The Biggest Untapped Market Opportunity in the World, And why it’s NOT China.

The Biggest Untapped Market Opportunity in the World, And why it’s NOT China.

broadcasting from the investor hour studios and all around the world you’re listening to the stansberry investor hour [Music] tune in each thursday on itunes google play and everywhere you find podcasts for the latest episodes of the stansberry investor hour sign up for the free show archive at investorhour.com here’s your host dan ferris hello and welcome to the stansberry investor hour i’m glen eunice director of media here at stansberry research and i’ll be filling in for dan ferris so to speak this week though you will hear from dan i’m just doing the open dan’s on assignment we do have an excellent interview lined up with dan and his friend raul sariogi raul is the founder and managing director of adeon capital advisors which is an indian-focused investment management group they discuss dan’s most recent visit with roll in india and the similarities between the indian and u.s economies and what the future looks like for potential investors we’re gonna hold off on the mailbag this week but we still encourage to hear from you so we have a boatload of feedback when dan returns next week couple ways you can do it send us an email feedback investorhour.com we love your thoughts notes guest requests and also we set up a phone line so we can hear from you you can tell us what’s on your mind give us a call let us know your thoughts and feedback on our feedback line that’s 800-381-2357 up right now on the stansberry investor hour [Music] so i need to talk to everyone seriously here for just a minute because right now we’re in this weird emotional market with a lot of fear and greed controlling what the average investor is doing with their money that’s why we’re seeing a lot of money pouring into crazy investments like nfts and meme stocks and penny cryptos people see the markets still near record highs and they’re scared of getting left behind they want to be part of all the hot money making stories we’re hearing right now but really for most people unfortunately it’s a bunch of crap you’re probably going to lose everything chasing speculative gains like that just ask someone who bought amc stock or a bunch of doji coin a few months ago it’s the exact opposite of how i approach investing that’s why i’d like for you to check out a new video i just posted online at extremevaluestock.com in the video i’m sharing details of a fantastic risk-averse value stock opportunity that my research is showing could return about 200 percent over the next 24 months i’d love for you to check it all out by heading over to extremevaluestock.com but please hurry because the stock i’ll be telling you about is getting close to exceeding my buy up to price recommendation and once it does i’ll probably have to take the video offline so one more time to learn the details head over to extremevaluestock.com today that’s extremevaluestock.com [Music] time once again for our interview today’s guest is my friend rahul sariogi from india rahul is the founder and managing director of atian capital advisors adviser to the antion capital family of funds his mission is to consistently identify the best 10 to 15 investment ideas from among the thousands of publicly traded indian corporations rahul graduated from the wharton school of the university of pennsylvania with a degree in economics and is the author of investing in india a value investor’s guide to the biggest untapped opportunity in the world a definitive guide on navigating the indian markets published by john wiley and sons roh welcome back to the program it’s been a while thank you diane yes indeed and so rahul i just want to jump in because you’re you’re just you’re my guy in india like of and i’ve met you know a bunch of folks at you know conferences and so forth um folks that we both know but you know when i really want to know what’s going on i i have to talk to you and i i haven’t even thought i hate to admit it i haven’t even thought about india probably over a year and all you like all i know about india is to look at a chart of the you know the india etf it’s it’s too far off my radar screen i think it’s too far off everybody’s radar screen i know you’d agree with that wouldn’t you yeah absolutely dan uh it has indeed been a while since we’ve spoken and it’s been what 12 years since you were here uh in southern india and chennai with me and you know we were driving around and looking at stuff uh it’s been a while yep it has so is it at any given moment when i’ve talked to you like sometimes you’re like well the markets run up huge and you know i’m really cautious or you know it’s it’s way down and i’m really aggressively bullish or something but because it is it does seem to swing a lot as i look like my only benchmark is like the india etfs and as i look at them they look like just about everything else post covet just kind of a 45 degree angle up into the right how does it feel to you yeah you’re absolutely right uh uh dan i think that you know post the april may 2020 period almost all asset classes look the same and the india etf or the india benchmarks are no different having said that you know i would like to believe that you know india is a little bit fundamentally driven although there is a lot of fraud in the system everywhere uh you know india had a pretty tough few years pre-covered um and you know we can talk more about that kovit really extended the pain that india had been experiencing um so i think yes the rebound has been a relief uh from the worst levels in