May 3, 2024 • 40 mins
Guest: Buck Sexton
Welcome to the Porter & Co. Black Label Podcast – a provocative, no-holds-barred space where Porter and Aaron talk about markets, politics, and life with a series of very special guests.
In this episode, Aaron and Porter are joined by Buck Sexton, a former CIA analyst and leading talk-show host. He’s considered one of America’s best political analysts and is the co-host of The Clay Travis and Buck Sexton Show. You can find out more about Buck and his show here.
Show highlights include:
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The comedian who reached out to Porter while he was not feeling well…
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A look back at these COVID restrictions…
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The guys' thoughts on finances in an election year...
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Something that most individual investors know nothing about…
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The home to some of Wall Street’s smartest people…
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What Buck sees for the coming elections…
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Where Trump could be confined...
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Potential Trump campaign policies…
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Porter recalling a truly special hunting experience…
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Porter’s most politically incorrect opinion...
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And much more…
Of course, we have a fresh “You Just Can’t Make This Up” segment.
And, as always, we go to the mailbag.
Click here to listen to the full podcast now. And grab your free reports at https://porterspodcast.com.
And be sure to follow us on Twitter/X at https://twitter.com/Porter_and_Co and https://twitter.com/porterstansb.
To your success,
Porter & Co.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Welcome to the Porter andCompany Black Label Podcast,
your home for provocative insightsthat lead to lasting wealth.
And here are your hosts, PorterStansberry and Aaron Brabham. [MUSIC
PLAYING]
- Porter--
- I'm back.
- Thanks for comingback, Mr. Chairman.
- I'm alive.
- I thought I lost you to maybethe corporate world where you
(00:21):
were having to wranglea bunch of people--
- No, no, no. I hadthe COVID last month.
But I'll tell you something,
I didn't even bother gettingtested. You know why?
Because what's the differencebetween COVID and the flu?
- Nothing.
- Nothing.
- According to the CDC now.
They literally said,treat it like the flu.
- Well, I wrote thatin April of 2020.
- You surely did.
- But they didn't listen to me.
- No, they didn't. I did.
I treated it like theflu the entire time.
(00:41):
And we talked about--
- No big deal.
--it's a little bitwith Tom Dyson as well.
- Yeah, I was definitelyunder the weather.
And I will tell you--
you know me pretty well.
Porter's kryptonite ishigh stress and bad news.
And--
- You've been gettingheaps of that lately.
- Woo.
- Heaps of that.
- Lots of stress,lots of bad news.
And my body was like,that's it. I'm tapping out.
(01:01):
- Yeah, that's.
- So I was down for the count.
I haven't been this--
I have not been this sicksince I had COVID for real,
the bad COVID,the Delta variant.
- Yeah, and that waswhen it first came out.
- That was in April of'21. And it was so funny.
I got a-- I
got a video from myfriend Ron White--
- Oh, yeah.
- the comic?
- Yeah, he's great.
- [LAUGHS]
He was familiar with how I was aCOVID naysayer, a COVID skeptic.
(01:26):
Maybe not an anti-vaxxer,but definitely a COVID--
- Skeptic.
- --skeptic.
And when I got COVID,
he sent me a video clipof him playing golf.
And he's like,must suck for you,
especially since yousaid COVID wasn't real.
[LAUGHS]
- That's funny. I loveRon White. He's great.
- He's funny guy.So yeah, anyway.
So I had COVID,and now I'm back.
- I'm having traumatic flashbacksto the whole COVID thing
(01:47):
because they locked downpretty hard in Colombia.
- You couldn't evenleave your apartment.
- Yeah, it was--
I did, though. But youweren't supposed to.
And by the way,
the barrios didn't stay intheir apartment because there
is no savings.
So it was kill to eat.
You were still in your market.You were still selling.
You didn't care about masks.
And by the way, that'swhere all the police live.
(02:07):
So the police didn't doanything to anybody over there.
They only hassled the richpeople because they could give
multas or tickets.
- Aha.
- Oh, actually, here'swhat they really did.
They didn't evergive any tickets.
- They just--
- They got [SPANISH].
- They got [SPANISH].
- They got tips.
So--
- What are they? Thesilver or the lead?
They're taking the silver.
- Yes, exactly.
- Yeah, I just--
- But I'm having flashbacksto this is how ridiculous--
(02:28):
and I think people forget.
At our golf course,
they installed these thingsthat were attached to the pins
that had a little lever to getthe ball out of the hole so you
didn't reach in and get COVID.
- So ridiculous.
- [LAUGHS]
So--
- It's an airbornevirus, people.
It's got nothing to do withtouching pins or balls.
I remember they wouldn't let usplay golf here for like a month.
(02:49):
Right, an outdoor--
- Outdoor.
- --event, where you'realways socially--
- You're by yourself.You're not touching anyone.
- So idiotic.
- I know. And anyways.
Well, Porter, today, wehave a great guest on.
Also a good friend of yoursthat you've known for--
I don't know how many years.
- About a decadenow. Buck Sexton.
- Buck Sexton.
And bucksexton.com, you cango find his information.
One of the world's best radiohosts, political commentators.
(03:12):
- I wouldn't say we spendtoo much time on politics.
It's not my thing oryour thing, really.
But Buck is a political expert.
- Yes, he is.
- And with the redwave coming this fall,
good person to check in on.
Maybe there are someTrump trades out there.
I know the first timeTrump was elected,
the markets did very well.
- Yeah, they certainly did.
And that was the one thing Ithink Trump was hoping that
(03:32):
with the Bidenadministration, they wouldn't.
But they have the powerof the Fed, as you know.
And we have thepower of the Fed.
Things can get alittle bit wild,
and budgets go wildand omnibus bills.
- Yeah, I think it's interestingto see whether or not they can
actually continue to do thatkind of politics as usual
without triggering a realpanic out of Treasuries.
And if you've seen what gold has beendoing for the last two or three weeks--
(03:56):
- All-time highs every day.
- And of course, Bitcoin--
- Yeah, I had lunchwith Chris Webber.
- Oh, you did.
He's a good friend of--
- Down in Miami.
- Good friend of Porter andCo. He's the expert on miners.
- Chris Webber is the mostlegendary speculator that no
one's ever heard of.
I don't know what his officialtrack record is because he's a
private investor.
He's never said.
But I've known him for over--
(04:17):
well, not over, but almost30 years now, over 25 years.
And I've neverseen him be wrong.
- Yeah, that's big.
Porter, I don't knowif you know this,
because you let merun the marketing.
And we only run the best gurus thatwe think can complement our work.
And we actually did run abig promo to our Partner Pass
members for Chris Webbera couple of months ago.
(04:38):
It went phenomenal. I gota peek into his portfolio.
It was stellar.
- It's incredible. Hedid run some money.
There was a period of timeover the last 10 years.
I think maybe five or sixyears, he was managing money.
And we can probably getthose track records,
and that would be legitimate.
But I'm just telling you,from my personal experience,
I have seen him get in earlyand stay and hold to the peak
(04:59):
and all kinds ofdifferent major trends.
And it started with the firsttime I saw him do that was
during the tech trendin the late '90s.
He bought Broadcom,JDS Uniphase--
- Oh, wow.
- all these things.
- Those were the onesthat went hyperbolic.
- Huge winners. And thenhe got out. He sold.
- He did. He was one of the few.
- He sold.
He followed trailing stops onall of his picks and got out in
2001. And then he figuredout the biotech boom.
(05:22):
- Oh.
- And he built thisincredible portfolio,
which was all the picksand shovels of biotech.
So like Illumina--
- Oh.
- --things like that,
and just went bananas forthe next five or six years.
- That's awesome.
- And then he
figured out there was goingto be a supercycle in gold.
And he got in big timeinto rare gold coins.
And I know he madea fortune on those.
And that was just--
that was from '96 to '09.
(05:45):
I mean, he did great.
- Yeah, well, I think he'sgoing to do well on this.
Because he's got alot of miner plays.
And they've beenbeaten to pieces.
I mean, these miners are tradingas if gold was trading for $1,700.
There will be aslingshot at some point.
And we talked to DougCasey about that recently.
For the most part--
- But interesting to see ifBiden tries to play the game
where he leans on the Fed to cutrates and they do cut aggressively--
(06:07):
and by the way, I don't get thefeeling that's going to happen.
But--
- Me either.
- But if it does,
it'll be interesting to see ifthey lose control of the inflation,
because there's going to bea big CPI print next week.
I expect you'll see a muchhotter-than-expected number.
And the jobs report thatcame out today was super hot,
300,000-plus new jobs.
(06:28):
So I think you're going to--
this is completelyabsolutely not in the cards,
but I think you're going tohave to see fed hikes this year
if you really wantto contain inflation.
And I don't think that there'sany political stomach to do
that, which means,
I think you could have asituation where you're in a
melt-up economy, where stocksare running, gold is running,
Bitcoin is running, andthings get really overheated.
(06:51):
And that could lead Trumpto have some really severe
economic policiesgoing forward-- -
big cuts to taxes, highinterest rates,
kind of like the early 1980sthen in the first Reagan
administration.
So listen, what's our advice?
Man, enjoy the goodtimes while they're here.
- Exactly.
- You got to make haywhile the sun is shining.
- That's right.
- And I think you're going tosee this bull run in stocks and
(07:11):
commodities continue.
And there's lots of cheap--
there's lots of cheapstocks out there in energy.
There's lots of cheapstocks out there in gold.
And so
I don't think--
the second half of this year,
I don't think you're goingto see the big tech stocks
continue to lead the market.
I think there's going to be rotationinto these forgotten stepchildren.
And those gains, as you know,
(07:32):
junior miners and small energycompanies can be absolutely
crazy, life changing.
You'll also see it in biotech.
Because as the financialconditions loosen,
those biotech valuationswill come back.
- Yeah, I think we'repositioned as well as we can be,
thanks to your 25 years beingin this business and having the
knowledge and understanding who we'd wantto hire and who do we
(07:55):
want to be part ofthe Partner Pass.
Of course, we got Marty Fridson,
which we can talk a littlebit about in a second.
We've got Erez Kalir--
- Yeah, we've got a great--
- --for biotech. We've
got--
- We've got a great team.
- --phenomenal lineup. Andhere's another thing too.
The U.S.
and other countries are reallypushing for Ukraine to join
NATO so that theycan create more war.
What does that doto oil, Porter?
What's it doing rightnow? It's over 90.
(08:15):
- That's going tobe good for oil.
I mean, look, it seems like ourpoliticians can't get enough of war and
welfare, and those thingsare very inflationary.
And they're really tough onregular middle-class people.
And as you know, that's apassion of mine and yours--
to actually help everydaypeople escape the catastrophe
that's coming as wecontinue to print money.
(08:36):
It's incredible.
We are now adding a trilliondollars in national debt every
100 days.
- Every three months.
