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dot com here is your host, Dan Ferris. Hello, and welcome to the Stansbury investor. Our podcast. I'm your host, Dan Ferris. I'm also the editor of Extreme Value, published by Stansbury Research. Where do I begin? How about here? Corona Virus is the biggest thing to happen on planet Earth since World War two. How about that? That's that's not a bad starting point. I can't imagine anyone thinking I'm guilty of hyperbole at this point. I was born in 1961 tail into the baby boomers. And the truth is,

my generation has got away with a pretty easy type of it. Until now. My parents were born in the mid 19 twenties. They grew up in the Great Depression. My father went to Okinawa at age 17 to fight in World War Two and various other things. They had six of their seven kids to take care of in the 19 seventies. Inflation. Remember that period Well, um, and and they, you know, is it just a different? They grew up in a different world, and they handled a lot of a lot of really difficult crises for my parents early in their lives. And they're still alive to talk about it. But,

you know, for May I'm feeling pretty soft. You know, I never went to work a few folks a few years older than me were in Vietnam and in a few years older than them in Korea. You know, I I never went to war. Most of the people I know never went to war, and we certainly just have never had, You know, World War Two was was a true world war all over the globe. And that's a different way of living and thinking about how the world works, then with them when we're not in such circumstances. And I feel like this global pandemic of the Corona virus is re teaching us what it's like to live in a time like that and just a few thoughts about this whole thing. First of all, I have Thio say that I was caught in some intellectually questionable territory by a listener a fellow who we're gonna have on the program soon. In fact,

last week I said that I thought there were two likely scenarios. Either we lock everybody down now and there will be substantial economic pain or we lock everybody now later, and there will be much more pain. And I was clearly saying, You know, the government, he needs to do something etcetera, etcetera, etcetera. I can't even believe that those thoughts came out of me, but I guess it's a sign of the stress I'm feeling at this time. And I certainly didn't mean to imply that that's the best thing that could happen or the only thing. But I really I got caught up, and my real viewpoint on this is I'm much more skeptical of the cries for the government to do something I really am. And so me calling on, you know,

the government needs to do something and shut things down, and we need to be like Italy. I don't even know if I said we need to be like Italy, but I was you know, you could easily interpret everything I said like that. I don't think I really believe that and I was called out on it by a few people. More than one person, uh, e mailed me and listened and, you know, talk to me and said, Well, well, where's all this coming? Who's this, Dan,

Who's this guy? And one of them, I said, I told you was a fellow we're gonna have in the program some point. His name is Kevin Duffy, and he wrote me an email and he said, You know, I listen to your latest podcast and you know, you said, We have two choices. Pay me now, bite the bullet and hunker down or pay me much later, live normal lives and let the problem get bigger. And then he said, Quote, I'm always suspicious when given a narrow set of options.

Is there 1/3? What would happen if the government said, Hey, kids, this time you're on your own? Imagine if they did that during the 2008 financial meltdown. In all likelihood, the initial pain would have been deeper, perhaps much deeper for some, but with the system today be his leverage and fragile right before health related black swan hit alternative histories air difficulty and then he gives me a link to a block post that he did. And you can type Kevin Duffy and probably Kevin Duffy blogger and go right to it into into Google. He continues. The issue boils down to the limits of knowledge, a subject any good investor knows well and the pretense of knowledge, a subject of any critic of central planning knows. Well,

end quote. I totally agree with every word of that. And you know that from listening to this program, Where was where was like, where was that guy last week when, when, like, big government, Dan lost it and started saying, We need to be like Italy. I don't know. I don't know. I'm a little I'm shocked at myself right now. And the truth is, my real view is that you know, when the government has your back,

your spine goes limp. You know, that's just the way it is, I think, government interference. I think you could go into any major city in the United States and see the cultural decline of inner city and, you know, lower income inner city people purportedly who have been helped buy things going even back to Social Security, which was born when a za result of the Great Depression right? The Great Depression inspired government to get riel real big and real, real intrusive. And I don't think anything good came out of any of it. And I totally disagree with people like Warren Buffett. Obviously, they're going to be in love with the status quo because they made billions of dollars off of it. So they're going to say Social Security was a wonderful thing.

F D I C. Deposit insurance is a wonderful thing. I don't think any such backstops are wonderful things because they make us weak and fragile. Kevin is absolutely right. Those things make the system weaker and more fragile. And they are. There's a drug like component here because once you do it once, you want to do it again, right? Well, remember the big you know, it was like 800 billion Odd. I want to say 850 billion bailout during the financial crisis in 2008 and then, you know, they layered things on top of that. But now what are they talking about?

Well, now the headlines say you know Trump's asking for 850 billion No, he's asking for a trillion and 1/4 up. The former president of the Minneapolis Fed says now Tribune and 1/4 is not going to do it. He needs to double it two and 1/2 trillion, and we need to send everybody a check for 10 grand. That kind of stuff. Is that going to make us more self reliant? Is that really gonna help us get through this? What is really happening right now? Well, everything is shutting down because we're social distancing, so we don't all get sick and kill a whole bunch of people who are in, you know, weaker condition, right?

Most of the people get this thing is just gonna get a cold or something like it, you know, fever cold. But, you know, it could kill a lot of people if we're careless about it. That's why everything is shutting down. And you can't fix that with any of this stuff. You can't fix it with government intervention. You can't fix it with the Fed buying, you know, their measly 700 billion of securities, which they figured out pretty darn quick is like way, way too little. So it's a really difficult problem because it can't be solved by we really have to be on our metal, don't we?

We really have to handle this ourselves. I mean, I think we'll find out even if they do put, you know, 1000 or 15,000 bucks cash in everybody's pocket. You know, they're gonna go through that real quick and then what? You know, at some point, you really do have to figure this out for yourself and be self reliant. Now, do I want to leave people in dire straits? Because, you know, at this point, it's like a junkie,

right? You're going to take away his, you know, he's in withdrawal now, and you're gonna take away the smack and he's going to die, right? So it's I'm not saying they're easy answers here. I'm just saying that I think we got to a much worse place by being too reliant on big government to fill in various perceived or otherwise cracks in our in our system. In our society, there's an analogy I've used before on this program, right. Imagine that you took all the safety devices out of an automobile. All the airbags and and the seat belts and everything and replaced it with a six inch steel spike coming out of the steering wheel. No, I don't think we should actually do this. What I do think is that it is instructive of how people handle risk.

