1 00:00:00,000 --> 00:00:02,000 Welcome back everyone. We have a lot to get to in this 2 00:00:02,000 --> 00:00:03,700 episode. First of all, we have the 3 00:00:03,700 --> 00:00:06,500 breaking news. This is something that I think 4 00:00:06,500 --> 00:00:09,800 is breaking news but not surprising News until just 5 00:00:09,800 --> 00:00:13,100 announced that they're slashing their dividend by over 65 6 00:00:13,100 --> 00:00:17,100 percent. So this is a massive dividend / 7 00:00:17,100 --> 00:00:21,500 from a company that has a huge history of paying a growing 8 00:00:21,500 --> 00:00:26,000 dividend over Decades of time. Now this is news in and of 9 00:00:26,000 --> 00:00:29,400 itself and this is disappointing and shocking to many investors. 10 00:00:30,000 --> 00:00:32,500 But I think what's more disappointing than the fact that 11 00:00:32,500 --> 00:00:36,300 they slash the dividend, is the fact that they were dishonest, 12 00:00:36,300 --> 00:00:39,600 in my opinion. And I will show evidence to 13 00:00:39,600 --> 00:00:43,700 support this opinion. I think Intel and specifically 14 00:00:43,800 --> 00:00:48,200 the CEO Pat gelsinger was incredibly dishonest 15 00:00:48,200 --> 00:00:51,600 disingenuous and deceiving. And the way that he talked about 16 00:00:51,600 --> 00:00:56,200 Intel's dividend not even one month ago, one month ago. 17 00:00:56,200 --> 00:00:59,100 He spoke about the dividend we're going to look back and 18 00:00:59,100 --> 00:01:01,900 play the clip. And see what you think. 19 00:01:02,000 --> 00:01:04,599 Because in my opinion, I can't stand this type of thing, the 20 00:01:04,607 --> 00:01:07,200 way, that these type of companies and their CEOs, talk 21 00:01:07,200 --> 00:01:11,300 to investors and say one thing and then quickly do the other, I 22 00:01:11,300 --> 00:01:13,700 think needs to be called out. So I'm going to be calling it 23 00:01:13,700 --> 00:01:15,400 out. In this video, we're going to be 24 00:01:15,400 --> 00:01:18,400 looking at the tape, replaying it and going over it and we'll 25 00:01:18,400 --> 00:01:20,600 see if you agree with me. Now, the other piece of news, we 26 00:01:20,600 --> 00:01:23,400 had was a company, that's very important to me because it's a 27 00:01:23,400 --> 00:01:26,800 massive holding of mine. Texas Roadhouse, just reported 28 00:01:26,800 --> 00:01:29,800 earnings, and they missed on the top line and they missed. 29 00:01:29,900 --> 00:01:32,100 On the bottom line. And I'll give you my updated 30 00:01:32,100 --> 00:01:35,500 opinion on this company because right now it is a forty three 31 00:01:35,500 --> 00:01:38,500 thousand dollar holding. So I'll be going over and 32 00:01:38,500 --> 00:01:41,800 letting you know whether or not I'm taking gains or if I'm 33 00:01:41,800 --> 00:01:44,100 letting this company run. Now we also have some news to 34 00:01:44,100 --> 00:01:46,700 get to regarding meta. They just had breaking news that 35 00:01:46,700 --> 00:01:50,900 they're announcing even more job Cuts after laying off 11,000 36 00:01:50,900 --> 00:01:55,200 employees and other companies, like Amazon are also doing some 37 00:01:55,200 --> 00:01:58,600 moves that are upsetting a lot of employees asking them to 38 00:01:58,607 --> 00:02:01,900 return back to the This after seeing they could previously 39 00:02:01,900 --> 00:02:05,700 work from home, I think this is a pretense of Amazon doing more 40 00:02:05,700 --> 00:02:07,800 layoffs, so we'll be discussing that as well. 41 00:02:07,800 --> 00:02:11,200 And then finally, we have the ongoing discussion of whether or 42 00:02:11,200 --> 00:02:13,100 not the FED is going to Pivot Jeremy. 43 00:02:13,100 --> 00:02:15,400 Siegel is someone who has staunchly said that he thinks 44 00:02:15,400 --> 00:02:18,200 that interest rates are coming down this year and there's other 45 00:02:18,200 --> 00:02:21,100 commentators, like, David Rubenstein, that are saying that 46 00:02:21,100 --> 00:02:24,300 the FED pivot is nowhere to be found and the FED is not going 47 00:02:24,300 --> 00:02:28,400 to lower interest rates in 2023. So, while all of this discussion 48 00:02:28,400 --> 00:02:31,400 is going on, I'll be explaining NG why it's so important. 49 00:02:31,400 --> 00:02:34,700 So we have a lot to get to a lot to cover in this episode before 50 00:02:34,700 --> 00:02:38,000 we start off, after give a quick shout-out to today's sponsor of 51 00:02:38,000 --> 00:02:39,800 the video. The sponsor of today's video is 52 00:02:39,800 --> 00:02:41,700 M1. Finance I started using them on 53 00:02:41,700 --> 00:02:45,100 finance literally five years ago back in 2017. 54 00:02:45,300 --> 00:02:48,200 I uploaded my first YouTube video in 2019. 55 00:02:48,300 --> 00:02:51,300 So I've been using this platform for years even before ever doing 56 00:02:51,300 --> 00:02:52,800 YouTube. The reason that I've been using 57 00:02:52,800 --> 00:02:55,100 em on finance for so long is because I love their products 58 00:02:55,100 --> 00:02:57,800 and one Finance offers, an ecosystem of tools to manage 59 00:02:57,800 --> 00:02:59,700 your wealth. We have M1 invest here which I 60 00:03:00,000 --> 00:03:01,400 For my dividend growth portfolio. 61 00:03:01,400 --> 00:03:04,300 And when also allows you to use margin and their margin rate is, 62 00:03:04,300 --> 00:03:05,900 one of the lowest in the industry. 63 00:03:05,900 --> 00:03:09,600 I'm able to borrow over 140,000 dollars based off my passive 64 00:03:09,600 --> 00:03:11,600 income portfolio. And one also has a checking 65 00:03:11,600 --> 00:03:13,700 account where I keep my emergency savings and coming 66 00:03:13,700 --> 00:03:15,400 soon. I'm on finance is offering a 67 00:03:15,400 --> 00:03:18,800 high yield savings account with a 4.5 percent annual percentage 68 00:03:18,800 --> 00:03:20,900 yield available to M1 Plus members. 