india but i think that it’s just starting to get warmed up nice yeah it did it did things sort of went sideways from maybe like 2016 or so like through the cove at bottom in early 2020. i wonder if you could just i know you know you talked with us way too long ago before but if you could just sort of for the benefit of the listeners and frankly me i have to admit if you could just re-encapsulate what what was going on in that sideways period and then we can talk about you know what the future looks like to you yeah um i’m going to give you a little bit of a long-winded preamble slash introduction to this whole thing dan um you know um you know i wrote my book in 2014 it came out in 2014 and as you said in the intro that the title was the biggest untapped uh opportunity in the world the way i saw it then it’s been seven years and you know as you mentioned not too many people think of india a lot and you know seven years later it still seems like the biggest untapped opportunity so in a capsule that’s been the india story over the last decade um you know when you were here and when we used to talk about india uh you know one of the things that has always drawn me to the indian markets other than the fact that i’m indian and of indian heritage uh but you know just dispassionately looking at it as an investor is uh you know the basic fundamentals right the rule of law uh the democratic government uh individual property rights which i think is becoming more and more relevant in the world today and somehow all of those fundamentals you know did not translate into rewards for investors over the previous decade so the sideways movement that you see um in the indian etf and in the indian markets through 2017 1819 this was really the pain period when you know banks were writing off huge amounts of bad loans um you know poor governance companies were collapsing um and the markets were just going through very testing times um you know towards the start of 2020 and you know none of us saw it coming it really felt like india was a wound up coiled up spring ready to just you know spring back bounce back and and kind of take its place where it um where it really should be and then covet happened so you know where we are today i think that um you know india has stabilized the economy is coming back uh but i really feel like we are at the start of what is going to be a three five and maybe even longer uh period economic super cycle where we’re going to basically capture the upside of the sideways movement of the previous decade if you may oh that’s very cool yeah that’s that’s this is like it’s classic value you know there’s lots of value being created as you point out the fundamentals of the economy are very sound and and then you you get in during that sideways period or even you know during some of the lower lower periods during that and then it’s like classic value but your money is doubled before you know it so rahul you when you talk about the fundamentals and you talk about like rule of law and and particularly private property rights in the back of my mind i’m thinking of the very you know the the comparisons with china right every time i think about china my mind goes to the differences between india and china and i often wonder like why why is everyone so crazy about china i feel like the world should feel about india the way they feel about china i almost don’t get you know we sort of get it right but but i i almost don’t get why the world doesn’t feel the way about india that they do about china no yeah absolutely dan you know it’s uh it’s funny uh you should talk about china so you know i i spend all of my time in india and you’re absolutely right you know when anyone talks about india the comparison with china becomes inevitable and you know uh funnily if you if you were to read any of my commentary over the last uh decade or decade and a half uh invariably i do end up making comparisons between india and china so i’ve kind of become like a quasi-china commentator as well so i’m gonna indulge you here and and share my thoughts there you know um dan i think china has um you know done a brilliant job of marketing itself um you know clearly it has done a few things really really well i mean um the physical infrastructure that it’s built uh the the ability to produce goods and large quantities uh and the productivity gains that have come from that um china has managed to do those things really well uh but then again it has done some things very poorly like you know just the amount of domestic leverage it’s close to something like 30 trillion dollars and uh you know china’s entire financial system it’s like feels like one gigantic ponzi s ponzi scheme you know what china has again done very well is successfully tapped the u.s capital markets tap u.s investors you know it has managed to evade u.s requirements of having audits uh you know its companies report whatever they feel like reporting i mean very few people know if that’s real or not real uh india on the other hand i think is is very different there is an element of soundness associated um with with how businesses are on how companies are run uh you know independent audits uh governance disclosures whatever have you uh but india has done a very poor job of marketing itself uh see dan i think at the end of the day uh you know one of the things that i’ve learned in my two decades of investing um you know in india and otherwise is beyond a very short period of time uh the investor experience is very very important so you know we started talking about fundamentals but the reality is that you know if your mark to