1 00:00:00,080 --> 00:00:02,640 Every three months we get to see what the greatest investors in 2 00:00:02,640 --> 00:00:05,720 the world are doing with their portfolios, what they're buying, 3 00:00:05,720 --> 00:00:08,000 what they're holding and what they're selling. 4 00:00:08,360 --> 00:00:12,320 And we have the update. We have the 13 F filings for all 5 00:00:12,320 --> 00:00:15,400 what I consider the greatest investors in the world. 6 00:00:15,440 --> 00:00:17,720 In this episode, we're going to be doing an in depth review into 7 00:00:17,720 --> 00:00:20,320 each of their portfolios and trades over the past three 8 00:00:20,320 --> 00:00:22,520 months. The goal here is to give insight 9 00:00:22,560 --> 00:00:25,680 and context into what each of these great investors are 10 00:00:25,680 --> 00:00:28,680 thinking and doing. In my opinion, this episode, we 11 00:00:28,680 --> 00:00:31,520 have the best list of super investors to cover that we've 12 00:00:31,520 --> 00:00:33,120 ever had. Of course, we have Warren 13 00:00:33,120 --> 00:00:36,240 Buffett, but we also have Bill Ackman, Terry Smith, Dev 14 00:00:36,240 --> 00:00:39,360 Kantasaria, Josh Tarasoff, Pat Dorsey. 15 00:00:39,520 --> 00:00:41,880 We have Polling Capital, which is a great firm. 16 00:00:42,200 --> 00:00:45,200 Of course, we have Michael Bury, We have Chris Hoehn, Marc 17 00:00:45,200 --> 00:00:48,880 Massey, and Chuck Aukri. That is 11 super investors, the 18 00:00:48,880 --> 00:00:50,880 most we've ever covered in a single episode. 19 00:00:51,000 --> 00:00:53,320 We have a lot to get into. Let's go ahead and start off 20 00:00:53,720 --> 00:00:55,800 with the big man himself, Warren Buffett. 21 00:00:55,800 --> 00:00:58,480 When we look at Warren Buffett's trades, one thing that we always 22 00:00:58,480 --> 00:01:01,640 have to keep in context is that Warren Buffett always plays the 23 00:01:01,640 --> 00:01:04,239 long game. He builds things to last. 24 00:01:04,239 --> 00:01:07,280 He doesn't take any chances. The reason that he's had a 25 00:01:07,280 --> 00:01:11,360 record that goes 40 years without any disaster or any real 26 00:01:11,360 --> 00:01:15,360 problems with his companies is because he never takes big 27 00:01:15,360 --> 00:01:17,600 risks. And by big risks, he never takes 28 00:01:17,600 --> 00:01:20,440 things that could potentially destroy his firm, destroy his 29 00:01:20,440 --> 00:01:22,400 company. He never over levers. 30 00:01:22,520 --> 00:01:24,280 He never gets himself in the trouble. 31 00:01:24,440 --> 00:01:26,840 He builds things to last. So when we look at his 32 00:01:26,840 --> 00:01:30,320 portfolio, his stock portfolio in and of itself is worth around 33 00:01:30,320 --> 00:01:34,320 $266 billion. So in and of itself, just as 34 00:01:34,320 --> 00:01:38,560 publicly owned stocks are massive, it's like A S&P 500 35 00:01:38,560 --> 00:01:42,120 huge company in and of itself, but that also doesn't factor in 36 00:01:42,120 --> 00:01:44,000 all the wholly owned companies that he has. 37 00:01:44,240 --> 00:01:48,680 So this is only around 3040% of the overall portfolio of 38 00:01:48,680 --> 00:01:50,440 Berkshire. Now we can look at his current 39 00:01:50,440 --> 00:01:52,680 portfolio and we see the same familiar names here. 40 00:01:52,680 --> 00:01:56,400 We have Apple, American Express, Bank of America, he has Apple 41 00:01:56,400 --> 00:01:58,280 and all the financials. But the first thing that I 42 00:01:58,280 --> 00:02:01,760 notice is that Apple's going down in total percentage of his 43 00:02:01,760 --> 00:02:04,800 overall portfolio. It used to be 40% of his 44 00:02:04,800 --> 00:02:08,000 publicly traded portfolio, now it's only 26. 45 00:02:08,000 --> 00:02:13,240 He's reduced Apple another 25%, which is 8.75% of his overall 46 00:02:13,240 --> 00:02:16,480 portfolio. So this is a massive reduction 47 00:02:16,480 --> 00:02:18,800 in shares. He continually is reducing 48 00:02:18,800 --> 00:02:20,240 Apple. Why is Warren Buffett 49 00:02:20,240 --> 00:02:22,000 continually reducing his Apple position? 50 00:02:22,240 --> 00:02:25,240 I think the answer is simple. Apple's traded up to a valuation 51 00:02:25,240 --> 00:02:28,480 that's rather high. It's richly valued with A31 Ford 52 00:02:28,480 --> 00:02:30,560 PE ratio, a free cash flow yield. 53 00:02:30,560 --> 00:02:33,280 That's 3%. When you factor in stock based 54 00:02:33,280 --> 00:02:35,880 comp, which Warren Buffett absolutely does in its 55 00:02:35,880 --> 00:02:38,800 valuations, that takes it to around 2.8%. 56 00:02:39,280 --> 00:02:41,320 So the valuation has gone up for Apple. 57 00:02:41,480 --> 00:02:45,240 Warren Buffett's up 5X on this holding, maybe even more than 5X 58 00:02:45,240 --> 00:02:46,440 when you factor in his dividends. 59 00:02:46,800 --> 00:02:49,840 So he's made a fortune on it. The valuation's higher and 60 00:02:49,840 --> 00:02:53,800 Apple's growth potential is looking a bit dimmed. 61 00:02:53,920 --> 00:02:56,560 It doesn't look quite as bright as it did when Warren Buffett 62 00:02:56,560 --> 00:02:58,920 initially bought into it. Overall, the calculation of the 63 00:02:58,920 --> 00:03:01,280 stock has flipped, and it makes sense that Warren Buffett's 64 00:03:01,280 --> 00:03:03,920 taking some off the table. He doesn't want quite as much 65 00:03:03,920 --> 00:03:07,520 exposed to a company with such a high valuation and with slower 66 00:03:07,520 --> 00:03:09,800 growth prospects. So this is how Warren Buffett 67 00:03:09,800 --> 00:03:11,800 handled his Apple position overall. 68 00:03:11,960 --> 00:03:15,280 He bought into it in 2016. This is a great time to be 69 00:03:15,280 --> 00:03:18,200 buying into Apple. He wasn't paying a lot during 70 00:03:18,200 --> 00:03:20,200 that time period. He held it all the way 71 00:03:20,200 --> 00:03:24,400 2018-2019. He trimmed the position slightly 72 00:03:24,400 --> 00:03:26,960 in late 2020. That was a mistake because Apple 73 00:03:26,960 --> 00:03:29,800 continued to soar up at that point, but not a big one because 74 00:03:29,800 --> 00:03:31,480 he still held the majority of his stake. 75 00:03:31,520 --> 00:03:34,920 Then in late 2023, he really started to trim the company. 76 00:03:35,200 --> 00:03:38,640 In Q1 of 2024, he sold a bunch of the company. 77 00:03:38,920 --> 00:03:42,480 This was was breaking news. Now he's sold even more and you 78 00:03:42,480 --> 00:03:45,920 can see that he's cut his apple steak roughly in half over just 79 00:03:45,920 --> 00:03:49,440 the past four quarters. So Buffett is dumping his apple 80 00:03:49,440 --> 00:03:51,720 position. He wants out of this company. 81 00:03:51,840 --> 00:03:53,280 He wants to reduce his stake in it. 82 00:03:53,480 --> 00:03:56,760 He's not talking about it during his shareholder meetings, and I 83 00:03:56,760 --> 00:03:58,480 think we outlined the reasons why. 84 00:03:58,480 --> 00:04:00,760 Now, when we look at Bank of America, this is his next 85 00:04:00,760 --> 00:04:04,080 largest trade. He sold down roughly 22% of his 86 00:04:04,080 --> 00:04:05,560 stake. If we look at this over time, 87 00:04:05,840 --> 00:04:08,120 this is the first major sell of Bank of America. 88 00:04:08,440 --> 00:04:10,600 But again, this one doesn't surprise me that much. 89 00:04:10,880 --> 00:04:13,720 I believe Warren Buffett thinks that the market, the economy, 90 00:04:13,720 --> 00:04:17,600 everything's getting overheated. We can see the surging of stock 91 00:04:17,600 --> 00:04:20,760 prices in the market, and I think he wants less exposure 92 00:04:20,839 --> 00:04:22,800 overall. So he's selling out of these 93 00:04:22,800 --> 00:04:24,920 companies with his major positions. 94 00:04:25,160 --> 00:04:27,280 He's raising a ton of cash. Right now. 95 00:04:27,280 --> 00:04:30,080 Berkshire has $320 billion in cash. 96 00:04:30,440 --> 00:04:33,760 They're gaining something like $15 billion a year in interest. 97 00:04:34,160 --> 00:04:35,400 And I think he doesn't mind that. 98 00:04:35,440 --> 00:04:38,000 He doesn't mind just sitting there with a ton of Treasuries, 99 00:04:38,000 --> 00:04:41,200 paying him interest, not worrying about stock prices and 100 00:04:41,680 --> 00:04:43,000 what's going on with the economy. 101 00:04:43,000 --> 00:04:45,480 So he's selling out of those big companies, enjoying all the 102 00:04:45,480 --> 00:04:47,120 interest that he's getting on his treasuries. 