What's it like to manage $1 billion? Ask Erez Kalir, the co-founder and CEO of Stansberry Asset Management. Before running Stansberry, Kalir also co-founded Sabretooth Capital where he managed assets for billionaire Julian H. Robertson and the Rockefellers, among others. Since earning a J.D. from Yale law, an MSc. with distinction from Magdalen College, Oxford as a Rhodes Scholar, and an A.B. (highest honors) from Stanford University, Erez has become a member of the Council on Foreign Relations, and the Young President’s Organization. Erez sat down with Investopedia to explain how Stansberry has developed a system of "favorable asymmetry" for its clients, and why "winter" may be the best time to invest.