On this week's Stansberry Investor Hour, Dan and Corey welcome Marc Chaikin back to the show. Marc is the founder of our corporate affiliate Chaikin Analytics and a market veteran of more than 50 years.

Marc kicks off the show by explaining why he's bullish through the first quarter of next year, the implications behind a Federal Reserve rate-cutting cycle, the opportunity today in homebuilders and biotech, and what's happening in the bond market with the "bond vigilantes." He breaks down the three factors driving the market right now and lists a few "less obvious" sectors and companies that are benefiting from these factors. Marc says...

[There's opportunity with] the people who are either building the power plants to feed electricity to the AI infrastructure or all the companies who are building the actual buildings and cooling them. So just as an example, there's a company called Comfort Systems, the symbol is FIX. They're in the air-conditioning business basically, but they're using AI to be more sophisticated about dispersing cooling.

Next, Marc discusses his Power Gauge system and how it gives you an inside look into what folks on Wall Street are doing. After, he delves into how the current AI boom resembles the dot-com boom, a "mini bubble in the making" for data-management company Oracle, and China being behind gold's soaring price. Using the Power Gauge in real time, Marc gives listeners several gold-mining and construction stocks that are rated bullish by his system...

These are names that I would venture to say your subscribers and your viewers just don't even know. And before the discovery engine, I wouldn't have known about them either... There's a lot of names outside the Nvidias and the [Advanced Micro Devices] of the world... that are participating in the AI buildout. And I think that's going to go on for a good five years.

Finally, Marc reminds listeners that small caps were the real winners when the dot-com bubble burst, so that could happen again when the AI bubble inevitably bursts. This leads to a conversation about the late investment adviser Marty Zweig and his timeless advice for investors. Then, to close the show out, Marc speaks about the significance of this leg of the bull market being fueled by capital spending rather than customers... millennials investing in stocks... and fundamentals not mattering for younger investors...

They don't really believe in fundamentals. It's fun for them. They know these companies, but they're not value investors, that's for sure. And that's part of the reason that there's so much consternation from old-time analysts like you and me about valuations. These millennials don't care. They absolutely don't care about valuations. That's based on surveys, not a guess.

Click on the image below to watch the video interview with Marc right now. For the full audio, including Dan and Corey's post-interview thoughts, click "Listen" above.

(Additional past episodes are located here.)

This Week's Guest

After 40 years on Wall Street as a trader, stockbroker, analyst, and head of the options department for a major brokerage firm, Marc founded Chaikin Analytics. Through it, he delivers proven stock analytics to investors and traders, based on the Chaikin Power Gauge, a 20-factor alpha model effective at identifying a stock's potential.

Before founding Chaikin Analytics, Marc developed computerized stock-selection models and technical indicators that have become industry standards (including the Chaikin Money Flow) and pioneered the first real-time analytics workstation for portfolio managers and stock traders.

Dan Ferris:                 Hello, and welcome to the Stansberry Investor Hour. I'm Dan Ferris. I'm the editor of Extreme Value and The Ferris Report, both published by Stansberry Research.

Corey McLaughlin:    And I'm Corey McLaughlin, editor of the Stansberry Daily Digest. Today we talk with Marc Chaikin, the founder of Chaikin Analytics.

Dan Ferris:                 Marc is a frequent guest of the show, and you will find out why. It's for a very good reason. Get out your pens and pencils, get ready to take notes, get ready to write down ticker symbols and to learn something about investing. So, let's do it. Let's talk with Marc Chaikin. Let's do it right now.

Corey McLaughlin:    Corey McLaughlin here. Want to understand the market better? We've got you covered. Just sign up at stansberrydigest.com to get our free daily newsletter from me and Dan Ferris and This Week on Wall Street from Matt Weinschenk. It's completely free, and you'll get our top-notch investing ideas and analysis delivered to you every weekday. Just go to stansberrydigest.com to sign up in seconds.

Dan Ferris:                 Marc, welcome back to the show. Always a pleasure.

Marc Chaikin:            Dan, good to be with you.

Dan Ferris:                 So, what – where do we even start? You're well known to our listeners, and we talk to you fairly often. I think you're one of our most frequent guests, two or three times a year. I always wonder, "What is Marc thinking now?" And I see – I get some e-mails from you, and I get e-mails about when the next market crash will happen, and I think, "Hmm, what is he – what is this all about?" Maybe I should just ask you what's on your mind, where you'd like to start. How would you like that?

Marc Chaikin:            Well, let's put the crash scenario on the back burner. That was based on historical patterns that talk about the second year of a presidential term, and 65% of all bear markets start in that year because the chickens come home to roost based on the new policies that were implemented in year one, which we're going through right now in terms of tariffs and interest rates. But there's still some massive opportunities in front of us in my opinion into year end and probably into first quarter earnings reports back – next April. So, right now I am bullish. I was looking for some volatility and downward price movement in September, typical of seasonal patterns into an October low. But so far, the prospect of a 25- or 50-basis-point cut by the Fed has kept the market on sure footing.

Dan Ferris:                 Yeah, that cut thing is it's a little strange, isn't it? Because certainly in major cutting – major cutting cycles have tended to – overwhelmingly to correlate with recessions and declining markets, but we don't have that expectation anymore. They've beaten that out of us, haven't they?

Marc Chaikin:            They have, but I just read a study this morning: There have been seven rate cuts since the Fed started announcing their policies at a [Federal Open Market Committee ("FOMC")] meeting in roughly 1992. There have been seven rate cuts. within 40 days of a new high in the S&P. So, it's happened before. And it basically just –

Dan Ferris:                 Cheers to that.

Marc Chaikin:            – helps overheat an already good economy.

Dan Ferris:                 Yeah, I'm not saying it's not a reason to be bullish. It really throws some gasoline on the fire for sure.

Marc Chaikin:            Oh, definitely. But I think the key is to note that this isn't a one-off outlier. This has happened before. And the employment numbers, I guess, are troubling for the Fed. And with this inflation number that came out, [the producer price index] on Wednesday, down instead of up, there is some cause for celebration at the FOMC meeting next week.

Dan Ferris:                 Right. I noticed – I was looking – well, I was thinking about with its sort of three-cut cycle from last year, late last year, the long end of the curve didn't really like it. And I noticed the 10-year is still slightly above where it was before that. It's like 4.1 or something, maybe, as we speak, and it was 3.6 at the beginning of that cutting, and the market clearly didn't like it. It was almost 5% at one point. But I also noticed that mortgage rates have come down more than the 10-year. The bank rate average 30-year fixed, national average. And that of course bodes well, right? If we get – I continue to believe if we get a five handle on mortgages, man, you're going to see some action.