- [LAUGHS]
There is no waythis is sustainable.
- No way.
- But enjoy it while it lasts.
- Exactly.
And speaking of storms coming,
Zerohedge had anarticle out recently,
but you've beensounding this alarm.
There's a reason whyyou hired Marty Fridson,
(08:56):
the dean of highyield, December,
a year and a half ago.
And that was there is goingto be a credit crisis.
CCCs
are going to be in big trouble.
And there's 1.8 trillion thatneed to roll over by 2028.
- And this is justin corporate bonds.
- This is just incorporate bonds.
- This is corporate.
This is not all the commercialreal estate that's out there.
(09:17):
There's another trilliondollars of that.
And I don't know how much isin office, but a lot of it.
And that stuff iscompletely underwater.
You're seeing buildings nowbe sold regularly every week,
major commercial buildingsin major downtowns--
San Francisco, NewYork, Orlando, Miami.
You're seeing these officebuildings that are going off at
(09:38):
auctions that are selling for 20and 30 cents on the dollar
of their last sale,which is in 2019, 2020.
- Which is insane. I neverthought I'd see that.
- There's real carnage. I wantto point something out, though.
First of all, can we goover Marty's track record?
- Yes.
- Because I make a claimto people all the time.
And nobody believesme because they--
most individual investors justknow nothing about corporate bonds.
(10:00):
Absolutely nothing. It's agiant black hole to them.
But I have said for--
I don't know--
at least a decade, probablylonger, 15 years or so,
I have said that for mostinvestors, they should simply
never, ever buy stocks.
- That's right.
- They should onlybuy corporate bonds.
And they should onlybuy them at a discount.
And people look at melike I've got three eyes.
And they're like, whatare you talking about?
I can't live on a 3% couponor a 4 and 1/2% coupon.
(10:23):
And I'm like, that's because youdon't know anything about it.
So right now, the yieldon CCC is like 12%.
And so most peoplecan live on 12%.
The critical thing is whichones are going to default and
which ones aren't.
And that's why youneed Marty Fridson.
But just run down acouple of Marty's--
the current track record.
- Sure, he has 13 openpositions, first of all.
(10:44):
Of those, 11 ofthose were bonds.
Yes, we understand, guys, thatthat requires a CUSIP number.
We understand it requirespicking up a phone and calling
your broker and saying, here'sthe CUSIP, which, by the way,
that's all you have to tellthem because the CUSIP--
- Hold on. Hold on.
Buying a bond isno more difficult--
no more difficult than calling aChinese restaurant and ordering dinner.
- Oh, it's easier.
(11:04):
- In fact, the Chineserestaurant is a lot harder.
- It's way easier.
- But most people will neverdo it because they just feel so
uncomfortable talking toa broker on the phone.
So here's my advice.
If you've neverbought a bond before,
read Marty Fridson's newsletter.
Pick a bond that you like.
There's all theinstructions are in there.
Literally--
- Literally
- paint by numbers,here's what to do--
(11:24):
call this number, say thesewords, talk to this person,
ask for this CUSIP.
It's all there. Andjust buy one bond.
- That's it.
- That's just buy one.
So all these prices are basedon $1,000 face value bonds.
So they're alltrading at discount.
So it's going to cost you--
let's say it's goingto cost you $800.
Just buy one andsee how it goes.
A year from now,
write into the show andtell us what you learned.
(11:47):
Because I promise you,
if you will try investing incorporate bonds at a discount,
you will never buy stocks again.
It is just the bestdeal you can imagine.
First of all, you get a legal contractthat requires the company to pay you back.
You're not buying equity.You're buying debt.
And legally, theyhave to pay you back.
If they don't payyou back, guess what?
(12:08):
They lose everything.They go bankrupt.
Every one of themloses their jobs.
They lose all their pensions.Everything goes bye-bye.
So the bond holder isin the catbird seat.
And you as a passiveoutside investor,
that's the onlyplace you want to be.
- That's it.
- Trust me,
all the shenanigans that publiccompanies do on their investors
all the time, ifyou're a bond holder,
it doesn't make any difference.
(12:28):
I like saying it's likethe movie Goodfellas.
Remember the gangsters whoused to lend money to the
restaurateurs and people likethat to launder their cash?
Well, then, theyhad to pay the vig.
And the vig was like,10% a month or something.
It was impossibleto ever pay back.
And the gangsters werelike, fuck you, pay me.
And the guy's like, well,my restaurant burned down.
(12:48):
Fuck you, pay me. Itdoesn't make any difference.
- Doesn't matter.
- And if you're a bond holder,
that's the positionyou get to be in.
Fuck, you pay me. So youget paid your coupon.
And then when the bond matures,you get paid your face value.
And the other real secret that peopledon't get is we do all of our analysis.
When I say we, Imean generously we.
Marty and his team does all his analysisbased on what yield to maturity is.
(13:08):
So it's what you're goingto make over, let's say,
four or five years as the bondprice goes back to par and as
you get paid the coupons.
But the reality is, in almostevery single one of these
cases, the bond price goes backto par within a few months,
just because the sentimentchanges around the security.
So let's say he's buying itat 75 cents on the dollar.
So he's paying $750for $1,000 bond.
(13:30):
And he's modeling that out forthree or four years with coupons.
So let's say your yieldto maturity, he expects,
is going to be, let's say,something reasonable like 15%.
But what happens is the
perception changes,
and the bond goes back to parwithin six or seven months.
And so guess what?
Boom, your yieldto maturity might--
that 15% could happenin six or seven months,
(13:52):
which is anannualized 30% return.
And now we're not quotingthe returns that way.
We're just givingyou nominal returns.
But what I'm saying to you isthere is so much less risk.
And there is somuch more return,
real actual capitalhighest return
in bonds for investors.
So a lot of people will lookat their stock portfolio.
And they'll be up 50% in a year.
(14:13):
But how many of youactually sell at that price?
And the answer isnot very many people.
What normally happens is youbuy it, it goes up a lot,
and you're excited.
And the next thing you know,it's down 35% from the high,
and that's when you sell it.
So it's really hard for youto capture all the gains that are
possible in stocks.
But with bonds, you've gota fixed holding period.
You've got a fixedreturn. It's much easier.
Anyways, how's Marty been doing?
(14:34):
- Yeah, so he'sgot 13 positions.
He closed one of them
as a bond, by the way, forthe purchase date, 6/14/2023.
It only returned 43%
That's the one close.
- The one closed position.
- Yeah, so the other12 that are open,
they're all up anaverage of 22% right now.
(14:55):
Two of them are down.One is down by 0.78%.
The other is downby 3% right now.
That's it.
- So he doesn't haveany that are down.
And the ones thatare up are up by 22%.
And the average holding period therehas got to be less than a year.
- Yeah, for sure.
- My point is--
and people never believeme when I tell them this,
even though I've done multipleproducts in this space.
(15:16):
So we did True Incomeoriginally back in 2009.
And then we didCredit Opportunities in 2015.
This is my third distressedbond product with Marty
Fridson, who's the bestin the world at it.
We will average 25% annualizedgains in this product.
And we will have morethan 85% win rate.
There is no better deal inthe entire newsletter world
(15:39):
and the entire ETF world,
in the entire investmentworld than buying individual
distressed corporate debt.
But you really have toknow what you're doing.
And you have to invest with someonewho's got years of experience.
And let's see, hmm,
Marty Fridson invented theresearch on this sector in the
early 1980s.
So he's got 50years of experience.
He's the guy to be with.
(15:59):
And I hope that you'lltake me up on this.
There's truly no--
there is no better advice I cangive you than for most investors,
there is no question that youwill make more money if you
only buy corporate bonds.
There's just no question.
And then for every investor,
there's no question that it's amuch better risk-reward opportunity.
- And, Porter, isthere a better time?
There's no bettertime than right now.
(16:20):
This is why you wantedto prepare for this.
Probably ever.
- Well, hold on.I'm not saying that.
I'm saying that with Marty Fridson,it's always a good time, because--
- Yeah, that's a good point.
- it's a market.
So there's always thingsthat are mispriced.
And he's really greatat finding them.
Right now, I would say that thereare opportunity and high yield is
better than average.
The spread between CCC and10-year Treasuries is something
(16:41):
like 7%, which ishigher than normal,
but not at peak.
When that spread between the averageCCC and Treasuries is over 10%,
then that's usually really timeto start focusing on the sector.
But look, you'regoing to make 25%
a year--
- A year.
- anyways.
(17:02):
- A year.
- Because you'rewith Marty Fridson.
You're good.
- Yeah, you're good.
OK, Porter, great.
And--
- By the way, Ican't wait to see,
if anyone actually does this,
if anybody just buys one bondto learn how to do it and then
what the results are.
I also can't wait tosee who fucks this up.
Because--
(17:22):
[LAUGHTER]
- there is somebody out thereright now who's going to pull up
the listed bondsand interactive brokers,
and they're going to find abond that's trading for 20
cents on the dollar and isadvertising at 80% yield to maturity.
And they're going to buy it--
- Of course.
- --thinking that that'swhat they're going to make.
And they're about tofind out the hard way--
- Well--
- you cannot do this kind of
(17:43):
investing without someone whoknows what they are doing.
You cannot.
- Yeah,
it can be pretty ridiculous if youtry to do it on your own, obviously.
And people don't understand howdifficult this stuff is to look
into companies andwhat their debts
are and what they owe.
- The corporate bond marketis the home of all of Wall
(18:05):
Street's smartest people.
It's where all ofthe big insurance companies play.
It's where all of themath wizards play.
What was Long-Term CapitalManagement's market?
Bonds, not stocks.
Just people don'tunderstand all this.
The bond market dwarfsthe stock market in size,
and it's where all thesmartest people play.
I am not advising you togo out and buy any bond.
(18:28):
I am saying, read MartinFridson, buy the bonds he
recommends, and youwill do incredibly well.
And he makes it lookreally easy, but it is not.
- OK, Porter, it's time to go tothe interview with Buck Sexton.
So let's bring him on.
- Let's bring in Buck.
- Hey, Buck, thanks for joiningus. It's great to have you.
(18:48):
Aaron was asking, whenwe first met each other--
and I remember vividly walkinginto a conference in Las Vegas
and seeing you be the emcee andknowing immediately that you
were going to be a star.
But do you rememberwhen that was?
- Yes, it was 2016.
Stansberry Vegas.
I was on stage.
And at the time, Rand Paulwas actually there too.
(19:11):
You, me, and RandPaul all up on stage--
I'm sorry, Ron Paul. God.Ron Paul, not Rand Paul.
We were all onstage together 2016.
So right before theTrump election phenomenon
was the first time we met.
- Well, when I saw Buckon stage, I was like, man,
he got such a presence.
And he knows everythingabout politics.
And ever since then, yourcareer has taken off.
(19:31):
I know you're filling in forRush Limbaugh for a while.