103 00:04:47,640 --> 00:04:50,720 Another company that he sold out of, and this one was a bit 104 00:04:50,720 --> 00:04:54,040 shocking and disappointing to some investors, was his Ulta 105 00:04:54,040 --> 00:04:56,880 position. Warren Buffett bought into Ulta. 106 00:04:56,920 --> 00:05:00,160 It made a lot of news. It was all over social media as 107 00:05:00,160 --> 00:05:03,080 a lot of people love this stock and he completely dumped the 108 00:05:03,080 --> 00:05:05,880 company. It doesn't shock me that he sold 109 00:05:05,880 --> 00:05:08,320 out of Ulta. It is, after all, a very niche 110 00:05:08,400 --> 00:05:10,920 retailer, something that I couldn't see Warren Buffett 111 00:05:10,920 --> 00:05:13,320 holding long term. But if we look at his holding of 112 00:05:13,320 --> 00:05:17,640 this company, he bought into it at around 385 and sold at 389. 113 00:05:17,960 --> 00:05:19,800 So this is not a good trade from Berkshire. 114 00:05:19,800 --> 00:05:22,600 It was another one that really didn't move the needle at all. 115 00:05:22,640 --> 00:05:25,320 Now other than that, the trades in his portfolio that stand out 116 00:05:25,320 --> 00:05:29,560 are two new positions we have Domino's Pizza and Pool Court. 117 00:05:29,720 --> 00:05:32,440 Now, keep in mind these are very small positions for the 118 00:05:32,440 --> 00:05:37,800 Berkshire portfolio, only .06 percent, .21%, so really small 119 00:05:37,800 --> 00:05:40,040 positions. But this does give these 120 00:05:40,040 --> 00:05:43,400 companies the stamp of approval from Berkshire, the stamp of 121 00:05:43,400 --> 00:05:45,960 approval from Buffett. It is true that it's probably 122 00:05:45,960 --> 00:05:48,640 one of his employees, his lieutenants doing these buys. 123 00:05:48,880 --> 00:05:51,000 But Buffett always gives the stamp of approval. 124 00:05:51,000 --> 00:05:54,120 He's given the OK for these companies to make it in the 125 00:05:54,120 --> 00:05:57,040 Berkshire portfolio. So that in and of itself is good 126 00:05:57,040 --> 00:06:00,440 news for Domino's and Pool Corp. Now, I don't always agree with 127 00:06:00,440 --> 00:06:02,520 Warren Buffett's buys. In fact, I've been a vocal 128 00:06:02,520 --> 00:06:05,400 critic of many of the buys he's done, including his buy into 129 00:06:05,400 --> 00:06:07,000 Paramount. That was a mistake from the 130 00:06:07,000 --> 00:06:09,000 beginning. All they did was buy into to 131 00:06:09,000 --> 00:06:10,640 that company and sell it much lower. 132 00:06:10,840 --> 00:06:14,200 Paramount is a subscale streaming company, very troubled 133 00:06:14,200 --> 00:06:17,400 company from the very beginning. So I was a vocal critic of him 134 00:06:17,400 --> 00:06:20,600 buying in a Paramount as well as Ally Financial. 135 00:06:20,680 --> 00:06:23,280 He bought that one right at the top of the car market. 136 00:06:23,520 --> 00:06:25,760 I thought it was a mistake. And that one didn't do well for 137 00:06:25,760 --> 00:06:28,600 Berkshire either. So I'm not always in agreement 138 00:06:28,680 --> 00:06:31,360 of what Berkshire is buying or what Warren Buffett's buying. 139 00:06:31,840 --> 00:06:35,240 But these buys into Domino's and Pool Corp, I think are both 140 00:06:35,240 --> 00:06:36,720 great. I like both of them. 141 00:06:37,080 --> 00:06:40,320 Domino's and Pool Corp are both compounding machines. 142 00:06:40,640 --> 00:06:43,840 They are great companies with great legacies, great histories. 143 00:06:44,160 --> 00:06:46,920 They have great financials. If we look at Domino's, for 144 00:06:46,920 --> 00:06:50,160 example, this is the revenue line on a trailing basis, 145 00:06:50,440 --> 00:06:53,880 continually growing revenue over time looks very good. 146 00:06:53,880 --> 00:06:57,240 Organic growth a little slower than what I would prefer. 147 00:06:57,640 --> 00:06:59,840 But with Berkshire, you don't need the fastest revenue growth. 148 00:06:59,840 --> 00:07:01,520 You just need one that you're going to grow over time. 149 00:07:01,960 --> 00:07:05,280 The free cash flow shows a company that was surging up 150 00:07:05,280 --> 00:07:07,800 until 2020. That makes sense with the stay 151 00:07:07,800 --> 00:07:10,600 at home mandate. And then since then, the free 152 00:07:10,600 --> 00:07:11,960 cash flow has gone down a little bit. 153 00:07:12,240 --> 00:07:14,960 Sales have come down a little bit, but now you're seeing a 154 00:07:14,960 --> 00:07:17,480 resurgence. Domino's has finally normalized 155 00:07:17,480 --> 00:07:18,800 and it's starting to pick up again. 156 00:07:19,120 --> 00:07:22,040 And this is a super free cash flow positive company that 157 00:07:22,040 --> 00:07:25,760 trades at a decent valuation. Domino's has a long history of 158 00:07:25,760 --> 00:07:28,960 being a compounding machine. It is a franchise company. 159 00:07:29,120 --> 00:07:31,240 They're everywhere, they're easy to order. 160 00:07:31,320 --> 00:07:33,120 It's food that almost everyone likes. 161 00:07:33,440 --> 00:07:36,160 So this is a company that has very high upside. 162 00:07:36,440 --> 00:07:38,920 It's one that can continue compounding for years and years 163 00:07:38,920 --> 00:07:41,320 in the future. When I look at the company, I 164 00:07:41,320 --> 00:07:44,120 also think it has rather minimum downside. 165 00:07:44,480 --> 00:07:47,280 I don't think any pizza joints going to out compete Domino's. 166 00:07:47,640 --> 00:07:50,800 I think the valuation in terms of the Ford PE ratio and the 167 00:07:50,800 --> 00:07:53,320 free cash flow yield are also rather low. 168 00:07:53,840 --> 00:07:56,600 So there's risk in every company, but I see this one as a 169 00:07:56,600 --> 00:07:59,200 great risk and reward for the Berkshire Portfolio. 170 00:07:59,200 --> 00:08:02,200 Pool Corp is another one that I have to say I just like. 171 00:08:02,200 --> 00:08:04,520 I like this buy into the Berkshire Portfolio. 172 00:08:04,800 --> 00:08:07,200 I think it fits well. I think whoever is deciding to 173 00:08:07,200 --> 00:08:09,280 do these buys is on the right track. 174 00:08:09,640 --> 00:08:10,880 Now. Pool Corp's an interesting 175 00:08:10,880 --> 00:08:13,000 company. If you're not aware of what Pool 176 00:08:13,000 --> 00:08:16,960 Corp does, it's all in the name. This company does everything 177 00:08:16,960 --> 00:08:19,760 with backyard pools. So think about your backyard 178 00:08:19,760 --> 00:08:23,040 neighborhood pool. Think about the pool itself and 179 00:08:23,040 --> 00:08:26,160 the construction, the materials. Pool Corp provides that. 180 00:08:26,640 --> 00:08:30,000 Think about the filters and the drains and the little vacuum 181 00:08:30,000 --> 00:08:33,480 machines that clean it up and the Nets to sweep Leafs and 182 00:08:33,480 --> 00:08:36,559 stuff off the top of the pool. Pool Corp provides all of that. 183 00:08:36,960 --> 00:08:39,919 Think about all the chemicals, the treatments, the measuring, 184 00:08:40,080 --> 00:08:43,200 everything that has to do with maintaining a backyard pool. 185 00:08:43,640 --> 00:08:46,480 Pool Corp provides all of that. Think about all the companies 186 00:08:46,480 --> 00:08:49,040 that go out and service pools and they come up with their vans 187 00:08:49,040 --> 00:08:50,960 and every single week they come in and make sure things are 188 00:08:50,960 --> 00:08:53,320 running well. Pool Corp provides all of the 189 00:08:53,320 --> 00:08:57,280 products that they use. Pool Corp has a monopoly on the 190 00:08:57,280 --> 00:09:00,200 backyard pool. That's what this company does. 191 00:09:00,520 --> 00:09:03,160 So when you're investing in Pool Corp, you're investing in the 192 00:09:03,160 --> 00:09:06,280 backyard pool and whether or not that's going to grow over time, 193 00:09:06,560 --> 00:09:08,360 whether the service business is going to grow. 194 00:09:08,760 --> 00:09:11,680 Now, obviously they make a lot of revenue from first time 195 00:09:11,680 --> 00:09:14,120 installers, so that's the biggest upfront cost. 196 00:09:14,120 --> 00:09:16,840 That's when you pay like $100,000 or whatever it may be 197 00:09:17,120 --> 00:09:19,560 to get a big backyard pool, but then it doesn't. 198 00:09:19,560 --> 00:09:21,960 And then when you install a pool, you know there's going to 199 00:09:21,960 --> 00:09:25,200 be some level of maintenance. So they make residual income 200 00:09:25,440 --> 00:09:28,360 selling all these products and chemicals to all their 201 00:09:28,360 --> 00:09:31,680 suppliers, all their maintainers after the pool's already 202 00:09:31,680 --> 00:09:34,640 installed. So as the pool base grows, so 203 00:09:34,640 --> 00:09:36,680 does Pool Corp's reoccurring revenue. 204 00:09:37,240 --> 00:09:41,720 Now, obviously there's some skewedness in the revenue 205 00:09:41,720 --> 00:09:44,200 growth. It grew dramatically since 206 00:09:44,200 --> 00:09:46,520 COVID. People again want to have 207 00:09:46,520 --> 00:09:49,040 experiences when they're locked at home and they're bored. 