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Bonner Private Research Podcast

English, Finance, 1 season, 43 episodes, 1 day, 7 hours, 50 minutes
Podcast by Bonner Private Research Podcast
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#46 - Dan Denning on A New Beginning

(00:50) - Intro (03:10) - [START] (03:50) - The Greatest Financial Crisis in American History... (06:20) - Half a century into the modern monetary experiment and where it’s headed (07:50) - What does Bonner Private Research mean for YOU? (08:50) - Bill Bonner, Dan Denning, Tom Dyson and Joel Bowman, direct to you (10:50) - Daily musings, weekly podcasts, deep dive investment insights (13:20) - Welcome to Bill’s personal network of investors, analysts and thinkers (14:20) - What you’ll get with your new BPR subscription... (16:50) - The world is changing... this is how we’re changing to keep you informed (20:50) - Sharing is caring! Please invite your friends and family along for the ride... (23:50) - Nimble, dynamic and responsive... a new way forward for a new year. (25:50) - A look at the days to come... and a big thankyou to everyone (26:00) - END
12/24/202126 minutes, 18 seconds
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#45 - Addison Wiggin and Joel Bowman on The Idea of America

Time stamps - A rough guide... (00:50) - Intro (01:30) - Addison’s intro... (02:50) - Omicron and the wrong way to learn the Greek alphabet (03:50) - Morris, Alive - A novel investigation into the “Idea of America” (04:50) - All fiction is, in the end, autobiographical - Jorge Luis Borges (05:50) - Why it has become fashionable to denigrate America (08:05) - A look inside American culture... from an outsider’s perspective (10:20) - America as the home of the individual (11:20) - From Walt Whitman to Bob Dylan, a legacy of literary independence (12:20) - The uniqueness of the American project (16:20) - Clear and Present Danger: A look at the threats to American culture (19:50) - Why literature? Why draw the line in the sand here? (24:20) - What’s wrong with Marxism anyway? (31:35) - The second coming of Neo-Wilsonian progressivism (37:20) - Progressivism through the 20th Century... and what’s next (39:20) - Breaking out of the echo chamber (47:50) - END
12/10/202148 minutes, 14 seconds
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#44 - Bill Bonner on COP26 Glasgow, the Fed’s hypothetical 3rd Mandate and more...

Time stamps - A rough guide... (03:00) - “Helllloooooo Bill...” (04:00) - Bill chimes in on the cult of St. Greta and the COP26 gabfest in Glasgow (06:10) - “A lot of people are making a lot of money out of this green stuff,” Bill Bonner (09:55) - Bill’s take on climate change: It’s a whole lot more complicated than that! (11:10) - Would we be better off with lower CO2? What’s the cost? Nobody knows... (12:10) - Viva la (Brown) Revolution! 7 billion people depend on industrialization (13:10) - Supply Chain Disruptions as a result of energy breakdowns (15:40) - Bill on the true genius of capitalism in a free and open market (17:00) - Adam Smith’s invisible hand and the making of a single pencil (21:10) - Nature is full of tricks and surprises... technology makes it possible to survive them (24:25) - Top down experiments in economic mismanagement... and The Fed’s “3rd mandate” (26:25) - Bill on untruths, public relations and environmentally friendly governance (27:40) - “The Fed has two choices. All the rest is poppycock. They inflate, or they don’t inflate. My opinion is, they’re gonna inflate.” (30:40) - Where is Paul Volcker when you need him? Long, long gone... (31:40) - How the entire elite of America got rich from printing money (33:40) - Lessons from the past... money printing and the great Faustian pact (35:40) - Do the recent elections suggest a cultural pushback? (38:40) - What’s in a name... or a pronoun? (41:00) - END
11/19/202141 minutes, 6 seconds
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#43 - Dan Denning On Supply Chain Disruptions

01:30 - Exercise-induced boredom and economic life after the Fed’s tapering... 01:00 - Auditory enlightenment and the antidote to boredom... 02:30 - Life by subscription and the challenge of valuations in the ‘New Normal’ 05:30 - Building narratives to justify any old theory... 06:30 - The Great Intergenerational Wealth Transfer, from cash flow millennials to asset rich Boomers 08:30 - Asset bubbles, suppressed interest rates and the real value of your time 13:00 - How the Fed’s abuse of its exorbitant privilege paved the way for Bitcoin 15:30 - How to build your own Atomic Bomb (and the investment takeaway) 16:30 - A guerilla army constructs a decentralized alternative to the goosed game 18:00 - The Empire strikes back - crypto bans, regulations and the future 19:30 - What to make of so-called “temporary inflation,” now projected into 2022 21:00 - People still pretty much vote with their pocket books... 24:00 - What big, historic, macro indicators are telling us about the road ahead... 25:30 - What’s really driving Supply Chain Disruptions (hint... follow the money) 28:00 - The Pandemic as de-facto boogeyman for all politically caused ills in life 31:15 - What about the Fed’s (hypothetical... and proposed) 3rd mandate, Social Justice? 33:00 - The Glasgow Hypocrisy Summit - 400 private jets stop the world burning 37:00 - Putting philosophy aside - is it better to be rich than being right? 42:40 - “The best way to preserve your freedom is not to pick the right candidate, but to be able to take care of yourself” ~ Dan Denning
11/12/202145 minutes, 33 seconds
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#42 - Bill Bonner on How Economic Policies Are Eroding Two Millennia of Progress

Time stamps - A rough guide... (00:50) (02:50) - Bill Bonner (03:00) - Advice from father of the bride - Start saving now (04:00) - What to do when inflation hits 50% (Learn mental math!) (05:00) - Trends in motion accelerated by a pandemic (06:30) - The US follows Tokyo... all the way to Buenos Aires! (08:30) - How the country is going down the tubes... let us count the ways (12:00) - How might 2021 years of progress come to a grinding halt? (15:00) - Out shrinking world - How the State curtails freedoms (16:00) - “What makes progress is the ability of people to decide what to do for themselves. It’s freedom.” (17:00) - What we learned from the 20th Century’s 3 Great Mistakes (19:30) - Welcome to the USSA: Saule Omorova and the New World Improvers (22:30) - Public profligacy, private snooping - Big Brother eyes your accounts (23:30) - “The whole idea of democratic government is basically a fraud.” Bill Bonner (24:20) - “The actual value of a single vote in America today is approximately zero.” (29:30) - Bill weighs in on vaccine mandates and the absence of consent (30:30) - Fake whistleblowers and Facebook’s war against competing ideas (35:00) - The corruption of the dollar and the false signals it sends (38:00) - A sneak peek into the future of Bill’s new private research project
10/15/202140 minutes, 18 seconds
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#41 - Chris Mayer On Quality

(00:50) - INTRO (02:30) - [START] Let’s get to our program... (03:00) - Chris Mayer’s Investment Book Recommendation: Silent Investor, Silent Loser - by Martin Sosnoff (03:30) - The case against custodial management and the concept of “skin in the game” (03:00) - Inside ownership over time and the trend toward duel classes of stock (07:00) - Egregious owner compensation as a potential red flag for investors (08:20) - Lost in the Numbers: Treating money management as a conceptual exercise (10:20) - Art as an test case for subjective value (12:30) - Chris Mayer’s Philosophy Book Recommendation: Philosophy as Poetry by Richard Rorty (13:00) - A look at pragmatism and how it relates to investing (16:00) - A closer look at so-called “experts” and a new way or seeing and saying things (17:30) - Eternal archetypes and the lessons we can learn from them (21:55) - Chris Mayer’s Fiction Book Recommendation: Zen and the Art of Motorcycle Maintenance (23:00) - An inquiry into the nature of quality... and a great road trip (25:30) - A novel written by our host, Joel Bowman: Morris, Alive (26:30) - Special mention for great holiday reads: It’s All Greek to Me by John Mole (29:15) - END
10/8/202129 minutes, 8 seconds
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#40 - Ronan McMahon On The Path Of Progress

00:50 - Intro 03:00 - Ronan McMahon 04:55 - The lure of Cabo... 05:55 - Zoom Towns - Ronan’s update on a long held trend 07:10 - Trends already in motion: The great COVID accelerator 09:10 - The global migration of the Digital Nomad generation 12:10 - International Living - The advantage of multiple passports and residencies 13:40 - Travel during the time of COVID - From New York to Panama City 17:25 - A word on home schooling and decentralized education abroad 20:40 - Ronan’s own mortgage in Portugal (see pics below) 22:40 - Time to sell high? A look at the rise and rise in US real estate prices 25:40 - Real estate investing in an era of deep negative interest rates 28:40 - The Path of Progress - How Ronan identifies deep value opportunities 29:55 - A Case Study in PoP opportunity: The Riviera Maya 34:40 - A quick look at healthcare abroad - cost, care and your options 41:00 - Healthcare vs. wellness - An international lifestyle to reduce stress and increase a happy, healthy life 42:20 - The life of an International Real Estate hunter - Where in the world will Ronan be next?
9/24/202143 minutes, 58 seconds
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#39 - Dan Denning on Lockdowns, Lockouts and the End of Financial Privacy as We Know It...

