The Best Investments That Protect Against Inflation Are ON SALE Right Now | Jesse Felder

Macro analyst Jesse Felder is concerned about persisting inflation in the years ahead, yet mystified that the assets he thinks are the best investments that protect against inflation are dirt cheap right now.

Energy, gold mining stocks and cash flowing commodity producers are trading at highly attractive valuations right now, especially relative to the general market.

Transcript

Jesse Felder: It’s just fascinating to me to see inflation rear its head for the first time in decades and the Fed is, as I mentioned, so far behind the grid. They’ve possibly never been further behind the curve than they are today and the best inflation protection in the stock market is on sale. That makes no sense to me whatsoever.

Adam Taggart:  Thanks for joining us for part two of our interview with macro analyst Jesse Felder. If you haven’t yet watched part one of our discussion with Jesse, in which he explains why the federal reserve may be intentionally trying to engineer a market correction shortly, head over to our channel at YouTube.com/wealthion and watch it there first. It sets the context for the investment perspective that Jesse and I, as well as our partners at New Harbor Financial, share in this video. Please take just a moment to support this channel by first liking this video and then clicking the red subscribe button below, as well as that little bell icon right next to it. Doing so is easy and it helps this channel reach a lot more viewers. Let’s get started watching part two of our interview with Jesse Felder. Given the environment that you see ahead, what asset classes, sectors, specific instruments do you think will fare better, will be more appropriate places to park capital than say the general market of the tech stocks like we’ve just been talking about?

Jesse Felder: I sound probably very bearish compared to what people see on financial television or whatnot but I think it would probably surprise people to learn that I’m very heavily invested in equities just not in those big popular tech stocks because I do think that’s where the risk is but one of my models has always been, “Don’t let macro concerns get in the way of taking advantage of micro opportunities,” and I’ve been seeing so many good micro opportunities in the markets in the last 12 months. To me it’s very reminiscent of 20 years ago, in 2000, at the peak of the dot com mania when you had a segment of the stock market that was very expensive and very vulnerable and, at the same time, another segment of the stock market that was incredibly cheap and offered terrific opportunity and probably the easiest way to kind of recognize those things was what was most popular. Those were the dot-com stocks, people quitting their jobs to day trade those things and what was out of favor were the quote-unquote, “old economy stocks,” at the time. You’d have retailers trading five times earnings and you had some very simple bank stocks, thrifts trading five times. Earnings were incredibly cheap and if you had the kind of wherewithal to take advantage of those things in the spring of 2000. You made some really good money. As the NASDAQ was imploding there was a rotation back into these other areas of the market that created a terrific opportunity for investors who were positioned for that. So I do think, for me, one of the ways I go about identifying those opportunities is looking at insider activity and energy is one of the only sectors where I’ve seen consistent insider buying for the past almost two years. Two stocks I’ve talked about publicly, one is continental resources, Harold Hamm. One of the most successful energy entrepreneurs in our country’s history. Back in the fall of 2020 continental resources was single-digit stock, I think, and he was low teens and he said, “I’m going to come in the open market and I’m going to be purchasing stock so long as this stock remains as cheap as it is,” and he bought 100 million dollars or something worth of shares with his own money and I think in the fourth quarter of last year he bought another 30 million dollars of continental. Tells me that you have one of the smartest guys in the business and he’s putting his money where his mouth is. He doesn’t have to go out and say, “This stock’s going to the moon.” He just quietly can continue acquiring shares and that to me is a very powerful signal that he still thinks there’s plenty of upside and energy in those energy stocks in particular. Another one is – in the energy infrastructure stocks, I think there’s terrific opportunity, too. Energy transfer ET Kelsey Warren came in and bought, I think in one day, he bought over a hundred million dollars worth of stock there. That’s a company that terminalling and pipelines for energy. This is a factor of this trend towards ESG. So many people said, “Okay. I want to do good with my money,” and this is noble intentions. Put my money into ESG, they disinvest from old school energy companies and that created a structural opportunity in these companies where the stock prices were depressed for structural reasons, not based on their business, but there’s been so much under investment in energy now for five, six, seven years that the supply and demand equation is just getting so far out of whack it probably means energy price is going to stay elevated for a long period of time and that these stocks at five times ebitda are are still way too cheap. It’s funny to me, you have people saying, “Where do you get income from?” Well, you look at energy infrastructure. You’re going to get 5, 6, 7, 8% income almost anywhere you look and the only reason people don’t invest is, “Well, I don’t want to invest in that stuff,” and well, that’s where the opportunity is and that’s why there’s opportunity. I think when you look at where there’s opportunity you find things like energy, like in gold mining, in these stocks and the insiders are leading you right down that path saying they’re selling massive big tech stocks and they’re buying heavily in these other out of favor areas.

