1 00:00:00,100 --> 00:00:04,400 Google stock is on a tear after having their big I/O conference. 2 00:00:04,600 --> 00:00:08,200 This is where they talked about what do you know, artificial 3 00:00:08,200 --> 00:00:10,800 intelligence. And they mentioned artificial 4 00:00:10,800 --> 00:00:15,200 intelligence, more than just a few times Ai and AI Ki KI 5 00:00:15,200 --> 00:00:17,400 generative. A, i generated way I can really 6 00:00:17,400 --> 00:00:21,500 be ia. Ia, ia, ia, ia, ia, ia, ia, ia, 7 00:00:21,500 --> 00:00:25,300 ia, ia, ia uses AI to bring aiaiai. 8 00:00:25,500 --> 00:00:28,900 This was all about Ai and Google showing that they're not going 9 00:00:28,900 --> 00:00:32,100 to let Microsoft. Soft, run away with the AI crown 10 00:00:32,100 --> 00:00:34,200 and you have to give it to him. It's working. 11 00:00:34,300 --> 00:00:37,400 Google stock is up to 117 dollars per share. 12 00:00:37,400 --> 00:00:40,500 It's actually gone on a great run after this conference. 13 00:00:40,600 --> 00:00:44,400 Year-to-date, Google stock is up 31% and even this week, it's up 14 00:00:44,400 --> 00:00:47,300 another eight point six. Seven percent after mentioning 15 00:00:47,300 --> 00:00:50,200 aii over 100 times. It's a lot of investors are once 16 00:00:50,200 --> 00:00:52,400 again, excited about Google, but we're going to be looking at 17 00:00:52,400 --> 00:00:55,000 this conference and highlighting some of the creative ways that 18 00:00:55,000 --> 00:00:57,600 Google's wrapping AI, into all their various products. 19 00:00:57,800 --> 00:01:01,000 Some of them seem pretty cool. Now we also Have Disney at the 20 00:01:01,000 --> 00:01:03,200 same time it reporting their earnings. 21 00:01:03,400 --> 00:01:06,700 And investors did not take it too well even though Disney beat 22 00:01:06,700 --> 00:01:08,800 their revenue and earnings per share estimate, they lost 23 00:01:08,800 --> 00:01:12,100 subscribers for the second consecutive quarter in a row 24 00:01:12,300 --> 00:01:16,300 they shed more subscribers and Disney as a company is facing a 25 00:01:16,308 --> 00:01:18,800 lot of complex operational challenges. 26 00:01:18,800 --> 00:01:20,200 So we're going to be going through looking at their 27 00:01:20,200 --> 00:01:22,600 earnings report, seeing if we can make sense of it and we'll 28 00:01:22,600 --> 00:01:25,200 be looking at some interviews where we can get some context to 29 00:01:25,200 --> 00:01:27,000 some of the challenges Disney faces. 30 00:01:27,000 --> 00:01:29,700 So as always, we have a lot to jump into in this episode a lot 31 00:01:29,700 --> 00:01:31,000 too. Cover, if you haven't already, 32 00:01:31,000 --> 00:01:33,300 make sure you subscribe to the channel and you hit the Bell 33 00:01:33,300 --> 00:01:35,400 icon. That is completely free and you 34 00:01:35,400 --> 00:01:37,900 get alerts whenever I upload. Now, what we're looking at here 35 00:01:37,900 --> 00:01:41,000 is the passive income portfolio. This is my primary investment 36 00:01:41,000 --> 00:01:42,900 account that I've tracked publicly. 37 00:01:42,900 --> 00:01:45,800 So you can look back at any historical video on this 38 00:01:45,800 --> 00:01:48,000 channel. What I plan on doing is trying 39 00:01:48,000 --> 00:01:50,600 to beat the market by concentrating into a couple 40 00:01:50,600 --> 00:01:53,600 positions companies that I think, will compound at a rate 41 00:01:53,600 --> 00:01:56,800 faster than the market average. And we can take Google as an 42 00:01:56,800 --> 00:02:00,200 example here, a lot of investors might be lost and trying Age of 43 00:02:00,208 --> 00:02:01,800 the intrinsic value of a company. 44 00:02:02,000 --> 00:02:04,700 But there's a couple indicators that I think are a very good 45 00:02:04,700 --> 00:02:07,900 representation of it. The first thing is the revenue 46 00:02:07,900 --> 00:02:10,699 of the company. Generally speaking, the more 47 00:02:10,699 --> 00:02:13,800 Revenue accompanied has, the more, the intrinsic value goes 48 00:02:13,800 --> 00:02:16,600 up. Pretty basic as Google has grown 49 00:02:16,600 --> 00:02:19,100 its Revenue. The intrinsic value has also 50 00:02:19,100 --> 00:02:22,800 grown of the company, but revenue is in and of itself. 51 00:02:22,800 --> 00:02:25,600 Not the most important thing because revenue is not a 52 00:02:25,600 --> 00:02:28,600 measurement of profitability. Earnings per share is a 53 00:02:28,600 --> 00:02:32,100 measurement of ability. The EPS of a company is a great 54 00:02:32,100 --> 00:02:35,000 indicator of the intrinsic, value of a company, as Google's 55 00:02:35,000 --> 00:02:38,300 earnings per share have also gone up the intrinsic value of 56 00:02:38,300 --> 00:02:40,600 the company has gone up. We look at the earnings per 57 00:02:40,600 --> 00:02:43,900 share last year and they were four dollars and 59 cents per 58 00:02:43,900 --> 00:02:47,000 share. Compared to back to 2002 when it 59 00:02:47,008 --> 00:02:50,100 was only four pennies. When a company goes from four, 60 00:02:50,100 --> 00:02:54,500 pennies in EPS to over $4, the intrinsic value of the company 61 00:02:54,500 --> 00:02:57,300 has grown but I believe even better than the revenue and 62 00:02:57,300 --> 00:03:01,000 earnings per share is looking at the cash flows of Company the 63 00:03:01,000 --> 00:03:04,200 best indicator over all of looking at the intrinsic value. 64 00:03:04,200 --> 00:03:07,500 Growth of a company is their free cash flow per share, 65 00:03:07,600 --> 00:03:09,700 netting out there. Stock-based compensation per 66 00:03:09,700 --> 00:03:13,500 share, I call this the adjusted free cash flow per share, and 67 00:03:13,500 --> 00:03:17,100 what we see is intrinsic value growth over time of these, great 68 00:03:17,100 --> 00:03:19,600 companies with Google, we see a similar Trend here. 69 00:03:19,600 --> 00:03:23,100 They've gone from eight cents and free cash flow per share to 70 00:03:23,100 --> 00:03:26,500 last you're having three dollars and 11 cents in adjusted free 71 00:03:26,500 --> 00:03:29,800 cash flow per share, that is an incredible compounding. 