(00:50) - INTRO (05:30) - Interview with Dan Denning (06:00) - Told to disembark... (07:00) - Joel’s ESTA visa revoked... or canceled... or suspended... or....not? (09:00) - Please, sir! Don’t send me to the once and future penal colony! (10:30) - Dan’s move to Laramie and the best DMV in the country (11:30) - $80 billion dollars and 80,000 new IRS agents... coming to monitor YOU!! (12:30) - Is the crackdown on physical movement turning into a crackdown on capital flows? (14:00) - Revisiting the Australian Canary in the COVID-19 Coal Mine... (16:30) - Beware the Mainstream Media (yes, still!) (17:00) - Australia as a petri dish to test authoritarian dictatorial impulses (19:00) - The “coming” police state is already here #LockedDownUnder (20:00) - Technological surveillance tools that will be tracking you soon (12:20) - “The most Orwellian technology app in the western world” (23:40) - The Trojan horse the communists always wanted (24:05) - Collective punishment and the impetus toward “safetyism” (26:05) - The Big Media echo chamber and the war on heterodoxy (31:05) - One Party World and the domination of opinion via control of language (33:20) - From “Lockdowns to Lockouts”: The final transition into totalitarianism (39:20) - Australia’s coming Great Beer Rebellion (43:00) - The War on Cash and the assault on personal and financial privacy (47:30) - Are “Lock Outs” coming for your capital? (49:20) - Opportunity Outlook: Wyoming as a safe haven for digital assets (51:00) - The Bonner Private Research Conference... stay tuned for details... (52:00) - Timeline expectations... and why we’re in it for the long haul (53:25) - END
9/10/202154 minutes, 1 second
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#38 - Robert Marstrand - Crisis Vacationing for Your Money

Time stamps - A rough guide... 02:30 - Interview with Rob Marstrand 03:00 - Argentina, Peru and the ongoing Latin American COVID-19 disaster 05:00 - Lockdowns and military rule in Australia 07:00 - Argentina as a leader in terms of day-to-day freedoms 08:45 - De facto vs. de jour rules down on the Pampas 10:00 - Freedom of speech as an endangered animal 11:30 - Waking up in a 13th Century Venetian Cave...lessons from the past 13:45 - The coming destruction of the modern monetary regime 14:45 - A glimpse into an inflationary future 17:00 - First hand lessons in economic insanity from the developing world 20:30 - How to create an entire class of political and social dependents 22:30 - The growth and growth (and growth!) of the welfare state 28:30 - How small ‘c’ conservatism and the working class saved the UK, again 30:15 - Hooray for Socialism! (As long as someone else pays for it...) 33:30 - Brexit and the Crisis that wasn’t 34:00 - The future of the Eurozone without the UK 41:10 - Crisis vacationing for you AND your money 42:00 - Planning a trip? Come to Greece!! 42:30 - Where to invest in a world flooded with cheap money and EZ credit 43:45 - Hunting for profits in the gold:silver ratio 44:20 - Is there value to unlock in the UK markets? 45:20 - UK Independent Wealth and working with Nigel Farage [Learn more about Rob’s work: ] 49:00 - Chile, Peru and the hunt for profits in the copper markets 51:15 - The price of an unhurried lunch at the #1 rated parilla in Buenos Aires
8/27/202153 minutes, 44 seconds
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#36 - Anya Leonard on the Fall of Nations and End of Empires: lessons in hubris and destruction

Time stamps - A rough guide... (00:50) - Intro (02:00) - START (02:15) - A marital disclaimer from Athens, Greece (03:05) - Don’t believe everything you hear (or read in the newspapers) (04:05) - Greece is open for business... Come visit! (04:45) - Exploring the ancient Greek concept of Xenia (05:45) - Time travelling to a pre-budget airline Europe (07:15) - Public space vs. private anxieties: developing a sense of community (09:05) - Philosophy in the time of Plague - lessons from the ancients (13:00) - The art of cherry picking - the best of the best from the classics (17:45) - Contemporary issues viewed through the lens of the past (20:05) - Rome and the USA: The rise and fall of empires, then and now (22:15) - How canceling history dooms us to repeating its mistakes (22:55) - What can we know? The search for truth, even when we’re wrong (25:15) - The End of Empire and Fall of Nations: A Classical Wisdom Symposium (28:15) - Rise of the historians: Niall Ferguson on Doom Politics (28:45) - Speaker Roster: A who’s who of the coming symposium (31:35) - Ancient Athens... from the comfort of your own home! (33:15) - Libate while I contemplate? Where can I register? (35:15) - Adrift in the Aegean: Where to next? (36:22) - END
8/13/202136 minutes, 58 seconds
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#35 - Dan Denning On No Buy Lists

Welcome to the No Buy List You’ve heard of the No Fly list before, no doubt... where people are flagged by the government as potential terror threats and denied their right to travel. As with all government programs, this one is rife with inefficiencies and wrongful accusations and plenty of innocent people get caught up in the dragnet. Well, now it’s time to get ready for the No Buy list... At least, that’s according to PayPal co-founder David Sparks... who would know a thing or two about such a list as it is his former company, PayPal, that is leading the charge in this new form of financial ostracism. (Here’s his excellent column on the topic, for further reading.) PayPal has teamed up with such censorial mission creepers as the Southern Poverty Law Center and the Anti Defamation League to create a list of individuals it wants banned from their payment platform. Other fintech companies are expected to follow suit. What gets you on such a list? What precedents are being set? And what will become of the hordes of people denied not just a voice, but potentially their livelihood, too? As these people are increasingly marginalized, are they likely to become radicalized? And might they not then be driven to vote for exactly the kind of authoritarian you wouldn’t want in charge of such a dangerous, Orwellian architecture of permission-based living? I’m joined today by The Bonner-Denning Letter’s co-author, Dan Denning, to talk about privacy, censorship and the long arm of the government, working hand in glove with Big Tech and now Fintech, too, to suppress dissent, silence opposing voices and punish non-compliance. We’ll have all that and plenty more in my conversation with Dan Denning, below... Time stamps - A rough guide... 00:50 - Intro 02:50 -Tokyo 2021: The political olympics 06:00 - Mask mandates, vaccine passports and other cognitive dissonances 06:40 - FANGMANS - Meet your new corporate overlords 08:10 - Is the earnings season blowout a prelude to a blow-up? 09:30 - When Big Tech becomes the government’s speech police 10:15 - Modern facism and the propagation of “Bigness” 11:40 - The S&P is now at 183 days since a 5% correction 14:00 - Recursion, M.C. Escher and the great puppeteer effect 15:00 - China’s Social Credit Score comes to America 18:30 - The White House watch list... Are you on it? 20:30 - When the powerful set the rules, there’s no recourse for the powerless 22:50 - Panem et circenses: Stock market as circus; stimmi handouts as bread 25:00 - You’ve heard of No Fly lists... get ready for the No Buy lists 27:25 - Participation in civil society as a subscription only concept 29:25 - When everything is either prohibited... or mandatory 30:55 - Meet the “Safe, government-backed settlement asset” (LOL) 31:30 - Is now the time to make a move... and to where? 32:30 - How to radicalize tens of millions of people 34:30 - Gunpowder, information, technology and other force multipliers 38:20 - Are central bank digital currencies a threat to cryptos...or a case for them? 43:00 - END
8/6/202143 minutes, 27 seconds
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#34 - Eoin Treacy on Life by Subscription, the Chinese Real Estate Bubble, and the Exodus in America

Eoin Treacy, our guest on this week’s BPR Podcast, reckons part of it has to do with our all being reduced to “mere cash flows.” Where our forefathers were typically asset oriented, younger generations tend to embrace a kind of “Life by Subscription” model, which is packaged and sold to them as trendy minimalism... but really represents a transfer of wealth from paycheck-bound renters to asset rich rentiers. Combine this trend with rising inflation and one begins to understand why a whole class of economic outcasts is starting to wonder what exactly it was they signed up for... and just how hard they’re going to get it. Time stamps - A rough guide... (00:50) - Intro (03:45) - Eoin Treacy (04:05) - A history of very short visits to the Middle East... (04:45) - Self censorship in the Dubai media... and the consequences for non-compliance (06:45) - Exodus: The Great California to Texas migration (07:30) - Rising violence around America’s metropolitan centers (09:15) - Violence as a cycle, and where we are right now (11:30) - Eoin’s journey: From philosophy’s big questions to technical analysis and beyond... (12:45) - The first question every investment bank asks new recruits (13:45) - Philosophy, as investing, is really about analysing arguments (14:30) - Inflation vs. Deflation - two sides of the same coin? (16:25) - Life by Subscription: What happens when we’re reduced to “cash flows” (19:45) - Autonomous vehicles and the coming war against private ownership (22:40) - Low interest rates and the Great Experiment Economy (24:55) - The “platform effect” and the great wealth transfer (25:55) - The Airbnb Model and the benefits for asset owners (26:50) - The Great Reset and the future of “Asset Light Living” (30:20) - A history of serfdom and the coming peasants’ revolt (33:00) - Generational Rifts - today’s 40yr olds vs. 40yr olds of yore (35:15) - There’s a lot of ruin in a vastly distributed United States... (36:30) - Mechanisation: The left behinds, both in the US and Abroad... (39:00) - China’s giant real estate debt problem (and pending default?) (43:00) - A Black Swan coming out of the Middle Kingdom (44:30) - How private investing is like international beauty contests (46:00) - The case for Mexico (and a bad case of national PR) (48:40) - The Real Big Fish - Tracking pelagics in the world’s premier scuba locales (50:30) - Eoin’s work, where to find it, how to follow
7/30/202152 minutes, 49 seconds
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#32 - Dan Denning on Rocketing Inflation, Private Space Travel and Forever Lockdowns Down Under...

