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Welcome back to the drills of 
Carlson show this episode. 

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We're going to be looking at a 
very popular fast-growing 

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company. 
That's dominated the market over

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the past five years. 
It's Nvidia. 

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And this company is in every one
of these growing categories, 

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like gaming, artificial 
intelligence data, centers AI on

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5G, autonomous systems and the 
Omniverse. 

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It's in all of them because they
are a massive GPU maker. 

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That's Graphics, that's visuals.
That's things that we look at in

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our computer every single day. 
I Have an Nvidia graphics card 

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in this computer that I'm using 
to record all of this right now.

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So this company is on fire, it's
deleting GPU maker and it's in a

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secular growth Trend but this 
company is also down 48 percent 

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year-to-date giving us the 
opportunity to maybe buy this 

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company for cheaper. 
In fact, at one point last year 

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it was trading at 333 dollars, 
now it's at 157. 

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So in today's episode I'm going 
to be doing a full analysis on 

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Nvidia. 
I'll be telling you the pros and

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cons of the company and if I 
think it's a bye For today's 

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price. 
Now, we also have some other 

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news to get into as well. 
I may have been incorrect on 

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Amazon. 
I said in my previous episode 

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that I thought Prime day would 
be sort of a flop, I didn't 

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think it would be that big this 
year and it was their biggest 

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year ever. 
They sold 300 million items on 

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Prime day. 
We also have news at Hulu is now

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growing faster than Disney plus 
which is just wild. 

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Disney owns both Disney plus, 
obviously, and Hulu. 

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And now, Hulu is growing faster,
but there's some other important

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pieces of information. 
Formation in this article here, 

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relating to Disney that I think 
is very important if your 

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Netflix investors. 
So we'll be looking at that as 

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well. 
So we have a full analysis of 

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Nvidia to get into. 
We have some news on Amazon and 

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Hulu to get into. 
Let's go ahead and just start 

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right off. 
This is the story fund. 

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Now just to give an update on 
the performance over time, 

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obviously since the beginning of
the year this portfolio hasn't 

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done well, most attack us sold 
off but over the past month, we 

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are up almost eight percent 
that's six thousand nine hundred

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dollars. 
So we are Making back a lot of 

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the Lost gains over time. 
This is beat the S&P 500 over 

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the past 30 days. 
And if we look at this 

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benchmarked against the S&P 500,
I updated this as of just a few 

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minutes before recording, this 
is what it looks like. 

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The blue line is my portfolio. 
The red line is the S&P 500. 

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So, right now, the S&P 500 is 
down, -1.1 9% my portfolios down

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25%, which is pretty bad. 
We have a long ways to make up, 

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but I'm going to be tracking 
this. 

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Until the end of 2025 right now 
we're going through a big 

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sell-off but things could turn 
around very quickly. 

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I could see these companies 
really taking off in the future 

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so I haven't given up hope I 
still believe when we look at 

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this, at the end of 20 25, I 
still believe there's more than 

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a 50% chance that I'll 
outperformed the S&P 500. 

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Now a lot of people disagree but
we'll see what happens with that

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either way. 
I'll be tracking it showing it 

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transparently every single week 
week by week. 

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So if you want to follow along, 
just subscribe to the channel 

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and hit the thumbs up icon. 
As it helps recommend it to 

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other people in the YouTube 
algorithm. 

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Now, before we jump specifically
into Nvidia and doing analysis 

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on this, seeing, if it's a good 
time to add it to the story 

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fund, let's go ahead and just 
give a quick update on a couple,

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a couple companies in my 
portfolio Amazon and Netflix. 

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First of all, I was incorrect. 
We have this article here and it

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just proved me wrong. 
Which in this case I was, I was 

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happy to be proven wrong, Amazon
sold more than 300 million items

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on Prime day, Prime members 
worldwide. 

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Wide purchase more than 100,000 
items per minute, 100,000 items 

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per minute around the clock. 
That is incredible to think 

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about last year, they sold 250 
million items this year, they 

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sold 300 million. 
So at the end of the day, you 

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can look at different things 
online and try to get hints of 

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what's going on. 
But you don't know for sure 

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Amazon was sending people home 
and certain fulfillment centers,

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but that's likely because they 
even overbuilt with this excess 

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demand, they still overbuilt to 
some extent. 

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They have a lot of employees 
there that they probably don't 

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need. 
They don't want to fire everyone

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because they're eventually 
believing that they're going to 

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have to hire them back and so 
they'd rather just keep them. 

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So Amazon is probably overpaying
for employees and fulfillment 

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centers right now. 
But their ideas that they won't 

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be in a year or so, when demand 
catches up to what their current

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build out is and I'm happy to be
proven incorrect on this Prime 

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Day news. 
Now the other news of my 

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portfolio is regarding Netflix, 
we have news here from Hulu. 

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Now the only Thing I wanted to 
highlight and how I think this 

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will tie into Netflix, is I've 
been saying for some time that a

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lot of these streaming services 
are simply giving out, huge 

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discounts in order to learn 
early subscribers in and they're

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going to give price increases 
over time. 

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And the reason that this is 
important to Netflix is right 

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now. 
Everybody considers Netflix to 

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have a bad value proposition 
Netflix charges anywhere from 

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like ten dollars to 18 dollars, 
depending on the tear you have 

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and people are seeing. 
Wow. $10 a month, twelve dollars

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a month compared to this other 
streaming service. 

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That's only five dollars a month
or $9 a month. 

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Netflix is a ripoff. 
The reason why is all those 

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other streaming services for the
most part aren't profitable. 

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They're not making any money, 
they're being subsidized and 

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eventually they will raise 
prices and as they raise prices 

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the value proposition for 
Netflix will increase 

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comparatively speaking and you 
can see this happening right 

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here as part of this news, they 
said on Friday. 

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Disney said that beginning in 
late. 

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Late, August, the monthly 
subscription cost for ESPN would

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rise from 699 2999. 
So $7 to $10 a month. 

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They just raised it three bucks 
a month or from 6999 annually to

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9999 annually. 
All of these companies are going

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to have to raise their pricing 
over time. 

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Making the value proposition. 
Look better for Netflix. 

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So that's just a quick portfolio
update. 

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I haven't made any changes as of
now, I've just been doing 

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research looking at my 
company's. 

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Seeing if they're going in the 
right direction, we have a lot 

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of earnings. 
Reports coming up between Amazon

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and Netflix. 
Netflix is, is tomorrow, as I 

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said, I think it's likely to be 
a train wreck. 

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I don't know for sure. 
I can't see the future. 

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I don't have any inside 
information or anything like 

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that, but they're expected to 
lose 2 million subscribers. 