69 00:03:20,900 --> 00:03:23,400 And the best part is both the checking account and the saving 70 00:03:23,400 --> 00:03:26,200 account are fdic-insured. So if you haven't already tried 71 00:03:26,200 --> 00:03:28,500 out M on finance right now, they're offering both rewards 72 00:03:28,500 --> 00:03:31,600 for new signups and transfers of accounts based on the amount 73 00:03:31,600 --> 00:03:33,700 that you're transferring. Go ahead and sign up using the 74 00:03:33,700 --> 00:03:35,800 link in the description below. All right, now, let's go ahead 75 00:03:35,800 --> 00:03:37,800 and Jump Right In what you're looking at here is a passive 76 00:03:37,800 --> 00:03:40,100 income portfolio. If you're new to the channel, 77 00:03:40,100 --> 00:03:43,600 which we've had many new members, I track this portfolio 78 00:03:43,600 --> 00:03:45,500 every single week with transparency. 79 00:03:45,500 --> 00:03:48,400 So you get to see my returns or my losses. 80 00:03:48,400 --> 00:03:51,200 You get to see my buys and my cells, and you get to see how 81 00:03:51,200 --> 00:03:53,800 the portfolio evolves and changes over time. 82 00:03:54,000 --> 00:03:57,000 All of it is shared up front on this YouTube channel. 83 00:03:57,100 --> 00:03:59,500 Now, before we jump into my portfolio and I go over any 84 00:03:59,500 --> 00:04:02,400 changes, Making, I want to go to the headline news of the day, 85 00:04:02,800 --> 00:04:07,000 which is the Intel just slash their dividend by 65 percent. 86 00:04:07,300 --> 00:04:11,500 So, a massive dividend cut and this is one of the last 87 00:04:11,500 --> 00:04:15,100 redeeming things about until yes, the company's going through 88 00:04:15,100 --> 00:04:16,899 struggles. Yes, the company has many 89 00:04:16,899 --> 00:04:19,000 competitors and it's losing market, share. 90 00:04:19,200 --> 00:04:22,500 The company also has many operational risks, the company. 91 00:04:22,500 --> 00:04:26,200 Recently, slashed a lot of the pay for both the executives and 92 00:04:26,200 --> 00:04:29,700 the employees, the company has declining free cash flows. 93 00:04:30,000 --> 00:04:32,600 It's going in the wrong direction, operationally but one 94 00:04:32,600 --> 00:04:37,700 of the things that Intel had was that nice juicy 5% dividend 95 00:04:37,700 --> 00:04:41,300 yield, it would pay you to wait. You could simply take your 96 00:04:41,300 --> 00:04:46,000 dividend and wait out this storm and finally until is now saying 97 00:04:46,300 --> 00:04:48,800 we're not even going to pay you to wait, at least not as much. 98 00:04:48,800 --> 00:04:51,100 We're cutting down our dividend by over half. 99 00:04:51,100 --> 00:04:53,000 Now, I understand that when a company is going through, 100 00:04:53,000 --> 00:04:56,200 operational challenges, like Intel, it might be prudent. 101 00:04:56,200 --> 00:04:58,000 To cut the dividend in some cases. 102 00:04:58,000 --> 00:04:59,800 This is actually a positive thing. 103 00:05:00,000 --> 00:05:03,400 It means the company's looking out for its long-term future and 104 00:05:03,400 --> 00:05:06,800 this is ultimately a capital, allocation decision where the 105 00:05:06,800 --> 00:05:10,400 company sing, We need the cash, we no longer can return this 106 00:05:10,400 --> 00:05:12,800 cash back to shareholders and that's fine. 107 00:05:12,900 --> 00:05:17,000 I have no problem with Intel slashing the dividend what I do. 108 00:05:17,000 --> 00:05:21,500 Have a problem with is deception is going on TV and being 109 00:05:21,500 --> 00:05:24,800 deceiving with your intense and what you actually plan on doing 110 00:05:24,800 --> 00:05:28,200 what I want to do is go back to January 27th. 111 00:05:28,400 --> 00:05:32,300 This was the day, the L had their earnings report and Pat 112 00:05:32,300 --> 00:05:37,600 the CEO of Intel went on to CNBC the try to put a happy face on 113 00:05:37,600 --> 00:05:41,300 the earnings report to try to highlight the bright side, but 114 00:05:41,300 --> 00:05:43,900 one of the things that was brought up in this is again, 115 00:05:44,000 --> 00:05:47,900 less than one month ago was the dividend, he was pressed on 116 00:05:47,900 --> 00:05:51,000 whether or not the dividend was going to remain or whether it 117 00:05:51,000 --> 00:05:53,900 was going to be slashed, I got to press you on the dividend 118 00:05:53,900 --> 00:05:55,700 because I know a lot of folks want to know about this. 119 00:05:55,900 --> 00:05:58,400 Looks like you did clear the deck in a way with your guidance 120 00:05:58,400 --> 00:06:00,500 last night. Why didn't you just Say that you 121 00:06:00,500 --> 00:06:04,000 might need to cut the dividend instead of changing the language 122 00:06:04,000 --> 00:06:07,100 around it. Well, you know, we're always 123 00:06:07,100 --> 00:06:10,300 going to look at the capital allocation priorities of the 124 00:06:10,300 --> 00:06:13,900 company you know we should be a dividend payer and as Dave said 125 00:06:13,900 --> 00:06:16,800 on the call last night, you know, we're committed to the 126 00:06:16,900 --> 00:06:21,200 dividend and to a very competitive dividend position 127 00:06:21,300 --> 00:06:23,300 but amongst all of the capital requirements. 128 00:06:23,300 --> 00:06:27,400 We look at that very carefully over time and per the last 129 00:06:27,400 --> 00:06:31,400 conversation, strategic capital. Capital offsets near term 130 00:06:31,400 --> 00:06:34,800 adjustments, as well as the continuing healthy dividend that 131 00:06:34,800 --> 00:06:38,500 we present to our shareholders. He did a lot of that CEO, 132 00:06:38,500 --> 00:06:41,000 mumbo-jumbo? If you didn't, really understand 133 00:06:41,000 --> 00:06:43,800 what he said, or if it seemed like you said a lot without 134 00:06:43,800 --> 00:06:46,200 saying, much at all. That's because he did. 135 00:06:46,200 --> 00:06:48,700 He didn't actually answer the question directly. 