208 00:09:49,440 --> 00:09:52,040 They start spending money in their stimulus checks and all of 209 00:09:52,040 --> 00:09:54,920 that low interest rate debt that they could get. 210 00:09:55,200 --> 00:09:57,120 They spent all of that on backyard pools. 211 00:09:57,480 --> 00:10:00,600 I saw the same thing during the past couple of years after 212 00:10:00,600 --> 00:10:02,880 COVID. I saw so many people around me 213 00:10:02,880 --> 00:10:06,800 get backyard pools, low interest rates and fusion of stimulus. 214 00:10:06,960 --> 00:10:10,560 You got yourself a backyard pool now that hit a peak. 215 00:10:11,040 --> 00:10:13,720 Like every single pull forward of demand hit a peak and it 216 00:10:13,720 --> 00:10:15,640 started to go down. And I think what Berkshire is 217 00:10:15,640 --> 00:10:19,360 doing here is saying this is probably close to the end of it. 218 00:10:19,440 --> 00:10:22,160 It's starting to normalize and we're going to see revenue 219 00:10:22,160 --> 00:10:25,120 growth relatively soon. So we're going to get ahead of 220 00:10:25,120 --> 00:10:26,520 that. We're going to invest in it now. 221 00:10:26,800 --> 00:10:29,520 Once the company starts seeing revenue growth, once it starts 222 00:10:29,520 --> 00:10:32,480 organically growing again, we can see the free cash flows grow 223 00:10:32,480 --> 00:10:35,920 over time and it will end up growing again. 224 00:10:36,040 --> 00:10:40,000 This company has a monopoly. They have the marketplace pools 225 00:10:40,000 --> 00:10:41,440 are going to be a thing of the future. 226 00:10:41,760 --> 00:10:44,120 I like this buy. So regarding both of Berkshire's 227 00:10:44,120 --> 00:10:46,760 new buys, I like both of them. I think both of these are great. 228 00:10:47,080 --> 00:10:50,160 But overall, I think the message is clear from Warren Buffett. 229 00:10:50,520 --> 00:10:53,840 Right now, he's not an overall net buyer of stocks. 230 00:10:53,920 --> 00:10:56,040 He is a seller. He's hoarding cash. 231 00:10:56,280 --> 00:10:59,040 He believes the market's overvalued, and he doesn't buy 232 00:10:59,040 --> 00:11:01,200 into hysteria. So while the rest of us are 233 00:11:01,200 --> 00:11:03,840 celebrating stocks moving up every single day, Warren 234 00:11:03,840 --> 00:11:06,800 Buffett's fine just holding on to his vast empire of different 235 00:11:06,800 --> 00:11:08,240 companies that he's already purchased. 236 00:11:08,560 --> 00:11:10,960 He's fine and having Berkshire make gains over time. 237 00:11:11,200 --> 00:11:14,080 He's fine collecting interest, but he's not going to continue 238 00:11:14,080 --> 00:11:16,440 paying a higher and higher price for companies. 239 00:11:16,720 --> 00:11:19,320 He will not buy into the hysteria that everyone else 240 00:11:19,320 --> 00:11:21,040 does. When eventually things turn 241 00:11:21,040 --> 00:11:23,880 around and we see those days where the market goes down 3% 242 00:11:23,880 --> 00:11:27,720 and 5% in a single day and it becomes very scary, Buffett's 243 00:11:27,720 --> 00:11:30,400 going to sit there with 300 plus billion dollars in cash. 244 00:11:30,960 --> 00:11:34,360 So right now Buffett is in defensive mode and overall I 245 00:11:34,360 --> 00:11:36,520 think that's the right positioning from Berkshire. 246 00:11:36,560 --> 00:11:39,120 Now Next up we have the activist investor turned activist 247 00:11:39,120 --> 00:11:41,120 political commentator, Bill Ackman. 248 00:11:41,400 --> 00:11:44,240 Bill Ackman runs Pershing Square Capital, it's a firm that he 249 00:11:44,240 --> 00:11:47,600 started and the hedge fund has had rather good performance with 250 00:11:47,600 --> 00:11:51,720 17% returns for the past 20 years and net of fees that beats 251 00:11:51,720 --> 00:11:53,400 out the huge majority of hedge funds. 252 00:11:53,800 --> 00:11:57,240 So you can think what you want about Bill's politics, but the 253 00:11:57,240 --> 00:11:59,640 numbers speak for himself. He's a decent investor. 254 00:11:59,840 --> 00:12:02,240 When we look at Bill Ackman's portfolio, he currently manages 255 00:12:02,240 --> 00:12:05,280 around $12 billion. And one thing to note, this 256 00:12:05,280 --> 00:12:08,520 shows the US holdings, it doesn't show Universal Music 257 00:12:08,520 --> 00:12:12,200 Group, which is currently his largest position at around 15%. 258 00:12:12,600 --> 00:12:16,240 So just imagine right at the top here, there's UMG, Universal 259 00:12:16,240 --> 00:12:18,240 Music Group. That's his largest holding. 260 00:12:18,400 --> 00:12:20,560 Now keeping that in mind, when we look at his most recent 261 00:12:20,560 --> 00:12:23,520 trades over the past three months, his biggest trade is 262 00:12:23,520 --> 00:12:26,520 buying into Brookfield Corp, ticker symbol BN. 263 00:12:26,560 --> 00:12:29,440 Brookfield Corp is an asset manager and investment company. 264 00:12:29,440 --> 00:12:32,640 It's a bit of a REIT and real estate company managed by the 265 00:12:32,640 --> 00:12:35,520 charming Bruce Flat. If you haven't listened to Bruce 266 00:12:35,520 --> 00:12:37,120 Flat, just search him on YouTube. 267 00:12:37,360 --> 00:12:39,520 He's the CEO of the company. He's the one that's ran the 268 00:12:39,520 --> 00:12:43,360 thing for like 20 plus years and he's made most of his investors 269 00:12:43,360 --> 00:12:47,160 filthy rich in the process. The history is very illustrious 270 00:12:47,200 --> 00:12:49,920 for Bruce Flat. He's had great returns for a 271 00:12:49,920 --> 00:12:52,920 long period of time and he does all these specialized 272 00:12:52,920 --> 00:12:55,480 investments into huge infrastructure projects that 273 00:12:55,480 --> 00:12:58,320 very predictable ROI. So it makes sense that Bill 274 00:12:58,320 --> 00:13:01,360 Ackman is attracted to this investment vehicle. 275 00:13:01,720 --> 00:13:04,400 He's upped his stake dramatically in this company, 276 00:13:04,480 --> 00:13:06,400 making it one of his largest positions. 277 00:13:06,760 --> 00:13:10,880 So he bought 10% of his portfolio weight in this 278 00:13:10,880 --> 00:13:16,120 company, in fact almost 11%, a big bet into BN, which is 279 00:13:16,120 --> 00:13:18,360 interesting because when I look at BN and we look at the stock 280 00:13:18,360 --> 00:13:20,640 price, we can look at the stock price here. 281 00:13:21,000 --> 00:13:24,200 I don't know quite when he got into it, but here's the past 282 00:13:24,200 --> 00:13:27,000 three months, unless he bought it right at the beginning of the 283 00:13:27,000 --> 00:13:31,040 past three months, he bought it during during a stock surge. 284 00:13:31,200 --> 00:13:33,880 So it looks like he's not trying to get the best deal because 285 00:13:33,880 --> 00:13:37,000 this stock has been going up all year long and he just recently 286 00:13:37,000 --> 00:13:39,560 bought into it sometime right around here. 287 00:13:40,240 --> 00:13:41,720 So he thinks right now is a good deal. 288 00:13:41,880 --> 00:13:44,120 He doesn't have anchoring bias. He doesn't think he had to buy 289 00:13:44,120 --> 00:13:45,960 it here. He still thinks the future is 290 00:13:45,960 --> 00:13:47,600 good. And I think Bill Ackman might be 291 00:13:47,600 --> 00:13:49,320 right. Brookfield Corp likely has a 292 00:13:49,320 --> 00:13:51,320 bright future. The other company that he 293 00:13:51,320 --> 00:13:53,960 increased his stake in dramatically over the past three 294 00:13:53,960 --> 00:13:57,080 months is Nike. Bill Ackman has a history with 295 00:13:57,080 --> 00:13:58,760 Nike. He's invested in this company 296 00:13:58,760 --> 00:14:00,720 before. The last time that he invested 297 00:14:00,720 --> 00:14:04,080 in it, he bought it during a dip during a 52 week low. 298 00:14:04,400 --> 00:14:08,480 He made a quick $100 million as a stock price just ebbed and 299 00:14:08,480 --> 00:14:11,640 flowed back upwards, and he's trying to do the exact same 300 00:14:11,640 --> 00:14:14,320 thing now. Nike is at a low. 301 00:14:14,320 --> 00:14:17,720 If we zoom out the past five years, look at this low, it was 302 00:14:17,720 --> 00:14:22,680 up to 180 back in 2021. And now the stock price is, 303 00:14:22,680 --> 00:14:27,760 let's see, it's at 74. So from 180 to 74, you got the 304 00:14:27,760 --> 00:14:31,400 brand logo, Nike, you got the history of Nike. 305 00:14:31,720 --> 00:14:35,280 This is one he's willing to take a big swing on and put 10% of 306 00:14:35,280 --> 00:14:39,320 his portfolio into the company. I think this is another decent 307 00:14:39,320 --> 00:14:41,920 buy by Bill Ackman. I see why he's doing it. 308 00:14:42,200 --> 00:14:45,480 It makes sense. Nike's a company to me that I 309 00:14:45,480 --> 00:14:48,480 still think has a bit more risk than what Bill Ackman and other 310 00:14:48,480 --> 00:14:52,200 investors think. Hoka wasn't a thing in 2019. 