Adam Taggart:  Alright, excellent. Thank you and that is exactly the kind of detail that the folks that watch this program love to see, so thank you for providing that. You did mention gold mining and you mentioned gold itself earlier. I’d be remiss just not to ask you for any additional clarity there on where your attention is most focused right now. I’ve had folks on who have talked about kind of the perfect storm of positive developments that have been happening in the gold mining sector, so we don’t have to spend a ton of time in there. For folks that haven’t watched it yet, if you’re curious to hear about that, watch this video. I’ll put a link up to it here that I did with Tavi Costa of Crescat Capital where we really dialed through an awful lot of charts on this. But Jesse, what’s got your attention there most?

Jesse Felder: Well, Tavi is an expert in the mining stocks themselves of diving into the business models and whatnot. To me, I think of it more of a long, a big picture mindset and one of the things that I think about is that it’s just fascinating to me to see inflation rear its head for the first time in decades and the Fed is, as I mentioned, so far behind the curve. They’ve possibly never been further behind the curve than they are today and the best inflation protection in the stock market is on sale but that makes no sense to me whatsoever. If you’re an investor thinking, “What are the best ways in the stock market to protect myself from inflation?” it’s probably energy stocks and gold mining stocks. These are the two cheapest segments in the stock market that I can find and really what I think that comes from is people are conditioned to think about these stocks in particular and cyclical shares as things you want to buy when they’re expensive and sell when they’re cheap because that’s how the cycle works. When earnings boom and makes the stock look cheap, that’s not a time you want to buy them because earnings are going to cycle back down and when earnings cycle down the stocks get really expensive and that’s the time you want to buy them. What I think people don’t appreciate is this is not a normal cycle where we’re going to see earnings boom for oil companies and for gold mining companies today and then they’re going to bust. I don’t think the earnings are going to bust and when people realize that they’re not going to bust, that we’re in the early stages of a longer term bull market, the valuations of all these things are going to be completely repriced and they’re going to have to say, “Okay, we can’t price this Caterpillar stock at the top. We have to price this as a new secular uptrend for earnings in gold and commodities companies, generally,” and when people come around to that mindset the valuations are going to double and triple in a short period of time. So I think it’s just a matter of time before people come around to that idea. By the time they do, prices of these stocks are going to be much higher.

Adam Taggart:  Yeah, and what’s great about that too if you’re one of those early investors is not only do you get the appreciation but you’re getting paid all along the way which is something that a lot of these big tech companies have not been doing for the most part. Right?

Jesse Felder: Absolutely. I mean the reason why they’re buying back so much stock is because they’re diluting constantly through stock options and all these things and so everyone talks about the massive stock buybacks and things and that’s how they return capital but those are just stock buybacks to soak up all of the shares that they’re issuing to employees and inform stock options. You’re absolutely right. I mean, to me, when I look at things in these sectors trading at five times earnings I’m going, “This is just mind-boggling,” and it’s and it’s not going to last very long, I don’t think.

Adam Taggart:  Alright, great. Well, Jesse, this has been fantastic. As we begin to wrap up here I’ll just ask the general question. I would say the vast preponderance of people watching this video are people who are just regular investors who are concerned about a lot of the factors that we’ve talked about here and they just want to be good stewards of their wealth. They just want to protect what they have and maybe position prudently to grow and prosper by making smart investment decisions through the uncertain and potentially sort of turbulent times ahead. Above and beyond what we’ve already talked about here, do you have any just sort of general advice for that type of person?