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And Netflix also has third-party
analysis. 

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They have people that do 
analysis on this tracking 

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different metrics that say, they
might lose 2.8 million which 

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would be a complete disaster. 
So tune in tomorrow if you want 

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to potentially see a disaster. 
I'll do a reaction video on it 

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and give you my take on it, but 
I'm not expecting anything. 

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Great from this quarter, I'm 
holding the company because of 

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the next five years, how I think
things will unravel over a much 

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longer time line, but if you're 
invested in this company in the 

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short-term, just expect it to be
volatile. 

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So there's an update on the 
story fund and a couple new 

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stories. 
And I'll have another update out

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this week with my reaction. 
And Netflix is earnings. 

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Now, let's go ahead and 
transition to Nvidia. 

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Now, why are we even talking 
about Nvidia? 

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Well obviously, it's because 
Nancy, You Pelosi's husband who 

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never talks to Nancy Pelosi 
about stocks, I'm sure they 

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never discussed the matter. 
He happened to just buy millions

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of dollars of Nvidia stock, 
right before Congress votes. 

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On a chip, Bill house Speaker. 
Nancy Pelosi is, husband, 

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purchased up to 5 million in 
stock options on the 

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Semiconductor Company. 
Nvidia ahead of this week's 

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vote, on the chips, act that 
would see billions of dollars in

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subsidies pour it into the chip 
manufacturing industry. 

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So, Nancy Pelosi has A snack of 
not only you know she's in 

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Congress doing all that type of 
stuff that she happens to be 

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very good at timing purchases 
into companies before Congress 

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acts to do things that are very 
beneficial to those companies 

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Industries. 
So this is just one more case 

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where Nancy Pelosi shows off her
incredible timing. 

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And with that said, let's go 
ahead and take a look at this 

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stock. 
Nvidia is a company that a lot 

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of people think they say Joseph,
it should be in the story fund, 

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it's one of these fast growing 
tech companies. 

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It fits in with the theme of the
story. 

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One that is true. 
Let me go through a couple 

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considerations. 
I think big considerations at 

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least when I do analysis on 
Nvidia. 

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The first thing that I look at 
is what type of company it is 

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and what sector and the type of 
things are going into nvidia's 

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big into gaming, artificial 
intelligence data, centers AI on

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5G, autonomous systems and the 
Omniverse. 

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Now, when most investors, 
especially retail investors that

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are new to the stock market. 
They look at companies and they 

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think, wow, there In everything,
that's the future. 

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This is where I want my money to
go. 

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This is what's going to work 
really hard for me, there in all

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the exciting places, gaming, AI 
data, centers 5G, autonomous 

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systems, the Omniverse can any 
company get better than this 

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when I look at this, it's a red 
flag to me. 

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This is actually not a great 
thing because boring is good and

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investing the more boring. 
A company. 

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Probably the better results 
you're going to have over a 

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given time, line, the type of 
companies that get all the All 

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the attention from investors on 
the forums. 

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And on line on TV are the type 
of companies that typically have

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one common side effect. 
The side effect is a very poor 

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one. 
If you're wanting good 

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investment Returns, the side 
effect being that they're 

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typically overvalued. 
Now I'm not saying that Nvidia 

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is overvalued right now, we'll 
get into the valuation later but

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being in these industries and 
being in a very hot sector which

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is GPU makers and all these 
different things that they're 

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going into gives me a suspicion.
That I really need to pay 

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attention to valuation on this 
company that I should very much 

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do good valuation analysis 
because I think there's a high 

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likelihood that a company that's
in all of these industries. 

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Maybe bid up a little bit more 
than other companies. 

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Peter Lynch said, if I could 
avoid a single stock, it would 

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be the hottest stock in the 
hottest industry. 

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The one that gets the most 
favorable publicity, the one 

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that every investor hairs about 
in the carpool or the commuter 

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train and succumbing to social 
pressure often buys he said if 

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you could avoid one company it 
would be that. 

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One. 
And you could replace the 

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carpool or the commuter train 
with YouTube videos. 

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Tick, Tock, Twitter, that type 
of thing. 

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Social media, a lot of people 
talk about exciting companies 

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with exciting Futures and they 
have exciting projects and that 

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helps investors get lured into 
buying them at ever increasing 

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prices. 
So keep that in mind. 

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That's the very first thing that
I look at with Nvidia. 

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It's in a very hot sector and 
all these different categories. 

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I think there's a good chance, 
it might be a bit up to high 

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valuation, having said that A 
lot of these companies that were

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exciting companies have been 
sold off over the past year and 

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it looks like Nvidia wasn't 
Spirit as well. 

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This company had too much 
enthusiasm and you can see that 

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getting taken out of the stock 
right now, all the excitement 

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and enthusiasm is leaving this 
company, it's down, 48 percent, 

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year-to-date down by almost 
half, we have in the past year 

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and Via trading all the way up 
to $333 per share. 

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Now, it's trading at 168. 
So it's trading down, maybe 70%.

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Over the past year. 
Now we're going to go ahead and 

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jump into all the fundamentals 
and evaluation of this company. 

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But I want to explore further 
what they're going into and what

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their game plan actually is a 
little bit of qualitative 

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research. 
I want to go ahead and play, 

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just a couple clips from a 
recent interview. 

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This is last year with the CEO 
of Nvidia. 

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And he's talking about some of 
the opportunities here, how he 

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00:11:21,200 --> 00:11:24,300
looks at the company, he's been 
the CEO for a long time and he's

227
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directed this company in a very 
good direction. 

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So he's very ambitious. 
He wants to conquer very A huge 

229
00:11:30,200 --> 00:11:32,500
things with Nvidia and this is 
him highlighting. 

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00:11:32,500 --> 00:11:36,400
A lot of his vision, we are 
going to be successful deploying

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00:11:36,400 --> 00:11:38,500
Global fleets of autonomous 
vehicles. 

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00:11:39,100 --> 00:11:42,600
We're going to, of course, 
develop these vehicles in a 

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Digital Universe. 
We call Omniverse. 

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00:11:44,900 --> 00:11:47,900
Of course when a teach these 
robotic cars, how to drive and 

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virtual cities, we're going to 
deploy it through a network of 

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Partners, our partner. 
Mercedes-Benz as you know, 

237
00:11:54,200 --> 00:11:58,100
builds millions of cars on the 
market and, and together, it's a

238
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trillion dollar market. 
We Create. 