Up, Up and... away! Prices are on the move again, Dear Listener. Latest official figures (such as they are) tell us that Producer Prices rose 7.3% for the month of June. Consumer Prices were up 5.4% over the same period, the biggest CPI gain since August, 2008. Core producer prices were up 5.6% year-over-year. Where to from here, you might be wondering? To help answer that question, I caught up with Dan Denning earlier this week. We talk about what’s behind the rising prices, the flat out lies the Fed’s are spinning and what you can do to avoid the fallout of their hubristic undertakings. Time stamps - A rough guide... (01:45) - [START] “You were in town for the ballgame...” (03:40) - All Star Baseball marks a time for unity... and a time for division (05:10) - Covid, equity, injustice and public posturing and the cause du jour (05:40) - Inflation USA: Land of the $12 hotdog and the $15 beer (08:05) - “We will continue to be your single source of truth,” Jacinda Ardern (08:40) - Should the government monitor text messages to ensure “truth” (12:25) - Who gets to set values and determine priorities in society? (13:00) - Christine Lagarde’s and the ECB’s war on cash and economic privacy (15:10) - the government is taking over the housing industry... again! (15:50) - Inflation is going to be higher than you expect. What to do? (21:15) - What happens to middle class wages when there are millions of job vacancies? (22:55) - The Great (and Growing!) American Wealth Divide (26:15) - What happens when sky high asset prices teeter... or even fall? (28:15) - Scanning the horizon for the next Black Swan... (30:15) - The never ending Lock Downs Down Under (35:15) - Technocratic linguistics and the idea of language as a frontier for freedom END and End of tape...
7/17/202140 minutes, 12 seconds
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31 - Bill Bonner on the Real Asset Economy

What can the average salary earner do to prepare for the triple specter of rising inflation, rising interest rates and rising taxes? What business do world-improvers and do-gooders have predicting the needs of the world 50 years out... while imposing their plans in the here and now? What happens to revolutionaries when it comes time to confront their own sordid pasts? I posed these questions, and plenty more, to Bill Bonner when I caught up with him earlier in the week. Bill is happily ensconced in Youghal, Ireland, where he just welcomed the 7th Bonner grandchild into the fold. We begin our conversation by imagining what the world might look like when the next generation reaches college age. Please enjoy my conversation with Bill, up next... (00:50) - Intro (01:45) - Start (02:30) - Bill reports from Youghal, Ireland, on the state of affairs there... (04:15) - Looking ahead to the world one generation from now (05:35) - Grandpa Bill’s “wet blanket” investment advice (08:10) - “It’s a fantastic conceit to think that whatever we want no is what the world needs years from now.” (09:05) - A the distinction between private undertaking and public folly (09:45) - Lockdown grievances and the definition of “essential” vs. “non-essential” work (11:20) - A common thread for all central planners (13:00) - Living with government meddlers - Living free in an unfree world (14:30) - The “Workers’ Party” - Eternal enemy of the Working Class (15:45) - Are we beyond full employment? (16:30) - “There’s no man so conservative as a revolutionary who has just seized power.” (16:45) - News from Nicaragua... a tale of (yet another) revolution gone bad (22:20) - Uncrowded beaches, uncrowded trades, uncrowded investments... (23:00) - Bill’s latest Trade of the Decade: An update... (25:00) - Inflation: What the government wants, the government shall get... (26:00) - $10 Trillion: Welcome to the fake money boom! (29:00) - The Housing Boom as a “bridge” between the Financial and Consumer markets (33:00) - Are the Feds about to “Go Big”! (34:00) - What can the average citizen do to ride out the coming storm?
7/8/202138 minutes, 45 seconds
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30 - Dan Denning On Climate Lockdowns, Rising Prices, Political Unrest And Universal Basic Income

There was plenty to discuss earlier this week when I caught up with my good mate and co-author of the Bonner Denning Letter, Dan Denning. From my temporary digs in Sarasota, FL. and his Rocky Mountain bolthole in Colorado, we looked at rising prices across the land, compared past recessions to the Great COVID Crash of 2020 and touched on a new term that we think you’ll be hearing a lot more of in the future... “Climate Lockdown” We also spoke about the important difference between Huxlian vs. Orwellian dystopias and wondered which might be in store for us all next (and what we can do to avoid the fallout!) Please enjoy my conversation with Dan Denning, below... Time stamps - A rough guide... (00:50) - Intro (02:55) - Hello Dan... (05:20) - News from Dan’s Rocky Mountain Bolt Hole (06:25) - Inflation, Inflation, Inflation! (10:25) - “Short term, everything is expensive. Long term, it’s going to get worse.” (10:45) - Inflation -> Deflation -> More inflation -> and Ka-Boom! (12:00) - The $2 Trillion Company Club - Apple, Microsoft, Amazon... (17:15) - Comparing the 2020 crash (and 2021 recovery) with past recessions... (21:05) - Why the government NEEDS low interest rates (22:30) - “You want me on that wall... you NEED me on that wall!” (23:05) - $350 for dinner? A sign of things to come... (24:45) - When rising food prices translates to political unrest (27:25) - Are we seeing the emergence of Universal Basic Income? (28:50) - Get ready for Climate Lockdowns (32:00) - Was Huxley more right than Orwell? (32:45) - The Stability nightmare and the Age of Big Daddy Government (37:00) - In the end... what can YOU do?
6/25/202139 minutes, 57 seconds
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29 - Chris Mayer on Headline Distractions, Investing for the Long Haul and the “Cicada Portfolio”

Time stamps - A rough guide... (00:50) - Intro (05:13) - Talking with Chris Mayer (08:15) - American hospitality - how the travel industry is rebounding after a dreadful 2020 (09:30) - TSA throughput numbers approach pre-COVID levels again (11:20) - Consumerism rebounds - high end stores see roaring demand (12:10) - Savings rates go vertical - a global phenomenon (12:25) - The Big 3 - Rising Inflation, Rising Interest Rates and Rising Taxes (19:20) - The coffee can portfolio - a rewarding exercise in patience (22:20) - College Funds as Cicada Portfolios (23:50) - Profit per Employee - a new metric for dynamic companies of the digital age (25:00) - Evolution Gaming and viewing profitability in a whole new way (28:00) - Following (and investing in) the Great Digital Migration into the 21st Century (31:00) - Questioning the value (and the price tag!) of traditional college education (33:30) - The rise and rise of Rappi and the food delivery phenomenon (39:00) - Mayer’s Top Ten - Running a tight portfolio and concentrating on winners (40:35) - Traveling light - a metaphor for keeping space tight and standards high (43:20) - Mental exercises for avoiding panic selling and FOMO buying
6/18/202146 minutes, 7 seconds
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27 - Addison Wiggin on The Examined Life, I.O.U.S.A. (Redux) and Fist Fights at 40,000ft...

In this, Episode #27 of the BPR Podcast, I caught up with my old friend and founder of Agora Financial, Addison Wiggin. Over the course of an hour or so, Addison and I talked about the books that matter to him, why we should resist growing calls to “cancel” the western canon, how politics has changed over the course of the US empire, and why having fist fights at 40,000 feet is probably not a good idea. We also looked at exploding government debt in a “post-covid” world, reminisced about his “big budget” movie, I.O.U.S.A. and wondered what the classically trained Founding Fathers would think of the current state of the union. All that and more in my conversation with Addison Wiggin, below... (00:45) - Intro (04:20) - Interview (07:50) - Addison on his unique and formative experience at St. John’s College (14:35) - Eva Brann and the value of the examined life (18:05) - The road less travelled... takes Addison to Annapolis (19:05) - From Annapolis to Agora (21:05) - Claude Bernard’s scientific method and standing on the shoulders of giants (24:35) - Can the classics survive “cancel culture”? (28:00) - Literature and the “Lindy Effect” (29:30) - The mark of an educated mind and the definition of classical liberalism (32:45) - “Nobody is trying to be civically responsible, not in the age of social media. They’re just trying to win votes.” Addison Wiggin (33:15) - It’s not “right” vs “left” as much as it is “liberal” vs. “Illiberal” (38:40) - From the Founders Fathers limited government to the Post Pandemic supermonster - lessons in the growth and growth of the governmental apparatus (41:00) - I.O.U.S.A. remembering a “big budget” movie (45:00) - The case for optimism - is this the beginning of a New Era of Prosperity? (46:40) - The central flaw of modern western democracies (50:00) - “Never let a good crisis go to waste,” said every government, ever. (49:55) - Civil liberties in America - an outsider’s perspective (55:30) - Why a healthy democracy needs space for opposition (57:30) - Examining the facts on the ground - Addison heads to Greenland (1:03:00) - A useful corollary to Gresham’s Law from Saul Bellow (1:04:00) - That which one does not know, one ought not claim to know
6/5/20211 hour, 8 minutes, 25 seconds
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#26 - Dan Denning on a National Trend in Local RE, Metals Markets and Bugs on the Menu