Marc Chaikin:            You certainly will. In fact, the Chaikin Power Gauge rating, which, as you know, is a quantitative model with 20 factors, it's mostly fundamental and a little bit technical, has turned bullish on the home builders and stocks like D.R. Horton specifically. It's interesting. If the Fed does what they normally do, which is to go into an interest-rate cutting regime with the idea of cutting it almost every meeting, we could see 150-basis-point drop in the fed-funds rate by June of next year. And there are two industry groups that benefit from lower interest rates big time: housing and biotech. And those – both those groups have broken out of long base periods recently and are – established uptrends that are pretty impressive.

Dan Ferris:                 And I want you to know my agreement with you on these matters, Marc, has nothing to do with my position in software futures options. Nothing whatsoever. Totally –

Marc Chaikin:            Well, you raise a good point, Dan. You raise a good point. There's a "group" of bond traders that are known as the bond vigilantes.

Dan Ferris:                 Oh, yes.

Marc Chaikin:            And they operate mostly at the long end and on the 30-year bond. And that's going to be the big conundrum for Scott Bessent, Secretary of the Treasury, and for whoever is controlling the Fed come December. Thirty-year bond yields are going to stay stubbornly high, in my opinion, because the bond vigilantes don't like super stimulation into an already strong economy. So, the question is how does the Treasury handle that? And there's all sorts of mechanisms that are above my pay grade for issuance and buying bonds that they can do to try and push down the 30-year yield. But it's pretty tough to manipulate the bond traders. Not manipulate, but to influence them when they think something should be different.

Dan Ferris:                 Yeah, that part – I agree. That end of the market, we all know what happened with April 8, right? Trump said it out loud in public without any – he said, "I looked at the bond market and it was scary." And then he – of course, he backed off and that was the tariff tantrum bottom. So, we know this is real. And I've written about – I did a whole issue of my newsletter about this, about how the bond markets scared the crap out of I guess it was Clinton and then Obama. They have all had their run-ins with the vigilantes, and he's no different. But I agree, a lot of this stuff is above my pay grade. But we know one thing they do is issue a ton on the short end, issue a ton of T-bills.

Marc Chaikin:            Exactly.

Dan Ferris:                 That's like – that's one of the big repeat arrows in the quiver. "Well, OK, I guess we need more T-bills and less 30-year." So, they'll do that because they can manipulate the short end.

Marc Chaikin:            But here's the irony. Here's the irony, Dan. Part of the game plan coming out of the White House and the Treasury is to lower the long end of the yield curve so that the cost of servicing the U.S. debt goes down. But if the 30-year stays where it is, that's not going to happen. So, as I said, that's why I look at the Power Gauge and the technicals because even if I knew what was going to happen, I would probably make the wrong call in terms of what to do about it. So, the bond market's its own animal and we'll see how that plays out. But that could create – after the Fed decision on the 17th of September, what happens at the long end of the curve could create a little bit of a 5% pullback that I've been looking for and so far hasn't come.

Dan Ferris:                 Right. And especially in September. That's the time to expect it. The worst month of the year historically.

Marc Chaikin:            Yeah, exactly. Yep.

Dan Ferris:                 So, yeah, I'm right there with you on that one.

Corey McLaughlin:    Yeah, I'm interested because last September when the Fed cut, their first cut was 50 basis points – I think the first of three. And all the long-term yields went higher. They were heading lower into that meeting, and then when they actually made the decision, everything went higher, including mortgage rates. This time around the – like Dan said, the mortgage rates are going lower right now and the longer-term yields are headed lower too, slightly lower from where they were. But what happens after, I guess? And then, how do they signal if more rate cuts are coming? I guess that will factor into it.

Marc Chaikin:            Well, that's a – "signal" is an interesting word because the Fed is now in a blackout period ahead of the FOMC meeting on this 16th, 17th. And there's a reporter for Bloomberg – Bloomberg or the Wall Street Journal, but he has a Greek name and he's known as the Fed whisperer. So, right now a 25-basis-point cut is guaranteed. But the Fed futures market is now 50/50 that will get a 50-basis-point cut. But the Fed typically won't do that unless they've tipped their hand. So, we have to look for this reporter, the Fed whisperer, probably after the CPI report and the employment numbers on Friday. You may get a tipoff as to whether it's going to be 50 or just stick at 25. Who's the guy, Dan? I see you go like –

Dan Ferris:                 Yeah, Nick Timiraos.

Marc Chaikin:            Nick.

Dan Ferris:                 Or Timaramos?

Corey McLaughlin:    Oh, yeah. Nick. Yeah. Yeah.

Dan Ferris:                 Yeah.

Marc Chaikin:            Yeah. And it's amazing that in this era of electronic communication someone picks up the phones and says, "Hey, maybe you want to be bullish on rate cuts here." But that's the way the game is played. So, how do we make money for the subscribers to your podcast?

Dan Ferris:                 Well, it sounds like we get long. And if we hit this nice pullback in September, we really – we're buying that dip for sure.

Marc Chaikin:            The question is what are you buying?

Dan Ferris:                 Well, I'm buying the same sorts of cash-gushing businesses that have good balance sheets and management and all the rest of it in Extreme Value. And I'm doing something completely different. I'm running a – what I would call a truly diversified portfolio in The Ferris Report. But we all want to know what you're buying, Marc. That's why you're here.

Corey McLaughlin:    Yeah, what is the Power Gauge buying? What are we doing?

Marc Chaikin:            Well, I think there are three things driving this market, in my opinion, and have been for the last six months. One of them is very strong corporate earnings, particularly in the tech sector and related industries. And all of that feeds into the capital spending that's going on to build the infrastructure to support AI rollouts for the next five to seven years. And then the third thing are corporate buybacks. There's going to be $1.3 trillion in corporate buybacks this year, and probably the same next year. So, that's a big sort of demand push for stocks.

                                    Where the Power Gauge is finding less obvious opportunities are in the construction and engineering stocks. For instance, the people who are either building the power plants to feed electricity to the AI infrastructure, all the companies who are building the actual buildings and cooling them. So, just as an example, there's a company called Comfort Systems. The symbol is FIX. They're in the air conditioning business basically, but they're using AI to be more sophisticated about dispersing cooling. There's a company that we took a big profit in recently that goes back 50 years: Amphenol. You probably remember it from the '70s. APH. They make connectors. Well, where are the connectors used? They're used when you build data centers.

