Sunday, February 16th, 2025
Laramie, Wyoming
By Dan Denning
Good morning from the High Plains. We have a surprise for you today. Bill and I had to chance to do something we haven’t done in awhile during my recent trip to Baltimore. We actually sat down face to face and talked about the big investment issues for 2025.
Normally, our quarterly conversations are done on Zoom. But you can only get so much done on Zoom. It’s not very personal.
So we set up shop in the library of the Marburg Mansion in Baltimore’s historic Mt. Vernon neighborhood and hit ‘record.’ You can watch our conversation by clicking on the image at the top of this letter. Or you can read the transcript below.
You’ll see we had a surprise guest this time around. Hopefully we’ll see more of him later this year. But I don’t want to steal his thunder or take any more of his time. Without further delay, please enjoy our latest Private Briefing for paid subscribers.
Regards,
P.S. Dan Bill has had a lot of critics recently. But new readers may not realize that Bill has always had a lot of critics. In this Private Briefing, I asked him why that is. I think you’ll be surprised with his answer, and what it may mean for investors for the rest of 2025.
TRANSCRIPT BEGINS HERE, LIGHTLY EDITED FOR CLARITY
Dan Denning: Hello and welcome back to Bonner Private Research. I'm Dan Denning, the Research Director, and long time readers and viewers will understand that I am not in the high plains of Laramie right now. We're not in Kansas anymore, we're in Baltimore. And in fact, I'm in the sort of inner sanctum of the entire enterprise. I'm in the library of the Marburg Mansion, which in 1999 at this very table, I met with our guest today, Bill Bonner, to talk about a new project at that time which was called The Daily Reckoning. I can't believe it was 26 years ago, but it was in this room. We also met Alan Greenspan in this room. That was a little bit later in 2017. But my point is a lot of our most interesting private conversations have been had in this room, including one with Tom Dyson in 2019, which was the start of the Bonner Private Research project.
Bill Bonner: Well, Dan, on that subject, it's just important to point out that it wasn't just us and just now, because this room also was where Woodrow Wilson wrote, with Marburg, the League of Nations Convention.
Dan Denning: Oh. That I did not know.
Bill Bonner: Which did not go anywhere, thankfully. But a lot of things have happened here.
Dan Denning: I didn't know that. I knew that our history goes back 25 years, but it's a great setting to talk about big ideas, and we have a lot of important ones to talk about today. To start with though, we also have a special guest who you can see, and that's Bill's son, Jules Bonner. And I have some specific questions for him about our project and some of the things he's working on. But Jules, welcome to Bonner Private Research.
Jules Bonner: Thank you, Dan.
Dan Denning: You're welcome. We're going to start with you. I have four or five questions for you. For Bonner Private Research subscribers and for people who've been reading Bill for a long time, you're probably well aware that he started a Family Office years ago to deal with some of the investment and other issues that come with having money and trying to decide what to do with it. Bill often refers to some of his sons who advocated for a slightly more aggressive position in cryptocurrencies. So I wanted to start with you, Jules. You don't have to answer this, but you are on camera. And the question is, are you one of the Bonner crypto bros? And if so, what is your current position on them today?
