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Here's your host, Dan Ferris.

Hello and welcome to the Stansberry Investor Hour.

I'm your host, Dan Ferris.

I'm also the editor of Extreme Value published by Stansberry Research.

Today we're going to talk with Rick Rule.

Easily the smartest investor in the natural resources world. I'm tickled to talk with him, particularly at this time when gold

seems to be such a wonderful thing to talk about. And he'll tell us more about it than you

ever wanted to know. It'll be awesome. We're also going to talk about where we are in the market

in the mailbag today. We got three really good emails that all kind of tie things together,

and that'll be a lot of fun. So stick around for that. But first, I have a few thoughts to share,

as always. Now, recently, of course, as you know, I was a few thoughts to share, as always.

Now, recently, of course, as you know, I was bearish for three years, but I'm kind of done with that now.

But I'm not saying I'm super bullish like the market's going to go up 20% this year.

That's not the point at all.

And in fact, what I'd like to do for you today is clarify where I am today versus where I was until the recent bare market. Let's face it, a 34% drawdown.

I can only call it a bare market. And even the rally since then is a typical slapback kind of bare market rally.

So here's the thing.

It's not that I'm predicting stock prices will go up.

It's that I'm recognizing that the environment today is a lot different than it was before things fell apart.

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