72 00:03:30,000 --> 00:03:33,500 In the past five years, they've grown their adjusted free cash 73 00:03:33,500 --> 00:03:36,600 flow per share at a rate of twenty one point five, nine 74 00:03:36,600 --> 00:03:39,100 percent. And keep in mind the adjusted 75 00:03:39,100 --> 00:03:42,400 free cash flow factors in the dilution through stock-based 76 00:03:42,400 --> 00:03:44,900 compensation. So even with Google being a 77 00:03:44,900 --> 00:03:47,800 highly dilute of company issuing a lot of stock-based 78 00:03:47,800 --> 00:03:51,000 compensation for their employees it's still growing its cash 79 00:03:51,000 --> 00:03:55,200 flows at an incredible rate over 20% per year. 80 00:03:55,200 --> 00:03:57,400 So although I don't currently hold a Google in the passive 81 00:03:57,400 --> 00:04:00,800 income portfolio, I do have a small holding Of it in my growth 82 00:04:00,800 --> 00:04:03,400 portfolio and Google has remained a company that I've 83 00:04:03,400 --> 00:04:05,000 been continually bullish on. Now. 84 00:04:05,000 --> 00:04:06,800 Let's go ahead and look at some of the things that Google has 85 00:04:06,800 --> 00:04:10,400 been up to, they release this big I/O conference where they 86 00:04:10,400 --> 00:04:13,700 really hammered down. All the AI Integrations they're 87 00:04:13,700 --> 00:04:17,500 doing and we know right now that AI is both a very real thing, 88 00:04:17,500 --> 00:04:20,700 but it's also a very common buzzword, every companies 89 00:04:20,700 --> 00:04:23,400 wanting to get in on this AI gravy train. 90 00:04:23,600 --> 00:04:25,700 So, let's see if what Google is doing is actually real. 91 00:04:25,900 --> 00:04:29,400 The first thing that they mention is using AI in Gmail 92 00:04:29,500 --> 00:04:35,100 interface. 2017, we launched smart reply, short responses, 93 00:04:35,200 --> 00:04:40,200 you could select with just one, click next game, smart compose, 94 00:04:40,800 --> 00:04:43,700 which offered writing suggestions as you type. 95 00:04:43,800 --> 00:04:45,100 You remember this in Gmail, right? 96 00:04:45,100 --> 00:04:47,500 Where you start typing the sentence and then it fills it in 97 00:04:47,500 --> 00:04:50,900 with a white text. It is so accurate, a lot of 98 00:04:50,907 --> 00:04:54,000 times I'm, I'm typing an email and I'll be typing halfway 99 00:04:54,000 --> 00:04:57,200 through a sentence and it will know exactly what I'm going to 100 00:04:57,200 --> 00:04:59,100 type. So, I just hit Tab and fill in 101 00:04:59,100 --> 00:05:01,100 the rest of it. Some cases, I'll change it. 102 00:05:01,100 --> 00:05:04,000 But this is a feature that I've used many times, they've been 103 00:05:04,000 --> 00:05:09,000 used in workspace or 480 billion times in the past year alone, 104 00:05:09,000 --> 00:05:11,300 consider the vastness of Google's reach. 105 00:05:11,600 --> 00:05:14,400 I say I've used this feature a number of times and then they 106 00:05:14,400 --> 00:05:18,200 mentioned that it's been used over 180 billion times in the 107 00:05:18,200 --> 00:05:20,800 last year alone. This is the scale that Google 108 00:05:20,800 --> 00:05:23,600 works at every single thing they do every feature. 109 00:05:23,600 --> 00:05:27,800 They push, they have to think of it in terms of tens of billions 110 00:05:27,800 --> 00:05:30,200 of uses. And now that the Much more 111 00:05:30,200 --> 00:05:33,400 powerful generator model. We are taking the next step in 112 00:05:33,400 --> 00:05:38,100 Gmail with help me, right? Let's say, you got this email 113 00:05:38,500 --> 00:05:42,600 that your flight was canceled, the airline has sent a voucher, 114 00:05:42,900 --> 00:05:46,900 but what you really want is a full refund, you could reply and 115 00:05:46,900 --> 00:05:50,300 use help me right? Just type in the prompt of what 116 00:05:50,300 --> 00:05:55,400 you want, an email to ask for a full refund hit, create and a 117 00:05:55,400 --> 00:06:00,300 full draft appears. As you can see, it conveniently 118 00:06:00,300 --> 00:06:03,400 pulled in flight details from the previous email. 119 00:06:03,400 --> 00:06:06,000 So, we have prompt generated text here. 120 00:06:06,300 --> 00:06:08,700 You say you want it to draft this email and then it does its 121 00:06:08,700 --> 00:06:12,200 initial draft. This is basically what barred 122 00:06:12,200 --> 00:06:15,000 and chat GPT do. So they're just integrating that 123 00:06:15,000 --> 00:06:18,100 same Tech into the emails but the way that they do it is 124 00:06:18,100 --> 00:06:20,000 really intelligent. Look at where they take it from 125 00:06:20,000 --> 00:06:23,100 here and it looks pretty close to what you want to send. 126 00:06:23,800 --> 00:06:25,500 Maybe you want to refine it further. 127 00:06:26,000 --> 00:06:30,400 In this case, a more elaborate email my increase the chances of 128 00:06:30,400 --> 00:06:41,800 getting the refund that's got to feel good for Sundar. 129 00:06:41,800 --> 00:06:45,000 He's been he's been having a tough time getting bullied 130 00:06:45,000 --> 00:06:48,400 around with Microsoft for a bit and having having an audience 131 00:06:48,400 --> 00:06:50,700 reaction where they're clapping and he's releasing this great 132 00:06:50,700 --> 00:06:53,000 feature. It's got to be a good feeling. 133 00:06:53,500 --> 00:06:55,300 I will say I agree with the audience here. 134 00:06:55,300 --> 00:06:58,800 I think that this is an incredibly powerful feature and 135 00:06:58,800 --> 00:07:02,100 not only that but I also think it's practical a lot of the 136 00:07:02,200 --> 00:07:06,000 Things that people working in Tech, think is cool, is 137 00:07:06,000 --> 00:07:08,300 sometimes not the most practical stuff. 