                                    So, we're looking at that sort of portion of the market. There are some real estate companies, and there's one that we're going to recommend, I think shortly, that are very profitable in selling properties to people who are building data centers and in acquiring land and getting the zoning permits. So, I think AI disperses through the economy in a variety of ways, and construction and engineering is clearly one of the spots where the Power Gauge has really zeroed in over the last six months. Also nuclear. No matter how you slice it, particularly in an administration that's anti-wind and anti-solar, where else are you going to go but nuclear or natural gas? I think nuclear is a really interesting investment opportunity over the next five years.

Dan Ferris:                 Yeah, nuclear. I like – I've liked that one for some time now, and it's been a winner. You mentioned –

Marc Chaikin:            Didn't you have uranium in one of your portfolios?

Dan Ferris:                 Oh, yeah. Yeah, we've got a nice return on – I shouldn't mention it because people pay extra to get that portfolio in that – in Extreme Value. But yes, we're doing pretty well with that. We've got a couple of uranium stocks. We do have – UEC is for all the rest of the subscribers and that's a double. That's been – if it's – yeah, I think we recommended it $5 or $6 and it's $12. So, we – in less than a year. So it's screaming. That sector is doing great. Also, you mentioned FIX: Comfort Systems. That's one of the aforementioned cash gushers that I – that we like in Extreme Value.

Marc Chaikin:            Oh, there you go.

Dan Ferris:                 So, yeah.

Marc Chaikin:            I know – do you know how many times consecutively they've raised their dividend? It's amazing. And I – before this whole AI construction boom, I think nobody except my wife Sandy had ever zeroed in on the stock, but because of the Power Gauge she found it.

Dan Ferris:                 Yeah, that's cool. I like the fact that the Power Gauge found a stock that – I can't even remember when we first covered it. It's been years. It's been since – people at our company have come and gone and it's been years since we found that one. And it's had a pretty good run here. I'm happy to hear that it's going –

Marc Chaikin:            But you can't be – I'm sorry. You can't be indiscriminate. FIX has really continued to move up. A company like Lennox – LII – has sort of maxed out. It's in our 2025 year-end portfolio. A much more obvious air conditioning play but also involved with home construction. So, FIX is more attuned to this AI buildout, which I think is great.

Dan Ferris:                 Yeah. All right, so I'm glad to hear –

Corey McLaughlin:    Yeah, I love when two – when multiple editors and people that know what they're doing land on the same stock for totally different reasons almost. And as a reader or subscriber, I don't really care why. It's – if that happens and all those things align... I always tell subscribers it's like when three different people or four different people end up on the same stock, that's a great thing. You should pay attention to that.

Marc Chaikin:            Well, that – Corey, that might be too much of a good thing. There's an old expression in the corporate world. If you've got three people in a conference room and they all agree, you've got one too many people in the conference room. So –

Corey McLaughlin:    OK. That's why you are much wiser than me.

Marc Chaikin:            But I agree. If they're coming from different places. I absolutely agree with you.

Corey McLaughlin:    Yeah.

Dan Ferris:                 You took the words out of my mouth.

Marc Chaikin:            I guess what I'm trying to discourage is – yeah, I guess what I'm trying to discourage is I know we've talked to Chaikin subscribers at the Stansberry Conference over the years and they say, "I run all of the picks through Dan Ferris's thinking, through the Altimeter from Altimetry, through the Power Gauge, and the Stansberry Score." And I said, "Uh-uh. You're going to have analysis paralysis. Zero in on the one or two people that you really believe in and methodologies and leave it at that, because otherwise you'll be sitting there looking for the perfect situation. And there's no perfect in Wall Street, as we know."

Dan Ferris:                 Yeah, that's – I recently was – had reason to study – to revisit Marty Zweig's list and you can't know everything. That's one of the rules. You just – you can't know everything.

Marc Chaikin:            Yeah, wow, Marty Zweig.

Dan Ferris:                 And if you try to do that – where I thought you were headed with that, Marc, is that if you try to do that and if you look for consensus in the market, the idea might be overdone. You might be the last one there.

Marc Chaikin:            That's exactly – I was trying to dredge up the word "consensus" and I missed. Yeah. And the –

Dan Ferris:                 Yeah, and the Power Gauge tips your hand early. It's like – the Power Gauge is like your early peek at the stock. It's before other people are clued into it, which is nice, right?

Marc Chaikin:            Well, the Power Gauge really has three factors that have to do with what the analysts are doing and saying about the stocks they cover and how companies report vis-a-vis the analysts. So, three of the 20 factors really give you an inside look into what the smartest people on Wall Street are saying. So, if analysts are raising their estimates, as they are with FIX, and they're raising their price targets, and then a company reports better-than-expected earnings, that's sort of a triple play. And that kind of consensus I like. When a company raises guidance, beats earnings and beats sales estimates, those are the stocks that tend to perform very well over the next six months.

Dan Ferris:                 There you go. And the Power Gauge is really good at finding them. It's –

Marc Chaikin:            It has been. Yeah, I owe that to a guy named George Douglas. I was at Drexel Burnham Lambert before the proverbial S hit the fan, and George had a quant database. There were only two on Wall Street at the time. Morgan Stanley had one and George had one at Drexel. And he did the pioneering work in earnings surprise and earnings estimate revision. And he's still managing $5 billion on the West Coast today. So I learned at the foot of the master how important it is when analysts are moving away from the pack. And that's really important. And the Power Gauge is geared to find those stops.

Dan Ferris:                 And you're talking about before the stuff hit the fan with the junk bond thing during the '80s, right?

Marc Chaikin:            Yes.

Dan Ferris:                 OK.

Marc Chaikin:            Yeah, I was there from '82 to '87. I got out in September of '87. Pure luck. Sold my Drexel –

Dan Ferris:                 September of '87? No kidding. What an exit!

Marc Chaikin:            Well, I started my own brokerage firm, and I had been buying Drexel stock with loans from Chase Manhattan – funny – so I wasn't putting up but 20% of the cash. And I informed the management that I was leaving, and they said, "Oh, we're sorry to see you go but you're going to have to sell your stock." And I said, "Well, why?" They said, "Well, that's the rule. You leave the company and you have to sell it back." I got the absolute high tick on Drexel – it was privately held – on Drexel stock. And then, October of '87 came and the rest is history.

Dan Ferris:                 Wow. Wow.

Marc Chaikin:            But – so, sometimes it's better to be lucky than good.

Dan Ferris:                 Yeah.

Corey McLaughlin:    Yes.

Marc Chaikin:            Anecdotes.