Jesse Felder: Yeah. I think the biggest mistake investors are making today is thinking they’re diversified by buying the S&P 500. When you look at just asset allocation models, traditional asset allocation models, US equities should be the minority of your portfolio and I’m thinking you look at the great asset allocators through time, they maybe have 15, 20, 25 in US equities, you have some foreign equities, you own some bonds, you own some real assets, and I think that real assets should probably, in any environment, be about a third of your portfolio at least and I don’t think anybody really has any exposure to real assets today. I’m talking about real estate, commodities, precious metals, and tips. And so thinking about diversification across asset classes not just, “I’m diversified within the stock market,” is a concept that I probably couldn’t push hard enough to investors today, that make sure you own a variety of different asset classes because the asset classes that have performed best over the last 10 years, 40 years, might not be the best performers over the next 5 and 10 and you really want to protect yourself through diversification across asset classes, not just within the one that you think has been the ideal one to own for the last 10, 20, 30 years.

Adam Taggart:  Alright, great point. I interviewed Jim Rickards on a panel not that long ago and he basically drove home that very same point so you’re in quite good company there. One clarifying question on that. Real assets are more complicated to own if you own title to the actual real asset itself like having to go out and buy land or buy a building or buy into an oil well or whatnot. When you’re differentiating the stock market versus real assets, what would you consider a share of stock in a mining company or in an agricultural producer? Are you thinking of that as still more of a stock investment or are you thinking that as a claim on a real asset?

Jesse Felder: It’s obviously a little bit of both. I think when I’m buying mining shares, gold miners, I look at that as a stock market investment. For my real assets I want to own precious metals directly through – and when I say directly, I really like the Sprott products. No affiliation, again, but I think that the physical products that they have are good ones and they allow you to own the precious metals directly and that’s just because gold mining stocks are probably going to be the best way to play gold in a bull market but they also are basically just a higher beta version of owning the metals and I think, for me, when I own real assets I want to own the actual assets not necessarily – in an asset allocation model. Now, for me, as an investor, as a trader, I’m using the mining stocks and I’m using oil producers. I’m not trying to buy barrels of oil. Owning commodities are very difficult. I’d rather own commodity producers but from an asset allocation model I think it does make more sense to have exposure to the actual precious metals themselves and things like that because it just removes that stock market component from the model.

Adam Taggart:  Reduces your counterparty risk and all that. Okay, great. Alright. Jesse, this has been fantastic. For folks that have really enjoyed hearing you, maybe for the first time, where can folks go to learn more about you and your work?

Jesse Felder: Well, I started publishing a blog. It’s now at the FelderReport.com. I started publishing that in 2005 in reaction to the real estate bubble and I’ve been essentially sharing my thoughts on markets and stuff ever since at the FelderReport.com. I’m also pretty active on Twitter. I do a lot of reading and I share a lot of the best stuff that I read on Twitter. It’s just @JesseFelder.

Adam Taggart:  Great. Well, I’ve been a long time reader of your blog and a power follower of you on Twitter and highly recommend that interested folks follow both. When I edit this, Jesse, we’ll put up the links to your Twitter handle and your website there. Jesse, can’t wait to have you back on the program again in a couple of months to see what’s transpired. We’re not going to have very long to wait to see how serious the Fed is here because they basically said they want to start tightening as soon as March. There’s really not that much time between now and then so we’re going to find out pretty soon how serious they are about tightening things up here and maybe once they do and we see the implications of that we’d love to have you come back on the channel, but thanks so much, Jesse. It’s just been a pleasure.

Jesse Felder: Always enjoy talking markets with you, Adam. Thanks for having me.

Adam Taggart:  Alright. Now’s the time on the program where we bring in the lead partners of New Harbor Financial, one of the endorsed financial advisors of Wealthion, to get their reaction to what Jesse just said and also talk about what the markets are up to. John and Mike, great to see you guys again.

Mike Preston:  Nice to see you, Adam.

John Llodra: Good to see you, Adam.