138 00:07:08,500 --> 00:07:11,500 It's really deep integrated stuff that not many people are 139 00:07:11,500 --> 00:07:14,600 going to be able to use and it's not really that practical but 140 00:07:14,600 --> 00:07:18,800 the way that they've implemented this seems very very easy to use 141 00:07:19,000 --> 00:07:23,400 and very practical having it be able to elaborate in email is an 142 00:07:23,400 --> 00:07:26,500 incredible feature. One of the biggest problems in 143 00:07:26,500 --> 00:07:30,500 email or any text-based. Communication is you lactone, 144 00:07:30,700 --> 00:07:33,700 you lack context? You're too direct with an email, 145 00:07:33,700 --> 00:07:36,300 it can come off as rude. So having a button to elaborate 146 00:07:36,300 --> 00:07:38,500 the text and recreate it in different ways. 147 00:07:38,800 --> 00:07:41,500 Puts you in the role of reviewing, the email over 148 00:07:41,500 --> 00:07:44,200 viewing it and seeing if it relays the proper tone and 149 00:07:44,200 --> 00:07:47,100 context more than actually taking time, to construct the 150 00:07:47,100 --> 00:07:51,200 email and I can't stress this point enough of practicality and 151 00:07:51,200 --> 00:07:56,200 ease of use a better feature. A superior feature may not have 152 00:07:56,200 --> 00:07:58,900 as much success because it's difficult to use. 153 00:07:58,900 --> 00:08:01,200 It's more complex and it's more confusing. 154 00:08:01,300 --> 00:08:05,000 So, every Ingle thing they do has to be simple and easy to 155 00:08:05,000 --> 00:08:08,600 understand but I think once again they nailed this aspect of 156 00:08:08,600 --> 00:08:11,600 it, even if the text generation isn't the best and it's not 157 00:08:11,600 --> 00:08:15,400 quite as good as chat GPT, the fact that it's so easy to use. 158 00:08:15,400 --> 00:08:17,900 And it's already integrated into email creates a moat. 159 00:08:17,900 --> 00:08:20,600 That's very difficult to beat four other competitors outside 160 00:08:20,600 --> 00:08:23,600 of tech and investing culture. A lot of people aren't familiar 161 00:08:23,600 --> 00:08:26,000 with AI to this level of it. And I think this is going to be 162 00:08:26,000 --> 00:08:28,200 a little bit of a shock to a lot of people that use email 163 00:08:28,200 --> 00:08:30,000 day-to-day. Now, the next thing they go over 164 00:08:30,000 --> 00:08:32,100 is Maps. Google is incompetent. 165 00:08:32,200 --> 00:08:36,299 Titian, with apple over Maps. Apple used to be way behind 166 00:08:36,299 --> 00:08:38,500 Google, but they've really caught up over the past couple 167 00:08:38,500 --> 00:08:41,100 of years so we can look at what Google's doing to try to race 168 00:08:41,100 --> 00:08:45,300 ahead since the early days of street view, a is stitched 169 00:08:45,300 --> 00:08:49,500 together, billions of panoramic images so people can explore the 170 00:08:49,500 --> 00:08:53,900 world from their device. At last year's I/O we introduced 171 00:08:53,900 --> 00:08:57,700 immersive view which uses AI to create a high-fidelity 172 00:08:57,700 --> 00:09:01,400 representation of a place. So you can experience it before 173 00:09:01,400 --> 00:09:06,000 you visit Now, we are expanding that same technology to do. 174 00:09:06,000 --> 00:09:10,500 What Maps does best help you get where you want to go? 175 00:09:11,300 --> 00:09:15,600 Google Maps, provides 20 billion kilometers of directions every 176 00:09:15,600 --> 00:09:19,100 day. That's a lot of trips, imagine 177 00:09:19,100 --> 00:09:22,900 if he could see your whole trip in advance with immersive you 178 00:09:22,900 --> 00:09:28,100 for routes, now you can whether you're walking cycling or 179 00:09:28,100 --> 00:09:29,700 driving. So the calling this immersive 180 00:09:29,700 --> 00:09:32,300 view for routes and it basically takes you on a journey of The 181 00:09:32,300 --> 00:09:34,700 route that you've outlined before even gone through that 182 00:09:34,700 --> 00:09:39,300 route click on immersive you for out and it's an entirely new way 183 00:09:39,300 --> 00:09:42,400 to look at my journey. I can zoom in to get an 184 00:09:42,600 --> 00:09:48,800 incredible bird's eye view of the Rye and and as we turn we 185 00:09:48,800 --> 00:09:59,500 get onto a great bike path. It looks like it's going to be a 186 00:09:59,500 --> 00:10:01,700 beautiful dry. This isn't something that's 187 00:10:01,700 --> 00:10:05,400 going to be available in all of Google Maps, it's limited to 15 188 00:10:05,400 --> 00:10:08,700 cities by the end of this year. So the seems like something very 189 00:10:08,700 --> 00:10:12,100 specific to highly concentrated dense areas where there's a huge 190 00:10:12,100 --> 00:10:14,000 population. You're probably not going to be 191 00:10:14,000 --> 00:10:15,900 able to do this across the country. 192 00:10:16,000 --> 00:10:18,600 Now the next big thing that Sundar goes over is in Google 193 00:10:18,600 --> 00:10:21,100 photos. And I must say, when I was 194 00:10:21,100 --> 00:10:25,400 watching this part of the presentation, I was thinking 195 00:10:25,500 --> 00:10:28,600 about Adobe. I was thinking about Photoshop 196 00:10:28,600 --> 00:10:32,700 and photo manipulation, a lot of what a dhobi cells is tools to 197 00:10:32,700 --> 00:10:34,500 manipulate photos in different ways. 198 00:10:34,800 --> 00:10:37,600 And it seems like Google's cutting into adobe's moat a 199 00:10:37,600 --> 00:10:40,400 little bit here with their updates to Google photo. 200 00:10:40,700 --> 00:10:42,700 In fact, it seems like they might be cutting into their most 201 00:10:42,700 --> 00:10:44,900 significantly, but let me know if you agree. 202 00:10:45,100 --> 00:10:50,300 We introduced it at I/O in 2015, it was one of her first AI, 203 00:10:50,300 --> 00:10:54,700 native products, breakthroughs. And machine learning, made it 204 00:10:54,700 --> 00:10:59,800 possible to search your photos. Things like people sunsets or 205 00:10:59,800 --> 00:11:02,300 waterfalls. Of course, we want you to do 206 00:11:02,300 --> 00:11:06,000 more than just search for those. We also want to help you make 207 00:11:06,000 --> 00:11:07,900 them better. This is a really cool feature. 