Using Market Data to Weather Uncertainty
Stansberry Investor Hour
Stansberry Research
4.3 • 680 Ratings
🗓️ 26 January 2026
⏱️ 57 minutes
🧾️ Download transcript
Summary
In this week's Stansberry Investor Hour, Dan and Corey welcome Alan Gula back to the show. Alan is an editor and member of the Investment Committee for The Total Portfolio and Stansberry's Forever Portfolio, as well as a senior analyst for Stansberry Research's flagship newsletter, Stansberry's Investment Advisory.
Alan kicks things off by sharing three concerns he has for the current market rally. He looks at the market's credit spreads, as he uses that as a sentiment indicator for the broader market. Then he gives an in-depth examination of the high bids of stocks by looking at the high beta (the measure of market risk) relative to the S&P 500 Index. (0:00)
Next, Alan discusses gold's history during secular bull markets, highlighting how the precious metal has had impressive spikes but serious drawdowns along the way. As such, he states that investors should be cautious during the current bull run and trim any risk. He then reflects upon The Total Portfolio outperforming its benchmark and the framework that contributed to its success. And he gives his take on "whether AI is in a bubble or not." (17:39)
Finally, Alan expresses why you shouldn't focus so much on previous earnings over the long term for rapidly growing companies. Instead, he says it's better to examine their free-cash-flow yields. He also warns investors to be mindful of what to invest in to protect themselves during a bear market. Companies that provide opportunities during bull markets might be poor performers during drawdowns, so it's wise to plan accordingly when diversifying your portfolio. He illustrates this with one sector. (39:09)
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. |
| 0:23.1 | And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today we talk with our colleague Alan Gula, senior analyst at Stansberry Research. |
| 0:31.7 | Alan has a very good mind. He's a very smart analyst. We're going to talk about a lot of topics get out your pens and pencils |
| 0:38.3 | take some notes so let's do it let's talk with alan gula let's do it right now |
| 0:43.1 | Alan welcome back to the show always a pleasure to see you yep thanks for having me back |
| 0:51.3 | all right well Corey and I are going to do the usual job of peppering you with questions and finding |
| 0:58.8 | out what you have to say. |
| 1:00.4 | And emails before we hit the record button indicate that you have quite a bit on your |
| 1:05.6 | mind, actually. |
| 1:08.0 | So maybe we should just like kind of jump into the deep end. Actually, is there one thing, |
| 1:13.8 | you sent me a list of stuff that you're thinking about, which didn't surprise me. |
| 1:18.7 | Is there one thing right now that really is kind of either bothering you or that you're really |
| 1:24.7 | excited about among all the topics that you sent? |
| 1:29.0 | Well, I think I have some growing worries. We've been, you know, we've been cautiously |
| 1:37.8 | optimistic and trying to just look for opportunities. But yeah, there are some, there are sort of three, three things that I'm watching and worrying about. |
| 1:48.5 | It's not like DefCon 1 yet, but yeah, just, you know, like cash levels. |
| 1:55.8 | I think credit spreads are really tight and like high bid of stocks have have really carried this rally. And so those are |
| 2:02.7 | some of the things I'm watching. You know what I want to know? As soon as you say that list, |
| 2:09.3 | what I want to know, like how I've said I've said things almost exactly like this. I've |
| 2:15.4 | said this stuff for like often on since like |
| 2:18.4 | 2017. You know what I'm saying? Like how long have you felt this way? How often have you felt |
| 2:25.9 | this way in the last three years or whatever? No, it's it's it's this is new. This is, |
... |
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