On this week's Stansberry Investor Hour, Dan welcomes Joe Boskovich to the show. Joe is the founder of Old West Investment Management, an investment firm focused on finding high-quality companies with deep value.

Joe kicks things off by sharing his background in company management. He states that he uses his past experience to evaluate how the companies he considers investing in are being run. Examining the steps management takes and how they behave will reflect their long-term goals with the company and if the correct actions are being taken to help the company succeed. And Joe says one of the easiest ways to gain insight is by seeing how they're being paid...

When a new idea comes before me, the first thing I do is look at the proxy. And the proxy is going to show me the level of ownership of management. And it's going to show me compensation and how they compensate themselves. And so I love seeing companies where there's very, very high ownership and very modest compensation... So basically, when you invest in that company, your interests are aligned with the people running the company versus most companies where there's just a giant compensation package and that CEO is going to knock down $25 million to $30 million a year no matter what, and I really don't have much interest in that.

Next, John compares the differences between deep-value companies and distressed companies, showing how one that might appear to be "junk" might have potential if it's run well. And while folks love the big tech companies, most don't think about the metals that are needed in the products that they manufacture, which are where the bigger opportunities lie...

[Our company loves] tin, silver, uranium, but really metals that are tied to the electrification of the globe. Everybody wants to own Nvidia. Everybody loves the fact that Microsoft's building these data centers, but really, nobody's stopping to ask, "Where are you going to get the copper to do all this?"... And tin, few people know what tin is used for... It's used for solder and electronics and every piece of electronics – every piece of electronics in the world.

Finally, Joe and Dan talk about company scale and how companies should handle expanding locations. And Joe mentions how stock picking has become "a lost art" due to investors putting their money into indexes and exchange-traded funds. He shares several companies in the homebuilding sector that have caught his attention. And he warns about selling your stocks too soon. Joe views his investing as a "partnership" with the companies that he wants to own in the long run...

The biggest mistakes that I've made in my career are selling things too soon. And I could give you a long list of companies that I bought it, I owned it, I made great money, I'm long term on it... just company after company after company that I had it right... So I love the idea of buying something and holding it for a very long time.

Click on the image below to access the interview with Joe in video format. To listen to the full episode, visit our website or wherever you get your podcasts.

(Additional past episodes are located here.)

The transcript is coming soon.

This Week's Guest

Joe Boskovich is the founder and chairman of Old West Investment Management. Prior to founding the company, he built up his experience as the CEO of Boskovich Farms, one of the U.S.'s largest privately held produce growing and processing businesses, and later, vice chairman of Aletheia Research and Management.

Joe earned both his undergraduate degree and his Master of Business Administration from the Marshall School of Business at the University of Southern California and is currently a member of the university's board of trustees.