And The Clay Travis andBuck Sexton Show started--
I don't know--
two or three years ago now.
And you guys have the largestradio show in the country,
I think.
- Yeah, so we took overofficially for iHeartMedia the
slot that was left open afterRush Limbaugh passed away
after 30-plus years inthe business being number one.
(19:53):
So yeah,
we joined up aboutthree years ago.
It'll be three years,actually, exactly in June.
So coming up on thethree-year anniversary.
And look, it was a big--
it's a big move, I mean,
to take any of those stationsand try to continue the mission
that Rush had for decades.
But it's worked out.
I mean, Clay and I, we havea lot of fun doing the show.
(20:15):
And yeah, by audience, Ithink it's the largest.
We have 500 stations.
And we're on--
when Rush used to be on.
So we have the biggest radioaudience, I believe, in the country.
Maybe The Sean HannityShow is number one.
We're number two,but it's very close.
- And you also just starteda coffee company, I think,
pretty successfully.
Can we see yourcoffee company here?
What's it called,Crockett Coffee?
(20:36):
- Yeah, Crockettlike Davy Crockett.
The idea here--
and everyone can see, goto crockettcoffee.com.
Please do subscribe.
First of all, I'ma coffee fanatic.
I mean, this is the onething, the one vice--
maybe chocolate, too.
But I don't need chocolate.I like it. I need coffee.
Like, I can'tfunction the same way.
So one thing is, we had seena number of these brands that
(20:59):
come through conservative media.
You and I talk afair amount, Porter,
about the parallel economyand how it's real, finally.
It's not just a theory.
Some of these companiescome through, though,
and they get really big.
And then when they start makingreal money and maybe they even
go public, all of a sudden,
they don't want to doconservative media anymore.
And so we gotfrustrated with that.
(21:20):
We said, well, look,
let's just build our own brandsand incubate them ourselves
with the platforms that we have,
and they're never goingto abandon the space.
They're always going tobe about freedom, the
constitution, capitalism.
So instead of buying likecommunist Folgers swill,
you can actually getdecent coffee from us.
- That sounds great.
- And Davy Crockett,I think, is a
(21:42):
great American hero.
And we're doing a lot of thecelebration of American history
as part of this, too.
So we talk about the historyaround Davy Crockett.
And the Alamo,obviously, factors
big into all this.
So please check it out.It's delicious coffee.
And we also give some ofthe proceeds to Tunnel to Towers
Foundation, which Is our do goodsponsor or do good connection.
(22:05):
And they give homes tofallen first responders,
military and police officers,mortgage free homes.
So we're coming atit from all angles.
- That sounds great.
- That's fantastic.
- That sounds great.
Well, listen, we wantedto have you on because
it seems like Trump hasreally built an unsurmountable
lead in thepresidential election.
And I got to havebreakfast with him on--
(22:27):
let's see, I think itwas Friday at Mar-a-Lago.
And he seems in good spirits.
It's interesting how different hewas in person than how he's
portrayed in the media.
But I won't go into all that.
What I want to ask, Buck, is,
do you think that he's a shoo-into be the next president?
And what, if anything,
could go wrong betweennow and election day?
(22:49):
- I mean, do you tell them thatyou're dear friend and mentor of the
Buckster?
I mean, I just feel like--
- Buck's so confused right now.
- You know what I mean? Like,you got to tell the big guy.
You're like, probably thebest in all radio. I love him.
He's amazing.
Great hair. Besthair in television.
So, anyway.
Do I think Trump'slead is insurmountable?
(23:10):
In a world in which theAmerican people have elections
that function the way that theythink that they should, yes.
But I don't think that that's theworld we live in, unfortunately.
The machinery ofelections has really
advanced in recentyears, not in good ways.
But I mean, it's becomemuch bigger part of it-- -
(23:30):
ballot harvesting, ballotchase operations.
Trump is finally all onboard for that stuff.
It used to be thatconservative Republicans
wanted to do the,
we vote on election dayand only on election day.
And I appreciate that senseof tradition and civic
responsibility.
But what the left does,
bank as many votes asearly as they possibly can.
(23:51):
They use as much soft moneyand dark money and whatever you can
to get those votes inas early as possible.
And then they chaselower propensity voters,
up to and includingon election day.
I'm not even talking aboutwhen dead people vote for them.
That's a wholeother conversation.
But even on the legalbut shady stuff,
they're way better than us.
(24:12):
They're far ahead.
So that's a concern. Thatwas a big concern in 2020.
And I also just think thatthey're going to unveil
something that right now isone of the unknown unknowns,
to borrow from Rumsfeld.
And all of the polling suggests thathe is way ahead in every swing state.
And it's hard to believe he iskicking Biden's ass so badly as
(24:34):
an incumbent president inApril of the election year.
It's
a tough hill they'regoing to have to climb.
- Buck, I'm sorry. Could youjust repeat one part of that?
You said that there wassomething that the Democrats
might unveil becausethey get desperate
later on in thiselection campaign.
What was that?
- Well, I just think you're goingto see something along the lines
(24:56):
of a
October surprise.
I think you're going to see
likely along thecriminal prosecutions.
Like, for example, rightnow, there's this belief--
oh, well, even if, let's say,
they got Trump on theNew York City charge,
which is the silliest andmost absurd of the four,
I think that they actually--
(25:17):
if they can view the polls--
or rather, if they think the pollswill turn in a way that would help
them, if he gets convicted,
they might actuallytry for some kind of--
I don't think they'dgo for him in a prison,
but I think they might tryto get home confinement in
Mar-a-Lago.
But basically,they're desperate.
And a cornered animal doesthings that you wouldn't expect
and goes for the jugular.
The polls show the Democrats withJoe Biden are desperate right now.
(25:39):
I know people think there maybe a replacement of Biden.
I don't think that canhappen because, again,
of the logistics that thatwould involve and a whole bunch
of other reasons.
I have an outstanding betwith Clay on this one.
We're going to go to aPorter-worthy steak dinner on
Clay if Biden is, in fact,the nominee. Oh, I told him.
I'm like, I've learned about fancywine and meat from my friend Porter.
It's going to bean expensive meal.
(26:01):
- Yes, that will be.
- --expensive, yeah
- All right.
Well, listen, Buck, oneother question about Trump.
If he is elected--
the first time he was elected,
there was a huge movehigher in the stock market,
I think mostly because of hisdecisions around tax policy.
(26:23):
You may recall that Trump didthis thing that allowed people
to accelerate the depreciationexpense of capital investments,
which encouraged people tomake big capital investments in
their businesses andlowered their tax bills,
which increased theirreported earnings.
It was great for the economy.It was great for investors.
Is Trump going to unveilany particular new economic
(26:44):
policies to
get people excited about himbecoming president again that
could be beneficialfor investors?
- I would like to thinkthe answer is yes. Right
now, there's a tremendous focuson the border and immigration
issues, which, Ithink, clearly affect
the economy as well aseverything else going on in the
country of importance.
(27:07):
And that's the issue alsothat Democrats weren't planning on,
where you have the clearestRepublican advantage.
There's something like a--
depending on whether you'retalking about who's better on
the issue or something, like 15-
to 20-point advantageright now for
Republicans when itcomes to immigration--
Trump specifically when itcomes to immigration over
Biden.
(27:27):
In terms of thepolicies, I mean,
I think you'll see more of thederegulatory approach that he
had in the past, whichwas really helpful.
He hasn't really unveiled--
and look, it's still early.
So I think that partof this is want to--
the timing matters.
And he'll want to presentsome of this stuff
in the summer when people arereally focused in on this and
then going into the fall whenmomentum makes a huge difference.
(27:48):
You don't want to unveil someawesome policy now when you're
already so ahead and losesome of the, I think,
ability to move theneedle a little bit.
But he'll just domore of, I think,
what he did thelast time around.
I mean, the trade policiesthat Trump pushed on China,
you know that they were--
and also with theUS-Mexico-Canada agreement,
you know they were soundbecause they all were kept in--
(28:10):
Biden hasn't touchedany of them, really,
which is pretty remarkable whenyou think about all the noise
in Trump Year 1.
They said, oh my gosh, tradewars lead to real wars.
And Trump saw what wasgoing on with China.
He said, well, we'realready in a trade war.
So why not actually try to tiltthe battlefield to our side a
little bit instead of justallowing them to get away with
whatever they want?
(28:30):
But yeah, in terms of investment,I mean, he's going to--
look, he's going to cut taxes.
He's going to cut regulation.
And he will limit the stupidityof many of the policies that
we see right now.
I mean, for example, Porter,I just was down in Beaumont,
Texas.
I spoke to a thousand people,
basically all of themenergy industry people,
It was an energy industry event,
which is great because I gotto talk to them about politics.
(28:51):
Then afterwards, I justpicked all of their brains.
I mean, these are--
you know a lot about this stuff,
where it's like the upstream,midstream, downstream,
everything from finding thestuff in the ground to moving
it to refining it.
And I was talking to them.
And they said they areat all-time highs for oil
production and natural gas,despite the Biden administration.
- That's right.
- And that's whatpeople don't realize.
(29:12):
They're trying toslow it all down.
So imagine if you had anadministration that said,
this is great, guys,thank you for being
energy superstars--
- Drill, baby, drill.
- Drill, baby, drill.
- Yeah, I think you would see--
in a Trump presidency,
I'm sure you'd see energyexploration and energy
production go up in America,
especially a lot ofstuff we haven't tapped
(29:33):
into yet, like in Alaska.
And man, huge growthin LNG exports,
which is what Biden's literallytrying to put a stop to.
So lots of good times for the energyindustry if Trump can get elected.
Well, Buck, listen,
I know you've got to go do a radioshow and run your global media empire.
Thanks for talking to uspoor podcasting knuckleheads.
(29:56):
- I'm just gettingstarted. Can I come back?
Can we do this again?
I feel like we're just scratchingthe surface here, gentlemen.
- Yeah, we'll have youon anytime, of course.
And it's great running into you,
as we have beendoing in Miami Beach.
I got to get youto get some time to
take you and your lovely brideto Harbour Island with us.
But you're so busy.
You can't even take a day off.
(30:18):
- Well, Harbour Islandsounds like fun.
I'm sure we couldtake a day off for it.
So we'll figure this out.We'll get on the calendar.
We got to get toMedellín as well.
- Yes, you do.
- Medellín.
- You got to comevisit, my friend.
- You could do yourshow from Medellín.
They've gottechnology down there.
- I know.
We can make--
we can make somethinghappen there, for sure.
I can get you a studio.
Actually, I can get youthe bioaccelerator studio,
which is where they have all the famouspeople go down for the stem cells.
(30:40):
Good friends of minerun that over there.
That would be cool todo it out of there.
- Yeah, I'd love tocome Medellín, too.
- We can do that.Let's do a trip.