Dan Ferris:                 Well done. If anybody –

Corey McLaughlin:    I was just listening to this new book that came out from John Malone, his memoir. And so, far, it's really good. I'm only a couple chapters in. And he brings up part of how they were able to get started was the junk bonds from Drexel Burnham –

Marc Chaikin:            Yeah, it was –

Corey McLaughlin:    – early on, which helped fuel the whole beginning of the cable, his cable empire. So –

Marc Chaikin:            Exactly.

Corey McLaughlin:    – I thought of you, because I knew you were at Drexel Burnham in that time.

Marc Chaikin:            Those Liberty stocks aren't doing very well, are they, Corey?

Dan Ferris:                 No.

Marc Chaikin:            The various Liberty holding companies. They own a lot of interesting properties, but somehow I don't think Wall Street gets it.

Dan Ferris:                 Yeah, they – it's funny because they – I hear them pitched constantly, all the different ones at value events and various events. And then I go back and look a year or two later and I'm like "Oh, well, that fizzled."

Marc Chaikin:            Yeah, glad I missed it. Well, something like Charter Communications, which is second largest cable company in the country, is just in a downtrend for two years, cord cutting and cost cutting. Cable is and will be in a very difficult spot.

Corey McLaughlin:    Yes, but the thing I wanted to ask you about was AI. Well, you brought it up a little bit already. I think last time you were here we talked about the similarities to the buildup of the dot-com bubble and how – I think – I forgot what you said we might have been in, like '95 or '96 relatively.

Marc Chaikin:            '96. Yeah.

Corey McLaughlin:    '96. OK. What year are we in now?

Marc Chaikin:            So, we're in '97.

Corey McLaughlin:    Because as we're –

Marc Chaikin:            We're in '97.

Corey McLaughlin:    We're in '97? OK.

Marc Chaikin:            But be mindful that there was a huge drop in October of '97 and then another that – I think it was the Thai baht crisis or Long-Term Capital Management in October of '98. So, the road to new highs and the Nasdaq back then was not straight up but there was a lot more to go. And I think there's a lot more to go this time.

Dan Ferris:                 I occasionally tell the story of standing on the corner of St. Paul Street and – I forget the cross street there. It's where that one building that Steve Sjuggerud and Porter Stansberry and I worked in together on August 31st during the LTCM crisis and listening to Steve basically school us and tell us, "The Fed's going to intervene and they're going to save this, and this is going to be a great bottom and the market's going to soar after this." And of course that's exactly what happened.

Marc Chaikin:            It did.

Dan Ferris:                 I will never forget it. Steve taught me a lot that day about what the Fed will do and what –

Marc Chaikin:            Yeah, John Meriwether did us all a favor ultimately. Yep.

Dan Ferris:                 Yeah, that's right.

Corey McLaughlin:    So, '97 – we're in '97. As we're speaking on this day, we're speaking, Oracle shares are up 40% in one day, intraday right now.

Dan Ferris:                 No kidding.

Corey McLaughlin:    Can we talk about history repeating or rhyming? What are –?

Marc Chaikin:            Yeah. Well, did you see the projections from Larry Ellison? They're doing, I think, $14 billion in data center revenues. And he's saying over the next three years $120 billion in data center revenues. That's – it's amazing.

Dan Ferris:                 It is.

Marc Chaikin:            That's what spurred the – by the way, the Power Gauge had been bullish. It was neutral heading into the earnings report. But one of our technical indicators in Chaikin Analytics gave what we call a relative strength buy signal on Oracle two days ago.

Dan Ferris:                 Wow.

Marc Chaikin:            And we didn't pick up on it for subscribers because the Power Gauge had turned neutral, but the technicals were beautifully set up for a good earnings reaction.

Dan Ferris:                 I assume he's talking about software revenues for Oracle, which is great. Of course –

Marc Chaikin:            No, he's – no, he's talking about data-center revenues, the stuff that Microsoft and Amazon with [Amazon Web Services] is really –

Dan Ferris:                 Yeah, well, then he's crazy, in my opinion. Yeah, he's crazy in my opinion.

Marc Chaikin:            Yeah.

Dan Ferris:                 The one thing we learned from the dot-com boom was that Internet usage went up a thousandfold and the telecom services revenues were cut in half from – over 20 years. So –

Marc Chaikin:            Yeah, it's a mini bubble in the making, no doubt about it. But I think there's more there than there was in 2000.

Dan Ferris:                 There had better be.

Marc Chaikin:            There aren't that many Pets.com – yeah, there aren't that many Pets.com around, or Exodus, which hosted the data centers. Meg Whitman, Exodus.

Dan Ferris:                 Yeah, and the folks building them aren't like debt-fueled cash burners. They're debt-fueled. They're actually – the big hyperscalers are in a negative net cash position, but just barely. And they're loaded with cash and their core business is gushing cash. They're just like the most cash-gushing businesses on the face of the earth. So, they're not – there's going to be no WorldComs here. Right?

Marc Chaikin:            No, well, there'll be one, but we don't know which one it is.

Dan Ferris:                 Yeah, we don't know who it is. Right. That's right.

Marc Chaikin:            Yeah.

Dan Ferris:                 Same page.

Corey McLaughlin:    Yeah, I feel like from this point forward we've got to just keep an eye – you should already, but shouldn't we be keeping an eye out for all these, for the bad dot-com examples to emerge and just not be caught up in all this stuff?

Marc Chaikin:            I agree with you. We've developed an earnings quality score. My associate Joe Austin, who's got 40 years of experience analyzing tech stocks and actually running the short book of a hedge fund, and I have developed an earnings quality score for his new Breakthrough Investor. And it basically looks at accruals and it looks at cash conversion. And that's a pretty simple way to see who's real and who's not. You won't catch all of the fraudsters. But if companies are booking sales but they're not converting that to cash, then there's a red flag right there. I agree with you. You've got to – if you're going to participate in AI going forward, you have to have some way of testing the balance sheet and the income statement to make sure there's no funny business going on.

Dan Ferris:                 Yeah, it's – you, Marc, are one of the folks who has impressed upon me that you got to have the full package. It's fundamentals. It's technicals. It's quantitative. It's whatever else. A little dash of behavioral finance here and there. Whatever it is. You've got to have all the pieces to do it right, to be a trader and to make these kind of calls that you're making on, what, a six-month basis or so.

Marc Chaikin:            Yeah. Well, I've always said that fundamentals drive the market, but technicals drive the market to extremes. And we're seeing that in Oracle this morning, and because of that, we're going to be recommending in our one newsletter, which is Trading Oriented, that people take some profits because the spike has sort of dragged along a lot of tech stocks that had been lagging a bit in the last four weeks, because clearly tech has been – was being sold over the last four weeks. A lot of the component stocks, like AMD, Nvidia, Micron, and so forth were lagging. And this announcement for Oracle has pulled them all up.

