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It\u2019s not the sexiest part of the market, but Dan decides to break down bonds.

If you look at the benchmark ten-year bond treasury yield, it has tripled since last year. Does this mean the bond rally is over and we\u2019ve topped out at the bond market? Or is inflation finally kicking in as yields climb?

Bond interest rates are the lowest they\u2019ve been since there\u2019s been data for this, and if the Fed keeps trying to stabilize and suppress rates, printing endless cash and buying new government debt, the more dire the economic consequences will be. They should just let the market adjust naturally, or we\u2019ll have 2008 all over again.

Dan\u2019s guest this week is Chris Retzler, a portfolio manager at a small-cap growth-fund for Needham Funds Asset Management. His fund thrived during the bear-market bottom, nearly doubling. Retzler\u2019s forte focuses on nurturing long-term relationships with his portfolio companies\u2019 management teams and seeking out undiscovered investment opportunities.

The appeal of small-cap stocks is the room for growth along with a more potent potential for gains -- but how does Retzler make his market picks? His fund has succeeded during the pandemic (Moderna is in their portfolio), but what exactly are the best small-cap markers?

It appears getting acquainted with management is a vital first step in investing with emerging small-cap companies. To be a concentrated investor, you have to know with whom you're investing. Regarding small-cap tech opportunities, look for capital-intensive companies that don\u2019t have a lot of competition in the same space, e.g., semiconductor makers. And he highlights telemedicine as a surging fertile investing ground for explosive growth.

Oh, and always follow Warren Buffet\u2019s four basic tenets of investing.

Listen to their conversation and much more on this week\u2019s episode, including mailbag questions that cover everything from aluminum to acquisitions.

Also, check out a new episode of Stansberry\u2019s podcast where politics and economics meet, American Consequences with Trish Regan.