1 00:00:00,000 --> 00:00:02,300 There's a couple of fundamental questions that every investor 2 00:00:02,300 --> 00:00:06,400 asks at some point and these questions are often repeated all 3 00:00:06,400 --> 00:00:09,400 throughout investing. One of the questions is simply 4 00:00:09,600 --> 00:00:11,600 what do we buy? What do we buy? 5 00:00:11,600 --> 00:00:14,500 There's so many options of different Investments to make 6 00:00:14,600 --> 00:00:16,100 what should we focus our time on? 7 00:00:16,100 --> 00:00:19,100 And then of course, the other questions are when do we buy? 8 00:00:19,100 --> 00:00:22,700 And when do we sell, if we buy high quality Investments but we 9 00:00:22,700 --> 00:00:26,000 buy them at the wrong time. We may actually have inferior 10 00:00:26,000 --> 00:00:28,300 returns. We may actually lose money by 11 00:00:28,300 --> 00:00:31,000 buying at the wrong time and going at the wrong time and 12 00:00:31,000 --> 00:00:34,100 likewise, if we buy at the right time and we sell at the right 13 00:00:34,100 --> 00:00:36,500 time, we can have very favorable returns. 14 00:00:36,600 --> 00:00:40,000 So a lot of investing comes down to not only what we buy, but 15 00:00:40,000 --> 00:00:43,400 when we buy it and when we sell it and out of those questions, 16 00:00:43,400 --> 00:00:46,800 I've been thinking about one in particular and that is, when do 17 00:00:46,800 --> 00:00:49,000 we buy? I recently purchased a pretty 18 00:00:49,000 --> 00:00:52,500 large position into Starbucks. This is a high quality company 19 00:00:52,500 --> 00:00:55,200 that's fallen down in price significantly from its peak. 20 00:00:55,400 --> 00:00:59,600 But regardless I'm in the red by over four thousand dollars so 21 00:00:59,600 --> 00:01:02,700 far This looks like it could be a mistake and I've received a 22 00:01:02,708 --> 00:01:05,400 lot of feedback and a lot of comments over the previous 23 00:01:05,400 --> 00:01:08,800 episodes of how this may in fact be a mistake, let me just 24 00:01:08,800 --> 00:01:11,400 highlight one of them for you. This is a real comment left on 25 00:01:11,400 --> 00:01:14,400 one of the previous episodes. The commenter here says Joseph, 26 00:01:14,400 --> 00:01:17,200 you're trying so hard to justify your purchase in the Starbucks. 27 00:01:17,200 --> 00:01:19,200 Talk just like you did in Ali Baba. 28 00:01:19,300 --> 00:01:22,600 I made a similar mistake in the past but learn quickly to cut my 29 00:01:22,600 --> 00:01:25,300 losses and move on. I appreciate the viewer for 30 00:01:25,300 --> 00:01:28,000 leaving that comment because I got a chance to think about it 31 00:01:28,000 --> 00:01:30,700 and see if I am. In fact making the Same mistake 32 00:01:30,900 --> 00:01:34,000 is Starbucks going to be another repeat of Ali Baba. 33 00:01:34,300 --> 00:01:38,000 A stock that falls precipitously for months on end and never 34 00:01:38,000 --> 00:01:41,300 fully recovers is at the situation that we might go into 35 00:01:41,300 --> 00:01:44,400 a Starbucks and then that got me thinking more Starbucks 36 00:01:44,400 --> 00:01:46,300 obviously is a high quality company. 37 00:01:46,300 --> 00:01:49,300 It has good brand value. It has excellent fundamentals as 38 00:01:49,300 --> 00:01:52,100 very high Returns on invested Capital but that still leaves 39 00:01:52,100 --> 00:01:54,400 the question. When do we buy? 40 00:01:54,400 --> 00:01:57,000 When do we buy a high-quality company like Starbucks? 41 00:01:57,000 --> 00:01:59,500 And did I buy this one at the wrong time? 42 00:01:59,600 --> 00:02:01,200 Now? For a fundamental investing 43 00:02:01,200 --> 00:02:02,200 question. It's brought up. 44 00:02:02,200 --> 00:02:05,200 Like, when do we buy? I like to turn to The Experts. 45 00:02:05,200 --> 00:02:09,600 The ogs of investing like Warren Buffett and he has a lot to say 46 00:02:09,800 --> 00:02:13,200 about when to buy a stock. Here's his input on the subject. 