And by the way,
Medellín is safer than everbecause all the criminals are
up here in the U.S.
[LAUGHTER]
- That's great.
- South America is a really goodplace to go right now and visit
because all thecriminals are right here.
(31:01):
- I just tell you this, Iknow you guys got to go.
But it's not evenmigrants anymore. You
know what the new--
or undocumented.
There's a new term.Have you seen them?
They're rolling thisout slowly but surely.
You'll see it more and moreas the election gets closer--
the newly arrived.
- Oh, no.
- Oh, come on. Come on.
- No.
- Come on.
- So we went from illegal aliento illegal immigrant to migrant
(31:22):
to now the newly arrived.
- Sounds like aliensagain, newly arrived.
- You know what'llbe fascinating, Buck?
I think it's going to befascinating to see what the
African-Americanvote for Trump is.
- Oh.
- Because I think it's goingto occur to a lot of the inner
city African-Americans that allof the benefits the Democrats
were supposedly garnering fortheir communities are now being
(31:44):
doled out to the newly arrived.
- Newly arrived.
- Yeah, indeed.
A topic for next time,gentlemen, if you want.
We'll dive into it. I'll bringyou all the latest numbers.
It's going to be 8 millionillegals by the time we cast vote.
So big, big issue.
- Wow. OK, Buck,thanks for coming.
- Yeah, thanks, Buck.
- We'll talk soon.
- guys.
- Bye-bye.
- See you.
- See ya. [AUDIO
LOGO]
All right, Porter.
(32:05):
- Great talking with Buck.
- Always. Always great. Hisinsights are incredible.
You go to bucksexton.com,listen to his podcast.
He's got all of hisinformation out there.
He's a wonderfulfriend to the show.
And we'll be hearingfrom him over the years
as things get crazier andcrazier in this mad world.
I'm sure he'll have somegood insights for us.
- Yeah, he's got--
as we talked about,
(32:25):
he's got great insights intothe Trump administration.
And it'll be great tohave a contact there.
- Yeah, for sure.
OK, Porter, let's getto some clown world.
You just can'tmake this stuff up.
- Oh, man, I don'tknow if I can take it.
- It's unlimited.
I only have a few thingsbecause it's so unlimited.
It's so ridiculous.
Supporters, you understand we havethis illegal immigrant crisis going
on in the United States.
Let's think about what countryother than Ukraine right now,
(32:50):
Palestinians, Palestine, what othercountry would you actually have.
asylum?
Venezuela, Colombia--
not even Venezuela anymore.
Colombia, Chile, Africa.
But that's wherethey're all coming from.
So there's no asylumthey're seeking.
They're seeking handouts.
- What I thinkhappened is everybody--
and you know that the crimewent to zero in El Salvador?
(33:11):
- Oh, well, Bukele is amazing.
- Well, what I suspect reallyhappened is he just let all of his
prisoners out.
Then sure, Mexico did that.
- So this--
- Empty out all the prisons.And you guys go to America.
- So actually, it's true.
So Mexico and Venezuela recentlysaid they did empty their prisons.
They recently said, we're notgoing to be taking them back.
(33:31):
That's literally what they said.
They said you canput them on planes,
you can put them onbuses if you want,
but we're not going tobe taking them back.
And you've got this--
this is very scary.
I've seen it inBaltimore County.
Hopefully, it's not going toaffect you. I've seen it in LA.
I've seen it in otherparts of the country,
where you have Chilean and Colombiangangs that are running hits.
Yeah, it's going to bea big problem, though.
(33:52):
So here's what's even crazier,Porter. An Obama-appointed U.S.
District judgerecently ruled that
it's OK for illegal immigrants tohave guns to defend themselves.
- Oh, it makes a lot of sense.
- Yeah, so--
- Let's take all the criminalsfrom the Western hemisphere,
and then let's allgive them guns.
- Yeah, how's that going to go?
- Sounds perfect.
- It's not goingto go well at all.
So we'll see whathappens with this.
(34:13):
I think things aregoing to heat up.
- You do know that the guy who'snow running Port-au-Prince in
Haiti, they call him "Barbecue."
- Barbecue. Yeah, that'swhat I was saying.
Send him to Barbecue.
OK, Porter, on top of YouCan't Make This Stuff Up,
clown world stuff, There'sa trend that's happening.
I don't know if you'veseen this in a blue states.
Squatters are becominga massive problem.
And a couple recentlyin New York City--
(34:34):
- You make rules preventingany kind of development.
And then you make rulesinstituting rent control.
So no one wants to buybuildings or improve them.
And then you increase thepopulation by millions through
illegal immigration.
What do you think isgoing to happen next?
- Yeah, they're going totake over people's houses.
- Tent cities and squatting.
- And that's what's happening.
And TikTok's going crazy rightnow because you have illegal
(34:57):
immigrants teaching people inthe United States how to squat,
how to get a lease contract,how to forge documents.
So they can justfind empty houses.
Actually, the other day,
LeBron James and a fewother celebrities finally came out
and spoke against itbecause guess what happened?
They have some squatters intheir neighborhood in one of
(35:17):
these $20 million mansions.
And they are going buck wild,
throwing all kinds of partiesat all hours of the night.
Their cars aregetting broken into.
And the blue stateshave a big problem.
Now, Texas, on the other hand,
Texas recently came out andsaid, we don't do that in
Texas.
They said, you do whatever it takesto protect your piece of property.
And we support you. Andby the way, bring a gun.
(35:40):
Because in Texas is one of thefew places in the United States
where if somebody stepsfoot on your property--
you have 130 acres here.
If they get acrossyour boundary,
you don't have to ask questions.
You can shoot first.
That is Texas. I'm a Texan.And I love that about Texas.
- Well, I've seen you shoot.And you've seen me shoot.
We won't need toempty the magazine.
- No, no.
Porter, yeah,
(36:02):
let's hope people don't trysneaking around your property,
because you are adeadly shot, my friend.
If you can hit all kindsof different trajectories,
skeet shooting, that's
a different level.
- The most incredible shotI ever made in my life was
I shot a deer with a rifledslug at about 125 yards.
(36:24):
And he did the big donkey kick,
which is what bucksdo when they get shot.
So I knew I'd hit him,
but I thought I'd hithim right in the heart.
And so I thought he was going tojust fall like a sack of potatoes.
And I'm not--
I just don't miss.
So he started running at a deadrun. And I reloaded. I cycled.
I reloaded the weapon. I hadto switch windows in the blind.
(36:45):
Then I had to find himon the run and the scope.
And then I shot him again.
And luckily, my sonwas hunting with me.
We have a video ofthe whole thing,
because no onewill believe this.
Anyways, we got to the animal.
I had shot himtwice in the heart.
- Wow.
- And the second one hit him inthe heart when he was running
at about 25, 30 milesan hour, 120 yards away.
- Wow, that's impressive.
(37:06):
- I was like, woo.
- I can't believe theguy was up on his feet.
He was like a zombiebuck or something.
This guy had some gusto.
- He was already dead.
He was just running onadrenaline, and he just--
he ran dead into a treeat the edge of the field.
- And also, you're--
by the way, I don't knowif people know this. You know
how to skin a buck.
- Oh, of course, yeah.
I clean all my own--
- And you can run a trout line.
- I can run a trout line.
- A country boy can survive.
- [CHUCKLES]
(37:27):
I'm definitely going to survive.
- You definitelygoing to be fine.
- I don't think anyone realizesas they listen to me talk about
finance what a redneck I am.
- You are a totalredneck, Porter.
[LAUGHTER]
Yeah, that is your preferredcharacter, being a redneck.
- We kill everything.
- Yeah, speaking of, we've gota great Bahamas trip coming up.
- We are.
- And I'm very excited.
- We're heading out toHarbour Island next week.
We're going to giveeverybody a big billfish.
- So yeah, the last trip you wereon, you guys caught a lot of marlins.
(37:50):
- Yeah, we caught five billfish.
Everybody on the boatcaught a billfish.
- That's awesome.
Now this one, you gave mea little sneak preview.
We're going to getsome tuna, too.
- I think we're going tomostly be targeting tuna.
- That's my favorite tocatch. They fight so hard.
- They fight hard.They're great to eat.
- Great to eat.
- But when we're outthere fishing for them,
we're also going to see marlin.
We have some new tacticsthat are really exciting.
And you know what I love to do?
(38:11):
I love to get some videoof that tactics and just
show people us doingthings that are fun,
like hunting and fishing.
- Yeah, let's do that.
We'll--
- I understand that'snot what we're here for.
- No, no.
- But we're talking the game.
We got to--
- Hey, work hard. Play hard.
- Yeah, exactly.
- So let's do that.
I'll put some stuff upon the podcast site.
That's the one placewe can do that.
- Also, if anybody out there doesn'tapprove of hunting and fishing,
(38:31):
I don't want them towatch this podcast.
- Yeah, exactly.
- We don't need the business.
- No, we don't need--
we don't need PETA.
We don't need the heat. Wedon't need any of that stuff.
Porter, I could go on and on aboutYou Just Can't Make This Stuff Up,
but it's really depressing.
So let's get to a mailbag.I think you'll enjoy this one.
- All right.
- I've got one today.
And by the way, you guyscan send us feedback to
podcastfeedback@porterandcompanyresearch.com--
(38:52):
podcastfeedback@porterandcompanyresearch.com.
- Come on, old man.
- This one's directedto me, Porter.
- Oh, let's hearit. Let's hear it.
- "Hi, Aaron.
On the Doomberg podcast, the informationwas super good, no question."
- That was--
- We can agree with that.
- Yeah, that was world class.
- OK,
Mark A is his name. "I'd liketo ask a favor, Aaron." Uh-oh.
"Could you wearsocks next time?"
(39:14):
- You know what afriend is, don't you?
- A pest.
- A friend in need.
- A friend in need is a pest.
- A friend in need is apest. Can I have a favor?
It sounds like a friend in need.
- Yeah, that's a--
- You are wearing socks.
- Today because of Mark.
- Oh.
- And I did last week forMark. Also, it's cold.
We woke up today. Andit was 35 degrees.
- Yeah, it's cold.
- So--
- By the way, do wehave the swag shop yet?
You guys can't--
(39:35):
- Don't have a swag shop yet.
- You can get yourPorter and Co hoodies.
- Don't have that yet, butwe'll get that up at some point.
So he says, "I guessI'm old-fashioned,
but you have guests.
You had Doomberg on. And youhave Porter right next to you.
A little respect because
you've got two basicallyamazing people.
And it would seem respectfulto maybe dress business casual.
(39:57):
It just bothered me."
- Yeah, I don't usually wearhoodies, but it's cold and rainy.
- "Thanks for yourtime." Anyways, Mark,
I want to let last week--
or sorry, last month,I did wear socks.
I wore socks today.
As it gets warmer, notgoing to wear socks.
But thank you very much forthe input. I do appreciate it.