239
00:12:00,200 --> 00:12:02,900
We could deploy the fleet of 
cars, a safe efficient to 

240
00:12:02,900 --> 00:12:05,800
operate. 
And and it starts with some 

241
00:12:05,800 --> 00:12:10,500
basic invention. 
This is the autonomous driving 

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vehicle Network, Nvidia believes
that their position to be one of

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00:12:14,000 --> 00:12:18,400
the major players making the, 
the gpus, the the tech that 

244
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actually does all of these 
calculations that can do all the

245
00:12:21,500 --> 00:12:23,800
visualizations of these 
autonomous networks. 

246
00:12:24,200 --> 00:12:27,200
So, that's one big category. 
They want to grow into, they 

247
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want to make all the software 
and the hardware for and they 

248
00:12:30,000 --> 00:12:33,100
want to sell it to different 
companies, like Mercedes BMW, 

249
00:12:33,100 --> 00:12:36,300
whatever they can. 
And so this is moving outside of

250
00:12:36,300 --> 00:12:38,900
just having a desktop computer 
or a gaming computer. 

251
00:12:39,200 --> 00:12:42,000
They want to grow into vehicles 
and have every vehicle be a 

252
00:12:42,008 --> 00:12:45,300
computer. 
Now, if his vision here came to 

253
00:12:45,300 --> 00:12:48,500
fruition, this would be like a 
trillion dollar market. 

254
00:12:48,500 --> 00:12:51,700
Be a massive market for NVIDIA. 
This next clip is a CO talking 

255
00:12:51,700 --> 00:12:54,400
about the Omniverse. 
We waste too much materials 

256
00:12:54,400 --> 00:12:58,100
because we can't simulate the 
logistics and the manufacturing 

257
00:12:58,100 --> 00:13:00,300
Logistics. 
So we wasted Whole bunch of 

258
00:13:00,300 --> 00:13:05,500
things to over compensate for 
the fact that we don't simulate.

259
00:13:05,500 --> 00:13:08,000
We want to simulate all 
factories. 

260
00:13:08,000 --> 00:13:10,700
In many verses. 
In this Omniverse, we want to 

261
00:13:10,708 --> 00:13:13,600
simulate plants in Omniverse 
want to stimulate the world's 

262
00:13:13,600 --> 00:13:16,400
power grids in the Omniverse. 
So this would actually be 

263
00:13:16,400 --> 00:13:18,800
something that saves companies a
lot of money if they're able to 

264
00:13:18,800 --> 00:13:21,900
simulate things that they have 
to do physically right now, 

265
00:13:21,900 --> 00:13:24,200
that's obviously another big 
growth path for them. 

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00:13:24,200 --> 00:13:26,800
Now, before we move on to the 
next part of this analysis, I 

267
00:13:26,800 --> 00:13:29,500
have to give a quick shout-out 
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268
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271
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I don't own any crypto currency.
I don't, I don't understand it. 

272
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I don't do analysis on it. 
It doesn't generate cash flows. 

273
00:13:44,200 --> 00:13:47,300
And I like companies like Nvidia
that can generate cash flow for 

274
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me. 
Now, FTX wants people to know 

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they're moving across different 
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stocks, this is something 
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Working very hard on their stock
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279
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It's in beta as of right now, 
but it should be opened up to a 

280
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wider. 
Wider audiences. 

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As the week's go on over the 
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292
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So far, the feedback has been 
positive. 

293
00:14:39,500 --> 00:14:41,900
So the CEO of Nvidia is a 
Visionary. 

294
00:14:41,900 --> 00:14:44,900
He has a vision of the future of
his company, how his products 

295
00:14:44,900 --> 00:14:47,600
will fit into the future, and I 
think he's genuine with it. 

296
00:14:47,600 --> 00:14:49,200
I really think that he's a good 
CEO. 

297
00:14:49,200 --> 00:14:52,100
He's been the CEO for a very 
long time, and I think he will 

298
00:14:52,100 --> 00:14:55,000
direct this company better than 
most other CEOs, even the 

299
00:14:55,000 --> 00:14:58,500
competitors, like, AMD and 
Intel, and my opinion, nvidia's 

300
00:14:58,500 --> 00:15:02,000
in the right track. 
Now, Having said that, the the 

301
00:15:02,000 --> 00:15:04,500
future is uncertain. 
We don't really know how this is

302
00:15:04,500 --> 00:15:07,200
going to play out, but we can 
look at some things of the past.

303
00:15:07,200 --> 00:15:09,600
And one thing I always like to 
do is look at the past 

304
00:15:09,600 --> 00:15:12,700
performance of a company, look 
at the volatility of it, see how

305
00:15:12,700 --> 00:15:16,300
it compared against the S&P 500 
and the QQQ, and we can look at 

306
00:15:16,308 --> 00:15:20,500
that with Nvidia since 2017. 
So roughly five years ago, 

307
00:15:20,700 --> 00:15:25,100
Nvidia has out performed both, 
indexes albeit with much greater

308
00:15:25,200 --> 00:15:27,400
volatility. 
Look at the volatility of this 

309
00:15:27,400 --> 00:15:31,900
company so it has outperformed 
And but if you bought sense 2021

310
00:15:31,900 --> 00:15:35,900
at any time, you likely probably
are in the red at this point to 

311
00:15:35,900 --> 00:15:40,500
get the good returns, you had to
have purchased at 2019 2020 and 

312
00:15:40,500 --> 00:15:44,100
held on and you can see that in 
late 2021, it went up to an 

313
00:15:44,100 --> 00:15:46,000
all-time high with a lot of 
other tech companies. 

314
00:15:46,300 --> 00:15:49,200
Now it's old down dramatically 
this year, so this is what the 

315
00:15:49,200 --> 00:15:51,700
performance looks like, over the
past five years and this is what

316
00:15:51,700 --> 00:15:53,700
the performance looks like, 
since 2010. 

317
00:15:53,700 --> 00:15:55,500
So we're looking at a bigger 
time Horizon. 

318
00:15:55,900 --> 00:16:01,100
Now, again, since 2016 Nvidia 
took off above Indices and now 

319
00:16:01,100 --> 00:16:04,900
it's just crushing the indices 
since then except with much 

320
00:16:04,900 --> 00:16:07,200
greater volatility and that's 
something that I really want to 

321
00:16:07,208 --> 00:16:09,900
highlight because a lot of 
people think they believe they 

322
00:16:09,900 --> 00:16:12,700
can withstand High volatility 
but at the end of the day, it's 

323
00:16:12,700 --> 00:16:17,100
very difficult to withstand like
this big dip in 2018, that would

324
00:16:17,100 --> 00:16:20,200
have been difficult to hold the 
company through the big dip in 

325
00:16:20,200 --> 00:16:22,700
2021. 
That's discouraging to a lot of 

326
00:16:22,700 --> 00:16:24,100
investors. 
Now, another thing that's 

327
00:16:24,100 --> 00:16:26,200
difficult to see what this 
chart, but I can hit the 

328
00:16:26,200 --> 00:16:30,700
logarithmic scale here is since 
2010 to 2016 18 and video 

329
00:16:30,700 --> 00:16:32,900
actually dramatically 
underperformed. 

