[Music] I'm Charlotte Mloud with investingnews.com and here today with me is Rick Rule, proprietor at Rule Investment Media. Thank you so much for being here. Pleasure, Charlotte. Thank you for having me on. I enjoy these conversations. Yes, me as well. And we have so much to get through today, including talking about your conference, which we will mention toward the end. So, everybody should stay tuned for that. But before we go there, I thought we could start with some recent news. We had last week


Moody's downgrade US debt, taking it down a notch from that highest level. So to start, let's get your thoughts on on what you make of that. Well, the United States is lucky that I'm not reveing their debt. Uh Charlotte, you know, I'm a veteran lender and the idea that my borrower, the United States government, has a deteriorating balance sheet and a deteriorating income statement would not be helpful to me. I think that Moody's made a polite point by saying that there is political stasis


around the United States in some fashion that uh works against uh fiscal solvency in the United States. The Moody's statement, if you read it, was extraordinarily generous. It talked about the onbalance sheet liabilities of the US government, which stands at 36 trillion, and the expanding government deficit of $2 trillion annually. It talked in passing uh about the fact that the recent Trump budget, far from being smaller, projected the fourth largest quarterly deficit in history and raised


the debt ceiling. It's no surprise that Moody said that underlying trends with regards to the credit quality of the United States uh are not adequate. Uh I believe that the credit of the United States is based on four things. uh our strength relative to other countries that is not to say our strength relative to ourself but the fact that our budget difficulties are less extreme than Japan's difficulties the euro European Union's difficulties or even depending on the province that you live in Canada's difficulties I


think the the second thing is that most of the world recognizes that America has the ability for a while to enforce its will through a military. Uh nobody really has to worry about the US government defaulting because they can both print and force their will. The third thing is that we have been taught to believe that US government debt is good credit. The period 1982 to 2022 was marked by American fiscal hegemony and lower uh nominal and real interest rates. And I think people were taught to buy the dips


in all things including treasuries. I I think that'll come back to haunt them frankly. And I think too that understanding the budget requires that people pay attention to arithmetic. And people are much more partial to rhetoric than arithmetic. If you're an American who, as an example, thinks that Trump's a good guy, for some reason, you conflate that to the character of our credit. If by contrast, pre- Trump, you thought that Biden or Harris were good people, you equated the rhetoric around their


preference uh as equating to a good credit, neither of them do. The balance between your outgoing case of the United States, the arithmetic is bad and deteriorating. I think it's it's definitely good to get your perspective on that. you've got a little bit of an unique look at what's going on there. So, we've we've talked before about how the next decade is probably going to be pretty tough for the US with the US dollar likely losing something like 75% of its purchasing power. So, we can talk about that in the


context of this recent news. I'm also curious to know, you know, after this decade, what do you see happening at that point? How does it play out from there? You know, Charlotte, uh before you were born, uh we got through the decade of the 70s, uh and it was tough. Uh the late 60s, the early '7s were marked by social discord, you know, including riots. Uh the interest rate uh went up 350%. The unemployment rate doubled. Uh it was truly an ugly time, but we got through it, and we'll get through this,


too. It's going to require uh an adjustment. In the decade of the 1970s, as you point out, the US dollar lost 75% of its purchasing power, which is what I think is going to happen in the ensuing 10 years. I don't think the US dollar will perform badly compared to other currencies. I think it'll perform badly absolutely, which is to say, as bad as Americans have it, some other folks will have it worse. Um, we got through the decade of the 1970s, uh, some of us, by doing oldfashioned stuff, by delivering more


value than we consumed, by not borrowing unnecessarily because interest rates went up by 350%. Some of us got through it well, myself included, by owning gold. Uh it should be noted uh in an investing news network interview uh that in the 1970s when the purchasing power of the dollar declined by 75%. The nominal value of gold went up 30fold. I'm not suggesting on this interview by the way that the price of gold goes up 30fold from here. I'm suggesting given that it's already gone up 12fold uh since 2000 that the


increase will be more more muted, but I think that it's likely that the rise in gold price will mirror the decline in the purchasing power of the US dollar. Uh and I think that's one way that some of us, myself included, will get through it. Yes. And and definitely we'll get into talking about what could be coming for the gold market in just a moment. Before we go there, so we're talking about these these economic impacts and what is coming. How do you think that translate into what happens for the