market values don’t increase within a reasonable period of time uh fundamentals be damned right i mean what are you going to do with fundamentals you can’t write a check on fundamentals you’re right and i think that’s that’s what they’ve done really well i mean uh you have hundreds of billions of dollars of adrs and and you know uh stocks listed chinese stocks listed and you can participate in them and and you know they’ve done a brilliant job of marketing themselves i i think india has failed to do that that’s well said you know what though i think there’s a specific point here and tell me if if you think this is right i think there has there’s been a lot of criticism of capitalism and free markets in the past couple of decades and there’s a big belief in in big institutions and big government should you know everybody thinks the government should be doing more and in china the government it it just it will do anything it runs roughshod over its own people it says you millions of people are going to go live here now and we’re going to level all your homes and build a new city or something and the government allocates massive amounts of capital do they not in in china versus india where that simply does not occur i remember riding up the highway with you in india i said what are all those little white rows of stones and they were people’s land they were people’s property we went into a business park and there was a guy we had to stop the truck because there was a guy herding goats in front of us and i said what’s this about well the guy probably owned the land and the deal he made was he gets to you know herd the goats around and feed them on the grass and and they get to build an office park here and and i like that a lot more than i like the government shoving people around the way they do in india but but the world likes it the world likes to see massive amounts of capital allocated by a big government like india they perceive india as this entrepreneurial capitalistic government it’s it no what do you think am i am i yeah yeah no absolutely and you know the the line that i like to use and i might have shared this with you in the past uh dan is i don’t know whether it’s from ben graham or from buffett which is that you know a long string of impressive numbers multiplied by a single zero always equals to zero and you know one of the things about these big government things is that they can deliver great experience to you as as long as you’re aligned in the direction that they are um but you know you always carry the risk of that big zero and you know i mean if you watch what’s happened in the last couple of days you know the government wakes up one fine day and says hey you know you can’t have for-profit education in the country anymore and lo and behold you lose a trillion dollars of market cap so you know i mean when you know you wouldn’t be able to do that in the u.s you have a you have a court system somebody would go file a class action lawsuit uh you know uh you know all kinds of things right and and it’s similar in india so you know if the government said hey we want to um you know build a new housing complex here or you know you know a housing area and everybody here should leave somebody would go to the indian court system and get a stay on that uh like they should be able to um but then the real question is um you know and and coming back to investing in india uh what’s the big so what right i mean yes like you said everybody now is enamored by the chinese model uh you know we’re almost willing to have big government and you you know i mean people are starting to say hey if i can get a good experience uh you know why not have big government you know i’m sorry i’m going to use another example here dan it’s like that bad guy from the from the matrix movie i don’t know if you remember that where you know he’s eating steak and he says he he says to that agent you know i know this is not real but i don’t care it feels great you know just put me back in the matrix right that’s right and it’s kind of like that right it is yeah that’s a great analogy too and yeah i can’t help pointing out too that you know the news these days and the market action is china’s cracking down the market is suffering right i mean it’s happening before our very eyes yeah yeah absolutely yeah um and you know i mean look um you know dan um i think that you know the way i look at it you know it can go on for a while it can go on for a long period of time i mean it’s like in the stock market right just because something is you know you and i are both value investors just because something is overpriced or mispriced so we don’t like something it’s not necessary for us to go and short that thing we can go and find something else that we like to be long and you know that’s how i’ve built my investing career so you know one of the things that i kind of also learned is that you know i can avoid being in china but i don’t have to call that top and i don’t have to say hey this is exaggerated and it’s going to blow up tomorrow that’s that’s not relevant for me what’s important is that where am i going to put my hard-earned money and am i going to be exposed to that big zero when i invest my savings that’s what concerns me more and that’s what brings us to india and and that’s what i find exciting about investing here all right so we don’t need to talk about china anywhere um let’s just talk about india um my perception of india is still that um it’s almost like um everybody thinks it’s one country but it’s it’s almost like it’s it’s many different countries in one you know there are different