136 00:06:48,800 --> 00:06:51,500 That's my first take away. He's trying to obfuscate the 137 00:06:51,500 --> 00:06:53,400 issue and not really give an answer at all. 138 00:06:53,700 --> 00:06:56,900 But what he said there is that the dividend is healthy. 139 00:06:57,000 --> 00:06:59,800 Did you catch that? He literally referred to the 140 00:06:59,900 --> 00:07:03,400 Dividend as being healthy, as well as the continuing healthy 141 00:07:03,400 --> 00:07:05,100 dividend. That we now, I don't know about 142 00:07:05,100 --> 00:07:08,700 you, but when I co refers to a dividend as being healthy, you 143 00:07:08,700 --> 00:07:12,900 basically take that to mean that it's not going to be cut by over 144 00:07:12,900 --> 00:07:15,900 65 percent within a one month, period. 145 00:07:16,200 --> 00:07:18,100 That's what a healthy dividend is. 146 00:07:18,300 --> 00:07:20,600 It's one where you're looking at the future of the company. 147 00:07:20,800 --> 00:07:22,900 You're looking at, its current Financial State. 148 00:07:22,900 --> 00:07:25,400 And from what everything you see right now, you would have no 149 00:07:25,400 --> 00:07:29,700 reason to chop the dividend in half, but Harry is less than 150 00:07:29,800 --> 00:07:32,500 Thirty days ago, referring to the dividend as healthy. 151 00:07:32,700 --> 00:07:35,800 And then without any changes in the company over this time 152 00:07:35,800 --> 00:07:39,900 period without any unforeseen events, he goes back against his 153 00:07:39,900 --> 00:07:43,400 word and since this answer was so unclear to begin with he gets 154 00:07:43,400 --> 00:07:46,100 pressed even further and he doubles down right. 155 00:07:46,100 --> 00:07:47,800 I guess what does that healthy dividend mean? 156 00:07:47,800 --> 00:07:50,600 Pat you mentioned earlier that you wanted to be transparent. 157 00:07:50,600 --> 00:07:54,700 So are the folks that took that wording competitive dividend, 158 00:07:54,700 --> 00:07:58,000 you just said that again, can they, are they wrong to 159 00:07:58,200 --> 00:07:59,700 interpret that as a potential cut? 160 00:08:00,100 --> 00:08:03,600 The host here is doing a fantastic job saying, you want 161 00:08:03,600 --> 00:08:06,700 to be transparent, what is this healthy dividend mean? 162 00:08:06,900 --> 00:08:08,900 And listen to how he pushes back. 163 00:08:09,600 --> 00:08:12,900 Well, you know, we just reaffirmed our dividend payment 164 00:08:12,900 --> 00:08:16,500 for this last quarter and we did that on the earnings call. 165 00:08:17,200 --> 00:08:20,400 Yesterday, obviously, important, topic, that we'll continue 166 00:08:20,400 --> 00:08:23,700 discussing in the meet, at leadership team and with the 167 00:08:23,700 --> 00:08:26,800 board of directors, but we do believe this, competitive 168 00:08:26,800 --> 00:08:29,600 healthy dividend, you know, something a company of our size. 169 00:08:29,800 --> 00:08:32,000 Scale should be presenting to our shareholders. 170 00:08:32,700 --> 00:08:36,700 He says healthy another two times, so he's referred to the 171 00:08:36,700 --> 00:08:41,200 dividend as healthy three different times on January 27th 172 00:08:41,200 --> 00:08:43,600 of this year, less than 30 days ago. 173 00:08:43,600 --> 00:08:46,500 And here we have news that that healthy dividend is being cut by 174 00:08:46,500 --> 00:08:48,900 65%. Now I don't know what you would 175 00:08:48,900 --> 00:08:53,200 quantify as a lie, but in my book, this is pretty close the 176 00:08:53,200 --> 00:08:55,400 lying. You didn't just change his mind. 177 00:08:55,500 --> 00:08:58,500 What he described on tv, less than a month ago, was not 178 00:08:58,500 --> 00:09:00,600 accurate the dividend. Not healthy. 179 00:09:00,700 --> 00:09:03,500 Anyone that looked at the financials after last quarter 180 00:09:03,600 --> 00:09:05,400 knew that the dividend wasn't healthy. 181 00:09:05,400 --> 00:09:08,900 And this isn't me saying this in hindsight, in fact, I came out 182 00:09:08,900 --> 00:09:13,500 with a patreon exclusive episode, January 27th, the same 183 00:09:13,500 --> 00:09:17,500 exact day that this CEO went on to CNBC and described his 184 00:09:17,500 --> 00:09:20,100 dividend as healthy three separate times. 185 00:09:20,500 --> 00:09:23,900 I made an exclusive episode that same day saying this. 186 00:09:24,000 --> 00:09:26,000 They might not even be able to pay their divin. 187 00:09:26,000 --> 00:09:28,300 I think there's a good chance by the end of this year, they'll 188 00:09:28,300 --> 00:09:30,100 cut the dividend. I really, I think there's a 189 00:09:30,108 --> 00:09:32,900 decent chance of that. The CEO went on to CNBC and 190 00:09:32,900 --> 00:09:36,200 tried to explain himself. He, he's trying to put a happy 191 00:09:36,200 --> 00:09:40,600 face on it, but the the problems are brutal. 192 00:09:40,700 --> 00:09:43,500 So this wasn't something that was difficult to see anyone 193 00:09:43,500 --> 00:09:46,100 looking at the financials knows that this dividend wasn't 194 00:09:46,100 --> 00:09:50,000 healthy, but to the unwitting investor that's listening to the 195 00:09:50,000 --> 00:09:53,000 executives of the company. Give a report about how the 196 00:09:53,000 --> 00:09:55,900 company's doing. I think they were lied to and 197 00:09:55,900 --> 00:09:58,800 that's very frustrating if you're an Intel investor. 198 00:09:59,300 --> 00:10:01,600 Now in, Of what you do in this situation. 199 00:10:01,900 --> 00:10:05,500 This is a situation that's very difficult Intel's down 58 200 00:10:05,500 --> 00:10:09,100 percent over the past two years. The company has been a massive 201 00:10:09,100 --> 00:10:11,600 value trap. This is a type of company that 202 00:10:11,600 --> 00:10:16,000 I've mentioned that I've avoided many times because I consider to 203 00:10:16,000 --> 00:10:20,000 have many operational risks that other Industries, don't have 204 00:10:20,400 --> 00:10:23,600 Intel's, a company that requires a tremendous amount of capex, 205 00:10:23,900 --> 00:10:27,400 every single year, they're dumping billions and billions of 206 00:10:27,400 --> 00:10:30,000 dollars in the capex. The numbers are extremely Mmmmm. 