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Here is your host, Dan Ferris.

Hello and welcome, everyone, to another episode of the Stansberry Investor Hour. I'm your host,

Dan Ferris. I'm also the editor of Extreme Value. That's a value investing service published by

Stansberry Research. We have a really cool show, an awesome guest today. Let's get to it all right now.

Okay. This rant is going to be short. Now, you remember last week I talked about training and what it means to be a trained investor versus being like a trained musician or a trained doctor.

And we talked about, for example, you might remember, I talked about Ben Graham, right?

The father of value investing, he wrote a mammoth book called Security Analysis

and another book called The Intelligent Investor that you really ought to read.

And, you know, he was Warren Buffett's mentor, et cetera, et cetera.

You know Ben Graham, right right and we said he had

different advice for the trained securities analyst versus the untrained security buyer and it's

funny that he distinguishes the train guy is the analyst and the untrained guy is the buyer because

because i know people you know they hear

things at cocktail parties and they just hit buy on their computer rather than really analyzing.

But so the trained analyst, anything could conceivably be cheap enough for the trained analyst

to buy or expensive and ugly enough for the trained analyst to short.

But Graham said the untrained security buyer should just never put money into a low-grade

enterprise on any terms.

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