Buck Sexton – Politics and Money

– No, no, no. I had the COVID last month. But I’ll tell you something, I didn’t even bother getting tested. You know why? Because what’s the difference between COVID and the flu?

– Nothing.

– Nothing.

– According to the CDC now. They literally said, treat it like the flu.

– Well, I wrote that in April of 2020.

– You surely did.

– But they didn’t listen to me.

– No, they didn’t. I did. I treated it like the flu the entire time. And we talked about–

– No big deal.

–it’s a little bit with Tom Dyson as well.

– Yeah, I was definitely under the weather. And I will tell you–

you know me pretty well.

– Porter’s kryptonite is high stress and bad news. And–

– You’ve been getting heaps of that lately.

– Woo.

– Heaps of that.

– Lots of stress, lots of bad news. And my body was like, that’s it. I’m tapping out.

– Yeah, that’s.

– So I was down for the count. I haven’t been this–

I have not been this sick since I had COVID for real, the bad COVID, the Delta variant.

– Yeah, and that was when it first came out.

– That was in April of ’21. And it was so funny. I got a–

I got a video from my friend Ron White–

– Oh, yeah.

– the comic?

– Yeah, he’s great.

– [LAUGHS]

He was familiar with how I was a COVID naysayer, a COVID skeptic. Maybe not an anti-vaxxer, but definitely a COVID–

– Skeptic.

– –skeptic. And when I got COVID, he sent me a video clip of him playing golf. And he’s like, must suck for you, especially since you said COVID wasn’t real. [LAUGHS]

– That’s funny. I love Ron White. He’s great.

– He’s funny guy. So yeah, anyway. So I had COVID, and now I’m back.

– I’m having traumatic flashbacks to the whole COVID thing because they locked down pretty hard in Colombia.

– You couldn’t even leave your apartment.

– Yeah, it was–

I did, though. But you weren’t supposed to. And by the way, the barrios didn’t stay in their apartment because there is no savings. So it was kill to eat.

You were still in your market. You were still selling. You didn’t care about masks. And by the way, that’s where all the police live. So the police didn’t do anything to anybody over there. They only hassled the rich people because they could give multas or tickets.

– Aha.

– Oh, actually, here’s what they really did. They didn’t ever give any tickets.

– They just–

– They got [SPANISH].

– They got [SPANISH].

– They got tips. So–

– What are they? The silver or the lead? They’re taking the silver.

– Yes, exactly.

– Yeah, I just–

– But I’m having flashbacks to this is how ridiculous–

and I think people forget. At our golf course, they installed these things that were attached to the pins that had a little lever to get the ball out of the hole so you didn’t reach in and get COVID.

– So ridiculous.

– [LAUGHS]

So–

– It’s an airborne virus, people. It’s got nothing to do with touching pins or balls. I remember they wouldn’t let us play golf here for like a month. Right, an outdoor–

– Outdoor.

– –event, where you’re always socially–

– You’re by yourself. You’re not touching anyone.

– So idiotic.

– I know. And anyways.

Well, Porter, today, we have a great guest on. Also a good friend of yours that you’ve known for–

I don’t know how many years.

– About a decade now. Buck Sexton.

– Buck Sexton. And bucksexton.com, you can go find his information. One of the world’s best radio hosts, political commentators.

– I wouldn’t say we spend too much time on politics. It’s not my thing or your thing, really. But Buck is a political expert.

– Yes, he is.

– And with the red wave coming this fall, good person to check in on. Maybe there are some Trump trades out there. I know the first time Trump was elected, the markets did very well.

– Yeah, they certainly did. And that was the one thing I think Trump was hoping that with the Biden administration, they wouldn’t. But they have the power of the Fed, as you know. And we have the power of the Fed. Things can get a little bit wild, and budgets go wild and omnibus bills.

– Yeah, I think it’s interesting to see whether or not they can actually continue to do that kind of politics as usual without triggering a real panic out of Treasuries. And if you’ve seen what gold has been doing for the last two or three weeks–

– All-time highs every day.

– And of course, Bitcoin–

– Yeah, I had lunch with Chris Webber.

– Oh, you did. He’s a good friend of–

– Down in Miami.

– Good friend of Porter and Co. He’s the expert on miners.

– Chris Webber is the most legendary speculator that no one’s ever heard of. I don’t know what his official track record is because he’s a private investor. He’s never said. But I’ve known him for over–

well, not over, but almost 30 years now, over 25 years. And I’ve never seen him be wrong.

– Yeah, that’s big. Porter, I don’t know if you know this, because you let me run the marketing. And we only run the best gurus that we think can complement our work. And we actually did run a big promo to our Partner Pass members for Chris Webber a couple of months ago. It went phenomenal. I got a peek into his portfolio. It was stellar.

– It’s incredible. He did run some money. There was a period of time over the last 10 years. I think maybe five or six years, he was managing money.