207 00:10:30,200 --> 00:10:33,100 Not only do they have Capital expenditures, they have research 208 00:10:33,100 --> 00:10:35,900 and development. They have to hire top talent to 209 00:10:35,900 --> 00:10:39,600 compete with Nvidia, AMD and all the other well-capitalized, 210 00:10:39,600 --> 00:10:42,400 competitors that eats into an enormous amount of their 211 00:10:42,400 --> 00:10:45,400 revenue. And all of this has a risk, 212 00:10:45,500 --> 00:10:48,000 maybe they do a lot of research and development and they're 213 00:10:48,000 --> 00:10:51,600 still in second place. Maybe they do a lot of capex for 214 00:10:51,600 --> 00:10:54,100 contracts that don't really work out in the future. 215 00:10:54,400 --> 00:10:57,200 All of this expense has risk and this is a company where the 216 00:10:57,200 --> 00:10:59,600 risks are not paying off the revenues down. 217 00:10:59,800 --> 00:11:03,600 Where it was ten years ago, it's had an incredible decline over 218 00:11:03,600 --> 00:11:07,000 the past year, the free cash flows - over the past year and 219 00:11:07,000 --> 00:11:09,400 the dividend, the one bright spot of the companies now being 220 00:11:09,400 --> 00:11:12,900 cut down to 12 cents. So on this chart, the dividends 221 00:11:12,900 --> 00:11:16,400 going to go down to right around there that will be their next 222 00:11:16,400 --> 00:11:18,900 dividend. Payment doesn't look like such a 223 00:11:18,900 --> 00:11:22,600 fun company to be invested in any more in terms of what to do 224 00:11:22,600 --> 00:11:25,500 right now. It's difficult to say maybe the 225 00:11:25,500 --> 00:11:28,100 worst is already priced in. I think that's the best that you 226 00:11:28,100 --> 00:11:31,500 can hope for it's not. Selling off dramatically after 227 00:11:31,500 --> 00:11:33,200 this news, which I think is a good thing. 228 00:11:33,600 --> 00:11:36,700 But in my opinion, I still consider these type of companies 229 00:11:36,800 --> 00:11:38,800 too risky. So as far as I'm concerned, I'm 230 00:11:38,800 --> 00:11:41,000 not going to be adding Intel to the portfolio. 231 00:11:41,000 --> 00:11:44,000 Anytime soon, I don't find anything about this company 232 00:11:44,000 --> 00:11:47,800 attractive and I especially do not invest in companies where 233 00:11:47,800 --> 00:11:51,600 the CEOs are not transparent and they're not forthcoming to 234 00:11:51,600 --> 00:11:53,400 investors about their intentions. 235 00:11:53,600 --> 00:11:57,000 To me, that is a huge red flag. Now, moving on, there is one 236 00:11:57,000 --> 00:12:00,300 company in my portfolio that just recently reported Earnings 237 00:12:00,400 --> 00:12:02,400 everybody knows about it. That's been following my 238 00:12:02,400 --> 00:12:04,600 channel. I've been talking about this 239 00:12:04,600 --> 00:12:06,700 stock regularly over the past year. 240 00:12:07,000 --> 00:12:10,100 It is Texas, Roadhouse. The company restaurant has been 241 00:12:10,100 --> 00:12:13,800 doing very well operationally. It's performed excellently. 242 00:12:14,000 --> 00:12:16,400 They've grown sales, they've grown their net income. 243 00:12:16,400 --> 00:12:19,400 They've grown free cash flow. They've opened up more locations 244 00:12:19,800 --> 00:12:22,900 and the performance of the company has matched the 245 00:12:22,900 --> 00:12:26,100 performance of the stock. It's broadly out performed, the 246 00:12:26,100 --> 00:12:28,800 rest of the market. And right now I'm up around 247 00:12:28,800 --> 00:12:32,100 9,000 $500. Now, Texas Roadhouse recently 248 00:12:32,100 --> 00:12:36,000 released their last earnings report of Q4 of 2022, and it was 249 00:12:36,000 --> 00:12:39,800 a top and bottom miss. That is the headline news during 250 00:12:39,800 --> 00:12:44,000 the earnings report and that caused an immediate 5% sell-off 251 00:12:44,000 --> 00:12:46,700 in the stock. So, after hours, it was dumped 252 00:12:46,800 --> 00:12:50,800 five or six percent and then the very next morning it was up six 253 00:12:50,800 --> 00:12:53,400 percent. So it was this one time after 254 00:12:53,400 --> 00:12:56,800 hours, dip, that was immediately bought up and now it's back up 255 00:12:56,800 --> 00:13:00,200 to almost all time highs. Now I'm not surprised Was bought 256 00:13:00,200 --> 00:13:03,100 up immediately after the sell-off because this earnings 257 00:13:03,100 --> 00:13:05,900 report even though on the surface, it was a top and bottom 258 00:13:05,900 --> 00:13:08,200 line Miss. I don't think it was bad at all. 259 00:13:08,200 --> 00:13:11,500 I think overall it was a very good earnings report if we look 260 00:13:11,500 --> 00:13:14,100 at what Texas Roadhouse does here in their earnings report, 261 00:13:14,100 --> 00:13:17,800 the first thing they do is they highlight a twenty percent 262 00:13:17,800 --> 00:13:20,700 dividend increase. Keep in mind, Home Depot, just 263 00:13:20,700 --> 00:13:24,900 increased, there's by 10% people call that a monstrous dividend 264 00:13:24,900 --> 00:13:29,100 increase, this is 20%. This is a monstrous dividend 265 00:13:29,100 --> 00:13:31,600 increase. This is at three to four times, 266 00:13:31,600 --> 00:13:35,500 the average of the dividend payers in the S&P 500, and how 267 00:13:35,500 --> 00:13:37,300 is Texas Roadhouse able to do this. 268 00:13:37,800 --> 00:13:40,400 They're able to do this because their cash flows are growing 269 00:13:40,600 --> 00:13:44,500 around 15 to 20 percent per year over the past 10 years. 270 00:13:44,500 --> 00:13:48,100 They've raised a dividend by over 16 percent per year. 271 00:13:48,300 --> 00:13:51,700 So I'm incredibly happy to see this company continue to reward. 