Adam Taggart:  Let’s just jump right in here, guys. Really enjoyed this conversation with Jesse. Loved both parts but particularly the back half when he got really into some of the specifics about where he sees real opportunity here for today’s investors. I’m curious what you guys had to say. John, let’s start with you.

John Llodra:  Yeah. Thanks, Adam. I always enjoy Jesse. Mike and I have been readers and followers of Jesse’s work and podcast and Twitter account for some time. We like him a lot. He’s really about as even keeled as they come in our industry. He’s broad-based in his research and his perspective and we like that about him. That’s kind of how we try to approach things as well. He just lets the data and kind of the market cycle speak for themselves. He doesn’t need to inject all kinds of flowery language around that. He talked about some big picture themes, obviously the extreme market valuations that we’ve been telling the table about for longer than we care to admit. He talked about the market divergences underneath the surface of the market, particularly talked about cyclical stocks starting to show some perhaps leading indicators of a weakening economy, or slowing down economy anyways, combined with the very likely, almost near certain need for the Fed to follow through on their communication that they’re gonna have to start to raise rates and start to remove some of the incredibly easy, maybe recklessly easy, monetary policy that’s been unleashed on the world over the last decade. He is very concerned about the markets, as we are. He thinks 20-30% decline is almost a gotta have, not just a possibility but almost a necessary outcome of the Fed needing to do what it needs to do to kind of nip inflation in the bud. He talked about, again, some of the divergences underneath the market, some of the values starting to outperform growth and some of the things that we’re starting to observe and frankly our seedlings for opportunities that we’re starting to see to play some opportunities in a very measured way, possibly about some of those divergences as they emerge.

Adam Taggart:  Well, maybe we can dig into that a little bit in terms of what specifically you guys are looking at. One of the things that Jesse said that was new or at least something I haven’t heard another expert say on this program, at least not in recent memory, is that he seemed to think that the Fed is engineering a correction at this point in time. Again, was very careful to make the distinction between correction and crash. He basically says they want to take froth and give themselves maybe some more wiggle room to run with policy at some point in the future. So in his mind they’re actually trying to bring asset prices down now and of course the risk there is that they succeed more than they expect to and that this thing begins to build momentum to the downside and that there’s a point at which the Fed doesn’t want it to drop beneath. The question is can the Fed fine-tune the outcome they want here or are they playing with a pretty blunt instrument and really just kind of crossing their fingers that it ends up going where they want it to go? I think we all kind of think it’s a little bit more of the latter but we’ll see. Mike, I want to get your reaction as well to Jesse but another thing he said I’d love for you to react to. He said that with all the inflation that’s been created and it’s raging right now and we’re talking on a day where the December CPI numbers were just released and they’ve come in at 7% so that’s the highest annual inflation that we’ve seen in the US in 40 years. I think June 1982 was the last time that inflation was this hot, but Jesse said that the best inflation protection in the stock market is on sale right now and he talked specifically about energy and precious metals. So in your reaction we’d love to hear your commentary to that statement.

