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Welcome back everyone. 
Today on the Joseph Carlson Show

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we are going to talk about one 
of the best performing stocks in

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the market. 
Now 2025 has been a remarkable 

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year for investors. 
If you're looking at your 

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portfolio and you made semi good
decisions, you've had great 

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returns. 
Google's at an all time high, 

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Microsoft is going higher and 
higher. 

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Companies like NVIDIA and 
Amazon, even companies like 

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Palantir and Tesla have been 
crushing it this year. 

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It's an exciting year for 
investors as we look across our 

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gains. 
But there is one company, one 

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company that's outperformed all 
the rest. 

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And it's one that you probably 
wouldn't suspect because it's 

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one that's been left for dead 
before. 

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It's name is Opendoor. 
It's the real estate tech 

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company where they buy and sell 
homes. 

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This little real estate tech 
company is up 500% year to date.

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It's gone parabolic. 
Investors are clamoring to 

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shares, and there's a whole 
social media circle diving into 

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this company. 
And the person behind all of 

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this is named Eric Jackson. 
This guy, the one that's 

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standing in front of Drakes home
asking him if he'll buy the 

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stock. 
Eric Jackson is an expert at 

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meme stocks, at ones that have 
gone parabolic. 

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In fact, this isn't the first 
time that he's done this. 

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A few years ago, he gained 
notoriety by buying Carvana in 

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2022 at the absolute bottom. 
He was bullish on the stock when

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everybody had given up, when 
investors were shorting the 

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stock, when they were leaving it
for dead. 

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He was one of the only ones that
said that this company could 

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turn around, that it could have 
substantial gains. 

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Carvana is up over 8000% from 
the lows. 

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No, not 800 percent, 8000%. 
It has gone parabolic for years.

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It's soared above any other 
stock. 

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And this is Eric Jackson's work,
the guy that was behind 

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Carvana's rise. 
Now he's turned his attention to

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Open Door. 
Well, I believe Open Door 

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deserves a closer look. 
We're going to be looking at the

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full story, the history, the 
people behind it and running it,

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and the thesis for the future. 
Now, of course, we have a lot of

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other news to get to in this 
episode. 

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Google is hitting a new all time
high, $250 per share above a $3 

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trillion market cap. 
And the Google Gemini app, the 

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direct competitor to Chachi PT 
and Grok, is now in the top spot

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in the app App Store. 
We'll be discussing that as well

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as we have news at ASML, a 
company that I've been talking 

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about continually as being 
undervalued is up 5% today. 

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It seems like it's having a 
breakaway. 

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The stock is lifting further and
further. 

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We'll be discussing this one. 
President Trump is making some 

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moves. 
He's saying that companies 

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should end their quarterly 
earnings report mandate. 

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Instead, they should be required
to report only once every six 

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months. 
This follows after China that 

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has more of a long term approach
with their companies. 

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Is this a good direction for the
market to go should companies no

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longer report on a quarterly 
basis? 

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We'll be discussing. 
So we have a lot to get to in 

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this episode. 
Now before we jump in, just a 

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quick reminder. 
Qualtrim is a tool that I own 

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and I've built for you, the 
investor. 

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In fact, I've built it for 
myself. 

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But it's been such a popular 
tool that we now have over 

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10,000 users and we get emails 
all the time like this one. 

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This is real e-mail that we just
got three days ago. 

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It says, hello team. 
I've been in and out of Qualtrim

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00:03:05,600 --> 00:03:07,800
and I've tried several tools out
there. 

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Finally I'm back at Qualtrim. 
That must mean something. 

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These are the type of emails we 
get all the time. 

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Users that try out Qualtrim and 
then they try out a lot of 

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different services. 
They come back to Qualtrim 

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because it's better, it looks 
better, it works better, it 

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functions better, it's faster, 
it's easier to use. 

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It's all the things we hear over
and over again. 

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And if you're currently using 
other tools and you haven't 

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tried out Qualtrim recently with
some of the updates we've done, 

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I would suggest trying it out. 
You're going to like it better 

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and you're probably overpaying 
for those other tools. 

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You can try out Qualtrim today 
with a free trial, risk free by 

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visiting the link in the pin 
comment below. 

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Now, like we mentioned at the 
start, Open Door has been the 

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best performing stock in the 
market going up 530% year to 

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date. 
So it's 5X and it still seems 

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like it has a lot of momentum. 
It's gaining more notoriety and 

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popularity online. 
And this all started with a guy 

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named Eric Jackson. 
If we look back at what Eric 

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Jackson became notable for, it 
all started in 2021 with a stock

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named Carvana. 
Now, Carvan is a stock that 

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you've probably heard before, 
even on this channel. 

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It was a company that I covered 
many times. 

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It's a company that flips cars 
like a used car dealership, but 

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they had a unique strategy. 
They had these big towers. 

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They were like vending machines 
for vehicles. 

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I remember myself mocking them 
at one point. 

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Remember those things? 
You've probably seen them on the

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side of the freeway. 
They're just stacks of cars on 

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top of each other and a glass 
vending machine. 