stock market? I know I talked to a lot of people who see big declines coming. I wonder if you are in that camp or how you see it. I don't have a comment on the stock market in general because I don't consider stocks per se to be an asset class I care about. I regard the market as a facility to buy and sell fractional ownership of individual businesses. And so I confine my own investments in the stock market to companies that I think I understand. I can't tell you. I'm not trying to duck


the question, Charlotte. Uh I don't know much about big tech. I don't know much about the consumer market. Uh you know, I don't know much about stuff like that. So I can't tell you if those stocks are undervalued or overvalued. Uh, I know that some of the areas I like, natural resources and community banking are pretty cheap. Uh, and so I find really good, really compelling values there. But I'm I'm old enough now that I won't attempt to answer questions that I don't


understand. And I personally have no fear of missing out. To the extent that there's a sector that performs well, but I don't know it well enough to know how to invest in it. I'm delighted that somebody else made money and I'm absolutely untroubled by the fact that I didn't. Uh I make tr I make my money where I know how. I think that's a very nice approach to have. So as we're talking about what's going on in the US, this is our first time speaking since we've had all


this tariff in effect. So we were speaking back in March. That was the last time and we were really on the cusp at that point. Now we're in an interesting position. There's been a lot of turmoil. We recently had the US China at least interim deal which seems to have quieted the markets and investors. Would you say that is a little bit a little bit premature? Cuz that's kind of how I'm feeling. I don't think so. Uh I I think tariffs were politically useful both for Xi and for Trump. Trump could


play to the prejudices of his base and attack China and Xi could resolutely stand up for China. There was all kinds of sound and fury in the top, but underneath both sides knew they needed each other. Trump's politics can be best understood by reading his book, The Art of the Deal. Uh Trump suggests that you first of all, Trump doesn't believe that a transaction should have two winners. He doesn't believe in a win-win outcome. He believes in a win-lose outcome. And his technique for accomplishing that


is to make an outrageous ask, negotiate very hard, and make the negotiating process as unpleasant as he possibly can for his adversary, uh, create what both Robert Freedelland and Steve Jobs called a reality distortion field, throw up factoids, which may or may not be true, but are irrelevant to the main argument, and then be prepared to settle for way below his preposterous ask. If you look at tariffs, if you look at the fact that rather than pick one country at a time, he picked a hundred with preposterous asks, uh, and he was


belligerent and bicos in his negotiating tactic, he does exactly what he said he was going to do in the art of the deal. Uh, not surprisingly, the reality is going to turn out to be vastly, vastly, vastly different. The recent so-called summit between Trump and Carney, I I think is a wonderful illustration of this. These guys met for 24 minutes of exchanging unpleasantries. Trump more than Carney. Uh, nobody negotiates in public. This was theater. This was Carney playing to a Canadian political


base, elbows up, you know, that kind of stuff. And Trump playing to an American base. was all theater. By the way, I think Carney should build a monument or a temple or something to Trump. Uh I noticed that Carney ran against Trump and I haven't seen the Canadian ballot, but I didn't see Trump on it. You know, uh Carney should be very grateful that he had this to run against. Well, and I had in mind to ask you about Carney because when we talked about him before the election, you described him as a competent Trudeau,


and I don't know that you really meant that in a complimentary way. So, any any further thoughts on Canada under Carney? You know, I've met him a couple times. Uh, not that he would remember, but I do. Uh, and he's extremely competent. Uh it's just that the ends that he believes in are very contrary to the ends that I believe are good for Canada. Uh I think that he shares the perceptions of the Laurentian elite uh which were behind Trudeau. Uh and I think he will be a much more effective


champion of the politics that I think will be deletterious to Canada. the idea as an example. There are many fine things about Canada. I've been in business in Canada since 1973, 1974, a very long time. I have a lot of Canadian friends. Despite myself, I continue to invest up here. Uh what Canada does really extraordinarily well on a world stage is energy, hydroelectric energy and oil and gas. Yes. You manufacture auto parts and you know you do all kinds of cool stuff. You have great tourism. You're probably