languages i guess every you know lots of people speak english and maybe that transcends my concern but but it seems to me like china is perceived as a monolithic economy everybody does what the government says but india is more dynamic and there’s more diversity in it and and that’s a good thing i would say yeah yeah absolutely i mean uh china is 90 percent on chinese and you know if chairman xi continues on his path it may be 100 horn chinese not very far into the future right india on the other hand has a different language the food the language everything changes every 50 kilometers uh you know it’s called a subcontinent you’re absolutely right it’s it’s 1.4 billion people 560 something dialects 28 major recognized languages uh all kinds of food you know it’s it’s like a mosaic it’s a small gas board of colors flavors it’s too intense right i mean it’s it’s still just overlord yep it is and it’s like uh it’s like a free trade zone though because it is a country and and and it’s like um you know what what the european union should aspire to almost it’s just very you know open and dynamic to me yeah and uh you know some of the reforms in recent uh times uh you know especially with technology as a backbone have have unified that market all the more than so i mean india has never been a more common single economy uh than it is now yeah no did you did you once tell me that you thought maybe this wasn’t you somebody told me that they thought you know india was a lot more like the united states which has been a very successful economy you know than china or or you know europe or anyplace else i i were you i don’t know if you were the one who told me that yeah um you know we did have a conversation along those lines then and you know let me tell you simple uh you know just simple facts right uh you know harvard’s endowment in the 1930s or 1940s was 40 million dollars yes they have received some gifts along the way but today that endowment is worth 40 billion dollars sure they’ve been under performing recently um you know it’s it’s it’s the eighth wonder of the world that einstein said right it’s it’s compound interest it’s compounding and you know if the most important thing for accumulation of wealth and for growth of an economy is to have long periods of uninterrupted compounding and that has been the great story of the united states right i mean over the last 200 plus years it has been a compounding machine whereas you know there have been revolutions wars all kinds of things in other parts of the world um and that is where this rule of law property rights and a democratic form of government uh coming down so you know india has 5 000 years of uh you know individual records of individual property ownership um you will be surprised to know that you know india was a british colony in in 47 it became independent so it’s been less than 75 years but there are property titles in existence today that are more than 150 years old passed down generation to generation and it is recognized and and that’s very powerful then yes extremely powerful there’s a guy there’s an economist named hernando de soto who has covered this in a couple of books it is it it in fact rahul it is what makes the formation of capital possible does it not i mean this is extremely important yes it’s 101 dan i mean this is the bedrock of everything if the state has the power to take away your property then you don’t have the ability to compound it you cannot build a free market capitalistic system with a dominant interfering appropriating state it’s not possible right so everybody looks at it china interfering with the internet and you know these education companies and they’re like geez this sucks the you know the greatest business development of the last 20 years and they’re screwing with it so but i want to do something now right we’ve kind of talked from you know a high level let’s just go at least one step down and my stereotypic you know impression of india is like the industries that are big are you know generic pharmaceutical companies and call centers and maybe a few other things but what’s the reality yeah um you know that’s a great question dan so again i’m gonna take you one or two steps back and then give you a flavor of what india’s economy looks like so so dan india uh embraced full-fledged free market open economics in 1991 that’s that’s kind of the opening up of india that’s when india liberalized uh it was about 12 years behind china china did it in 1979 india did it in 1991. prior to 1991 india had a mixed form you know socialist you know it was it was a confused state of offense but since 1991 it’s pursued uh you know open growth open economics yes property rights stayed all through but i’m saying the form of you know planned versus private sector driven uh growth now um it’s not been that long it’s it’s been 30 years um so so the various segments so india is 1.4 billion people uh 50 under the age of 30. so it’s a very young country but 65 of the population dan is either directly or indirectly dependent on agriculture and and that has been one of the reasons why india has remained a relatively small and relatively poor country and then you have manufacturing in the middle and i’ll talk about manufacturing again you touched upon you know generic pharmaceuticals and some of that and then you have a very vibrant service sector which kind of developed since the late 1990s in the last 20 25 years which is your bpos call centers i.t companies and so on and so forth now what happened then is that as india exceeded to the world trade organization in 1999 china also exceeded to the world