330
00:16:32,900 --> 00:16:35,500
The indices. 
So half of this time Horizon, 

331
00:16:35,500 --> 00:16:37,900
you would have been holding a 
stock that was underperforming 

332
00:16:37,900 --> 00:16:41,100
the indices and then suddenly it
started to outperform with 

333
00:16:41,100 --> 00:16:45,000
greater volatility overall. 
Nvidia is a highly volatile 

334
00:16:45,000 --> 00:16:47,100
company. 
We can even zoom out to a bigger

335
00:16:47,100 --> 00:16:50,100
timeline to see more volatility.
Here's what the performance 

336
00:16:50,100 --> 00:16:53,500
looks like since 2002. 
So, going back, 20 years, you 

337
00:16:53,500 --> 00:16:56,600
can't really see anything beyond
2016. 

338
00:16:56,900 --> 00:16:59,500
Unless we hit logarithmic hair, 
this is what it looks. 

339
00:16:59,700 --> 00:17:03,200
Like though since 2002, it took 
that huge dip way below the 

340
00:17:03,200 --> 00:17:05,500
indices then it climbed back 
above it. 

341
00:17:05,500 --> 00:17:08,300
So it had a couple good years of
performance, then it dipped 

342
00:17:08,300 --> 00:17:11,599
down, way more, then it climbed 
back almost close to it, but it 

343
00:17:11,608 --> 00:17:15,900
was still under performing until
2016 and just recently it 

344
00:17:15,900 --> 00:17:18,599
started to outperform. 
This is why ends up on 

345
00:17:18,599 --> 00:17:21,599
everybody's radar right now is 
because it's currently 

346
00:17:21,800 --> 00:17:24,500
outperforming even with this 
huge sell-off. 

347
00:17:24,800 --> 00:17:27,900
Nvidia is outperforming, but 
keep in mind, if you had 

348
00:17:27,900 --> 00:17:31,200
invested in this company since 
And to it took you all the way 

349
00:17:31,200 --> 00:17:35,700
to 2016 until you started to get
any Alpha by owning this stock. 

350
00:17:36,000 --> 00:17:41,000
So, it is a very volatile, very 
inconsistent performing company.

351
00:17:41,000 --> 00:17:42,900
Now, why is this company so 
volatile? 

352
00:17:43,200 --> 00:17:45,200
Well, the earnings are volatile 
in the company. 

353
00:17:45,200 --> 00:17:47,500
Let's go ahead and look at it 
using qualtrics insights, this 

354
00:17:47,500 --> 00:17:50,300
is a website I developed as part
of the patreon membership. 

355
00:17:50,300 --> 00:17:53,300
So if you join the patreon, you 
gain access to this website and 

356
00:17:53,300 --> 00:17:55,900
there is a free trial. 
So if you haven't tried it out, 

357
00:17:55,900 --> 00:17:57,700
go ahead. 
Join the patron, you will not 

358
00:17:57,700 --> 00:18:01,200
get charged till the end of the 
And I think you'll love it. 

359
00:18:01,200 --> 00:18:02,500
A lot of people are using it 
every day. 

360
00:18:02,500 --> 00:18:04,900
We have thousands of users, let 
me go ahead and just highlight 

361
00:18:04,900 --> 00:18:10,300
on this EPS chart, the cyclic 
ality and volatility of nvidia's

362
00:18:10,300 --> 00:18:14,600
earnings we have right here 
earnings going up from 1999 to 

363
00:18:14,600 --> 00:18:18,600
2001. 
Then earnings dropping from 2002

364
00:18:18,600 --> 00:18:23,500
to 2003, then earnings going up 
from 2004 to 2007, then them 

365
00:18:23,500 --> 00:18:29,300
dropping going up, dropping 
going up, zigging up and down. 

366
00:18:29,800 --> 00:18:33,600
And then the earnings climbed, 
like crazy since 2015. 

367
00:18:33,800 --> 00:18:36,700
That's why the stock price took 
off since 2016. 

368
00:18:37,200 --> 00:18:41,100
Now, it drop back down, 2018, 
there's a huge drop in the stock

369
00:18:41,100 --> 00:18:44,500
price, then it dropped again. 
And now, it's gone. 

370
00:18:44,500 --> 00:18:46,700
Back up quite a bit and it's 
dropping again. 

371
00:18:47,200 --> 00:18:50,500
When you look at this chart 
here, is this a company that has

372
00:18:50,500 --> 00:18:54,100
consistently growing earnings? 
The answer is obviously no, it 

373
00:18:54,100 --> 00:18:57,700
is a cyclical company. 
Many people tell me the cyclic. 

374
00:18:57,700 --> 00:19:02,000
A ladies over with Nvidia. 
Transition into a new phase and 

375
00:19:02,000 --> 00:19:04,200
these chip makers are no longer 
cyclical. 

376
00:19:04,500 --> 00:19:07,500
I don't buy it yet. 
You have to prove me wrong on 

377
00:19:07,500 --> 00:19:09,800
this. 
I have to see a company that's 

378
00:19:09,800 --> 00:19:14,000
very steady growing earnings 
over long period of time to 

379
00:19:14,000 --> 00:19:17,700
prove to me that's not cyclical.
This earnings shows me a picture

380
00:19:17,700 --> 00:19:20,300
of a highly cyclical, highly 
volatile company. 

381
00:19:20,400 --> 00:19:23,400
It's okay to own those but in my
opinion it is a negative. 

382
00:19:23,400 --> 00:19:26,700
Because if you time it by buying
anywhere at the top and then the

383
00:19:26,700 --> 00:19:29,400
stock price goes down, you have 
to wait until the other. 

384
00:19:29,600 --> 00:19:32,700
Cycle takes place, and it goes 
back up, and that can be very 

385
00:19:32,700 --> 00:19:35,400
difficult to do. 
A lot of investors, even in a 

386
00:19:35,400 --> 00:19:38,600
good stock, the end up buying at
the wrong time, and they end up 

387
00:19:38,600 --> 00:19:41,300
holding it until it goes down, 
they get discouraged and then 

388
00:19:41,300 --> 00:19:43,200
they sell out. 
So having this be a highly 

389
00:19:43,200 --> 00:19:45,200
cyclical company. 
That doesn't have consistent 

390
00:19:45,300 --> 00:19:47,600
earnings is something to keep in
mind, we can take a look at a 

391
00:19:47,608 --> 00:19:50,400
couple companies that aren't 
cyclical to see the benefits of 

392
00:19:50,400 --> 00:19:53,000
them. 
Here's Costco similar EPS chart.