I think if everybody was driving around in a car with no seat belt, no airbags and the steel spike, there would not be so much as a fender bender. And there would be a lot of people riding bikes, okay? And they would be, ah, lot more risk averse is the point they would they would teach themselves and they would learn how to handle risk. And they would not optimize themselves for good times. What we have right now, people think they're diversified. If they own stocks and bonds, and they're learning that they're nothing like diversified. If they own stocks and bonds, you need that cash component. You know,

when when everything else is trash, cash is king. And yet the government is in charge of the value of cash, aren't they? So you need a gold component and silver and gold and precious metal component as well. Then you can tell me that you're truly diversified. Then you can tell me that you're not as fragile as our society has become, right? That's the way it works. And we're finding that out, unfortunately, And it's unfortunate, isn't it? You know, I've been, like,

I've been saying this stuff for three years, and I've even, like, felt apologetic for it. You've heard me on this program apologizing and saying, Look, A you know, I don't want to be the bearish guy all the time, and, you know, I wanna have something good to say. And the business I'm in is like that, too. Oh, Dan, I'm sorry.

You know, bearish messages just aren't really resonating with our readers And they, you know, basically, you know, if you want to keep publishing, nobody told me this, but But, you know, it really boils down to the way we bring on new readers. And you can't bring on new readers and get people interested in your message in a bull market by saying this thing is gonna crash hard, and you better have a lot of cash and gold on hand. You just can't do it. People don't want to hear it. And you know when they want to hear it, They want to hear it when it's too damn late.

They want to hear it now. I mean, a friend of mine, who is I won't name him. He's been on the program very sophisticated. Value investor. He's been one of these guys who says, You know, gold is like, you know, it's a pet rock and I don't understand it and I get that. But we're you know, we're good friends anyway, okay? And And he called me this morning and he said, Oh,

I'm sorry, You know, I didn't really He woke me up because I had been up very late last night unexpectedly, and I So 7 a.m. I was still snoozing and he woke me up. And Thio talk about gold. He wants to talk about gold. Now It's actually not a bad time because the prices come down. But but the better time to talk about it would have been, you know, a SZ fast as this thing has happened to three months ago. You know, three months ago and before three months, one year, three years, five years, 10 years.

So you know now here we are, and everybody wants me to comment and talk and say this and say that I'm like, Look, man, I've been saying how to prepare for when this thing goes out night and I didn't predict a pandemic that shut society down. I just predicted that, you know, stocks are gonna retreat heavily. One day you were going to be in a bear market, their way overvalued. It's really risky, etcetera, etcetera, etcetera. And as it turns out, I believe in my heart of hearts that having lots of cash and gold around prepared you for this type of thing,

too. You know, in addition to a bear market, it prepares you for a you know, a shutdown of who knows how much big important stuff in our life. So you know, where are we right now? Well, as I speak to you, I'm getting texts and my wife is calling me from downstairs, and she's saying, Hey, are you paying attention? Because the market is tanking hard again. And I'm afraid that this is really gonna be more much more brutal than I did even a just a week or two ago. It's really it's really has the potential to go on for some time.

There's a particular paper running around. It says we could be effectively sheltering in place. If not social distancing. We could be social distancing for as much as 18 months. Imagine that. 18 months of no restaurants and no, you know the airline's not functioning. Right? And et cetera, et cetera, et cetera. I read somewhere there's 4.6 million people out of work in the hospitality industry. What are they going to do for that? You know, if this thing goes on really much longer than anyone thinks, and then I have friends who are very smart people and richer and smarter than me saying,

I'm buying stocks. One guy says, I'm bi. I bought a basket of five airline stocks. This is a fantastic time to be an investor. I'm sorry. I'm not there yet. I'm just not there, Honor. You're trailing stops. If you're if you use them and whatever risk controls you have, this is not the time to abandon them. And as you're honoring trailing stops, you're raising cash. I think it's still a good thing to have gold. I know.

Gold stocks have been brutalized. Gold itself is down from where it was. But you know it's not. Gold isn't down that much. If you look at, you know the way stocks are getting crushed and even bonds. We were all helped up on that bond trade, which worked out great. But then, you know, I started telling you last week, and maybe even a little before that. This thing is, eventually it's going to be revealed for what it is. You know, it's It's the obligation of a ness n sha li effectively bankrupt government.

So you don't want to be whole get caught holding it. When the world figures that out. Eventually, the world will figure that out. And all this stimulus that creates larger budget deficits of larger balances at the Fed and larger amounts of outstanding debt is bad for the currency. I've said that to the past couple weeks. The go to move the last resort is to weaken the currency always in all times and places in all areas. That's always the go to move of the government, right, You look on the side of a dime or quarter has those little hash marks. Well, that's because way back when they were clipping that, you know, they were shaving the metal off the off the coins. So you know your coin. We have a little bit less metal and then a little bit less and a little bit less a little bit less than they started doing the hash marks to establish that they hadn't been shaved.

Of course, now it's just a aesthetic thing, because the coins were just tokens. They're not worth anything, really, because they're not made of precious metal. Things seem to be changing rapidly. Life seems to be very different than it was, you know, three months ago, three years ago, 3100 years ago, 50 or any name your timeframe. Life seems, um, change rapidly,

But some things never change and having lots of cash on hand when in whatever area you live in having ah, lots of cash on hand has frequently been a very good idea having gold, you know, the things that never change. Gold's been around for 5000 years. 6000 if you count the use of electro the alloy of gold and silver that was used in a long time ago. These things don't change, and the things that don't change or what get you through times like this. And that is that is where we are. I had one email in the feedback that said, You know, Come on, Dan, What's this negative attitude I'm hearing is that I've never known you to be so negative. What's up, dude?

Come on, get positive. Let's fight this thing together. That was by Ray are in the feedback. I agree. I agree. There's no reason to have a negative attitude. I hope I don't come across is having a negative attitude. My positive attitude is a respect for reality. I'm trying to respect reality and say, This is where I think we are. I'm afraid it gets a lot worse from here. The second order effective shutting society down. The second order effect of the of the virus is this economic effect which impacts, you know, your investments that impact your daily life.

And then, you know there are other third order effects like big government interventions which come along and they could be they could be the worst outcome. You know, we we we've never seen a crisis in which people don't clamor for those third order effects. You know we want more government. We need more intervention. Do something already. Do something, Do something, Do something. And I'm embarrassed that I seem to be trying to hitch a ride on that train last week. We do need to do something. We do all need to stick together. We do need we can get through this. Humanity is stronger than one pandemic. And we've proven that happened.