47 00:02:13,200 --> 00:02:17,100 I'm not recommending that people buy socks today or tomorrow or 48 00:02:17,100 --> 00:02:19,500 next week, or next month. I think it all depends on your 49 00:02:19,500 --> 00:02:22,700 circumstances, but you shouldn't buy stocks, unless you expect in 50 00:02:22,700 --> 00:02:27,700 my view, you expect to hold them for a very extended period and 51 00:02:27,700 --> 00:02:29,800 you are prepared financially and psychologically. 52 00:02:29,900 --> 00:02:34,800 A logically to hold them the same way. 53 00:02:34,800 --> 00:02:39,700 You would hold a farm and never look at a quote and never never 54 00:02:39,700 --> 00:02:41,500 pay it. You don't need to pay attention 55 00:02:41,500 --> 00:02:43,400 to them. The first thing that he mentions 56 00:02:43,400 --> 00:02:46,500 is, he's not going to give specific timing on when to buy a 57 00:02:46,500 --> 00:02:49,800 stock, not, which day, or which week to buy it, but he does 58 00:02:49,800 --> 00:02:53,400 mention mentality that you should View a stock the same way 59 00:02:53,400 --> 00:02:55,200 that you would view owning a farm. 60 00:02:55,300 --> 00:02:58,400 If you owned a farm, you're not going to look at your farm every 61 00:02:58,400 --> 00:03:00,900 day and get price quotes. It what you're going to be 62 00:03:00,900 --> 00:03:03,700 focused on is the yield of the farm. 63 00:03:03,700 --> 00:03:06,900 How much fruit is it producing are the crops producing. 64 00:03:06,900 --> 00:03:09,600 A lot of fruit is everything going well and am I getting a 65 00:03:09,608 --> 00:03:12,300 good yield at the end of the year but with stocks most 66 00:03:12,300 --> 00:03:14,300 people's mentality is entirely different. 67 00:03:14,300 --> 00:03:16,500 We might do some research initially when buying the 68 00:03:16,500 --> 00:03:19,100 company focusing on the fundamentals, the same store 69 00:03:19,100 --> 00:03:21,000 sales growth, the unit operations. 70 00:03:21,000 --> 00:03:23,600 How many stores are opening so on and so forth. 71 00:03:23,700 --> 00:03:27,300 But after buying the position many people change gears and 72 00:03:27,300 --> 00:03:30,600 focus solely on the bids. Type of bids. 73 00:03:30,600 --> 00:03:33,100 Are you getting on the company as the price declined? 74 00:03:33,100 --> 00:03:36,100 Has a price gone up this all of a sudden becomes center stage 75 00:03:36,400 --> 00:03:39,900 and most investors focus on these prices every single day. 76 00:03:39,900 --> 00:03:42,400 We go up and filter by the one day and see if the stock is 77 00:03:42,400 --> 00:03:45,800 trading up or down every single hour, a lot of people are 78 00:03:45,800 --> 00:03:48,600 fixated on the daily price changes of a stock. 79 00:03:48,700 --> 00:03:51,400 In fact, we're so focused on price that the suggestion in 80 00:03:51,400 --> 00:03:56,000 many cases is if the price Falls too fast too quick to cut your 81 00:03:56,000 --> 00:03:59,100 losses and move on but of course, Buffett advises into 82 00:03:59,100 --> 00:04:02,000 having a different Quality and treating it more like a farm 83 00:04:02,000 --> 00:04:04,600 where you're not focused on The Daily price quotes and he goes 84 00:04:04,600 --> 00:04:06,400 on to give some other valuable advice. 85 00:04:06,500 --> 00:04:09,300 I mean, the main thing to do then you're not going to pick 86 00:04:09,300 --> 00:04:11,900 the bottom and you're not going to nobody else can pick it for 87 00:04:11,900 --> 00:04:14,300 you or anything of the sort. He also mentions that you are 88 00:04:14,300 --> 00:04:17,800 not going to pick the bottom, nobody else can pick it for you. 89 00:04:18,100 --> 00:04:21,100 So experts that try to pick bottoms and pick tops. 90 00:04:21,399 --> 00:04:23,200 They're not going to be able to do that accurately. 91 00:04:23,200 --> 00:04:26,900 And even the best investors in the world have never really been 92 00:04:26,900 --> 00:04:28,700 able to time the bottom perfectly. 93 00:04:28,800 --> 00:04:31,600 It just doesn't happen. Even so if you buy into a stock 94 00:04:31,600 --> 00:04:34,500 that's fallen in price, a little bit, that should be expected, 95 00:04:34,500 --> 00:04:36,100 that shouldn't change your thesis. 