Mike Preston:  Absolutely, Adam. Like John said, we’re big fans of Jesse’s work. We think that he’s a straight talking, honest analyst and we see a lot of things very similarly to what he does. Just to put some more color on what John had mentioned about – Jesse mentioned that the NASDAQ, or the stock market in general, has been having some very important deteriorating signals. For instance, he said that 40% of the NASDAQ stocks are down 50% from their highs. Almost half the market’s down 50% from its highs and we’ve got a market that’s never been more disconnected from the economy than it is right now. He also said that. With GDP, the economy, gross domestic product around 20 trillion dollars in the US that the value of the stock market is close to 50 trillion. Almost two and a half times or 220%, I think, roughly is what the latest numbers are of the Buffett Indicator stock market cap to GDP so almost a 30 trillion dollar difference. All of that is basically air when you realize that long term, stock market cap divided by GDP doesn’t generally go over 100%, or if it does go over 100%, a better way of putting it, it’s what Warren Buffett would previously describe as a bubble. So that’s close to 30 trillion dollars in stock market value that would be wiped away just to get to 100%. Obviously that’s a disaster. So what we, money managers and most other analysts, spend all of our time talking about is the Fed, and rightfully so. They’ve controlled everything for 13 long years post housing crisis. Everything has been controlled by the Fed. They’ve been directly targeting asset prices because they have to, I think, to continue to float this huge debt bubble that we have. You asked about them maybe engineering a stock market drop. Yes, Jesse said they’re waving a pin at the biggest bubble in US history and I think it’s a dangerous game. I think it’s a very dangerous game. We’re all so afraid of saying that we think a crash will come or we’re afraid of saying that it might be 20% or 30% or 50% and John and I are the exact same. We’re afraid of saying exactly what will happen because we don’t know. We’ve learned so much humility over these last few years. We only know that we’re at the single most extreme set of conditions from a math perspective that we’ve ever seen in this country by far. And just a couple words about that last bit you asked about, the places to hide. Energy and precious metals. To us, these are unloved sectors, both of them. Energy is a little bit more loved than it was a couple years ago but still, it’s only in the low single digit percent of the S&P, relatively undervalued compared to the total S&P, and these companies pay dividends still. We like the energy sector. We still think it’s a value sector. We’ve been in and out of it we’re presently out of the energy sector. We’re focused more on metals and mining at the moment but still like the energy sector and we’ve long been proponents of precious metals in the mining sector. We’ve got a core position in minors. We think it’s one of the better opportunities in the next year, maybe two years.

Adam Taggart:  Alright. We’ve talked a lot about that, the reasons why on this program in recent times past so I won’t dive into it too much here but I do think it’s important to underscore that when asked, Jesse said, “You listen to all my macro commentary and I sound like a big bear but I actually am pretty optimistic about some of the investment opportunities out there,” and was really shining a bright light on how both relatively undervalued the stocks the general stock market those sectors are but also just their general trading multiples. Their multiples of cash flows and stuff like that are still very low from almost any era standpoint. So again, it’s not saying that there’s zero value out there in this market. There are still some pockets to be found. John, as we head back to you, I just want to get your thoughts on the charts of Jesse’s that I put up when talking to him about leverage in the market. When we talk about the Fed maybe trying to engineer a correction with some precision here I think one of the things that’s going to make that really hard for the Fed is that there is so much speculative leverage in the system now and if you remember those charts I put up, it’s the highest it’s ever been. And so as that needs to get unwound during a correction, I mean you can just have a tremendous amount of force selling as people are getting hit with margin calls and whatnot and then of course you’re going to have defaults begin to ripple across the system. What do you think about the systemic risk that both those leverage ratios reveal plus the corroborating data of the record insider selling? It’s basically, as I asked Jesse, I said, “Is this a sign that basically the pilots that are piloting the plane that investors are on today are actually jumping out the window with their parachutes on?”

John Llodra:                                Yeah. I guess the only way that Mike and I can really digest that question is to really just compare it to prior periods. You go down the list. We’ve never been nearly this overvalued in all of history. We’re well beyond the tech bubble valuations, for example, of 2000. We’ve never had this much debt and leverage in the system. We’ve never had, as broadly speaking, so many asset classes, not only highly correlated but also at their own extreme valuations. Bonds, for example. We look at where bond yields are right now. There’s not much room for them to be the safe haven or at least a counterpoint and positive return to a potentially declining stock market. So maybe we’re simplistic here but if you look at the consequences of the prior episodes that even remotely approach the kind of extremities that we’re in right now, they were disastrous. Two already 50% plus declines this century. The tech bubble at the turn of the century and the housing bubble and here we are roughly about the same frequency and we’re at the peak of what we think is another huge and actually largest bubble. If you simply ask if it was that bad the last times around, how can it be any better this time around? All the things that were concerning then are even more concerning now and there’s fewer countervailing safe points in the markets now. Back in 2000, for example, there was much better relative opportunities in things like small cops small caps relative to large caps and whatnot. So we think that there’s tremendous risk here and it’s been engineered in the same way that Jesse alluded to, the engineering of a collapse or a decline. Make no mistakes about this. This extremity has been engineered by the Fed and central banks and they’ve backed themselves into a corner and now things have gotten very uncomfortable for them because of inflation. I harkened back to the documentary that came out around the housing bust called Money for Nothing. It was a kind of a documentary about the Fed and there was a quote in there. I forget who it was, either Alan Greenspan or Ben Bernanke, one of the Fed chair chairpersons, and the quote was, “The boom is worth the bust.” So their whole psyche is about engineering a boom and, taking as a necessary consequence, the bust that has to happen after that. It’s a really kind of perverted way of thinking but that’s the kind of underlying philosophy that has led to these policies and their eventual removal or rescinding from where they’re at right now.