We because we've gotten through things like the plague and the Spanish flu, and we're still here, and those things make humanity. They make you know, they kill people and they show our fragility is individual humans. But as a species, we are quite anti fragile because we are strengthened by crises. And this, when I guess, is gonna make us a lot stronger because it's really gonna test us. And it's already doing that. And I'm praying literally. For the first time in decades, I've been I've been an atheist for years, but literally. I was on my hands and knees with my head bowed,

and my hands folded earlier this week, saying, Please, if you're out there, man, we get it. We're fragile. We don't need We don't need any war. This a CZ you can tell that I'm at a loss. Cash and gold is all I have for you. Financially. I think Bonds are getting hit. They're probably gonna continue to do so, and that is all I have. So let's do an interview, man.

My old friend, Doug Casey, who I have not spoken with in a few years, see what he has for us today. Then we'll check out the mail bag and and I know a lot of people really concerned and they're writing in. Let's do it. All right, everyone, it's time for our interview. Doug Casey spends most of his time these days in Argentina and Uruguay with frequent visits to the U. S. Canada and various dysfunctional hellholes. And I have to tell you folks that I largely became interested in finance and and in the business that I've been in for these 22 years because of Doug, I wanted to be just like him and I. I read his newsletter and I thought, Man, this guy's brain is turned on and I want to be like that and here and here we all are. So Doug Casey, welcome to the program, sir.

Well, thanks, Stan. It's a, uh it's a pleasure to be here. Although I'm not there. I'm, um, speaking to you from ah Estancia near Punta del Este. Or why? Where even though the world is collapsing around are head and shoulders. Uh, if I turned off the internet and the TV, I'd have no idea anything was different than it was last year. Things move slowly here.

That might not be a bad state of mind TB in right now.

No, it's not this time. It's time for us all to dust off. Our copies of Bakhash is to Cameron because we are living in the year of the play. It would see him and scene might be the operative word. I don't know.

Yeah, You know, I still have to believe that the second order effects of this corona virus are going to be much worse than of the virus itself, which, you know, for most healthy people will not really be a problem if you're older. If you're in firm, if you are, you know you have some underlying issue. You really don't want to get it. But you don't want to get anything right if you're like that, you don't want to get any kind of flu or anything, So I I think the second order effects are going to be worse.

You're absolutely correct. And as a matter of fact, I just before we you called, put the finishing touches on an interview that I did which talks about the second order of fax. The first order of fax from this are up. You know that there have been so many of these medical hysteria is just the last generation has been hantavirus and zika and bird flu. Swine flu. I, um er, SARS. Uh, okay, maybe this one's more serious than those, or the seasonal flu, which kills 50,000 people, but you're quite correct. Uh,

it's a second order of facts, uh, namely the consequences of the hysteria. And it is a titanic global hysteria unparalleled. Actually, I'm paralleled for all I can think of Cicely since the great witch hunts of the 17th century. Uh, but actually, it's the third order effects that are going to be much longer lasting and equally serious in the long run. And by that I mean what ah, the governments are doing to react to this to show that they're doing something. Everybody wants government to do something. They think the governments of magic cornucopia that can solve all their problems. So look out. This is gonna be this. This is the start of the Greater Depression, Dan. It's s t this. This, um this plague is the is really mainly just pin that broke the biggest financial bubble in world history.

That sounds about right to me. I have to admit, for for a brief moment, I was guilty of saying we need to do something. I was a do something guy for about 20 minutes last week and ah, and and I'm I'm pleased to say I have lots of friends like you who instantly called me out on it. People emailed, they called. They said, Wait, Whoa, whoa, whoa. Well, who is this guy to say in this stuff? And it's true. I really I fear those third order effects.

I fear that you are right and that this is it's transformational in the way that the Great Depression of World War Two were transformational. And of course, as you point out those events, they invite all of the government folks who have this great need to feel relevant and do something to shift it into high gear. And it's my fear that you're dead on and that's gonna happen.

And that's right. Uh, it's really a shameful thing over the last 100 years, since Western civilization itself peaked just before World War, and it's been, Ah, slow but accelerating ride downhill since then, in just about every way I can think of quite frankly, except science and technology, which have actually been advancing at the rate of Moore's law for all that time and have disguised the rot at the base of our civilization. Termites eating away at our foundation's Um, yeah, this, uh, this could be the big one, because it is. You may recall,

Dan, I've been saying, um, within the context of civilization going down hell for the last 100 years, and we can talk about that, too, and why that's true. But since the financial cataclysm broke over the landscape in 7 4008 look at it as being a gigantic economic hurricane, and we just passed through, leaving Etch in 789 and 10. Since then, we've been in the eye of the storm Giant hurricane giant eye. But now we're entering the trailing edge of the storm and it's going to be much worse and much longer lasting and much different then the unpleasantness that would recall from back in Uh oh, wait nine and

so forth. Yeah, I've I've kind of come around to that view in the last few days because I think we're all going to be, you know, social distancing, and things are gonna be shut down for longer. I thought that might be a shorter event, but I think that will be longer. And of course, the longer that goes on, the more are the cries to do something. And the and the bigger those some things get.

That's right. Talk about the second order effects. These idiots, uh, you know, nobody no governmental authority or organization wants to be look like it's being quite asleep at the switch. So they're all jumping in on this hysteria and closing down everything. Uh, and in the ultra litigious society that we live in today, even if you own a restaurant or a gym or a business, it doesn't matter. Uh, your induced to close the thing down because somebody is going to sue you If they say that they got this virus because you didn't calls down. So it's It's the nature society at this point to ah, you know, to cry Wolf. I mean,

you know, listen, the ordinary seasonal flu kills 50,000 people here. Okay, that's tough. But unfortunately, one of the unpleasant side effects of life the step and worst case it said, and nobody knows, cause they've only been 8000 deaths in the whole world so far, Uh, as opposed to 50,000 in the U. S. From the seasonal flu horse case they're saying is 500,000. So Okay, that's that's tough. But is that a reason to totally collapse the economy?

Because poverty, which we will see kills a lot more people. Then the flu does. So this is this is this is a big deal. This is like the witch hunts of the 17th century a cz faras people going crazy in it on must.

Yeah. And you know, as long as I've been really bearish on stocks for about three years and as long as I've known you, you know, you've been talking about this this rot this slow rot in civilization and you've been frequently bearish to and here we are. You know, I feel like I was wrong for a long time. I'm sure. You know, you had to listen to people telling you that you were wrong for a long time, and then all of a sudden you're wrong until you're not. And when you're not wrong, you wish that you were. I wish I waas. I have to say, I mean, I owned put options and lots of them, and I still I don't I don't even care. I would happily have watched him go to zero for civilization not to fall apart.