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That is Carvana, the company 
that will easily buy your car 

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and the company that you can 
easily buy a car from. 

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They deliver it right to your 
front porch. 

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During the 2021 hype, many 
companies like Carvana, 

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especially car companies, went 
up like crazy. 

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If we look at this stock over 
the past five years, we can see 

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that in 2021, it got to a price 
of $370. 

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Remember the mania that was 
happening, the meme stock hype? 

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Interest rates were low. 
Investors were extremely 

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bullish. 
They're buying up everything. 

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And Carvana at the time was 
actually doing well. 

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It was growing revenue. 
They were turning over a lot of 

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cars, but then the 2021 sell off
happened going into 2022. 

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If we zoom into just the past 
five years, we can see this 

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dramatic sell off. 
In a matter of months. 

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The stock price plummeted from 
370 to 3:30 to $300 per share. 

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In early 20/22, it was slashed 
in half down to 170 dollars, and

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in fact, it went down 
continually even in 2022, now 

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down to $24.00 per share. 
In late 2022, early 2023, the 

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stock had fallen all the way 
down to a price of $4.00 per 

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share. 
That is a share price drop of 

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98% in a single year. 
Now, like most of us, we look at

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this and we see a stock price 
that's dropped precipitously. 

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It's utter destruction. 
The company looks like it must 

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be in bad shape. 
When we looked at the 

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fundamentals at the time, that's
how it appeared. 

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The revenue was also going down 
as car sales were coming to a 

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halt. 
Carvana had a huge inventory of 

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cars that they purchased at high
prices. 

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Those car prices fell and they 
could not sell them at a profit.

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So Carvana was stuck with 
inventory that was overvalued 

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and they had to get rid of it. 
They had to turn it over. 

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This caused massive losses every
single quarter. 

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In fact, on a trailing basis at 
the most, Carvana lost $3.35 

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billion in a 12 month period. 
They were selling cars for half 

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the price they bought them. 
And at the same time it looked 

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like the company was going 
bankrupt. 

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They'd taken on enormous amounts
of long term debt. 

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This is the type of debt that 
bankrupts companies. 

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They can't get it paid off. 
It's too difficult. 

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The interest payments stack up 
and cash continues to flow out. 

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The next step they do after they
can't issue any more debt is 

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they try to make money by 
selling shares. 

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They start to dilute the 
shareholder, and that's exactly 

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what Carvana did. 
The combination of diluting the 

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shareholder and issuing debt 
caused the stock to plummet even

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further. 
Now at a certain point, Carvana 

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for a very small amount of time 
hit a share price of $3.50 and 

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that is where Eric Jackson 
bought the stock. 

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His first purchase of Carvana 
was $3.50, almost the exact 

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bottom. 
Not only did he buy it, but he 

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was also one of the very few, in
fact one of the only ones that 

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was vocally bullish on the 
company. 

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He said that a turn around would
happen. 

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He said that it could be a 
potential 100 bagger and it was 

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a potential 100 Packer. 
In fact, as we know now, Carvana

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went from $3.50 now back up to 
370 dollars, up 100 times its 

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original price. 
Now the stock price moving up is

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one thing, but do the 
fundamentals justify it? 

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Well that is the interesting 
part of this. 

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It seemed like Carvana was much 
more than just a meme stock. 

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It actually seemed like Eric 
Jackson was correct where many 

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analysts were wrong. 
We were all believing this 

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company would go bankrupt based 
on the financials, the long term

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debt, the share issuance and the
bad business model. 

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But this company was able to 
make it. 

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They're able to turn things 
around. 

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Not only did revenue start to 
grow again instead of shrinking,

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but they started to get rid of 
their bad inventory. 

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Quarter after quarter. 
The company lost less money than

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the prior quarter until it 
finally became cash flow 

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positive. 
That's a decent amount for a 

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company that was just recently 
looked at as going bankrupt. 

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The free cash flow has caused 
their cash balance to go up in 

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proportion to their long term 
debt, strengthening their 

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balance sheet. 
They're no longer in distress. 

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They're now a cash flow positive
and growing business. 

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Now you may think that after 
after finding a successful 100 

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bagger, you might want to take 
the week off, maybe take a 

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break, a vacation and things on 
a high for a while. 

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That's not what Eric Jackson 
did. 

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In fact, immediately after 
finding the Carvanha 100 bagger 

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and being so public about it, he
set off to find the next 100 

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bagger. 
He didn't want to settle for 

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another 50 X company, he wanted 
another 100 X. 

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And even during that time period
in 2022, he was eyeing another 

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company that he believes was a 
bit similar. 

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This one is in a different 
industry, but it has a lot of 

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the same characteristics. 
The company was open door. 

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Now, if you're not familiar with
the business model of open door 

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and a basic summary, the company
buys homes, it does necessary 

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repairs and it flips them and it
does that at scale. 

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This is a company that was 
another high flying stock in 

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2021. 
There's lots of people talking 

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about the huge business. 
It could become disrupting the 

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multi trillion dollar real 
estate business. 

