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I think the biggest challenge, Well, it depends entirely on what you're on,

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what your profile as an investor is. You know, I think if

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you are an endowment or you are
a mutual fund, it's trying to find

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or trying to work out whether by
diversifying, by diversifying geographically, by diversifying

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away from uber megacap. You know, everyone talks about the Big seven,

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but globally it's twenty to thirty stocks
that really matter in the entire equity universe.

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You're listening to Carrie. Let'sa's Financial
Survival Network where you get valuable information

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00:00:37,320 --> 00:00:42,679
you just can't find anywhere else to
thrive in today's trying times. You need

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00:00:42,719 --> 00:00:49,280
the Financial Survival Network now more than
ever. Go to Financial Survivalnetwork dot com

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00:00:49,320 --> 00:00:56,000
and get your free newsletter in gift. Financial Survival Network now more than ever.

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And welcome. You are listening to
and watching the Financial Survival Network.

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I'm your host, Carrie Lutts.
Well, we love getting newsletter writers on

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the show because newsletter writers, as
a lot, and I know a lot

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of them, really have their own
unique point of view on things, and

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they really have insight into things that
ordinary folks might not have. We just

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came across one that I want to
share with you and it's called Nutstuff nut

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stuff dot co dot UK. William
Nutting, you are the proprietor of the

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site out of the UK, and
you have a rich history in the financial

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sector and then you decided to write
about it and here we are. So

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thank you for coming on. Appreciate
it. If anybody has a question for

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William or myself, shoot me an
email kl at carrie lets dot com.

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So well, like you kind of
backed your way into the newsletter writing thing.

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I think a lot of people start
out in the financial sector and wind

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up writing newsletters. How did you
wind up doing this? The Kerry Hi,

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I'm great to be on the call. I mean, I was a

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weirdo. I never went to university. I went to school, went to

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the morning school from the age of
seven. I think my parents loved me.

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But I went to going to school
from the age of seven and I

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ended up in I kind of fell
into the financial services industry after leaving the

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military, and I was naturally I
think I graduated towards or gravitated towards equities

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because it was stories and it's still
of reflected real life, and so you

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know, I sort of I developed
a way of understanding how an equity portfolio

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should somewhat reflect your interests and the
things that you think are relevant and interesting

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in life. And then twenty five
years later I'd sold institutional research, which

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was increased to me, I think, becoming unintelligible, conclusionless perfectly hedged,

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realistically correct, and to be honest, most of it was utterly useless if

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it was the restaurant industry, ninety
percent of a guests thrown away uneaten if

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it was the food in the restauran
industry. So I kind of basically started

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writing my own and with the backing
of some incredibly loyal institutional clients and some

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well known people in London who managed
money very effective for many years, I

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launched that stuff. And the whole
idea was to really write something not once

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a week or once a month,
but much more than that, like two

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to three times a week, that
connected the real world and the financial world.

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And it was designed not to have
everyone agree with me. It wasn't

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designed to be consensual. It's designed
to make you question, make you think,

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make you laugh, and make you
money or save you money. And

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when I say, save you money. If you're sitting with someone who manages

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your money, uh, it's it's
It gives you a bunch of tools to

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say to them, how do you
you thought about this? Why are you

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positioned there? Why are you sitting
in the cave at everyone else's city?

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And why are you not thinking about
X, Y Z? And so I'm

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you know, I try not to
offend, but I try to provoke,

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and I think to provoke intellectual thought, to ask questions what if? What

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if? What if? It's just
an incredibly useful thing to do. And

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I think it was Nikolai Tangen who
on the Norwegian sort of wealth fund.

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He said, you know, bide
him sending the alpha in his experience,

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came from being contrarian. Well,
I'm by nature a contrarian, but I

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hope I write in kind of with
reasonable English comprehension, and I write in

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a in a in an a legend, in a in an understandable and logical

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way. I don't. I tend
to avoid financial babble speak. Okay,

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I'll buy that. And yeah,
we kind of came about it from different

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the different sides. I was a
lawyer. I like to say I'm America's

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top recovering it Atorney and you know, I kind of got into this financial

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thing because I just saw like a
lot of garbage out there. So,

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so your opinion, what is the
number one challenge facing investors worldwide in seeking

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out good returns and hopefully providing for
your retirement or for your future. What

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do you think the biggest challenge is
there? I think the biggest challenge,

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well, it depends entirely on what
you're on, what your profile as an

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investor is. You know, I
think if you are an endowment or you

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are a mutual fund, it's trying
to find or trying to work out whether

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by diversifying, by diversifying geographically,
by diversifying away from uber megacap You know,

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everyone talks about the Big seven,
but globally it's twenty to thirty stocks

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that really matter in the entire equity
universe. Can you versify away from those

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stocks? If you can, then
I think there's a tremendous opportunity in special

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situations, small cap as a situation. There's an opportunity in crypto and goal,

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there's opportunities in in uranium and commodities. There's huge opportunities in emerging markets

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x China. So I think such, I think those are the challenges.