Time Stamps... a rough guide (05:10) - Welcome back to the USA, a stroke of Dumb Luck for the Bowman Family (06:30) - America Unmasked! Dan checks in from his Colorado Bolt Hole (07:25) - Is it full speed ahead for a post COVID-19 America? (08:15) - News from Dan’s side hustle as a parks and wildlife advocate (09:00) - Retail and air travel take off once again (11:00) - What tools, if any, do the Feds have in their arsenal to contain and control inflation? (12:15) - Median house prices across the US up 19% Y.O.Y. What is that telling us? (13:00) - De-dollarization - the stampede out of fiat and into hard assets (13:20) - Meat, food, energy... prices are up, up, up and away! (14:00) - Zoom Town USA - Notes from the 6th great migration (16:30) - FOMO coming to a housing market near you, soon! (21:00) - Dan talks the gold silver ratio and a potential buying opportunity for metal heads among us (22:30) - Silver trades at a significant premium to the spot price (23:15) - How best to invest in physical silver. “If it’s not in your hot little hand, it’s not yours.” (24:30) - Dan Denning does his best Bill Bonner impersonation (25:15) - Three resets happening as part of the one, great reset... (26:15) - “We’re being groomed to become bug eaters.” (26:30) - Latest news from everyone’s favorite Doom Goblin (Greta Thurnberg)
5/28/202129 minutes, 35 seconds
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24 - Dan Denning on Inflation, Surrendered Civil Liberties and The Fire in the Titanic's Boiler Room

A man goes to see an epidemiologst to ask, “When will this pandemic be over?” “How should I know?” the epidemiologist replies, “I’m not a politician.” Ah yes, dad jokes. More truth than humor, no doubt. this week I caught up with the co-author of the Bonner-Denning Letter and one member of the so-called Aussie diaspora, Mr. Dan Denning, who currently resides in Colorado but who proudly called Melbourne home for a happy decade... We spoke about the situation Down Under, vis-a-vis immigration and border closures, the lockdown and lock out, plus the importance of standing up for your hard won rights and liberties. Dan also mused on the inflationary creep going on in the US, where prices for raw materials - lumbar, iron ore, base metals and such - are beginning to seep into the broader economy in a very real way. For those of us who, say, consume food and energy, that means higher prices at the store and at the pump. And for those who live on or near the margin, which as we saw over the past year is many more than you might think, that means some tough decisions ahead. All that and more we cover in my conversation with Dan Denning, up next... Time stamps - A rough guide... (00:50) - Intro (07:45) - An Open Letter to Australia (09:30) - An Aussie news play-by-play: Fear and trembling Down Under (11:00) - “When you control the message, and the message is fear, it’s not surprising that’s what you get.” Dan Denning (13:05) - What happened to asking questions? To standing up for our rights? (16:30) - The age old false dilemma: Liberty or Security (17:25) - Turning to the US and the maybe, possible, probably return to normalcy... (18:55) - Consumer Price Inflation - To the moon? (19:50) - Inflation is becoming a psychological phenomenon now (20:40) - US Jobs Outlook: When you pay people not to work, people to a good job at it (22:00) - Tom Dyson’s take on shipping stocks and raw materials (24:00) - Money printing: The point at which inflation goes from theoretically possible to practically catastrophic (28:00) - When it comes to free money, credulity is the limit (29:30) - Interest rates are the ones to watch... (30:45) - What ever happened to the bond vigilantes? (32:20) - The corrosive effects of unsound money on the broader economy (33:30) - The Japanese Story... and why it’s fundamentally different to the US (35:45) - Two transportation metaphors: The Titanic and Aeroplane Take-off Speed (39:00) - When incentives change from patience and prudence to borrow, borrow, borrow!
5/14/202142 minutes, 30 seconds
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23 - Marcelo Fleischer on Bitcoin: The Birth and Resurrection of Monetary Insurrection

A decade ago, almost to the month, a man arrived at my apartment here in Buenos Aires with a bottle of Malbec under one arm and a crazed, almost fanatical look in his eye... He had come to tell me about a nascent payment system he had uncovered, one that he thought had the potential to “revolutionize money, markets, man’s relationship to the state... everything!” By the look of him - disheveled, coffee-wired, more intense even than usual - I assumed he’d been up for days on end, doing the proverbial “deep dive” into the whole project. I was right. (But not as right as he was!) Over the course of the next few hours - and a few glasses of the aforementioned vino - my friend explained to me the ins and outs of an ingenious technological breakthrough... one that had been, literally, thousands of years in the making... As you’ve probably guessed by now, that payment system was (and in some ways still is) Bitcoin. And at the time, back in early 2011, you could buy one (becoming what is now known in the hallowed halls of Bitcoinlandia as a “whole coiner”) for less than a cup of coffee - or about $1.50. Time stamps - A rough guide... 00:50 - Start - Introducing Marcelo and the Bitcoin Story 01:50 - From gold, to Bitcoin and beyond… 02:30 - Why Bitcoin in the first place? A civilizational shift in technology... 03:40 - The Global Financial Crisis, the genesis block and the birth of Bitcoin 04:20 - The important reason Bitcoin is a “peer-to-peer cash system” [Banner] 05:40 - How fiat money is the most efficient way to rob you 08:40 - The need for a money that reflects scarcity in the real world 11:40 - E-gold and the failure of market-based money alternatives before Bitcoin 13:00 - What Bill said?: BPR Ep. #22 - 26:35 - The good news: You can “fork the system” 29:00 - When Bitcoin adoption growth became “too good to be true” 30:00 - How Blockstream hijacked Satoshi’s vision 31:30 - Who financed the undermining of Bitcoin? Following the money... 35:20 - The controversial “block size” debate and the BTC/BCH fork 38:00 - Bitcoin fees as a blind auction 49:00 - August, 2017: the birth of Bitcoin Cash (BCH) and a return to the original mission 52:35 - The advantage of free market competition in money 53:50 - Bitcoin Cash as the most widely used cryptocurrency in the world
4/30/202158 minutes, 19 seconds
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22- Bill Bonner on the press, so-called “white supremacy” and the illusion of free money

In this week’s episode of the Bonner Private Research podcast I’m joined by Bill Bonner, author and founder of the Bonner Private Research Group. Today's conversation takes us for a journey through both time and space. We take a look at everything from the illusion of free money to the advent of free market money. From Dogecoin to Ford Motor Company, from bad ideas to real wealth and plenty more besides. Such is the breath of conversation one might reasonably expect when sitting down with no other than Bill Bonner, a man of a great many interests and insights, a few of which he was kind enough to share with us today. I hope you enjoy my conversion with Bill, up next Bullet Points 00:50 - A conversation through time and space 02:14 - The Irish language and lessons in how to mispronounce “Youghal” 03:22 - Calchaqui to Blackwater: Valley to valley lockdowns from Argentina to Ireland 05:38 - Bill on facemasks and PPE gear for children and students 06:24 - The advantage of multilingualism in a multi-polar world 07:34 - Speaking gaelic where nobody goes, and where nobody knows 09:31 - Coming to America! What to expect when we head north for the summer 10:25 - Bill on Chinese-style struggle sessions in America’s “leading” institutions 11:50 - Bill on so-called “white supremacy” and the electoral current in America 12:46 - General Motors, accusations of racism and the case of corporate blackmail 13:40 - The MS Press as leader in the vilification of the european cultural heritage 15:00 - What might the New Dark Ages look like? 15:47 - The progress of Civil Society vs the progress of technology 16:10 - Nazi Germany: An ordinary case of extraordinary stupidity 18:40 - What happens when you combine nuclear bombs with dark age brains 21:25 - Why is human kind incapable of ridding itself of demonstrably bad ideas? 21:55 - Lessons from the historical, irrational, involuntary act of “falling in love” 23:17 - “Hans, do you zinc zat ve are ze bad guyz?” 25:04 - The diabolical advent of (what looks like) “free money” 25:55 - Freud on limits and the civilizing instrument of restraint 27:10 - Humans have not evolved to understand or live alongside Facebook 28:45 - The grave impact of Social Media on an increasingly Anti-social society 30:11 - Why are humans so fascinated by markets? Bill’s thoughts... 31:45 - The ultimate pretense of the investment world 32:20 - How (not) to become your own online casino... and go broke doing so 33:17 - The great cycle of life: Making money... then figuring out how to get rid of it 33:51 - Not all booms are created equally - the real, legit vs. the phony crack-up 35:05 - (Re)introducing the coming “katastrophenhausse” 39:19 - Looking for warning signs along the road to monetary ruin 40:21 - Is Dogecoin really “worth” more than Ford Motor Company? When the money doesn't seem real 44:03 - Had the Feds done their job and kept their word, maybe crypto would not have taken flight 45:20 - Honesty in money is a basic building block of civilization
4/23/202147 minutes, 19 seconds
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21 - The Atomization Bomb - Hannah Arendt’s