Adam Taggart:  Yeah, it’s a good term to use, “a perverted way of thinking,” and highly, deeply unfair because the benefits of the boom accrue, really, to a relatively small amount of people, but the pain of the bust is widespread and largely by people who didn’t participate very much in the boom, so it’s really highly unequal and therefore I think highly unfair. We’ve talked a lot about this in the past but hopefully at some point the populist wakes up and realizes that the Fed really isn’t the hero in the story that they paint themselves as and then maybe if enough people realize that, we can demand enough accountability from the officials we elect in the future to maybe affect some real change but until that happens I fear the beatings are going to continue. Mike, heading back to you, I’d like to wrap up here just talking about gold again for a moment because last week we were talking about how gold was showing some signs like it might finally break out above its long-term resistance level and we were seeing some nice signs when we talked last week and then right after we finished recording gold got monkey hammered back down below 1800 again. It has now picked itself back up off the mat. It’s now back up at the time we’re talking here to about 1827 right back up to that sort of breakout zone threshold and it got some wind at its back today because the December CPI numbers came out and people are realizing that inflation is still very real and it’s not declining yet. It may still have further to climb and maybe people are beginning to say, “Okay, I got to take it seriously and gold is inflation hedge and let’s maybe start moving some money into there.” What are you guys thinking right now about gold’s prospects here?

Mike Preston:  Yeah, a lot of it’s the same as what we’ve been saying, that gold’s in this large sideways consolidation, this triangle. I’m afraid to say much about gold because last week when I said that gold looked good it did drop 40 dollars the next day. I don’t wanna jinx it but I gotta tell you there’s been a lot of head fakes in gold to the downside and, to be fair, to the upside as well. But if you stand back, take a look at the big picture, look at a weekly or even a monthly chart, you’ll see that we’re in a second higher level consolidation that’s triangular in shape. It’s basically a bullish triangle because the preceding move was an uptrend and it’s just really been struggling there since August of ‘20 so we’re going on a year and a half. Been a couple moves to the downside that have been head fakes. Again, last week after we talked about it it went down into the 1700s. Right now we’re we’re up solidly in the 1800s again. I’m looking at it right here. It’s 1826 on the Feb futures. Up another eight dollars today. Gold miners have had a really nice bounce up to almost – if you take GDX as one example of something that’s easy to track, if you’re looking at gold miners, that’s probably the biggest ETF that owns gold miners. That’s up at 32 after dropping to 29 or so last week. So it’s really showing some resilience. There’s some strong support there and I really think that gold is going to take off one of these times, maybe this is the one, and surprise everybody. There’s no secret that inflation is a major concern. Almost everyone sees it now in their daily life. Even the Fed is somewhat concerned about it, we think, and at the same time they’re waving a pin at this bubble, as Jesse put it, which I think is a great way to put it. It’s almost like the market knows that there’s going to be a pivot just like what happened in 2018, that there’s going to be some kind of stock market pullback, the Fed is really going to have to go all in as if they haven’t already. They may double or triple their effort and the stock market is forward-looking and they know they’re going to print a lot of money. The market knows there’s probably no other way out of this. When that becomes really clear, I think gold takes off to the upside and technical projections would have it running to 2500 or so based on that triangle in fairly short form so hold positions and if you don’t own gold or silver it’s a good a good time to add it into your into your mix, maybe 5-10% up to 20% of your holdings. So we’re still very constructive on it.