However, a fashionthing is to do
loafers without socks.
So--
- That's a very Winter Park,Florida, look where we grew up.
(40:19):
- OK, Porter,that's a show today.
- Oh, OK.
- We really appreciateBuck being on.
Again, guys, porterspodcast.com.
I'm going to send out somegreat information from Marty.
And also, we'll postsome fun shenanigans
up on the podcastof what we catch.
We'll see you guys next month.
NARRATOR (40:36):
Thank you for listening to the Porter and Co Black Label
Podcast, with your hosts PorterStansberry and Aaron Brabham.
We'll see you soon. [MUSIC PLAYING]
PLAYING]
Welcome to the Porter andCompany Black Label Podcast,
your home for provocative insightsthat lead to lasting wealth.
And here are your hosts, PorterStansberry and Aaron Brabham. [MUSIC
PLAYING]
- Porter--
- I'm back.
- Thanks for comingback, Mr. Chairman.
- I'm alive.
- I thought I lost you to maybethe corporate world where you
(00:21):
were having to wranglea bunch of people--
- No, no, no. I hadthe COVID last month.
But I'll tell you something,
I didn't even bother gettingtested. You know why?
Because what's the differencebetween COVID and the flu?
- Nothing.
- Nothing.
- According to the CDC now.
They literally said,treat it like the flu.
- Well, I wrote thatin April of 2020.
- You surely did.
- But they didn't listen to me.
- No, they didn't. I did.
I treated it like theflu the entire time.
(00:41):
And we talked about--
- No big deal.
--it's a little bitwith Tom Dyson as well.
- Yeah, I was definitelyunder the weather.
And I will tell you--
you know me pretty well.
Porter's kryptonite ishigh stress and bad news.
And--
- You've been gettingheaps of that lately.
- Woo.
- Heaps of that.
- Lots of stress,lots of bad news.
And my body was like,that's it. I'm tapping out.
(01:01):
- Yeah, that's.
- So I was down for the count.
I haven't been this--
I have not been this sicksince I had COVID for real,
the bad COVID,the Delta variant.
- Yeah, and that waswhen it first came out.
- That was in April of'21. And it was so funny.
I got a-- I
got a video from myfriend Ron White--
- Oh, yeah.
- the comic?
- Yeah, he's great.
- [LAUGHS]
He was familiar with how I was aCOVID naysayer, a COVID skeptic.
(01:26):
Maybe not an anti-vaxxer,but definitely a COVID--
- Skeptic.
- --skeptic.
And when I got COVID,
he sent me a video clipof him playing golf.
And he's like,must suck for you,
especially since yousaid COVID wasn't real.
[LAUGHS]
- That's funny. I loveRon White. He's great.
- He's funny guy.So yeah, anyway.
So I had COVID,and now I'm back.
- I'm having traumatic flashbacksto the whole COVID thing
(01:47):
because they locked downpretty hard in Colombia.
- You couldn't evenleave your apartment.
- Yeah, it was--
I did, though. But youweren't supposed to.
And by the way,
the barrios didn't stay intheir apartment because there
is no savings.
So it was kill to eat.
You were still in your market.You were still selling.
You didn't care about masks.
And by the way, that'swhere all the police live.
(02:07):
So the police didn't doanything to anybody over there.
They only hassled the richpeople because they could give
multas or tickets.
- Aha.
- Oh, actually, here'swhat they really did.
They didn't evergive any tickets.
- They just--
- They got [SPANISH].
- They got [SPANISH].
- They got tips.
So--
- What are they? Thesilver or the lead?
They're taking the silver.
- Yes, exactly.
- Yeah, I just--
- But I'm having flashbacksto this is how ridiculous--
(02:28):
and I think people forget.
At our golf course,
they installed these thingsthat were attached to the pins
that had a little lever to getthe ball out of the hole so you
didn't reach in and get COVID.
- So ridiculous.
- [LAUGHS]
So--
- It's an airbornevirus, people.
It's got nothing to do withtouching pins or balls.
I remember they wouldn't let usplay golf here for like a month.
(02:49):
Right, an outdoor--
- Outdoor.
- --event, where you'realways socially--
- You're by yourself.You're not touching anyone.
- So idiotic.
- I know. And anyways.
Well, Porter, today, wehave a great guest on.
Also a good friend of yoursthat you've known for--
I don't know how many years.
- About a decadenow. Buck Sexton.
- Buck Sexton.
And bucksexton.com, you cango find his information.
One of the world's best radiohosts, political commentators.
(03:12):
- I wouldn't say we spendtoo much time on politics.
It's not my thing oryour thing, really.
But Buck is a political expert.
- Yes, he is.
- And with the redwave coming this fall,
good person to check in on.
Maybe there are someTrump trades out there.
I know the first timeTrump was elected,
the markets did very well.
- Yeah, they certainly did.
And that was the one thing Ithink Trump was hoping that
(03:32):
with the Bidenadministration, they wouldn't.
But they have the powerof the Fed, as you know.
And we have thepower of the Fed.
Things can get alittle bit wild,
and budgets go wildand omnibus bills.
- Yeah, I think it's interestingto see whether or not they can
actually continue to do thatkind of politics as usual
without triggering a realpanic out of Treasuries.
And if you've seen what gold has beendoing for the last two or three weeks--
(03:56):
- All-time highs every day.
- And of course, Bitcoin--
- Yeah, I had lunchwith Chris Webber.
- Oh, you did.
He's a good friend of--
- Down in Miami.
- Good friend of Porter andCo. He's the expert on miners.
- Chris Webber is the mostlegendary speculator that no
one's ever heard of.
I don't know what his officialtrack record is because he's a
private investor.
He's never said.
But I've known him for over--
(04:17):
well, not over, but almost30 years now, over 25 years.
And I've neverseen him be wrong.
- Yeah, that's big.
Porter, I don't knowif you know this,
because you let merun the marketing.
And we only run the best gurus thatwe think can complement our work.
And we actually did run abig promo to our Partner Pass
members for Chris Webbera couple of months ago.
(04:38):
It went phenomenal. I gota peek into his portfolio.
It was stellar.
- It's incredible. Hedid run some money.
There was a period of timeover the last 10 years.
I think maybe five or sixyears, he was managing money.
And we can probably getthose track records,
and that would be legitimate.
But I'm just telling you,from my personal experience,
I have seen him get in earlyand stay and hold to the peak
(04:59):
and all kinds ofdifferent major trends.
And it started with the firsttime I saw him do that was
during the tech trendin the late '90s.
He bought Broadcom,JDS Uniphase--
- Oh, wow.
- all these things.
- Those were the onesthat went hyperbolic.
- Huge winners. And thenhe got out. He sold.
- He did. He was one of the few.
- He sold.
He followed trailing stops onall of his picks and got out in
2001. And then he figuredout the biotech boom.
(05:22):
- Oh.
- And he built thisincredible portfolio,
which was all the picksand shovels of biotech.
So like Illumina--
- Oh.
- --things like that,
and just went bananas forthe next five or six years.
- That's awesome.
- And then he
figured out there was goingto be a supercycle in gold.
And he got in big timeinto rare gold coins.
And I know he madea fortune on those.
And that was just--
that was from '96 to '09.
(05:45):
I mean, he did great.
- Yeah, well, I think he'sgoing to do well on this.
Because he's got alot of miner plays.
And they've beenbeaten to pieces.
I mean, these miners are tradingas if gold was trading for $1,700.
There will be aslingshot at some point.
And we talked to DougCasey about that recently.
For the most part--
- But interesting to see ifBiden tries to play the game
where he leans on the Fed to cutrates and they do cut aggressively--
(06:07):
and by the way, I don't get thefeeling that's going to happen.
But--
- Me either.
- But if it does,
it'll be interesting to see ifthey lose control of the inflation,
because there's going to bea big CPI print next week.
I expect you'll see a muchhotter-than-expected number.
And the jobs report thatcame out today was super hot,
300,000-plus new jobs.
(06:28):
So I think you're going to--
this is completelyabsolutely not in the cards,
but I think you're going tohave to see fed hikes this year
if you really wantto contain inflation.
And I don't think that there'sany political stomach to do
that, which means,
I think you could have asituation where you're in a
melt-up economy, where stocksare running, gold is running,
Bitcoin is running, andthings get really overheated.
(06:51):
And that could lead Trumpto have some really severe
economic policiesgoing forward-- -
big cuts to taxes, highinterest rates,
kind of like the early 1980sthen in the first Reagan
administration.
So listen, what's our advice?
Man, enjoy the goodtimes while they're here.
- Exactly.
- You got to make haywhile the sun is shining.
- That's right.
- And I think you're going tosee this bull run in stocks and
(07:11):
commodities continue.
And there's lots of cheap--
there's lots of cheapstocks out there in energy.
There's lots of cheapstocks out there in gold.
And so
I don't think--
the second half of this year,
I don't think you're goingto see the big tech stocks
continue to lead the market.
I think there's going to be rotationinto these forgotten stepchildren.
And those gains, as you know,
(07:32):
junior miners and small energycompanies can be absolutely
crazy, life changing.
You'll also see it in biotech.
Because as the financialconditions loosen,
those biotech valuationswill come back.
- Yeah, I think we'repositioned as well as we can be,
thanks to your 25 years beingin this business and having the
knowledge and understanding who we'd wantto hire and who do we
(07:55):
want to be part ofthe Partner Pass.
Of course, we got Marty Fridson,
which we can talk a littlebit about in a second.
We've got Erez Kalir--
- Yeah, we've got a great--
- --for biotech. We've
got--
- We've got a great team.
- --phenomenal lineup. Andhere's another thing too.
The U.S.
and other countries are reallypushing for Ukraine to join
NATO so that theycan create more war.
What does that doto oil, Porter?
What's it doing rightnow? It's over 90.
(08:15):
- That's going tobe good for oil.
I mean, look, it seems like ourpoliticians can't get enough of war and
welfare, and those thingsare very inflationary.
And they're really tough onregular middle-class people.
And as you know, that's apassion of mine and yours--
to actually help everydaypeople escape the catastrophe
that's coming as wecontinue to print money.
(08:36):
It's incredible.
We are now adding a trilliondollars in national debt every
100 days.
- Every three months.
- [LAUGHS]
There is no waythis is sustainable.
- No way.
- But enjoy it while it lasts.
- Exactly.
And speaking of storms coming,
Zerohedge had anarticle out recently,
but you've beensounding this alarm.
There's a reason whyyou hired Marty Fridson,
(08:56):
the dean of highyield, December,
a year and a half ago.
And that was there is goingto be a credit crisis.
CCCs
are going to be in big trouble.
And there's 1.8 trillion thatneed to roll over by 2028.
- And this is justin corporate bonds.
- This is just incorporate bonds.
- This is corporate.
This is not all the commercialreal estate that's out there.
(09:17):
There's another trilliondollars of that.