208 00:11:07,900 --> 00:11:11,500 If you have a big Library photos, you can type in dog and 209 00:11:11,500 --> 00:11:14,400 will find all your pictures with you and your dog or you can type 210 00:11:14,400 --> 00:11:16,400 in the name of someone. You can type in different 211 00:11:16,400 --> 00:11:18,900 objects like this and it sorts the photos by whatever you're 212 00:11:18,900 --> 00:11:20,900 searching. I never thought this feature cut 213 00:11:20,900 --> 00:11:24,100 into Adobe smote but the next part, I believe does, of course, 214 00:11:24,100 --> 00:11:26,400 we want you to do more than just search photos. 215 00:11:27,000 --> 00:11:29,200 We also want to help you make them better. 216 00:11:29,400 --> 00:11:34,300 You can do much more with a new experience called Magic editor. 217 00:11:34,400 --> 00:11:38,000 Let's have a look. Say, you're on a hike and you 218 00:11:38,000 --> 00:11:40,400 stopped to take a photo in front of a waterfall. 219 00:11:41,100 --> 00:11:43,300 You wish you are taking you back off for the photo. 220 00:11:43,300 --> 00:11:45,800 So let's go ahead and remove that back strap. 221 00:11:47,100 --> 00:11:50,700 The photo feels a bit dark so you can improve the lighting. 222 00:11:52,100 --> 00:11:55,400 And maybe you want to even get rid of some clouds to make it 223 00:11:55,400 --> 00:11:57,600 feel as sunny as you remember it. 224 00:11:59,400 --> 00:12:02,300 Now, if you notice from this photo to the previous one, a lot 225 00:12:02,300 --> 00:12:04,200 of the clouds just simply disappeared. 226 00:12:04,300 --> 00:12:05,500 Here's what it looked like before. 227 00:12:05,600 --> 00:12:07,900 Here's what it looks like. Now looks like a sunnier day. 228 00:12:07,900 --> 00:12:09,900 I do have some qualms about this. 229 00:12:10,000 --> 00:12:12,200 Is anything going to be real after. 230 00:12:12,200 --> 00:12:14,900 This feature is launched, we're going to alter the weather. 231 00:12:14,900 --> 00:12:17,900 Now, you're not even remember truly what the weather was like. 232 00:12:17,900 --> 00:12:20,600 When you're on vacation, I realize that photos are already 233 00:12:20,600 --> 00:12:23,100 so edited that you can't really trust them at all, but this is 234 00:12:23,100 --> 00:12:26,000 taking it to a whole new level and these alterations continue 235 00:12:26,000 --> 00:12:29,500 on looking even closer. You wish you had post. 236 00:12:29,500 --> 00:12:32,200 So it looks like you're really catching the water in your hand, 237 00:12:32,400 --> 00:12:34,500 no problem. You can adjust that. 238 00:12:42,800 --> 00:12:45,000 I'm going to be, I'll say a couple years from now that I 239 00:12:45,000 --> 00:12:48,300 grew up in a time where photos were real, where you took the 240 00:12:48,300 --> 00:12:51,400 photo, it didn't look that good but that's what it was. 241 00:12:51,400 --> 00:12:53,400 That was the reality of the situation. 242 00:12:53,500 --> 00:12:55,800 What we're headed into now as a world where you can't really 243 00:12:55,800 --> 00:12:59,700 trust what you see that pattern, you always want your kid at the 244 00:12:59,700 --> 00:13:03,400 center of it all, and it looks like the balloons got cut off in 245 00:13:03,400 --> 00:13:06,700 this one so you can go ahead and reposition the birthday boy 246 00:13:07,500 --> 00:13:11,700 magic editor. Automatically recreates parts of 247 00:13:11,700 --> 00:13:15,300 the bench and balloons that were not captured in the original 248 00:13:15,300 --> 00:13:20,000 shot as a Finishing Touch. You can punch up the sky, it 249 00:13:20,000 --> 00:13:22,600 changes the lighting in the rest of the photo, so they edit 250 00:13:22,600 --> 00:13:25,600 Fields consistent, it's truly magical. 251 00:13:25,700 --> 00:13:28,100 Now, of course, this doesn't replace everything that adobe 252 00:13:28,100 --> 00:13:31,600 has built, but these type of photo manipulation features have 253 00:13:31,600 --> 00:13:34,400 to concern them a little bit. A lot of what people use 254 00:13:34,400 --> 00:13:37,800 Photoshop is simply making photos look better, and it looks 255 00:13:37,800 --> 00:13:40,500 like Google's recreating a lot of those same tools and 256 00:13:40,500 --> 00:13:42,100 including them in their vast bundle. 257 00:13:42,100 --> 00:13:43,800 Now, I'm not going to go over every feature that they 258 00:13:43,800 --> 00:13:46,900 announced are, they did things like coding, how would I use 259 00:13:46,900 --> 00:13:50,200 Python to generate the scholars mate, move in chess? 260 00:13:50,400 --> 00:13:53,700 And as you can imagine Bard can now code and it can do it 261 00:13:53,700 --> 00:13:55,300 really. Well, you can type in different 262 00:13:55,300 --> 00:13:58,000 prompts or different code questions and it will print out 263 00:13:58,000 --> 00:14:00,400 the proper response. They've integrated bar to be 264 00:14:00,400 --> 00:14:03,200 able to have search results. Now linked to the web something 265 00:14:03,200 --> 00:14:05,000 that it couldn't previously do barred. 266 00:14:05,000 --> 00:14:07,800 Can now answer by showing you results integrated with Google 267 00:14:07,800 --> 00:14:10,900 Maps Bar, Even in a crates with Excel, you can put things in 268 00:14:10,900 --> 00:14:13,100 tabular format. One of the most significant 269 00:14:13,100 --> 00:14:15,600 Integrations of this is AI into Google search. 270 00:14:15,800 --> 00:14:18,500 This is the primary profit driver for Google. 271 00:14:18,700 --> 00:14:21,500 So they have to get this, right? They give an example. 272 00:14:21,500 --> 00:14:25,000 Search here, a good bike for Five Mile, commute with hills in 273 00:14:25,000 --> 00:14:27,800 the a I paused snapshot. You'll see important 274 00:14:27,800 --> 00:14:31,600 considerations like motor and battery for taking on those 275 00:14:31,600 --> 00:14:35,100 Hills and suspension for a comfortable ride. 276 00:14:35,200 --> 00:14:36,400 You'll notice how now Google search. 277 00:14:36,400 --> 00:14:39,200 Lays out more information. There's less Direct links. 