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Think about how much money is 
made by buying and selling 

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homes, and Open Door seemed like
it was going to be a disruptive 

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force in that category. 
Well, while the stock flew in 

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20/21, it had a very similar 
fate as Carvana. 

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Once the hype faded, investors 
become bearish. 

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The number showed negative 
quarter after negative quarter, 

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and especially in the housing 
market. 

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As interest rates went up, the 
housing market went to a 

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standstill. 
Homes became unaffordable and 

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people just stopped buying them.
In that case, Open Doors 

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business model came to a 
grinding halt, very similarly to

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Carvana. 
Open Door went from a evaluation

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of $20 billion to below 500 
million. 

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And as that stock was completely
obliterated, eviscerated, left 

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out to die, investors giving up 
on it and calling it quits, 

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guess who was silently buying 
shares of the company? 

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An evaluation of below $500 
million was Eric Jackson again 

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finding his next 100 bagger, 
finding a stock that investors 

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00:10:01,400 --> 00:10:05,000
had previously given up on that 
has a chance for a big comeback.

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00:10:05,120 --> 00:10:08,080
Now, in Jackson's case, he's 
actually expressed a sound 

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thesis for the company, at least
a sound thesis to buy a beat up 

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stock. 
This wasn't just the meme 

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potential of it. 
He always knew that there was a 

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social media following and cult 
like following of these type of 

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companies. 
So it always has that meme like 

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potential, but there's also a 
real business underneath. 

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At the same time the Open Door 
was falling, many of the 

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competitors to Open Door were 
falling more. 

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Zillow and Redfin had completely
abandoned their home flipping 

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business, leaving Open Door to 
be the only one to operate in 

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that business. 
Literally the only one. 

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They have no competitors 
actually doing the same thing. 

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Every company had given up, 
giving them the entire 

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00:10:42,400 --> 00:10:44,920
opportunity. 
At the same time, Open Door was 

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00:10:44,920 --> 00:10:48,360
aggressively cutting costs, 
laying off, reducing expenses by

229
00:10:48,360 --> 00:10:50,480
over 20%. 
The company was doing a lot of 

230
00:10:50,480 --> 00:10:53,360
cost cutting and internal 
changes to make the company more

231
00:10:53,360 --> 00:10:55,120
profitable. 
Additionally, one of the biggest

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00:10:55,120 --> 00:10:57,720
problems at the time were the 
high interest rates, and Jackson

233
00:10:57,720 --> 00:10:59,400
believed that those wouldn't 
last forever. 

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00:10:59,440 --> 00:11:01,760
He believed the Federal Reserve 
would eventually lower them, 

235
00:11:01,960 --> 00:11:04,200
causing Open Door to be able to 
do more business in this 

236
00:11:04,200 --> 00:11:06,160
category. 
Jackson believed firmly that 

237
00:11:06,160 --> 00:11:10,320
Open Door represented another 
legitimate 100X opportunity, a 

238
00:11:10,320 --> 00:11:13,280
stock that was a penny stock 
that would not be one for long. 

239
00:11:13,320 --> 00:11:15,560
Now again, Jackson had been 
silently purchasing shares of 

240
00:11:15,560 --> 00:11:18,640
Open Door for some time at a 
price point of around 40 to 

241
00:11:18,680 --> 00:11:21,040
$0.80. 
So all of his purchases were 

242
00:11:21,040 --> 00:11:24,560
below $1.00 per share. 
And then in July 14th of this 

243
00:11:24,560 --> 00:11:27,640
year he made his announcement on
social media X. 

244
00:11:27,640 --> 00:11:30,360
He announced that Open Door 
could be his next Carvana. 

245
00:11:30,640 --> 00:11:33,400
He gave a detailed analysis of 
his fundamental thesis on the 

246
00:11:33,400 --> 00:11:37,080
company and immediately the 
company went hyper viral all 

247
00:11:37,080 --> 00:11:39,360
across X and Reddit and social 
media. 

248
00:11:39,640 --> 00:11:43,520
The thesis for Open Door was now
out the next 100 bagger. 

249
00:11:43,960 --> 00:11:47,440
Within one month, the company 
was up to $5 per share, already 

250
00:11:47,440 --> 00:11:51,400
an 800% gain for Jackson, and 
now it's at a stock price of 

251
00:11:51,400 --> 00:11:55,240
nearly $10 per share. 
This is around A12 to 15X gain 

252
00:11:55,240 --> 00:11:57,880
in only a couple months. 
Now in any case that a stock 

253
00:11:57,880 --> 00:12:01,800
goes up five to 10X in price in 
only a couple of months because 

254
00:12:01,800 --> 00:12:05,520
a specific personality mentions 
the stock that's usually looked 

255
00:12:05,520 --> 00:12:07,960
at as meme stock. 
A lot of people just following 

256
00:12:07,960 --> 00:12:10,400
it for the trend and they're 
overall ignoring the 

257
00:12:10,400 --> 00:12:13,520
fundamentals of the company. 
In this case, Jackson has said 

258
00:12:13,520 --> 00:12:15,720
that he takes offense that this 
isn't a meme stock. 