Yeah, that's right. Uh, we're looking at something, and it's still very, very early days. So, you know, we're going into the greater Depression, which is a term that I believe I coined, actually, and, um, and the the the thing is is that a depression is a period of time when most people stand in a living drops a significant way, and the reason that there are many reasons we could have a whole separate conversation about the economics behind all of this, But, um,

basically, because of the problem int policies of the Federal Reserve, which should be abolished, not changed to be abolished, serves no useful purpose. Um, the whole society has been living above its means And, uh, unfortunately, in order to rebuild capital, we're not gonna have to live below our means for some time. In other words, the whole essence of this is you gotta produce more than you consume, and you have to say the difference. But, uh,

people haven't been doing that. And as the government prints up trillions of new currency units after we have a perhaps up a 1929 U S style deflationary collapse, then we're gonna go right into a 1923 German style hyperinflation, which will make it very hard for people to say, because people saving dollars and the dollar is is going to turn into toilet paper. I hate to sound too apocalyptic, but, uh, you know a dent. Things that you expect to happen often take much longer than you think, actually to get under way, which, of course you and I both noticed. But once they get underway, they happen much, much more quickly than you could have imagined. And that's what we're seeing right now.

Yes, you know, you mentioned you're really referring to death, destruction, and then Capital re formation has to take place. But that's been one of the massive screw ups. One of the massive fallacies of our age is that the economy ought to be measured in spending and not in capital formation, isn't it? I mean, isn't that what that's? That's part of the myth that that is propagated. That sort of gets you to all the other policies, right? We must spend. Therefore we must print. Therefore, we must bail out et cetera, et cetera.

You're absolutely correct. The all of these so called economists which populate the government and corporations and organizations. They're not economists. Their political apologists there. Soothsayers, they're hacks. They have really no understanding what actual economic says, which is a description of the way the world works, not a prescription of the way they think the world ought to work. Um, yeah, It's, uh, it's It's ah, it's not good.

It's not. But, you know, and the way the world works, it sort of it rankles them. It rubs against their sensibilities because it's the who was that fellow who wrote the Bernard Mandible, the grumbling hive, right? The world is a grumbling hive and that that doesn't sit well with the intelligence here, right? So they criticize it and they say we're all greedy pigs and capitalist pigs and so forth. We need to be throttled. And the throttling is purportedly to help, you know, the less fortunate among us, and it makes life worse for them. And the whole thing is just kind of goes downhill from there. As soon as you look at the grumbling hive and don't appreciate it for what it is, you're sunk.

Yeah, it's some thing. This is ingrained in U. S. Society at this point because for the last couple of generations, everybody has felt you got to go to college. You kind of go to college, which is idiotic MIM to start with. And then when I go to college, which is totally dominated by Marxist Kane's Ian's and socialist horrible people on I speak of somebody who was a trustee of to separate colleges. So I know what I'm talking about from boots on the ground. So, kids, uh, who are sponges at that stage in life and it's true in high school to have captured the high schools. Even the great schools are inculcated all these really poisonous ideas, and it's hard to get rid of them.

It's hard to unlearn them. So yeah, things, they're gonna things. We're going to get worse. And people think the best and brightest go into government. But that's not true, actually, it's the worst kind of people that go into government that people have such trust in there. They're not people that you know anything about controlling physical reality, but they're interested and the only know about controlling other people. So this is really a formula for disaster. I mean, it's just it's Ah, there are about 1000 things strands the weekend, pull any one of them and having our long conversation about it.

This is This is actually fascinating. To think that we may actually right now be at the start of not just the biggest thing since the unpleasantness of 1929 to 1946. Uh, this could be the biggest thing since the founding of the U. S.

Yeah, I agree. And it took a very smart Brit named Ralph how to bring me a round to that viewpoint. We had him on the program, and he was He expressed that view, and I have to I have to agree. It's interesting, though. Doug, I was thinking about I like to think well of my fellow man. And I know you do too.

I like to, but I don't, but I don't. I'm sorry to cut you off.

No. Okay. Okay. Fair enough. Fair enough. I don't want to put words in your mouth at all, but I like to think well of my fellow man. And I realized that he mostly has a problem of scale. For example, at the scale of my household, I may be seen as a hopefully benevolent dictator. And at the scale of interactions with individuals, I may be seen as quite the altruist and quite the whatever you wanna call it these days. I mean, I would call it an altruist or even a collectivist at the scale of a few friends or something. But the scale of a society, people,

they lose their bearing and they can't handle scale. And I think that's one of the problems that it goes through all humanity. It's just inherent in being a human being. You know, you feel for someone in trouble and therefore you want to help them, and therefore you quickly make this really horrible leap from Let's not infringe upon others. Persons and property too infringe. However you wish to help whoever you wish and we get it. I think we get in trouble there.

We definitely we definitely do. And talking about scale. It's that, uh, there are about a 1,000,000,000 people in the world right now, and they're mostly living in cities. And, uh, when that's the case, it makes it much easier for mass hysteria. Two break open when people are in close proximity. And over the last 100 years, uh, government has become very, very important. It's it zero, which is a witches brew.

Uh, I'm not sure how this all going to come down? Well, it may wind up in a political revolution because we are in an election year after all. And, uh, it appears that the Democrats, I mean, I knew they were stupid, but the best they can do, it's come up with a huh? A scene. I own mildly demented old, uh, thief in the form of of what's his name? Biden.

So you've got your choice between that and Donald Trump, who's, ah, cultural conservative. I'll give them that much, and I appreciate that he'd like to see the U. S. It's go back to the days it was domestically. Leave it to Beaver. Father knows best before it became a multicultural domestic empire, which is what it is right now s so it can't be held together. In fact, I think the U. S. Certainly over the next couple of generations is likely to fall apart into several different countries, which actually is a good idea.

Oh, but but he's likely to act like a real authoritarian, which is the way he is with zero understanding of economics, you know, added into the witches brew. So these are your two choices. This is This is really dangerous.