And we can probably get those track records, and that would be legitimate. But I’m just telling you, from my personal experience, I have seen him get in early and stay and hold to the peak and all kinds of different major trends. And it started with the first time I saw him do that was during the tech trend in the late ’90s. He bought Broadcom, JDS Uniphase–

– Oh, wow.

– all these things.

– Those were the ones that went hyperbolic.

– Huge winners. And then he got out. He sold.

– He did. He was one of the few.

– He sold. He followed trailing stops on all of his picks and got out in 2001. And then he figured out the biotech boom.

– Oh.

– And he built this incredible portfolio, which was all the picks and shovels of biotech. So like Illumina–

– Oh.

– –things like that, and just went bananas for the next five or six years.

– That’s awesome.

– And then he figured out there was going to be a supercycle in gold. And he got in big time into rare gold coins. And I know he made a fortune on those. And that was just–

that was from ’96 to ’09. I mean, he did great.

– Yeah, well, I think he’s going to do well on this. Because he’s got a lot of miner plays. And they’ve been beaten to pieces. I mean, these miners are trading as if gold was trading for $1,700.

There will be a slingshot at some point. And we talked to Doug Casey about that recently. For the most part–

– But interesting to see if Biden tries to play the game where he leans on the Fed to cut rates and they do cut aggressively–

and by the way, I don’t get the feeling that’s going to happen. But–

– Me either.

– But if it does, it’ll be interesting to see if they lose control of the inflation, because there’s going to be a big CPI print next week. I expect you’ll see a much hotter-than-expected number. And the jobs report that came out today was super hot, 300,000-plus new jobs.

So I think you’re going to–

this is completely absolutely not in the cards, but I think you’re going to have to see fed hikes this year if you really want to contain inflation. And I don’t think that there’s any political stomach to do that, which means, I think you could have a situation where you’re in a melt-up economy, where stocks are running, gold is running, Bitcoin is running, and things get really overheated. And that could lead Trump to have some really severe economic policies going forward–

– big cuts to taxes, high interest rates, kind of like the early 1980s then in the first Reagan administration.

So listen, what’s our advice? Man, enjoy the good times while they’re here.

– Exactly.

– You got to make hay while the sun is shining.

– That’s right.

– And I think you’re going to see this bull run in stocks and commodities continue. And there’s lots of cheap–

there’s lots of cheap stocks out there in energy. There’s lots of cheap stocks out there in gold. And so I don’t think–

the second half of this year, I don’t think you’re going to see the big tech stocks continue to lead the market.

I think there’s going to be rotation into these forgotten stepchildren. And those gains, as you know, junior miners and small energy companies can be absolutely crazy, life changing.

You’ll also see it in biotech. Because as the financial conditions loosen, those biotech valuations will come back.

– Yeah, I think we’re positioned as well as we can be, thanks to your 25 years being in this business and having the knowledge and understanding who we’d want to hire and who do we want to be part of the Partner Pass. Of course, we got Marty Fridson, which we can talk a little bit about in a second. We’ve got Erez Kalir–

– Yeah, we’ve got a great–

– –for biotech. We’ve got–

– We’ve got a great team.

– –phenomenal lineup. And here’s another thing too.

The U.S. and other countries are really pushing for Ukraine to join NATO so that they can create more war. What does that do to oil, Porter? What’s it doing right now? It’s over 90.

– That’s going to be good for oil. I mean, look, it seems like our politicians can’t get enough of war and welfare, and those things are very inflationary. And they’re really tough on regular middle-class people. And as you know, that’s a passion of mine and yours–

to actually help everyday people escape the catastrophe that’s coming as we continue to print money.

It’s incredible. We are now adding a trillion dollars in national debt every 100 days.

– Every three months.

– [LAUGHS]

There is no way this is sustainable.

– No way.

– But enjoy it while it lasts.

– Exactly.

And speaking of storms coming, Zerohedge had an article out recently, but you’ve been sounding this alarm. There’s a reason why you hired Marty Fridson, the dean of high yield, December, a year and a half ago. And that was there is going to be a credit crisis. CCCs are going to be in big trouble. And there’s 1.8 trillion that need to roll over by 2028.

– And this is just in corporate bonds.

– This is just in corporate bonds.

– This is corporate. This is not all the commercial real estate that’s out there. There’s another trillion dollars of that. And I don’t know how much is in office, but a lot of it.

And that stuff is completely underwater. You’re seeing buildings now be sold regularly every week, major commercial buildings in major downtowns–

San Francisco, New York, Orlando, Miami. You’re seeing these office buildings that are going off at auctions that are selling for 20 and 30 cents on the dollar of their last sale, which is in 2019, 2020.

– Which is insane. I never thought I’d see that.

– There’s real carnage. I want to point something out, though. First of all, can we go over Marty’s track record?

– Yes.

– Because I make a claim to people all the time.