259
00:12:15,840 --> 00:12:18,360
He has a real thesis here. 
This is a real business that 

260
00:12:18,360 --> 00:12:21,920
could generate real big cash 
flows in the future, and that's 

261
00:12:21,920 --> 00:12:24,640
what's being priced in here. 
So while he defends the point 

262
00:12:24,640 --> 00:12:27,800
that this is a real company and 
not a meme stock, he also does 

263
00:12:27,800 --> 00:12:31,000
behaviors that look a little bit
more meme stockish. 

264
00:12:31,000 --> 00:12:33,360
Here's a report of Jackson 
standing outside of Drake's 

265
00:12:33,360 --> 00:12:35,080
home, begging him to buy the 
stock. 

266
00:12:35,120 --> 00:12:39,080
And he's taking the posting to a
new level today for a second day

267
00:12:39,080 --> 00:12:41,600
in a row. 
Standing outside of the Canadian

268
00:12:41,600 --> 00:12:45,800
rapper Drake's home, he's got a 
whiteboard asking him to buy a 

269
00:12:45,800 --> 00:12:50,320
single share of open door you 
can actually see on the screen 

270
00:12:50,320 --> 00:12:53,280
right now. 
So he's he's obviously this is 

271
00:12:53,280 --> 00:12:55,680
just a, a stunt, but it's a 
funny one. 

272
00:12:55,840 --> 00:12:58,120
He's literally standing outside 
of Drake's home with a sign 

273
00:12:58,120 --> 00:13:01,160
saying to buy, buy the stock. 
And here he's asked about this, 

274
00:13:01,200 --> 00:13:04,720
and we'll listen to his answer. 
Outside Drake's house, Eric, you

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00:13:04,720 --> 00:13:07,560
got a PhD in management from 
Columbia Business School. 

276
00:13:07,920 --> 00:13:10,280
At what point? 
What was then Eurus Hall did you

277
00:13:10,280 --> 00:13:12,440
study? 
Trying to get a celebrity to buy

278
00:13:12,440 --> 00:13:15,160
a stock. 
Ain't too proud to beg, Tim. 

279
00:13:17,240 --> 00:13:19,840
There's the answer. 
We tell us who inspired you to 

280
00:13:19,840 --> 00:13:23,520
do this again? 
Was my 16 year old son Julian? 

281
00:13:24,080 --> 00:13:30,600
But I have 4 kids and Julian 
he's my like free marketing 

282
00:13:30,600 --> 00:13:33,480
manager. 
He hasn't asked me for a dime. 

283
00:13:33,520 --> 00:13:35,120
His son is the one that gave him
this idea. 

284
00:13:35,120 --> 00:13:37,280
And if you want to get social 
media, if you want to get 

285
00:13:37,280 --> 00:13:40,320
coverage, this was a good idea. 
So good on that 16 year old. 

286
00:13:40,400 --> 00:13:43,720
So while he says this isn't a 
meme stock, begging and front of

287
00:13:43,720 --> 00:13:47,360
Drake does look memish and his 
defense is that his 16 year old 

288
00:13:47,360 --> 00:13:50,240
had that idea. 
Great idea, but it doesn't look 

289
00:13:50,240 --> 00:13:52,880
like it's a case based entirely 
off of the fundamentals. 

290
00:13:53,400 --> 00:13:56,200
Now again, when we look at Open 
Door, it's another company that 

291
00:13:56,200 --> 00:13:58,520
when you look at the 
fundamentals right now, they 

292
00:13:58,520 --> 00:14:01,040
don't look great. 
It doesn't paint the picture of 

293
00:14:01,040 --> 00:14:04,680
a growing company where the 
stock should be surging up 500%.

294
00:14:04,680 --> 00:14:08,480
Open Door situation is not some 
massive profitable company that 

295
00:14:08,480 --> 00:14:11,200
should be going up 500% based on
the fundamentals. 

296
00:14:11,520 --> 00:14:13,520
But it's also not a company in 
deep distress. 

297
00:14:13,520 --> 00:14:15,000
It's not going bankrupt 
tomorrow. 

298
00:14:15,280 --> 00:14:18,080
There is time for a thesis to 
play out and investors are 

299
00:14:18,080 --> 00:14:20,920
starting to bake in that thesis.
They believe that there's real 

300
00:14:20,920 --> 00:14:24,120
potential with this company 
beyond meme stock territory. 

301
00:14:24,120 --> 00:14:26,360
Now one of the people that 
believes there's potential with 

302
00:14:26,360 --> 00:14:28,920
this stock is one of the Co 
founders, Keith Fabios. 

303
00:14:29,120 --> 00:14:32,560
He has been brought back to help
out the company and here's him 

304
00:14:32,560 --> 00:14:35,200
addressing some of the questions
and criticisms about this 

305
00:14:35,200 --> 00:14:37,160
company. 
How did you come? 

306
00:14:37,160 --> 00:14:39,520
Back to it, I think it's very 
simple. 