311 00:14:52,360 --> 00:14:57,000 On shoes wasn't a thing in 2021. Brooks Skechers making a 312 00:14:57,000 --> 00:14:59,720 comeback. New Balance signing a bunch of 313 00:14:59,720 --> 00:15:02,760 athletes onto their shoes. There's a lot of things that 314 00:15:02,760 --> 00:15:07,200 changed since 2020 that I think factor in to the stock price 315 00:15:07,200 --> 00:15:08,960 decline. But overall, even with my 316 00:15:08,960 --> 00:15:11,600 concerns about Nike, I still think this is a decent pick for 317 00:15:11,600 --> 00:15:14,200 Bill Ackman buying this company at the price he is. 318 00:15:14,200 --> 00:15:16,240 I think the risk reward is still rather good. 319 00:15:16,240 --> 00:15:17,960 It's definitely a positive risk reward. 320 00:15:17,960 --> 00:15:20,680 So when we look at the overall portfolio, one thing that looks 321 00:15:20,680 --> 00:15:23,480 a little different here than you might think is when you combine 322 00:15:23,600 --> 00:15:28,440 GOOG&GOOGL, when you combine both of that, that actually 323 00:15:28,440 --> 00:15:30,080 makes it at the very top of this list. 324 00:15:30,440 --> 00:15:33,240 So Google would be above Brookfield Corp here in his 325 00:15:33,240 --> 00:15:36,080 total portfolio waiting since he split it between the two 326 00:15:36,080 --> 00:15:37,920 tickers, it's way down here at the bottom. 327 00:15:38,240 --> 00:15:40,480 But for all intents and purposes, Google is one of his 328 00:15:40,480 --> 00:15:43,240 main positions right now. Then we have Brookfield Corp, 329 00:15:43,320 --> 00:15:46,880 then we have Hilton Chipotle, which he didn't sell any of over 330 00:15:46,880 --> 00:15:49,200 the past three months. I thought that was interesting. 331 00:15:49,200 --> 00:15:52,160 He's holding on during the little dip in Chipotle, wants to 332 00:15:52,160 --> 00:15:54,000 get a higher price point for the sale. 333 00:15:54,720 --> 00:15:56,720 Then we have Restaurant Brands International. 334 00:15:56,720 --> 00:15:58,840 I don't love this company's portfolio. 335 00:15:59,120 --> 00:16:02,200 Maybe he sees something I don't. Howard Hughes Corp, that's his 336 00:16:02,200 --> 00:16:04,520 own specialized deal in real estate. 337 00:16:04,760 --> 00:16:07,440 And then we have Nike, Canadian Pacific and then a couple 338 00:16:07,440 --> 00:16:09,600 companies that don't even make up half a percentage. 339 00:16:09,680 --> 00:16:11,920 When I look at the trades of Bill Ackman, I like both of 340 00:16:11,920 --> 00:16:13,560 them. I like that he's buying Nike 341 00:16:13,560 --> 00:16:15,560 into weakness. I think that's a decent trade. 342 00:16:15,840 --> 00:16:18,440 And I like the Brookfield Corp addition to his portfolio. 343 00:16:18,440 --> 00:16:21,480 I think it's a great company with great stewardship over it. 344 00:16:21,560 --> 00:16:24,280 So Bill Ackman has a stronger portfolio today than he did 345 00:16:24,280 --> 00:16:26,120 three months ago. Good job, Bill Ackman. 346 00:16:26,240 --> 00:16:29,000 Next up, we have the legendary British investor Terry Smith 347 00:16:29,000 --> 00:16:32,680 that manages over $25 billion. And so far, his performance has 348 00:16:32,680 --> 00:16:35,120 beat out the S&P 500 by a narrow margin. 349 00:16:35,440 --> 00:16:37,960 But the past couple of years, he's made a series of blunders, 350 00:16:37,960 --> 00:16:41,160 particularly with his cells. He sold companies at the wrong 351 00:16:41,160 --> 00:16:43,080 time. He sold Amazon at a low. 352 00:16:43,080 --> 00:16:45,200 He sold into it right before it took off. 353 00:16:45,440 --> 00:16:48,360 He held on the PayPal too long and then sold it at a low. 354 00:16:48,840 --> 00:16:51,080 So he's made a series of mistakes and he's trying to make 355 00:16:51,080 --> 00:16:54,000 a bit of a recovery, trying to turn things around with this 356 00:16:54,000 --> 00:16:55,520 fund. Now, when we look at Terry 357 00:16:55,520 --> 00:16:59,440 Smith's latest trades, there's just not much hair. 358 00:16:59,920 --> 00:17:03,120 For example, the biggest trade he made to his overall portfolio 359 00:17:03,360 --> 00:17:05,359 was selling a little bit of McCormick. 360 00:17:05,680 --> 00:17:11,200 He sold down 2.71%, so he sold 82% of his McCormick position. 361 00:17:11,560 --> 00:17:13,599 Basically, this is a way of saying that he's dumping the 362 00:17:13,599 --> 00:17:15,119 position. He wants to get out of 363 00:17:15,119 --> 00:17:18,079 McCormick. Now McCormick is of course the 364 00:17:18,079 --> 00:17:20,319 spice maker. The company makes all the 365 00:17:20,319 --> 00:17:22,200 flavours. They're a flavour expert. 366 00:17:22,800 --> 00:17:26,000 When I look at this company, it's not one that I would invest 367 00:17:26,000 --> 00:17:27,800 in. And the reason why is simple. 368 00:17:28,200 --> 00:17:31,240 I do a lot of at home cooking. I like cooking different meals. 369 00:17:31,640 --> 00:17:36,040 And my cabinet, my spice cabinet upstairs is full of a million 370 00:17:36,040 --> 00:17:38,240 brands of spices that are non McCormick. 371 00:17:38,720 --> 00:17:40,960 There's so many different ones that are great from different 372 00:17:40,960 --> 00:17:43,240 brands. And the truth is, I think this 373 00:17:43,240 --> 00:17:45,560 company is continually losing market share. 374 00:17:45,920 --> 00:17:48,840 There's so many flavour companies and spice companies. 375 00:17:49,080 --> 00:17:52,680 I see them on the shelves of Costco and Target and Smith's 376 00:17:52,720 --> 00:17:56,280 and Kroger's everywhere you go. They have their custom label 377 00:17:56,280 --> 00:17:59,520 brands, their private label. They have third party brands 378 00:17:59,520 --> 00:18:01,880 that are non McCormick. I just see more and more of that 379 00:18:01,880 --> 00:18:06,080 going on. So my simple taste test here, my 380 00:18:06,080 --> 00:18:08,840 sample size of the market is that this company's going to 381 00:18:08,840 --> 00:18:12,240 struggle to grow with this onslaught of competition coming 382 00:18:12,240 --> 00:18:15,280 in and the revenue shows that. Look at the revenue of the 383 00:18:15,280 --> 00:18:17,280 company. It's barely growing. 384 00:18:17,280 --> 00:18:21,440 It grew 1% over the past one year and that is of course not 385 00:18:21,440 --> 00:18:23,840 inflation adjusted. So it's actually shrinking in 386 00:18:23,840 --> 00:18:26,120 market share when you factor in inflation. 387 00:18:26,200 --> 00:18:28,320 So I like this trade. I like that Terry Smith is 388 00:18:28,320 --> 00:18:30,760 dumping McCormick and hopefully can do something else with the 389 00:18:30,760 --> 00:18:32,200 money. When we look at Terry Smith's 390 00:18:32,200 --> 00:18:34,840 portfolio overall, I would say it's very conservative. 391 00:18:35,080 --> 00:18:38,200 He has 40 different positions. He does weight them more heavily 392 00:18:38,200 --> 00:18:40,440 towards the top holdings, which are Microsoft and Meta. 393 00:18:41,040 --> 00:18:43,920 And I think overall with this level of diversification, he's 394 00:18:43,920 --> 00:18:46,760 not going to see dramatic outperformance of the indices. 395 00:18:46,840 --> 00:18:49,960 His goal here is to protect the capital of his investors and 396 00:18:49,960 --> 00:18:52,840 grow it in a stable manner slowly over time. 397 00:18:52,960 --> 00:18:55,200 Now Next up, we have Dev Kantasaria, who is quickly 398 00:18:55,200 --> 00:18:57,320 growing his portfolio to massive size. 399 00:18:57,400 --> 00:19:00,000 It currently has a value of over 4 1/2 billion dollars. 400 00:19:00,360 --> 00:19:03,240 Just a couple years ago, he's only managing $1 billion. 401 00:19:03,240 --> 00:19:06,520 So he's forexed his portfolio. He's gotten more inflows from 402 00:19:06,520 --> 00:19:09,840 investors as he's had spectacular market beating 403 00:19:09,840 --> 00:19:13,160 results from both the QQQ and the S&P 500. 404 00:19:13,440 --> 00:19:17,080 Dev Cantosari has blown it away. He's starting to make a real 405 00:19:17,080 --> 00:19:19,240 name for himself. When I listen to Dev Cantosari, 406 00:19:19,240 --> 00:19:22,600 I speak and execute a strategy. He strikes me as a very high IQ 407 00:19:22,600 --> 00:19:25,360 individual and a very disciplined individual in 408 00:19:25,360 --> 00:19:28,400 executing his strategy. It's been incredible to see what 409 00:19:28,400 --> 00:19:30,480 he's really done with his portfolio. 