And nobody believes me because they–

most individual investors just know nothing about corporate bonds. Absolutely nothing. It’s a giant black hole to them. But I have said for–

I don’t know–

at least a decade, probably longer, 15 years or so, I have said that for most investors, they should simply never, ever buy stocks.

– That’s right.

– They should only buy corporate bonds. And they should only buy them at a discount. And people look at me like I’ve got three eyes. And they’re like, what are you talking about? I can’t live on a 3% coupon or a 4 and 1/2% coupon. And I’m like, that’s because you don’t know anything about it.

So right now, the yield on CCC is like 12%.

And so most people can live on 12%. The critical thing is which ones are going to default and which ones aren’t. And that’s why you need Marty Fridson. But just run down a couple of Marty’s–

the current track record.

– Sure, he has 13 open positions, first of all.

Of those, 11 of those were bonds. Yes, we understand, guys, that that requires a CUSIP number. We understand it requires picking up a phone and calling your broker and saying, here’s the CUSIP, which, by the way, that’s all you have to tell them because the CUSIP–

– Hold on. Hold on. Buying a bond is no more difficult–

no more difficult than calling a Chinese restaurant and ordering dinner.

– Oh, it’s easier.

– In fact, the Chinese restaurant is a lot harder.

– It’s way easier.

– But most people will never do it because they just feel so uncomfortable talking to a broker on the phone. So here’s my advice. If you’ve never bought a bond before, read Marty Fridson’s newsletter. Pick a bond that you like.

There’s all the instructions are in there. Literally–

– Literally

– paint by numbers, here’s what to do–

call this number, say these words, talk to this person, ask for this CUSIP. It’s all there. And just buy one bond.

– That’s it.

– That’s just buy one. So all these prices are based on $1,000 face value bonds. So they’re all trading at discount. So it’s going to cost you–

let’s say it’s going to cost you $800.

Just buy one and see how it goes. A year from now, write into the show and tell us what you learned. Because I promise you, if you will try investing in corporate bonds at a discount, you will never buy stocks again. It is just the best deal you can imagine.

First of all, you get a legal contract that requires the company to pay you back. You’re not buying equity. You’re buying debt. And legally, they have to pay you back.

If they don’t pay you back, guess what? They lose everything. They go bankrupt. Every one of them loses their jobs.

They lose all their pensions. Everything goes bye-bye.

So the bond holder is in the catbird seat. And you as a passive outside investor, that’s the only place you want to be.

– That’s it.

– Trust me, all the shenanigans that public companies do on their investors all the time, if you’re a bond holder, it doesn’t make any difference. I like saying it’s like the movie Goodfellas. Remember the gangsters who used to lend money to the restaurateurs and people like that to launder their cash?

Well, then, they had to pay the vig. And the vig was like, 10% a month or something. It was impossible to ever pay back. And the gangsters were like, fuck you, pay me. And the guy’s like, well, my restaurant burned down.

Fuck you, pay me. It doesn’t make any difference.

– Doesn’t matter.

– And if you’re a bond holder, that’s the position you get to be in. Fuck, you pay me. So you get paid your coupon. And then when the bond matures, you get paid your face value.

And the other real secret that people don’t get is we do all of our analysis. When I say we, I mean generously we. Marty and his team does all his analysis based on what yield to maturity is. So it’s what you’re going to make over, let’s say, four or five years as the bond price goes back to par and as you get paid the coupons.

But the reality is, in almost every single one of these cases, the bond price goes back to par within a few months, just because the sentiment changes around the security. So let’s say he’s buying it at 75 cents on the dollar. So he’s paying $750 for $1,000 bond. And he’s modeling that out for three or four years with coupons.

So let’s say your yield to maturity, he expects, is going to be, let’s say, something reasonable like 15%.

But what happens is the perception changes, and the bond goes back to par within six or seven months. And so guess what? Boom, your yield to maturity might–

that 15% could happen in six or seven months, which is an annualized 30% return.

And now we’re not quoting the returns that way. We’re just giving you nominal returns. But what I’m saying to you is there is so much less risk. And there is so much more return, real actual capital highest return in bonds for investors.

So a lot of people will look at their stock portfolio. And they’ll be up 50% in a year. But how many of you actually sell at that price? And the answer is not very many people. What normally happens is you buy it, it goes up a lot, and you’re excited. And the next thing you know, it’s down 35% from the high, and that’s when you sell it.

So it’s really hard for you to capture all the gains that are possible in stocks. But with bonds, you’ve got a fixed holding period. You’ve got a fixed return. It’s much easier. Anyways, how’s Marty been doing?

– Yeah, so he’s got 13 positions. He closed one of them as a bond, by the way, for the purchase date, 6/14/2023. It only returned 43% That’s the one close.

– The one closed position.

– Yeah, so the other 12 that are open, they’re all up an average of 22% right now. Two of them are down. One is down by 0.78%.

The other is down by 3% right now. That’s it.