more efficient producers than maple syph that kind of stuff. But what makes the difference is oil and gas and hydroelectric power. Mr. Carney has suggested that uh climate change will be the center point of his fiscal policy. Now to give an example how clever this guy is, you'll recall that his predecessor Mr. Trudeau once said the budget would balance itself. Mr. Carney is much smarter. What Mr. Carney said was will is there will be no budget. I mean I laugh because uh I'm not directly a Canadian taxpayer but


this is not really funny. The idea that you obiate your competitive advantage in an industry oil and gas where you're world class, where you have world-class infrastructure, you have worldclass human resources, you have worldclass geological resources, and you unilaterally disarm in that fight is truly insane. And then you take an economy which has really been held back by the inability of the country to live within its means and rather than saying that the budget will balance itself, you say something much more pernicious.


There will be no budget. Um, uncharted territory for me, Charlotte. Yeah. Yeah. And maybe not quite such a laughing matter for those of us like me up here in Canada. So, we'll we'll see how this plays out. And and yet, you know, Carney has said he's made these energy superpower comments for Canada. And I'm wondering, you know, can can that happen? How do you see Canada's oil and gas industry looking under Carney? Would you be investing money into the sector at this time? I own seven


Canadian oil and gas stocks because they're so cheap, I can't help myself. by the metrics that I look at uh the net present value to enterprise value and recycle ratio the amount of reserves that can be added to the balance sheet by the margin generated on a barrel of oil or a million cub gas these companies are absolutely world scale and they're selling at half the price of their American counterparties I own them despite the fact that the guy who runs the country doesn't want them


to succeed. This is pretty challenging. Uh I I told my own investor base at the rural classroom a couple weeks ago that this is sort of the great investment dichotomy. Uh that this was in Canadian parliament an own goal and that your risk is that your leader does something irrational which is precisely what he's promised to do. My hope is that the fiscal reality of Canada will force Carney or else the voters in Canada will force Carney to do the right thing. your federal budget and the Ontario provincial budget in


particular are in some substantial distress and Canada's oil and gas industry and Carney's ability to steal operating income by way of tax or royalty from the oil and gas industry is the most obvious solution to the problem given that he suggested he's going to increase expenditures. So given the fact that he's extremely smart and can be extremely commercial, perhaps reality will force him to do the right thing. Okay. So, so Canadian oil and gas stocks, they're so cheap that


you want to own them despite what's going on. Are US oil and gas stocks, is that an area you're looking at? Are those more appealing in some way? Uh, yeah. They have less upside, but they have less downside. Uh it's difficult for me to understand why a portfolio that was going to be intact for 5 or 10 years wouldn't own Exxon Mobile. Uh the best capital allocator in the space, a fortress balance sheet, uh a company, an enormous company that still made a discovery in Gana that so profoundly


moves the dial for Exxon Mobile. uh a company that is making sustaining capital investments in an industry where its compet competitors are deferring sustaining capital investments by a billion and a half dollars a year. This is truly compelling. It it might be that if somebody buys Exxon today, they're unhappy about it at Christmas, but I think they're ecstatic about it five years from now. And I suspect, even though I'm age 72, that I'll be breathing after Christmas, you know.


So I it's difficult for me to understand why people wouldn't own X. I can make a great case for owning Devon, for owning Equitable, for owning owning other US oil and gas trucks. But I think it's important for Canadians to know if they have a a more tolerant view of their country's leader that the Canadian oil and gas industry is super cheap. Okay. Well, and I think that people do have trouble looking beyond even even 5 years into the future. Can be a little bit tough for people as you often tell us. So, I


was going to go in a gold direction, but I'll continue along with energy just because that's where we've ended up here. I want to aside from oil and gas talk to you about uranium because in one of our conversations earlier this year, you mentioned that we were coming back into an easy money period here. So, I'm curious about how you've seen that play out since then. Well, I think we've seen it in the last two months. It isn't that people like the uranium sector, they


just hated it a little less. And the stocks had the same sort of deadcat bounce that you and I had talked about six months ago. You know, six months ago, if you looked at the social media comments around uranium, people whose social media handle had uranium in it were capitulating, saying, "I regret ever having come into this sector." You know, the people who were screaming bulls when the stuff was expensive, capitulated when the stuff got cheap. This is just insane behavior uh and behavior that I've observed for