410 00:19:30,840 --> 00:19:33,760 While we have so many investors out there, ones that I'm not 411 00:19:33,760 --> 00:19:36,240 covering in this video, but there's so many hedge fund 412 00:19:36,240 --> 00:19:38,800 managers, they just copy the index. 413 00:19:38,800 --> 00:19:40,840 They make no bets into individual companies. 414 00:19:41,040 --> 00:19:43,360 They just spread out their bets amongst a ton of different 415 00:19:43,360 --> 00:19:45,280 companies and basically match the index. 416 00:19:45,760 --> 00:19:48,640 Dev does it differently. He makes significant 417 00:19:48,640 --> 00:19:52,880 concentrated bets into companies with a deep understanding of 418 00:19:52,880 --> 00:19:56,000 what the company is, the pricing power of it, and the future 419 00:19:56,000 --> 00:19:58,360 value of it. The company that he did this 420 00:19:58,360 --> 00:20:02,240 with over the past five years? Is Fair Isaac FICO. 421 00:20:02,640 --> 00:20:06,880 This is now 35% of the Devcantesaria Valley Forge 422 00:20:06,880 --> 00:20:11,480 capital portfolio, 35% Now it didn't start that way. 423 00:20:11,840 --> 00:20:15,240 When we look at his most recent trades, he's starting to sell a 424 00:20:15,240 --> 00:20:18,800 little bit of the company. His biggest trade was only 3%. 425 00:20:19,160 --> 00:20:22,600 He trimmed 7% of his Fair Isaac position. 426 00:20:23,080 --> 00:20:25,240 So he's selling a little bit. But let's go ahead and just take 427 00:20:25,240 --> 00:20:28,280 a look at how he's handled this company over the years. 428 00:20:28,800 --> 00:20:30,200 We look at the trading history here. 429 00:20:30,840 --> 00:20:33,880 He's had this one on the radar since at least 2018. 430 00:20:34,080 --> 00:20:36,840 So it's been a company that he's held around 300,000 shares of. 431 00:20:37,320 --> 00:20:43,120 But then in Q4 of 2020, Dev realized something with FICO and 432 00:20:43,120 --> 00:20:46,280 he wanted to own the company. What did he realize during this 433 00:20:46,280 --> 00:20:49,000 critical time period? He realized that they were going 434 00:20:49,000 --> 00:20:51,720 for volume. FICO was making their score 435 00:20:51,720 --> 00:20:56,080 ubiquitous for 10 years, gaining market share over every other 436 00:20:56,080 --> 00:20:58,960 scoring alternative. And then he realized that they 437 00:20:58,960 --> 00:21:02,320 were implementing a structured pricing care that would 438 00:21:02,320 --> 00:21:06,520 dramatically increase the price of the FICO score up hundreds of 439 00:21:06,520 --> 00:21:09,600 percentages, making it so that their free cash flow with their 440 00:21:09,600 --> 00:21:14,480 huge volume would explode. Consider if Netflix with their 441 00:21:14,480 --> 00:21:19,080 280 million subscribers was capable or able to raise their 442 00:21:19,080 --> 00:21:23,880 prices 5X in a single year from 16 bucks a month or 7 bucks a 443 00:21:23,880 --> 00:21:27,200 month up to $70.00 a month or $100 a month. 444 00:21:27,680 --> 00:21:29,000 Of course, Netflix can't do that. 445 00:21:29,040 --> 00:21:32,080 Everybody would rebel. With FICO, that's essentially 446 00:21:32,080 --> 00:21:34,920 what they did. They raised the prices hundreds 447 00:21:34,920 --> 00:21:38,120 of percentages and nobody rebelled because the prices were 448 00:21:38,120 --> 00:21:40,800 so low to begin with. Most people don't notice. 449 00:21:40,880 --> 00:21:43,920 Dev Kantasaria realized that this is on the horizon because 450 00:21:43,920 --> 00:21:47,480 of his studying of this company. He bought in heavily in Q1 of 451 00:21:47,480 --> 00:21:49,600 2021. He continued to hold and then he 452 00:21:49,600 --> 00:21:52,560 bought more and more, especially with the inflows in the company. 453 00:21:53,000 --> 00:21:57,400 He got all the way up to a share count of 963,000,000 shares. 454 00:21:57,720 --> 00:22:01,160 That was in 2022 and he held on to that share count through an 455 00:22:01,160 --> 00:22:05,400 epic surge in price of FICO all the way until Q4 of 2024. 456 00:22:05,720 --> 00:22:08,800 When we look at the prices here, he basically was buying into 457 00:22:08,800 --> 00:22:13,320 FICO when it was underneath the price of $700.00 per share, and 458 00:22:13,320 --> 00:22:17,240 that's when he started to sell. So as soon as FICO hit $700.00 459 00:22:17,240 --> 00:22:20,880 per share, he started to trim the position just slightly 460 00:22:21,120 --> 00:22:26,280 trimming 2% one quarter, 4% another quarter, 2% another 461 00:22:26,280 --> 00:22:30,840 quarter only -.34% this quarter. And then this most recent 462 00:22:30,840 --> 00:22:35,720 quarter is his largest trim he's done at FICO, trimming off 7.86% 463 00:22:35,720 --> 00:22:38,120 of his position. So when we look at this, he is 464 00:22:38,120 --> 00:22:41,640 selling every single quarter, but we look at the total sales 465 00:22:41,640 --> 00:22:44,400 by comparison and he's not selling that much. 466 00:22:44,760 --> 00:22:46,520 Look how much he's reducing his position. 467 00:22:46,960 --> 00:22:52,200 He's only reduced it around 15% overall and the share price has 468 00:22:52,200 --> 00:22:57,440 gone from $300.00 when he was first buying it up to $2000 per 469 00:22:57,440 --> 00:22:59,960 share. Not only did he buy into FICO 470 00:22:59,960 --> 00:23:03,840 well, but he's handled his shares and holding of it very, 471 00:23:03,840 --> 00:23:05,640 very well. This should be looked at as one 472 00:23:05,640 --> 00:23:08,440 of the most significant best trades ever from a super 473 00:23:08,440 --> 00:23:10,440 investor. Now that he did trim his FICO 474 00:23:10,440 --> 00:23:13,440 position a couple percentage points of his overall portfolio, 475 00:23:13,720 --> 00:23:16,200 he moved that money mostly into ASML. 476 00:23:16,200 --> 00:23:19,840 He doubled his position in ASML and then he also bought a little 477 00:23:19,840 --> 00:23:22,960 bit more Moody's and A little bit more S&P Global, which I 478 00:23:22,960 --> 00:23:25,520 love seeing because I own both Moody's and S&P Global. 479 00:23:25,760 --> 00:23:28,680 If Dev Cantesar is buying into the company, that's another 480 00:23:28,680 --> 00:23:31,560 stamp of approval that at least he thinks there's decent value 481 00:23:31,560 --> 00:23:33,240 here. He also gave a nice stamp of 482 00:23:33,240 --> 00:23:36,800 approval right now for ASML and it seems obvious why he's buying 483 00:23:36,800 --> 00:23:40,040 the company right now. He's owned a bit of ASML and it 484 00:23:40,040 --> 00:23:43,720 is in the red. Year to date, ASML has had its 485 00:23:43,720 --> 00:23:46,680 demand go down as we went through a big influx. 486 00:23:46,960 --> 00:23:50,320 We see the total net bookings here go down a little bit, and 487 00:23:50,320 --> 00:23:53,880 Dev Kantasaria is betting on a recovery in this share price. 488 00:23:54,440 --> 00:23:57,920 Now, the reason that he likes ASML, from his own words is he 489 00:23:57,920 --> 00:24:00,680 says that basically right now there's a lot of AI companies. 490 00:24:00,680 --> 00:24:03,040 It's hard to predict which ones are going to be the winners. 491 00:24:03,400 --> 00:24:06,040 But he knows that at least ASML is going to make a lot of money 492 00:24:06,200 --> 00:24:09,040 during the next 10 years supporting all these various AI 493 00:24:09,040 --> 00:24:11,240 companies. Because ASML of course designs, 494 00:24:11,240 --> 00:24:14,520 manufacturers and implements these highly critical machines, 495 00:24:14,520 --> 00:24:17,800 these lithography machines that are critical in the production 496 00:24:17,800 --> 00:24:21,040 of semi chips. So this plays a very important 497 00:24:21,040 --> 00:24:24,120 role in the overall AI theme for the next 10 years. 498 00:24:24,400 --> 00:24:27,480 He considers it a predictable player in that category. 499 00:24:28,040 --> 00:24:31,520 Now not to be mistaken, ASML is still a very small position in 500 00:24:31,520 --> 00:24:35,120 his portfolio, only 2% and other than that he still holds 501 00:24:35,120 --> 00:24:39,000 relatively the same portfolio, super huge weighting towards 502 00:24:39,000 --> 00:24:42,880 FICO 35%. He loves S&P Global, he's owned 503 00:24:42,880 --> 00:24:46,640 this company for over a decade. He loves a MasterCard, Moody's, 504 00:24:46,960 --> 00:24:51,520 Intuit, Visa, and so I think that he has one of the strongest 505 00:24:51,520 --> 00:24:54,040 portfolios in the market. The only real criticism I can 506 00:24:54,040 --> 00:24:56,880 think of Dev Cantisari's portfolio here is that there's 507 00:24:56,880 --> 00:24:59,120 some overlapping factors with his companies. 