272 00:13:51,700 --> 00:13:55,300 Its shareholders, not only is this extra cash and this makes 273 00:13:55,300 --> 00:13:57,200 it. So every quarter, I'm earning 274 00:13:57,200 --> 00:14:01,100 $225 in dividends, I think. Bigger thing that I like about 275 00:14:01,100 --> 00:14:04,400 this is that it shows the company is still a company 276 00:14:04,400 --> 00:14:07,600 centered around rewarding the investor, they actually care 277 00:14:07,600 --> 00:14:10,500 about the investor. They don't use this money to go 278 00:14:10,500 --> 00:14:14,000 off and do little pet projects, do little things like rewarding 279 00:14:14,000 --> 00:14:18,000 the CEOs with extravagantly, huge compensation packages, 280 00:14:18,300 --> 00:14:20,700 know, they direct that money back to the shareholders that 281 00:14:20,700 --> 00:14:23,300 have kept with them. So I love the see this news from 282 00:14:23,300 --> 00:14:26,000 Texas Roadhouse. What else do I like to see the 283 00:14:26,000 --> 00:14:29,300 company grew total revenues by 12%, their earnings per share 284 00:14:29,300 --> 00:14:34,300 group. By 17.4% 17% growth is fast. 12 285 00:14:34,300 --> 00:14:37,200 percent Revenue growth is fast, operationally the company's 286 00:14:37,200 --> 00:14:39,500 doing excellent. Comparable, restaurant sales are 287 00:14:39,500 --> 00:14:43,400 up 7% year-over-year the average weekly sales of the restaurants 288 00:14:43,400 --> 00:14:47,400 are 130,000 last year. It was 120 restaurant. 289 00:14:47,400 --> 00:14:51,100 Margins are down a little bit and this is the reason that they 290 00:14:51,100 --> 00:14:54,600 missed their earnings report, but this is not a structural 291 00:14:54,600 --> 00:14:56,700 issue with the company. This has nothing to do with 292 00:14:56,700 --> 00:14:59,400 their fundamentals. This is all because of commodity 293 00:14:59,400 --> 00:15:03,100 and Action and beef prices, which Texas Roadhouse has said 294 00:15:03,300 --> 00:15:06,200 that this has happened, many times throughout their history 295 00:15:06,500 --> 00:15:09,900 and they don't Factor it into their decisions at all, because 296 00:15:09,900 --> 00:15:14,800 commodity prices go up and they go down beef prices, go up, and 297 00:15:14,800 --> 00:15:17,800 they go down. And so since this is not a 298 00:15:17,800 --> 00:15:21,000 structural issue with a company or its operations, they don't 299 00:15:21,000 --> 00:15:24,300 Factor it in, they do factor in labor inflation. 300 00:15:24,500 --> 00:15:26,900 So that is a structural challenge of the company and 301 00:15:26,900 --> 00:15:29,600 they factor that in to their pricing, the earnings per share. 302 00:15:29,700 --> 00:15:31,600 There are up a lot and then they opened up. 303 00:15:31,700 --> 00:15:33,900 Can new company restaurants in the quarter. 304 00:15:34,000 --> 00:15:37,500 They even updated us on the 2023 Outlook. 305 00:15:37,500 --> 00:15:39,700 And one of the interesting things that this company pointed 306 00:15:39,700 --> 00:15:44,200 out sales of already increased by 15.8 percent this year over 307 00:15:44,200 --> 00:15:49,100 last year 15.8% already, they were asked on the earnings call 308 00:15:49,300 --> 00:15:52,200 why our sales increasing so much at your restaurants. 309 00:15:52,700 --> 00:15:55,200 And they basically said, we don't know, we're just 310 00:15:55,200 --> 00:15:58,100 executing, well, we serve good food, we have good prices and 311 00:15:58,100 --> 00:16:00,800 sales continue to go up. But they can't really nail it. 312 00:16:00,800 --> 00:16:04,600 Down to any one thing sales, continue to go up like crazy. 313 00:16:05,000 --> 00:16:09,600 The company also expects to open up another 25 to 30 locations, 314 00:16:09,700 --> 00:16:12,300 some more restaurants, and more sales per restaurant. 315 00:16:12,400 --> 00:16:14,800 So, as of right now, even though this company has done really 316 00:16:14,800 --> 00:16:19,200 well, I have no reason to lock in gains or be concerned about 317 00:16:19,200 --> 00:16:22,600 losing my gains that I have. I think if anything this company 318 00:16:22,600 --> 00:16:25,300 will continue to compound while into the future. 319 00:16:25,700 --> 00:16:29,100 So as of now, I'm not selling a single share and in terms of my 320 00:16:29,100 --> 00:16:31,700 other hole Earnings. I'm not doing any selling as 321 00:16:31,700 --> 00:16:35,300 well over the past week since my last video, I haven't done any 322 00:16:35,300 --> 00:16:36,800 sales. I'm just hanging on to my 323 00:16:36,800 --> 00:16:40,600 Compounders and adding to the positions that drop the most. 324 00:16:40,700 --> 00:16:44,200 For example, the company that I recently purchased just a bit 325 00:16:44,200 --> 00:16:47,800 more of was Union Pacific. It's down a little bit around, 326 00:16:47,800 --> 00:16:51,600 10% below my cost basis. And as this company continues to 327 00:16:51,600 --> 00:16:54,400 sell off, I'll just add slightly more to the position. 328 00:16:54,500 --> 00:16:56,800 Now, moving on, we have a rumor that was released today by The 329 00:16:56,800 --> 00:16:59,500 Washington Post that meta is going to be doing. 330 00:16:59,700 --> 00:17:02,700 Another round of job Cuts, if you missed the first round, they 331 00:17:02,700 --> 00:17:06,200 laid off 11,000 employees. And now there's rumors. 332 00:17:06,200 --> 00:17:08,800 There's tweets that have confirmed that they're planning 333 00:17:08,800 --> 00:17:11,700 on doing another round of layoffs, in my opinion. 334 00:17:11,700 --> 00:17:14,599 I think these rumors are true. I think that meta will lay off 335 00:17:14,599 --> 00:17:16,500 more employees. The reason why is because 336 00:17:16,500 --> 00:17:18,800 they've been hinting at this over and over again. 