trade organization and china had this 10-year head start over india where it and plus it had state directed capitalism where it built this head start on manufacturing and there was also some mercantilistic competition which i think we’re all realizing with all our supply chain disruptions today that we probably overdosed on david ricardo and and you know we probably need to bring some supply chains back home but you know going back to the story so india unfortunately not only did it not build a great manufacturing base but the manufacturing base that it should have built by virtue of its own consumer market was also exported away to china to say it another way even the goods that indian consumers buy started getting imported from china now some of that has been you know the government has been trying to correct that in the last four five years so what you had is you had a dominant agricultural part of the economy you had a small manufacturing in the middle and then you had the services piece that everybody kind of knows india for by virtue of its programmers and bpo and whatnot right um but and then to add on top of that india under invested in infrastructure which is very important for a country to be competitive in manufacturing you need high you know you need large capacities of highways ports power um so on and so forth to be able to be a low-cost manufacturer now what has happened in the last 10 years then is that as india has grown albeit less than china india has developed a large consumer market and with the disruptions that are happening in global supply chains and the problems that are being faced now in china india is truly emerging as an alternative uh you know manufacturing destination so combination of three things and india is also getting its infrastructure act together so when you combine a large domestic consumer market that has so far been serviced through imports but will now be serviced through domestic manufacturing uh belated but significant investment growth in infrastructure and the desire for the world to kind of diversify away from being over dependent on china when you combine these three things india’s manufacturing is now on a massive expansion spree so to summarize my answer uh you know agriculture will become a smaller part of the economy there is value addition happening over there manufacturing is growing in india infrastructure is growing in india consumption is growing and services remains the bellwether also so so it’s really firing on multiple engines here now as a as one would expect from a dynamic you know entrepreneurial capitalist economy you know i almost feel it’s funny the temptation is to say wow so you know it’s almost investing in india is like getting into china early but you know we’ve we’ve covered the great differences and i and it could wind up being much much better and like you said you don’t have that one actually what you describe you know with the one big uh thing is that it’s almost like a turkey when you have the government in charge of everything you could wind up being a turkey life is good you’re getting fat and then you know on thanksgiving your head gets chopped off um and i think that’s what people are experiencing with china in just a little bit of right now so could we go i wonder i mean i know you you know you charge people money and you manage their money and you pick stocks for them i wonder if you don’t want to go one step deeper hey it’s cool but if you do is there you know a name or two that you could throw out to us yeah it’s it’s not because i do it professionally then uh i mean that’s not the reason why i wouldn’t do it i think that you know uh talking about individual stocks can be hazardous so i would i would kind of shy away from that um but having said that i do want to i do want to uh i you know i do want to leave a flavor of where i see the opportunities to invest in india today would that would that be a good would that be a good thing absolutely man bring it on yeah sounds great yeah yeah so so dan i mean it’s not as if people have not been investing in india i mean for those investing in emerging markets there are several etfs that they invest through uh you know some of the larger companies do have adrs and then you know for the really brave ones uh they have managed to set up entities and set up onshore brokerage accounts and whatnot and and participate in the indian markets however as you said in your intro um you know india has thousands of listed companies and and what i do professionally is you know try and find undiscovered companies and and then concentrate on the good ones that i like so the proposition that i would like to leave out there for for people listening is that there is a very big opportunity to invest in india beyond the largest 20 30 names that the etfs and the benchmarks represent and you kind of have to peel the onion and you know kick the tires and dig in a little bit deeper to find those names and and i truly believe that’s where the opportunities are so you know one area that has attracted a lot of capital and that has done very well in the last 10 years is the financial sector in india especially because it was so difficult to invest in the real economy as i mentioned it was very difficult to invest in manufacturing and really any on ground businesses what investors experienced over the last 10 years was that the fastest way to scale a balance sheet and scale a company was to invest in a leveraged lender so private sector banks non-bank lending companies and and basically all kinds of financial sector stocks uh you know those attracted a lot of