Bullet Points 00:50 - Start (after one false start) 00:55 - Hannah Arendt and the Origins of Totalitarianism 01:20 - Europe in the lead-up to WWII 01:45 - Something more insidious even than the militarized state 02:15 - Attend makes a narrow escape from Nazi Germany 02:30 - A case of the Gestapo “just doing it’s job” 03:05 - Interned as “alien enemy” in Paris 03:35 - The question on everyone’s mind, then and since 04:05 - Life in Hobbes’s nature: “nasty, brutish and short.” 04:25 - Post Enlightenment, Uber-Industrialized Germany 04:55 - Enter Messers Marx and Engels 05:40 - Communism and Nazism as fraternal twins 06:15 - A parasitoid infecting unthinking hosts on the right AND left 06:40 - Nazism favors neither the right nor the left, says Hitler 07:20 - Hitler’s extensive socialist programs and the rise of the Brownshirts 07:30 - Something more than collectivist dogma alone 08:05 - The source of evil, residing within man himself 08:40 - Totalitarianism as it “spreads like a fungus” 09:20 - An unholy alliance: Terror, meet Ideology 09:30 - The Atomization Bomb 09:55 - “A single death is a tragedy, a million is a statistic.” Joseph Stalin 10:25 - The citadel of the mind - Man’s last stand against propaganda 11:25 - Totalitarian tactics of the abusive spouse 12:20 - Classic double blinds - The unhappy plight of the Russian clerk 13:05 - Eichmann in Jerusalem 13:30 - “A curious, quite authentic inability to think” 13:55 - Cliches, stock phrases and the making of the perfect totalitarian tool 14:35 - Terrorized individuals as fertile matter for mass propaganda 14:55 - The three primary ways we are primed for totalitarianism 15:15 - The mass media factor and the advent of choose your own adventure reality 17:15 - The deleterious impact of Social Media bombardment 17:55 - Critical Race Theory - A devastating doctrine of division 18:20 - An extreme contempt for facts 19:10 - The oppressive legacy of facts, rationality and evidence 20:00 - The grand irony of Critical Race Theory 20:35 - Projection and bigotry in its most primitive form 21:30 - The staggering hubris in demanding the cancelation of history 22:00 - CRT proponents - by their clichés you shall know them 23:05 - Mandatory, taxpayer funded Critical race Theory training in the USA 23:40 - Enter COVID-19 and the atomization of man in 2020 24:05 - A look at what did not happen during the ongoing pandemic 24:55 - Alone together - the unusual commonality of being apart 25:30 - The social circuit breaks that keep us civil, sane and harmonious 26:05 - What lies beyond the biological toll of COVID-19? 26:30 - Standing shoulder-to-physical-shoulder against the totalitarian creep
4/17/202127 minutes, 18 seconds
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20 - Dan Denning on Biden’s Jobs Plan, American Corporatism in 2021 and the Manufacturing of Consent

In this episode we have a rather lively conversation lined up for you today. Audience favorite and Bonner-Denning Letter co-author, Dan Denning, joins us from his mountain bolthole in the Colorado Rockies to discuss Woke Capitalism, Governmental “gain of function” and the (very) worrying creep of Corporatism in America, 2021... So grab a cup of Joe (or vino), sit back and listen in for all that and more in our conversation with Dan, below... Bullet Points 03:35 - Biden’s Jobs plan and creditidism 05:56 - Ah, a classic case of the old “technocratic flanking maneuver” 07:40 - Governments race to maintaining control of the borders within their system 08:04 - Policymaking in the year 2021: An “appeal to feeling” 10:24 - The manufacturing of consent and the “structure of feeling” 12:17 - Team Biden sells the 19 million jobs claim... (except it’s actually 2.7 million, shhh!) 18:53 - Lifetime politicians are no longer able to even understand the truth 19:13 - MLB, Coca-Cola, Delta and American Corporatism in 2021 22:06 - Investing during the new era of Woke Capitalism 25:42 - IBM’s track and trace... and the company’s dark history helping the German government in WWII 29:11 - How the pandemic has brought tomorrow’s catastrophes into the present 30:46 - Vaccine permits and the coming “licenses to move” 31:24 - What does “safe” mean when the movement of capital and humans is under attack 34:20 - Dan’s take on the difference between motivation and dedication... 35:18 - The “safe” thing to do political vs. the right thing to do morally
4/9/202137 minutes, 58 seconds
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19 - Addison Wiggin, Dan Denning and Anya Leonard on Homercide and the Marketplace for Ideas

In this week’s episode of the Bonner Private Research podcast we offer something a bit different... Instead of your regular, scheduled programming, we have for you a sort of "digital symposium," in which we were joined by not one but three exceptional minds. Addison Wiggin, New York Times best-selling author and host of The Wiggin Sessions podcast, moderated the event. We were also joined by Dan Denning, coauthor of The Bonner-Denning Letter and long time favorite of this audience. And finally, Anya Leonard, founder and director of Classical Wisdom and host of the excellent podcast, Classical Wisdom Speaks. From the battle for the classics and the ongoing attempted “Homercide” underway in academies across the west, to common conflations, messy misnomers and nomenclatorial non sequiturs in the cutting-edge world of cryptocurrency, our panel took a deep dive into subjects both ancient and contemporary. We are trying to connect the dots between the censorial impulse prevailing in our culture and the attack on sound money as a means for honest, hard-working people to save and invest for their futures. From Socrates to Satoshi, the special panel discussion, up next. Bullet Points 00:50 - Intro 02:40 - START 03:40 - Introductions Anya Leonard, Dan Denning and Joel Bowman 06:30 - Anya’s Battle for the Classics - The Final Frontier for Western Thought 07:30 - Are the Classics too “white”? And what on earth does that even mean? 08:10 - Classical texts and their influence on the Founding Fathers 10:25 - Our place in the “long chain of humanity” 11:40 - Hegelian dialectic, power structures and cancel culture in the material world 14:20 - The “living canon” and the conversation that informs that evolution 15:25 - Is “Cancel Culture” really erasing diversity? What would Borges say? 16:10 - Antonio Gramsci and the long revolutionary march through the western institutions 18:00 - How the modern monetary regime facilitates revolution 18:40 - Redefining “money” as a means of controlling human behavior 19:40 - Defending classical liberal and libertarian values in the face of violent threat 20:40 - Social media as an amplifying tool of repression and control 21:55 - In defence of the free market (also, background church bells) 22:40 - State issued digital currencies as a weapon against freedom and privacy 24:40 - The market alternative to fiat cryptocurrencies 26:10 - Separating “fiat” from “tangible” 27:10 - The totalitarian centralizing impulse vs. the market’s decentralizing 27:40 - Shumpeter’s Creative Destruction in hyper-acceleration 29:10 - The tale of Addison’s lost bitcoin 33:10 - Loose monetary policy and subsequent malinvestment and bitcoin as a lifeboat for third world hyperinflation and capital controls 36:10 - Cryptocurrencies as a bet against government profligacy 38:30 - Bitcoin and the “altcoin” explosion - and the confusion around “inflation” 41:25 - The “use case” for money and the market’s preference for utility 44:40 - The scarcity argument for gold AND bitcoin 45:20 - Time is Money and Addison’s Swiss cultural appropriation (CANCELED!) 47:00 - Classical lessons about devaluing money, inflation and the end of the Roman Empire 48:40 - Committing “Homercide” and the butterfly effects of canceling history 51:10 - The Far East and South America... preservers of Western Culture?
3/26/202152 minutes, 36 seconds
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18 - Greg Canavan on COVID, Life at Zero and a look at the Australian economy in 2021