337 00:17:19,099 --> 00:17:21,700 The first thing that they did was they gave a lot of employees 338 00:17:21,800 --> 00:17:25,300 very poor performance reviews which if they're doing that, 339 00:17:25,300 --> 00:17:28,800 they're kind of saying look, you're going to be in the 340 00:17:28,800 --> 00:17:31,300 crosshairs. For future layoffs, giving a 341 00:17:31,300 --> 00:17:33,800 bunch of people poor performance reviews and then Mark 342 00:17:33,800 --> 00:17:36,500 Zuckerberg. Also on his social media said 343 00:17:36,700 --> 00:17:39,900 that this is going to be the year of efficiency for meta. 344 00:17:40,000 --> 00:17:42,900 And so I do think there's going to be more layoffs with meta, 345 00:17:42,900 --> 00:17:45,600 but I don't think that meta is going to be the only big tech 346 00:17:45,600 --> 00:17:48,500 company that announces another round of layoffs. 347 00:17:48,800 --> 00:17:51,700 I think we're going to see the same thing from Google and I 348 00:17:51,700 --> 00:17:54,400 think we're going to see the same thing from Amazon, all 349 00:17:54,400 --> 00:17:57,700 three of these companies over hired to a dramatic extent. 350 00:17:57,700 --> 00:17:59,500 And now they're in a tough situation of need. 351 00:17:59,700 --> 00:18:03,100 Get rid of employees while also not crushing morale. 352 00:18:03,500 --> 00:18:07,000 Amazon recently, just said that, there are now mandating that 353 00:18:07,000 --> 00:18:09,400 employees come in for three days per week. 354 00:18:09,600 --> 00:18:12,000 So you have to come back in the office for three days a week 355 00:18:12,000 --> 00:18:16,200 which made a lot of employees very upset and concerned because 356 00:18:16,200 --> 00:18:18,300 they set up their life to work from home. 357 00:18:18,500 --> 00:18:21,000 A lot of them don't even live close to an office. 358 00:18:21,400 --> 00:18:24,200 So this is a dramatic change to a lot of the employees working 359 00:18:24,200 --> 00:18:26,900 at Amazon. In my opinion. 360 00:18:26,900 --> 00:18:31,300 I see this as another precursor. Other pretense to potential 361 00:18:31,300 --> 00:18:33,900 layoffs. Amazon is basically saying look 362 00:18:33,900 --> 00:18:36,900 if you don't want to come back to the office and you want to 363 00:18:36,900 --> 00:18:38,900 just quit or work somewhere else. 364 00:18:39,200 --> 00:18:42,800 We're okay with that right now. We are Ghibli have too many 365 00:18:42,800 --> 00:18:46,200 employees so if I was working at Amazon as a work from home 366 00:18:46,200 --> 00:18:49,800 employee, I wouldn't be as concerned about returning to the 367 00:18:49,800 --> 00:18:53,500 office as I would, another potential round of layoffs that 368 00:18:53,500 --> 00:18:55,600 would actually be the greater concern for me. 369 00:18:55,600 --> 00:18:59,000 Now moving on we have the continued debate, this heavily 370 00:18:59,000 --> 00:19:01,600 debated Checked over the FED pivot. 371 00:19:01,800 --> 00:19:04,600 This is very important to investors of all kinds. 372 00:19:04,900 --> 00:19:08,400 The FED pivot means that the Federal Reserve stops raising 373 00:19:08,400 --> 00:19:11,300 interest rates, because the economy becomes so weak, and 374 00:19:11,300 --> 00:19:14,900 inflation goes down so quickly, that instead of raising interest 375 00:19:14,900 --> 00:19:18,600 rates, they need to cut rates and rates start to come down by 376 00:19:18,600 --> 00:19:23,100 the end of 2020. 3, that would be the great fed pivot that 377 00:19:23,100 --> 00:19:26,200 would be a positive thing for the equity markets. 378 00:19:26,200 --> 00:19:29,500 But this is the most debated topic and financial media as of 379 00:19:29,600 --> 00:19:32,700 Now and we have people like Jeremy Siegel that are firmly in 380 00:19:32,700 --> 00:19:35,800 the camp that the Federal Reserve has raised interest 381 00:19:35,800 --> 00:19:39,300 rates too much too quick. It's having a Stranglehold on 382 00:19:39,300 --> 00:19:41,500 the economy. We're going to see economic 383 00:19:41,500 --> 00:19:45,000 weakness in the future which will cause the FED to lower 384 00:19:45,000 --> 00:19:47,400 interest rates. So Jeremy Siegel thinks we're 385 00:19:47,400 --> 00:19:50,300 going to have that fed pivot. The jobs report came in double 386 00:19:50,300 --> 00:19:53,100 what was expected. And now you see, Jeremy Siegel 387 00:19:53,100 --> 00:19:56,300 taken aback, a little everyone's talking, you knows, I listen, I 388 00:19:56,300 --> 00:20:00,800 will admit, I was shocked by the strength of the Very payrolls, 389 00:20:01,100 --> 00:20:05,000 but by the time, the March 22nd 23rd meeting comes along. 390 00:20:05,300 --> 00:20:08,300 We're going to have the February payrolls. 391 00:20:08,900 --> 00:20:11,800 In fact, you know, October 8th, we're gonna have the jolts 392 00:20:11,800 --> 00:20:15,200 report that's going to be really important on October 10th. 393 00:20:15,300 --> 00:20:19,200 We're gonna have the February employment report, very 394 00:20:19,200 --> 00:20:26,500 important if we see a big slow down there, I think German POW 395 00:20:26,500 --> 00:20:30,400 wants to go 25. However, I will say, Say if it's 396 00:20:30,400 --> 00:20:34,600 as strong as we got in January. Yeah, 50 is, is definitely on 397 00:20:34,600 --> 00:20:36,400 the table. Now Jeremy Siegel is changing 398 00:20:36,400 --> 00:20:38,100 his tone a little bit. He's saying that if we have 399 00:20:38,100 --> 00:20:41,100 another report like January, he's not going to just raise 400 00:20:41,100 --> 00:20:42,800 interest rates by 25 basis points. 401 00:20:42,800 --> 00:20:45,700 He's going to raise it by 50 basis points which would be the 402 00:20:45,700 --> 00:20:49,300 opposite of what investors want. Now someone else on the other 403 00:20:49,300 --> 00:20:53,000 side of this is David Rubenstein who says that, he doesn't think 404 00:20:53,000 --> 00:20:55,900 there's going to be a Fed pivot at all and he explains why I 405 00:20:55,900 --> 00:20:59,000 think the market is finally recognizing that inflation is 406 00:20:59,000 --> 00:21:01,500 not going. Way the FED is Resolute. 