– So he doesn’t have any that are down. And the ones that are up are up by 22%. And the average holding period there has got to be less than a year.

– Yeah, for sure.

– My point is–

and people never believe me when I tell them this, even though I’ve done multiple products in this space. So we did True Income originally back in 2009. And then we did Credit Opportunities in 2015. This is my third distressed bond product with Marty Fridson, who’s the best in the world at it.

We will average 25% annualized gains in this product. And we will have more than 85% win rate. There is no better deal in the entire newsletter world and the entire ETF world, in the entire investment world than buying individual distressed corporate debt. But you really have to know what you’re doing. And you have to invest with someone who’s got years of experience.

And let’s see, hmm, Marty Fridson invented the research on this sector in the early 1980s. So he’s got 50 years of experience. He’s the guy to be with. And I hope that you’ll take me up on this.

There’s truly no–

there is no better advice I can give you than for most investors, there is no question that you will make more money if you only buy corporate bonds. There’s just no question. And then for every investor, there’s no question that it’s a much better risk-reward opportunity.

– And, Porter, is there a better time? There’s no better time than right now. This is why you wanted to prepare for this. Probably ever.

– Well, hold on. I’m not saying that. I’m saying that with Marty Fridson, it’s always a good time, because–

– Yeah, that’s a good point.

– it’s a market. So there’s always things that are mispriced. And he’s really great at finding them.

Right now, I would say that there are opportunity and high yield is better than average. The spread between CCC and 10-year Treasuries is something like 7%, which is higher than normal, but not at peak. When that spread between the average CCC and Treasuries is over 10%, then that’s usually really time to start focusing on the sector.

But look, you’re going to make 25% a year–

– A year.

– anyways.

– A year.

– Because you’re with Marty Fridson. You’re good.

– Yeah, you’re good. OK, Porter, great. And–

– By the way, I can’t wait to see, if anyone actually does this, if anybody just buys one bond to learn how to do it and then what the results are. I also can’t wait to see who fucks this up. Because–

[LAUGHTER]

– there is somebody out there right now who’s going to pull up the listed bonds and interactive brokers, and they’re going to find a bond that’s trading for 20 cents on the dollar and is advertising at 80% yield to maturity. And they’re going to buy it–

– Of course.

– –thinking that that’s what they’re going to make. And they’re about to find out the hard way–

– Well–

– you cannot do this kind of investing without someone who knows what they are doing. You cannot.

– Yeah, it can be pretty ridiculous if you try to do it on your own, obviously. And people don’t understand how difficult this stuff is to look into companies and what their debts are and what they owe.

– The corporate bond market is the home of all of Wall Street’s smartest people. It’s where all of the big insurance companies play. It’s where all of the math wizards play. What was Long-Term Capital Management’s market? Bonds, not stocks. Just people don’t understand all this.

The bond market dwarfs the stock market in size, and it’s where all the smartest people play. I am not advising you to go out and buy any bond. I am saying, read Martin Fridson, buy the bonds he recommends, and you will do incredibly well. And he makes it look really easy, but it is not.

– OK, Porter, it’s time to go to the interview with Buck Sexton. So let’s bring him on.

– Let’s bring in Buck.

– Hey, Buck, thanks for joining us. It’s great to have you.

Aaron was asking, when we first met each other–

and I remember vividly walking into a conference in Las Vegas and seeing you be the emcee and knowing immediately that you were going to be a star. But do you remember when that was?

– Yes, it was 2016.

Stansberry Vegas.

I was on stage. And at the time, Rand Paul was actually there too. You, me, and Rand Paul all up on stage–

I’m sorry, Ron Paul. God. Ron Paul, not Rand Paul. We were all on stage together 2016.

So right before the Trump election phenomenon was the first time we met.

– Well, when I saw Buck on stage, I was like, man, he got such a presence. And he knows everything about politics. And ever since then, your career has taken off. I know you’re filling in for Rush Limbaugh for a while.

And The Clay Travis and Buck Sexton Show started–

I don’t know–

two or three years ago now. And you guys have the largest radio show in the country, I think.

– Yeah, so we took over officially for iHeartMedia the slot that was left open after Rush Limbaugh passed away after 30-plus years in the business being number one. So yeah, we joined up about three years ago. It’ll be three years, actually, exactly in June.

So coming up on the three-year anniversary. And look, it was a big–

it’s a big move, I mean, to take any of those stations and try to continue the mission that Rush had for decades. But it’s worked out.

I mean, Clay and I, we have a lot of fun doing the show. And yeah, by audience, I think it’s the largest. We have 500 stations. And we’re on–

when Rush used to be on. So we have the biggest radio audience, I believe, in the country. Maybe The Sean Hannity Show is number one. We’re number two, but it’s very close.

– And you also just started a coffee company, I think, pretty successfully. Can we see your coffee company here? What’s it called, Crockett Coffee?

– Yeah, Crockett like Davy Crockett.