508 00:24:59,400 --> 00:25:01,720 A lot of these have to do with debt markets and credit. 509 00:25:02,080 --> 00:25:05,960 So if the theme of debt markets didn't do well, if consumers 510 00:25:05,960 --> 00:25:09,000 took out less debt, companies took out less debt, that would 511 00:25:09,000 --> 00:25:12,040 be a headwind for his portfolio. But I just don't think that's 512 00:25:12,040 --> 00:25:13,960 going to happen. Companies are going to take out 513 00:25:13,960 --> 00:25:16,160 more debt, consumers are going to take out more debt. 514 00:25:16,360 --> 00:25:18,840 It's just the way of the world and he's well positioned for it 515 00:25:18,960 --> 00:25:19,960 Now. Next up, we have the Super 516 00:25:19,960 --> 00:25:22,840 investor Josh Terasov that manages a little over $300 517 00:25:22,840 --> 00:25:25,280 million. So this is a small portfolio 518 00:25:25,280 --> 00:25:27,960 relative to other super investors, but I like that he 519 00:25:27,960 --> 00:25:30,480 has a highly concentrated portfolio, only in nine 520 00:25:30,480 --> 00:25:32,880 positions. When we look at what's gone on 521 00:25:32,920 --> 00:25:36,720 with Josh Terasov over the past three months, he's done a series 522 00:25:36,720 --> 00:25:40,280 of cells. He sold 8% out of his Brookfield 523 00:25:40,280 --> 00:25:44,080 Corp position, 8% of his total portfolio, which is 33% of the 524 00:25:44,080 --> 00:25:46,920 position. He sold 6% of his portfolio out 525 00:25:46,920 --> 00:25:50,080 of the Microsoft position. He sold another 6% out of 526 00:25:50,080 --> 00:25:53,720 Amazon. He sold 1.5% out of Tesla, and 527 00:25:53,720 --> 00:25:56,040 so on. He didn't really do any buying 528 00:25:56,040 --> 00:25:58,600 glass quarter. And what this means is that Josh 529 00:25:58,600 --> 00:26:02,200 Terasov needed to raise money to pay out some of his investors. 530 00:26:02,560 --> 00:26:05,280 This is called redemptions, meaning they invest other 531 00:26:05,280 --> 00:26:08,080 people's money, sometimes for different reasons. 532 00:26:08,080 --> 00:26:09,600 Those people want their money back. 533 00:26:09,920 --> 00:26:12,480 Josh Terasov has to make sales to pay that money back. 534 00:26:12,880 --> 00:26:17,280 So I don't really see this as real trading or him building his 535 00:26:17,280 --> 00:26:19,720 portfolio. What I see is him selling the 536 00:26:19,720 --> 00:26:21,960 companies that have done exceptionally well over the past 537 00:26:21,960 --> 00:26:23,680 year. So overall, not much change 538 00:26:23,680 --> 00:26:25,560 quarter over quarter for Josh Terasov. 539 00:26:25,880 --> 00:26:28,720 He has a list of decent companies, but I still think his 540 00:26:28,720 --> 00:26:31,280 portfolio lacks any type of meaningful structure. 541 00:26:31,480 --> 00:26:34,360 He trades into companies and out of companies rather frequently. 542 00:26:34,680 --> 00:26:38,360 A number of his recent trades have not great, so his trading 543 00:26:38,360 --> 00:26:39,880 has given me a little bit of pause. 544 00:26:39,880 --> 00:26:41,960 It's not a strategy that I would emulate now. 545 00:26:41,960 --> 00:26:44,080 Next up we have the Super investor, Pat Dorsey. 546 00:26:44,080 --> 00:26:47,040 He's the guy that's originally behind the Morningstar Mote 547 00:26:47,040 --> 00:26:50,080 analysis where they try to dissect the different network 548 00:26:50,080 --> 00:26:52,480 effects or competitive advantages that a different 549 00:26:52,480 --> 00:26:55,200 company has. He's one that developed that and 550 00:26:55,200 --> 00:26:57,920 now he's since gone his own way, started his own fund, and he 551 00:26:57,920 --> 00:27:00,640 manages a billion dollars, so he's doing quite well for 552 00:27:00,640 --> 00:27:02,720 himself. When we look at Pat Dorsey's 553 00:27:02,720 --> 00:27:06,720 most recent trades, there's one that's highly questionable right 554 00:27:06,720 --> 00:27:09,680 here. His biggest trade by far was 555 00:27:09,680 --> 00:27:15,360 buying a 10% position, so 10% into App Lovin. 556 00:27:15,920 --> 00:27:20,400 Now App Lovin is the best performing stock in the market 557 00:27:20,560 --> 00:27:23,640 year to date. So in the entire S&P 500, 558 00:27:23,640 --> 00:27:26,000 basically in the entire stock market, this one has done the 559 00:27:26,000 --> 00:27:31,360 best, up 667% year to date. This is a company that does AI 560 00:27:31,360 --> 00:27:33,040 marketing. It doesn't seem that 561 00:27:33,040 --> 00:27:35,400 exceptional. But when investors really found 562 00:27:35,400 --> 00:27:37,360 out about what they're doing, they started to buy it up. 563 00:27:37,800 --> 00:27:42,280 Now, what makes this investment so questionable by Pat Dorsey is 564 00:27:42,280 --> 00:27:45,480 the update is from the date of November 14th. 565 00:27:46,160 --> 00:27:49,840 So the update is from, right. If we look at it right here, 566 00:27:50,240 --> 00:27:53,000 it's from right, November 14th right there. 567 00:27:53,600 --> 00:27:57,080 That's when the update occurred. So he could have bought this 568 00:27:57,080 --> 00:28:01,800 company at a price of 159 or he could have bought it at a price 569 00:28:01,800 --> 00:28:06,240 of 286. Did he buy it at 189 or 286? 570 00:28:06,440 --> 00:28:08,560 We have no clue. We just know that he bought it 571 00:28:08,560 --> 00:28:11,400 sometime 90 days before November 14th. 572 00:28:11,480 --> 00:28:14,200 So we don't know whether or not this was an incredible buy that 573 00:28:14,200 --> 00:28:18,400 he bought 87% lower or whether it's a buy that's brand new and 574 00:28:18,400 --> 00:28:20,440 it might turn out well. But I can't really assess 575 00:28:20,440 --> 00:28:23,320 whether or not this was a great buy or not a great buy when I 576 00:28:23,320 --> 00:28:24,920 don't know what price he bought it. 577 00:28:25,240 --> 00:28:27,880 And with the huge change in share price, that really changes 578 00:28:27,880 --> 00:28:30,840 the the other trades that he did was he sold out a lot of 579 00:28:30,840 --> 00:28:33,160 Smartsheet. I think he sold this position to 580 00:28:33,160 --> 00:28:35,880 buy into App 11 and he sold a bit of SEM rush. 581 00:28:36,000 --> 00:28:38,360 There was a time period a couple years ago where I was really 582 00:28:38,360 --> 00:28:41,360 critical about Pat Dorsey. He was buying and holding and 583 00:28:41,360 --> 00:28:43,920 selling everything during the wrong time, destroying his 584 00:28:43,920 --> 00:28:46,120 investors money. But he's really gotten that 585 00:28:46,120 --> 00:28:48,040 under control. I think he's really honed in his 586 00:28:48,040 --> 00:28:49,720 strategy over the past two years. 587 00:28:49,760 --> 00:28:51,480 He's held a lot of Meta, which is good. 588 00:28:51,520 --> 00:28:53,720 He's bought into AutoZone lately, which I think was a 589 00:28:53,720 --> 00:28:56,280 decent buy. He has Wix and now he has the 590 00:28:56,320 --> 00:28:58,880 App 11 Buy. Of course, he's holding PayPal, 591 00:28:58,880 --> 00:29:00,920 which this one I find a bit questionable. 592 00:29:01,080 --> 00:29:03,520 But other than that, I see a list of decent companies here 593 00:29:03,800 --> 00:29:05,640 and I like the most recent trades he's done. 594 00:29:05,680 --> 00:29:08,680 Next up we have David Poland or Poland Capital Management. 595 00:29:08,720 --> 00:29:11,160 This is more of a team effort. They have a big firm, they have 596 00:29:11,160 --> 00:29:13,960 a lot of analysts, but I really like what they put together. 597 00:29:14,240 --> 00:29:17,120 Right now they're managing a staggering $38 billion. 598 00:29:17,120 --> 00:29:19,520 So there's a lot of trust put into these guys. 599 00:29:19,760 --> 00:29:21,240 I think they're doing a wonderful job. 600 00:29:21,240 --> 00:29:23,800 When we look at their most recent trades, they have made a 601 00:29:23,800 --> 00:29:25,840 couple trades that I do disagree with. 602 00:29:26,160 --> 00:29:29,400 One of them is selling out of sales force to buy more Apple 603 00:29:29,520 --> 00:29:32,040 and Oracle. So they sold their entire sales 604 00:29:32,040 --> 00:29:36,160 force position, 99.47%. So basically the entire thing 605 00:29:36,520 --> 00:29:38,520 that was around 5% of their portfolio. 606 00:29:38,800 --> 00:29:40,440 And they bought into Apple and Oracle. 607 00:29:40,840 --> 00:29:43,960 Now I think Oracle is an interesting buy here, huge cloud 608 00:29:43,960 --> 00:29:46,120 player, lots of growth, great ownership. 