And I don't know how much isin office, but a lot of it.
And that stuff iscompletely underwater.
You're seeing buildings nowbe sold regularly every week,
major commercial buildingsin major downtowns--
San Francisco, NewYork, Orlando, Miami.
You're seeing these officebuildings that are going off at
(09:38):
auctions that are selling for 20and 30 cents on the dollar
of their last sale,which is in 2019, 2020.
- Which is insane. I neverthought I'd see that.
- There's real carnage. I wantto point something out, though.
First of all, can we goover Marty's track record?
- Yes.
- Because I make a claimto people all the time.
And nobody believesme because they--
most individual investors justknow nothing about corporate bonds.
(10:00):
Absolutely nothing. It's agiant black hole to them.
But I have said for--
I don't know--
at least a decade, probablylonger, 15 years or so,
I have said that for mostinvestors, they should simply
never, ever buy stocks.
- That's right.
- They should onlybuy corporate bonds.
And they should onlybuy them at a discount.
And people look at melike I've got three eyes.
And they're like, whatare you talking about?
I can't live on a 3% couponor a 4 and 1/2% coupon.
(10:23):
And I'm like, that's because youdon't know anything about it.
So right now, the yieldon CCC is like 12%.
And so most peoplecan live on 12%.
The critical thing is whichones are going to default and
which ones aren't.
And that's why youneed Marty Fridson.
But just run down acouple of Marty's--
the current track record.
- Sure, he has 13 openpositions, first of all.
(10:44):
Of those, 11 ofthose were bonds.
Yes, we understand, guys, thatthat requires a CUSIP number.
We understand it requirespicking up a phone and calling
your broker and saying, here'sthe CUSIP, which, by the way,
that's all you have to tellthem because the CUSIP--
- Hold on. Hold on.
Buying a bond isno more difficult--
no more difficult than calling aChinese restaurant and ordering dinner.
- Oh, it's easier.
(11:04):
- In fact, the Chineserestaurant is a lot harder.
- It's way easier.
- But most people will neverdo it because they just feel so
uncomfortable talking toa broker on the phone.
So here's my advice.
If you've neverbought a bond before,
read Marty Fridson's newsletter.
Pick a bond that you like.
There's all theinstructions are in there.
Literally--
- Literally
- paint by numbers,here's what to do--
(11:24):
call this number, say thesewords, talk to this person,
ask for this CUSIP.
It's all there. Andjust buy one bond.
- That's it.
- That's just buy one.
So all these prices are basedon $1,000 face value bonds.
So they're alltrading at discount.
So it's going to cost you--
let's say it's goingto cost you $800.
Just buy one andsee how it goes.
A year from now,
write into the show andtell us what you learned.
(11:47):
Because I promise you,
if you will try investing incorporate bonds at a discount,
you will never buy stocks again.
It is just the bestdeal you can imagine.
First of all, you get a legal contractthat requires the company to pay you back.
You're not buying equity.You're buying debt.
And legally, theyhave to pay you back.
If they don't payyou back, guess what?
(12:08):
They lose everything.They go bankrupt.
Every one of themloses their jobs.
They lose all their pensions.Everything goes bye-bye.
So the bond holder isin the catbird seat.
And you as a passiveoutside investor,
that's the onlyplace you want to be.
- That's it.
- Trust me,
all the shenanigans that publiccompanies do on their investors
all the time, ifyou're a bond holder,
it doesn't make any difference.
(12:28):
I like saying it's likethe movie Goodfellas.
Remember the gangsters whoused to lend money to the
restaurateurs and people likethat to launder their cash?
Well, then, theyhad to pay the vig.
And the vig was like,10% a month or something.
It was impossibleto ever pay back.
And the gangsters werelike, fuck you, pay me.
And the guy's like, well,my restaurant burned down.
(12:48):
Fuck you, pay me. Itdoesn't make any difference.
- Doesn't matter.
- And if you're a bond holder,
that's the positionyou get to be in.
Fuck, you pay me. So youget paid your coupon.
And then when the bond matures,you get paid your face value.
And the other real secret that peopledon't get is we do all of our analysis.
When I say we, Imean generously we.
Marty and his team does all his analysisbased on what yield to maturity is.
(13:08):
So it's what you're goingto make over, let's say,
four or five years as the bondprice goes back to par and as
you get paid the coupons.
But the reality is, in almostevery single one of these
cases, the bond price goes backto par within a few months,
just because the sentimentchanges around the security.
So let's say he's buying itat 75 cents on the dollar.
So he's paying $750for $1,000 bond.
(13:30):
And he's modeling that out forthree or four years with coupons.
So let's say your yieldto maturity, he expects,
is going to be, let's say,something reasonable like 15%.
But what happens is the
perception changes,
and the bond goes back to parwithin six or seven months.
And so guess what?
Boom, your yieldto maturity might--
that 15% could happenin six or seven months,
(13:52):
which is anannualized 30% return.
And now we're not quotingthe returns that way.
We're just givingyou nominal returns.
But what I'm saying to you isthere is so much less risk.
And there is somuch more return,
real actual capitalhighest return
in bonds for investors.
So a lot of people will lookat their stock portfolio.
And they'll be up 50% in a year.
(14:13):
But how many of youactually sell at that price?
And the answer isnot very many people.
What normally happens is youbuy it, it goes up a lot,
and you're excited.
And the next thing you know,it's down 35% from the high,
and that's when you sell it.
So it's really hard for youto capture all the gains that are
possible in stocks.
But with bonds, you've gota fixed holding period.
You've got a fixedreturn. It's much easier.
Anyways, how's Marty been doing?
(14:34):
- Yeah, so he'sgot 13 positions.
He closed one of them
as a bond, by the way, forthe purchase date, 6/14/2023.
It only returned 43%
That's the one close.
- The one closed position.
- Yeah, so the other12 that are open,
they're all up anaverage of 22% right now.
(14:55):
Two of them are down.One is down by 0.78%.
The other is downby 3% right now.
That's it.
- So he doesn't haveany that are down.
And the ones thatare up are up by 22%.
And the average holding period therehas got to be less than a year.
- Yeah, for sure.
- My point is--
and people never believeme when I tell them this,
even though I've done multipleproducts in this space.
(15:16):
So we did True Incomeoriginally back in 2009.
And then we didCredit Opportunities in 2015.
This is my third distressedbond product with Marty
Fridson, who's the bestin the world at it.
We will average 25% annualizedgains in this product.
And we will have morethan 85% win rate.
There is no better deal inthe entire newsletter world
(15:39):
and the entire ETF world,
in the entire investmentworld than buying individual
distressed corporate debt.
But you really have toknow what you're doing.
And you have to invest with someonewho's got years of experience.
And let's see, hmm,
Marty Fridson invented theresearch on this sector in the
early 1980s.
So he's got 50years of experience.
He's the guy to be with.
(15:59):
And I hope that you'lltake me up on this.
There's truly no--
there is no better advice I cangive you than for most investors,
there is no question that youwill make more money if you
only buy corporate bonds.
There's just no question.
And then for every investor,
there's no question that it's amuch better risk-reward opportunity.
- And, Porter, isthere a better time?
There's no bettertime than right now.
(16:20):
This is why you wantedto prepare for this.
Probably ever.
- Well, hold on.I'm not saying that.
I'm saying that with Marty Fridson,it's always a good time, because--
- Yeah, that's a good point.
- it's a market.
So there's always thingsthat are mispriced.
And he's really greatat finding them.
Right now, I would say that thereare opportunity and high yield is
better than average.
The spread between CCC and10-year Treasuries is something
(16:41):
like 7%, which ishigher than normal,
but not at peak.
When that spread between the averageCCC and Treasuries is over 10%,
then that's usually really timeto start focusing on the sector.
But look, you'regoing to make 25%
a year--
- A year.
- anyways.
(17:02):
- A year.
- Because you'rewith Marty Fridson.
You're good.
- Yeah, you're good.
OK, Porter, great.
And--
- By the way, Ican't wait to see,
if anyone actually does this,
if anybody just buys one bondto learn how to do it and then
what the results are.
I also can't wait tosee who fucks this up.
Because--
(17:22):
[LAUGHTER]
- there is somebody out thereright now who's going to pull up
the listed bondsand interactive brokers,
and they're going to find abond that's trading for 20
cents on the dollar and isadvertising at 80% yield to maturity.
And they're going to buy it--
- Of course.
- --thinking that that'swhat they're going to make.
And they're about tofind out the hard way--
- Well--
- you cannot do this kind of
(17:43):
investing without someone whoknows what they are doing.
You cannot.
- Yeah,
it can be pretty ridiculous if youtry to do it on your own, obviously.
And people don't understand howdifficult this stuff is to look
into companies andwhat their debts
are and what they owe.
- The corporate bond marketis the home of all of Wall
(18:05):
Street's smartest people.
It's where all ofthe big insurance companies play.
It's where all of themath wizards play.
What was Long-Term CapitalManagement's market?
Bonds, not stocks.
Just people don'tunderstand all this.
The bond market dwarfsthe stock market in size,
and it's where all thesmartest people play.
I am not advising you togo out and buy any bond.
(18:28):
I am saying, read MartinFridson, buy the bonds he
recommends, and youwill do incredibly well.
And he makes it lookreally easy, but it is not.
- OK, Porter, it's time to go tothe interview with Buck Sexton.
So let's bring him on.
- Let's bring in Buck.
- Hey, Buck, thanks for joiningus. It's great to have you.
(18:48):
Aaron was asking, whenwe first met each other--
and I remember vividly walkinginto a conference in Las Vegas
and seeing you be the emcee andknowing immediately that you
were going to be a star.
But do you rememberwhen that was?
- Yes, it was 2016.
Stansberry Vegas.
I was on stage.
And at the time, Rand Paulwas actually there too.
(19:11):
You, me, and RandPaul all up on stage--
I'm sorry, Ron Paul. God.Ron Paul, not Rand Paul.
We were all onstage together 2016.
So right before theTrump election phenomenon
was the first time we met.
- Well, when I saw Buckon stage, I was like, man,
he got such a presence.
And he knows everythingabout politics.
And ever since then, yourcareer has taken off.
(19:31):
I know you're filling in forRush Limbaugh for a while.
And The Clay Travis andBuck Sexton Show started--
I don't know--
two or three years ago now.
And you guys have the largestradio show in the country,
I think.
- Yeah, so we took overofficially for iHeartMedia the
slot that was left open afterRush Limbaugh passed away
after 30-plus years inthe business being number one.
(19:53):
So yeah,
we joined up aboutthree years ago.
It'll be three years,actually, exactly in June.
So coming up on thethree-year anniversary.
And look, it was a big--
it's a big move, I mean,
to take any of those stationsand try to continue the mission
that Rush had for decades.
But it's worked out.
I mean, Clay and I, we havea lot of fun doing the show.