Dan Ferris:                 Marc, what do you make of the fact that gold has outperformed so much in the stock market this year?

Marc Chaikin:            China. It's the 10th month in a row that China has added to their gold reserves because they don't want to be dependent on the dollar as their reserve currency. There's no other explanation in my mind for that.

Dan Ferris:                 Yeah. I sent the chart around recently about – showing the value of gold eclipsing the value of foreign Treasury holdings.

Marc Chaikin:            That's what it's all. Until people have confidence that the rule of law – and contracts are going to be adhered to in the U.S., the dollar is going to be under pressure and gold is going to be bought by the central banks around the world.

Dan Ferris:                 So, own gold among other things. How about, how about gold equities? They've actually had a nice run here, too. Have you seen signals from those on the Power Gauge as well?

Marc Chaikin:            We have. We debated even doing a special section of one of our newsletters for metal and mining stocks, but we passed on that just because gold is so much of a political statement right now for the central banks around the world. So, the Power Gauge – if someone's a Power Gauge subscriber and gets – they can find these metal and mining stocks all in their own. I just – as with you, Dan, I like to stay in my comfort zone. I've never made money on a biotech stock. If I recommend a bio – if one of our editors recommends a biotech stock, I'll be surprised. I'm always late to the party or miss the move. So, you've got to stick in – investing in general – I'm not talking about trading, but investing in general, you've got to stick to your knitting and know – you've got to know something about the space that you're focusing on. So, tech I really know. Consumer discretionary I think I know. Some entertainment stocks. But metals and mining has just never been my thing. So, I – even when the Power Gauge is leading us there, it's not going to be my first choice for – in terms of a recommendation. But that doesn't mean that a Power Gauge subscriber, Chaikin Analytics subscriber can't do this on their own. It's really simple.

Dan Ferris:                 Right, they can use your tools. That's the cool thing about it.

Marc Chaikin:            Yeah, we have this – the Discovery Engine. You just put in a stock that has a bullish rating. I'm going to click on my screen here and tell you one so we give the viewer something of value. And then, it'll find stocks like that. So, if I go into metals and mining – is this fair game while we're on the air?

Dan Ferris:                 Sure, man. This is great.

Marc Chaikin:            OK.

Dan Ferris:                 Let's have a little live demonstration.

Marc Chaikin:            Yeah, so I mean, metals and mining, actually XME has a bullish rating for the ETF itself in the Power Gauge. And there's stocks like CMC with a bullish rating. Royal – RGLD. So, let's just take RGLD, Royal Gold, which –

Dan Ferris:                 Oh, let's do. Love that stock. Yeah.

Marc Chaikin:            – is making a double top here at 190 and see – I'm putting this symbol into our Discovery Engine. And now I'm getting five stocks like Royal Gold with bullish ratings. So, Agnico Eagle Mines, Alamos Gold, Anglo Gold, Barrick Mining, and B2Gold Corp, BTG. So, all of them have bullish ratings. And that's how easy it is in the Power Gauge. As I said, a few minutes ago, I really don't know a lot about this space in the market, but you don't need to if you have an opinion. So, if anybody wanted to find gold stocks with bullish ratings, there they are. And those are not in the ETF, by the way. I think Barrick might be but –

Dan Ferris:                 Probably. Yeah.

Marc Chaikin:            So, the Power Gauge enables you to move outside of the conventional space as defined by, say, an S&P industry group ETF.

Dan Ferris:                 Very cool. Thanks for that. That's great. We could probably sit here and – we could probably sit here and do this all day and people would love it, man.

Marc Chaikin:            You're absolutely right.

Dan Ferris:                 But yeah, we have recommended – we've had a great run so far on Royal Gold in Extreme Value because we love royalty companies. That's a wonderful just cash-gushing model, business model. In fact, it's just about the only place most regular non-mining specialist investors should invest in when they want to go with that sector.

Marc Chaikin:            I agree.

Dan Ferris:                 It's just fearsome.

Marc Chaikin:            There's another royalty company that we were looking at and I don't have the name at the tip of my tongue.

Dan Ferris:                 Wheaton? Or? Wheaton Precious is a big one. Franco-Nevada is the big one.

Marc Chaikin:            I think it was Franco-Nevada.

Dan Ferris:                 Yeah. They're – Franco-Nevada is the one that taught the world to love royalties. It's been – they started with gold royalties and now they've got energy and everything else and they have royalties in streams because it's so large.

Marc Chaikin:            Let's follow up on that exercise that we just did. I just typed FIX, Comfort Systems, into the Discovery Engine. And the first five stocks that come up are ACA – Arcosa – Aecom – which is in one of our portfolios, ACM – a construction/engineering company, Acuity, which is a lighting company worldwide, Cummins Engine, and Dycom – DY. So, these are names that I would venture to say your subscribers and your viewers just don't even zero – don't even know. And before the Discovery Engine, I wouldn't have known about it either. Another company on there is EME, Emcor Group, which is building stuff. So, there's a lot of names outside the Nvidias, the AMDs of the world, and the Palantirs that are participating in the AI buildout. And I think that's going to go on for a good five years, assuming we don't get a total event that washes AI off the map. But I don't think that's going to happen. But you never know.

Dan Ferris:                 No. And who would it surprise if it ended up exactly like the Internet and a bunch of the – we got a bear market which washed out a bunch of the garbage and then all the stuff at the edge of the network, like Amazon and Google and Meta and all that stuff roared. They'll participate probably in AI, too. And there'll be others at the edge, that we have a decent enough model for how this could go. And that wouldn't surprise me at all.

Marc Chaikin:            I agree. And –

Dan Ferris:                 And there will be trillions of value created. We just don't know exactly who's going to do it yet. We don't know who the Amazon is.

Marc Chaikin:            Well, here's what your viewers should know, that in 2001 and 2002, small cap value stocks soared. While the Internet bubble was bursting and the Ciscos of the world were going down 90%, Chuck Royce's small-cap value fund just skyrocket because – and the Power Gauge picked up on those names.

Dan Ferris:                 Excellent. Yeah, that was a great moment for value. That was probably the last great moment for it. That was when you had to buy all the banks and home builders and Berkshire Hathaway and all the rest of it, in fact, because they were – they were all underperforming and then during the boom everybody found them. And of course, some of those – the banks and home builders a few years later had a little problem, but up until then they roared. As did many stocks, yeah.

Marc Chaikin:            Absolutely.

Dan Ferris:                 Yep, it was a good moment for value. Great moment.