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The challenges are but unfortunately, a
lot of the places that are most exciting

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and most interesting I described as kind
of they're the shop glasses. And the

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problem is the money management industry.
Because it costs as much to manage five

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hundred million as it does to manage
five billion, you end up in a

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situation whereby everyone really wants to invest
in the same buckets. And actually,

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I think the most exciting area of
the market tends to be the shot glasses

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of market capitalization. And so I
think I think the conundrum is being able

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to have a mandate to diversify into
kind of more. What I describe as

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more isstry place in the market.
And you know, maybe there are others

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out there who are much smarter than
me, who can who can who can

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ascertain you know, a value add
on metaverse or a value add on Doo

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or a value you know. I
can try and do that, but I

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think my time is best, so
maybe focusing on other bases. Okay,

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So what the area of the investment
landscape most excites you at this particular moment

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in time. Well, I think
it's the what if on geopolitics. Actually,

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I think it's I sort of stand
back and answer that question by saying

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that as we go, as we've
gone from an era of free money,

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and in an era of free money, you know, it takes free money

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economically as negative real rates. That's
an environment where you buy lottery tickets.

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That's was Kathy Wood at arc Stream. Environment. That was technology companies,

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dog walking apps, that's you know, all the companies we've talked about,

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you know that that that were growing
like a weed. It was eyeballs in

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the tooth thousands, you know today
it was you know, meteoric sales growth.

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But in reality it was from Amazon
downwards, companies that created great products,

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that had huge growth, but were
ultimately probably never going to make any

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money. And so it was great
when money was free because they had access

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in capital. Right now that money
is no longer free, I think we've

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gone. We've gone to a world
if you if you look at kind of

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mad lost pyramid of needs, you
know, all that markeup market capitalization was

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sitting at the top of the pyramid. It was aspiration and and and and

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feelings and emotions and such and I
think we forgot that, we forgot about

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the needs we've got, about the
really basic needs. You know, egg

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and old living in a cave.
What did they really need? You know,

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they needed heat, light, food, Well maybe not power, but

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you know the equivalent of power.
And so I describe it as you know,

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the the the market would reward would
a data center company and give it

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a multiple of twenty or twenty five
times sales because it was growing super fast

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with great customers. And yet they
forgot that the data center company was actually

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plugged into a coal fired plowdstation,
you know, or an angle or a

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gas brand plowds station. And so
I think, you know, when I

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look at where the opportunities lie,
I think it's understanding of the world has

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changed. The world has changed to
a wilder positive rail rates. It's only

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the opposite in Japan. And I
think in that environment, companies that are

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going to be successful are pre castro
yielding companies, deep company companies that have

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repaired themselves, and companies that are
ultimately selling stuff that we're all going to

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need and use increasingly more right.
And conversely, those companies at the moment

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are a tiny bit of the investable
universe, and and and investment weights and

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on. My bet I guess is
that you know, along with country specific

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areas like that Arabia and such like
that I think will increase their waiting in

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the global benchmarks. I think of
all of these companies that I'm talking about

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in these areas that I'm talking about, will will also become increasingly bigger bits

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of the index. Ah. So, so growth in the years ahead,

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is that going to be rare real
growth or I'm I'm I think completely not.

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I'm massively excited by the next two
billion people that are going to join

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the global You know, what I'm
excited about is that if we have you

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know, everyone talks about regime change
in the in the eastern places. I'm

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excited by becoming regime change in the
West because I think if we end up

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with regime change in the West,
you know, hopefully we can start through

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embrace common sense in when they comes
to investment spending, capital expenditures as a

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ratio of GDP to go up massively. And so I think, no,

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I think, I think, you
know, the next ten years global GDP

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will We'll go from one hundred and
five one hundred and ten trillion to one

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hundred and eighty trillion, and I
think there will be a trifecta of contribution

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to that, you know. I
think it will be you know, it

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will be the US, it will
be you know, the rest of the

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world, and it will be you
know, China and Japan. And I

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think those growth drivers are going to
be huge and hugely exciting for those that

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are willing to look and invest where
the growth is coming from, you know.