96 00:04:36,100 --> 00:04:38,900 Now he goes on to share, even more valuable advice, you've got 97 00:04:38,900 --> 00:04:41,300 to be prepared. When you buy a stock them, 98 00:04:41,300 --> 00:04:45,500 haven't been down 50% or more and be comfortable with it. 99 00:04:45,500 --> 00:04:47,300 As long as you're comfortable with the whole, you have to be 100 00:04:47,300 --> 00:04:50,000 prepared for stock to go down 50 percent or more. 101 00:04:50,200 --> 00:04:53,200 And he goes on to say that even Berkshire Hathaway considered to 102 00:04:53,200 --> 00:04:56,400 be one of the strongest and most resilient companies in the world 103 00:04:56,500 --> 00:04:59,700 has had its stock price drop over 50% 3. 104 00:05:00,000 --> 00:05:02,600 Times throughout its history. So no matter what stock you own, 105 00:05:02,600 --> 00:05:05,000 you have to be potentially prepared for to drop 106 00:05:05,000 --> 00:05:07,000 significantly. So I think Buffett shares, very 107 00:05:07,000 --> 00:05:08,800 good advice of having the right mentality. 108 00:05:08,800 --> 00:05:12,000 Focusing on long-term ownership, not being concerned about trying 109 00:05:12,000 --> 00:05:14,900 to time the bottom, but he doesn't really specifically 110 00:05:14,900 --> 00:05:17,300 answer. The question of when is the best 111 00:05:17,300 --> 00:05:20,300 time to really enter into a position and buy a stock? 112 00:05:20,300 --> 00:05:22,600 And that is where I continue to search for what I think is the 113 00:05:22,600 --> 00:05:26,000 best example of when to buy a stock, an example that we're 114 00:05:26,008 --> 00:05:29,400 going to be looking at is yes, Chipotle the Quick Service 115 00:05:29,400 --> 00:05:31,200 burrito. Restaurant most of us are 116 00:05:31,200 --> 00:05:33,600 familiar now with Chipotle in their modernized menu. 117 00:05:33,600 --> 00:05:37,400 But if we go back in time, this highly successful stock started 118 00:05:37,400 --> 00:05:41,700 off as just a small Mexican Grill, it was founded in 1993 119 00:05:42,000 --> 00:05:44,100 and soon. After in the late 90s, it 120 00:05:44,100 --> 00:05:47,100 received an investment from McDonald's McDonald's. 121 00:05:47,100 --> 00:05:51,300 Initial investment in Chipotle help this company, expand to 16 122 00:05:51,300 --> 00:05:53,700 different stores. And then continue to grow from 123 00:05:53,700 --> 00:05:55,200 there. And even though the stock price 124 00:05:55,200 --> 00:05:57,600 had its ups and downs, the company continued to grow 125 00:05:57,600 --> 00:06:01,000 throughout the years. In fact, from 2007, The 2015 126 00:06:01,200 --> 00:06:06,000 Chipotle went from 704, locations to 2010 and likewise 127 00:06:06,000 --> 00:06:09,100 every metric of the company was growing at an incredible Pace, 128 00:06:09,300 --> 00:06:11,000 their earnings per share of Chipotle were growing. 129 00:06:11,000 --> 00:06:13,200 At an incredible Pace. They went from just a couple 130 00:06:13,200 --> 00:06:16,500 pennies to over four and a half dollars and the stock price 131 00:06:16,500 --> 00:06:18,100 followed. In fact, after around Two 132 00:06:18,100 --> 00:06:21,000 thousand, thirteen, a lot of people are suggesting that 133 00:06:21,000 --> 00:06:23,900 chipotle could be the new McDonald's. 134 00:06:24,100 --> 00:06:27,600 This amazing company, that was growing store counts like crazy. 135 00:06:27,800 --> 00:06:30,900 It had high Returns on invested capital, And everyone seemed to 136 00:06:30,900 --> 00:06:34,100 like their food and investors couldn't get enough of it. 137 00:06:34,200 --> 00:06:37,900 The price of the stock went from a couple dollars up to above 700 138 00:06:37,900 --> 00:06:40,200 dollars per share. It was one of the greatest 139 00:06:40,200 --> 00:06:43,700 stories in the market but in 2015, when things were seemingly 140 00:06:43,700 --> 00:06:47,300 too good to be true for Chipotle things quickly reversed, they 141 00:06:47,300 --> 00:06:50,500 had an outbreak, a food poisoning outbreak, when they 142 00:06:50,500 --> 00:06:52,800 poisoned hundreds of people with E coli. 143 00:06:52,800 --> 00:06:56,500 