most of my professional career. A wonderful opportunity. the I mean we could have a half hour long discussion of uranium. I know we don't have that much time. What a lot of investors and speculators don't understand is that the structure of the uranium market is changing. People pay slavish attention to the spot price because they don't have to work hard to obtain it. But the spot price is much much much less relevant to companies than the term contracts because the term contracts are


subtle and because they they require work. Not one speculator in a thousand cares about, but they're most of what matters. The second thing is that too many speculators conflate the whole junior universe that's involved with uranium with uranium stocks. If we assume that perhaps there are hundred listings worldwide in the uranium space, probably 80 of them don't have any uranium. They're looking for it. And when people discuss the sector, they need to separate the arithmetic, those companies with uranium


and competent management with the pretenders. Just doing that will increase the profitability of their portfolios enormously. For the 10 or 12 companies that have advanced exploration projects or development stage uh uranium assets, the change in the structure of the market from spot to turn means that those companies can with a reasonable degree of certainty forecast the sales volumes that they're going to have and the prices that they're going to have. That happens in no other quantity on


earth. And that security means that a developer say in Saskatchewan can pre-ell a portion of their production to Southern Company, Duke Power, Ontario Power, Tokyo Electric Power, China General Nuclear, to investment grade counterparties and literally take those contracts to the bank to get lowerc cost construction financing. This is a setup unlike any I've ever seen in my career. Perhaps not in the quantum of the upside, but in the certainty of the upside. I've never seen this happen before. Uh, and it amuses me


when I listen into uranium discussions on the phone or I monitor social media discussions of uranium that I mean not 5% of uranium investors including the so-called pros mention what's important in the uranium market. Interesting to hear about about that shift that's happening there. And you're definitely right. We could talk about this for a whole half hour, which we don't have time for at the moment. But just to distill a little bit more what investors should be watching in uranium.


Last time we had spoken about it, you gave us a few factors to keep an eye on and just let me check my notes. I believe you mentioned Chinese new construction, life extensions in Western Europe and the US and of course the pace of Japanese restart. So is that still kind of the list to keep an eye on? Yeah, absolutely. Uh, one thing that happened is that the announced pace of Japanese restarts exceeded the physical restart and between 10 and 12 million pounds of inventory that would have been required


for recycling for uh refueling was available. The Japanese didn't sell it. They did something smart. They leased it. Uh, it became immediate supply. The people who bought it didn't have to pay back in cash. In fact, can't pay back in cash. They have to pay back in uranium. So consumption that a lot of folks, myself included, thought would take place in 2025 and 2026 has been postponed in 2028 hasn't gone away. But that's the reason that's the whole reason why the spot price of uranium moderated. If you


it's difficult to get the term price, but the best way to understand the term market is to review Kamico's income statement quarterly. look at the number of pounds sold uh and look at it as a function of the price they received for the inventory that they sold. That lets you know how much the old low price contracts at Kamako are running off uh and what the price levels are in the new contracts. They won't tell you directly because as the biggest source of uranium in the world, they view their own contract book


as a fundamental. They don't want to give away important information to their competitors and to their customers frankly. But the what the best way to look at the transaction volume in uranium that I know is to look at the income statement of Kamico on a quarterly basis. Okay. Well, hopefully people can go out and do that. It's it's very interesting. A lot of the time the information you need is is quite accessible. So, that's given us a little bit of a look at oil and gas, uranium. I'm going to take us


back over to to gold and the precious metals. And so, of course, the circumstances we were talking about at the beginning of the conversation are all very bullish for gold. And I'm wondering for you, have you seen more generalist interest coming into the gold sector? How is it looking to you? I haven't seen generalist interest. Well, let me rephrase that. It's subtle. What I have seen is that adherence to the gold trade uh have gotten new courage as a consequence of the momentum. Uh what I have seen to support


some of what you've said is that my own database, people who respond to me, uh people who want to be put on my mailing list, people who want to avail themselves portfolio, the demographic of that has changed. Uh for years that demographic looked like me, old, bald, fat, white, rich. Now the demographic looks more like you. Uh the new respondees are as much as 35% female some months under 50. Uh that is interesting. That is interesting. There is a latent support for gold. And by the way, the gold industry and the gold