You know, you mentioned the US breaking up, Doug. I think that's another one of my scale problems because I don't believe that nation states are a good idea. I think that's a large nation, states. It's just there's a nonstarter there for me. Took me a long time to figure that out. Folks in New York can tell folks in California howto live period

No, no, no, the idea of a nation state. And they've all become domestic multicultural empires, which is, I think, a more accurate description of the situation in many countries. Certainly the Internets, it's they're a bad idea and let me go further. Democracy, uh, is a bad idea. It's a It's a fine idea for, ah, a few friends deciding I want to have for dinner or what movie to see, although it's hard enough,

even just with a few friends with common values to decide those things. But when you have a democracy, it really just becomes mob rule trussed up in a coat and tie and, uh, as a CZ were saying all around the world today, in just about every country, the mob is voting for a strong leader. Oh, you know this is true in Brazil's ruin. The Philippines. That's true in China. Pick a country Any country, Russia. Ah, strongman, the U.

S. But I matter. Strongman gets in office and people like the idea of somebody little no, keep a lid on things. So democracy is also going to be debunked. The problem is, and cut me off here. If I'm rapping too much, it's that, uh, we're we're on the cusp. I'm not Justin. Financial catastrophe. That's obvious. But economic catastrophe, the greater depression.

But it's gonna be a political catastrophe to And it could turn into something like the French Revolution in 17 89 or the Russian Revolution in 1917. Uh, and that's really dangerous, because after the revolution occurs, it doesn't get better, even though it was good to get rid of the old regime. Good. But then it gets worse because we got Rose beer and the guest, the French gotta let it. And then Stalin, in the case of the Russians and that could happen anywhere could happen here. Oh, there where you are. I'm in. Horrible.

Yes. So you mentioned mob rule, and I immediately thought, you know, true and and we humanity. We've known this for at least 2000 years, right with the ancient Greeks, knew this where at least one of them did Aristotle. And why don't we? You know, I remember. This reminds me of something, Doug. I remember hearing a story of the folks who knew I knw Rand when she was writing, Atlas shrugged. And one of the moons, Berry at the time very naive fellow named Leonard Peak.

Often he thought six months after out, the shrugged came out which creep made all these same criticisms of society. He thought everything was gonna be good. Everybody was gonna figure it out and everything was going to get better. And we were gonna have a laissez faire society, and people were gonna be productive and happy and rationally self interested in all the rest of it. But, you know, six months. How about 2000 years? I mean, we just don't What is it about us? We just don't seem to get it.

Yeah,

it was desperate for to feel secure.

Well, I don't know. It interprets on the level to which we want to dig. I mean, maybe, just maybe I have absolutely no, um, proof for an indication that this is true. But for all I know, maybe this is a prison planet where everybody here has been sent here from a distant part of the galaxy from major crimes and dis misdemeanors is punishment. And perhaps you and I are like the trustees in this president and just Thank God we're not down in the hole like people in Africa and India, so, I mean, that's an extreme explanation of why this place is so crazy. But I can think of I can think about I'm gonna handle. Incidentally, I'm gonna handle this problem that you just brought up.

Down. Uh, speculator was my first novel, Drug Lord. The second they're both very good. SATs loves them both.

Excellent books. Loved him. Couldn't get enough.

Oh, thank you. Thank you. Thank you. Well, you're gonna like assassin, but, um ah, in the final novel, which is, I think couldn't be called Apocalypse. Our hero, Charles Knight, decides about 80%. This is a parade owes lawn number the 80 old 80 20 rule of the human race. Oh, just suffer from a serious genetic defect.

It's called envy. Socialism, collectivism, the kind of thing that people like Krugman and this guy pick a crappy economics book they all suffer from. And it's like a genetic disease. So I think I hate trip. I hate to, uh, do reveal early on, but yeah, it's probably genetic, uh, quite frankly spread into people the way, uh, pitbulls tend to be aggressive and Irish setters tend to be dumb and poodles tend to be smart. It's the same kind of thing.

So, Doug, let's talk about the books because as long as I've known you, you've been telling me about this series of books and I was so hoping that you know that you would do it and you started doing it. I read speculator, I loved it. I read Drug Lord. I loved it. Can't wait for assassin. Maybe you could tell our listeners the idea behind this series of books.

Mmm. Thank you, Dad. Everybody likes to likes to give a commercial for what they're doing. I'll take advantage of that. Thank you. Um, Leo. It's a series of seven novels and in which one of the themes is I'm trying to reform the unjustly besmirched reputations of highly politically incorrect occupations like Speculator, our hero Charles. Most Africa guess involved doesn't get involved in profits from ah, gold mining scam gets involved in a bush war than in drug Lord. It shows that you can be a good guys. A speculator on a drug lord, he becomes a drug war dealing in both DEA and FDA regulated drugs and in both of those books, he has many, many millions of dollars stolen from him by the government.

So he's pissed off and he decides that there are some people that just need killing an assassin. But he finds that that's like pulling shark's teeth. It's pointless, and also it's somewhat unsavory on aesthetic toe. Have to take these horrible people out, even if they get what they deserve. So he's accused of being a terrorist. And, um, I have lots of views on. Terrorism is a method of warfare. You could be a good guy as the terrorist. Yes, yes, I know. Uh,

I'm a freedom fighter. You're rubble, he's a terrorist. But so it's a matter of definition. So he goes back to Africa, and, uh, after he's a Terry, then he has to become a warlord. He goes back to Africa because when they're hunting you is a terrorist. Uh, you're in big trouble in today's world s so it's best to go toe chaos are. So if you ever got a cruise to being a terrorist, go to a war zone. That's what Charles not spending becomes a warlord. And here I reform the unjustly besmirched occupation of warlord To show that dumb,

it could be a good guy and he turns this mythical country in West Africa. Gondwana, uh, from a shuttle. Oh, and all the countries in Africa. I'm sad to say our shit holes, and they're getting worse because they all live on foreign aid. But that's a whole other conversation. So he turns it into Singapore on steroids. And here I talk about one of my hobbies, which is going to Third World countries and talking to preferably the military dictator, about how they can turn their place around, make it into Singapore on steroids. And that leads me to anti Christ where they think he's a god in here. I get to do my thing on religion,

which I think will be fun, and we'll give me lots of new enemies. And then the last thing after anti Christ, which is number six, is Apocalypse number seven. So that's a fun Siri's and they're getting better as they go along. So anyway, everybody get on Amazon and buyer copy, Don't fall behind.

I agree. Everybody get on, have sounded by your cop because they're I frankly like, you know, when somebody you know says they're going to write a book. It's like You really pray it's going to be good. I've read your other books, your nonfiction work. So I thought, Well, I know he can write But you also got somebody John hunted to help you write these and the two of you together. Whatever you're doing, it works because, for example, I mentioned nine rand and you know, Atlas Shrugged is a great book, but it's long and the speech at the end is like 100 and five pages or so.

