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Here is your host, Dan Ferris.

Hello and welcome to the Stansberry Investor Hour podcast. I'm your host, Dan Ferris.

I'm the editor of Extreme Value, published by Stansberry Research. It's 2020. Happy New Year.

Okay, so we're going to do something a little different today. The first

podcast of 2020 is kind of special. Most people like to look forward to the year and try to figure

out what's going to happen. And so what am I going to do? Well, not that exactly, right? Because

we do things a little different here. So long time listeners and

readers of my newsletter know that I don't really like predictions. I think it's a bit foolish to

engage in that because you don't get them right, hardly ever. So most of the time you're wrong.

Why would you do something if you know most of the time you're wrong? So it's just too hard to predict the direction and timing of securities prices.

So why bother?

But I do, as you know, like to entertain competing points of view.

I like what a previous guest of the podcast, Mark Yusko, says.

He says, strong ideas loosely held. You see, you do your

homework, you develop a strong thesis, maybe you put some money to work on it, and just always remember

that you can be wrong. That's the loosely held part. So instead of just doing the usual, you know, my predictions for 2020,

I'm going to do something a little different. I'm going to look at the financial markets today

and sort of think about what's already priced in where we are right now. And then I'm going to

...