Adam Taggart:  Aright, great. Just looking at a chart of gold there. It is crazy to compare year over year where last year at this time gold was trading at a higher price than it is right now and yet inflation back then was 1.4% and now it’s hit 7% so there very well may be a reckoning moment there where it gets repriced, like you’re saying, Mike. Gosh, if gold went to 2500 the miners would just go bananas but anyways thanks so much for that update there. Gents, thanks for joining me this week. As we wrap up I just want to remind folks that we have the upcoming Wealthion online conference which is really going to focus on given everything that we talked about with Jesse, this type of macro environment, these risks, the concerns about a coming potential substantial correction in the markets and potentially one that triggers a recession, how to deal with high inflation, as investors how we navigate this type of landscape. We’ve got a phenomenal number of speakers coming. We’ve got folks like Lacey Hunt, Jim Grant, Jim Rickards, Danielle DiMartino Booth, Luke Gromen, Brent Johnson, Rick Rule, Tavi Costa of Crescat Capital, Jeff Clark, Ivy Zellman talking about the real estate market. We just landed Stephen Mcbride who’s going to talk to us about crypto and the blockchain. It’s a phenomenal lineup of speakers. If you’re watching this on Friday, January 14th, you’ve got until midnight to lock in the early bird price for registration. So to learn more about the conference as well as to register just go to Wealthion.com/jan2022. If you don’t get the early bird price, don’t worry. You can still get a seat for the conference. Conference itself is on January 22nd. Folks, if you’re trying to figure out, “Okay, what do I do in order to safely navigate and safeguard my wealth through all of these turbulent trends and challenges that we’re talking about here?” John and Mike and their team at New Harbor Financial as well as Wealthion and other endorsed financial advisors offer free consultations. There’s no requirement to work with these guys at all. You just sit down with them for 30 minutes, tell them about your personal financial situation, they tell you what they think you should do. If you’re interested in setting one of those up just stick around at the end of this video. We tell you how to do that. Otherwise, Mike and John, whatever happens next we’ll be tracking it here together. Thanks for joining me for yet another week and everybody else, thanks for watching.

Mike Preston:  Thank you so much, Adam. Can’t wait till next time.

John Llodra:  We’ll see you in a week, Adam. Thanks again.

Adam Taggart:  If you’d like to schedule a consultation with one of the financial advisors at New Harbor Financial, simply go to Wealthion.com. These consultations are completely free and there are no strings attached. The good folks at New Harbor will simply answer any questions you have about your investment goals or your portfolio and give you their best advice given their latest market outlook. They’re willing to do this because they care about protecting people’s wealth and because Wealthion has connected them with so many thoughtful investors just like you over the past decade. We started doing this because so many people have approached us in frustration looking for a solution because they’re feeling out of alignment or downright ridiculed by the standard financial advisors who have been managing their money. You know the type. The kind that just pushes all of your money into the market, scoffs at the idea of owning gold, and when you bring up concerns about the markets sky-high valuations they say, “Don’t worry. The market will always take care of you.” For many of the reasons discussed in today’s video, we think this is one of the most challenging and treacherous times in history for investing. We strongly believe that today’s investors are best served working in partnership with a conscientious professional financial advisor who understands the risks in play. Now, we’re agnostic which professional advisor you work with as long as they’re good. If you’re already working with one, that’s fantastic. Stick with them. But if you don’t, or are having trouble finding one you respect or trust, then consider talking to John and Mike and the team at New Harbor. Now, for those about to ask, yes. There’s a business relationship between Wealthion and New Harbor which we’ve put in place to make sure everything is handled according to SEC regulations. All the details on this are clearly provided on the Wealthion.com website. Also, it’s important to note that New Harbor is able to work with US citizens, green card holders, and those with existing assets in the USA, but for regulatory reasons they aren’t able to take on non-US clients. Alright, with all that said, if you’d like some insight and guidance on how to protect your wealth during this unprecedented time in the markets go to Wealthion.com to schedule your free consultation with the good folks at New Harbor. Thanks for watching.

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