(20:15):
And yeah, by audience, Ithink it's the largest.
We have 500 stations.
And we're on--
when Rush used to be on.
So we have the biggest radioaudience, I believe, in the country.
Maybe The Sean HannityShow is number one.
We're number two,but it's very close.
- And you also just starteda coffee company, I think,
pretty successfully.
Can we see yourcoffee company here?
What's it called,Crockett Coffee?
(20:36):
- Yeah, Crockettlike Davy Crockett.
The idea here--
and everyone can see, goto crockettcoffee.com.
Please do subscribe.
First of all, I'ma coffee fanatic.
I mean, this is the onething, the one vice--
maybe chocolate, too.
But I don't need chocolate.I like it. I need coffee.
Like, I can'tfunction the same way.
So one thing is, we had seena number of these brands that
(20:59):
come through conservative media.
You and I talk afair amount, Porter,
about the parallel economyand how it's real, finally.
It's not just a theory.
Some of these companiescome through, though,
and they get really big.
And then when they start makingreal money and maybe they even
go public, all of a sudden,
they don't want to doconservative media anymore.
And so we gotfrustrated with that.
(21:20):
We said, well, look,
let's just build our own brandsand incubate them ourselves
with the platforms that we have,
and they're never goingto abandon the space.
They're always going tobe about freedom, the
constitution, capitalism.
So instead of buying likecommunist Folgers swill,
you can actually getdecent coffee from us.
- That sounds great.
- And Davy Crockett,I think, is a
(21:42):
great American hero.
And we're doing a lot of thecelebration of American history
as part of this, too.
So we talk about the historyaround Davy Crockett.
And the Alamo,obviously, factors
big into all this.
So please check it out.It's delicious coffee.
And we also give some ofthe proceeds to Tunnel to Towers
Foundation, which Is our do goodsponsor or do good connection.
(22:05):
And they give homes tofallen first responders,
military and police officers,mortgage free homes.
So we're coming atit from all angles.
- That sounds great.
- That's fantastic.
- That sounds great.
Well, listen, we wantedto have you on because
it seems like Trump hasreally built an unsurmountable
lead in thepresidential election.
And I got to havebreakfast with him on--
(22:27):
let's see, I think itwas Friday at Mar-a-Lago.
And he seems in good spirits.
It's interesting how different hewas in person than how he's
portrayed in the media.
But I won't go into all that.
What I want to ask, Buck, is,
do you think that he's a shoo-into be the next president?
And what, if anything,
could go wrong betweennow and election day?
(22:49):
- I mean, do you tell them thatyou're dear friend and mentor of the
Buckster?
I mean, I just feel like--
- Buck's so confused right now.
- You know what I mean? Like,you got to tell the big guy.
You're like, probably thebest in all radio. I love him.
He's amazing.
Great hair. Besthair in television.
So, anyway.
Do I think Trump'slead is insurmountable?
(23:10):
In a world in which theAmerican people have elections
that function the way that theythink that they should, yes.
But I don't think that that's theworld we live in, unfortunately.
The machinery ofelections has really
advanced in recentyears, not in good ways.
But I mean, it's becomemuch bigger part of it-- -
(23:30):
ballot harvesting, ballotchase operations.
Trump is finally all onboard for that stuff.
It used to be thatconservative Republicans
wanted to do the,
we vote on election dayand only on election day.
And I appreciate that senseof tradition and civic
responsibility.
But what the left does,
bank as many votes asearly as they possibly can.
(23:51):
They use as much soft moneyand dark money and whatever you can
to get those votes inas early as possible.
And then they chaselower propensity voters,
up to and includingon election day.
I'm not even talking aboutwhen dead people vote for them.
That's a wholeother conversation.
But even on the legalbut shady stuff,
they're way better than us.
(24:12):
They're far ahead.
So that's a concern. Thatwas a big concern in 2020.
And I also just think thatthey're going to unveil
something that right now isone of the unknown unknowns,
to borrow from Rumsfeld.
And all of the polling suggests thathe is way ahead in every swing state.
And it's hard to believe he iskicking Biden's ass so badly as
(24:34):
an incumbent president inApril of the election year.
It's
a tough hill they'regoing to have to climb.
- Buck, I'm sorry. Could youjust repeat one part of that?
You said that there wassomething that the Democrats
might unveil becausethey get desperate
later on in thiselection campaign.
What was that?
- Well, I just think you're goingto see something along the lines
(24:56):
of a
October surprise.
I think you're going to see
likely along thecriminal prosecutions.
Like, for example, rightnow, there's this belief--
oh, well, even if, let's say,
they got Trump on theNew York City charge,
which is the silliest andmost absurd of the four,
I think that they actually--
(25:17):
if they can view the polls--
or rather, if they think the pollswill turn in a way that would help
them, if he gets convicted,
they might actuallytry for some kind of--
I don't think they'dgo for him in a prison,
but I think they might tryto get home confinement in
Mar-a-Lago.
But basically,they're desperate.
And a cornered animal doesthings that you wouldn't expect
and goes for the jugular.
The polls show the Democrats withJoe Biden are desperate right now.
(25:39):
I know people think there maybe a replacement of Biden.
I don't think that canhappen because, again,
of the logistics that thatwould involve and a whole bunch
of other reasons.
I have an outstanding betwith Clay on this one.
We're going to go to aPorter-worthy steak dinner on
Clay if Biden is, in fact,the nominee. Oh, I told him.
I'm like, I've learned about fancywine and meat from my friend Porter.
It's going to bean expensive meal.
(26:01):
- Yes, that will be.
- --expensive, yeah
- All right.
Well, listen, Buck, oneother question about Trump.
If he is elected--
the first time he was elected,
there was a huge movehigher in the stock market,
I think mostly because of hisdecisions around tax policy.
(26:23):
You may recall that Trump didthis thing that allowed people
to accelerate the depreciationexpense of capital investments,
which encouraged people tomake big capital investments in
their businesses andlowered their tax bills,
which increased theirreported earnings.
It was great for the economy.It was great for investors.
Is Trump going to unveilany particular new economic
(26:44):
policies to
get people excited about himbecoming president again that
could be beneficialfor investors?
- I would like to thinkthe answer is yes. Right
now, there's a tremendous focuson the border and immigration
issues, which, Ithink, clearly affect
the economy as well aseverything else going on in the
country of importance.
(27:07):
And that's the issue alsothat Democrats weren't planning on,
where you have the clearestRepublican advantage.
There's something like a--
depending on whether you'retalking about who's better on
the issue or something, like 15-
to 20-point advantageright now for
Republicans when itcomes to immigration--
Trump specifically when itcomes to immigration over
Biden.
(27:27):
In terms of thepolicies, I mean,
I think you'll see more of thederegulatory approach that he
had in the past, whichwas really helpful.
He hasn't really unveiled--
and look, it's still early.
So I think that partof this is want to--
the timing matters.
And he'll want to presentsome of this stuff
in the summer when people arereally focused in on this and
then going into the fall whenmomentum makes a huge difference.
(27:48):
You don't want to unveil someawesome policy now when you're
already so ahead and losesome of the, I think,
ability to move theneedle a little bit.
But he'll just domore of, I think,
what he did thelast time around.
I mean, the trade policiesthat Trump pushed on China,
you know that they were--
and also with theUS-Mexico-Canada agreement,
you know they were soundbecause they all were kept in--
(28:10):
Biden hasn't touchedany of them, really,
which is pretty remarkable whenyou think about all the noise
in Trump Year 1.
They said, oh my gosh, tradewars lead to real wars.
And Trump saw what wasgoing on with China.
He said, well, we'realready in a trade war.
So why not actually try to tiltthe battlefield to our side a
little bit instead of justallowing them to get away with
whatever they want?
(28:30):
But yeah, in terms of investment,I mean, he's going to--
look, he's going to cut taxes.
He's going to cut regulation.
And he will limit the stupidityof many of the policies that
we see right now.
I mean, for example, Porter,I just was down in Beaumont,
Texas.
I spoke to a thousand people,
basically all of themenergy industry people,
It was an energy industry event,
which is great because I gotto talk to them about politics.
(28:51):
Then afterwards, I justpicked all of their brains.
I mean, these are--
you know a lot about this stuff,
where it's like the upstream,midstream, downstream,
everything from finding thestuff in the ground to moving
it to refining it.
And I was talking to them.
And they said they areat all-time highs for oil
production and natural gas,despite the Biden administration.
- That's right.
- And that's whatpeople don't realize.
(29:12):
They're trying toslow it all down.
So imagine if you had anadministration that said,
this is great, guys,thank you for being
energy superstars--
- Drill, baby, drill.
- Drill, baby, drill.
- Yeah, I think you would see--
in a Trump presidency,
I'm sure you'd see energyexploration and energy
production go up in America,
especially a lot ofstuff we haven't tapped
(29:33):
into yet, like in Alaska.
And man, huge growthin LNG exports,
which is what Biden's literallytrying to put a stop to.
So lots of good times for the energyindustry if Trump can get elected.
Well, Buck, listen,
I know you've got to go do a radioshow and run your global media empire.
Thanks for talking to uspoor podcasting knuckleheads.
(29:56):
- I'm just gettingstarted. Can I come back?
Can we do this again?
I feel like we're just scratchingthe surface here, gentlemen.
- Yeah, we'll have youon anytime, of course.
And it's great running into you,
as we have beendoing in Miami Beach.
I got to get youto get some time to
take you and your lovely brideto Harbour Island with us.
But you're so busy.
You can't even take a day off.
(30:18):
- Well, Harbour Islandsounds like fun.
I'm sure we couldtake a day off for it.
So we'll figure this out.We'll get on the calendar.
We got to get toMedellín as well.
- Yes, you do.
- Medellín.
- You got to comevisit, my friend.
- You could do yourshow from Medellín.
They've gottechnology down there.
- I know.
We can make--
we can make somethinghappen there, for sure.
I can get you a studio.
Actually, I can get youthe bioaccelerator studio,
which is where they have all the famouspeople go down for the stem cells.
(30:40):
Good friends of minerun that over there.
That would be cool todo it out of there.
- Yeah, I'd love tocome Medellín, too.
- We can do that.Let's do a trip.
And by the way,
Medellín is safer than everbecause all the criminals are
up here in the U.S.
[LAUGHTER]
- That's great.
- South America is a really goodplace to go right now and visit
because all thecriminals are right here.
(31:01):
- I just tell you this, Iknow you guys got to go.
But it's not evenmigrants anymore. You
know what the new--
or undocumented.
There's a new term.Have you seen them?
They're rolling thisout slowly but surely.
You'll see it more and moreas the election gets closer--
the newly arrived.
- Oh, no.
- Oh, come on. Come on.
- No.
- Come on.
- So we went from illegal aliento illegal immigrant to migrant
(31:22):
to now the newly arrived.