278 00:14:39,200 --> 00:14:42,000 And there's more accompanying text to, give you information 279 00:14:42,000 --> 00:14:45,000 about your search, they're using more AI to integrate into the 280 00:14:45,000 --> 00:14:47,000 search results themselves. And then throughout the rest of 281 00:14:47,000 --> 00:14:49,900 this presentation, they talk about Ai and cloud and Android 282 00:14:49,900 --> 00:14:51,700 and all the other applications of it. 283 00:14:51,900 --> 00:14:55,500 They're integrating like Microsoft AI into every aspect 284 00:14:55,500 --> 00:14:57,600 of their business. Now overall investors were 285 00:14:57,600 --> 00:15:00,700 pleased with this presentation and I think it's deserved. 286 00:15:00,700 --> 00:15:02,500 I've believed for a long period of time. 287 00:15:02,700 --> 00:15:06,300 The Google has been undervalued the companies up, 30 percent 288 00:15:06,300 --> 00:15:08,400 year-to-date, so it's had a really good run. 289 00:15:08,700 --> 00:15:11,900 And then even over the past month, it's up another 8% with 290 00:15:11,900 --> 00:15:14,400 this presentation. It jumped eight percent in a 291 00:15:14,408 --> 00:15:17,100 matter of days but we can't just look at previous recent 292 00:15:17,100 --> 00:15:19,500 performance. When I look at the valuation of 293 00:15:19,500 --> 00:15:24,600 Google, it's trading at a PE ratio of 17.8 that seems like a 294 00:15:24,608 --> 00:15:27,300 very low P/E ratio for such a high quality company. 295 00:15:27,600 --> 00:15:30,200 The free cash flow yield not counting stock-based, Compass 296 00:15:30,200 --> 00:15:35,000 4.13 percent with stock-based complex closer to 3.5, which I 297 00:15:35,000 --> 00:15:37,600 still believe is a healthy PE for this company. 298 00:15:38,000 --> 00:15:42,300 So overall, I still think that Google has room to run, I would 299 00:15:42,300 --> 00:15:46,100 not be surprised to see this company trading at $130 300 00:15:46,100 --> 00:15:49,300 relatively soon that would put the company at around a 20 PE 301 00:15:49,300 --> 00:15:51,800 ratio and a little bit lower than a four percent free cash 302 00:15:51,800 --> 00:15:53,500 flow yield. Both of them would seem 303 00:15:53,500 --> 00:15:56,000 completely reasonable. So in my opinion I still think 304 00:15:56,000 --> 00:15:58,200 that Google's undervalued. I think it's too good for where 305 00:15:58,200 --> 00:16:00,300 its trading and I think it still has more room to run. 306 00:16:00,600 --> 00:16:02,800 Now, moving on from Google, we have to talk about Disney here 307 00:16:02,800 --> 00:16:04,900 for a minute. This company is going through a 308 00:16:04,900 --> 00:16:05,600 very rough. Patch. 309 00:16:06,400 --> 00:16:07,800 Investors are concerned about it. 310 00:16:07,800 --> 00:16:10,500 I know a lot of People are invested in this company because 311 00:16:10,500 --> 00:16:13,100 it's such a huge consumer facing company. 312 00:16:13,200 --> 00:16:16,000 It really seems almost impossible for such a massive 313 00:16:16,000 --> 00:16:18,500 successful company to be a poor investment. 314 00:16:18,700 --> 00:16:20,500 Let's go ahead and take a look at what happened here in the 315 00:16:20,508 --> 00:16:23,600 last quarter. Disney streaming losses improve 316 00:16:23,700 --> 00:16:27,600 even as subscriber numbers decline investors like to focus 317 00:16:27,600 --> 00:16:31,100 on subscriber numbers, even when they should be focusing on the 318 00:16:31,100 --> 00:16:34,000 losses. So financially the streaming 319 00:16:34,000 --> 00:16:36,500 losses have been better year over year which is an 320 00:16:36,500 --> 00:16:38,400 improvement. But the big problem here is that 321 00:16:38,500 --> 00:16:41,300 At Disney dropped a lot of subscribers outside of the US. 322 00:16:41,300 --> 00:16:44,100 And in the u.s. we have the data right here, Wall Street 323 00:16:44,100 --> 00:16:46,600 expected, Disney plus subscriptions to grow less than 324 00:16:46,600 --> 00:16:51,800 one percent, during the quarter and reach 163 million, 170,000 325 00:16:51,800 --> 00:16:54,700 users. However, the service saw a 2% 326 00:16:54,700 --> 00:16:58,500 decline in membership following to 150 7.8 million. 327 00:16:58,600 --> 00:16:59,900 Now, here's the caveat with that. 328 00:16:59,900 --> 00:17:02,400 And this is important context. The huge majority of those 329 00:17:02,400 --> 00:17:06,099 losses came with Disney plus India, which is Disney, plus is 330 00:17:06,099 --> 00:17:10,800 hot star service the India. Fibers are worth far far less 331 00:17:10,800 --> 00:17:13,500 than us subscribers. So, while us subscribers are 332 00:17:13,500 --> 00:17:16,099 paying somewhere around seven or eight dollars per month, the 333 00:17:16,099 --> 00:17:19,400 India subscribers were only paying a dollar or less and the 334 00:17:19,400 --> 00:17:22,500 profit margins were terrible. So they lost a lot of 335 00:17:22,500 --> 00:17:25,400 subscribers that were far less valuable to the company. 336 00:17:25,800 --> 00:17:30,500 But even so they also lost 600,000 subscribers in the US 337 00:17:30,500 --> 00:17:32,400 and Canada. And those are valuable 338 00:17:32,400 --> 00:17:34,300 subscribers. So, no matter which way you 339 00:17:34,300 --> 00:17:37,400 slice it, in terms of total subscriber gain and loss, this 340 00:17:37,400 --> 00:17:40,000 wasn't good lose. A lot of low value subscribers 341 00:17:40,000 --> 00:17:42,400 isn't the worst thing in the world but they also lost 342 00:17:42,400 --> 00:17:44,400 valuable subscribers in the u.s. now. 343 00:17:44,400 --> 00:17:48,600 It wasn't all bad news. Disney posted a loss of 659 344 00:17:48,600 --> 00:17:52,100 million versus a loss of 841 million a year before. 