Finance
Value Investing Is Dead. Heres What Replaces It SIH
Date: 2026-06-02 11:00:23
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Is value investing dead?
According to ETF manager Matthew Tuttle, the answer is yes—or at least the version investors have relied on for decades.
In this week’s Stansberry Investor Hour, Dan Ferris sits down with Matthew Tuttle, CEO of Tuttle Capital Management, for a fascinating conversation about the future of investing in an AI-driven world.
Matt argues that traditional value investing has been fundamentally disrupted by technology, AI, and the democratization of information. But that doesn’t mean investors can’t find bargains—it just means they need a new framework for identifying them.
The discussion begins with one of Matt’s most controversial ideas:
The death of value investing.
Matt explains:
• Why traditional value metrics like low P/E ratios may no longer be enough
• How AI is changing the way investors should analyze businesses
• Why information advantages have largely disappeared
• And what investors should be looking for instead
Matt introduces his concept of HALO investing:
Heavy Asset, Low Obsolescence
The idea is simple: focus on businesses that AI can’t easily replace but can help make more efficient.
Examples include:
• Railroads
• Energy infrastructure
• Utilities
• Commodity producers
• Transportation companies
The conversation then shifts to one of the most important investment themes of the next decade:
Artificial Intelligence.
Dan and Matt discuss:
• Which businesses AI could permanently disrupt
• Why some software companies may be more vulnerable than investors realize
• How cybersecurity could become an even bigger opportunity
• Why infrastructure providers may benefit more than many AI application companies
• And how investors can identify second- and third-order winners
Matt also explains his approach to thematic investing and why he believes investors should “peel the onion” to find opportunities further down the supply chain.
Rather than simply buying obvious winners, he argues investors should look for:
• Suppliers to the winners
• Suppliers to the suppliers
• Infrastructure providers
• Critical materials and bottlenecks
The discussion also covers:
• Why most ETFs fail to add value
• The rise of thematic investing
• The problem with marketing-driven investment products
• Cathie Wood, ARKK, and the cult of star investors
• Why Wall Street’s incentives often don’t align with investors’
• And how investors can develop a genuine edge in today’s markets
Matt then breaks down his HEAT investing framework:
Hedges. Edges. Asymmetry. Themes.
Including:
• Why bonds may no longer provide the protection investors expect
• How professional investors think about hedging
• Why limiting downside matters more than maximizing upside
• And how asymmetry drives long-term investment success
Perhaps the biggest takeaway from the episode is this:
The market hasn’t gotten easier because information is more accessible.
It’s gotten harder.
The investors who succeed over the next decade may not be the ones looking for the cheapest stocks—but the ones who can identify durable businesses, emerging themes, and opportunities that Wall Street hasn’t fully recognized yet.
CAN’T WATCH THE FULL EPISODE? START HERE:
0:00 – Intro
1:30 – Is Value Investing Dead?
4:00 – The HALO Investing Framework
8:30 – CoreWeave, AI & Infrastructure
10:00 – Cybersecurity as an AI Winner
13:00 – Why Most ETFs Fail Investors
16:00 – Factor Investing & Market Edges
19:00 – Trading Strategies That Still Work
21:00 – The Problem with Wall Street Incentives
27:00 – Cathie Wood, ARKK & Star Managers
35:00 – Hedges, Edges, Asymmetry & Themes
39:00 – Why Bonds Aren’t a Hedge
42:00 – Thematic Investing & AI Supply Chains
45:00 – Finding Opportunities Before Wall Street
49:00 – Final Takeaway: Bonds Are Not a Hedge