407 00:21:01,500 --> 00:21:04,300 They made they made it clear several times recently, that 408 00:21:04,300 --> 00:21:06,800 they really want to get the rate down to, and place right down 409 00:21:06,800 --> 00:21:09,900 the 2%, not 3%. And therefore, I think the 410 00:21:09,900 --> 00:21:13,100 market takes the FED very seriously, but that doesn't mean 411 00:21:13,100 --> 00:21:16,300 we're going to have a hard Landing or so-called recession. 412 00:21:16,900 --> 00:21:19,200 It just too early for anybody really know where that's going 413 00:21:19,200 --> 00:21:20,700 to have where that's going to happen or not. 414 00:21:21,000 --> 00:21:24,200 The market is finally starting to understand that inflation is 415 00:21:24,200 --> 00:21:27,000 not going away and the FEDS not going to be lowering interest 416 00:21:27,000 --> 00:21:29,400 rates. And there we have the endless. 417 00:21:29,500 --> 00:21:32,700 Aunt and battle over, what the FED is going to do next? 418 00:21:32,700 --> 00:21:35,900 Now, a lot of this may seem inconsequential as an investor, 419 00:21:35,900 --> 00:21:39,300 if you're investing in, let's say Home Depot or Lowe's or 420 00:21:39,300 --> 00:21:42,500 Johnson & Johnson, or if you're investing in any great dividend 421 00:21:42,500 --> 00:21:45,700 company or even growth companies, but what the FED does 422 00:21:45,700 --> 00:21:49,500 has a massive impact on the valuations of every company in 423 00:21:49,500 --> 00:21:51,800 your portfolio. In fact, it may have the biggest 424 00:21:51,800 --> 00:21:53,900 impact on the valuations of them here. 425 00:21:53,900 --> 00:21:56,500 We're looking at the 10-year treasury, the 10-year, 426 00:21:56,500 --> 00:22:01,000 treasuries, yielding 3.89. Six percent right now. 427 00:22:01,300 --> 00:22:04,800 So let's call it 3.9%. This is a much higher yield than 428 00:22:04,800 --> 00:22:07,500 where this treasury was only one year ago. 429 00:22:07,500 --> 00:22:10,800 In fact, just a couple years ago, it was less than 1%. 430 00:22:11,000 --> 00:22:15,100 So, it's gone from less than one percent to almost 4% in. 431 00:22:15,100 --> 00:22:18,100 This is what's been causing a lot of havoc and Chaos in the 432 00:22:18,108 --> 00:22:20,200 market. I think right now, a lot of 433 00:22:20,200 --> 00:22:23,200 investors have sort of an understanding of how the 10-year 434 00:22:23,200 --> 00:22:25,200 treasury Works in correlation to stocks. 435 00:22:25,500 --> 00:22:28,700 But I'd like to clarify this and make it a little bit more easy 436 00:22:28,700 --> 00:22:30,300 to understand. For new investors. 437 00:22:30,300 --> 00:22:32,900 So I wanted to put up this graphic here to describe. 438 00:22:32,900 --> 00:22:36,000 Clearly how interest rates impact your company's 439 00:22:36,000 --> 00:22:38,400 valuations. And what I'm referring to here 440 00:22:38,400 --> 00:22:42,400 is interest rates being gravity. Warren Buffett famously said 441 00:22:42,400 --> 00:22:45,700 that interest rates are like gravity for every other 442 00:22:45,700 --> 00:22:48,200 investment, including the stock market. 443 00:22:48,200 --> 00:22:52,600 Meaning that as interest rates, increase over time, the stock 444 00:22:52,600 --> 00:22:56,200 market goes down over time, it has more weight and pressure on 445 00:22:56,200 --> 00:23:01,100 everything, and a lot of people don't And why interest rates are 446 00:23:01,100 --> 00:23:02,700 gravity. So, here we are. 447 00:23:02,800 --> 00:23:05,500 Let me go ahead and give the example of the 10-year treasury. 448 00:23:05,800 --> 00:23:09,100 Let's say the 10-year treasuries at a one percent yield right 449 00:23:09,100 --> 00:23:10,900 now. One percent yield for the 450 00:23:10,900 --> 00:23:13,300 10-year treasury. Well, if you're looking at 451 00:23:13,300 --> 00:23:16,100 potential investment opportunities, you might look at 452 00:23:16,100 --> 00:23:19,800 your stock portfolio and then you may glance at bonds, what 453 00:23:19,800 --> 00:23:23,500 can you buy the 10-year treasury for to put this in perspective 454 00:23:23,500 --> 00:23:26,800 and make it easier to compare. Let's compare it in terms of 455 00:23:26,800 --> 00:23:28,900 price to earnings. So if you're looking at 456 00:23:28,900 --> 00:23:30,400 different companies, Open. He's in you're trying to 457 00:23:30,400 --> 00:23:32,400 evaluate whether or not they're expensive. 458 00:23:32,500 --> 00:23:34,200 You look at the forward P/E ratio. 459 00:23:34,400 --> 00:23:37,100 How much earnings will they have over the next 12 months? 460 00:23:37,600 --> 00:23:40,300 If you look at a 10-year treasury, that's yielding, one 461 00:23:40,300 --> 00:23:45,300 percent you would be paying 100 times next 12 months earnings 462 00:23:45,400 --> 00:23:47,600 that's expensive. Anyone investing in the stock 463 00:23:47,600 --> 00:23:50,100 market knows that a company trading at 100. 464 00:23:50,100 --> 00:23:54,400 P/E ratio is expensive and implied in that expense, as a 465 00:23:54,400 --> 00:23:57,300 lot of future growth. Well, in the case of the 10-year 466 00:23:57,300 --> 00:24:01,200 treasury, there's no growth. It's He's at that 1% for the 467 00:24:01,200 --> 00:24:04,600 full 10 years. Imagine buying a company trading 468 00:24:04,600 --> 00:24:08,500 at a 100 PE ratio that's not going to grow its earnings for 469 00:24:08,500 --> 00:24:11,800 the next 10 years. That is how unappealing 470 00:24:12,000 --> 00:24:16,100 treasuries have been at that one percent range, they're just not 471 00:24:16,100 --> 00:24:18,400 an option, nobody really wants to buy them. 472 00:24:18,600 --> 00:24:21,500 The only reason that you would have any money in treasuries is 473 00:24:21,500 --> 00:24:25,000 if you're just storing cash that's the only conceivable 474 00:24:25,000 --> 00:24:27,400 reason the alternative Investments which have been 475 00:24:27,400 --> 00:24:30,800 stocks over the past 10 years. Well they look really attractive 476 00:24:30,800 --> 00:24:32,800 by comparison. You could buy stocks that are 477 00:24:32,800 --> 00:24:37,500 trading on average around a 17, forward P/E 17s, a lot cheaper 478 00:24:37,600 --> 00:24:41,000 than 100 and you get the added benefit that stocks have 479 00:24:41,000 --> 00:24:43,600 earnings growth. So it's a much better deal. 480 00:24:43,800 --> 00:24:47,000 And this is why the stock market has done so well over the past 481 00:24:47,000 --> 00:24:50,000 decade, but the situation is starting to change. 