And I think you work similar ideas in a much more exciting and compelling and readable fashion. And I was really just grateful for that. And everyone who reads these will learn a lot. You'll learn a lot about economics, morality, et cetera, life. So, yeah, I'm happy to Ah, stumped for your books, man. Have you to be a being commercial for your books.

I really appreciate that, Dan. And of course, well, as Rand uh, believed and she was correct. Um, there are many things you can say in the form of fiction that you really dare not say in the form of non infection, of course. On the other hand, Oh, Rand's atlas shrugged has turned from fiction into nonfiction. Yes, as it developed. But I've always held that science fiction generally is a much, much better predictor of the future than anything. Tank or NGO. People that do this type of thing. Uh, I think that's a factual state.

Are you aware of the Dean Koontz book that that named It was years ago, I think was in the 19 eighties. And it named a virus coming out of Wuhan, China in the year 2020?

No. Is that a fact? Wow. Yeah, amazing. Well, whoever the publisher is, uh, that I am is gonna have to, uh, get on the stick and re issue and re promoted. I'll have to I'll have to look that up myself. Absolutely. Yeah. You know, this is, uh this is kind of mentioning that it's that there have been means circulating about this having been on artificial virus created by the US military or by the Chinese air.

All kinds of conspiracy theories. I don't know what the facts are. Not sure anybody does, but I think about World War three sometimes, because the eight billion chimpanzees on this platter do like thio get on opposite sides of the watering hole from each other and start hooting and panting. Uh, so, yeah, we're gonna have to agree. And, uh, the question is what nature will be. And I said for many years that the F 20 twos and 30 fives and B B 20 three's the replacement for the B 2 a.m. one tanks are This is all crap. Uh, these things are about as valuable as cavalry and battleships before Roe. World War two.

World War Three is gonna have a very big biological component for lots of good reasons. Um, you can tailor make it against another racial group, which is likely to be the Chinese this point. Oh, no, no, that you know, that turnaround is fair Play depends on who starts it. And he got plausible deniability at is better than a neutron bomb because bio wars won't destroy oil capital a t East physical capital. Although most capitalists intellectual today and put it back, it's a low cost. Anybody can. Anybody can become a major biological warfare. No player, you don't have to be a superpower, so I think we can plan our lives around that. So this some Wuhan viruses is some shade of things to come out here.

I wish I could really say you're absolutely dead wrong. All right. I want I want to be that guy. I don't know how I want to say No, no, no, no, no, no, no, no. I could give you a list of reasons.

Well, I'd be anxious to hear that. You know, I'm not looking forward to that any more than I'm looking forward to the Greater Depression. Because a CZ Richard Russell once famously said, In a depression, everybody loses. The winner is just the person that loses the least, and that's no fun.

No, that doesn't sound like a lot of fun. Although it really ram's home. Some of the principles that we've talked about for years when telling people what to do with their money and rule number one don't lose money. Rule number two seed rule number one shuttle. That'll help you. Ah, lose the least.

Well, you know, it's interesting, uh, watching, um, being the newsletter business myself. Well, I'm not really because they're kind of putting me out to pasture because they don't like the things that I say. It doesn't sell newsletters during a bull market. They'll, you know, they'll bring me, uh, my publisher. Uh, which e.

I don't know. It's division of the same people. Publish you two. Anyway, it doesn't matter. Uh, yeah, when what? It's really gloom and doom and all that. Then they'll ask me to come out and say these things, which is really It's really because that's when people want to hear about it. But it's really stupid because you can kill with all these trading service's and touting high tech stocks and make 312,263% on some, you know, ridiculously small investment. It is a sign of the Isabel ring at the top of the market. And I know you've diagnosis actually, too. So this is this is perverse.

Yeah, it makes me wonder, like what, What our business is gonna look like in 10 years if it's still gonna be here. And if we're still gonna be doing similar things, I feel like I mean, I hate to be self serving, self serving the optimistic, but I feel like there is there is such a thing as reality. And if you respect it and tell people to do something like, you know, I told him I said, You better hold a bunch of cash. You better have cash and gold. You know, you could buy stocks if you want to, but you better have cash and gold because,

you know, let's face it, even even right now, gold is is getting hit in dollar terms, admittedly, just in dollar terms. And cash is therefore, you know, one of the ultimate diversify IRS. But those don't sell newsletters, either.

No, no, no. But is far as the stock market's concerned? Um, actually, uh, I've always been a specialist. I've always liked mining stocks. Uh, why? Because they're the most volatile class of stocks on the planet. Um, I mean, a bull market, Which there have been about six or 75 or six? I don't know.

I have toe look at my notes since gold was freed up starting or broke away starting in the late sixties. Well, there have been about five or six major goldstock bull markets, and, uh, each of them has gone the group all stocks. Gold stocks have gone up about 1000%. Some stocks have gone 100 to 1. I personally owned uh, least one star. The went 1000 to 1, not 120,000 to 1. So this is the kind of stuff that can happen, not over the course of a lifetime. I'm talking over the question two or three or four years. So,

um, but right now, gold stocks are actually very, very cheap. Very Burberry cheap because the all in sustaining costs the best way of determining costs in a mine, uh, are less than $1000 an ounce for any producing gold mine in the world today, sometimes much less. Meanwhile, the costs are going down because with oil having collapsed to $27 a barrel really going lower, another discussion, um, they're crosser dropping even while gold is gonna go to the moon. Finally, because it's the only financial asset that's not simultaneously. Somebody else's liability and counterparty risk is going to be gigantic with all the debt in the world, most of which won't be paid, which is yet another thing to talk about for a long time.

It is. It is another thing to talk about for a long time. We got a lot of deep subjects

here. Wait way could wrap on for several days, actually. But one of the nice things, I guess about the world being locked down is all you can do is sit around and talk. We can do our own. Ah, the camera. Actually, uh, maybe not as amusing as Akasha version. What we could we could do. It is everybody's got a lot of time on their hands. No place to go, nothing to do. Just watch the world fall apart with you know what's happening, Dan.

We're seeing the second law of thermodynamics of law, which conquers everything. It's one of the very, very few laws any type that I believe in. Uh, it's the law that says everything winds down and Toby conquers all. And you're seeing it right before our very eyes, uh, in America and all over the world,

right? So the second law of thermodynamics about the total entropy of a system maintained thermodynamic equilibrium.