The idea here–

and everyone can see, go to crockettcoffee.com. Please do subscribe.

First of all, I’m a coffee fanatic. I mean, this is the one thing, the one vice–

maybe chocolate, too. But I don’t need chocolate. I like it. I need coffee. Like, I can’t function the same way.

So one thing is, we had seen a number of these brands that come through conservative media.

You and I talk a fair amount, Porter, about the parallel economy and how it’s real, finally.

It’s not just a theory. Some of these companies come through, though, and they get really big. And then when they start making real money and maybe they even go public, all of a sudden, they don’t want to do conservative media anymore.

And so we got frustrated with that. We said, well, look, let’s just build our own brands and incubate them ourselves with the platforms that we have, and they’re never going to abandon the space. They’re always going to be about freedom, the constitution, capitalism.

So instead of buying like communist Folgers swill, you can actually get decent coffee from us.

– That sounds great.

– And Davy Crockett, I think, is a great American hero. And we’re doing a lot of the celebration of American history as part of this, too. So we talk about the history around Davy Crockett. And the Alamo, obviously, factors big into all this.

So please check it out. It’s delicious coffee. And we also give some of the proceeds to Tunnel to Towers Foundation, which Is our do good sponsor or do good connection. And they give homes to fallen first responders, military and police officers, mortgage free homes. So we’re coming at it from all angles.

– That sounds great.

– That’s fantastic.

– That sounds great. Well, listen, we wanted to have you on because it seems like Trump has really built an unsurmountable lead in the presidential election. And I got to have breakfast with him on–

let’s see, I think it was Friday at Mar-a-Lago. And he seems in good spirits.

It’s interesting how different he was in person than how he’s portrayed in the media.

But I won’t go into all that. What I want to ask, Buck, is, do you think that he’s a shoo-in to be the next president? And what, if anything, could go wrong between now and election day?

– I mean, do you tell them that you’re dear friend and mentor of the Buckster? I mean, I just feel like–

– Buck’s so confused right now.

– You know what I mean? Like, you got to tell the big guy. You’re like, probably the best in all radio. I love him. He’s amazing.

Great hair. Best hair in television.

So, anyway.

Do I think Trump’s lead is insurmountable? In a world in which the American people have elections that function the way that they think that they should, yes. But I don’t think that that’s the world we live in, unfortunately.

The machinery of elections has really advanced in recent years, not in good ways. But I mean, it’s become much bigger part of it–

– ballot harvesting, ballot chase operations. Trump is finally all on board for that stuff. It used to be that conservative Republicans wanted to do the, we vote on election day and only on election day. And I appreciate that sense of tradition and civic responsibility.

But what the left does, bank as many votes as early as they possibly can. They use as much soft money and dark money and whatever you can to get those votes in as early as possible.

And then they chase lower propensity voters, up to and including on election day. I’m not even talking about when dead people vote for them. That’s a whole other conversation. But even on the legal but shady stuff, they’re way better than us. They’re far ahead.

So that’s a concern. That was a big concern in 2020.

And I also just think that they’re going to unveil something that right now is one of the unknown unknowns, to borrow from Rumsfeld. And all of the polling suggests that he is way ahead in every swing state. And it’s hard to believe he is kicking Biden’s ass so badly as an incumbent president in April of the election year. It’s a tough hill they’re going to have to climb.

– Buck, I’m sorry. Could you just repeat one part of that? You said that there was something that the Democrats might unveil because they get desperate later on in this election campaign. What was that?

– Well, I just think you’re going to see something along the lines of a October surprise. I think you’re going to see likely along the criminal prosecutions. Like, for example, right now, there’s this belief–

oh, well, even if, let’s say, they got Trump on the New York City charge, which is the silliest and most absurd of the four, I think that they actually–

if they can view the polls–

or rather, if they think the polls will turn in a way that would help them, if he gets convicted, they might actually try for some kind of–

I don’t think they’d go for him in a prison, but I think they might try to get home confinement in Mar-a-Lago.

But basically, they’re desperate. And a cornered animal does things that you wouldn’t expect and goes for the jugular. The polls show the Democrats with Joe Biden are desperate right now. I know people think there may be a replacement of Biden. I don’t think that can happen because, again, of the logistics that that would involve and a whole bunch of other reasons.

I have an outstanding bet with Clay on this one. We’re going to go to a Porter-worthy steak dinner on Clay if Biden is, in fact, the nominee. Oh, I told him. I’m like, I’ve learned about fancy wine and meat from my friend Porter. It’s going to be an expensive meal.

– Yes, that will be.

– –expensive, yeah

– All right. Well, listen, Buck, one other question about Trump.

If he is elected–

the first time he was elected, there was a huge move higher in the stock market, I think mostly because of his decisions around tax policy. You may recall that Trump did this thing that allowed people to accelerate the depreciation expense of capital investments, which encouraged people to make big capital investments in their businesses and lowered their tax bills, which increased their reported earnings.

