Stephanie and Grant return for a long overdue conversation about the increasingly puzzling macro backdrop against which we’re all trying to first safeguard and then invest our increasingly precious capital.

Stephanie highlights the enormous discrepancy between the household employment survey and the Fed’s own payroll numbers and explains why, as others (including the Fed themselves) catch on, this is set to make a material difference to policy options.

Away from that, the two discuss credit markets, gold, the outlook for 2023 and anything else that takes their fancy in another hugely enjoyable discussion.

In the latest edition of The Super Terrific Happy Hour, Steph and Grant tackle the recent data as Steph shows the benefits of digging a little deeper than the headline numbers when economic figures are released. From the most recent BLS releases to inflation numbers and the real state of the consumer, Steph puts on a masterclass of analysis that goes far beyond the superficial standard set by most mainstream analysts. What do the recent Walmart, target and Amazon numbers tell us about the state of the economy and what problems are the current PPI and CPI data storing up?

Our guest as the Super Terrific Happy Hour returns from hiatus is a dear friend of us both who is gracing the podcast for a second time – John Hathaway of Sprott Asset Management.

The genesis of John’s latest appearance on the STHH was a recent presentation he gave at the Strong Conference in Colorado in which he laid out the case for gold as we enter 2022 and, potentially, a very different investing landscape to the one to which we’ve become accustomed over the last decade or two.

John offers his thoughts on inflation, what lies in store from the Fed, what that may mean for the gold price and how the mining companies might fare in this brave new world.

*This conversation was recorded immediately before last week’s CPI print

This week, on the Super Terrific Happy Hour, Stephanie & Grant are joined by the legendary Sam Zell, a billionaire investor, entrepreneur and philanthropist whose uncanny knack of knowing not just which businesses to get into, but when to let somebody else take them off his hands (at significantly higher prices) is unmatched.

In this wonderful conversation, Steph and Grant expose the details of Sam’s first ever business venture, the personality traits which give him an edge over his competitors and the methods by which he identifies potential opportunities amidst an onslaught of pitches from people keen to have him be a part of their latest venture.

Frank, humble and insightful, Sam is everything you’d want him to be and so much more…

The Super Terrific Happy Hour returns with Steph Pomboy up a mountain in bear country contemplating all kinds of fascinating data points and dissecting them in her own inimitable way.

The conversation is filled with F-bombs as Grant and Steph ponder a cornucopia of topics from fundamentals to ‘flations to the Fed, froth and flawlessness (or lack of it).

Steph busts out some remarkable stats that will have you scratching your head as you watch markets look through the reality and embrace the fantasy that all is well and there’s nothing to worry about.

The housing market comes under the microscope as does the vital importance of the investing public embracing the idea that inflation is ‘transitory’.

There’s something for everyone in this edition of the Super Terrific Happy Hour so dive on in…

Joining Stephanie and Grant for episode 11 of The Super Terrific Happy Hour is Tony Greer of TG Macro.

Beginning with Tony’s days at the storied commodity trading house, J. Aron, he walks us through his experience of both trading a previous tech bubble (and the questionable decisions it prompted), a resurgent commodity complex (and the regrets it fostered) and the invaluable lessons he learned from both.

From there, Tony walks us through his current thoughts on the red-hot commodities sector, picking what he thinks will be the winners and potential losers if, as many fear, inflation finally returns and gains the upper hand.

Stephanie and Grant reconvene to noodle about a whole bunch of hot button topics including bitcoin – specifically Steph’s concerns about possible regulatory interference and the under-discussed question as to where the crypto darling may rank in the capital structure – whether any upcoming inflationary pressures are likely to merely be transitory and the change in the seasons which seems to be bringing springtime to the world of value investing just as winter approaches for technology and growth stocks.

The two discuss the effect an extra 10 million people out of work might have on both saving and spending, the likelihood that the housing market will continue to be strong as an ox and the nature of long-term, intractable problems that are all too obvious but never seem to matter until they’re right on top of us.

Stephanie and Grant are joined by an old friend, Dave Iben, Chief Investment Officer and Lead Portfolio Manager of Kopernik Global Investors – one of the great value investors of his generation.
The three discuss the art of value investing, the challenges it faces in today’s market environment and why it’s a bad idea to write any obituaries for the strategy just yet.
Dave talks about the cycles he’s witnessed over his career as he gets ready to enter his fifth decade in the business, the lessons he’s learned and offers some thoughts on where value can be found off the beaten path as equity markets scream towards all-time highs.
A masterclass in what is, sadly, fast-becoming a lost art…