On this week's Stansberry Investor Hour, Dan and Corey welcome Aaron Edelheit back to the show. Aaron is the founder and CEO of private investment firm Mindset Capital. He joins the podcast to talk about his investing philosophy... the importance of relieving mental stress... and all things cannabis – from its "great replacement" of alcohol to its legalization in more and more states.

Aaron begins with a story about how he received advice from the legendary Charlie Munger on the "price of admission" of being an investor. He explains that this advice made him reflect on his own strengths and realize that he wanted to exclusively do long-term investing rather than trading. This leads to a conversation about investor psychology and mental strain. Aaron shares a few tips for relieving the anxiety surrounding investing, from turning off your phone and computer one day a week to doing hot yoga.

Next, Aaron talks a bit about his investing background, his career path, and how he finds opportunities where others aren't looking. Today, he believes the big opportunity is in cannabis stocks. He explains that certain names in this industry are breaking out despite the lack of federal reform. Aaron also drops a non-cannabis name that he's interested in and gives an alternative perspective on value stocks.

Finally, Aaron compares today's investing landscape with that of the 1990s. He shares that there's much more financing of private companies today, which stops them from going public for longer (if at all). After, Aaron makes his case for cannabis stocks. He believes that they will eventually steal market share from drug companies and alcohol producers once more people realize the benefits and switch over.

0:00 Charlie Munger's advice; investor psychology; relieving anxiety
21:19 Aaron's background; cannabis stocks; value stocks
39:37 Private vs. public; cannabis's "great replacement" of alcohol