1 00:00:00,080 --> 00:00:02,320 Welcome back, everyone. Today on the Jezel Carlson Show. 2 00:00:02,440 --> 00:00:05,720 As all of us are looking for very high quality companies that 3 00:00:05,720 --> 00:00:08,280 are going through a dip, maybe the market is getting them 4 00:00:08,280 --> 00:00:10,720 wrong, maybe there's a bad narrative surrounding them. 5 00:00:11,200 --> 00:00:14,440 And in this case, I've identified 8 companies, 8 of 6 00:00:14,440 --> 00:00:17,160 them for our consideration, and we'll be going through each one. 7 00:00:17,440 --> 00:00:19,040 Some of these are buyback machines. 8 00:00:19,040 --> 00:00:21,920 Some of these are incredibly powerful earnings growers, and 9 00:00:21,920 --> 00:00:23,600 some of them are frankly being ignored. 10 00:00:23,600 --> 00:00:25,280 But we're going to be going through each one of them. 11 00:00:25,600 --> 00:00:27,680 We'll also be looking at a portfolio update. 12 00:00:27,680 --> 00:00:30,880 We know that every month I have a document where I go through 13 00:00:30,880 --> 00:00:33,520 and I log the growth of the portfolio, the current 14 00:00:33,720 --> 00:00:36,720 allocation we go to, the performance against the various 15 00:00:36,720 --> 00:00:39,840 benchmarks and my thoughts on the market and and different 16 00:00:39,840 --> 00:00:42,400 sentiments for holdings. We'll be taking a look at this 17 00:00:42,400 --> 00:00:45,880 and giving you some insight into how I'm managing my investments. 18 00:00:45,880 --> 00:00:47,160 Now finally, we do have some news. 19 00:00:47,160 --> 00:00:48,560 Today. The Wall Street Journal has 20 00:00:48,560 --> 00:00:51,840 reported that Paramount and Skydance are looking to buy out 21 00:00:51,880 --> 00:00:55,920 Warner Bros Discovery to make a massive behemoth of a streaming 22 00:00:55,920 --> 00:00:59,440 service, one that's so big, that has such a huge catalog, that 23 00:00:59,440 --> 00:01:02,080 has so much money that it will compete with Netflix. 24 00:01:02,480 --> 00:01:06,200 And this media conglomerate looking to happen very soon is 25 00:01:06,200 --> 00:01:10,200 owned by Larry Ellison's son, Larry Ellison, who has $400 26 00:01:10,200 --> 00:01:13,320 billion. So this is a real competitive 27 00:01:13,320 --> 00:01:15,760 threat to Netflix. We'll be looking at what this 28 00:01:15,760 --> 00:01:19,240 means for Netflix going forward, the probability of this buyout 29 00:01:19,240 --> 00:01:22,600 happening and how it changes the dynamics with one of my largest 30 00:01:22,600 --> 00:01:23,920 positions. And then, of course, it's the 31 00:01:23,920 --> 00:01:26,400 weekend, which we look to financial TikTok to get some 32 00:01:26,400 --> 00:01:30,440 advice, some insight that only we can get from the likes of 33 00:01:30,440 --> 00:01:33,320 TikTok. In this case, it's a person, an 34 00:01:33,320 --> 00:01:36,520 individual here showing us the best way to get a job in 35 00:01:36,520 --> 00:01:39,160 customer service. He has some unique methods of 36 00:01:39,160 --> 00:01:40,880 doing that. We'll look at it at the end of 37 00:01:40,880 --> 00:01:42,760 this episode. We have a lot to get to now. 38 00:01:42,760 --> 00:01:45,440 I'll start things off with a quick look at My Portfolio 39 00:01:45,440 --> 00:01:48,880 overall, the strategy, and that leads into the companies that 40 00:01:48,880 --> 00:01:51,640 I'm looking at buying. When we look at My Portfolio 41 00:01:51,800 --> 00:01:55,840 every month, I update this document here it says August, 42 00:01:55,840 --> 00:01:57,560 but I'm going to be updating it for September. 43 00:01:58,200 --> 00:02:01,080 I've already updated the composition and performances. 44 00:02:01,080 --> 00:02:03,600 So this is just from a few days ago. 45 00:02:03,880 --> 00:02:05,520 This is what the portfolio looks like. 46 00:02:05,800 --> 00:02:08,160 This is the actual waiting when all of the holdings are 47 00:02:08,160 --> 00:02:10,280 combined. Now I have a more detailed 48 00:02:10,280 --> 00:02:12,560 breakdown of this on Qualtrim. We'll be looking at some of the 49 00:02:12,560 --> 00:02:14,560 gains and losses of these individual positions. 50 00:02:14,680 --> 00:02:17,280 So we have the allocation and we can also look at the performance 51 00:02:17,280 --> 00:02:19,560 of the portfolios against the benchmarks. 52 00:02:19,840 --> 00:02:22,360 We have the passive income portfolio, the story fund 53 00:02:22,600 --> 00:02:26,640 against the S&P 500 and QQQ, the passive income portfolio. 54 00:02:27,040 --> 00:02:29,920 Overall, the compounded annual growth rate has been around 55 00:02:30,240 --> 00:02:34,160 11.7%. Now this does change all the 56 00:02:34,160 --> 00:02:37,120 time, every day it's changing because the portfolio goes up 57 00:02:37,120 --> 00:02:39,600 and down. So this this will be different 58 00:02:39,600 --> 00:02:44,360 next week, but this is a running total around 1111 1/2%. 59 00:02:44,360 --> 00:02:46,480 Now if we look at the Story Fund, that's actually where most 60 00:02:46,480 --> 00:02:49,320 of the outperformances happen between my 2 portfolios. 61 00:02:49,760 --> 00:02:52,080 The Story Fund is now becoming a very large portfolio. 62 00:02:52,080 --> 00:02:56,040 It's grown at around 21% per year and it's done so because 63 00:02:56,040 --> 00:03:00,040 it's highly concentrated, 5 to 6 holdings, and a lot of money is 64 00:03:00,040 --> 00:03:03,320 put into highly high conviction bets. 65 00:03:03,600 --> 00:03:05,840 A lot of money was put into Netflix at the Lowe's. 66 00:03:06,160 --> 00:03:09,080 A lot of money was put into Amazon at the Lowe's, Google at 67 00:03:09,080 --> 00:03:10,800 the Lowe's, Microsoft at the Lowe's. 68 00:03:11,240 --> 00:03:13,960 When I saw these big companies that were extremely robust, 69 00:03:14,200 --> 00:03:18,000 resilient companies sell off in 2022, I put a lot of money in 70 00:03:18,000 --> 00:03:21,120 them and concentrated my capital, especially in Netflix. 