Exactly. Unless there's an outside import of new energy to keep the ball rolling as it were. But, um, not only are there no well, except for science and technology advances in that. But one of the problems that we have there is that Is that science? Well, not in all respect. Biotech is a special case. Uh, and there are others but most big science today. Things like the the, uh, Hubble telescope and the you know that this is CERN Collider and things like that. These air $1,000,000,000 projects And if capital is destroyed, you can't afford that kind of science,

so even science and technology could slow down. I'm not predicting a new dark age, although anything's possible, but, uh, you know, this this is quite an upset that we're looking at

It is I I can't predict a new dark age, as you put it, either. I I feel like one of the things I learned from on Economist name Julian Simon. Is that sure there? There's a new mouth defeat every time someone is born. But there's a new brain that thinks, and the you know, the more the more people, the better. In general, which goes counter to what you know, the average economists will tell you, you know, resource is in a local area. Could be overwhelmed in the short term. But generally speaking,

the more people the better. So I think as long as we as a human race continue to grow, maybe I'm too much of an optimist. The better it bought to get is the worst. The worst I can say the most dire expression I can say it ought to, rather than it definitely will.

Well, I completely agree with you. Of course. What you said is absolutely accurate in my opinion. Down. Uh, there are some circumstances at large, though, that somewhat mitigate. Uh, that optimism, it's that all these new brains that are being born are being miseducated in government schools where they're learning all kinds of destructive things. And, you know, we might next have a guaranteed annual income for everybody. Where that capital comes from is a mystery. But they the that's insoluble.

And you treat people like Children, which is what that's all about. And the act like Children. Uh, absolutely. Yeah, s so you know that's not good. So the wrong ideas, we'll teach him to act irresponsibly. Um, I don't know. Yeah, I mean, but basically, basically, you're right.

And ultimately, uh, after we get through this, uh, you know. Well, it dance too. Colonizing the planets. Isn't that ultimately I think other star systems And, you know, um so it will be up. It will be a story with it. Ah, happy ending. Or or perhaps hopefully not an unhappy ending until the universe itself is subject to the second law and goes into heat death. But no point talking about that because I spent becomes a cosmically gloomy conversation, and no point in

that it does. Yeah. Pretty sure I won't be around for that one. That one. You know, unless who knows who knows what. What? You know, some biotech might be working right now, and I will be around for the head. I don't know. Not sure. I'll be

said for years that, um if we can hold on another cause I'm a few years older than you are. But if I can hold on in my case, I think another 20 years there's, ah, a sporting chance that I can trade my body. And for I'll take Bruce generous just before he wanted to cancel on that Would d'oh on it. Maybe technologically possible if if Ray Kurzweil is right about the singularity and I think he is. Actually,

you know, maybe I think we might differ there. I think I don't know if the machines will sort of take over, if you will. I don't know if that's a fair way to put it. There's something chaotic and unpredictable and wonderful. Maybe I'm being too religious or or otherwise kind of dreamy here, but I think there's something chaotic and unpredictable and wonderful about this squishy biological computer between my ears. And I don't think we'll ever build a machine that will completely overtake it. And I'm not talking about my brain. Of course, I'm sure there will be a machine that will do better than Dan Farris. But you know, just in general, between the machines and humanity, I think humanity will always kind of have the upper hand.

Well, I hope so. We've all seen the Terminator. Uh, so you know, it's nice. Yeah, but I don't know, because it's now. This is why realities actually become it. Maybe becoming less mellow because everything speeds up, which, in fact it is actually of this Moore's law has been in has been in existence, in my opinion, not just system fifties or when more formulated it but for actually a couple 100,000 years, Um, growing slowly,

slowly at first, but exponentially. And now we passed in the and it's going hype, obviously hyperbolic. But, um ah, listen, I'm a solipsistic, basically Dan, and a solid assist. One variety and many varieties of it believes that absolutely anything is possible. Anything that you imagine to be possible can be possible. In other words, it's like in that movie, The Matrix, which was a great bully,

incidently where the whole world is basically ah, hologram, a creation of your own mind. So I think anything's possible. Maybe they're Maybe there's an infinite number of alternate universes weakened somehow transfer over to another one. Oh, if things go bad on this little ball of dirt circulating this obscure star in an obscure galaxy which there hundreds of billions in the universe again, her might be an infinite number of universes or no, I turned out to take it seriously. You know, when you look at it in these terms, you can't take anything seriously except paying the ramp next week.

Of course, there that's well put. And that brings us kind of close to the end of our time here. Doug, I have ah, stock question that I'd like to ask all our guests, and I'm really, really super curious to see how you might answer it. And that is this. If you could leave our listeners with just one thought and it's usually something about finance, because that's usually the topic. But in your case, whatever you feel like, if I could ask you to leave them with one thought, what might that be?

Well, you've kind of taken me by surprise here, Uh, we've already current the waterfront. Pretty much. Um, Hey, let me say this. I'll say the situation. Sarah, is the system. The situation is hopeless, but it's not serious. And in that context, well, you can do is keep your pecker hard and your powder dry and the world will turn.

That is perhaps the single best answer to that question that I ever heard. And it doesn't surprise me, Doug, that came from you. Thank you for that. Brilliant.

Uh, well, I'm so it sounds like Yeah.

No, go ahead.

I was just going to say I'm so sorry that it's been years since we've spoken because it's a pleasure chatting with you

and you as well. Doug, it's been way too long. And hopefully we'll get past all this. This business that's going on in the world and or not. And we'll see each other anyway and talking again soon.

And the invitation is always open. Toe, come down here and hang out, huh? On the Estancia on dawn, we got plenty of cows and chickens, pigs and and all kinds of stuff here, so you'll be well fed anywhere.

Sounds wonderful. I am an idiot if I don't take you up on that. All right, Tug. Thanks a lot. And, man, great talking with you. And I hope we'll talk again real soon.

Okay, then. Super. Thanks.

All right. Bye bye for now. Okay, we got a lot of stuff in the mail bag, and I'm gonna get through each one. There's a lot of longer ones, and I'm not gonna go to read those unfortunate want to get to as many as possible today as quickly as possible. So right into feedback and investor our dot com with your comments and questions and politely worded criticisms and suggestions on how to get through this crisis that we're all in and I will promise you I will read every single one of them, and I will respond to as many as possible. 1st 1 today is from Mark s. Hi, Mark. Good to see you're writing in I we exchange thoughts on Twitter frequently. And so Marc's basic message here is he says Gold is a relatively new holding for me, and I've been inspired to hold it from you and other editors. It stands very research. I've been wondering how it will behave in a market panic like we're having interesting that at first it went up when the stock market was down,

but now it seems to be just going down with everything else. Although admittedly gold is still appear to date, as I write this, thanks for continuing to express confidence in the middle that eventually it will turn around, he says. Also, I'm probably guilty of thinking the virus will not be a cz bad as the worst case projections. But it's good to hear a voice of reason to remind me that maybe I could be wrong. Keep calm and carry on. I guess Mark s I have nothing to add to that. Except this. I think we're still in this liquidation phase with gold. And I absolutely do not believe that lasts. Like I said, to go to move of government will be to weaken the currency. It is guaranteed to happen.