393
00:19:53,300 --> 00:19:57,200
Notice how the earnings just go 
like this, Generally speaking, 

394
00:19:57,200 --> 00:20:00,100
it might fluctuate slightly, 
there's a couple quarters where 

395
00:20:00,100 --> 00:20:03,300
it goes down, but generally 
speaking, the earnings grow on a

396
00:20:03,300 --> 00:20:06,500
consistent basis. 
There's no cyclic ality to it. 

397
00:20:06,600 --> 00:20:11,300
Come depression, recession 
growth period, doesn't matter, 

398
00:20:11,300 --> 00:20:12,800
Costco's earnings will keep 
growing. 

399
00:20:13,000 --> 00:20:15,700
This is non cyclical. 
That is a superior trait of a 

400
00:20:15,700 --> 00:20:18,400
company, something that 
investors do value and even in 

401
00:20:18,400 --> 00:20:20,900
the tech category, there are a 
lot of companies that are less 

402
00:20:20,900 --> 00:20:23,500
cyclical. 
I would argue than Nvidia, 

403
00:20:23,600 --> 00:20:26,800
Microsoft's earnings aren't 
perfectly as And as Costco's, 

404
00:20:26,900 --> 00:20:29,000
they have some times where 
they've gone relatively flat, 

405
00:20:29,300 --> 00:20:32,800
but overall it's far less 
cyclical than nvidias nvidia's. 

406
00:20:32,800 --> 00:20:35,900
Earnings are far more volatile, 
more cyclical, and that in my 

407
00:20:35,900 --> 00:20:38,700
opinion, is a - it's something 
investor should be cautious. 

408
00:20:38,700 --> 00:20:42,200
About most investors have an 
inflated view of their ability 

409
00:20:42,200 --> 00:20:46,000
to hold onto companies during 
these dramatic stock price Rises

410
00:20:46,200 --> 00:20:48,000
and falls. 
And if you're investing in a 

411
00:20:48,000 --> 00:20:50,800
company that has the earnings 
rise and fall, the stock price 

412
00:20:50,800 --> 00:20:53,100
will follow. 
So, just keep that in mind, if 

413
00:20:53,100 --> 00:20:55,200
you're looking at investing in 
this company, you're likely 

414
00:20:55,200 --> 00:20:58,100
going to be buying Company that 
has a dramatic rise in price and

415
00:20:58,100 --> 00:21:00,900
a dramatic fall in price 
continually over the next 10 

416
00:21:00,900 --> 00:21:02,900
years that can be difficult to 
deal with. 

417
00:21:02,900 --> 00:21:05,800
Now in the story fund, I have a 
lot of volatile companies and 

418
00:21:05,800 --> 00:21:08,700
cyclical companies. 
So this isn't a disqualifier. 

419
00:21:08,700 --> 00:21:11,200
I'm fine. 
Holding companies like Nvidia as

420
00:21:11,200 --> 00:21:13,000
long as I believe. 
They have a bright future and 

421
00:21:13,000 --> 00:21:15,300
they're good valuation. 
Let's go ahead and look at some 

422
00:21:15,300 --> 00:21:17,400
of the fundamentals here. 
I want to take a look at the 

423
00:21:17,400 --> 00:21:20,500
revenue of this company. 
It's been growing at an insane 

424
00:21:20,500 --> 00:21:24,000
Pace 46 percent year over year 
was our last quarter. 

425
00:21:24,400 --> 00:21:27,900
Look at this quarterly Revenue, 
With this is something abnormal 

426
00:21:28,000 --> 00:21:30,300
year-over-year. 
Look at this girl's back in. 

427
00:21:30,300 --> 00:21:33,800
2019, it was two point, two 
billion dollars in Revenue. 

428
00:21:34,100 --> 00:21:39,400
Last quarter they did 8.29 from 
2.2 on one quarter to eight 

429
00:21:39,400 --> 00:21:42,200
point two nine with no slowdown 
in sight. 

430
00:21:42,400 --> 00:21:45,300
The revenues just taken off like
a rocket over the past five 

431
00:21:45,300 --> 00:21:48,100
years and on a note of that 
insane Revenue growth. 

432
00:21:48,200 --> 00:21:51,200
Their revenue actually is 
Diversified pretty evenly into 

433
00:21:51,200 --> 00:21:54,100
different categories. 
For example, we have data center

434
00:21:54,100 --> 00:21:57,000
here, this is from their 
investors, Sanitation, their 

435
00:21:57,000 --> 00:22:00,900
revenues growing 83 percent year
over year from their data center

436
00:22:00,900 --> 00:22:02,800
Revenue. 
That's incredibly fast growth, 

437
00:22:02,900 --> 00:22:06,900
15% quarter to quarter, then if 
we look at this, the revenue 

438
00:22:06,900 --> 00:22:10,000
from their data center is 3.7 
billion. 

439
00:22:10,200 --> 00:22:12,800
So three billion seven hundred 
fifty million and then we have 

440
00:22:12,800 --> 00:22:16,200
the gaming category which is 
growing 31 percent 

441
00:22:16,200 --> 00:22:18,800
year-over-year, very fast 
growth, but slower than the data

442
00:22:18,800 --> 00:22:20,700
centers. 
But the revenue for gaming is 

443
00:22:20,700 --> 00:22:25,100
3.6 billion. 
So we have data centers with 3.7

444
00:22:25,200 --> 00:22:28,300
gaming with 3.6. 
That means that data centers and

445
00:22:28,300 --> 00:22:30,900
gaming are, right? 
At the same level of Revenue, 

446
00:22:31,300 --> 00:22:33,500
the data centers, probably going
to outpace the gaining for the 

447
00:22:33,500 --> 00:22:36,700
foreseeable future, but I like 
the fact that the revenue split 

448
00:22:36,700 --> 00:22:38,400
evenly between these two 
categories. 

449
00:22:38,500 --> 00:22:41,300
Just means the revenue of the 
company is more Diversified now,

450
00:22:41,300 --> 00:22:44,900
professional visualization, 
actually decreased slightly last

451
00:22:45,000 --> 00:22:47,200
quarter, probably because it 
took off so quickly. 

452
00:22:47,200 --> 00:22:49,200
I don't think this is going to 
go down continually. 