71 00:03:21,480 --> 00:03:25,800 Netflix is around 6X since the bottom, which has made it a a 72 00:03:25,800 --> 00:03:28,240 huge winner. So a lot of that performance is 73 00:03:28,240 --> 00:03:32,400 driven from those buys. But even year to date this year, 74 00:03:32,760 --> 00:03:36,440 it's up 22%. The 20% tears just from a couple 75 00:03:36,440 --> 00:03:40,800 days ago up 22% and that's including Duolingo. 76 00:03:41,200 --> 00:03:44,280 So Duolingo going down that portfolio is still up 22%. 77 00:03:44,760 --> 00:03:48,440 Now overall again 21% about double S the performance of both 78 00:03:48,440 --> 00:03:50,440 relative benchmarks. That's where I'm getting a lot 79 00:03:50,440 --> 00:03:53,000 of my out performance and I think it's going to continue on 80 00:03:53,000 --> 00:03:56,160 because the companies in this portfolio are fantastic. 81 00:03:56,200 --> 00:03:58,920 Now when we look at the combined portfolio, we have that here in 82 00:03:58,920 --> 00:04:04,480 Qualtrim combined value of one point $3,433,000 in gains. 83 00:04:04,600 --> 00:04:07,920 Now these gains that you're seeing here do not include sold 84 00:04:07,920 --> 00:04:10,080 holdings. So any that I've sold and I no 85 00:04:10,080 --> 00:04:11,680 longer hold, they're not included here. 86 00:04:12,040 --> 00:04:14,480 Even if I've realized some gains in my current holdings, they're 87 00:04:14,480 --> 00:04:16,720 they're not included here as well as dividends aren't 88 00:04:16,720 --> 00:04:18,959 included here. If you include all of my 89 00:04:18,959 --> 00:04:22,880 previously sold positions, that's about another $100,000. 90 00:04:23,280 --> 00:04:25,840 So my total gain throughout the lifetime of the portfolio is 91 00:04:25,840 --> 00:04:30,160 around $530,000, give or take. When we look at the individual 92 00:04:30,160 --> 00:04:34,040 positions, you can see S&P Global right at the top, but 93 00:04:34,040 --> 00:04:37,440 Google's catching it. I think Google very likely will 94 00:04:37,440 --> 00:04:40,160 become the top position of My Portfolio soon. 95 00:04:40,480 --> 00:04:43,760 That's because I keep buying it and the stock keeps going up, a 96 00:04:43,760 --> 00:04:45,600 dangerous combination. When you keep making a a 97 00:04:45,600 --> 00:04:49,080 company, you keep buying it, the stock goes up, it becomes a huge 98 00:04:49,080 --> 00:04:50,600 holding. So we're seeing that with 99 00:04:50,600 --> 00:04:52,720 Google, and I'll highlight more of that one to come. 100 00:04:52,920 --> 00:04:55,480 We also have Amazon. This one could also become the 101 00:04:55,480 --> 00:04:57,360 very biggest position of My Portfolio. 102 00:04:57,360 --> 00:05:00,000 And when you look at the gains of these two companies, it's 103 00:05:00,000 --> 00:05:07,320 actually strikingly similar, 46800 in gains in Google, 46400 104 00:05:07,440 --> 00:05:09,920 with Amazon. Now Google pays some dividends 105 00:05:09,920 --> 00:05:12,680 that aren't included here, so it's a little bit higher, but 106 00:05:12,680 --> 00:05:15,440 that's so close. These two companies, like I 107 00:05:15,440 --> 00:05:17,320 said, I just don't know which one to buy. 108 00:05:17,320 --> 00:05:19,040 I'm always wanting to buy both of them. 109 00:05:19,120 --> 00:05:21,840 I think they're both fantastic. Then we have Netflix under that 110 00:05:21,920 --> 00:05:25,720 $80,000 in gains in this one. Then we have MasterCard, we have 111 00:05:25,720 --> 00:05:28,800 Microsoft. We have Costco, huge winner in 112 00:05:28,800 --> 00:05:32,120 the portfolio, booking holdings into it ASML. 113 00:05:32,600 --> 00:05:35,160 Then we have Salesforce, one of the losers in the portfolio 114 00:05:35,160 --> 00:05:38,960 right now, $7000 in the red. We have Moody's, big winner in 115 00:05:38,960 --> 00:05:42,080 the portfolio, Equifax. This one's a little early, but 116 00:05:42,080 --> 00:05:44,640 it's in the green. Texas Roadhouse is understated 117 00:05:44,640 --> 00:05:47,120 here. I sold $30,000 of the position. 118 00:05:47,240 --> 00:05:50,080 I really made around $45,000 of gains in this one. 119 00:05:50,440 --> 00:05:53,320 And then Duolingo currently as a loser, down $2000. 120 00:05:53,520 --> 00:05:56,360 We have Apple as a big winner. Now, the reason I share this is 121 00:05:56,360 --> 00:05:59,160 because portfolio allocation is important. 122 00:05:59,160 --> 00:06:01,240 You should be thoughtful in the way that you're constructing 123 00:06:01,240 --> 00:06:04,280 your portfolio. For example, this all may look 124 00:06:04,280 --> 00:06:06,240 like a a lot of random tech companies. 125 00:06:06,600 --> 00:06:10,480 That's not really the case. S&P Global is an indicee 126 00:06:10,480 --> 00:06:11,760 company. It's a data company. 127 00:06:11,760 --> 00:06:14,800 It's a market company. The risks that S&P Global has 128 00:06:14,800 --> 00:06:16,960 compared to Google are very different. 129 00:06:17,280 --> 00:06:20,280 The risks that Google have compared to Amazon are very 130 00:06:20,280 --> 00:06:22,280 different. The risks that Amazon have 131 00:06:22,280 --> 00:06:24,040 compared to Netflix are very different. 132 00:06:24,320 --> 00:06:27,560 Again, Microsoft MasterCard very different. 133 00:06:27,760 --> 00:06:30,880 The amount of overlapping risks with these companies are very 134 00:06:30,880 --> 00:06:33,160 few. I don't have a bunch of banks, 135 00:06:33,240 --> 00:06:35,920 Oregon, a bunch of credit card companies, or just a bunch of 136 00:06:35,920 --> 00:06:38,720 SAS software companies. These are all operating in 137 00:06:38,720 --> 00:06:41,040 completely different industries, different markets, different 138 00:06:41,040 --> 00:06:42,960 customers, and you go down the list. 139 00:06:43,120 --> 00:06:45,640 And that's the case throughout my entire portfolio. 