- Sounds like aliensagain, newly arrived.
- You know what'llbe fascinating, Buck?
I think it's going to befascinating to see what the
African-Americanvote for Trump is.
- Oh.
- Because I think it's goingto occur to a lot of the inner
city African-Americans that allof the benefits the Democrats
were supposedly garnering fortheir communities are now being
(31:44):
doled out to the newly arrived.
- Newly arrived.
- Yeah, indeed.
A topic for next time,gentlemen, if you want.
We'll dive into it. I'll bringyou all the latest numbers.
It's going to be 8 millionillegals by the time we cast vote.
So big, big issue.
- Wow. OK, Buck,thanks for coming.
- Yeah, thanks, Buck.
- We'll talk soon.
- guys.
- Bye-bye.
- See you.
- See ya. [AUDIO
LOGO]
All right, Porter.
(32:05):
- Great talking with Buck.
- Always. Always great. Hisinsights are incredible.
You go to bucksexton.com,listen to his podcast.
He's got all of hisinformation out there.
He's a wonderfulfriend to the show.
And we'll be hearingfrom him over the years
as things get crazier andcrazier in this mad world.
I'm sure he'll have somegood insights for us.
- Yeah, he's got--
as we talked about,
(32:25):
he's got great insights intothe Trump administration.
And it'll be great tohave a contact there.
- Yeah, for sure.
OK, Porter, let's getto some clown world.
You just can'tmake this stuff up.
- Oh, man, I don'tknow if I can take it.
- It's unlimited.
I only have a few thingsbecause it's so unlimited.
It's so ridiculous.
Supporters, you understand we havethis illegal immigrant crisis going
on in the United States.
Let's think about what countryother than Ukraine right now,
(32:50):
Palestinians, Palestine, what othercountry would you actually have.
asylum?
Venezuela, Colombia--
not even Venezuela anymore.
Colombia, Chile, Africa.
But that's wherethey're all coming from.
So there's no asylumthey're seeking.
They're seeking handouts.
- What I thinkhappened is everybody--
and you know that the crimewent to zero in El Salvador?
(33:11):
- Oh, well, Bukele is amazing.
- Well, what I suspect reallyhappened is he just let all of his
prisoners out.
Then sure, Mexico did that.
- So this--
- Empty out all the prisons.And you guys go to America.
- So actually, it's true.
So Mexico and Venezuela recentlysaid they did empty their prisons.
They recently said, we're notgoing to be taking them back.
(33:31):
That's literally what they said.
They said you canput them on planes,
you can put them onbuses if you want,
but we're not going tobe taking them back.
And you've got this--
this is very scary.
I've seen it inBaltimore County.
Hopefully, it's not going toaffect you. I've seen it in LA.
I've seen it in otherparts of the country,
where you have Chilean and Colombiangangs that are running hits.
Yeah, it's going to bea big problem, though.
(33:52):
So here's what's even crazier,Porter. An Obama-appointed U.S.
District judgerecently ruled that
it's OK for illegal immigrants tohave guns to defend themselves.
- Oh, it makes a lot of sense.
- Yeah, so--
- Let's take all the criminalsfrom the Western hemisphere,
and then let's allgive them guns.
- Yeah, how's that going to go?
- Sounds perfect.
- It's not goingto go well at all.
So we'll see whathappens with this.
(34:13):
I think things aregoing to heat up.
- You do know that the guy who'snow running Port-au-Prince in
Haiti, they call him "Barbecue."
- Barbecue. Yeah, that'swhat I was saying.
Send him to Barbecue.
OK, Porter, on top of YouCan't Make This Stuff Up,
clown world stuff, There'sa trend that's happening.
I don't know if you'veseen this in a blue states.
Squatters are becominga massive problem.
And a couple recentlyin New York City--
(34:34):
- You make rules preventingany kind of development.
And then you make rulesinstituting rent control.
So no one wants to buybuildings or improve them.
And then you increase thepopulation by millions through
illegal immigration.
What do you think isgoing to happen next?
- Yeah, they're going totake over people's houses.
- Tent cities and squatting.
- And that's what's happening.
And TikTok's going crazy rightnow because you have illegal
(34:57):
immigrants teaching people inthe United States how to squat,
how to get a lease contract,how to forge documents.
So they can justfind empty houses.
Actually, the other day,
LeBron James and a fewother celebrities finally came out
and spoke against itbecause guess what happened?
They have some squatters intheir neighborhood in one of
(35:17):
these $20 million mansions.
And they are going buck wild,
throwing all kinds of partiesat all hours of the night.
Their cars aregetting broken into.
And the blue stateshave a big problem.
Now, Texas, on the other hand,
Texas recently came out andsaid, we don't do that in
Texas.
They said, you do whatever it takesto protect your piece of property.
And we support you. Andby the way, bring a gun.
(35:40):
Because in Texas is one of thefew places in the United States
where if somebody stepsfoot on your property--
you have 130 acres here.
If they get acrossyour boundary,
you don't have to ask questions.
You can shoot first.
That is Texas. I'm a Texan.And I love that about Texas.
- Well, I've seen you shoot.And you've seen me shoot.
We won't need toempty the magazine.
- No, no.
Porter, yeah,
(36:02):
let's hope people don't trysneaking around your property,
because you are adeadly shot, my friend.
If you can hit all kindsof different trajectories,
skeet shooting, that's
a different level.
- The most incredible shotI ever made in my life was
I shot a deer with a rifledslug at about 125 yards.
(36:24):
And he did the big donkey kick,
which is what bucksdo when they get shot.
So I knew I'd hit him,
but I thought I'd hithim right in the heart.
And so I thought he was going tojust fall like a sack of potatoes.
And I'm not--
I just don't miss.
So he started running at a deadrun. And I reloaded. I cycled.
I reloaded the weapon. I hadto switch windows in the blind.
(36:45):
Then I had to find himon the run and the scope.
And then I shot him again.
And luckily, my sonwas hunting with me.
We have a video ofthe whole thing,
because no onewill believe this.
Anyways, we got to the animal.
I had shot himtwice in the heart.
- Wow.
- And the second one hit him inthe heart when he was running
at about 25, 30 milesan hour, 120 yards away.
- Wow, that's impressive.
(37:06):
- I was like, woo.
- I can't believe theguy was up on his feet.
He was like a zombiebuck or something.
This guy had some gusto.
- He was already dead.
He was just running onadrenaline, and he just--
he ran dead into a treeat the edge of the field.
- And also, you're--
by the way, I don't knowif people know this. You know
how to skin a buck.
- Oh, of course, yeah.
I clean all my own--
- And you can run a trout line.
- I can run a trout line.
- A country boy can survive.
- [CHUCKLES]
(37:27):
I'm definitely going to survive.
- You definitelygoing to be fine.
- I don't think anyone realizesas they listen to me talk about
finance what a redneck I am.
- You are a totalredneck, Porter.
[LAUGHTER]
Yeah, that is your preferredcharacter, being a redneck.
- We kill everything.
- Yeah, speaking of, we've gota great Bahamas trip coming up.
- We are.
- And I'm very excited.
- We're heading out toHarbour Island next week.
We're going to giveeverybody a big billfish.
- So yeah, the last trip you wereon, you guys caught a lot of marlins.
(37:50):
- Yeah, we caught five billfish.
Everybody on the boatcaught a billfish.
- That's awesome.
Now this one, you gave mea little sneak preview.
We're going to getsome tuna, too.
- I think we're going tomostly be targeting tuna.
- That's my favorite tocatch. They fight so hard.
- They fight hard.They're great to eat.
- Great to eat.
- But when we're outthere fishing for them,
we're also going to see marlin.
We have some new tacticsthat are really exciting.
And you know what I love to do?
(38:11):
I love to get some videoof that tactics and just
show people us doingthings that are fun,
like hunting and fishing.
- Yeah, let's do that.
We'll--
- I understand that'snot what we're here for.
- No, no.
- But we're talking the game.
We got to--
- Hey, work hard. Play hard.
- Yeah, exactly.
- So let's do that.
I'll put some stuff upon the podcast site.
That's the one placewe can do that.
- Also, if anybody out there doesn'tapprove of hunting and fishing,
(38:31):
I don't want them towatch this podcast.
- Yeah, exactly.
- We don't need the business.
- No, we don't need--
we don't need PETA.
We don't need the heat. Wedon't need any of that stuff.
Porter, I could go on and on aboutYou Just Can't Make This Stuff Up,
but it's really depressing.
So let's get to a mailbag.I think you'll enjoy this one.
- All right.
- I've got one today.
And by the way, you guyscan send us feedback to
podcastfeedback@porterandcompanyresearch.com--
(38:52):
podcastfeedback@porterandcompanyresearch.com.
- Come on, old man.
- This one's directedto me, Porter.
- Oh, let's hearit. Let's hear it.
- "Hi, Aaron.
On the Doomberg podcast, the informationwas super good, no question."
- That was--
- We can agree with that.
- Yeah, that was world class.
- OK,
Mark A is his name. "I'd liketo ask a favor, Aaron." Uh-oh.
"Could you wearsocks next time?"
(39:14):
- You know what afriend is, don't you?
- A pest.
- A friend in need.
- A friend in need is a pest.
- A friend in need is apest. Can I have a favor?
It sounds like a friend in need.
- Yeah, that's a--
- You are wearing socks.
- Today because of Mark.
- Oh.
- And I did last week forMark. Also, it's cold.
We woke up today. Andit was 35 degrees.
- Yeah, it's cold.
- So--
- By the way, do wehave the swag shop yet?
You guys can't--
(39:35):
- Don't have a swag shop yet.
- You can get yourPorter and Co hoodies.
- Don't have that yet, butwe'll get that up at some point.
So he says, "I guessI'm old-fashioned,
but you have guests.
You had Doomberg on. And youhave Porter right next to you.
A little respect because
you've got two basicallyamazing people.
And it would seem respectfulto maybe dress business casual.
(39:57):
It just bothered me."
- Yeah, I don't usually wearhoodies, but it's cold and rainy.
- "Thanks for yourtime." Anyways, Mark,
I want to let last week--
or sorry, last month,I did wear socks.
I wore socks today.
As it gets warmer, notgoing to wear socks.
But thank you very much forthe input. I do appreciate it.
However, a fashionthing is to do
loafers without socks.
So--
- That's a very Winter Park,Florida, look where we grew up.
(40:19):
- OK, Porter,that's a show today.
- Oh, OK.
- We really appreciateBuck being on.
Again, guys, porterspodcast.com.
I'm going to send out somegreat information from Marty.
And also, we'll postsome fun shenanigans
up on the podcastof what we catch.
We'll see you guys next month.
NARRATOR (40:36):
Thank you for listening to the Porter and Co Black Label
Podcast, with your hosts PorterStansberry and Aaron Brabham.
We'll see you soon. [MUSIC PLAYING]
PLAYING]
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