It was great for the economy. It was great for investors. Is Trump going to unveil any particular new economic policies to get people excited about him becoming president again that could be beneficial for investors?

– I would like to think the answer is yes. Right now, there’s a tremendous focus on the border and immigration issues, which, I think, clearly affect the economy as well as everything else going on in the country of importance.

And that’s the issue also that Democrats weren’t planning on, where you have the clearest Republican advantage. There’s something like a–

depending on whether you’re talking about who’s better on the issue or something, like 15- to 20-point advantage right now for Republicans when it comes to immigration–

Trump specifically when it comes to immigration over Biden.

In terms of the policies, I mean, I think you’ll see more of the deregulatory approach that he had in the past, which was really helpful. He hasn’t really unveiled–

and look, it’s still early. So I think that part of this is want to–

the timing matters. And he’ll want to present some of this stuff in the summer when people are really focused in on this and then going into the fall when momentum makes a huge difference.

You don’t want to unveil some awesome policy now when you’re already so ahead and lose some of the, I think, ability to move the needle a little bit. But he’ll just do more of, I think, what he did the last time around. I mean, the trade policies that Trump pushed on China, you know that they were–

and also with the US-Mexico-Canada agreement, you know they were sound because they all were kept in–

Biden hasn’t touched any of them, really, which is pretty remarkable when you think about all the noise in Trump Year 1.

They said, oh my gosh, trade wars lead to real wars. And Trump saw what was going on with China. He said, well, we’re already in a trade war. So why not actually try to tilt the battlefield to our side a little bit instead of just allowing them to get away with whatever they want?

But yeah, in terms of investment, I mean, he’s going to–

look, he’s going to cut taxes. He’s going to cut regulation. And he will limit the stupidity of many of the policies that we see right now. I mean, for example, Porter, I just was down in Beaumont, Texas.

I spoke to a thousand people, basically all of them energy industry people, It was an energy industry event, which is great because I got to talk to them about politics. Then afterwards, I just picked all of their brains.

I mean, these are–

you know a lot about this stuff, where it’s like the upstream, midstream, downstream, everything from finding the stuff in the ground to moving it to refining it. And I was talking to them. And they said they are at all-time highs for oil production and natural gas, despite the Biden administration.

– That’s right.

– And that’s what people don’t realize. They’re trying to slow it all down. So imagine if you had an administration that said, this is great, guys, thank you for being energy superstars–

– Drill, baby, drill.

– Drill, baby, drill.

– Yeah, I think you would see–

in a Trump presidency, I’m sure you’d see energy exploration and energy production go up in America, especially a lot of stuff we haven’t tapped into yet, like in Alaska. And man, huge growth in LNG exports, which is what Biden’s literally trying to put a stop to.

So lots of good times for the energy industry if Trump can get elected. Well, Buck, listen, I know you’ve got to go do a radio show and run your global media empire. Thanks for talking to us poor podcasting knuckleheads.

– I’m just getting started. Can I come back? Can we do this again? I feel like we’re just scratching the surface here, gentlemen.

– Yeah, we’ll have you on anytime, of course. And it’s great running into you, as we have been doing in Miami Beach. I got to get you to get some time to take you and your lovely bride to Harbour Island with us. But you’re so busy. You can’t even take a day off.

– Well, Harbour Island sounds like fun. I’m sure we could take a day off for it. So we’ll figure this out. We’ll get on the calendar. We got to get to Medellín as well.

– Yes, you do.

– Medellín.

– You got to come visit, my friend.

– You could do your show from Medellín. They’ve got technology down there.

– I know. We can make–

we can make something happen there, for sure. I can get you a studio. Actually, I can get you the bioaccelerator studio, which is where they have all the famous people go down for the stem cells.

Good friends of mine run that over there. That would be cool to do it out of there.

– Yeah, I’d love to come Medellín, too.

– We can do that. Let’s do a trip. And by the way, Medellín is safer than ever because all the criminals are up here in the U.S.

[LAUGHTER]

– That’s great.

– South America is a really good place to go right now and visit because all the criminals are right here.

– I just tell you this, I know you guys got to go. But it’s not even migrants anymore. You know what the new–

or undocumented. There’s a new term. Have you seen them? They’re rolling this out slowly but surely.

You’ll see it more and more as the election gets closer–

the newly arrived.

– Oh, no.

– Oh, come on. Come on.

– No.

– Come on.

– So we went from illegal alien to illegal immigrant to migrant to now the newly arrived.

– Sounds like aliens again, newly arrived.

– You know what’ll be fascinating, Buck? I think it’s going to be fascinating to see what the African-American vote for Trump is.

– Oh.

– Because I think it’s going to occur to a lot of the inner city African-Americans that all of the benefits the Democrats were supposedly garnering for their communities are now being doled out to the newly arrived.

– Newly arrived.