345 00:17:52,300 --> 00:17:55,000 So their losses are going down, which means is headed in the 346 00:17:55,000 --> 00:17:57,700 right direction and revenue. Overall, for their 347 00:17:57,700 --> 00:18:02,400 subscribership Rose, 12% 25.5, 1 billion, meaning that even 348 00:18:02,400 --> 00:18:04,600 though they're losing and volume, they're increasing in 349 00:18:04,600 --> 00:18:08,000 prices, so this isn't all bad, but it's also not optimal the 350 00:18:08,000 --> 00:18:09,600 best. Of companies other ones that 351 00:18:09,600 --> 00:18:13,700 grow in both volume and in price, they can grow both ways, 352 00:18:13,900 --> 00:18:16,500 Disney grew and price but they didn't grow in volume. 353 00:18:16,500 --> 00:18:18,600 Now, I want to dive in further to this quarter and go over the 354 00:18:18,600 --> 00:18:20,500 report but I also want to go over. 355 00:18:20,500 --> 00:18:23,600 Why I sold out of Disney. I sold Disney. 356 00:18:23,700 --> 00:18:28,000 You can see right here with this cell order at around 110 dollars 357 00:18:28,000 --> 00:18:30,600 per share. So just above 110 around 358 00:18:30,600 --> 00:18:34,100 February, 9th of this year. So, this is the area that I sold 359 00:18:34,100 --> 00:18:35,600 Disney. It was actually the high of the 360 00:18:35,608 --> 00:18:38,100 year so far. And there was a specific reason 361 00:18:38,100 --> 00:18:41,100 that I chose I chose that date. This was a bounce and a rebound. 362 00:18:41,100 --> 00:18:44,400 After the activist investor Nelson Peltz came into the stock 363 00:18:44,400 --> 00:18:47,200 and bumped up the stock price. Temporarily, I thought that 364 00:18:47,200 --> 00:18:50,400 there is a chance that this wouldn't last long and I'd been 365 00:18:50,400 --> 00:18:53,000 looking for an exit to this company for some time. 366 00:18:53,200 --> 00:18:56,300 So, I took advantage of Nelson. Peltz entering the stock, a 367 00:18:56,300 --> 00:18:58,600 quick bounce in it to exit my position. 368 00:18:58,600 --> 00:19:01,100 Now, Disney has since fallen down a little bit further, been 369 00:19:01,100 --> 00:19:04,900 a very rough past five years for this company, over the past five 370 00:19:04,900 --> 00:19:09,900 years, in total, it's down 10.8% and Stock prices down now where 371 00:19:09,900 --> 00:19:13,700 it was during the covid lows. So Disneys at a price of ninety, 372 00:19:13,700 --> 00:19:16,000 one dollars per share. Again, is this a phenomenal 373 00:19:16,000 --> 00:19:18,400 company? A high-quality compounder on 374 00:19:18,400 --> 00:19:21,500 sale, or is it a company that struggling the deserves to be 375 00:19:21,500 --> 00:19:23,700 trading at this price? The first thing I want to do is 376 00:19:23,700 --> 00:19:27,500 do an overview of how I see Disney's business right now and 377 00:19:27,500 --> 00:19:31,000 the predicament that they're in. We have a pie chart here that I 378 00:19:31,000 --> 00:19:34,200 put together a crudely drawn pie chart, but I think it 379 00:19:34,200 --> 00:19:35,400 illustrates the point quite well. 380 00:19:35,400 --> 00:19:39,400 Right here, we have the parks, the parks is a Huge part of 381 00:19:39,400 --> 00:19:43,800 Disney and overall, the parks are, what's really holding this 382 00:19:43,800 --> 00:19:46,600 operation together. When I look at Disney as a 383 00:19:46,600 --> 00:19:50,700 business, the parks operation generate, a ton of the operating 384 00:19:50,700 --> 00:19:53,800 income, a ton of the prophets, and they're also incredibly 385 00:19:53,800 --> 00:19:57,500 resilient and reliable. This is the cash printer of 386 00:19:57,500 --> 00:19:59,700 Disney. They have the parks people. 387 00:19:59,700 --> 00:20:01,400 Love them. They're always packed, and 388 00:20:01,408 --> 00:20:03,100 they're always generating profits. 389 00:20:03,600 --> 00:20:07,900 There's an issue with parks and the issue is is that they can 390 00:20:07,900 --> 00:20:10,300 grow. A price, but they have a very 391 00:20:10,300 --> 00:20:13,600 difficult time. Growing through volume Parks 392 00:20:13,600 --> 00:20:16,200 aren't like digital software where you can sell to more and 393 00:20:16,200 --> 00:20:18,400 more people. So, growing through volume is 394 00:20:18,400 --> 00:20:20,000 very difficult. When you have a park in 395 00:20:20,008 --> 00:20:23,700 California or Florida, you have that one park and then it can 396 00:20:23,700 --> 00:20:25,200 only hold a certain amount of people. 397 00:20:25,400 --> 00:20:27,900 So the only way the parks business can grow is through 398 00:20:27,900 --> 00:20:30,800 price increases. So even though the parks are a 399 00:20:30,800 --> 00:20:33,900 great business, it's limited in its growth potential because 400 00:20:33,900 --> 00:20:37,800 they only have pricing power and Disney has heavily leveraged 401 00:20:37,800 --> 00:20:39,700 their pricing. In power in their Parks. 402 00:20:39,900 --> 00:20:43,600 I would say that they've almost exhausted it if they continue to 403 00:20:43,600 --> 00:20:47,000 raise prices at the rate that they have, they will offend 404 00:20:47,000 --> 00:20:49,400 their core customers. People will stop visiting the 405 00:20:49,400 --> 00:20:52,500 parks because they are getting very expensive, almost 406 00:20:52,500 --> 00:20:56,100 everything that Disney can monetize in the Parks has been 407 00:20:56,100 --> 00:20:58,300 monetized. So when I look at the parks, 408 00:20:58,300 --> 00:21:02,000 even though they're a great money generator, in terms of 409 00:21:02,000 --> 00:21:05,600 growth, I don't see a lot, I don't see a lot of growth in 410 00:21:05,600 --> 00:21:08,300 terms of pricing power, or in terms of volume. 411 00:21:08,800 --> 00:21:11,800 To create more parks and more experiences takes billions of 412 00:21:11,800 --> 00:21:14,700 dollars and years of development, and to raise prices 413 00:21:14,700 --> 00:21:17,000 further than now. I think it's very difficult, 414 00:21:17,000 --> 00:21:19,000 especially if the economy is slowing down. 415 00:21:19,300 --> 00:21:22,100 So I don't see a lot of growth in Parks. 416 00:21:22,100 --> 00:21:25,600 I see as mostly a good but stagnant business. 417 00:21:25,700 --> 00:21:28,900 The next largest segment we have is linear television. 