307
00:14:39,760 --> 00:14:42,680
Retail investors figured out the
potential of the company 

308
00:14:43,000 --> 00:14:46,640
experts, Wall Street experts, 
etcetera, missed the potential. 

309
00:14:46,800 --> 00:14:49,920
Real residential real estate in 
the world is about a $289 

310
00:14:49,920 --> 00:14:54,160
trillion asset and nobody has 
transformed the buying and 

311
00:14:54,160 --> 00:14:56,000
selling of real estate in the 
world. 

312
00:14:56,480 --> 00:15:01,320
And Open Door has the most 
likely shot on goal of fixing 

313
00:15:01,480 --> 00:15:03,880
the transaction both from the 
buy side and the sell side. 

314
00:15:05,200 --> 00:15:08,960
Right there, he outlines the 
thesis, the potential above all 

315
00:15:08,960 --> 00:15:11,040
else. 
Open door represents potential. 

316
00:15:11,040 --> 00:15:14,320
The potential disrupt the highly
lucrative and massive real 

317
00:15:14,320 --> 00:15:17,200
estate market. 
Just like investors were baking 

318
00:15:17,200 --> 00:15:20,440
in the price of that potential 
in 2021, they're starting to do 

319
00:15:20,440 --> 00:15:22,680
the same. 
But now they have more reason to

320
00:15:22,680 --> 00:15:24,680
do so with Open Door than 
before. 

321
00:15:25,160 --> 00:15:28,320
Like we said earlier, Open Door 
does not face any competitors in

322
00:15:28,320 --> 00:15:30,400
this field. 
The other companies like Zillow 

323
00:15:30,400 --> 00:15:33,320
and Redfin had given up. 
They're not in this anymore. 

324
00:15:33,360 --> 00:15:36,400
Open Door was also the only one 
to execute on this with any type

325
00:15:36,400 --> 00:15:38,160
of positive fundamentals as 
well. 

326
00:15:38,560 --> 00:15:40,680
So the company has more 
experience doing this home 

327
00:15:40,680 --> 00:15:43,320
flipping, rebuying now. 
The real estate market is so 

328
00:15:43,320 --> 00:15:45,640
massive, it's almost 
incomprehensible. 

329
00:15:46,080 --> 00:15:48,560
The amount of homes that get 
bought and sold every single 

330
00:15:48,560 --> 00:15:51,920
day, the amount of volume and 
price in that, and the fact that

331
00:15:51,920 --> 00:15:54,960
there's been no big tech company
that's actually disrupted that. 

332
00:15:55,280 --> 00:15:57,800
It continues to operate in 
largely the same exact way. 

333
00:15:58,160 --> 00:16:02,560
Because real estate is so 
geographical, so specific, every

334
00:16:02,560 --> 00:16:04,360
home is slightly different than 
another. 

335
00:16:04,640 --> 00:16:07,840
Everyone has a different corner 
of the lot that has a different 

336
00:16:08,040 --> 00:16:10,800
floor, a different window. 
It has a different backyard, a 

337
00:16:10,800 --> 00:16:12,760
different view. 
And that makes it very difficult

338
00:16:12,760 --> 00:16:15,760
for companies like Open Door to 
be successful in a home flipping

339
00:16:15,760 --> 00:16:16,800
business. 
That's where they try to do 

340
00:16:16,800 --> 00:16:18,840
things at scale. 
Scale's easy when you're 

341
00:16:18,840 --> 00:16:21,040
replicating the same thing over 
and over again. 

342
00:16:21,280 --> 00:16:23,960
A restaurant can make the same 
exact food in one state as it 

343
00:16:23,960 --> 00:16:26,400
does in another, in one city as 
it does in another. 

344
00:16:26,640 --> 00:16:30,400
But Open Door can't apply the 
exact same rules for one house 

345
00:16:30,400 --> 00:16:32,640
that they do another. 
The crime rates, the traffic, 

346
00:16:32,640 --> 00:16:35,840
the noise level, the location, 
everything is so specific. 

347
00:16:35,840 --> 00:16:39,240
So even though every company 
like Open Door that's tried this

348
00:16:39,240 --> 00:16:42,960
business has failed, Open Door 
is still trying it. 

349
00:16:43,240 --> 00:16:46,000
And it looks like they may have 
some success, especially 

350
00:16:46,120 --> 00:16:48,840
interest rates go down. 
And this is what investors are 

351
00:16:48,840 --> 00:16:52,040
hoping for, that even if Open 
Door can figure out a little bit

352
00:16:52,040 --> 00:16:54,640
of how to do this, even if they 
can disrupt some of the real 

353
00:16:54,640 --> 00:16:57,160
estate market, it would be a 
massive success. 

354
00:16:57,600 --> 00:17:00,640
It would be a $100 billion 
company where it trades that 

355
00:17:00,640 --> 00:17:02,720
only a $7 billion valuation 
today. 