Marc Chaikin:            Well, mining stocks, you can go back to 1973 to the bear market of '73 to '74, and gold stocks were fabulous.

Dan Ferris:                 Oh, yeah. Well, yeah –

Marc Chaikin:            And that was a two-year bear market. It went down 53%.

Dan Ferris:                 Yeah, yeah, the '70s were like – they were practically the golden age. I'm still hearing stories from the older folks who participated in that and folks who were brokers are telling me – always tell me things like "Toward the end, like 1978, '79, '80, people would call us up with – we'd know nothing more than a ticker symbol and the stock would roar 100% in a week. It was crazy." We're not there yet.

Marc Chaikin:            Close.

Dan Ferris:                 We could get there with some of the stuff. I fully believe that the small-cap mining stocks, they always get to that moment. We're nowhere near there yet. But they're having a nice moment here. I own a bunch of them myself and they're making me very happy. I'm a very happy small-cap mining stock owner right now.

Marc Chaikin:            There you go.

Dan Ferris:                 Yeah. And as you point out, the Power Gauge is finding some great mining stocks. All those are – in fact, you mentioned Agnico Eagle was one. That's one of the highest-quality mining companies on the face of the earth. And it doesn't surprise me at all that you're finding that. And Alamos, another one, another great one. So, great list of names.

Marc Chaikin:            Yeah. Well, you mentioned Marty Zweig, who was a really good friend of mine. I don't throw those terms around lightly, but Marty and I spent many mornings at the beach together while he was writing his market letter. And Marty used to say, "I can tell you what but I don't always know why." And that feeds into your comment from Marty that you can't know everything. But knowing what is really important, what to buy.

Dan Ferris:                 Marty's basically – other people like the Turtle traders did teach us some of this, but he's really to me the guy who taught us about don't fight the tape. Don't fight the Fed. Cut your losses short. Let your profits run. All those trading commandments that every single trader we've ever interviewed has confirmed. Like, I'm talking about every single one, we always wind up there where Marty Zweig was in the '80s and '90s. Still to this day those are the commandments.

Marc Chaikin:            Well, bulletin, Dan: Marty Zweig started in the newsletter business.

Dan Ferris:                 Oh, yeah. I'm aware. Yeah.

Marc Chaikin:            Out of Wharton. Out of Wharton. Yeah, he and his wife – she did the mailing, put the stamp on the letter and sent it out. And that's how his business began.

Dan Ferris:                 Yeah, I have a – I have Marty Zweig a bit on the brain right now because I just read a Stansberry Digest this past Friday about him. So, I had my head in the rules and in some of his history in the book Winning on Wall Street and all of it –

Marc Chaikin:            Yeah, really cool guy.

[Crosstalk]  

Corey McLaughlin:    His list of 17 rules that – I printed it out at one point. It might have been after talking to you, Marc, about – you might have mentioned it, and I printed it out. It's in old typewriter font and they all still apply. All the lessons still apply today, I think. So, yeah.

Marc Chaikin:            Because human nature hasn't changed. And psychology is a big factor in the market, whether it's momentum or herd or analysts following one another. The basic rules still work. Now I'd rather follow Marty's basic rules than Benjamin Graham's or Warren Buffett's basic rules because those – that require staying power of a lifetime and access to a lot of cheap capital and an insurance company. But Marty Zweig is for real investors.

Dan Ferris:                 Cheap capital and leverage. Few people ever talk about the leverage in – and it's – over time, it's been about 1.6x for Buffett. And that made a difference, too.

Marc Chaikin:            Big time.

Dan Ferris:                 I mean, he had a special situation there. And of course, he's a genius, so he exploited it to the maximum and the rest is history. But yeah. Other things are happening there besides just being a good stock picker. So, let's see. Where are we here? We've got all kinds of good ideas. We've got a list of gold stocks. We've got names that the Discovery Engine is telling us about that, frankly, a couple of them I never heard of, which I'm surprised. At this point, I thought I've –

Marc Chaikin:            Heard of everything.

Dan Ferris:                 – heard the name at least of every big cap stock.

Marc Chaikin:            Well, check out a stock like Dycom: DY. It's not on any of our lists right now, but it recently made a new high up around $280. It pulled back to $240. We got an oversold buy signal on it, bullish Power Gauge rating. And the Chaikin Money Flow, which measures smart money accumulation, has been deep mountains of green since April. So, smart money has been buying stocks like this since April. Power Gauge term bullish in May at about $180. But these are the companies that people are not looking at that are going to fuel their stock prices because of the AI infrastructure buildout. And one of the things that's interesting to me about the market is that this leg of the bull market has been fueled by capital spending, not by consumers.

Dan Ferris:                 Yes.

Marc Chaikin:            And I think that's a big deal.

Dan Ferris:                 It is a big deal because they're building something real. They're building something.

Marc Chaikin:            It also does something for the income statements, Dan. Think about this, and it may be a little bit in the weeds, but Microsoft buys chips from Nvidia. Nvidia books it as revenue, as they should. Microsoft books it as a capital expense, writes it off. That's a virtuous circle that's going to go on for quite a while until it doesn't. But from – and that helps fuel stock prices.

Dan Ferris:                 I will stick with my initial: It's real, is what we're saying.

Marc Chaikin:            Yeah, it is.

Dan Ferris:                 It's not – when things get to be a bubble there are – there's leverage and excess liquidity and there are – however you might define liquidity. It's a nebulous, nearly meaningless term most of the time. But it – there are issues there when you get to a true overinflated bubble. But as has it often been pointed out by people like George Soros and Templeton and all these other people over the years, the bubble has roots in reality. And you're describing the reality, the income statement.

Marc Chaikin:            Well, the head strategist at Bank of America this morning said there's – what we all know – $7.2 trillion in money-market funds. And that's enough to fuel rallies for a long time as long as the fundamentals hold up. And I think $2 trillion of that is individuals and $5 trillion is corporate.

Dan Ferris:                 Yeah, I'm always a little leery of cash-on-the-sidelines arguments, but the point is that there's plenty of capital to be allocated and that is certainly true.

Marc Chaikin:            Well, to me, when I read that, it was "Oops, they may be ringing a bell here on a short-term top with Merrill Lynch." Bank of America is talking about the reason to be bullish is because of the money and money market funds. Well, that same money was there in April when the market dropped like a stone. So, to me, it was a red flag.

Dan Ferris:                 And most of it was there before when the – it's an odd – it's a troublesome argument to me. But as you say, it does seem to have some value as a – it's something to know. It's something to think about, I think. Maybe you don't trade it. You don't really do anything with it but it's an interesting data point. It's worth talking about for five minutes every time it comes up, I think.

