charlie Munger in the process of crafting his book, including understanding incentives, management turnover, and which macroeconomic factors are important. (1:46)

Next, Alex talks about the "pointed" questions Buffett and Munger got during the dot-com era from shareholders who doubted their abilities. Then he breaks down his own investing style, how that style has evolved over the years, and how he got interested in investing in the first place. This leads to a discussion about struggling retailer Five Below (which Alex is keeping an eye on to see if it can turn its business around) and Dollar Tree (which Alex owns and still likes today). (19:53)

Finally, Alex delves further into the retail space. He discusses Costco Wholesale versus Walmart, the importance of retailers understanding their core customer base, why Dollar Tree is misunderstood, geographic retail strategies, President Donald Trump's tariffs, and a U.K.-based mixers company he finds attractive. (40:24)

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. And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today we talk with Alex Morris, author of Buffett and Munger Unscripted. It's an amazing book, folks. I can't say enough good things about it you've got to
0:22.1	get this book if you are an investor and you own stocks and you want to know about
0:26.2	business and investing and and how to think about both this is a must must read
0:32.8	and with that let's talk with Alex Morris. Let's do it right now.
0:46.6	For the last 25 years, Dan Ferris has predicted nearly every financial and political crisis in America, including the collapse of Lehman Brothers in 2008
0:55.3	and the peak of the NASDAQ in 2021. Now he has a new major announcement about a crisis that
1:01.2	could soon threaten the U.S. economy and can soon bankrupt millions of citizens. As he puts it,
1:07.0	there is something happening in this country, something much bigger than you may yet realize,
1:11.4	and millions are about to be blindsided unless they take the right steps now. Find out what's coming
1:16.6	and how to protect your portfolio by going to www. AmericanDarkday.com and sign up for this free report.
1:24.7	The last time the U.S. economy looked like this, stocks didn't move for 16 years,
1:29.0	and many investors lost 80% of their wealth. Learn the steps you can take right away to protect
1:34.6	and potentially grow your holdings many times over at www.american darkday.com.
1:46.7	Alex Morris, welcome to the show.
1:48.9	Thanks for being here.
1:50.0	Thank you for having me.
1:50.7	I appreciate it.
1:51.8	So just to bring our listeners kind of up to speed, Alex, our guest today, Alex W. Morris is the the author of Buffett and Munger unscripted three decades of investment and business insights from the Berkshire Hathaway annual shareholder meetings.
2:10.3	If you're familiar with Lawrence Cunningham's book based on the Berkshire Hathaway shareholder letters, Alex actually mentions in the beginning of his book,
2:20.9	that his book is the shareholder meeting version of that.
2:26.0	And I like having people on the show where I can just gush and compliment them and throw them a lot of softball questions
2:31.2	because that whole sort of more contentious
	...

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