356
00:17:02,720 --> 00:17:05,520
While it's model is not fully 
proven today, the potential 

357
00:17:05,520 --> 00:17:08,720
remains massive. 
And Keith Rabios outlines why 

358
00:17:08,720 --> 00:17:11,599
investors are willing to price 
in that potential ahead of the 

359
00:17:11,599 --> 00:17:13,640
fundamentals. 
So the potential of the company 

360
00:17:13,640 --> 00:17:17,599
is infinite and it took people 
like Eric Jackson, the activist 

361
00:17:17,599 --> 00:17:23,000
investor and normal American 
consumers to see that one way or

362
00:17:23,000 --> 00:17:25,839
the other, we're going to 
transform the way people buy and

363
00:17:25,839 --> 00:17:28,079
sell houses. 
And then that company, they 

364
00:17:28,079 --> 00:17:30,000
should be working a lot of 
money. 

365
00:17:30,320 --> 00:17:31,840
Many people compare us to 
Carvana. 

366
00:17:31,840 --> 00:17:35,000
I think the I used to compare us
publicly, you know, on Twitter 

367
00:17:35,000 --> 00:17:38,280
and X to Carvana. 
I think the multiple of open 

368
00:17:38,280 --> 00:17:40,680
doors should be comparable to 
Carvana. 

369
00:17:40,760 --> 00:17:43,360
I think we have less competition
and more upside. 

370
00:17:43,560 --> 00:17:46,120
So I think hopefully we do 
better than Carvana, but that 

371
00:17:46,120 --> 00:17:49,160
comparison easily gets you to 
where you are today. 

372
00:17:49,400 --> 00:17:51,720
Right there we have the 
comparison to Carvana on it and 

373
00:17:51,720 --> 00:17:54,480
we have the infinite potential. 
So there you have the case of 

374
00:17:54,480 --> 00:17:56,000
open door. 
Do you believe it's a meme 

375
00:17:56,000 --> 00:17:59,240
stock, one that we should scoff 
at and make fun of, or do you 

376
00:17:59,240 --> 00:18:01,800
see a real investment case here?
That's up for you to decide. 

377
00:18:01,960 --> 00:18:04,440
As of now, I'm not investing in 
this one, but it's one that I'll

378
00:18:04,440 --> 00:18:05,800
be watching. 
Now moving on, we get to some 

379
00:18:05,800 --> 00:18:07,280
news. 
One of the top stories that I 

380
00:18:07,280 --> 00:18:09,880
want to highlight today, of 
course, is another update on 

381
00:18:09,880 --> 00:18:11,600
Google. 
And I know I sound like a broken

382
00:18:11,600 --> 00:18:13,720
record. 
Google has been such a an 

383
00:18:13,720 --> 00:18:16,400
interesting stock because it was
so bearish just a few months 

384
00:18:16,400 --> 00:18:18,800
ago. 
Now it's becoming incredibly 

385
00:18:18,800 --> 00:18:20,400
bullish. 
The stock price is moving up. 

386
00:18:20,400 --> 00:18:25,640
It's up another nearly 4% today.
Googles AI app is now #1 in the 

387
00:18:25,640 --> 00:18:28,720
top three apps surpassing chat 
TPT. 

388
00:18:28,760 --> 00:18:30,920
Now this is significant for a 
lot of reasons. 

389
00:18:30,920 --> 00:18:34,040
This represents right now what 
people are downloading the most 

390
00:18:34,040 --> 00:18:36,440
on the iPhone, the most 
lucrative App Store. 

391
00:18:36,640 --> 00:18:38,640
The people that are trend 
setters for the rest of the 

392
00:18:38,640 --> 00:18:43,160
world are downloading Gemini. 
Chachi BT historically has 

393
00:18:43,160 --> 00:18:45,800
dominated the number one spot 
for years. 

394
00:18:46,080 --> 00:18:48,000
It's just sat there without 
moving. 

395
00:18:48,280 --> 00:18:52,400
But here we have Gemini #1, 
Chachi BT #2 and it's been like 

396
00:18:52,400 --> 00:18:55,920
this for a few days now. 
When we talk about Gemini, it 

397
00:18:55,920 --> 00:18:59,640
was an app that started out way 
behind Chachi BT, not just in 

398
00:18:59,640 --> 00:19:02,240
users but in features. 
When I used Gemini, it didn't 

399
00:19:02,240 --> 00:19:05,080
have basic features like being 
able to pin a conversation. 

400
00:19:05,360 --> 00:19:07,040
The user interface was not 
great. 

401
00:19:07,040 --> 00:19:08,560
It just didn't feel as good to 
use. 

402
00:19:09,000 --> 00:19:11,360
But after a few updates, it's 
now really good. 

403
00:19:11,720 --> 00:19:15,200
The app has caught up to chat, 
TPT, and functionality and in 

404
00:19:15,200 --> 00:19:18,040
many ways have surpassed it. 
Google is able to use all their 

405
00:19:18,040 --> 00:19:20,600
training on YouTube data and 
images to make the most 

406
00:19:20,600 --> 00:19:23,520
incredible image generation 
possible, and that's gained a 

407
00:19:23,520 --> 00:19:26,360
lot of popularity. 
But what we see here is that 

408
00:19:26,360 --> 00:19:30,960
Google is slowly but surely 
crawling its way back into the 

409
00:19:30,960 --> 00:19:35,240
lead, not just in search, but 
now in specific AI. 