In this week’s episode of the Bonner Private Research podcast, I’m joined by Greg Canavan, author and editor in chief Greg Canavan’s Investment Advisory. I recently catched up with Greg to talk about all things COVID-related. We also took a deep dive into surviving and thriving in what Greg calls “Life at Zero”, referring to the real interest rate environment, and what that spells for investors. Plus we unpacked some key themes from his recently-released book You, Your Brain and the Stock Market, in which Greg draws on some lessons from the stoics, among others, in learning to master your own emotions during a time of record breaking stock markets. So join me for this week's conversation with Greg Canavan, up next. Bullet Points 00:50 - The different approaches to the pandemic 05:24 - Introducing Greg Canavan 07:24 - The Canavan COVID Caravan: Greg’s family gets outta dodge under tightening pandemic lockdowns 09:15 - Victoria’s COVID response: The Andrews government loses control… and turns to fear, intimidation and violence 14:29 - The Australian government debunks the old trope “it could never happen here.” 15:24 - The mainstream media and the great fear machine... a lesson in tuning out 17:44 - Sober debate and reasoned discussion as a bedrock for civilized societies 20:05 - Are we suffering from collective Post-COVID Stress Disorder? 23:32 - Over the top responses reflect total incompetence or dictatorial impulses 24:16 - Australia’s financial response to COVID and what it means for markets Down Under 26:01 - A sector-by-sector look at the Australian economy in 2021 27:42 - Unemployment benefits and the incentive not to work 28:30 - A look at world debt under the COVID cloud 30:20 - Greg Canavan’s “Life at Zero” and how to preserve your own hard-earned 31:37 - The dangers of rampant speculation in the time of “free” money 32:21 - Australia’s advantage as an “old-school” primary market 33:17 - The art of value hunting in a frothy market 35:25 - The case for “real assets” as an escape hatch for devaluing currencies 37:03 - Find the unpopular that is destined to become popular 39:26 - You, Your Brain and the Stock Market - A sneak peak at Greg’s new book on the psychology of successful investing 40:45 - Using your brain’s evolution to navigate the market’s emotional rollercoaster 41:50 - Riding the golden wave and the danger of succumbing to confirmation bias 43:29 - The stock market as psychologist - lessons from a seasoned investor
3/19/202146 minutes, 17 seconds
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17 - Dan Denning on cancel culture, useful idiots and fake money

In this week’s episode of the Bonner Private Research podcast, I’m joined by Mr. Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry. Today, Dan and I talked about cancel culture, and what it has to do with the current political and economic situation. We also spoke about how unsound money leads to the corruption of culture and civil society. Lastly, we touched on how the global attention span is narrowing, liquidity-driven markets and the problem with “unhitched” money. So please, join us for all that and more, in my conversation with Dan, below… Bullet Points 00:50 - Keeping up with cancel culture 08:09 - What does it have to do with the economy? Fake money and foe culture 09:30 - Talking to Dan Denning, who is living in the USA right now - is it as crazy as it seems? 12:14 - Engaging with the media as an “occupational hazard” 14:17 - How much of today’s politicisation of society is orchestrated? 15:40 - Leveraging Lenin’s “useful idiots” to do the left’s dirty work 17:32 - There’s a deliberate attack on civil liberties, especially free speech 21:31 - You don’t have a revolution without two things: destroying who it is that is in power currently, and taking over that power yourself 24:34 - The cancelation of Flannery O’Connor - a morality tale in bad faith 27:10 - Manufacturing orthodoxy by declaring permanent war: Orwell’s tactic 28:18 - Unsound money leading to the corruption of culture and civil society 29:19 - Attention spans collapse to zero: from holding time for stocks to caring only about what you feel right now 33:00 - Hubris in the financial markets and the end of the future 34:50 - Liquidity-driven markets and the problem with “unhitched” money 35:45 - Generation wars, managing your risk appetite and the lure of speculation 41:52 - $1.9 trillion + $2 trillion +... and the trade of the decade
3/12/202144 minutes, 57 seconds
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16 - Diego Samper on the Bonner Private Wine Partnership and why you have to be a member

In today’s installment of the Bonner Private Research Podcast I’m joined, in studio, by Mr. Diego Samper. Hailing from the coffee regions of Colombia, Diego moved to Argentina’s capital city more than a decade ago. Having fast fallen in love with Argentina’s unique wines, Diego soon began working with Bill Bonner and his sons, Will and Jules, on developing the family wine partnership. Located in Gualfin (literally the “end of the road”) in the far-flung province of Salta, the Bonner Family ranch is truly a remote and rugged patch of land... with an environment particularly well-suited to producing some of the world’s highest-altitude Malbec grapes. The Estancia’s own production, Tacana, is an intense wine of strong, robust character... as I discovered on the show when Diego and I shared a couple of glasses over an hour-long conversation. We spoke about what goes into making a top notch wine (hint: it’s not about points or fancy labels), the unique characteristics of ultra high-altitude grapes and how the Bonner Private Wine Partnership is working to bring some of the world’s best and undiscovered wines to your table. So grab a glass of your own and join us for a look inside the rapidly evolving world of wines... Bullet Points 01:15 - Introducing Diego Samper: From Colombia to Argentina 02:00 - The similarities between coffee and wine 06:17 - The Legendary Gualfin in Salta, Argentina 10:19 - How altitude affects wine 14:32 - Argentina’s wine history & production 16:48 - Producing wine without pesticides 18:33 - How production started in Salta 21:35 - The partnership: Helping small wine producers get to the US 24:52 - The democratization of the market 26:16 - Argentinian wines 28:16 - The club that allows you to try out wine from different regions 30:31 - Putting argentinian wine in the map, and a price comparison 32:31 - The different wine regions in Argentina 35:19 - Why wine rates are overrated, and how to approach wine instead 38:48 - How to taste wine 40:07 - How different variables affect the wine
3/6/202149 minutes, 37 seconds
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15 - Bill Bonner on sound money, civil society and the Trade of the Decade

In this week’s episode of the Bonner Private Research podcast, I’m joined by Bill Bonner, author and founder of the Bonner Private Research Group. Today, Bill and I talk about currency as a fundamental building block of civilization, and why America is coming apart. We also touch on why getting out of dollars seems like a sensible idea, and identify the Primary Trend for the next decade. So please, join us for all that and more, in my conversation with Bill, below… Bullet Points 00:50 - Group thinking 04:00 - Sound money and civil society 06:40 - Life in Nicaragua and a word on travel advisories and “crisis vacationing” 09:22 - Venezuela, a real “worker’s paradise” 10:47 - Bill reminisces on his very first Trade of the Decade 12:20 - Bill on Richard Russle’s Dow Theory Letters and the Primary Trends that fortunes are made of... 14:06 - Identifying the Primary Trend for the next decade 16:18 - From bailing out Wall Street to bailing out Main Street 17:15 - Universal Basic Income (UBI), the next step from “stimmy checks” 17:50 - Get out of dollars… but get into what? 18:57 - Argentine real estate as a hedge against rampant peso-inflation 21:11 - Bill wades into crypto... as a pedagogical tool rather than an investment one 24:00 - When you get out of dollars, there are lots of places you can go 25:05 - Buy energy... big, bad, ugly, unpopular energy 27:44 - America is coming apart - financially, sociologically and culturally... 30:12 - Bill Bonner on the Bill O'Reilly saga 29:17 - Donald Trump’s disservice 31:11 - The currency as a fundamental building block of civilization 34:20 - What happens when we’re told “capitalism fails”? And what is really going on behind the scenes? 37:35 - The insurrection in the Capitol was a farce, says Bill
2/26/202140 minutes, 6 seconds
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14 - Dan Denning on the current state of the world, Bitcoin and the Great Reset

In this week’s episode of the Bonner Private Research podcast, I’m joined by my good friend and tireless champion of the individual, Mr. Dan Denning. Today, Dan and I discuss the current state of the world as Bitcoin surpasses the 50k mark, and the disparities between the physical and paper gold and silver markets grow bigger. We also talk about why the Great Reset metaphor is important today, and the future of “permission-based living”. Lastly, we touch on the tension in the United States a month after the inauguration, and the shift in the media coverage since Biden took office. So please, join us for all that and more, in my conversation with Dan, below… Bullet Points 00:50 - Intro: The current state of the world 03:12 - Introducing Dan Denning 03:30 - What do we make of $50k Bitcoin and where to from here? 07:07 - Bitcoin and precious metals as vehicles for investment and speculation 08:27 - Let them eat gold 10:02 - Liquidity glut leads to inflation - food, energy, broader commodities... 12:00 - Texas: One case for energy independence and localization/decentralization 14:34 - What is the Great Reset or Jarh Null and why is the metaphor important today? 18:05 - Disparities between the physical and paper gold and silver markets 18:44 - An update on the Australian Canary down the COVID coalmine and the future of “permission-based living” 21:00 - How urban populations are easier to control than rural populations in times of pandemic panic 22:28 - The tension in the United States: Centralized vs. decentralized response to health emergencies 24:34 - Will you need to be vaccinated to travel? 26:12 - Where does all that stimulus money end up? In Australia, it’s in property 28:45 - The American eater wins again... and the Australian homeowner wins again 31:30 - Biden: The first month… more of the same 32:45 - A month after the inauguration, there’s still troops quartered around the Capitol 32:50 - Biden’s logs, dogs and wife’s scrunchies 34:25 - Is Biden even in charge? Or is he the Trojan Horse for a much more aggressively progressive agenda?
2/19/202136 minutes, 42 seconds
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12 - Dan Denning - The Reddit saga, the end of the Bezos era and the latest Trade of the Decade