– Yeah, indeed.

A topic for next time, gentlemen, if you want. We’ll dive into it. I’ll bring you all the latest numbers. It’s going to be 8 million illegals by the time we cast vote. So big, big issue.

– Wow. OK, Buck, thanks for coming.

– Yeah, thanks, Buck.

– We’ll talk soon.

– guys.

– Bye-bye.

– See you.

– See ya.

[AUDIO LOGO]

All right, Porter.

– Great talking with Buck.

– Always. Always great. His insights are incredible. You go to bucksexton.com, listen to his podcast.

He’s got all of his information out there. He’s a wonderful friend to the show. And we’ll be hearing from him over the years as things get crazier and crazier in this mad world. I’m sure he’ll have some good insights for us.

– Yeah, he’s got–

as we talked about, he’s got great insights into the Trump administration. And it’ll be great to have a contact there.

– Yeah, for sure. OK, Porter, let’s get to some clown world. You just can’t make this stuff up.

– Oh, man, I don’t know if I can take it.

– It’s unlimited. I only have a few things because it’s so unlimited. It’s so ridiculous. Supporters, you understand we have this illegal immigrant crisis going on in the United States.

Let’s think about what country other than Ukraine right now, Palestinians, Palestine, what other country would you actually have. asylum? Venezuela, Colombia–

not even Venezuela anymore. Colombia, Chile, Africa. But that’s where they’re all coming from. So there’s no asylum they’re seeking.

They’re seeking handouts.

– What I think happened is everybody–

and you know that the crime went to zero in El Salvador?

– Oh, well, Bukele is amazing.

– Well, what I suspect really happened is he just let all of his prisoners out. Then sure, Mexico did that.

– So this–

– Empty out all the prisons. And you guys go to America.

– So actually, it’s true. So Mexico and Venezuela recently said they did empty their prisons. They recently said, we’re not going to be taking them back. That’s literally what they said.

They said you can put them on planes, you can put them on buses if you want, but we’re not going to be taking them back.

And you’ve got this–

this is very scary. I’ve seen it in Baltimore County.

Hopefully, it’s not going to affect you. I’ve seen it in LA. I’ve seen it in other parts of the country, where you have Chilean and Colombian gangs that are running hits. Yeah, it’s going to be a big problem, though.

So here’s what’s even crazier, Porter. An Obama-appointed U.S. District judge recently ruled that it’s OK for illegal immigrants to have guns to defend themselves.

– Oh, it makes a lot of sense.

– Yeah, so–

– Let’s take all the criminals from the Western hemisphere, and then let’s all give them guns.

– Yeah, how’s that going to go?

– Sounds perfect.

– It’s not going to go well at all. So we’ll see what happens with this. I think things are going to heat up.

– You do know that the guy who’s now running Port-au-Prince in Haiti, they call him “Barbecue.”

– Barbecue. Yeah, that’s what I was saying. Send him to Barbecue.

OK, Porter, on top of You Can’t Make This Stuff Up, clown world stuff, There’s a trend that’s happening. I don’t know if you’ve seen this in a blue states. Squatters are becoming a massive problem. And a couple recently in New York City–

– You make rules preventing any kind of development. And then you make rules instituting rent control. So no one wants to buy buildings or improve them. And then you increase the population by millions through illegal immigration. What do you think is going to happen next?

– Yeah, they’re going to take over people’s houses.

– Tent cities and squatting.

– And that’s what’s happening. And TikTok’s going crazy right now because you have illegal immigrants teaching people in the United States how to squat, how to get a lease contract, how to forge documents. So they can just find empty houses.

Actually, the other day, LeBron James and a few other celebrities finally came out and spoke against it because guess what happened? They have some squatters in their neighborhood in one of these $20 million mansions.

And they are going buck wild, throwing all kinds of parties at all hours of the night. Their cars are getting broken into. And the blue states have a big problem.

Now, Texas, on the other hand, Texas recently came out and said, we don’t do that in Texas. They said, you do whatever it takes to protect your piece of property. And we support you. And by the way, bring a gun.

Because in Texas is one of the few places in the United States where if somebody steps foot on your property–

you have 130 acres here. If they get across your boundary, you don’t have to ask questions. You can shoot first.

That is Texas. I’m a Texan. And I love that about Texas.

– Well, I’ve seen you shoot. And you’ve seen me shoot. We won’t need to empty the magazine.

– No, no. Porter, yeah, let’s hope people don’t try sneaking around your property, because you are a deadly shot, my friend. If you can hit all kinds of different trajectories, skeet shooting, that’s a different level.

– The most incredible shot I ever made in my life was I shot a deer with a rifled slug at about 125 yards. And he did the big donkey kick, which is what bucks do when they get shot. So I knew I’d hit him, but I thought I’d hit him right in the heart. And so I thought he was going to just fall like a sack of potatoes.

And I’m not–

I just don’t miss.