140 00:06:45,960 --> 00:06:49,520 There's very little overlapping risk, and that makes it so that 141 00:06:49,520 --> 00:06:52,400 when one thing happens to one company, it doesn't typically 142 00:06:52,400 --> 00:06:54,480 affect another company. The only thing that affects all 143 00:06:54,480 --> 00:06:57,440 these companies are macro risks, which you can't diversify away 144 00:06:57,440 --> 00:06:59,040 from. But you can also invest in 145 00:06:59,040 --> 00:07:01,720 companies that have incredible balance sheets and they can be 146 00:07:01,720 --> 00:07:04,760 resilient through macro risks. So these companies are highly 147 00:07:04,760 --> 00:07:08,360 defensive against macro risk and they're also highly diversified 148 00:07:08,360 --> 00:07:10,760 against specific risk. That is an intentional 149 00:07:10,760 --> 00:07:13,160 construction. On top of that, these companies 150 00:07:13,160 --> 00:07:15,680 possess I think some of the widest moats in the market. 151 00:07:15,760 --> 00:07:18,800 Like the portfolio analysis suggests here, many of these 152 00:07:18,800 --> 00:07:21,880 companies operate under models anchored by highly reoccurring 153 00:07:21,880 --> 00:07:23,640 revenue. They have subscription based 154 00:07:23,640 --> 00:07:26,640 income. Now I have a huge preference for 155 00:07:26,640 --> 00:07:29,280 companies that have that type of income, where you have the 156 00:07:29,280 --> 00:07:32,520 guaranteed monthly revenue, you have high operating leverage. 157 00:07:32,800 --> 00:07:35,000 I think those make for incredible investments. 158 00:07:35,360 --> 00:07:38,280 It only makes sense to do it in a company where subscription 159 00:07:38,280 --> 00:07:40,640 revenue actually makes sense, where they can continually 160 00:07:40,640 --> 00:07:43,160 improve for the customer. So these companies also have a 161 00:07:43,160 --> 00:07:46,560 huge preference for that. S&P Global has a massive 162 00:07:46,560 --> 00:07:49,040 subscription business. Google has hundreds of millions 163 00:07:49,040 --> 00:07:50,600 of people on their subscriptions. 164 00:07:50,960 --> 00:07:54,200 Amazon has Amazon Prime with 300 million subscribers. 165 00:07:54,520 --> 00:07:57,480 Netflix has 300 + 1,000,000 subscribers on its service. 166 00:07:57,480 --> 00:08:00,640 MasterCard isn't quite but it's highly reoccurring revenue. 167 00:08:00,840 --> 00:08:03,280 Microsoft is overall a subscription company, the 168 00:08:03,280 --> 00:08:04,680 majority of the revenue subscription. 169 00:08:04,920 --> 00:08:06,520 Costco is a subscription company. 170 00:08:06,520 --> 00:08:09,520 They have a membership and then Booking Holdings is building out 171 00:08:09,520 --> 00:08:12,400 a subscription into it says subscription and so on. 172 00:08:12,480 --> 00:08:15,160 And this strategy is working. The passive income portfolio is 173 00:08:15,160 --> 00:08:19,520 at an all time gain of $358,000. That's including dividends. 174 00:08:19,520 --> 00:08:21,600 So that's the total gain of that portfolio. 175 00:08:21,640 --> 00:08:24,200 We can look at the story fund and likewise this one has made 176 00:08:24,200 --> 00:08:27,520 incredible gains. It's at now $169,000. 177 00:08:27,520 --> 00:08:30,360 It's a combined gain of $528,000. 178 00:08:30,360 --> 00:08:33,200 So over half $1,000,000. The goal is to double these 179 00:08:33,200 --> 00:08:36,480 portfolios over the next five years to turn this from 180 00:08:36,480 --> 00:08:39,559 $1,000,000 to 2 million, from 2:00 to 4:00 and so on. 181 00:08:39,840 --> 00:08:42,559 So there's a lot more compounding ahead now when we're 182 00:08:42,559 --> 00:08:45,120 looking at companies that I, I personally think are in a dip, 183 00:08:45,240 --> 00:08:46,880 they're they're on a, a deal right now. 184 00:08:46,880 --> 00:08:48,400 I'm going to go through the list here. 185 00:08:48,960 --> 00:08:52,560 We have a SMLASML is a company that has a dual pronged mode. 186 00:08:52,560 --> 00:08:55,240 First of all, the technology they create is very difficult to 187 00:08:55,240 --> 00:08:57,280 replicate. But then they also have massive 188 00:08:57,280 --> 00:08:59,520 distribution. They have partnerships, long 189 00:08:59,520 --> 00:09:01,640 term partnerships with their customers. 190 00:09:01,880 --> 00:09:04,560 That's also another thing that's going to be very difficult to 191 00:09:04,560 --> 00:09:06,400 disrupt. So I look at this as a highly 192 00:09:06,400 --> 00:09:09,520 resilient, predictable line of revenue and you can see the 193 00:09:09,520 --> 00:09:14,000 revenue growing over time. This does overtime transfer in 194 00:09:14,000 --> 00:09:16,640 the cash flow and earnings. Now the cash flow is a little 195 00:09:16,640 --> 00:09:20,920 bit lumpy, which I don't prefer. I rather have more linear growth 196 00:09:20,920 --> 00:09:23,240 in cash flow. But in this case, it all comes 197 00:09:23,240 --> 00:09:25,680 down to when they build their customers, that's it. 198 00:09:26,040 --> 00:09:29,360 They simply invoice customers all at the same time, they pay 199 00:09:29,360 --> 00:09:31,760 all at the same time. That way you have the lumpy cash 200 00:09:31,760 --> 00:09:33,320 flow. So it's not actually the 201 00:09:33,320 --> 00:09:35,160 fundamentals of their business that are lumpy. 202 00:09:35,360 --> 00:09:38,440 It's basically just accounting overall, the free cash flow on a 203 00:09:38,440 --> 00:09:41,320 per share basis is growing. They're doing buybacks, they're 204 00:09:41,320 --> 00:09:43,880 growing earnings per share. I think it's going to grow a lot 205 00:09:43,880 --> 00:09:46,440 over the next couple of years, and this one's a bit more 206 00:09:46,440 --> 00:09:49,600 insulated from the cyclicality than most other companies in 207 00:09:49,600 --> 00:09:51,680 this industry. So this is one that I continue 208 00:09:51,680 --> 00:09:55,120 to believe is undervalued. It's not at an extreme low, but 209 00:09:55,120 --> 00:09:57,520 I believe the ASML could trade up to $1000. 