418 00:21:28,900 --> 00:21:32,400 This makes up roughly a third of Disney's overall revenue and 419 00:21:32,400 --> 00:21:35,800 this part of the business is also a wonderful business in 420 00:21:35,800 --> 00:21:38,800 terms of its economics. It has high Ian's. 421 00:21:38,800 --> 00:21:41,600 The problem with the linear business is, it's in secular 422 00:21:41,600 --> 00:21:45,200 decline every single month, they lose hundreds of thousands. 423 00:21:45,200 --> 00:21:49,000 If not millions of subscribers to cable TV, they're highly 424 00:21:49,000 --> 00:21:50,300 profitable. Linear TV. 425 00:21:50,300 --> 00:21:53,100 Business is currently in Decline, then we have Disney's 426 00:21:53,100 --> 00:21:55,400 new growth Avenue which is streaming. 427 00:21:55,800 --> 00:21:58,900 We have all of their various services like Hulu and Disney 428 00:21:58,900 --> 00:22:02,000 plus and Disney hot star. We have the ESPN app. 429 00:22:02,000 --> 00:22:06,200 So we have all the streaming services, this makes up over 20% 430 00:22:06,300 --> 00:22:08,400 and this aspect of their business is growing. 431 00:22:09,000 --> 00:22:12,500 Both through price increases and hopefully in the future in 432 00:22:12,500 --> 00:22:16,000 volume last quarter, it didn't grow in volume. 433 00:22:16,400 --> 00:22:19,700 So we have a situation here where even their good business, 434 00:22:19,700 --> 00:22:23,500 which is supposed to be the growth driver of Disney is not 435 00:22:23,500 --> 00:22:26,700 growing in volume. It grew in price, they raised a 436 00:22:26,708 --> 00:22:29,900 Disney plus prices, a lot, so the overall Revenue went up, but 437 00:22:29,900 --> 00:22:32,600 in terms of volume, the amount of subscribers went down. 438 00:22:32,600 --> 00:22:35,500 So even the story of Disney's growth driver which is their 439 00:22:35,500 --> 00:22:37,500 streaming is running into a kink. 440 00:22:37,600 --> 00:22:40,000 It's turning out to be a A very difficult business. 441 00:22:40,000 --> 00:22:43,100 So what we're working here with Disney, summarized is an 442 00:22:43,100 --> 00:22:47,000 excellent but stagnant Parks business, a linear TV business 443 00:22:47,000 --> 00:22:50,500 with excellent economics. That's in secular decline losing 444 00:22:50,500 --> 00:22:53,700 subscribers every single month and then a streaming business 445 00:22:54,000 --> 00:22:57,400 which is growing through price but also losing subscribers. 446 00:22:57,400 --> 00:23:00,800 And this is what creates the overall story for Disney that is 447 00:23:00,900 --> 00:23:03,400 met. It's just not the best story. 448 00:23:03,400 --> 00:23:06,200 What investors want are very clean stories where they have a 449 00:23:06,200 --> 00:23:09,900 very clear path to growing It's growing intrinsic value through 450 00:23:09,900 --> 00:23:13,400 Revenue, earnings per share and free cash flow per share in this 451 00:23:13,400 --> 00:23:15,600 makeup of a company. Doesn't provide investors with 452 00:23:15,600 --> 00:23:17,600 that clear path. In fact, looking at Disney's 453 00:23:17,600 --> 00:23:20,700 financials, we can take a simple glance at the cash flows. 454 00:23:20,900 --> 00:23:25,400 See, the explosion through 2012 up to 2019 and we look at it. 455 00:23:25,400 --> 00:23:29,500 Now back in 2022, the free cash flows were incredibly low. 456 00:23:29,700 --> 00:23:33,700 A billion dollars compared to almost 10 billion in 2018 and 457 00:23:33,700 --> 00:23:35,300 investors are left with that big question. 458 00:23:35,300 --> 00:23:38,300 Mark is Disney ever going to be able to get their free cash? 459 00:23:38,400 --> 00:23:42,600 Close back up to 2018 levels, is that even possible? 460 00:23:42,600 --> 00:23:44,000 Now I'm not trying to bash Disney. 461 00:23:44,000 --> 00:23:46,500 I think it's a great company, but another thing I'll mention 462 00:23:46,700 --> 00:23:50,700 is almost every aspect of Disney's business has become 463 00:23:50,700 --> 00:23:54,700 more competitive over the years, every single part of it has more 464 00:23:54,700 --> 00:23:57,200 competition than they used to. Even as good as their park 465 00:23:57,200 --> 00:24:00,000 segment is, there's other competitors like Universal and 466 00:24:00,000 --> 00:24:02,400 Nintendo building. Super Nintendo World. 467 00:24:02,600 --> 00:24:06,200 It may not be as good as Disney World, but this is competition. 468 00:24:06,400 --> 00:24:09,300 This is Outdoor Experience. Around families. 469 00:24:09,300 --> 00:24:11,800 If we take the box office and streaming segment, they're 470 00:24:11,800 --> 00:24:13,900 facing significant competition here. 471 00:24:14,300 --> 00:24:18,400 Disney used to be the absolute boss of the box office, 472 00:24:18,700 --> 00:24:21,100 especially an animated family films. 473 00:24:21,200 --> 00:24:24,300 They couldn't be beaten, but then Super Mario Bros, movie 474 00:24:24,300 --> 00:24:28,000 comes around and it's a universal smash success having 475 00:24:28,000 --> 00:24:30,800 over 1.1 billion dollars in Revenue. 476 00:24:31,000 --> 00:24:35,400 Even Bob, Iger praised the Rival, on this huge achievement. 477 00:24:35,500 --> 00:24:38,200 This is Disney getting surpassed by another competitor in their 478 00:24:38,400 --> 00:24:41,200 On game, which is family animated media, even with the 479 00:24:41,200 --> 00:24:43,900 sports segment of ESPN, they have another huge set of 480 00:24:43,900 --> 00:24:47,800 competitors with big Tech, Amazon and apple bidding for 481 00:24:47,800 --> 00:24:49,700 sports rights. So they're going up against them 482 00:24:49,700 --> 00:24:52,300 as well, no matter how you break it down, every part of the 483 00:24:52,300 --> 00:24:55,200 companies, facing more competition now than it has over 484 00:24:55,200 --> 00:24:57,200 its lifetime. Now, to get a second opinion on 485 00:24:57,200 --> 00:25:00,900 this, we also have Tom Rogers who phoned in to CNBC to explain 486 00:25:00,900 --> 00:25:04,400 what he still believes is the biggest Unknown about Disney and 487 00:25:04,400 --> 00:25:09,000 these other Legacy Media companies and no, Needed a 488 00:25:09,000 --> 00:25:12,500 traditional Media Company can tell you whether or not the 489 00:25:12,500 --> 00:25:17,000 decline, they are going to suffer in terms of revenues from 490 00:25:17,000 --> 00:25:21,800 their cable channels is ever going to be made up by the 491 00:25:21,800 --> 00:25:25,200 growth and contribution of their streaming businesses. 