482 00:24:50,400 --> 00:24:53,200 For example, let's just take the hypothetical that. 483 00:24:53,200 --> 00:24:56,600 Now, the 10-year treasury goes up to 1.5 percent because the 484 00:24:56,600 --> 00:25:00,200 FED is Raising interest rates. Well, now, the forward P/E is 37 485 00:25:00,300 --> 00:25:03,400 still expensive, but not quite as astronomical. 486 00:25:03,400 --> 00:25:05,800 Let's go ahead and just assume the 10-year treasury goes up to 487 00:25:05,800 --> 00:25:07,600 2%. Now, the forward price to 488 00:25:07,600 --> 00:25:11,100 earnings of the 10-year. Treasury is 50 still pretty 489 00:25:11,100 --> 00:25:14,000 pricey stocks are probably a better option. 490 00:25:14,100 --> 00:25:16,800 Now let's go ahead and assume it goes up to 2.5 percent. 491 00:25:17,200 --> 00:25:20,400 Well, the PE goes down to 40. It's looking a little better, 492 00:25:20,400 --> 00:25:24,300 but still at this point I'd rather take my luck with stocks 493 00:25:24,300 --> 00:25:26,600 the 10-year treasury goes to 3 percent. 494 00:25:26,600 --> 00:25:31,100 Now, the forward P/E is 33 some Investors might start buying a 495 00:25:31,100 --> 00:25:34,300 10-year treasury at this point. Getting that three percent yield 496 00:25:34,400 --> 00:25:38,300 if it goes to 3.5% the price to earnings is 28, that looks 497 00:25:38,300 --> 00:25:40,600 pretty reasonable. There's many stocks trading at 498 00:25:40,600 --> 00:25:43,000 that same price. Now the 10-year treasury, again, 499 00:25:43,000 --> 00:25:45,700 doesn't have any earnings growth, but it also doesn't have 500 00:25:45,700 --> 00:25:49,200 any risk stocks have risk. So a lot of more conservative 501 00:25:49,200 --> 00:25:52,800 investors are saying, I'd rather take the 3.5%. 502 00:25:52,900 --> 00:25:55,700 Well, let's say it goes to four percent right around where it is 503 00:25:55,700 --> 00:25:58,800 today, that is a price to earnings of 25. 504 00:25:58,800 --> 00:26:01,900 That's not Reasonable especially when it's risk free. 505 00:26:01,900 --> 00:26:05,300 And if you take this logic and extend, it just a little further 506 00:26:05,300 --> 00:26:07,300 into what could be the near future. 507 00:26:07,700 --> 00:26:12,200 If it goes to 5%, you're paying a multiple of 20 times next 508 00:26:12,200 --> 00:26:15,300 year's earnings if the 10-year treasury, went to eight percent. 509 00:26:15,300 --> 00:26:17,500 It would be a more attractive investment than the broader 510 00:26:17,500 --> 00:26:19,800 Market. You're paying a lower multiple 511 00:26:19,800 --> 00:26:23,000 and you're getting the added benefit of taking on no real 512 00:26:23,000 --> 00:26:24,700 risk. So when you look at this 513 00:26:24,700 --> 00:26:27,700 overall, this is the reason that Warren Buffett refers to 514 00:26:27,700 --> 00:26:32,100 interest rates as being Ava t as the 10-year treasury moves up in 515 00:26:32,100 --> 00:26:34,900 its yield, the relative valuation and relative 516 00:26:34,900 --> 00:26:38,300 attractiveness of equity, Investments of taking risk and 517 00:26:38,308 --> 00:26:40,500 stocks. It becomes relatively speaking 518 00:26:40,500 --> 00:26:43,600 less attractive and since we live in a world of Relativity 519 00:26:43,600 --> 00:26:46,300 where every investor has different options of what to 520 00:26:46,300 --> 00:26:50,100 invest their money in, this has a huge impact on what stocks are 521 00:26:50,100 --> 00:26:52,200 worth. You look at the opportunity cost 522 00:26:52,200 --> 00:26:55,500 of every investment you make. So I can't say what direction, 523 00:26:55,500 --> 00:26:58,900 the 10-year treasury is going. It's very difficult to say, and 524 00:26:58,908 --> 00:27:00,900 there's many, Opinions on the subject. 525 00:27:00,900 --> 00:27:04,300 But just note the reason this is argued so much is because it has 526 00:27:04,300 --> 00:27:07,400 a dramatic impact on your portfolio and your Investments, 527 00:27:07,400 --> 00:27:10,800 but as of right now with the options, I have what the 10-year 528 00:27:10,800 --> 00:27:15,100 treasury at near 4%. I still consider my portfolio of 529 00:27:15,100 --> 00:27:18,600 companies far more attractive and the reason being is I'm 530 00:27:18,600 --> 00:27:22,700 expecting a dramatically higher return than a 4% return over the 531 00:27:22,700 --> 00:27:25,700 next 10 years. I think I can get above a 10% 532 00:27:25,700 --> 00:27:28,600 return. So for that even though the four 533 00:27:28,600 --> 00:27:31,900 percent Has no risk. I'd still rather risk it in the 534 00:27:31,900 --> 00:27:34,700 equity markets, in pursuit of a much higher return. 535 00:27:34,700 --> 00:27:37,300 So that's all for this episode. I hope you enjoyed the update 536 00:27:37,300 --> 00:27:40,400 and just on a side note, I appreciate everyone that tuned 537 00:27:40,400 --> 00:27:43,400 into my most recent episode on the Joseph, Carlson after-hours 538 00:27:43,400 --> 00:27:45,100 channel. The one about the super 539 00:27:45,100 --> 00:27:48,400 investors, got one hundred and six thousand views and the 540 00:27:48,400 --> 00:27:51,300 feedback that I've received for this episode is incredibly 541 00:27:51,300 --> 00:27:53,100 positive. A lot of people enjoyed it. 542 00:27:53,300 --> 00:27:56,000 So if you haven't check this one out, I'd recommend going and 543 00:27:56,000 --> 00:27:57,800 watching it. I think it's a lot of fun, but 544 00:27:57,800 --> 00:27:59,300 that's all for this episode. I'll see you. 545 00:27:59,400 --> 00:28:00,000 In the next one. In the next one.