In this week’s episode of the Bonner Private Research podcast, I’m joined by my good friend and tireless champion of the individual, Mr. Dan Denning. In our free-wheeling discussion, we visit the Reddit saga, take a peek at what a “Bezos-less” Amazon might look like after he steps down as CEO later this year and finally, we unpack Dan and Bill Bonner’s latest Trade of the Decade. All that and more in this week's show, below... Bullet points 00:51 - Intro 05:45 - Interview with Dan Denning 06:13 - Contactless payments, COVID-19 passports, RFID chips and the singularity of identity 08:43 - The seamless shift to a cashless society 09:43 - The War on Cash and the elimination of privacy in financial transactions 12:18 - “Just to be clear, I don’t get checks from the government. Ever. I only write checks to the government.” 12:43 - “Rational resistance to these things happens at the individual level; Acceptance happens at the collective level, because it’s a mob or a crowd or whatever.” 13:33 - Addressing the unbanked problem in a cashless society 14:43 - Jeff Bezos leaves Amazon and an update on the “River of No Returns” 16:33 - An update on ExxonMobil - Defending the Dividend 17:13 - A new Trade of the Decade from Dan and Bill Bonner 20:03 - “How can we take the family money, find something that noone wants to buy, buy it, forget about it for ten years and make money on it?” 20:58 - Dan on Robinhood: “More people than ever before who have never invested in stocks are buying stocks. That alone doesn’t make them investors.” 24:38 - Climate change, renewable energy and the great “thermodynamic fraud” 26:13 - ERORI (Energy Returned on Energy Invested) - You can’t get out more than you put in 30:13 - Real Assets vs. Financial Assets in an age of debt, deficits and decline 33:45 - Trade of the Decade... but wait, what’s on the sell side? 35:45 - A little about the so-called debt ceiling 36:45 - What is the “Gephardt Rule” 38:45 - Dan recommends (not) reading the Monthly Statement of the Treasury 40:45 - “There’s one party in Washington, there’s the Welfare State and the Warfare State.” Dan Denning 42:03 - “The world in which the US dollar is the reserve currency because it’s the best store of value is over.” Dan Denning 47:30 - Has the Gamestop/retail trader/Reddit story proven the market is broken as a weighing machine? 50:25 - “The ‘memes of production’ had been stolen by the proletariat.” 51:15 - “Fair and efficient markets.” Janet Yellen provides some comic relief in the Reddit story. 53:45 - Are Signal, Telegram and other end-to-end encrypted communications apps next on the Deep State’s hit list? 55:50 - (CUT - I’ve got a motorcycle going by outside here) 58:45 - What to do when free speech is considered dangerous speech
2/19/20211 hour, 7 minutes, 17 seconds
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10 - Dan Denning - Capitol Riots, Covid and the market

Welcome to the tenth episode of the Bonner Private Research Podcast. I'm joined by Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry. In today’s episode we'll talk about the capitol protests and why the market responded the way that it did. We also discuss the Government's response to the pandemic, what the market says about the state of society in general, and why the wealth gap may be increasing. All this and much more, up next. Bullet points 00:50 - The current state of the market 05:00 - Introducing Dan Dennig 05:20 - Happy New Year and seasons greetings 06:39 - BLM protests vs. Capitol Riots: changing narratives from the establishment press 11:30 - The market’s response 16:15 - The wedge between the haves and have nots 19:20 - Bitcoin 50K vs Dow 50K 23:52 - Fiat vs intangible 27:22 - Intrinsic value 32:52 - The Government's response to the pandemic
2/19/202137 minutes, 27 seconds
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11 - Chris Mayer - Mayer's Bookshelf

Welcome to the 11 episode of the Bonner Private Research Podcast. I'm joined by Chris Mayer, Portfolio Manager of Woodlock House Family Capital fund and co-founder of the firm along with Bill Bonner. In this episode, Chris recommends some of his favorite books. We talk about “the big idea guys”, his beloved book collection, and how would he start one now. All that and more in my conversation with Chris Mayer, up next. Bullet points 03:00 - Introducing Chris Mayer 05:32 - Curating a book collection 06:57 - Fiction meets non-fiction: The value of maintaining an omnivorous reading diet 08:26 - (Authors mentioned: Neil Postman, 1931-2003; Richard Buckminster Fuller, 1895-1983; Alfred Korzybski, 1879, 1950) 08:48 - (P.G. Wodehouse, 1881-1975, British-born humourist and prolific author of more than 90 novels. Died in Southampton, NY) 09:00 - (Honoré de Balzac, 1799-1850. French author widely considered the founder of European realism. His novel sequence La Comédie humaine, runs over 90 works, finished and unfinished.) 10:00 - (Christopher Hitchens, 1949, 2011) 11:35 - The big idea guys 12:18 - Alfred Korzybski, considered by many to be the “Father of General Semantics.” 12:40 - How Do You Know? By Chris Mayer (See link below to order) 14:17 - Check out the Buckminster Fuller Institute at 15:20 - See links to all books mentioned below 16:30 - Alan Watts, 1915-1973, British author 22:20 - Henry Miller, 1891-1980 23:50 - Yuval Noah Harari, author of Sapiens, A Brief History of Mankind 24:40 - Harry Browne, American writer, libertarian and author of a dozen books, including Why Government Doesn’t Work 27:32 - Anthony Bourdain, 1956-2018. American traveler, writer, television presenter and world-renowned story-teller. Author of Kitchen Confidential, among other works 28:05 - Ludwig Bemelmans, 1898, 1962. Austrian-American author, illustrator, traveler and gormandizing cosmopolitan 32:22 Hotel Bemelmans: 32:30 When You Lunch with the Emperor: 34:15 - George Orwell, Down and Out in Paris & London; Emile Zola, The Belly of Paris and L'Assommoir; Nicolas Freeling, The Kitchen 35:50 - Jim Harrison, 1936-2016. American poet, novelist and oyster aficionado 37:24 - Henry Miller, The Colossus of Maroussi 38:00 - Bemelmans Bar 40:00 - James Thurber, 1894, 1961. American cartoonist, author, humourist, columnist and celebrated wit 42:16 - Investors / Authors 43:10 - Martin Sosnoff, Martin Sosnoff, CFA. Founder. Founder of Atalanta Sosnoff Capital Corporation 45:34 - hook·ah noun - an oriental tobacco pipe with a long, flexible tube which draws the smoke through water contained in a bowl 46:46 Humble on Wall Street: 46:54 Silent Investor, Silent Loser: 49:30 - Ludwig von Mises, 1881-1973. Austrian School economist, proponent of Subjective Value Theory (as opposed to, for example, Labor Value Theory, something expounded by Karl Marx) 50:43 - Thomas W Phelps, 1906-1996. Author of 100-1 in the Stock Market 100-1 in the Stock Market: 52:35 - Read Chris Mayer’s 100 Baggers: Stocks that Return 100-1and How to Find Them (link below) 55:00 - What to start with 56:35 - Seneca... Epictetus... H.L. Mencken... 57:10 - Albert Jay Nock, Our Enemy, The State 01:00:16 - Christopher Hitchens, 1949-2011 01:02:20 - Being able of entertain two opposite thoughts 01:07:30 - Thomas Hobbes, 1588-1679. English philosopher, author of Leviathan and (we think) not a particularly uplifting dinner guest. Still, worth the read... 01:09:55 - John Maynard Keynes, 1883-1946
2/19/20211 hour, 13 minutes, 9 seconds
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09 - Charlie Morris - Cryptocurrencies and what to expect for 2021

Welcome to the ninth episode of the Bonner Private Research Podcast. I'm joined by Charlie Morris, founder and chairman of, an ambitious blockchain 2.0 software project to provide real-time economic statistics and data from blockchains. Today we chat about all things crypto, what he expects for the markets at large in 2021 and beyond, and just how he came to find himself heading one of Britain's oldest, most revered financial publications, the Fleet Street Letter. Bullet Points 00:50 - 2014 and cryptos 03:24 - Introducing Charlie Morris 06:49 - Finding out about Bitcoin 09:00 - ByteTree: the professional tool for valuing and understanding Bitcoin 09:40 - The biggest change in regards to the attitude of professionals towards cryptocurrencies 11:28 - The UK’s regulator: being pretty unfriendly to the industry 12:00 - Why Bitcoin is inherently a good idea 15:57 - Do alt coins pose a threat to fiat hegemony? 19:30 - Assets vs money / Gold vs Bitcoin 26:26 - What network indicators to look at: Supply and Demand School arguments for Bitcoin’s price fluctuations 32:04 - Why has Bitcoin not pulled along the alt-coins as it did in previous bull runs? 35:56 - The Government’s response to COVID 40:05 - What Charlie does for a living and how his analysis can help individual investors 44:54 - Dow 50,000 or Bitcoin 50,000 first? Or neither?
2/19/202148 minutes, 55 seconds
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08 - Dan Denning - We’re in the midst of a long transition —and we need to prepare for it

Welcome to the eight episode of the Bonner Private Research Podcast. I'm joined by Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry. This year Dan has acquired plenty of experiential wisdom about natural disasters —and how to avoid them. We touch on what he has learned though his year of disaster-dodgin and what he sees out on the horizon as far as political, financial and economic emergencies go. Bullet points 00:50 - When disaster hits 05:24 - Introducing Dan Denning 07:00 - Surviving the Colorado wildfire 10:30 - When it comes to preparing for an emergency, what would you do differently? What would you do the same? 17:00 - Pfizer’s vaccine: is everything going back to normal? 19:39 - The Real Economy (Main Street) vs. The Fake Economy (Wall Street) 21:56 - Digital currencies and the financial authorities 26:44 - How does market tumult and civil unrest map onto a genuinely divided country? 33:00 - The War Party is a bipartisan party of people in Washington who have never found a war they didn’t want to fight… and Biden is a leader of that party 36:02 - Our mission 38:01 - We’re in the midst of a long transition —and we need to prepare for it
2/19/202144 minutes, 43 seconds
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13 - Eric Fry - The Wall Street outsider

