Our guest today is Stansberry & Associated legendary value investor and editor of Extreme Value, Dan Ferris. Dan Ferris started as the editor of Real Asset Investor in 1997, and has been the editor of Extreme Value since 2002. Dan spends his days combing through balance sheets, income statements, 10-K filings, and other information sources. He insists on putting in as much as six months of research into a single stock recommendation. This philosophy has served Extreme Value subscribers well. In 2011, it booked two triple-digit winners… transportation and real estate company Alexander & Baldwin closed for a 201% gain… and master limited partnership Icahn Enterprises closed with a 141% gain. Dan also writes The 12% Letter, a high-yield newsletter that promises big returns.