210 00:09:57,600 --> 00:10:00,280 I think that's relatively fair. The next one that we're looking 211 00:10:00,280 --> 00:10:02,600 at is Salesforce. While the stock price has gone 212 00:10:02,600 --> 00:10:05,680 down, the cash flow has gone up. I like looking at this on a 213 00:10:05,680 --> 00:10:07,960 trailing basis. I think it illustrates it best, 214 00:10:08,200 --> 00:10:10,320 but this is what the free cash flow looks like on a trailing 215 00:10:10,320 --> 00:10:12,480 basis. This doesn't strike me as a 216 00:10:12,480 --> 00:10:15,360 company having too much trouble. At least it's not showing up in 217 00:10:15,360 --> 00:10:17,120 the numbers. But then if we look at the free 218 00:10:17,120 --> 00:10:20,280 cash flow per share, it's growing even faster because 219 00:10:20,280 --> 00:10:22,960 while they're growing their cash flows, they're doing share 220 00:10:22,960 --> 00:10:25,280 buybacks. Many people be quick to point 221 00:10:25,280 --> 00:10:28,200 out the enormous amount of stock based comp that this company 222 00:10:28,200 --> 00:10:30,640 does, but that's a bit of an old take. 223 00:10:31,040 --> 00:10:32,400 I used to have that take as well. 224 00:10:32,720 --> 00:10:37,560 When we were right here in 2023, over half of the free cash flow 225 00:10:37,960 --> 00:10:40,120 was diluted away by stock based comp. 226 00:10:40,720 --> 00:10:43,520 That's not the case anymore. Look at what's happened. 227 00:10:43,520 --> 00:10:46,720 The stock based comp has been completely flat for the past 228 00:10:46,720 --> 00:10:49,520 three years. The free cash flow has doubled 229 00:10:49,880 --> 00:10:53,320 and then it's gone up tripled. So the free cash flow has gone 230 00:10:53,320 --> 00:10:55,440 up substantially. The stock based comp has stayed 231 00:10:55,640 --> 00:10:58,400 remarkably the same, making it so that the stock based comp 232 00:10:58,400 --> 00:11:01,960 impact is only 25%. That's less than a meta. 233 00:11:02,320 --> 00:11:05,200 So Salesforce is actually becoming a leaner, more capital 234 00:11:05,200 --> 00:11:07,640 efficient company, even in the way that they pay their 235 00:11:07,640 --> 00:11:09,800 employees. They're also growing agent 236 00:11:09,800 --> 00:11:11,400 Force. You can see the total customer 237 00:11:11,400 --> 00:11:14,280 growth every single quarter. Again, this is on a quarterly 238 00:11:14,280 --> 00:11:16,880 basis, not annual. We look at the paid customers 239 00:11:16,880 --> 00:11:18,560 and this is growing. There we go. 240 00:11:18,560 --> 00:11:20,760 This is growing as well every single quarter. 241 00:11:21,080 --> 00:11:22,440 And they have a nice funnel there. 242 00:11:22,440 --> 00:11:24,720 It's kind of like Spotify where you have free members and then 243 00:11:24,720 --> 00:11:26,800 you have the paid. A lot of these customers are 244 00:11:26,800 --> 00:11:29,440 going to be funneling down to the paid membership over time. 245 00:11:30,000 --> 00:11:32,640 So when we look at this, I like the fundamentals of the company. 246 00:11:32,640 --> 00:11:35,440 I like the earnings growth. I like the balance sheet, I like 247 00:11:35,440 --> 00:11:38,480 the valuation. Salesforce is again near an all 248 00:11:38,480 --> 00:11:42,800 time low valuation, even going back five years. the PE ratio is 249 00:11:42,800 --> 00:11:45,720 down to its all time low. The free cash flow yields at an 250 00:11:45,720 --> 00:11:48,480 all time high, making this company the cheapest it's ever 251 00:11:48,480 --> 00:11:50,360 been. Now I got a plug in Duolingo. 252 00:11:50,440 --> 00:11:53,160 This is the most volatile stock I own, meaning that the stock 253 00:11:53,160 --> 00:11:54,680 price trades around all the time. 254 00:11:55,080 --> 00:11:58,120 It went down to $270 recently, and then it bounced right back 255 00:11:58,120 --> 00:12:00,880 up to 310. While there's literally no news 256 00:12:00,880 --> 00:12:03,280 going on. The only notable news about a 257 00:12:03,280 --> 00:12:06,840 couple days ago is that a lot of these companies like Apple, 258 00:12:06,840 --> 00:12:10,200 Meta, you name it, they're trying to make live language 259 00:12:10,200 --> 00:12:13,040 translation tools. Whether it's in your glasses or 260 00:12:13,040 --> 00:12:16,440 your Air Pods, they're trying to make these augmented language 261 00:12:16,440 --> 00:12:18,480 translation tools. Now, a lot of people argue 262 00:12:18,480 --> 00:12:20,480 that's a Big Bear case for Duolingo. 263 00:12:20,920 --> 00:12:23,520 I don't believe it is. I think that the reason people 264 00:12:23,520 --> 00:12:26,240 are learning languages is not because of a lack of language 265 00:12:26,240 --> 00:12:28,440 translation tools. I think there's a lot of other 266 00:12:28,440 --> 00:12:30,240 motivating factors to learning a language. 267 00:12:30,560 --> 00:12:34,320 So personally, I don't buy into that bare thesis and I believe 268 00:12:34,320 --> 00:12:36,600 that Duolingo is a very good company. 269 00:12:36,920 --> 00:12:39,320 You can look at these charts. I I mean, just look at them. 270 00:12:39,760 --> 00:12:41,320 This doesn't take rocket science. 271 00:12:41,720 --> 00:12:44,600 Every single chart is going up. That's what's happening with the 272 00:12:44,600 --> 00:12:46,720 company right now. So I'm going to take a look at 273 00:12:46,720 --> 00:12:48,640 the fundamentals. That's what I'm going to follow 274 00:12:48,640 --> 00:12:51,840 overtime. If I'm wrong on Duolingo, that's 275 00:12:51,840 --> 00:12:53,600 fine. I'm OK being wrong. 276 00:12:53,880 --> 00:12:55,960 Every investor is wrong on a couple holdings. 277 00:12:56,160 --> 00:12:58,880 It happens to everyone. Literally name your favorite 278 00:12:58,880 --> 00:13:01,680 best investor in the world. They've had their share of 279 00:13:01,680 --> 00:13:04,320 losses on different holdings. That's part of the game. 280 00:13:04,560 --> 00:13:07,160 So if I'm wrong on Duolingo, that's fine, but I just want to 281 00:13:07,160 --> 00:13:10,000 give it a year or so. Right now, I believe the 282 00:13:10,000 --> 00:13:14,560 company's both undervalued based on its free cash yield of 2.2% 283 00:13:14,920 --> 00:13:17,800 and it's incredibly fast growth. Next up, we have Equifax. 284 00:13:17,800 --> 00:13:20,960 This is another company, I would say this one is a bit more 285 00:13:20,960 --> 00:13:23,000 conservative. If you're looking for a steady 286 00:13:23,000 --> 00:13:26,520 compound over time that has far less volatility but has a reason 287 00:13:26,520 --> 00:13:29,840 for upside, Equifax I think is 1 worth studying now. 288 00:13:29,840 --> 00:13:31,760 I've looked into this company extensively. 