mining industry haven't tapped at all. uh they are all still going after the usual suspects and the usual suspects are tapped. Now it's important to note the progression in the gold bull market. The move in the gold price that began in 2000 well some could say it began in the year 2000 but let's say for our purposes the more dramatic moves began to occur in 2022. That move was fueled by foreign central banks. We've talked about this before. The conundrum that faced the industry where gold was moving but the


gold stocks weren't moving in 2023 is easy to answer. The buyers were foreign central banks. They buy gold. They don't buy gold shares. So an asset class that had a buyer moved up and an asset that didn't have a buyer didn't. There's not much consternation there. Well, it's pretty easy to figure out. Low markets follow a predictable pattern in commodities. The commodity moves first. That move in the commodity attracts interest through momentum. But at the same time uh the producers of the


commodity the biggest and the best of the commodity begin to benefit from the increased selling price. In 2023 although the gold price moved up the price of inputs particularly energy and taxes moved up too. And so there wasn't much margin increase. As the gold price continued to move up in 2024 and the input costs moderated the cash margins generated by producers went crazy. Uh I mean crazy if you look at the earnings releases from say Agniko Eagle or Wheaten Precious or the operating earnings from Franco Nevada, Alamos,


Lundine Gold. I mean these things were nutty. Uh they were blowing away management's guidance by sometimes 100% which is to say the quarterly free cash flow came in 100% ahead of projections. Market notices this. So what we've seen just in the last 15 weeks is a flow of retail funds into gold oriented ETFs and into the best of the best openings. This is consistent with the last three bull markets that I've lived through. The next stage is you get a valuation discrepancy. the Agniko Eagles, the


Alamos, the Weedens uh begin to enjoy uh prices that are very full relative to their value while the rest of the market lags. This is resolved either with value oriented investors like myself uh going to uh companies that exhibit better price value relationships or it resolves itself by the big companies taking over the little companies or both. Uh after the best of the best move, the best of the rest move. Uh after that happens, you come down the quality chain. the developers move, uh, the advanced exploration companies


move. Finally, the penny dreadfuls move. Uh, visualize it as I've asked you to in the past, Charlotte, as a circus masters whip. The commodity itself is a whip handle. The biggest and best producers, the Franco, the uh, Wheatens, the AGO Eagles, they're the front part of the web. So, after the circus masters after the handles move forward, then the front part of the whip moves. That's where we are right now. Uh after that happens, the middle part of the whip moves. Then the tail of the whip moves. As the whip


moves, the parts that have lagged assume leadership and they move further and they move faster, but they're always led in the same fashion that you can visualize the circuit master. My suspicion is we're a quarter of the way through move. Okay. I think you covered a number of points that I wanted to go through just with that one answer, which is great. I did want to ask you about the results. We've just gotten through our results season as you mentioned for the gold miners and it sounds I was


going to ask you, you know, are they performing as you would expect during this part of the gold cycle with a price where it is? It sounds like yes, you're pretty happy with what you're seeing, but any anything you would add on the miners results? Mostly they're performing better. Uh, as an example, I hadn't expected the performance out of Ken Ross that I got. Um, that really stunned me. I was expecting a more problematic result from Kin Ross. I'm still um distressed at the lack of uh cost


containment performance at both Pneumont and Beric. Uh although I suspect that Pneumont's recent devestment or devestments will begin to address that problem. Newmont owned too many mines and too many of them were too small uh so that they didn't have the ability to f focus management, love, care, attention and capital on the big minds that made a difference. They solved that problem or at least they're in the process of solving that problem and I would suspect that you are going to see


dramatic improvements uh on the cost side in pneumont and hence on the operating margins. I certainly hope so. I think Bareric is still very much a work in process. Uh I think that Bareric needs to address uh production declines and costs. Uh I I think that Mr. Bristo's plan for doing that. Reiko Dik is something that I personally favor but the market hates uh the market doesn't want a gold producer getting much copper revenue and they don't want to be involved in places like Baluchistan that