And I think gold really shines in that environment. Next one is from Veneta, G and Veneta. Ji says, is it possible to totally lose everything you have in both types of funds? In other words, can it go down to zero now? Vonetta, I don't know what you're talking about here. I'm going to take a wild guess that you mean stocks and bonds. Technically speaking, yes. Will it happen? Your guess is as good as mine? I suspect not. That's why I'm counseling plenty of cash and the use of trailing stops we started using trailing soften extreme value within just the past year.

And I think it turned out well, it is turning out well. Robert H says so. What has happened to the absolute biggest gain in stocks meltdown and drained out. Not such a good call. Robert H. Robert. You're not talking about me. I didn't predict any such thing. You must be talking about somebody else, Hoyt says. Is it necessary to throw in political commentary about the U. S response to the Wuhan Corona virus? Stick to the data rather than unsubstantiated. While predictions Italy is not the USA, one could regard the recent market crash as an incredible buying opportunity.

Yeah, if you think it's a buying opportunity, you do, you man, I'm not there yet. Uh huh. And I think you're right. Italy is not the U. S. A. I was wrong on the call for more government. I've covered that, and I freely admit that I went over the line there. Um, but you know, effectively,

we better be we better Bill, isolating ourselves or this thing will continue to spread, period. And then Joanne are expresses similar thoughts, she says. Seriously, I think Corona viruses mostly concerned for 80 90 year olds with some risk for 70 80. The media's blowing it all out of proportion. From the medical reviews I've read, you are helping them. Four major research labs say it's an engineered virus, China with help from Russia than Russia. Torpedoes are oil prices around is mad. They could have something could have something to do with it. And Hong Kong is now quiets of China. Doesn't care who they kill.

I'm not sure what all that means exactly, but you are telling me and you and you say we are not under reacting. We are overreacting. The deaths are way under influenza each year, Joanne are says. And I think the comparison to influenza is completely off the mark. We know about influenza. You can get an influenza shot, for God's sake. People are still getting on cruise ships with this Corona virus. It is. It is between I don't know. I've seen 10 and 50 times more lethal than the flu. Okay, period. Nothing else need be said.

There's your data from the other guy who was from Hoyt. I think it was okay. So Milly H says Dan, you sound like a liberal Left wrist, Democrat liberal, left stomach. I politicizing the club. Rhona virus? I hope not. I don't think I D'oh Robert H says so. The bull market is over. But Steve Sugar it says the melt up will resume in some number of months. That must mean the resumption of the melt up will be a new bull market. Is that how you see it? Not exactly, Robert.

I think we're in a bear market that could go on for longer than anyone currently understands. Um, and you know, there are other other emails like like all of the ones I've read so far, so I can't read them all. Rocco asks. Why did you not comment on the recent market crash? Not sure what you mean. Rocco, We've been all over this. I'm not really sure what you feed, but it's hilarious. Paul M. Is one of the people who he wrote a really wonderful, eloquent email, and he called me out on this thing and I'll just read the one little section he says.

He says I now have heard several stands. Very associates say that this latest pandemic has been handled poorly by the United States government. I'm at a loss is why investment advisers say this Isn't it the common belief amongst investment pros? The government should try to stay out of the market In most situations. I have heard a standard that the government has been slow to react to the latest crisis, and they need to have more Corona testing in place and then he goes on to raise, You know, the objections that I've already responded to your spot on Paul. Totally agree. I was little I was wrong there. And then we have a politely worded criticism from Daniel G, who complained that the last podcast was too short. I will do my best to make them hunger. Daniel, you're on, buddy.

I'm taking you up on it. Let's see. We got a lot of things here. I think that's about it. Everything else is pretty much in the vein of everything I've already read. And one guy says he's sick and tired of reading our promotional emails. And you know, you're not the first person to say that I am, too. We all are. Everyone is. Somehow I think our business is going to change quite a bit over the next few months. But, you know, for now we're doing everything we can do. We held a special event earlier this week,

and we just kind of got on the guy on the horn with each other. There were four of us on the call or actually, there were about. I think there were six or seven of us there was a bunch of us myself. Steve Sugar Rude David. I frig Mike dbs, Greg Diamond bread ache in Austin route. I think that's everybody. Maybe I want to say who was on the call and we were just talking. We weren't trying to sell anything, So I think you're gonna see a lot more of that, and you should write. You have it. You have a right to expect that. And you will hear it from me and you will hear it from others. And Stansbury.

Hey, look, man, look, my 401 k has been obliterated. Thio, I'm right next to you. You know, I had got stock funds in my 401 k. I just put my wife's for a one k into She didn't have any gold in there. And I put it into, I think, one on one of the publicly traded gold E T. S. And you know, those things haven't behaved the way we wanted Thio and we wanted them to.

So we're all in the same boat and we are here for our listeners and our readers. So that's another episode of the Stansbury investment. Our it's my privilege to come to you this week and every week, go to www dot investor our dot com. You can listen to every single episode we've ever done. You can get a transcript for every episode we've ever done. Sometimes it takes a few days for the transcript to arrive for the latest episode, you just click on the episode scroll all the way down, and that's where the transcript will be when it arrives. Go to iTunes, subscribe to Stansbury Investor our on iTunes and give us alike. And that, like, will push us up in the rankings. And will it attract more like minded folks like yourself to write in and asked me lots of good questions and send me lots of thoughtful, politely worded criticisms like we heard today?

Thank you very much. Tough times, man. I'm really at a loss half the time for what to say to you. But you know what? I'm going to keep reading and thinking and looking of what's happening, and we're going to do our very best for you here at the podcast and it's Stansbury. And with that, I bid you ado for this week and I'll talk to you next week. Bye bye for now. Thank you for listening to the Stansbury investor our to access today's notes and receive notice of upcoming episodes. Goto investor our dot com and enter your email. Have a question for Dan. Sent him an email at Feedback Investor. Our dot com. This broadcast is provided for entertainment purposes only and should not be considered personalized.

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