Yesterday morning, from his farm outside Baltimore, Porter Stansberry outlined three things you should own to protect yourself financially:
- High-quality common stocks
- High-quality corporate bonds
- Currency outside the U.S. dollar.
This is classic advice (and you've likely heard the same from me over the years). But then Porter said something that shocked me...
You see, for years, Porter has recommend protecting your wealth from the devaluation of the dollar through different assets like gold and high-quality foreign currency. But today, he's recommending something unexpected... bitcoin.
Like I've heard from lots of folks over the years, Porter said he just didn't get it and hadn't taken the time to really learn how bitcoin works. Now, Porter is calling bitcoin "the final frontier."
As he told listeners yesterday:
Bitcoin is the greatest measuring stick that mankind has ever created. It's fully transparent, it's utterly predictable, it's divisible, it's fungible, and it's unstoppable. It's everything a currency should be...
No matter what our government does next, no matter what stocks do, things will never get hard for anyone who is watching and takes this advice, at least not financially.
In fact, the crazier things get, the more money I think that you'll make.
If you missed yesterday's event, it's still available to watch right here.
Porter explains all the reasons why a huge rally in this investment is nearly inevitable, why bitcoin offers such incredible protection against government manipulation, and how you can start safely investing in cryptocurrencies today.
And now on to this week's Q&A. As always, please keep sending your questions, comments, and topic suggestions to [email protected].
Q: In light of the new stimulus package you mentioned [Wednesday], are subscribers going to get another report like your CARES Act one? Thanks for all you do. – D.M.
A: Senate Majority Leader Mitch McConnell unveiled the Republican coronavirus relief plan – the HEALS Act – on Monday. We do know what the current version of the plan includes, which we outlined the basics of on Wednesday. But it still has a long way to go until all of the details are final. The bill needs to pass both the House and the Senate, and then President Donald Trump would need to sign it into law. That could happen sometime in August.
Once the next stimulus package is finalized, keep an eye out for something from us on the topic.
For folks who haven't read our report on the CARES Act where we outline what you need to know and how it can help you – Retirement Millionaire subscribers can read the full report right here. If you're not already a subscriber, click here to get started.
Q: I'm in the middle of a terribly painful case of gout. I had no idea how severe it could be.
Do you have any recommendations in addition to ice, NSAIDs, colchicine, prednisone, and cherry extract? – C.M.
A: We're sorry to hear it, C.M. Gout happens when we get a buildup of uric acid that leads to inflammation in our joints, particularly the big toe. The painful attacks last about three to 10 days.
One of the best recommendations – get up and get moving as much as you can when you're not actively having an attack. Exercise will help build up muscle and improve flexibility in your feet. But more important, it can help you stay at a healthy weight, which lessens your risk of gout attacks. A few studies also point out that gout patients who exercise have a lower risk of premature death, likely because gout and heart disease often happen together. Exercise keeps your heart healthy and inflammation low.
You also want to lower the uric acid in your body. That means cutting out sources of purines, which the body makes into uric acid. The foods highest in purines include alcohol... meats like bacon, veal, and liver... some fish like cod, herring, and trout... and shellfish like mussels and scallops. There's also some evidence that drinking coffee helps reduce gout. We already know it's full of inflammation-fighting antioxidants.
Q: Over the years I've been told "let your winners run" and also "when a position doubles, sell half the position to pocket the initial investment." Is there a process you use for determining which action to take? Thanks for what you do, I continue to learn something from you every week and have made money along the way. – J.L.
A: The true ideal is to look at your positions anew each day. Would you buy it today? Then keep holding. You should anchor to the price you got in at or the high it hit last month.
Neither of these strategies is mathematically superior. But they help you avoid making mental mistakes.
Letting winners run is an attempt to capture the fact that there is real momentum in stocks. Winners do tend to keep winning.
Those that sell half are trying to reduce risk and avoid regrets down the line ("I should have sold at its high!"). Choose the one that seems most useful to you and your individual situation.
What We're Reading...
- Did you miss it? There's an unforeseen consequence of COVID-19 people aren't talking about.
- Something different: Was there life on Mars? NASA just launched a mission to find out.
Here's to our health, wealth, and a great retirement,
Dr. David Eifrig and the Health & Wealth Bulletin Research Team
July 31, 2020