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And I always say to people that
you know, what's exciting for investment

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and the areas that are exciting for
investment perversity, the same sort of places

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that you would want to send your
godson or your god daughter if they asked

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you about where to go and they
year after, you know, between school

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and university. Not that you really
do that in the US, but over

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here we have the concept of the
gap here and you know, i'd be

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going to some of the more writing
part of the world. Yeah, we

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do that too sometimes. So so
you think, so regime change in the

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West, what does that mean we
become more capitalistic unless you know everything's got

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reliant upon government? Is that what
that is? Well? I think if

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you look at if you look at
where we come from and where we've got

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to today with this era of free
money. You know, it's we didn't

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we never really picked up that,
we never fixed up the house where money

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was free, and so we found
ourselves in a situation with you know,

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all the entitlement, all the deck, you know, declining growth mm hm

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and and and uh. And it's
a fairly dubious forays into trying to wag

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to wars in foreign places there are
finally being seen for what they were and

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and I think the combination of all
those things is coining a longer term weakening

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of our position in the eyes of
the part of the world whose eyes are

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being opened by the fact that they
now are chronology and the will have telephones.

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And so I think to be I
guess the takeaway point is to be

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really excited and to be really positive. You almost need to take your crop

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out of the West and go and
put yourself into the Stans, for example,

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or start countries in Africa and Lightningmibia. And I think if you go

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to some of these dynamic places that
have no old people, they have incredible

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demographics, they have no debt,
they have no entitled one, and they're

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embracing capitalism. I think that's that's
what I think is really exciting right now.

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So you think the worst has had
its run in and now it's the

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rest of the world. Well,
I mean I think, yeah, I'm

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never going to write I'm not going
to writ job of the United States.

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And I think you know that if
you put a gun to my head and

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ask me about you know, what
what what what? What's happening in the

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States, I'd say I think little
to know, maybe shallow recession and unwindening

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excesses that you see and feel in
Miami or New York or what have you.

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But I think core America, no, I think Core America has had

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you know, huge, huge wage
growth, and Core America is, you

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know, I think, is on
fire and will have huge dynamic growth in

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the next you know, in the
next five to ten years. So so

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no, I don't think all but
I but if you think about things politically

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and the margins in Washington, New
York, in London, in Berlin,

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in Paris, in Madrid especially,
I would say to you, yes,

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I think I think you know the
what's happened, you know, what's happened

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in the last ten to twenty years. You know, we are now being

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seeing a very big reversal, and
you think that's a good thing. Huh,

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Well, I think it's a wake
up call. You know. I

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don't think it's a good thing.
But I also don't think that it's a

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good thing to wish for a decimated
Russia. You know, I don't think

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a good thing to think are a
combetative China invading Taiwan, which I just

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don't buy. You know. I
think everyone needs to get on and do

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business together, and I think hopefully
the lessons are progressively being learned. But

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you know, military invasions, you
know, I don't achieve anything positive.

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All they do is end up with
an unacceptable level of death, which is

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something we should all want to avoid. Yeah, they never go exactly the

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way you think they're going to go
do there, there's always a little surprise,

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like being welcomed as a liberators right, didn't quite work out that way?

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Son't always. But when you look
at China, Okay, so I

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think in the UK you have a
better understanding and a better perception of what's

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going on there. But basically from
what I view on the my sources is

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that they're having an economic collapse.
But more importantly than that, they're having

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an infrastructure collapse. I'm sure you're
well familiar with tofu dreg projects and they

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call them rotten tail projects. It
looks like basically eighty percent of what they

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built in the past twenty thirty years
is pretty much collapsing. Why have that

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right? Yes, I think we're
all hearing that. I mean, I

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don't sure I have a view on
on the on the sofy stuff specifically,

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but you know, China is sillic
command economy. They the biggest issue I

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think with China is youth on employment. And I do get remarkable that,

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you know, whether the population is
what they say, whether it's one point

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four billion or one point two billion, I can't. I think. I

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think President g wakes up every day, you know, and he's got only

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make me more things to worry about, as I say, than invading Taiwan.

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You know. So China is going
through a much slower growth trajectory as

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you would expect. Yeah, the
tree doesn't grow to the sky, right,

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the treat of growing the sky,
and I don't. I don't know

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that it needs to, you know, I think the demographics are the demographics.