they can neither spell nor pronounce. Um I happen to think that's a fantastic asset but time will tell if I'm right. Mhm. What is of interest to me is the broadspread nature of the margin improvement. And at least thus far, the discipline that's been exhibited by both institutional investors and mining company managements. Thus far, we haven't seen a lot of stupid acquisitions. We've seen smart acquisitions. We haven't seen outrageous uh capital expenditures. Uh we've seen aggressive


ones uh certainly Equinox uh you know $1.2 billion project on their relatively small balance sheet or uh IM Gold's Cot Lake which damn near busted the company. Uh those have been aggressive investments but they haven't been foolish investments. Uh we haven't seen since Cotay Lake uh an upside blowout on capital costs in that order of magnitude. Although B2 seems to be in the middle of an upside blowout uh in northern Canada, the the fact is though that there has been better fiscal discipline in the gold


sector than I had feared. Uh I think the consequence of that is that we will the market will continue to be uh positively surprised by not just the earnings but the quality of earnings that come from the gold sector. Uh I also think that the mergers and acquisition market which has been a driver of market liquidity will increase. Uh I I we we are at the stage in a bull market where that occurs. Confidence has returned, but more importantly, capital has returned. And there are valuation discrepancies


where the highquality companies are gaining in market capitalization much quicker than the lower quality companies. And the big companies have the ability to take over the little companies. Okay. Yes, I was going to ask you where you might see that M&A occurring, but I think you just answered that as well. So, we're so far so good on the gold companies for now. I want to ask you of course about silver as well and I think this probably fits into how you're talking about this cycle how things move


in a bull market and maybe it's not quite time for silver yet but I know a lot of people are looking at the gold silver ratio and feeling okay surely a breakout must be coming soon. So maybe remind us what you see coming for silver if you think that is near. The silver market's always confused me. I've tried to understand it and I'm not sure I ever have. uh which makes me by the way consistent with most analysts. Most of them get it wrong most of the time. What I do know, I don't know why,


but what I do know is that precious metals bull markets are always led by gold. They're always led by the peer buyer. When the precious metals bull market is far enough along that the generalist money comes into the space uh then perhaps because of its lower unit cost perhaps because of its reputation for volatility or perhaps both leadership goes from gold to silver. Uh and by the way Charlotte when that happens your viewers don't won't need Rick Rule to tell them it happen. It's pretty dramatic.


uh silver is a late mover but it moves much further and much faster. The most volatile sector with the greatest upside is those relatively few high quality silver juniors. If the market is valuing silver stocks with a $35 um silver price in mind and the companies are enjoying uh let's call it a5 to $10 real margin of $35. If silver goes to $75, the the margin doesn't increase fractionally. It increases it increases exponentially at the same time that the multiple applied to the margin goes up.


These things really truly you have to have examined them to believe them. Uh I tell people to illustrate this when I came into the business in the 1970s I watched Kane go from 10 cents a share to $65 in second years. I was too young, too poor, too dumb to take advantage of that. But I certainly noticed it in the market that we enjoyed in the early part of the 90s, a very violent market, a wonderful market. Uh I was deeply involved in both pan-American silver and in silver standard. Both of those went


from sub a dollar to north of $40. And they both did it in five or six years. This is the kind of exponential upside that you see in the high quality juniors. I'm not talking about the guys who have silver as a component of the name on the share certificate, right? I'm talking about guys that have viable silver deposits that have the management expertise to put in production and finance themselves into production. those things, the guys run by people of the ilk of Bob Cordain uh or Ross Pey


deliver really truly quantum returns and there are four or five of those in the market today. Um for speculators, particularly for speculators who have a three to five year time frame, this is superb opportunity if people are guided by history. All right, so time for us to continue being a little bit patient with silver. And you know, there are so many different follow-up questions I could ask you. And luckily, we don't have time today, but we will have time in about a month and a half or so when we are at


your conference. So that is my leadin to ask you what we should know about your event coming up July 7th to 11th in Florida. Very pro, very professional segue. Thank you. Uh the conference first of all I think it's in its 30th year and if you do something for 30 years and you make it a little bit better every year it becomes pretty good and we've done that. Our conference is pretty good. Why is it pretty good? Well first of all uh we give you the kind of global macro that you don't get on CBC or