453
00:22:49,300 --> 00:22:53,200
They're forecasting it to go up 
over time, but this is also 622 

454
00:22:53,200 --> 00:22:54,700
million. 
So we have three different 

455
00:22:54,700 --> 00:22:58,400
categories here. 
We have data centers gaming, and

456
00:22:58,400 --> 00:23:01,600
professional visualization that 
their revenue is Diversified, 

457
00:23:01,600 --> 00:23:04,200
and then they have other 
categories beyond that, meaning 

458
00:23:04,200 --> 00:23:06,600
that this Revenue isn't just one
product. 

459
00:23:06,600 --> 00:23:09,400
It's not a one-hit. 
Wonder product going off. 

460
00:23:09,400 --> 00:23:11,800
That might go away. 
It's split between a couple of 

461
00:23:11,800 --> 00:23:14,000
different applications. 
Now as the revenue is growing, 

462
00:23:14,000 --> 00:23:16,200
we do want to see similar growth
with the ibadah. 

463
00:23:16,200 --> 00:23:19,700
Preferably this is goody but a 
growth but not perfectly as 

464
00:23:19,700 --> 00:23:23,000
consistent as a revenue. 
So they have variable expenses 

465
00:23:23,000 --> 00:23:25,300
and loans and Investments. 
They have to make that affect 

466
00:23:25,300 --> 00:23:25,900
this eBay. 
Ada. 

467
00:23:25,900 --> 00:23:29,700
Now, the most important metric, 
out of all the earning proxies 

468
00:23:29,700 --> 00:23:33,300
we can look at between the EPS, 
the net income Ibaka and the 

469
00:23:33,300 --> 00:23:36,200
cash flow. 
My favorite one is the free cash

470
00:23:36,200 --> 00:23:37,700
flow. 
Look at the free cash flow. 

471
00:23:37,700 --> 00:23:41,600
This company over time over the 
past 20 years, 20 or so years. 

472
00:23:41,600 --> 00:23:46,300
The free cash flow went from 
being a mixture of negative and 

473
00:23:46,300 --> 00:23:50,900
positive swinging back and forth
to now only positive every 

474
00:23:50,900 --> 00:23:54,200
single quarter of every single 
year they do post positive free 

475
00:23:54,200 --> 00:23:55,800
cash flow. 
So if you're investing in 

476
00:23:55,900 --> 00:23:58,400
Nvidia. 
This isn't some unprofitable 

477
00:23:58,400 --> 00:24:00,700
company that can't walk on their
own two feet. 

478
00:24:00,900 --> 00:24:03,600
This is a profitable company. 
Posting free cash flows every 

479
00:24:03,600 --> 00:24:06,300
quarter that generally over time
are growing. 

480
00:24:06,300 --> 00:24:09,300
This is the exact Trend. 
I want to see with every company

481
00:24:09,600 --> 00:24:12,200
when I break this down, on a 
free cash flow per share basis, 

482
00:24:12,300 --> 00:24:15,600
it's still growing generally 
speaking but not quite as fast. 

483
00:24:15,600 --> 00:24:17,600
Meaning, they're probably 
issuing some shares. 

484
00:24:17,700 --> 00:24:19,400
So the free cash flow of the 
company is growing. 

485
00:24:19,400 --> 00:24:22,100
The free cash flow per share is 
growing, those are both good 

486
00:24:22,100 --> 00:24:24,100
things that you want to see. 
But we want to look at the 

487
00:24:24,100 --> 00:24:26,300
valuation. 
How much is This company 

488
00:24:26,300 --> 00:24:29,100
generating and free cash flow 
every year compared to its 

489
00:24:29,100 --> 00:24:31,400
current share price, one metric 
that I've been looking at for 

490
00:24:31,400 --> 00:24:34,800
every company on investing in is
the free cash flow yield of the 

491
00:24:34,800 --> 00:24:37,200
company, you can think of it 
like the dividend yield. 

492
00:24:37,200 --> 00:24:40,000
But instead of dividends, it's 
the yield of the free cash flow 

493
00:24:40,000 --> 00:24:42,300
of the company. 
You get that by looking at the 

494
00:24:42,300 --> 00:24:45,300
past 12 months of free cash 
flow, the company's generated. 

495
00:24:45,400 --> 00:24:48,300
So the trailing 12 months, then 
you divide that by the share 

496
00:24:48,300 --> 00:24:51,000
price, then you have the yield 
the free cash flow. 

497
00:24:51,000 --> 00:24:55,500
Yield of Nvidia right now. 
Is 2.1 percent. 

498
00:24:55,900 --> 00:25:00,500
Two point one, that is very low.
That means that the company with

499
00:25:00,500 --> 00:25:03,700
the current share price does not
generate a lot of free cash flow

500
00:25:03,700 --> 00:25:07,000
based on one share. 
It's very small amount and even 

501
00:25:07,000 --> 00:25:10,200
though the free cash flow is 
growing at a fast pace, it would

502
00:25:10,200 --> 00:25:14,200
basically have to double 
overnight to get to the same 

503
00:25:14,200 --> 00:25:16,500
level evaluation as many other 
companies. 

504
00:25:16,600 --> 00:25:20,200
For example, while nvidia's at a
free cash flow yield of 2.1, 

505
00:25:20,500 --> 00:25:24,100
Microsoft's already had a yield 
of 3.3 apples at a free cash 

506
00:25:24,100 --> 00:25:26,800
flow. 
Yield of 4.2 Texas Roadhouse. 

507
00:25:26,800 --> 00:25:29,400
The company, my dividend 
portfolio is that a free cash? 

508
00:25:29,400 --> 00:25:34,300
Will yield a 4.7 getting up to 
5% metas at a free cash flow 

509
00:25:34,300 --> 00:25:38,100
yield of eight percent. 
So Nvidia is on the very low 

510
00:25:38,100 --> 00:25:41,600
end, it does not generate a lot 
of free cash flow over the past 

511
00:25:41,600 --> 00:25:44,200
12 months compared to its 
current share price. 

512
00:25:44,500 --> 00:25:47,700
What that tells me as an 
investor is that some of my 

513
00:25:47,700 --> 00:25:51,100
concerns about this company, a 
very popular company and a lot 

514
00:25:51,100 --> 00:25:53,500
of popular Technologies with 
high expectations. 

515
00:25:53,800 --> 00:25:55,700
Has the share price bid up to a 
point. 

516
00:25:55,900 --> 00:25:58,800
We're investors have incredibly 
high expectations for NVIDIA, 

517
00:25:59,000 --> 00:26:01,800
their pricing in a lot of 
growth. 

518
00:26:02,100 --> 00:26:05,800
Lots of consistent explosive 
growth with this company to 

519
00:26:05,800 --> 00:26:08,700
continue growing Beyond how much
it's already grown. 