410
00:19:35,720 --> 00:19:37,400
People said for a long time that
you don't. 

411
00:19:37,680 --> 00:19:40,080
You don't Google something now 
you chat, GT it. 

412
00:19:40,480 --> 00:19:43,240
But now a lot of people are 
going to be Geminiing things. 

413
00:19:43,600 --> 00:19:46,240
They're going to be searching on
Google or Gemini. 

414
00:19:46,280 --> 00:19:48,360
The power of Google's 
distribution is one of the most 

415
00:19:48,360 --> 00:19:51,320
important parts of Google's long
standing success. 

416
00:19:51,320 --> 00:19:53,640
Now we also have another company
that's going up big today, which

417
00:19:53,640 --> 00:19:56,760
is ASML, and there's really no 
big notable news here. 

418
00:19:56,760 --> 00:20:00,360
The company is up 5% today and I
believe because it's on a 

419
00:20:00,360 --> 00:20:03,200
winning streak, investors are 
finally getting bullish on this 

420
00:20:03,200 --> 00:20:05,240
company. 
I've said before, the ASML is a 

421
00:20:05,240 --> 00:20:07,920
company that has been 
undervalued for some time and 

422
00:20:07,920 --> 00:20:09,960
now it looks like it's finally 
getting a breakout. 

423
00:20:09,960 --> 00:20:12,880
That's well deserved With ASML. 
It shows that there doesn't need

424
00:20:12,880 --> 00:20:15,120
to be any big catalyst for a 
company to move. 

425
00:20:15,600 --> 00:20:18,160
In many cases, the best catalyst
is just value. 

426
00:20:18,320 --> 00:20:21,520
Now we also have news of 
President Trump calling for the 

427
00:20:21,520 --> 00:20:25,000
end of quarterly earnings 
reports in favor of a six month 

428
00:20:25,000 --> 00:20:27,040
reporting period. 
The Wall Street Journal reports 

429
00:20:27,040 --> 00:20:29,160
that President Trump said 
companies should no longer be 

430
00:20:29,160 --> 00:20:32,520
required to report earnings on a
quarterly basis, an idea that 

431
00:20:32,520 --> 00:20:35,240
explored he explored during his 
first term that has gained 

432
00:20:35,240 --> 00:20:37,760
traction recently. 
Publicly traded companies in the

433
00:20:37,800 --> 00:20:41,160
US have reported results every 
three months for the past 50 

434
00:20:41,160 --> 00:20:43,720
years. 
Instead, Trump argued companies 

435
00:20:43,720 --> 00:20:45,720
should report their earnings 
every six months. 

436
00:20:45,800 --> 00:20:48,760
This will save money and allow 
managers to focus on properly 

437
00:20:48,760 --> 00:20:51,800
running their companies. 
Now, the argument for this is 

438
00:20:51,800 --> 00:20:55,240
that companies in the United 
States report so frequently that

439
00:20:55,240 --> 00:20:57,960
they're so busy just focusing on
the next quarter. 

440
00:20:58,160 --> 00:21:00,480
They're not long term focused. 
They're just focusing on what 

441
00:21:00,480 --> 00:21:03,000
this next number for this next 
quarter is going to be. 

442
00:21:03,560 --> 00:21:05,520
And there's certainly some truth
to that. 

443
00:21:05,520 --> 00:21:07,840
A lot of companies, of course, 
in the United States are focused

444
00:21:07,840 --> 00:21:10,480
on having that quarterly 
performance that year over year 

445
00:21:10,480 --> 00:21:13,800
gain on a quarterly basis and 
they push numbers for the 

446
00:21:13,800 --> 00:21:15,800
quarter. 
In many cases, you'll find 

447
00:21:15,800 --> 00:21:18,960
companies that do so at the 
detriment of their long term 

448
00:21:18,960 --> 00:21:21,680
performance and this could cause
companies to underperform. 

449
00:21:22,160 --> 00:21:25,120
But there's also another side to
this trade off that is very 

450
00:21:25,120 --> 00:21:28,120
significant. 
For one, transparency. 

451
00:21:28,120 --> 00:21:30,640
The move is likely to face 
opposition from investors who 

452
00:21:30,640 --> 00:21:34,720
rely on transparency of regular 
disclosures and crave more 

453
00:21:34,720 --> 00:21:36,840
quarterly earnings. 
Reports typically go hand in 

454
00:21:36,840 --> 00:21:39,720
hand with earnings calls that 
allow analyst to ask questions 

455
00:21:39,960 --> 00:21:43,160
of company's executives and that
is absolutely true. 