289 00:13:32,120 --> 00:13:36,760 Equifax is incredibly wide mode. They have products that are 290 00:13:36,760 --> 00:13:41,360 deeply entrenched in the systems and processes of all different 291 00:13:41,360 --> 00:13:45,000 customer bases from the government, from real estate, 292 00:13:46,040 --> 00:13:49,560 real estate owners, landlords, businesses that hire people. 293 00:13:49,880 --> 00:13:51,560 They have, I mean, they're everywhere. 294 00:13:51,560 --> 00:13:54,640 They're the credit rating agency that has your credit report. 295 00:13:54,840 --> 00:13:57,120 They have the work number, workforce verification 296 00:13:57,120 --> 00:13:58,840 solutions. These products are actually 297 00:13:58,840 --> 00:14:01,040 growing rapidly. Despite interest rates being 298 00:14:01,040 --> 00:14:04,000 high and mortgages being unaffordable, they're still 299 00:14:04,000 --> 00:14:05,560 growing their revenue Ave. steadily. 300 00:14:05,960 --> 00:14:08,760 If anything improves in these categories. 301 00:14:09,040 --> 00:14:12,240 If interest rates go down, if homes become more affordable, 302 00:14:12,680 --> 00:14:14,720 you better believe one of the companies that will benefit the 303 00:14:14,720 --> 00:14:18,120 most is Equifax. If we have the same mortgage 304 00:14:18,120 --> 00:14:22,240 volume that we did just a few years ago, Equifax would make a 305 00:14:22,280 --> 00:14:25,160 fortune. Most of that excess credit pulls 306 00:14:25,400 --> 00:14:28,200 would drop to the bottom line. But even if that doesn't happen, 307 00:14:28,280 --> 00:14:30,720 even if we don't have that additional upside, this still 308 00:14:30,720 --> 00:14:33,480 should be a decent company that compounds at an attractive rate. 309 00:14:33,600 --> 00:14:35,520 Now next we move out of My Portfolio. 310 00:14:35,520 --> 00:14:38,720 We have a company that's caught my attention here, Adobe. 311 00:14:38,840 --> 00:14:40,400 Now Qualtrm has a new feature here. 312 00:14:40,400 --> 00:14:43,680 We've always had new snippets, but now we have much more in 313 00:14:43,680 --> 00:14:46,160 depth, real time news on every company. 314 00:14:46,240 --> 00:14:49,760 And we have of Adobe reporting their fiscal Q3 results that 315 00:14:49,760 --> 00:14:53,520 beat estimates and raise their financial year 2025 revenue and 316 00:14:53,520 --> 00:14:56,240 earnings per share outlook, citing strong demand and 317 00:14:56,240 --> 00:14:59,720 accelerating monetization of AI features cross Creative Cloud 318 00:14:59,720 --> 00:15:02,880 and Acrobat. So even the Creative Cloud is 319 00:15:02,880 --> 00:15:05,080 doing well. That's what I thought was under 320 00:15:05,080 --> 00:15:08,040 threat by Canva and a lot of other companies. 321 00:15:08,480 --> 00:15:10,800 Doesn't seem like it is. They mentioned that the new AI 322 00:15:10,800 --> 00:15:13,160 features are monetizing well, They're accelerating 323 00:15:13,160 --> 00:15:15,320 monetization. Management also noted that 324 00:15:15,320 --> 00:15:18,560 artificial intelligence infused annual reoccurring revenue has 325 00:15:18,560 --> 00:15:20,920 surpassed 5 billion. The guidance Lyft helped the 326 00:15:20,920 --> 00:15:23,640 stock trade higher after hours. This may ease some of the 327 00:15:23,640 --> 00:15:26,760 concerns about the pace of AI monetization versus rising 328 00:15:26,760 --> 00:15:29,640 competition. Adobe's facing new competitive 329 00:15:29,640 --> 00:15:31,760 threats. You have challenges to the Moat 330 00:15:31,760 --> 00:15:34,200 of the company. Primarily you have smaller 331 00:15:34,200 --> 00:15:36,360 players like Canva. You have companies that have 332 00:15:36,360 --> 00:15:39,520 kind of circumvented them in design, like Figma, which they 333 00:15:39,520 --> 00:15:41,520 weren't able to buy. And you also have Gemini, 334 00:15:41,520 --> 00:15:44,720 Google's AI image editing feature, doing a lot of the same 335 00:15:44,720 --> 00:15:47,000 things that Photoshop used to be able to do. 336 00:15:47,480 --> 00:15:50,720 So now we have a situation where Adobe seems like it's just 337 00:15:50,720 --> 00:15:53,400 surrounded by new technologies, new competitive threats. 338 00:15:53,800 --> 00:15:56,400 Investors are very concerned about this long term, and I am 339 00:15:56,400 --> 00:15:59,480 as well. It's caused me to to look away 340 00:15:59,480 --> 00:16:03,080 from the stock for a bit. But the numbers don't lie. 341 00:16:03,320 --> 00:16:06,480 They don't lie historically. They don't paint a perfect 342 00:16:06,480 --> 00:16:08,600 picture of the future, but they don't lie. 343 00:16:09,000 --> 00:16:12,240 When we look at the numbers here, the digital media is 344 00:16:12,240 --> 00:16:16,440 growing 11.6%. This includes Creative Cloud. 345 00:16:16,800 --> 00:16:20,200 So Creative Cloud is growing, not shrinking. 346 00:16:20,760 --> 00:16:23,680 This is a very similar feeling to what we just had with Google 347 00:16:24,000 --> 00:16:28,400 where Chachi BT this new dynamic crazy competitive threat was 348 00:16:28,400 --> 00:16:31,320 going to kill Google, but Google just kept growing and the 349 00:16:31,320 --> 00:16:35,240 numbers quarter after quarter finally beat down investors bear 350 00:16:35,240 --> 00:16:36,960 thesis. And I believe we could see a 351 00:16:36,960 --> 00:16:41,040 similar situation where quarter after quarter Adobe just 352 00:16:41,040 --> 00:16:44,560 continues to grow despite whatever bad narrative you throw 353 00:16:44,560 --> 00:16:45,920 at it. The next thing that we can look 354 00:16:45,920 --> 00:16:48,360 at here is the total performance obligations. 355 00:16:48,360 --> 00:16:51,200 Adobe has grown its performance obligations, which are contracts 356 00:16:51,200 --> 00:16:55,520 over time by 13%. So again, this is growth right 357 00:16:55,520 --> 00:16:58,360 on pace. As usual, nothing concerning. 358 00:16:58,360 --> 00:17:01,280 In this report we look at Adobe's PE ratio. 359 00:17:01,280 --> 00:17:04,200 We'll zoom into it here. the PE ratio is 15. 360 00:17:04,200 --> 00:17:07,240 Then we have the free cash flow yield, 6.3%. 