capital and then the other two areas where where people invested are uh chemical generic pharmaceuticals and and i.t services um i believe that if we were to look over the next five or ten years uh that would change somewhat so areas of the economy which are doing well and are likely to continue doing well are consumption um you know the the indian consumer is at the tipping point in terms of purchasing power and uh you know anything related to indian consumption um i believe uh is going to do very well um and you know this interplayed with technology and you know app enabled or technology enabled consumption um this is an area which is going to do extremely well in india over the next five or ten years so this is definitely an area of interest where one should keep looking uh the yeah the the other area which i think will do very well in india is manufacturing as i mentioned but you know india has certain specialties so you know india is a very responsible country when it comes to its environmental and social uh compliance norms and if you take the chemicals industry or the specialty chemicals industry and and many components that go into pharmaceuticals like you know bulk chemicals bulk drugs active pharmaceutical ingredients and that whole ecosystem india has very very strong capabilities in that space and while the europeans dominated that space um and and all the majors are western european and scandinavian uh the chinese did come in and try to commoditize that industry uh but i think there is a very big pushback with strong you know compliances against pollution and and um you know environmental abuse that has been happening in china and also intellectual property abuse so india’s intellectual property ethos together with its environmental compliance is making india a hotbed uh for global chemical manufacturing and anything to do with chemistry so you know if you know just like taiwan is the big daddy when it comes to semiconductors uh i think over the next 10 15 years india is going to emerge a major major player in that in that chemicals um uh chemical space uh so so that’s one area which is very exciting when you stay with manufacturing again india has very strong engineering and engineering related manufacturing capabilities and that too has an intellectual property framework around it so you know indian companies have been partnering with german scandinavian american companies for the longest time you know so for example you know green is the is the new big bubble if you may uh india unknown to a lot of people is one of the world’s biggest manufacturer of wind turbines for example and um you know yeah it’s it’s a huge manufacturing destination for that so on the manufacturing side when one looks uh within these specialized niches um you know so it was consumption manufacturing and then then i think that um indian infrastructure is is going to be a major major opportunity for the world uh you know with 1.4 billion people you know whether it is uh you know power roads sports airports cities urban housing you know this is one area where you could say that india is basically starting off where china was 20 25 years ago india will not be able to replicate what china did because basically it won’t be able to raise and erase its history to the ground but there is sufficient upside here that a lot of capital is going to flow in and you know massive amounts of uh economic activity is going to take place in that space and um and finally i think you know technology healthcare you mentioned english india deeply intertwined with the technology leader of the world the us you know i think the two countries are natural allies you know i see the india u.s relationship not very differently from the israel u.s relationship for example although very different in size and i think that indian companies and indian entrepreneurs and u.s companies and u.s entrepreneurs will collaborate on technology innovation biologics and and you know all of that so so that’s a very broad spectrum and there is a lot to do over the next decade sounds good to me man it sounds good to me how about rahul like we don’t wait so long to have you back because i feel like we spend too much time like backtracking and retelling things i want to be able to just you know start off with where we are and and where you know where you think the the future is going rather than than that but yeah it was great it’s great to talk to you always i you’re one of the most informed smart investors i’ve ever met in my life let me ask you something rahul when we were when i was in india many years ago your firm was pretty small i i assume it’s grown i i can’t believe it hasn’t grown a whole lot since then considering how how good i think you are anyway i wonder can you share with us like how your aum has grown for example yeah dan so yeah i think if i remember correctly you were here in 2009 i think we managed uh less than 10 million dollars at that point in time and although we’re not large from the asset management industry point of view we managed close to 600 million at this time so so things have changed uh yeah so it’s been an interesting congratulations thank you thank you for that that is so awesome that’s a huge that’s huge growth and it’s plenty of money you know it’s it’s plenty i the asset management industry is is insane but um you know i i do have my final question though i ask everybody on the every guest gets the same final question and that is if you could leave our listener with a single idea today or a single thought what would it be the single thought that i would leave investors with is that no