492 00:25:25,200 --> 00:25:29,600 They hope so they're cutting. Costs on the streaming side, as 493 00:25:29,600 --> 00:25:34,100 dids, the indicated taking a writedown on programming costs 494 00:25:34,100 --> 00:25:36,400 because they're going to reduce the amount of programming on 495 00:25:36,400 --> 00:25:40,600 their programming cost on this. They're streaming services but 496 00:25:40,700 --> 00:25:45,400 that's a big unknown. What we what we've seen is a 497 00:25:45,900 --> 00:25:49,400 focus away from just the number of Subs to everybody. 498 00:25:49,400 --> 00:25:52,400 Now talking about the profitability of streaming 499 00:25:52,400 --> 00:25:55,100 services. Well, we haven't seen anybody 500 00:25:55,100 --> 00:25:59,000 stand up and yet say, and this is where the focus needs to go 501 00:25:59,400 --> 00:26:03,200 is how bad is the decline going to be when it comes to the 502 00:26:03,200 --> 00:26:07,000 traditional cable channels relative to the growth and 503 00:26:07,000 --> 00:26:11,300 contribution? That we see the streaming side 504 00:26:11,300 --> 00:26:17,000 able to make do those lines ever cross or are we in a situation 505 00:26:17,000 --> 00:26:21,000 where media companies will never recover to where they were based 506 00:26:21,000 --> 00:26:24,700 on what you said the best media model known to man was cable? 507 00:26:24,800 --> 00:26:27,800 I think Tom Rogers Nails. The biggest question here, all 508 00:26:27,800 --> 00:26:31,100 of these Legacy Media companies are left with the same problem 509 00:26:31,100 --> 00:26:34,100 of having that Decline and such a historically, good business. 510 00:26:34,200 --> 00:26:36,400 Part of the reason that I sold out of Disney but I still remain 511 00:26:36,400 --> 00:26:38,300 invested in Netflix in my growth portfolio. 512 00:26:38,400 --> 00:26:41,500 Leo is because Netflix does not have to worry about this 513 00:26:41,500 --> 00:26:44,800 historical cable TV business. That's in Decline. 514 00:26:45,200 --> 00:26:48,200 All they have ahead of them is potential growth. 515 00:26:48,400 --> 00:26:51,600 There's no part of Netflix's Core Business that's in Decline. 516 00:26:51,700 --> 00:26:54,500 So in terms of Disney's future and the stock price. 517 00:26:54,500 --> 00:26:58,100 Right now, it's tough, It's a complex story. 518 00:26:58,100 --> 00:27:00,800 And that's the reason that I'm not invested in the company. 519 00:27:01,100 --> 00:27:04,200 The true answer is if I'm being honest is, I don't know how this 520 00:27:04,200 --> 00:27:06,300 turns out. I don't know if Disney will ever 521 00:27:06,300 --> 00:27:09,500 get back to $200 per share or how Long that will take. 522 00:27:09,600 --> 00:27:12,300 So right now for me, Disney's in this complex basket, it's a 523 00:27:12,308 --> 00:27:15,300 little too hard for me to figure out and above all. 524 00:27:15,600 --> 00:27:18,200 What I've been looking for. In my company's, what I've been 525 00:27:18,200 --> 00:27:22,500 prioritizing is predictability predictability in the company 526 00:27:22,500 --> 00:27:25,900 stories, cash flows revenues earnings per share. 527 00:27:26,300 --> 00:27:28,800 I'm looking for companies that are highly predictable on a 528 00:27:28,800 --> 00:27:31,300 going-forward basis. The reason that I've invested so 529 00:27:31,300 --> 00:27:34,500 much into SP Global and MasterCard is I think their 530 00:27:34,500 --> 00:27:38,200 stories are highly predictable, both in pricing power Revenue. 531 00:27:38,400 --> 00:27:40,600 New growth and consistency of earnings. 532 00:27:40,600 --> 00:27:43,100 It's the same reason I've made investments into companies like 533 00:27:43,100 --> 00:27:45,900 Vici companies like Texas Roadhouse and even the 534 00:27:45,900 --> 00:27:48,200 railroads, all of these companies will have some 535 00:27:48,200 --> 00:27:51,500 fluctuations and variation and cyclic ality and their earnings. 536 00:27:51,800 --> 00:27:54,900 But I think in terms of overall their businesses, they're far 537 00:27:54,900 --> 00:27:57,700 more predictable on a going-forward basis than Disney 538 00:27:57,700 --> 00:27:59,500 right now. Disney's in this flux where it's 539 00:27:59,500 --> 00:28:01,600 very difficult to model out the future. 540 00:28:01,600 --> 00:28:05,100 So Disney could currently be in a big dip and maybe outperform a 541 00:28:05,100 --> 00:28:08,200 largely in the future or the company could stagger. 542 00:28:08,400 --> 00:28:12,200 Long got around the same price point of $100 per share for the 543 00:28:12,200 --> 00:28:14,500 next three or four years now, that's going to be it for this 544 00:28:14,500 --> 00:28:16,500 episode. I hope you enjoyed and if you 545 00:28:16,500 --> 00:28:19,500 haven't already check out the patreon, it gives you access to 546 00:28:19,500 --> 00:28:22,600 Quality, German sites, we've made significant upgrades to it. 547 00:28:22,600 --> 00:28:25,000 I'm excited for you to try it out, and you'll also gain access 548 00:28:25,000 --> 00:28:27,100 to the Discord Community. We have thousands of members. 549 00:28:27,100 --> 00:28:29,800 There we have exclusive content, we have lots of different 550 00:28:29,800 --> 00:28:32,800 channels where we shoot the breeze and talk about stocks and 551 00:28:32,800 --> 00:28:34,400 investing. So if you want to join that, 552 00:28:34,400 --> 00:28:37,300 over the weekend as well, check out patreon.com/crashcourse 553 00:28:38,000 --> 00:28:38,700 Carl. Austin. 554 00:28:38,408 --> 00:28:38,700 Austin.