Welcome to the 13 episode of the Bonner Private Research Podcast. I'm joined by Eric Fry, a specialist in international equities. Eric was Bill Bonner’s man on Wall Street, and helped to co-write Bill’s Daily Reckoning publication. In this episode, we'll talk about how to identify major trends and why “techno-chasm” is a trend you should befriend. We also discuss Eric’s take on gold, and what the future may hold for investors as America’s social cohesion seems to come apart. All that and more in my conversation with Eric Fry, up next
2/19/202151 minutes, 51 seconds
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07 - Bill Bonner - Democracy, the upcoming election and the news cycle

Welcome to the seventh episode of the Bonner Private Research Podcast. I'm joined by Bill Bonner, author and founder of Bonner Private Research Group. In this episode we discuss win-win deals, the Black Lives Matter movement and how fake facts and the new media are pushing America’s once stable center to the extreme fringes. We also touch on the upcoming presidential election, why it might result in serious disruption and the importance of making contingency plans. Bullet points 00:50 - Rethinking your own freedom and independence 03:44 - Introducing Bill Bonner 08:10 - Approaching the presidential election: does the fate of the nation really hang in the balance or is this just the media doing what the media does? 09:27 - An hypothesis: is Trump derangement syndrome giving away to Trump fatigue syndrome? 12:45 - Black Lives Matter 14:07 - Bill’s take on the confirmation conversation of Justice Brett Kavanaugh 15:15 - The semantic overload inherent in the Black Lives Matter label 16:35 - Bill’s take on the confirmation of Justice Amy Coney Barrett 17:15 - Bill’s take on Dr. Scott Atlas statement 18:49 - The new mainstream media: how much are they driving the wedge? 21:40 - A third of all voters would be willing to use violence if the election doesn’t go their way 24:00 - Defending democracy 26:45 - Win-win arrangements vs. win-lose deals 34:00 - Analyzing money printing in different countries 38:33 - Having an outsider’s perspective 44:17 - The entrepreneurial spirit and being of value 46:20 - Things are gonna get rough
2/19/202150 minutes, 46 seconds
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01 - Dan Denning - The canaries in the COVID coal mine

Welcome to the first episode of the Bonner Private Research Podcast. I'm joined by Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry. In this episode we discuss how the COVID pandemic has affected the global market. We examine the intrusions into civil liberties and the flourishing of the authoritarian mind, and touch on why investors should be aware of the consequences of unlimited government spending. What (if anything) can you do to protect yourself from the economic and the political fallout? Bullet points 00:50 - Introduction: a thought experiment 04:22 - The pandemic 07:57 - Introducing Dan Denning 08:47 - Market update: S&P High, Apple $2T company 10:55 - Jobs update and unemployment numbers 12:15 - Why the Federal Reserve creates a moral hazard 12:48 - The Buffet Indicator: valuations 13:14 - The current global market 15:55 - The problem with unlimited government and unlimited money 16:49 - Unreal money and the great savings wipeout 17:37 - The canaries in the COVID coal mine 19:50 - Intrusions into civil liberties: Melbourne and Auckland 23:40 - The full flourishing of the authoritarian mind 26:12 - Donald Trump and Jacinda Ardern: two sides of the same authoritarian coin 30:37 - From rag to riches and back 32:57 - Why investors should be aware of the consequences of unlimited spending
2/19/202141 minutes, 9 seconds
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02 - Ronan McMahon - Escape the rat race

Welcome to the second episode of the Bonner Private Research Podcast. I'm joined by Ronan McMahon, the international dealmaker devoted to finding the very best real estate opportunities around the world. In this episode we touch on the impact of the pandemic on daily life, and how the current crisis has affected the global real estate market. We also discuss the growing desire to escape the rat race and live a more meaningful life, the benefits of working remotely from another country and how you can buy your dream home without a lot of money. Bullet points 00:50 - Introduction: the desire for a more meaningful life 05:57 - Introducing Ronan McMahon 08:30 - The life of a real estate investor 10:23 - The impact of the pandemic 14:09 - The acceleration of the nomadic trend 16:50 - The impact of current events on real estate value 18:19 - What is a Portugal-style visa? 19:25 - How Mexico, Costa Rica and Panama could implement this program 21:55 - The benefits of working from another country 24:50 - How YourCheapDreamHome was born 32:00 - How the currency and global crisis affect the real estate market 38:57 - A brief anecdote
2/19/202141 minutes, 8 seconds
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06 - Dan Denning - It doesn’t matter who wins on November the 3rd

Welcome to the sixth episode of the Bonner Private Research Podcast. I'm joined by Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry and frequent guest on this show. In this episode, we touch on what he sees as the unavoidable trajectory for the United States, why the election probably doesn't matter in the way you are being told it does, and why resurgents in marxist ideology pose a clear threat to your safety and well-being.
2/19/202137 minutes, 51 seconds
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03 - Bill Bonner - Will the economy ever recover?

Welcome to the third episode of the Bonner Private Research Podcast. I'm joined by Bill Bonner, author and founder of Bonner Private Research Group. In this episode we discuss the impact of the coronavirus pandemic on the economy and why America is in decline. We also touch on the problem with printing money and examine the Argentine Paradox as an example of what not to do. Will the economy ever recover? 00:50 - Introducing Bill Bonner 07:30 - Why America is in the decline 14:05 - The impact of the coronavirus pandemic on the economy 18:50 - What not to do: The Argentine Paradox 27:53 - When the fish rots from the head: corrupted money vs honest money 32:05 - The one thing that both political parties in the U.S. agree on 35:45 - Does the Fed really know?
2/19/202136 minutes, 57 seconds
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05 - Chris Mayer - A Trade of the Decade

Welcome to the fifth episode of the Bonner Private Research Podcast. I'm joined by Chris Mayer, Portfolio Manager of Woodlock House Family Capital fund and co-founder of the firm along with Bill Bonner. In this episode, we talk about what he looks for when distilling a trade of the decade, from big macro ideas down to sharp investible ones. We also touch on the mechanics of the trait itself, where he thinks we are in regards to the current credit cycle, and the inherent optimism involved in taking the long view. All that and more in my conversation with Chris Mayer. Bullet Points 00:50 - The history of gold 07:25 – The guiding principle of the trade of the decade 09:23 - Introducing Chris Mayer 10:25 - Where was Chris in 2000? 12:00 - Approaching a trade of the decade 15:10 - Studying the track records of the great investors 21:00 - The average hold time for a 100-bagger 22:03 - A look back over the past decade 26:40 - A look at the UK FTSE100 28:27 - The resource complex 29:40 - Looking at the macro picture 34:02 - Value vs. Growth 36:45 - Different risk profiles for different age cohorts 37:14 - Cryptoassets 41:00 - Investment ideas for a 5-year old 42:56 - Investment ideas for 10 years 43:32 - The trade of the decade: an inherently optimistic thought experiment?
2/19/202146 minutes, 46 seconds
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00 BPRP - Chris Mayer - Henry David Thoreau, technology and the future of the market

Welcome to the first episode of the Bonner Private Research Podcast. We’re joined by Chris Mayer, Portfolio Manager of Woodlock House Family Capital fund and co-founder of the firm along with Bill Bonner, who I'm sure the listeners know. In this episode, we discuss Henry David Thoreau’s work and how technology reshapes the environment it enters. We also touch on the current state of the market, and whether or not the change that the pandemic brought will be permanent.
2/19/202134 minutes, 34 seconds
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04 - Dan Denning - Sound Money

Welcome to the fourth episode of the Bonner Private Research Podcast. I'm joined by Dan Denning, coauthor of The Bonner-Denning Letter with over 18 years in the financial publishing industry and frequent guest on this show. When it comes to the lessons of history, Dan reckons our present day economic and political landscape bears significant (and worrying) resemblances to those of pre-revolution France and Cultural Revolution China. In this episode we discuss the role of the Fed and the issue with money supply. We also examine why the deterioration in civil society is related to the deterioration in the soundness of the money. Are we living in a bubble? 00:50 - Where goes sound money, so too goes civil society 05:19 - Some arguments for and against money printing 10:20 - Introducing Dan Denning 13:30 - Are we living in a bubble? 17:01 - The role of the Fed and the issue with money supply 22:42 - The problem with deflation 24:30 - China and the Era of Cheap energy - The REAL reason for lower prices 25:06 - The value of money 29:26 - The one metal that has shot up ~300% in two years 32:10 - Why the deterioration in civil society is related to the deterioration in the soundness of the money 32:37 - Why 2020 America is 1968 China plus 1783 France 33:28 - COVID as a useful tool for the state
2/19/202135 minutes, 39 seconds