609 00:29:46,400 --> 00:29:49,840 So I like the Oracle buy, but I don't agree with selling out of 610 00:29:49,960 --> 00:29:52,800 sales force to buy Apple. When I look at sales force, it 611 00:29:52,800 --> 00:29:56,200 is true that the stock price has surged up recently, so I can see 612 00:29:56,200 --> 00:29:58,720 why they're doing this trade, why they've decided to take 613 00:29:58,720 --> 00:30:01,360 gains out of it. But Salesforce still has a lot 614 00:30:01,360 --> 00:30:04,280 of growth ahead of it. I'm not as concerned about all 615 00:30:04,280 --> 00:30:06,720 the AI talk as a lot of people are. 616 00:30:06,720 --> 00:30:08,920 I think Salesforce is still going to be relevant and growing 617 00:30:08,920 --> 00:30:11,120 in the future. The company also trades at a 618 00:30:11,120 --> 00:30:15,720 valuation that's very similar to Apple's, the same PE ratio, 619 00:30:15,960 --> 00:30:17,720 around the same free cash flow yield. 620 00:30:18,080 --> 00:30:21,160 But Salesforce is growing its revenue much faster and growing 621 00:30:21,160 --> 00:30:23,800 its free cash flow per share much faster. 622 00:30:24,360 --> 00:30:27,520 So in my opinion, and again, there's no guarantees here, but 623 00:30:27,520 --> 00:30:30,280 I believe that Salesforce over the next five years is going to 624 00:30:30,280 --> 00:30:32,400 outperform Apple. That would be my guess. 625 00:30:32,600 --> 00:30:35,600 So I don't think this is the optimal buy and sell, but I also 626 00:30:35,600 --> 00:30:37,880 don't think it's going to be overly destructive. 627 00:30:38,240 --> 00:30:40,520 They have their reasons for trading in and out of companies. 628 00:30:41,080 --> 00:30:42,840 The other things that they're doing is they're doing a series 629 00:30:42,840 --> 00:30:46,240 of small trims and Microsoft Nike, which I think is 630 00:30:46,240 --> 00:30:47,760 interesting. They're selling a little bit of 631 00:30:47,760 --> 00:30:49,840 Nike right now. I don't agree with that one. 632 00:30:50,400 --> 00:30:54,040 They also sold a little bit of Amazon and Google, again, other 633 00:30:54,040 --> 00:30:55,560 cells that I don't really agree with. 634 00:30:55,560 --> 00:30:58,040 So even though I could nitpick their trades, I think that their 635 00:30:58,040 --> 00:31:00,840 strategy overall is good. The list of companies is good 636 00:31:01,160 --> 00:31:03,440 and I believe that this portfolio will beat the market 637 00:31:03,440 --> 00:31:05,400 over time. Now Next up, we have the Super 638 00:31:05,400 --> 00:31:07,880 investor Chris Home that is one of the best. 639 00:31:07,880 --> 00:31:10,360 He manages a staggering $44 billion. 640 00:31:10,600 --> 00:31:14,000 The TCI fund that he runs has been consistently outlined as 641 00:31:14,000 --> 00:31:16,640 one of the best performing hedge funds out of any hedge fund. 642 00:31:16,920 --> 00:31:19,960 It's always towards the top and he doesn't mess around. 643 00:31:20,360 --> 00:31:22,000 No messing around with this portfolio. 644 00:31:22,160 --> 00:31:25,440 He only has 10 holdings and all of these companies are 645 00:31:25,440 --> 00:31:27,680 incredibly powerful business models. 646 00:31:27,840 --> 00:31:31,240 The one that I don't understand the most is his top holding, 647 00:31:31,440 --> 00:31:34,440 General Electric. But Chris Hoen studies these 648 00:31:34,440 --> 00:31:35,880 companies. He understands them. 649 00:31:36,120 --> 00:31:38,280 He bought this one at a wonderful time. 650 00:31:38,600 --> 00:31:41,680 He really bought it on a low. It's surged up in price, so it's 651 00:31:41,680 --> 00:31:43,840 become a bigger position in his portfolio. 652 00:31:43,840 --> 00:31:46,600 His other portfolio holdings mimic the small world of high 653 00:31:46,600 --> 00:31:48,480 quality super investor portfolios. 654 00:31:48,760 --> 00:31:53,200 You'll have some familiar names like S&P Global, Microsoft, you 655 00:31:53,200 --> 00:31:57,000 have the railroads, Canadian Pacific, Visa, Canadian National 656 00:31:57,000 --> 00:31:59,480 Railway, and then of course he has Google in the portfolio as 657 00:31:59,480 --> 00:32:01,880 well. Overall, a very strong list of 658 00:32:01,880 --> 00:32:03,960 companies. The biggest trade he made last 659 00:32:03,960 --> 00:32:06,520 quarter was a very, very small trade. 660 00:32:06,800 --> 00:32:09,680 He slightly trimmed his Microsoft position to buy a 661 00:32:09,680 --> 00:32:11,560 little bit more Canadian National Railway. 662 00:32:11,960 --> 00:32:15,240 That was it. He trimmed 1.4% of his portfolio 663 00:32:15,600 --> 00:32:19,720 to buy 1%, so almost no change to his portfolio. 664 00:32:19,880 --> 00:32:21,800 It's the same over the past six months. 665 00:32:22,080 --> 00:32:24,920 And that's a common theme you'll see with these type of high 666 00:32:24,920 --> 00:32:27,840 quality investors. The better decisions they make, 667 00:32:28,040 --> 00:32:30,760 the less they have to trade and the better performance they 668 00:32:30,760 --> 00:32:32,960 have. He's beat the market for a long 669 00:32:32,960 --> 00:32:36,640 period of time and he's done so with very minimal trading. 670 00:32:36,960 --> 00:32:40,440 He's not buying and selling companies all the time doing all 671 00:32:40,440 --> 00:32:42,480 these different technical analysis techniques. 672 00:32:42,880 --> 00:32:45,560 He's just buying into high quality monopolistic companies, 673 00:32:45,760 --> 00:32:47,880 holding them long term. Now Next up we have the man 674 00:32:47,880 --> 00:32:50,960 Michael Bury himself of the Big Short fame and the only way to 675 00:32:50,960 --> 00:32:55,160 really describe his latest purchases is a big bet into 676 00:32:55,160 --> 00:32:57,520 China. He bought a lot more, in fact a 677 00:32:57,520 --> 00:33:01,280 huge portion more of JD, of Baidu and of Alibaba. 678 00:33:01,760 --> 00:33:04,000 So he's buying more and more into Chinese retailers. 679 00:33:04,000 --> 00:33:06,200 He's going where no one else wants to go. 680 00:33:06,520 --> 00:33:10,080 Michael Bury is dispassionate. He likes to look for the raw 681 00:33:10,080 --> 00:33:11,600 numbers. He likes to look for where he 682 00:33:11,600 --> 00:33:14,360 sees a lot of value. And obviously right now he sees 683 00:33:14,360 --> 00:33:17,960 it in China. Now, I have to be honest here, I 684 00:33:17,960 --> 00:33:21,360 don't really like these buys because I've dealt with Chinese 685 00:33:21,360 --> 00:33:23,200 stocks once, I dealt with Alibaba. 686 00:33:23,800 --> 00:33:25,840 It's just so much of a headache dealing with the Chinese 687 00:33:25,840 --> 00:33:27,720 government and the way that they manage their companies. 688 00:33:27,720 --> 00:33:29,240 You really never know what's going to go on. 689 00:33:29,240 --> 00:33:31,720 But Michael Burry prefers that risk and reward over the risk 690 00:33:31,720 --> 00:33:34,360 and reward in the US with higher price equities. 691 00:33:34,880 --> 00:33:38,200 So the biggest trade he's doing by far is his shift into China. 692 00:33:38,480 --> 00:33:41,200 Another one that I think is notable is he likes Shift 4 693 00:33:41,200 --> 00:33:42,960 payments. Shift 4 is overall a great 694 00:33:42,960 --> 00:33:44,880 payment processor. They're growing in a lot of 695 00:33:44,880 --> 00:33:47,120 verticals. I see their software expanding 696 00:33:47,120 --> 00:33:49,360 and trying to get a bigger total addressable market. 697 00:33:49,680 --> 00:33:52,560 So I like seeing that one there. But again, overall, when we look 698 00:33:52,560 --> 00:33:55,000 at his current positions in the way that he's tilting his 699 00:33:55,000 --> 00:33:58,120 portfolio, it's with a significant bet into China. 700 00:33:58,440 --> 00:34:01,240 Another thing that we don't see in this portfolio is his 701 00:34:01,240 --> 00:34:03,920 options. Michael Bury likes to exercise 702 00:34:03,920 --> 00:34:06,560 options all the time. So we don't know fully what he's 703 00:34:06,560 --> 00:34:09,840 doing with his investments. And This is why I'd give caution 704 00:34:09,840 --> 00:34:12,600 into following Michael Bury. For the most part, it's 705 00:34:12,600 --> 00:34:15,239 interesting to look at, but I think he's very difficult to 706 00:34:15,239 --> 00:34:17,679 follow as an investor. Next up, we have the very 707 00:34:17,679 --> 00:34:19,800 concentrated portfolio from Mark Mass. 708 00:34:19,800 --> 00:34:23,000 You have Alteroc Partners. They manage $5 billion and it's 709 00:34:23,000 --> 00:34:26,320 only in nine positions now. They have done a decent amount 710 00:34:26,320 --> 00:34:27,719 of trading over the past three months. 711 00:34:27,840 --> 00:34:30,440 They added to their Amazon position by 30%. 