Marc Chaikin:            I'm as interested in the $350 billion that that money generates at 5%. Well, five is probably going to be four very soon, but that's $350 billion that could easily go into stocks.

Dan Ferris:                 Sure. Oh, yeah.

Marc Chaikin:            Or consumer discretionary spending, which we haven't seen yet.

Dan Ferris:                 Yep. We – it was a couple of years ago when I noticed that, wow, T-bills are back. T-bills are 5% again. And I told people at our conference "Investing is back," because when interest rates are zero we're all speculating, no matter what we think we're doing. In my humble opinion. And –

Marc Chaikin:            I couldn't agree more.

Dan Ferris:                 Yeah, and investing is back. When you've got this anchor in your portfolio cranking out – even 4%, I think, is still a decent number – you're saying, "Show me." And of course the Power Gauge does that. Marc Chaikin is the ultimate "Yes, I'll show you" guy to a great extent.

Marc Chaikin:            Yeah, just tell me. But one other thing to note, and it's been a bullish factor, is that millennials own stocks. They don't own houses. They rent. They don't believe in banks, checking accounts. They buy stocks, which is one of the reasons Robinhood has been so strong as a stock. I think it's more crypto-related than – but millennials own a bigger percentage – have a bigger percentage their assets and stocks than they've ever had. And they don't really believe in fundamentals. They –

Corey McLaughlin:    Yes. Looking to keep up with inflation. And –

Marc Chaikin:            Yeah, I think – and it's fun for them. They know these companies. But I they're not value investors, that's for sure. And that's part of the reason that there's so much consternation from old-time analysts like you and me about valuations. These millennials don't care. They absolutely don't care about valuations. That's based on surveys, not a guess.

Dan Ferris:                 Well, look, Marc, you and I both know at this point where valuations are, a whole lot of people don't care about them. So, what you're telling me is absolutely – has to be true. By definition it's true if they're buying. So, yeah, all day long they don't care about valuations. Just like –

Marc Chaikin:            Yeah, I mean, they're stretched clearly for the mega-cap stocks, but you drop down to the other 400 stocks in the S&P and they're pretty reasonable.

Dan Ferris:                 There are some deals where –

Marc Chaikin:            The question is where are the earnings being generated?

Dan Ferris:                 Right. And you are I won't say uniquely suited to tell us that, but certainly well suited, well equipped to be able to tell us that. And you tell – and you're in the business of telling your subscribers that.  

Marc Chaikin:            Oh, you're very kind. I'm just the messenger. I'm just the messenger. The Power Gauge does the heavy lifting.

Dan Ferris:                 I knew you'd said that. The tool is set and you're just telling the world what it says. Well, we're getting near the time for our final question but we're not there yet. OK? We're not there yet. And we've covered a lot of ground here. We've got a list of stocks that – really nice names in precious metals and things you never would have heard of without the Discovery Engine. We've addressed gold and gold stocks. We've addressed the bond market. Our friend of the show who's been on Paul Podolsky, who used to work for Ray Dalio, likes to say the – there are bonds in all your stocks, just so you know. So, we've covered that. I wonder what we haven't covered. Do you have anything coming up? Do you have – is there a new presentation coming out that we need to know about? Is there anything coming up that we really need to know about? Because I know you guys, you do all kinds of things. You put out all kinds of videos and presentations and things and I just want to make sure I cover this base with you.

Marc Chaikin:            We have two new products coming out in 2026, and we'll have our year-end – or, the 2026 portfolio of 10 stocks coming up in late December or early January. But right now, we're just trying to find what you said in the beginning, some stocks to buy on pullbacks for our subscribers. And one way or another, we'll get a pullback in October. I don't know why or when but that's never failed me. So...

Dan Ferris:                 That's great. Great. I'm glad to hear it. We could use a little breather to sort of reload the gun and fire off a couple more shots here.

Marc Chaikin:            Yep. And I will see you at the Stansberry Conference in Las Vegas in October.

Dan Ferris:                 Oh, yeah. We'll all be there, man. We'll all be there. October – I think it's, like, 20, 21st, and 22nd maybe, if I'm right.

Marc Chaikin:            Yep. Yeah.

Dan Ferris:                 And that will be a pleasure as it always is. And if – I don't even know if you can still get tickets to attend in person. But if you can, you could probably just Google "Stansberry Conference 2025 Las Vegas" and it'll take you right to it.

Marc Chaikin:            Yeah. It's a great array of speakers. I know – yeah.

Dan Ferris:                 Absolutely. We get all kinds of folks. I mean, we've had Michael Lewis and – last year we had Michael Lewis and Billy Beane, who Lewis wrote the book Moneyball about. It's people like that. Heavy hitters. I made fast friends with former governor Rick Perry from Texas. All kinds of folks. We had a woman who was a CIA specialist in disguises, and she was telling us about how she sat next to her colleagues at lunch in disguise and they didn't know it was her.

Marc Chaikin:            Oh, yeah, I couldn't make it last year because my wife came back from London and gave me the flu. So, I had to cancel. Yeah, one year I got – when the conference was in Boston, I got to know a guy named William Cohan, who's written – was an investment magazine with Lazard and Lehman Brothers. And he writes for a group called Puck News, a sort of online magazine. And I will typically comment on an article he's written on a Sunday and I'll get a reply right back. And he's a smart guy about what's going on on Wall Street. Wrote that book about General Electric, among others.

Dan Ferris:                 Yeah, I interviewed him about that. I've read a couple – I read the Lazard book. He's a fantastic writer. I mean, he is brilliant historian. If you never read a William Cohan book – C-O-H-A-N, by the way – you are – I envy you, what you're about to discover. Really –

Corey McLaughlin:    Great writer. Great reporter. He wrote a book about –

Marc Chaikin:            Really good.

Corey McLaughlin:    – the Duke lacrosse case about probably 15 years ago that I read through just connections. A lot of Wall Street connections there obviously too. So, he's versatile.

Dan Ferris:                 Yep. And a book about another one about – called Four Friends about – it's got JFK Jr. and three other guys, that he knew all four of them. Really, really – I'm glad you brought up William Cohan. Thank you for that, Marc. Yeah. All right.

Marc Chaikin:            You've got to subscribe to Puck. I find these Internet magazines fascinating. I get two: Puck and then Graydon Carter, who used to be the editor of Vanity Fair, that's a little more entertainment-oriented. He has one called Air Mail. They cost about $50 a year to subscribe and I find these very informative, particularly Puck because they have a lot of writers either talking about entertainment stocks or, in the case of William Cohan, deals. And I think this is – by the way, I think this is the way people are getting their news. It's the way I get that sort of inside story that you're not going to see in the Wall Street Journal or in the Financial Times.