361 00:17:07,240 --> 00:17:10,720 Now a 6.3% free cash flow yield. You factor in stock based comp. 362 00:17:10,720 --> 00:17:13,760 Even if you factor that in, it's around a 20% hit, which means 363 00:17:13,800 --> 00:17:16,960 after stock based comp, it's a 5% yield. 364 00:17:17,000 --> 00:17:19,839 Now we can see what that yield looks like historically over 365 00:17:19,839 --> 00:17:21,880 time. We'll zoom out to the past five 366 00:17:21,880 --> 00:17:23,160 years. We'll look at the free cash flow 367 00:17:23,160 --> 00:17:25,200 yield. It's the highest yield the 368 00:17:25,200 --> 00:17:28,359 company has been at over the past half a decade. 369 00:17:28,400 --> 00:17:31,520 If we look at it on APE ratio. So no longer cash flows, but 370 00:17:31,520 --> 00:17:34,520 we're looking at it on earnings. Remember, the lower this goes, 371 00:17:34,520 --> 00:17:37,480 the cheaper it is. In this case, it's again the 372 00:17:37,480 --> 00:17:40,120 cheapest the company has ever been throughout it's history. 373 00:17:40,560 --> 00:17:42,880 This is the maximum bearishness investors have been. 374 00:17:43,160 --> 00:17:46,280 Every single metric you can look at from Adobe is super cheap. 375 00:17:46,320 --> 00:17:50,040 And at some point, at some point, it's going to price in 376 00:17:50,040 --> 00:17:52,520 the fears around it. At some point, investors are 377 00:17:52,520 --> 00:17:55,520 going to say this is enough. This company's already priced in 378 00:17:55,520 --> 00:17:58,240 the potential of disruption. In fact, they priced it in too 379 00:17:58,240 --> 00:18:00,440 much. And if that disruption doesn't 380 00:18:00,600 --> 00:18:04,480 come, if it never happens, imagine if this company gets 381 00:18:04,480 --> 00:18:08,000 rerated back to a 20 multiple or a 25. 382 00:18:08,040 --> 00:18:11,120 This stock price could quite literally double from here from 383 00:18:11,120 --> 00:18:14,200 3:50 to 700. This is another very interesting 384 00:18:14,200 --> 00:18:17,400 case of the valuation of another high quality company that's gone 385 00:18:17,400 --> 00:18:19,320 down because of a very bad narrative. 386 00:18:19,680 --> 00:18:21,760 And what is management doing during this time period? 387 00:18:22,360 --> 00:18:24,920 Well, what they're doing is they're deploying their capital 388 00:18:24,920 --> 00:18:27,600 and doing what every investor says management should do. 389 00:18:27,960 --> 00:18:29,760 They're buying back shares aggressively. 390 00:18:30,080 --> 00:18:33,600 They've effectively reduced the share count by 4% year over year 391 00:18:33,600 --> 00:18:36,480 from the last quarter. So this speeds up their earnings 392 00:18:36,480 --> 00:18:38,440 per share growth. It speeds up their free cash 393 00:18:38,440 --> 00:18:41,440 flow per share growth. This is exactly what investors 394 00:18:41,440 --> 00:18:43,560 want management to do. Now finally, we get to United 395 00:18:43,560 --> 00:18:45,000 Health Group. This is another one that I 396 00:18:45,000 --> 00:18:48,760 believe was formerly considered a very high quality company, but 397 00:18:48,760 --> 00:18:50,080 then it went through a rough patch. 398 00:18:50,080 --> 00:18:52,840 Narrative went down, and part of the problem here was a 399 00:18:52,840 --> 00:18:54,840 deliberate decision from United Health Group. 400 00:18:55,160 --> 00:18:57,640 They frankly just wrote bad policies on their behalf. 401 00:18:57,640 --> 00:18:59,800 They over insured people. They didn't realize how much 402 00:18:59,800 --> 00:19:01,360 people would actually use health insurance. 403 00:19:01,720 --> 00:19:04,760 Everybody used it like crazy. It cost United Health Group A 404 00:19:04,760 --> 00:19:07,920 lot of money and that takes time to work its way through. 405 00:19:07,920 --> 00:19:10,840 So you're going to have a couple years of the financials looking 406 00:19:10,840 --> 00:19:13,520 bad, but they'll eventually roll over. 407 00:19:14,160 --> 00:19:16,840 It's just something that's going to have to work its way through 408 00:19:16,840 --> 00:19:19,280 the United Health Group financial system, but they'll 409 00:19:19,280 --> 00:19:21,880 eventually get the the policies back on track to where they 410 00:19:21,880 --> 00:19:23,800 should be. It's going to take a hit for the 411 00:19:23,800 --> 00:19:27,320 company, but it should recover. At the same time, this company 412 00:19:27,320 --> 00:19:32,960 trades at cheap valuations, 22 PE ratio, a 7.8 free cash flow 413 00:19:32,960 --> 00:19:35,440 yield, so super low free cash flow yield. 414 00:19:35,760 --> 00:19:40,240 The stock price is down 28% even after a recovery of being up in 415 00:19:40,240 --> 00:19:43,400 the past month, 32%. Now, like any company, it's 416 00:19:43,400 --> 00:19:46,040 nearly impossible possible to buy the entire bottom. 417 00:19:46,320 --> 00:19:48,000 Even Buffett's team didn't do it. 418 00:19:48,200 --> 00:19:49,960 So you can't time the bottom perfectly. 419 00:19:50,320 --> 00:19:52,920 But I think looking forward over the next couple of years that 420 00:19:52,960 --> 00:19:54,840 buying now is likely still a good time to buy. 421 00:19:54,840 --> 00:19:58,200 I think this company is too big to fail, too big to go away. 422 00:19:58,200 --> 00:20:00,920 It'll be around forever and it's one to still consider if you're 423 00:20:00,920 --> 00:20:02,960 looking for a group of undervalued, high quality 424 00:20:02,960 --> 00:20:04,960 companies. Now, the next two to round out 425 00:20:04,960 --> 00:20:08,280 the list are two companies that I'm not going to go into in any 426 00:20:08,280 --> 00:20:10,040 level of depth. I'm just going to mention them. 427 00:20:10,160 --> 00:20:12,560 Google's one of them. I think it's going to go to $300 428 00:20:12,560 --> 00:20:15,560 per share in this case. Again, I think that Google has 429 00:20:15,560 --> 00:20:18,480 been proving people wrong for a long period of time, and it's 430 00:20:18,480 --> 00:20:20,360 easy to want to take off the gas pedal. 431 00:20:20,800 --> 00:20:24,080 I don't think investors should. I think looking back five years, 432 00:20:24,080 --> 00:20:27,200 investors will wish they bought Google for $240 per share. 