712 00:34:30,639 --> 00:34:34,560 They sold 37% of their Visa position and they put that money 713 00:34:34,639 --> 00:34:38,199 as well as an additional amount into MasterCard over doubling 714 00:34:38,199 --> 00:34:40,440 the position. Now this is an interesting 715 00:34:40,440 --> 00:34:42,880 trade. They are selling out of Visa to 716 00:34:42,880 --> 00:34:45,520 buy MasterCard. In my opinion, both of these are 717 00:34:45,520 --> 00:34:48,159 great companies but I definitely think that MasterCard has the 718 00:34:48,159 --> 00:34:50,960 advantage and that is because of their international growth. 719 00:34:51,320 --> 00:34:54,520 I believe MasterCard is better positioned to grow faster than 720 00:34:54,520 --> 00:34:56,440 Visa. The Altarock portfolio is 721 00:34:56,440 --> 00:35:00,320 similar to other high quality super investor portfolios where 722 00:35:00,320 --> 00:35:02,960 they're investing the majority of their money in the same group 723 00:35:02,960 --> 00:35:05,800 of exceedingly high quality companies that continue to have 724 00:35:05,800 --> 00:35:09,240 very prosperous looking futures. We have the same names like 725 00:35:09,240 --> 00:35:13,520 FICO, MasterCard, Visa, Moody's, Google, Google's a very common 726 00:35:13,520 --> 00:35:15,400 one that we're seeing in this group of investors. 727 00:35:15,680 --> 00:35:18,920 We also see, of course, Microsoft, Amazon, and this 728 00:35:18,920 --> 00:35:21,960 one's unique holding. The one that makes Alta Rock 729 00:35:21,960 --> 00:35:25,240 different is their top position is Transteim, so that may be an 730 00:35:25,240 --> 00:35:27,680 interesting one to look into. If you like their other 731 00:35:27,680 --> 00:35:30,880 positions and these ones align with your investing strategy, 732 00:35:31,200 --> 00:35:34,240 and you see an investor go so heavily into one company that 733 00:35:34,240 --> 00:35:36,680 you don't know as well, typically that means that you 734 00:35:36,680 --> 00:35:39,880 might want to look into it, see what they see in this company. 735 00:35:40,040 --> 00:35:42,120 Next up, we have the Chuck Auchry portfolio. 736 00:35:42,160 --> 00:35:44,520 Now, it's important to note that Chuck Auchry himself, the 737 00:35:44,520 --> 00:35:46,680 legend, is no longer managing this. 738 00:35:46,680 --> 00:35:50,360 He's basically retired and he's implemented A-Team to try to do 739 00:35:50,360 --> 00:35:52,760 the same things he was doing to try to implement the same 740 00:35:52,760 --> 00:35:54,960 strategy. But it's very difficult to have 741 00:35:54,960 --> 00:35:59,080 the same fine touch that Chuck Ockery had with his portfolio. 742 00:35:59,320 --> 00:36:03,120 They managed $12 billion and since their team has taken over, 743 00:36:03,120 --> 00:36:06,040 they've continually sold out of some of their best positions, 744 00:36:06,280 --> 00:36:10,840 Moody's being one of them. Since around Q1 of 2023, they've 745 00:36:10,840 --> 00:36:14,360 been dumping their Moody's position more and more and more. 746 00:36:14,360 --> 00:36:17,080 And we see more selling of Moody's in the most recent 747 00:36:17,080 --> 00:36:19,760 quarter. And no matter how hard I try, I 748 00:36:19,760 --> 00:36:21,360 can't figure out why they're selling it. 749 00:36:21,880 --> 00:36:24,480 Is it valuation? They usually don't sell because 750 00:36:24,480 --> 00:36:27,800 of valuation, but to me, that's the only real concern. 751 00:36:28,120 --> 00:36:31,120 Moody's has gone up in valuation, but typically it's 752 00:36:31,120 --> 00:36:34,320 been a very strong trait of Chuck Ockery to never sell 753 00:36:34,320 --> 00:36:37,280 because of valuation, to just hold on to quality companies 754 00:36:37,280 --> 00:36:40,440 because decades later they'll be worth even more and they'll 755 00:36:40,440 --> 00:36:44,160 generate a ton of cash flow. This is a position that right 756 00:36:44,160 --> 00:36:47,480 now Chuck Auchry's team is selling out of, Dev Cantosari is 757 00:36:47,480 --> 00:36:50,320 buying into. So you can see the juxtaposition 758 00:36:50,320 --> 00:36:51,760 there. One of them is continually 759 00:36:51,760 --> 00:36:54,200 selling out of this high quality position, another one's buying 760 00:36:54,200 --> 00:36:56,600 into it. I agree more with Dev's side. 761 00:36:56,600 --> 00:36:58,800 Now the company that they're buying into is Airbnb. 762 00:36:58,960 --> 00:37:01,760 They added almost another 2% to this position. 763 00:37:02,200 --> 00:37:04,560 I look at Airbnb and I think it's a fantastic company. 764 00:37:04,560 --> 00:37:06,600 So this is one that I don't disagree with. 765 00:37:07,000 --> 00:37:08,760 My pick has been Booking Holdings. 766 00:37:08,760 --> 00:37:12,000 I think they have some unique advantages over Airbnb, but I 767 00:37:12,000 --> 00:37:15,280 see that Airbnb has a new story to it. 768 00:37:15,360 --> 00:37:18,760 It has huge network effects. They really do have a very wide 769 00:37:18,760 --> 00:37:20,280 Moat company at this point in time. 770 00:37:20,640 --> 00:37:23,520 It's an asset light business model and with those strong 771 00:37:23,520 --> 00:37:26,760 network effects, I can see why it's attracted the team of Chuck 772 00:37:26,760 --> 00:37:29,720 Ockery. My only criticism here is that 773 00:37:29,720 --> 00:37:33,800 they're selling one very high quality company by another high 774 00:37:33,800 --> 00:37:36,640 quality company. It's not really the best trade 775 00:37:36,640 --> 00:37:38,160 in my mind. I think they should look for 776 00:37:38,160 --> 00:37:40,560 other places to raise cash to buy Airbnb. 777 00:37:40,960 --> 00:37:43,280 Other than that, the Chuck Ockery portfolio looks very 778 00:37:43,280 --> 00:37:45,640 similar to last quarter. They have MasterCard as the 779 00:37:45,640 --> 00:37:49,320 largest position, Moodys, KKR, American Tower Corp. 780 00:37:49,480 --> 00:37:51,680 This is one that they've talked glowingly about for a long 781 00:37:51,680 --> 00:37:53,880 period of time. The very high return on capital 782 00:37:53,880 --> 00:37:56,520 from that company. We have Brookfield Corp, we have 783 00:37:56,520 --> 00:38:00,760 O'Reilly, we have Visa, Roper Technologies and so on and so 784 00:38:00,760 --> 00:38:02,280 forth. Even though I don't agree with 785 00:38:02,280 --> 00:38:04,840 some of their recent trades, I don't think they're all that bad 786 00:38:04,920 --> 00:38:07,880 and I still believe that this is a very strong portfolio overall. 787 00:38:07,880 --> 00:38:10,880 So that is the final update of the Super investors across their 788 00:38:10,880 --> 00:38:12,960 portfolios. A couple common themes I've 789 00:38:12,960 --> 00:38:15,880 noticed is first of all, they're being very disciplined and I 790 00:38:15,880 --> 00:38:18,080 would say even reserved with their buying. 791 00:38:18,640 --> 00:38:20,200 They're not buying companies left and right. 792 00:38:20,240 --> 00:38:22,800 They're not scooping up different companies over and 793 00:38:22,800 --> 00:38:24,680 over again. What they're doing is being a 794 00:38:24,680 --> 00:38:27,080 little bit conservative. They're being discerning. 795 00:38:27,080 --> 00:38:28,960 They're being a little cautious with their buying. 796 00:38:29,280 --> 00:38:30,800 Warren Buffett leading the charge. 797 00:38:30,800 --> 00:38:33,600 They're holding an enormous amount of cash and not doing 798 00:38:33,600 --> 00:38:35,840 many buys and in fact selling a little bit. 799 00:38:36,160 --> 00:38:38,400 So I see overall a defensive posture. 800 00:38:38,760 --> 00:38:41,000 Another common theme that I noticed is just a lot of 801 00:38:41,000 --> 00:38:42,720 holding. A lot of them are just holding 802 00:38:42,720 --> 00:38:45,200 on to their companies. Most of them are not doing big 803 00:38:45,200 --> 00:38:48,080 sells, but they're just holding what they already own. 804 00:38:48,280 --> 00:38:50,640 I've also noticed a lot of Google and this is a company 805 00:38:50,640 --> 00:38:52,200 that I own. I think it's one of the few 806 00:38:52,200 --> 00:38:54,240 that's at 1/2 decent valuation right now. 807 00:38:54,600 --> 00:38:57,320 It's also a great company. There's some fears regarding 808 00:38:57,320 --> 00:38:59,480 Google, so it makes sense that people are cautious about it 809 00:38:59,480 --> 00:39:01,480 right now. But I've noticed Google and a 810 00:39:01,480 --> 00:39:03,320 lot of these super investors portfolios. 811 00:39:03,760 --> 00:39:06,560 So overall, there's the update. Let me know what you think. 812 00:39:06,600 --> 00:39:08,080 We'll have more content in the future. 813 00:39:08,360 --> 00:39:09,120 See you next time.