matter what the short-term experience intrinsic value and fundamentals matter and and you know i mean as ben graham has said in the short term the market is a voting machine in the long term it’s a weighing machine yes the short term and long term is all warped up right now but you know if you kind of stick with the weighing machine and stay close to intrinsic value you know it’s uh it’s very hard to get hit by the big zero that’s the thought i would leave leave you with excellent as soon as you said intrinsic value and fundamentals matter i threw my hands in the air in in victory i i love i loved it thank you for that it’s one of our best final thoughts that’s awesome all right man we’re going to call you a lot sooner than we did this time we’re going to get you back here in 6 or 12 months at a maximum okay we need to talk to you more thank you dan it’s uh it’s been good catching up with you again take care [Music] all right like i said um rahul is he’s he’s my guy in india he’s one of the smartest just most capable most well-informed investors i know when i was over there you know many years ago now 2009 his knowledge of so many aspects of the economy really really impressed me like you know we’re like i said we’re driving up the highway and he was telling me about you know how the they have land entitlement there people own property and and lots of people like to have money in fact they have a lot of money in land and gold and and he was saying you know it’s kind of frozen capital it needs to it needs to become more dynamic people needs to need to use it every sort of business or industry that we that we visit every business we visited he would tell me so much about that industry before we got into the meeting and and so much and he knew so much about each business you know he obviously has done a ton of work on these individual companies in india so i promise you i am not going to wait so long we’re going to get rahul back and we’re going to we’re going to try to we’re going to keep india on our radar screen we’re i’m as bad as the rest of the world at this and i need to be better we need to be the people who aren’t forgetting about places like india all right and right now like like he said you know they fixed the economy the market went sideways and now is the time to see all of those gains and you know all the fundamentals improve and he said you know next three five years however long should be a really fantastic time [Music] i want to share a quick story about a man named ken langone the son of italian immigrants langone describes himself as a dumb kid from long island that barely got out of high school and almost flunked out of college langone’s dad was a plumber his mom worked in a school cafeteria but langone lived the american dream he went from 82 dollars a week to one of the richest people in the world langone’s most famous move was an early investment in home depot which enabled him to become a co-founder of what is now the biggest business of its kind in the world with 2 000 plus stores and 400 000 employees in north america because of langone’s home depot connection he has unique insights into the current status of the us economy the labor shortages supply chain issues soaring prices and increasing inflation and that’s why it was telling to see ken langone go public on cnbc recently with an alarming prediction he also says the government is already creating major distortions and that the people they are trying to help are the ones who are going to get hurt the most and my colleague a former goldman sachs banker dr david eifrig agrees he says most americans are completely unprepared for what’s about to take place in our country what exactly is going on and what has these successful and wealthy americans so concerned go online to get the facts about this urgent warning by visiting www.loomingeconomywarning.com that website again is www.loomingeconomywarning.com [Music] that’s another episode of the stansberry investor hour and i hope you enjoyed it as much as i did and i really did we provide a transcript for every episode just go to www.investorhour.com click on the episode you want scroll all the way down and click on the word transcript and enjoy if you like this episode send someone else a link to the podcast so that we can continue to grow anybody you know who might enjoy the show just tell them to check it out on their podcast app or at investorhour.com and do me a favor would you subscribe to the show on itunes google play or wherever you listen to podcasts and while you’re there help us grow with a rate and a review follow us on facebook and instagram our handle is at investor hour follow us on twitter where our handle is at investor underscore hour if you have a guest you want me to interview drop me a note feedback investorhour.com or call the listener feedback line 800 381 235 tell us what’s on your mind and hear your voice on the show till next week i’m dan ferris thanks for listening thank you for listening to this episode of the stansberry investor hour to access today’s notes and receive notice of upcoming episodes go to investorhour.com and enter your email have a question for dan send him an email feedback investorhour.com this broadcast is for entertainment purposes only and should not be considered personalized investment advice trading stocks and all other financial instruments involves risk you should not make any investment decision based solely on what you hear stansberry investor hour is produced by stansberry research and is copyrighted by the stansberry radio network
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