456
00:21:43,520 --> 00:21:46,040
We actually don't hear from most
management teams of most 

457
00:21:46,040 --> 00:21:48,720
companies that often. 
The ones that do interviews 

458
00:21:48,720 --> 00:21:52,280
publicly and come on to YouTube 
channels and do podcasts are 

459
00:21:52,280 --> 00:21:55,720
very, very few. 
Most company executives are just

460
00:21:55,720 --> 00:21:59,520
quiet until the next quarter. 
That's the only real time that 

461
00:21:59,520 --> 00:22:01,880
investors can be updated on 
what's actually happening with 

462
00:22:01,880 --> 00:22:03,880
the companies. 
That's the only time that 

463
00:22:03,880 --> 00:22:06,040
investors get a peek at the 
financials. 

464
00:22:06,080 --> 00:22:09,160
And while it's somewhat true, at
least the argument sounds 

465
00:22:09,160 --> 00:22:13,240
reasonable that companies will 
suddenly become long term focus 

466
00:22:13,240 --> 00:22:15,200
if they're only reporting every 
six months. 

467
00:22:15,720 --> 00:22:18,360
The evidence is not substantial 
in supporting that view. 

468
00:22:18,440 --> 00:22:21,080
There's other places in Europe 
that require reporting on a six 

469
00:22:21,080 --> 00:22:23,160
month basis, not on a quarterly 
basis. 

470
00:22:23,640 --> 00:22:26,240
And there's virtually no 
evidence that they make longer 

471
00:22:26,240 --> 00:22:29,200
term investments or that they 
invest more in CapEx. 

472
00:22:29,360 --> 00:22:32,120
In fact, even most recent places
where that change has been made,

473
00:22:32,400 --> 00:22:34,960
it hasn't changed the direction 
of company investments. 

474
00:22:35,280 --> 00:22:37,120
They typically invest just the 
same. 

475
00:22:37,480 --> 00:22:42,000
What does change is transparency
and opacity into the companies. 

476
00:22:42,440 --> 00:22:45,680
They become more opaque. 
You can't see what's going on 

477
00:22:45,680 --> 00:22:47,440
with your investment as 
frequent. 

478
00:22:47,920 --> 00:22:50,680
You're waiting every six months 
instead of every three months to

479
00:22:50,680 --> 00:22:52,920
get an idea or update of what's 
happened. 

480
00:22:53,240 --> 00:22:56,040
In many cases, there could be 
significant news that could 

481
00:22:56,040 --> 00:22:59,280
impact the company in between 
those time points, But you have 

482
00:22:59,280 --> 00:23:02,080
to wait and find out for month 
after month what happened. 

483
00:23:02,760 --> 00:23:06,840
And this also brings another big
risk factor into the market. 

484
00:23:07,480 --> 00:23:10,880
If a company only reports every 
six months, that means that 

485
00:23:10,880 --> 00:23:13,800
investors have less data to 
price the company accurately, 

486
00:23:14,080 --> 00:23:17,360
leading to more volatility, more
mismatched prices. 

487
00:23:17,880 --> 00:23:21,200
In fact, every six months means 
that investors have a much 

488
00:23:21,200 --> 00:23:24,160
longer time period to wait to 
identify if anything's wrong. 

489
00:23:24,640 --> 00:23:28,200
What if a company has a sudden 
struggle one month in sales? 

490
00:23:28,280 --> 00:23:30,040
What if there's something 
impacting the business 

491
00:23:30,040 --> 00:23:32,680
negatively? 
Investors would have to wait far

492
00:23:32,680 --> 00:23:36,080
longer for them to legally 
disclose that than required. 

493
00:23:36,080 --> 00:23:39,080
So this could also lead to 
situations where investors are 

494
00:23:39,080 --> 00:23:42,720
waiting far longer to accurately
price in the decline of a stock,

495
00:23:42,960 --> 00:23:44,840
creating more volatility in the 
company. 

496
00:23:44,880 --> 00:23:48,240
So investors may debate whether 
or not the regulatory burden is 

497
00:23:48,240 --> 00:23:50,640
worth the transparency, but I 
believe it is. 

498
00:23:50,960 --> 00:23:53,360
I think investors are well 
served by additional 

499
00:23:53,360 --> 00:23:55,840
transparency. 
Being able to see the gradual 

500
00:23:55,840 --> 00:23:59,040
performance of a company over 
time is beneficial in pricing 

501
00:23:59,040 --> 00:24:01,960
and following a company leaving 
us to every six months gives us 

502
00:24:01,960 --> 00:24:04,000
less information to base our 
investments on. 

503
00:24:04,280 --> 00:24:06,120
It gives us less contact with 
management. 

504
00:24:06,480 --> 00:24:08,760
It gives less insight and 
confidence to individual 

505
00:24:08,760 --> 00:24:10,400
investors. 
And in terms of the overall 

506
00:24:10,400 --> 00:24:13,280
performance of our stocks in 
United States on a quarterly 

507
00:24:13,280 --> 00:24:16,400
basis compared to those largely 
popular in Europe that are 

508
00:24:16,400 --> 00:24:19,560
reporting on a semi annual 
basis, I think the results speak

509
00:24:19,560 --> 00:24:21,160
for themselves. 
Now that's going to be it for 

510
00:24:21,160 --> 00:24:22,680
this episode. 
Hope you enjoyed. 

511
00:24:22,840 --> 00:24:23,520
See you in the next one.