520
00:26:09,000 --> 00:26:11,800
They want it to generate double 
the amount of free cash flow 

521
00:26:11,900 --> 00:26:14,800
just to get in the same category
as a company like apple. 

522
00:26:15,200 --> 00:26:18,900
So when I look at this, this is 
kind of the second red flag of 

523
00:26:18,900 --> 00:26:22,000
this company. 
It's not only cyclical but even 

524
00:26:22,000 --> 00:26:25,100
during a time period what's done
really well, it's generating a 

525
00:26:25,800 --> 00:26:28,400
Sent 2.1 percent free cash flow 
yield. 

526
00:26:28,500 --> 00:26:31,500
That is very low. 
So I'd have to be incredibly 

527
00:26:31,500 --> 00:26:34,300
bullish on the company, 
incredibly bought into the 

528
00:26:34,300 --> 00:26:37,200
future of it and I'd have to 
have a strong belief that the 

529
00:26:37,200 --> 00:26:40,700
free cash will be explosive over
the next five years to be paying

530
00:26:40,700 --> 00:26:43,600
this low of a current free cash 
flow yield for the company. 

531
00:26:43,600 --> 00:26:44,800
We look at the other metrics 
here. 

532
00:26:45,200 --> 00:26:48,100
The net income is growing over 
time, with the free cash flow, 

533
00:26:48,200 --> 00:26:50,100
the EPS obviously is growing 
over time. 

534
00:26:50,600 --> 00:26:53,000
The cash in deposition is 
incredibly good. 

535
00:26:53,100 --> 00:26:55,700
This is a cash-rich company. 
They have more cash. 

536
00:26:55,800 --> 00:26:59,800
And debt, 20 billion dollars in 
cash and they have eleven point 

537
00:26:59,800 --> 00:27:02,300
seven billion dollars in 
long-term debt nvidia's in a 

538
00:27:02,300 --> 00:27:05,500
very cash-rich position which is
something I'd love to see with 

539
00:27:05,500 --> 00:27:08,200
my company's there is zero 
chance of this company going 

540
00:27:08,200 --> 00:27:10,800
bankrupt. 
If they have a bad cycle because

541
00:27:10,800 --> 00:27:13,500
it's a cyclical company. 
If it go through a tough Market 

542
00:27:13,500 --> 00:27:16,200
time, they'll be able to survive
it for multiple years. 

543
00:27:16,400 --> 00:27:20,000
They'll be able to survive and 
continue on the dividend is 

544
00:27:20,700 --> 00:27:23,400
really non-existent. 
At this point, I wouldn't even 

545
00:27:23,400 --> 00:27:25,500
consider Nvidia a dividend 
company. 

546
00:27:26,000 --> 00:27:28,900
It's just a symbolic dividend 
for pennies per quarter per 

547
00:27:28,900 --> 00:27:32,200
share, they haven't raised it 
since 2018, I don't even know 

548
00:27:32,208 --> 00:27:35,100
why they're still paying it. 
The dividend yield is point one 

549
00:27:35,100 --> 00:27:38,000
percent so you could call it a 
dividend company. 

550
00:27:38,000 --> 00:27:40,900
But in my opinion it's not their
payout. 

551
00:27:40,900 --> 00:27:43,900
Ratios for point two, nine 
percent, the shares outstanding 

552
00:27:43,900 --> 00:27:46,400
have been going up over time, 
which means the company has been

553
00:27:46,400 --> 00:27:49,700
diluting, the shareholders by 
issuing more shares, likely to 

554
00:27:49,700 --> 00:27:51,600
pay for stock-based. 
Compensation with all their 

555
00:27:51,600 --> 00:27:54,900
engineers and developers that a 
company like, this has to employ

556
00:27:55,000 --> 00:27:58,500
now This isn't necessarily 
problematic but it's certainly 

557
00:27:58,500 --> 00:28:01,500
not something I'd like to see. 
I'd like at the very least a 

558
00:28:01,500 --> 00:28:05,400
company like Nvidia to use their
free cash flows and buy back, 

559
00:28:05,400 --> 00:28:07,600
just enough shares to at least 
keep it flat. 

560
00:28:07,600 --> 00:28:10,300
So, they're not diluting their 
current shareholders, but there 

561
00:28:10,300 --> 00:28:13,300
are some companies that do this 
Salesforce is one of them. 

562
00:28:13,500 --> 00:28:15,300
Amazon is one of them generally 
speaking. 

563
00:28:15,300 --> 00:28:16,700
This is something I'd like to 
avoid. 

564
00:28:16,800 --> 00:28:18,900
Now, we can look at some of the 
expenses for this company. 

565
00:28:18,900 --> 00:28:22,000
What I like to look at with a 
company, like, Nvidia is a 

566
00:28:22,008 --> 00:28:25,000
research and development. 
This is not necessarily a bad 

567
00:28:25,000 --> 00:28:28,100
thing in my A opinion. 
This is what keeps the moat for 

568
00:28:28,100 --> 00:28:30,100
NVIDIA. 
So as they're spending more and 

569
00:28:30,100 --> 00:28:34,000
more on R&D every year, that 
should further increase their 

570
00:28:34,000 --> 00:28:38,300
mode from their competitors, 
like, Intel AMD different 

571
00:28:38,300 --> 00:28:39,800
companies that make any type of 
chips. 

572
00:28:40,200 --> 00:28:42,700
This is increasing their mode, 
this investment into research 

573
00:28:42,700 --> 00:28:45,200
and development. 
If this wasn't going up, if they

574
00:28:45,200 --> 00:28:47,200
weren't spending more money on 
this, I actually think that 

575
00:28:47,200 --> 00:28:49,300
would be concerning. 
So overall, when I look over 

576
00:28:49,300 --> 00:28:53,700
Nvidia, I see an incredibly high
quality company across the board

577
00:28:53,900 --> 00:28:56,800
- this year's outstanding, 
they're Little bit of dilution 

578
00:28:57,000 --> 00:28:59,700
but they could end this at any 
time so it's not really a 

579
00:28:59,700 --> 00:29:02,200
problem. 
The rest of the fundamentals are

580
00:29:02,200 --> 00:29:03,600
all moving in the right 
direction. 

581
00:29:03,700 --> 00:29:07,000
Growing revenues ibadah free 
cash flow per share data income,

582
00:29:07,200 --> 00:29:09,800
the earnings per share their 
cash position is incredibly 

583
00:29:09,800 --> 00:29:11,800
good. 
The dividends not really 

584
00:29:11,800 --> 00:29:14,200
existent, but this isn't a 
dividend paying company. 