So he started running at a dead run. And I reloaded. I cycled. I reloaded the weapon. I had to switch windows in the blind.

Then I had to find him on the run and the scope. And then I shot him again.

And luckily, my son was hunting with me. We have a video of the whole thing, because no one will believe this. Anyways, we got to the animal. I had shot him twice in the heart.

– Wow.

– And the second one hit him in the heart when he was running at about 25, 30 miles an hour, 120 yards away.

– Wow, that’s impressive.

– I was like, woo.

– I can’t believe the guy was up on his feet. He was like a zombie buck or something. This guy had some gusto.

– He was already dead. He was just running on adrenaline, and he just–

he ran dead into a tree at the edge of the field.

– And also, you’re–

by the way, I don’t know if people know this. You know how to skin a buck.

– Oh, of course, yeah. I clean all my own–

– And you can run a trout line.

– I can run a trout line.

– A country boy can survive.

– [CHUCKLES]

I’m definitely going to survive.

– You definitely going to be fine.

– I don’t think anyone realizes as they listen to me talk about finance what a redneck I am.

– You are a total redneck, Porter.

[LAUGHTER]

Yeah, that is your preferred character, being a redneck.

– We kill everything.

– Yeah, speaking of, we’ve got a great Bahamas trip coming up.

– We are.

– And I’m very excited.

– We’re heading out to Harbour Island next week. We’re going to give everybody a big billfish.

– So yeah, the last trip you were on, you guys caught a lot of marlins.

– Yeah, we caught five billfish. Everybody on the boat caught a billfish.

– That’s awesome. Now this one, you gave me a little sneak preview. We’re going to get some tuna, too.

– I think we’re going to mostly be targeting tuna.

– That’s my favorite to catch. They fight so hard.

– They fight hard. They’re great to eat.

– Great to eat.

– But when we’re out there fishing for them, we’re also going to see marlin. We have some new tactics that are really exciting. And you know what I love to do? I love to get some video of that tactics and just show people us doing things that are fun, like hunting and fishing.

– Yeah, let’s do that. We’ll–

– I understand that’s not what we’re here for.

– No, no.

– But we’re talking the game. We got to–

– Hey, work hard. Play hard.

– Yeah, exactly.

– So let’s do that. I’ll put some stuff up on the podcast site. That’s the one place we can do that.

– Also, if anybody out there doesn’t approve of hunting and fishing, I don’t want them to watch this podcast.

– Yeah, exactly.

– We don’t need the business.

– No, we don’t need–

we don’t need PETA. We don’t need the heat. We don’t need any of that stuff.

Porter, I could go on and on about You Just Can’t Make This Stuff Up, but it’s really depressing. So let’s get to a mailbag. I think you’ll enjoy this one.

– All right.

– I’ve got one today. And by the way, you guys can send us feedback to [email protected]–

[email protected].

– Come on, old man.

– This one’s directed to me, Porter.

– Oh, let’s hear it. Let’s hear it.

– “Hi, Aaron. On the Doomberg podcast, the information was super good, no question.”

– That was–

– We can agree with that.

– Yeah, that was world class.

– OK, Mark A is his name. “I’d like to ask a favor, Aaron.” Uh-oh. “Could you wear socks next time?”

– You know what a friend is, don’t you?

– A pest.

– A friend in need.

– A friend in need is a pest.

– A friend in need is a pest. Can I have a favor? It sounds like a friend in need.

– Yeah, that’s a–

– You are wearing socks.

– Today because of Mark.

– Oh.

– And I did last week for Mark. Also, it’s cold. We woke up today. And it was 35 degrees.

– Yeah, it’s cold.

– So–

– By the way, do we have the swag shop yet? You guys can’t–

– Don’t have a swag shop yet.

– You can get your Porter and Co hoodies.

– Don’t have that yet, but we’ll get that up at some point. So he says, “I guess I’m old-fashioned, but you have guests. You had Doomberg on. And you have Porter right next to you.

A little respect because you’ve got two basically amazing people. And it would seem respectful to maybe dress business casual. It just bothered me.”

– Yeah, I don’t usually wear hoodies, but it’s cold and rainy.

– “Thanks for your time.” Anyways, Mark, I want to let last week–

or sorry, last month, I did wear socks. I wore socks today. As it gets warmer, not going to wear socks.

But thank you very much for the input. I do appreciate it. However, a fashion thing is to do loafers without socks. So–

– That’s a very Winter Park, Florida, look where we grew up.

– OK, Porter, that’s a show today.

– Oh, OK.

– We really appreciate Buck being on. Again, guys, porterspodcast.com.

I’m going to send out some great information from Marty. And also, we’ll post some fun shenanigans up on the podcast of what we catch. We’ll see you guys next month.

NARRATOR: Thank you for listening to the Porter and Co Black Label Podcast, with your hosts Porter Stansberry and Aaron Brabham. We’ll see you soon.

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