433 00:20:27,600 --> 00:20:30,080 Another one that I think investors will regret not taking 434 00:20:30,080 --> 00:20:32,680 advantage of over the next five years is Amazon. 435 00:20:32,680 --> 00:20:35,680 Just in the past day, Morgan Stanley reiterated Amazon as a 436 00:20:35,680 --> 00:20:39,480 top pick at $300 price, including the company's same day 437 00:20:39,480 --> 00:20:41,800 fresh grocery delivery to 1000 new cities. 438 00:20:41,920 --> 00:20:44,960 Amazon was facing one basic competitive threat, which was 439 00:20:44,960 --> 00:20:47,560 Walmart's grocery delivery. And now they're addressing that 440 00:20:47,560 --> 00:20:48,640 problem. They're creating their own 441 00:20:48,640 --> 00:20:52,000 delivery network for groceries that is growing rapidly. 442 00:20:52,320 --> 00:20:55,040 So I see that as another risk being reduced for Amazon. 443 00:20:55,120 --> 00:20:58,120 They're building massive clusters for GPU processing with 444 00:20:58,200 --> 00:21:01,000 AWS to increase their fulfillment capacity. 445 00:21:01,120 --> 00:21:03,680 We had that semi analysis report saying that they're going to 446 00:21:03,800 --> 00:21:07,480 have an uptick in growth in AWS, far surpassing what investors 447 00:21:07,480 --> 00:21:09,320 expect. So I think there's a lot of 448 00:21:09,320 --> 00:21:11,680 bullish catalysts over this one over the next five years. 449 00:21:11,800 --> 00:21:14,800 Right now is a time to consider for Amazon, and that rounds out 450 00:21:14,800 --> 00:21:15,760 the companies that I'm looking at. 451 00:21:15,760 --> 00:21:16,720 Now. Let's go ahead and get to some 452 00:21:16,720 --> 00:21:18,280 news. Now moving on, we get to the new 453 00:21:18,280 --> 00:21:20,720 competitor for Netflix. This is news that's happening in 454 00:21:20,720 --> 00:21:24,360 the media world and it comes down to Larry Ellison, that guy 455 00:21:24,360 --> 00:21:28,760 that's worth over $400 billion. He's one of, if not the richest 456 00:21:28,760 --> 00:21:30,680 person in the world. He's right there next to Elon 457 00:21:30,680 --> 00:21:32,280 Musk. So it's a bit debatable. 458 00:21:32,280 --> 00:21:34,960 It might change day-to-day, but he's about the richest person in 459 00:21:34,960 --> 00:21:37,280 the world. And Larry has a son. 460 00:21:37,880 --> 00:21:41,120 The son is named David Ellison. He's around 41 years old, I 461 00:21:41,120 --> 00:21:44,560 believe. And David has a interest. 462 00:21:44,800 --> 00:21:48,400 His interest is buying media companies, changing the media 463 00:21:48,400 --> 00:21:50,640 landscape. He's very interested in this 464 00:21:50,640 --> 00:21:52,280 category and he's moving rapidly. 465 00:21:52,600 --> 00:21:56,400 He's already bought Paramount. He did it with his company 466 00:21:56,400 --> 00:21:59,320 called Skydance. So Skydance came in, they took 467 00:21:59,320 --> 00:22:01,240 over Paramount. Then on Paramount, they 468 00:22:01,240 --> 00:22:04,080 immediately made changes. They got South Park on it and 469 00:22:04,080 --> 00:22:06,720 they made a deal with the UFC in like a week. 470 00:22:06,720 --> 00:22:09,560 They were doing these type of multibillion dollar deals. 471 00:22:09,680 --> 00:22:12,080 David's moving fast. He has a lot of money to work 472 00:22:12,080 --> 00:22:16,240 with and he has ambitious plans. And now reportedly the next 473 00:22:16,240 --> 00:22:19,720 ambition he has is for Skydance and Paramount, these two 474 00:22:19,720 --> 00:22:23,200 companies that he just recently combined together to take over 475 00:22:23,240 --> 00:22:25,960 Warner Brothers Discovery. Remember that Warner Brothers 476 00:22:25,960 --> 00:22:29,520 and Discovery merge together, now Skydance and Paramount merge 477 00:22:29,520 --> 00:22:32,200 together and now they want to merge these previously 4 478 00:22:32,200 --> 00:22:36,120 companies combined into a massive media empire, one of 479 00:22:36,120 --> 00:22:39,680 which that would match the likes of Netflix or the likes of 480 00:22:39,680 --> 00:22:41,520 Disney. The bid will be for the entire 481 00:22:41,520 --> 00:22:44,720 company, including its cable network movie studios, the 482 00:22:44,720 --> 00:22:47,840 people said. Warner said late last year that 483 00:22:47,840 --> 00:22:50,640 it planned to restructure into two operating divisions, 1 484 00:22:50,640 --> 00:22:53,280 focused on the legacy cable television business and the 485 00:22:53,280 --> 00:22:56,280 other on streaming in studios. By preparing a play for the 486 00:22:56,280 --> 00:22:59,600 company before Warner's plan split, Paramount, Skydance is 487 00:22:59,600 --> 00:23:02,480 attempting to pre empt a potential bidding war for the 488 00:23:02,480 --> 00:23:05,840 studio and streaming unit and could include that could include 489 00:23:05,840 --> 00:23:08,320 deep pocketed technology companies such as Amazon and 490 00:23:08,320 --> 00:23:10,120 Apple. If successful, such a deal would 491 00:23:10,120 --> 00:23:13,360 bring together 2 of Hollywood's most storied studios and the 492 00:23:13,360 --> 00:23:16,320 parent companies of streaming services HBO Max and Paramount 493 00:23:16,320 --> 00:23:19,160 Plus. Warner is the home to Barbie, BC 494 00:23:19,160 --> 00:23:22,640 comics, Harry Potter and TV shows such as The White Lotus, 495 00:23:23,000 --> 00:23:26,120 as well as cable news network CNN, TBS and TNT. 496 00:23:26,600 --> 00:23:28,880 The scale of the potential combination could bring 497 00:23:28,960 --> 00:23:31,400 antitrust and regulatory scrutiny. 498 00:23:31,480 --> 00:23:34,200 Now Netflix investors are looking at this like I am. 499 00:23:34,280 --> 00:23:36,000 This is one of my largest positions. 500 00:23:36,000 --> 00:23:39,000 So I look at any competitive dynamic change and this is a 501 00:23:39,000 --> 00:23:42,040 negative for Netflix. It would not be good for Netflix 502 00:23:42,040 --> 00:23:45,040 if these two companies combined. First of all, Netflix makes 503 00:23:45,040 --> 00:23:47,280 money by licensing both of their content. 