Dan Ferris:                 Well, Marc –

Marc Chaikin:            Although, sometimes William Cohan writes for the Financial Times.

Dan Ferris:                 Yeah, knowing – yeah, he is. Knowing that you read Puck and that Cohan's in it, I'm sitting here clicking on it, on how to subscribe. And it's like – it's going to be, like, a hundred bucks for a year. It's nothing. So...

Marc Chaikin:            Oh, you should be able to get a discounted price there.

Dan Ferris:                 Oh, OK.

Marc Chaikin:            But it's – this is keeping journalists healthy.

Dan Ferris:                 Oh, we desperately need that. I want to tell you I heard a quote the other day, it was so spot on, unfortunately. It was a guy who said journalism is about covering the story with a pillow until it stops moving. And unfortunately, that's too, too right, too often. But a guy like Cohan, he gets in, he finds the real story, he digs it out.

Corey McLaughlin:    It's very hard. Yes.

Marc Chaikin:            Yeah, particularly if you're interested in entertainment stocks. I mean, he's right on top of Warner, all the Discovery complex and the various machinations that go on there. The Comcast spinoff. The – he's really wired into what's going on and what's likely to happen from an investment point of view.

Dan Ferris:                 Smart guy. Well, I think we sold enough Puck subscriptions for now. Let's deal with our final question, which is the same for every guest, no matter what the topic. And if you have already said it, Marc, by all means, feel free to repeat it. The question is simple. It's for our listeners benefit. If you could give them a single takeaway, a single thought today, what would you like it to be?

Marc Chaikin:            Never bet against the stock market because you think the world's coming to an end because it only happens once.

Dan Ferris:                 Brilliant. Brilliant. Thank you for that. That is brilliant. And it's perfectly true. Well, thanks for that. And thanks for coming around, Marc. We always have – it's always a great pleasure to talk with you. We always have a lively conversation. Thank you very much for that.

Marc Chaikin:            Enjoyed it a lot. Corey, thank you. See you guys in Las Vegas.

Dan Ferris:                 Yeah, see you in Vegas.

Marc Chaikin:            Looking forward to it.

Corey McLaughlin:    See you.

Dan Ferris:                 As you heard today, our friend and 50-year Wall Street legend, Marc Chaikin, is issuing a critical stock warning all to help you prepare for the day he says will mark a line-in-the-sand moment for millions of people across the country: Friday, October 3. Marc says if you have a penny in the US stock market right now, you must in no uncertain terms move your money before that date. Otherwise, you could end up on the exact wrong side of an abrupt and surprising shift headed straight for US stocks in the early weeks of October. Please note that this is the same Wall Street legend who warned of the 2020 crash, the 2022 bear market, and the 2023 bank run all in advance. And back in March, he told his readers to start preparing for a violent shift in US stocks just two weeks before Liberation Day tariffs sent the S&P plunging like a stone.

                                    If you were blindsided back then, if you're worrying whether this October will live up to its name as the month of market crashes, or if you're simply looking around right now and wondering how much longer this can all possibly go on, I'm urging you to see Marc's new warning before October 3rd arrives and you're officially too late to act. Head to messagefrommarc.com. Again, that's www.messagefromM-A-R-C.com, where you can get all the details directly from Marc. I consider this a must-see for all Investor Hour listeners. One last time, that's messagefrommarc.com.

                                    It's always good to check in with Marc. I'll have to go look and see if he is not our most frequent guest. I think he might be. He's been on a bunch.

Corey McLaughlin:    He has been on quite a bit. Obviously a corporate affiliate of Stansberry Research, so we have him on from time to time. And yeah, it's great to – I always learn something from him always. I mean, it's – no matter what, it's just happens. Yeah. I was – the main question I wanted to ask him about was, OK, if this is – if AI is tracking the Internet and stocks are stocks are taking the same path as the dot-com days, where are we here? And he says 1997, which if you know any history, you've got a couple more years left before it really gets crazy. So, he's the one that said it a year or two ago, like "Hey, we're going to have five, seven more years of this." And at the time, I was like "Oh, OK." And it's happening. So, I don't know what you think about that but that's kind of my big question.

Dan Ferris:                 Yeah, I've ceased being surprised when Marc is right, is what – it's just –

Corey McLaughlin:    Yeah, OK.

Dan Ferris:                 It's like "Oh, Marc's right again. OK." Like, "Why does Dan even still have a job? I just check in with Marc."

Corey McLaughlin:    All right. Yeah.

Dan Ferris:                 I don't really mean that. Please don't take that – don't take me too seriously. But the guy's been around and he's got the experience. He's like the Ghostbusters: He's got the tools, he's got the talent. And he's just – he's a force of nature in our business, too, honestly. I shudder to think where we'd be without Chaikin. They've been a major boost to our business. They've been great for us in every way. So, we love – I love Marc. We love Chaikin. It's just a – it's a love-in.

                                    And also, the other thing he does for us is he gives us plenty of ticker symbols. I hope you guys wrote down tickers and company names and are ready to dig in and do some research. A couple of those I hadn't heard of. I've heard of Dycom. I've heard of Aecom. But there were a couple – Emcor, I've heard of them. But there was one or two in there – he mentioned – I know one that I hadn't heard of, so that's really cool. Getting a new name, especially in this environment when Mike Barrett and I are kind of struggling for new names, I'm thrilled to get a new name. Of all the people to  get a new name from, Marc Chaikin. I can't underscore it enough.

Corey McLaughlin:    There you go. Yeah.

Dan Ferris:                 OK. Well, that's another fun conversation with the one and only Marc Chaikin. That's another interview. That's another episode. We sincerely hope you enjoyed it every bit as much as we really, truly did. We do provide a transcript for every episode. Just go to www.investorhour.com, click on the episode you want, scroll all the way down, click on the word "Transcript" and enjoy. If you liked this episode and know anybody else who might like it, tell them to check it out on their podcast app or at investorhour.com, please. And also do me a favor, subscribe to the show on iTunes, Google Play, or wherever you listen to podcasts. And while you're there, help us grow with a rate and a review. Follow us on Facebook and Instagram. Our handle is @InvestorHour. On Twitter, our handle is @Investor_Hour. Have a guest you want us to interview? Drop us a note at feedback@investorhour.com or call our listener feedback line, 800-381-2357. Tell us what's on your mind and hear your voice on the show. For my co-host, Corey McLaughlin, until next week, I'm Dan Ferris. Thanks for listening.

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