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I think the growth is the growth. I'm going to leave it to

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people who spend much full time there
than I do to have a new one.

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Whether whether Chinese property is about to
take another leg down. The people

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I talk to, you know,
say that it's you know, it's manageable,

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and I guess it's like everything I
look at. You look at the

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fundamentals of how bad things are,
and then you say to yourself, what's

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the market pricing? And what I
try to do is I try to look

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at the places that are priced for
perfection and the places that are priced,

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you know, priced to ship put
it. You know, So this is

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you know, this is on the
wild. This is otherfvigial intelligence versus marijuana

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and cole. Okay, right,
if you look at the valuation of coal

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stocks three years ago, well you
looked at the back of marijuana three months

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ago, you'd never have seen that
anyone was ever going to consume marijuana again.

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And three years ago you'd never have
assumed that we were ever ever going

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to consume cold again. Well,
the point is, we know in both

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cases that's not the case. You
walk around any Western city, I'm just

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extraordinary how often I small marijuana in
London, oh my god, and't know

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New York. So you know,
there's no mark, there's no market capitalization.

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But you know, so when I
look at when I look at these

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interesting areas, you know, and
I guess it feeds into China and China's

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coals consumption, and it feeds into
the lunacy of of of ESG as some

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aspects of the SG and climate control
and you know, an attempt to make

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make sense of the climate. You
know, I guess I you know,

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I look at it once again and
I say, you know, what's what's

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price for what? And I think
that's the that's the as investors, that's

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what really matters. You know,
I'm not going to take a I'm not

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taking moral you know, I don't
need to take a moral stance on things.

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You know, I purely look at
I look at how the real world

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meets the financial world, and I'm
looking for the opportunities. Yeah. So,

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so marijuana's consumption continues to increase.
Not necessarily a good thing. Certainly,

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public intoxication has always been you know, looked down upon and discouraged until

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recent times. Now it's it's okay, right now, We're now it's okay.

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To be intoxicated in public and nothing
nothing to see here, move along,

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right, I think that's right,
and I guess it's it's a part

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of the case of the policy towards
you know, enforcing the law, and

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probably the governments have talked to law
enforcement and said, you know, what

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is it that we how do we
want to spend our limited resources? And

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it's probably not scraping junks out of
gutters and worrying about marijuana for personal consumption.

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I couldn't agree with you more.
But that doesn't mean yeah, but

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moral issues aside, it's probably growth
business. Well, I think we've gotten

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a really good insight, William into
who you are and your philosophy towards things,

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and hey, guys should check it
out. Just tell us where we

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find you how we subscribe to your
newsletter. So you find me at www

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dot nuts self, dot co dot
uk. I'm on at Nutstuff Outfit.

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On Twitter, I write, I
write a weekend piece on a Monday,

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and I publish my equity portfolio on
a Monday, which is just purely designed

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to show you that you know,
if it goes down, I feel the

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pain, and if it goes up, might feel the joy. But it

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approves, I it approves. I
eat my own cooking. We're a subscription

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business. I charge one thousand pounds
a year, which is eighty five pounds

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a month. And the way I
look at it is it's investmental quality research

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for a retail price. And you
know, if we, if we,

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if we, if we make you
questions, think laugh and make money.

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You know, we're cheap at the
price for the content that we have.

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So I look forward and we we
give a you know, we give a

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month free trial and if you sign
up, and I think we have actually

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had a Christmas We have a Christmas
at Christmas offer on until until until the

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new year. So I just have
a look at the website and we're in

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that. We talk about uranium,
we talk about AI, we talk about

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all sorts of interesting relevant areas.
But as I say, the key thing

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I do is I talk about the
geopolitics. I talk about how it connects

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to the world, and then we're
willing to talk about the individual stocks.

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And I think, you know,
we we do the end to end,

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all right, appreciate it. They
got a question for William myself k l

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00:21:44,920 --> 00:21:49,960
at Carrieloods dot com is the place
to send it and of course on our

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site, Financial Survival Network dot com. The direct link to William's site is

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in the show notes to this interview. Appreciate you coming on, William.

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It's been a pleasure and we'll look
forward to speaking with you again. Carry

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thanks so much. Really, I
appreciate your time. Thanks for listening to

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Carrie Lenz's Financial Survival Network, your
solution to today's trying times. For the

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00:22:11,400 --> 00:22:18,519
latest, go to Financial Survivalnetwork dot
com. Financial Survival Network now more than ever,