504 00:23:47,480 --> 00:23:49,920 So they license content from Paramount, they license it from 505 00:23:49,920 --> 00:23:52,240 Warner Brothers Discovery. That's why you get movies like 506 00:23:52,240 --> 00:23:55,240 Dune on Netflix. Those aren't Netflix's property, 507 00:23:55,240 --> 00:23:57,760 they're just licensing them. When the companies combine 508 00:23:57,760 --> 00:24:01,080 together, it makes it much more difficult to license and barter 509 00:24:01,080 --> 00:24:02,960 with them. They basically have more chips 510 00:24:02,960 --> 00:24:04,480 on the table. They can barter better. 511 00:24:04,800 --> 00:24:07,680 So Netflix will be closed off from a lot of content that they 512 00:24:07,680 --> 00:24:12,320 probably have access to today. Now, Netflix is really well 513 00:24:12,320 --> 00:24:14,480 prepared for this. They can produce their own 514 00:24:14,480 --> 00:24:16,400 content. They have enormous budgets. 515 00:24:16,680 --> 00:24:19,960 In fact, even after combining both Warner Brothers Discovery 516 00:24:20,240 --> 00:24:23,600 and Paramount, Netflix still has around double the money to 517 00:24:23,600 --> 00:24:26,920 invest in content. So they have an enormous cash 518 00:24:26,920 --> 00:24:30,080 flow pile every year to invest. So this does change the 519 00:24:30,080 --> 00:24:34,080 landscape slightly for Netflix, but no matter how much you slice 520 00:24:34,080 --> 00:24:37,320 and dice or combine companies together, it really hasn't 521 00:24:37,320 --> 00:24:39,080 affected Netflix in the long run. 522 00:24:39,400 --> 00:24:42,360 So far, this company has withstood all of these type of 523 00:24:42,360 --> 00:24:44,080 changes that these other companies make. 524 00:24:44,200 --> 00:24:47,200 Now finally, we take a look at financial TikTok, where we get 525 00:24:47,200 --> 00:24:50,680 advice and insight that you just can't find anywhere else. 526 00:24:51,000 --> 00:24:53,760 TikTok is the home of, of course, the best financial 527 00:24:53,760 --> 00:24:55,920 advice. Today we're looking at someone 528 00:24:55,920 --> 00:24:59,160 that's interviewing for a customer service job and he 529 00:24:59,160 --> 00:25:01,240 shows how it's done. He's recording his interview for 530 00:25:01,240 --> 00:25:03,960 this customer service job. Tell me a little bit about 531 00:25:03,960 --> 00:25:07,480 yourself and why you're the right person for this role. 532 00:25:07,800 --> 00:25:12,040 Yeah, absolutely. I really think I'm going to be 533 00:25:12,040 --> 00:25:14,920 the perfect candidate for this. I have eight years experience in 534 00:25:14,920 --> 00:25:16,720 marketing. I've grown businesses by 535 00:25:16,760 --> 00:25:19,360 millions of dollars. I have a full year's experience 536 00:25:19,360 --> 00:25:22,600 in customer support where I handle thousands of tickets each 537 00:25:22,680 --> 00:25:24,920 month. And on top of that, I like you 538 00:25:24,920 --> 00:25:27,680 said, I do come highly recommended because I know how 539 00:25:27,680 --> 00:25:33,520 to get results. OK, I couldn't even hear what 540 00:25:33,520 --> 00:25:36,960 you were saying. You need to turn off the TV or 541 00:25:36,960 --> 00:25:41,040 whatever you're. Doing how is she not smiling? 542 00:25:41,360 --> 00:25:45,840 Come on, people like this. I know it's an interview. 543 00:25:45,840 --> 00:25:47,880 She's probably, you know, she feels like she has to take it 544 00:25:47,880 --> 00:25:50,400 seriously. If someone I've interviewed a 545 00:25:50,400 --> 00:25:53,360 lot of people in the jobs that I had prior to YouTube and even in 546 00:25:53,400 --> 00:25:57,800 with YouTube, but the interviews I've had, if someone did this, I 547 00:25:57,800 --> 00:26:02,160 could not I, I, I would die laughing if someone called in 548 00:26:02,760 --> 00:26:05,840 and had music playing in the background while they gave a 549 00:26:05,840 --> 00:26:08,280 speech. How can you be that serious? 550 00:26:08,440 --> 00:26:10,280 Relax a little bit. It's OK. 551 00:26:10,800 --> 00:26:12,680 The the kids obviously having fun. 552 00:26:12,680 --> 00:26:17,240 And that was actually a very articulate, well timed little 553 00:26:17,240 --> 00:26:18,560 monologue. He did that. 554 00:26:18,560 --> 00:26:20,280 That was actually impressive. That's harder. 555 00:26:20,440 --> 00:26:23,720 You try doing a monologue for 45 seconds or whatever it was, you 556 00:26:23,720 --> 00:26:27,000 know, 35 seconds and timing it perfectly with music, it's 557 00:26:27,000 --> 00:26:29,520 easier said than done. So that's actually a little bit 558 00:26:29,520 --> 00:26:32,760 impressive. You know, if I, if I saw someone 559 00:26:32,760 --> 00:26:34,480 doing this again, I, I would just laugh. 560 00:26:34,480 --> 00:26:36,920 This is this is hilarious. It continues on. 561 00:26:38,120 --> 00:26:42,400 I really need this. Please, I'm very desperate. 562 00:26:42,400 --> 00:26:46,400 I am begging you. I do have some disabilities and 563 00:26:46,400 --> 00:26:50,840 with that comes some tools that I like to use to make my life a 564 00:26:50,840 --> 00:26:56,560 little easier, OK? The problem is this is a client 565 00:26:56,560 --> 00:27:00,320 facing role. OK, so she's taking it super 566 00:27:00,320 --> 00:27:01,800 serious. She's doing her job. 567 00:27:01,960 --> 00:27:04,000 I, I don't blame her. No problem with this lady. 568 00:27:04,000 --> 00:27:07,200 But she's she's doing her job, taking it serious, explaining 569 00:27:07,200 --> 00:27:09,680 that this doesn't work and it it just goes on here. 570 00:27:09,840 --> 00:27:11,560 There you go. You have the best of TikTok 571 00:27:11,560 --> 00:27:13,480 there. That is how you do an interview. 572 00:27:13,480 --> 00:27:16,680 Just time it to some theme music, put some heroic music as 573 00:27:16,680 --> 00:27:17,920 you're talking about your strengths. 574 00:27:18,040 --> 00:27:20,920 And then if they decline to give you the job, just play some sad 575 00:27:20,920 --> 00:27:23,000 music in the background. That'll be it for this episode. 576 00:27:23,080 --> 00:27:23,760 See you next time.