585
00:29:14,200 --> 00:29:17,200
They're not fooling anyone with 
that and the share price has 

586
00:29:17,200 --> 00:29:19,400
come down significantly over the
past year. 

587
00:29:19,500 --> 00:29:21,900
So overall looking at this 
company and doing analysis on 

588
00:29:21,900 --> 00:29:23,400
it, here are my final thoughts 
on it. 

589
00:29:23,600 --> 00:29:25,600
The stock is popular there in 
growing. 

590
00:29:25,700 --> 00:29:27,200
Categories that are very 
exciting. 

591
00:29:27,300 --> 00:29:30,400
This is a double-edged sword. 
It's popular meaning that it's 

592
00:29:30,400 --> 00:29:33,300
likely overvalued, boring 
companies have better 

593
00:29:33,300 --> 00:29:36,300
valuations, but it is an 
exciting categories that 

594
00:29:36,300 --> 00:29:38,900
probably have more growth 
potential in the future than 

595
00:29:38,900 --> 00:29:41,700
your average company. 
So that's a double-edged sword. 

596
00:29:41,700 --> 00:29:42,900
You have to be careful about 
that. 

597
00:29:43,000 --> 00:29:44,600
I believe Nvidia has a wide 
moat. 

598
00:29:44,600 --> 00:29:48,000
They do have a lot of 
competition with AMD, with 

599
00:29:48,000 --> 00:29:51,100
Intel, with TSM with all these 
different chip makers. 

600
00:29:51,500 --> 00:29:54,200
But they've separated themselves
to be the category leader. 

601
00:29:54,200 --> 00:29:57,100
They have a lot of talent. 
They pay them high salaries to 

602
00:29:57,100 --> 00:29:59,400
keep that talent, that girl, 
their research and development 

603
00:29:59,400 --> 00:30:02,100
budget every year and I think 
they're going to keep their moat

604
00:30:02,100 --> 00:30:03,800
and their distance from their 
competitors. 

605
00:30:03,900 --> 00:30:07,200
For a long time in the future, 
Nvidia is cyclical. 

606
00:30:07,200 --> 00:30:09,800
This is something that some 
investors argue has come to an 

607
00:30:09,800 --> 00:30:12,000
end. 
It's no longer cyclical Joseph 

608
00:30:12,000 --> 00:30:13,900
because they're in so many 
different categories. 

609
00:30:14,100 --> 00:30:17,300
Chips are so common, gpus are so
common that they're going to be 

610
00:30:17,300 --> 00:30:20,600
selling all the time. 
I have to have this be proven 

611
00:30:20,600 --> 00:30:22,500
wrong. 
I need to be proven wrong that 

612
00:30:22,500 --> 00:30:24,900
this companies no longer 
cyclical because all throughout 

613
00:30:24,900 --> 00:30:27,600
its life for the past. 
Past 20-plus years, this 

614
00:30:27,600 --> 00:30:30,400
company's earnings have gone up,
and down, and up, and down, and 

615
00:30:30,400 --> 00:30:32,200
up and down. 
Highly volatile. 

616
00:30:32,400 --> 00:30:35,600
Giving investors a roller 
coaster ride without performance

617
00:30:35,600 --> 00:30:38,300
and under performance. 
That is something that I don't 

618
00:30:38,300 --> 00:30:40,300
generally. 
Like in these companies, it 

619
00:30:40,300 --> 00:30:43,800
trades at a 29 PE, which is a 
very low price to earnings but 

620
00:30:43,800 --> 00:30:47,100
on a free cash flow basis which 
is the main metric I've been 

621
00:30:47,100 --> 00:30:49,500
using. 
It's still very expensive and 

622
00:30:49,500 --> 00:30:54,800
Vidya has a 2% 2.1 percent free,
cash flow yield Microsoft is at 

623
00:30:54,800 --> 00:30:58,800
3.30 Apples at 4.2 Texas 
Roadhouse different companies 

624
00:30:58,800 --> 00:31:02,300
and different categories are in 
the range of five percent meta. 

625
00:31:02,500 --> 00:31:04,900
Is that a eight percent free 
cash flow yield. 

626
00:31:05,000 --> 00:31:07,900
So if my goal is, an investor is
to buy the most free cash flow 

627
00:31:07,900 --> 00:31:09,600
in the future for the cheapest 
price. 

628
00:31:09,600 --> 00:31:11,900
Today, there's other 
considerations. 

629
00:31:11,900 --> 00:31:14,100
There's other companies, 
Microsoft is selling their 

630
00:31:14,100 --> 00:31:17,700
current free cash flow for 
cheaper and Microsoft has 85 

631
00:31:17,700 --> 00:31:19,400
percent of their revenue is 
reoccurring. 

632
00:31:19,700 --> 00:31:22,200
So, that's a company that's 
really not cyclical at this 

633
00:31:22,200 --> 00:31:25,500
point and that leaves the 
conundrum with Nvidia. 

634
00:31:25,700 --> 00:31:28,400
I just have a lot of other 
companies, I can invest in that 

635
00:31:28,400 --> 00:31:32,100
I still think are arguably on 
much cheaper valuation. 

636
00:31:32,100 --> 00:31:34,700
So overall, that's my look at 
Nvidia, I think it's a high 

637
00:31:34,700 --> 00:31:37,600
quality company with a great 
future great leadership. 

638
00:31:37,600 --> 00:31:40,200
I think it will outperform the 
majority of companies in the 

639
00:31:40,200 --> 00:31:42,000
stock market over the next 10 
years. 

640
00:31:42,300 --> 00:31:44,800
I do have concerns about the 
valuation. 

641
00:31:45,000 --> 00:31:48,300
It's more fair now than it was a
year ago, but there's still 

642
00:31:48,300 --> 00:31:50,400
other companies that I believe 
are trading at a bigger 

643
00:31:50,400 --> 00:31:52,900
discounts. 
So, as of right now, it'll sit 

644
00:31:52,900 --> 00:31:54,900
on the watch list. 
I'll be looking at a time to 

645
00:31:54,900 --> 00:31:57,000
enter into this. 
Any, but it's not going to be 

646
00:31:57,000 --> 00:31:58,500
today. 
So I hope you enjoyed this 

647
00:31:58,500 --> 00:32:01,000
little look and video. 
Let me know what you think and 

648
00:32:01,000 --> 00:31:57,000
I'll see you in the next video. 
Any, but it's not going to be 

649
00:31:57,000 --> 00:31:58,500
today. 
So I hope you enjoyed this 

650
00:31:58,500 --> 00:32:01,000
little look and video. 
Let me know what you think and 

651
00:32:01,000 --> 00:32:02,100
I'll see you in the next video.