CNBC. Uh we get you global macro that isn't from journalists but rather from players. An example would be David Stockton, the director of the office of management budget talking about the US budget and the US budget deficit. It's not like this guy speaks to us as a graduate from Columbia University Journalism School or something. He ran the department. He literally wrote the book in a biblical sense. Charlotte, uh, David Stockman talks to you from the belly of the beast. We move on and you've heard her speak before. uh Nomi


Prince, she talks about the nature of Wall Street, the corrupt nature of Wall Street. She does it as a former partner at Goldman Sachs, a player in the institution that she describes. Daniela D. Martino Bruce talks about the Fed, her expertise, well, she was a senior researcher at the Fed. Uh Jim Rickards talks about the intersection of Wall Street and Washington. He does that as a former general counsel of long-term capital management whose failure damn near brought down Wall Street. So great macro


from the belly of the beast unlike any other conference I know. We move on from there to very high quality analysts and portfolio managers. Uh not juniors at some second tier brokerage firm who flunked out analyzing crypto and bonds. uh but rather people who have made money where the rubber meets the road in resources through good markets and bad for four decades. Very important. Telling you the mistakes they made, telling you what they got right, telling you how you can be a better investor. We


move on from there to my favorite part of the show, the living legends. The Bob Quartermains, the Robert Freriedelands, the Ross Bees, the Lucas Lundines, the Randy Smallwoods. Lucas, rest in peace, of course. Uh telling you how they built multi-billion dollar public companies from scratch, and telling you how to identify the $20 million market cap company that could be a two billion, three billion, or five billion company. Charlotte, as you know, every single public company investor at my conference


is vetted. The requirement to be an exhibitor at every other conference is a check that cashes. Uh for us, we have to own shares in the companies that exhibit on our floor. We turn down more sponsors than we accept. Nobody else does that. We bring the conference to you all year. uh we are going to give you something like 52 hours of programming in 4 days more than you can absorb. So if you attend the conference either live or via live stream we will make recordings of the entire proceedings available to you and you'll


have to watch them because we're going to give you more content than you can absorb. But we do more than that. We interview every single speaker and every single exhibitor at the conference before the conference so that you can be prepared at the conference and you can allocate your time and capital more efficiently. And finally at the rule classroom for a year after the conference we have discussion groups around the themes of the conference and around the companies who were at the conference. So you get the benefit of


the conference before, during, and after. That level of effort on our behalf allows me to make a really extravagant promise. Anyone who attends the conference live or live stream, and doesn't believe that they got their money's worth gets their money back. This is financially a riskless transaction. Let me say this again. And whether you attend live or live stream and you don't think for any reason that I delivered the value that you paid, we will make sure you pay nothing. You get your money back. Now, in 30 years of


making this guarantee, I'm very proud to say I've had to refund about onetenth of 1% of the tuitions that I've charged. That allows me to say with some certainty there's an absolutely foolproof money back guarantee. Well, certainly so much value on offer. This is a favorite event for me for sure. I'm excited to be there. And for those who want to register either for the online or in person, we'll have the links in the video description below. Usually, we also include a link to the


the portfolio ranking. I don't know if you want to mention that as well before I let you go. Okay. Sure. Uh I have for 25 or 30 years offered free portfolio reviews. No obligation, no cost. Go to my website, ruralinvestmentmedia.com. List your natural resource stocks. Please no crypto, please. No tech stocks, please. No pot stocks, natural resource stocks only. I'll rank them. I'll send it back by return email. Uh rankings are one to 10, one best and worst. I'll comment in individual issues if I think my comments


might have some value. Once again, absolutely free, no obligation. Rule investment media. List your natural resource box, please. only the ones you own, not 300 stocks you're considering buying. Uh but once again, Rural Investment Media list your stocks all ranked. Perfect. Well, again, links will be below in the video description and thank you very much for coming on to explain what's going on in the markets and of course with the conference. Charlotte, thank you so much. I look forward to hosting you uh in Boca Raton.


Amazing. Well, once again, I'm Charlotte Mloud with investingnews.com and this is Rick Ru. Thank you for watching. If you like this video, make sure you hit the like button and subscribe to our channel. We'd also love to hear your thoughts, so leave us a comment below. [Music]