And this story was plastered all across the news from CNN, 144 00:06:56,500 --> 00:07:01,000 Chipotle shutters, dozens of locations as more MD coli, cases 145 00:07:01,000 --> 00:07:04,200 emerge Bloomberg, had huge spreads on the front page saying 146 00:07:04,200 --> 00:07:08,100 inside Chipotle's contamination, crisis, Collins was among 53 147 00:07:08,100 --> 00:07:11,100 people in nine states, who are sickened with the same strain of 148 00:07:11,100 --> 00:07:15,100 E coli, 46 had eaten at Chipotle in the week before they fill 149 00:07:15,100 --> 00:07:17,100 ill. So, Chipotle found itself having 150 00:07:17,100 --> 00:07:20,400 a food contamination, crisis and poisoning, dozens of people all 151 00:07:20,400 --> 00:07:22,900 across the country, 20 of them, got sick enough to be 152 00:07:22,900 --> 00:07:25,000 hospitalized. Now, as news spread that 153 00:07:25,000 --> 00:07:27,700 chipotle was poisoning, people all across the country 154 00:07:27,800 --> 00:07:30,200 Chipotle's earnings dropped like a Iraq. 155 00:07:30,200 --> 00:07:33,000 They were cut in half the very next quarter and then they went 156 00:07:33,000 --> 00:07:36,800 into the - earnings per share, the quarter afterwards, this is 157 00:07:36,800 --> 00:07:39,800 because people stopped eating their same-store sales had huge 158 00:07:39,800 --> 00:07:41,600 declines. That a shutter entire 159 00:07:41,600 --> 00:07:44,000 restaurants, completely to investigate what's going on. 160 00:07:44,100 --> 00:07:46,900 Now as this terrible news is unfolding for Chipotle it 161 00:07:46,900 --> 00:07:49,600 catches. The interest of one investor who 162 00:07:49,600 --> 00:07:52,100 is Bill Ackman. He's looking at all of this 163 00:07:52,100 --> 00:07:55,400 stuff unfolding and he becomes interested in the stock we have 164 00:07:55,400 --> 00:07:57,500 a timeline here. Late 2015. 165 00:07:57,500 --> 00:08:00,500 It's breaking news that chipotle poisons hundreds of People with 166 00:08:00,500 --> 00:08:04,500 E coli, the stock drops 44 percent within a year as 167 00:08:04,500 --> 00:08:08,000 investors and customers lose confidence in the company, then 168 00:08:08,000 --> 00:08:12,600 we have breaking news and 2016. Bill Ackman just spot a huge 169 00:08:12,600 --> 00:08:15,100 stake in Chipotle and a filing with the u.s. 170 00:08:15,100 --> 00:08:17,600 SEC ackman's Pershing Square management. 171 00:08:17,600 --> 00:08:20,300 Disclose it had bought nine point, nine percent of Chipotle 172 00:08:20,300 --> 00:08:23,600 shares, and what enter into discussions with the chains top 173 00:08:23,600 --> 00:08:25,500 management. So, moving on with our timeline 174 00:08:25,500 --> 00:08:28,800 here, we can see that after the 44 percent decrease in share 175 00:08:28,800 --> 00:08:32,200 price bill Lachman became interested enough in Chipotle 176 00:08:32,400 --> 00:08:36,799 to, by almost 10% of the company mid-2016, that's when he built 177 00:08:36,799 --> 00:08:39,100 his position. Now on, Big Time investors, like 178 00:08:39,100 --> 00:08:41,799 Bill Ackman jump into a stock a lot of times. 179 00:08:41,799 --> 00:08:44,500 You see that nice bump afterwards, we see it with 180 00:08:44,500 --> 00:08:47,200 Warren Buffett, we see it with Elon Musk and we see what Bill 181 00:08:47,200 --> 00:08:49,200 Ackman. And with this Chipotle by it was 182 00:08:49,200 --> 00:08:53,500 no different Chipotle shares. Rose up almost 9%, right after 183 00:08:53,500 --> 00:08:56,000 it was revealed that Ackman bought into the company. 184 00:08:56,200 --> 00:08:59,700 So he had this nice bump up soon after the purchase, but in this 185 00:08:59,900 --> 00:09:03,200 Case after that initial bump up and share price, once it was 186 00:09:03,200 --> 00:09:06,300 revealed, he bought a position, things didn't go all that. 187 00:09:06,300 --> 00:09:10,100 Well for Ackman, the company's earnings were frankly, terrible, 188 00:09:10,300 --> 00:09:14,300 they fell by another 50% down into the - and then they only 189 00:09:14,300 --> 00:09:17,000 rebounded partially, and then they fell back down. 190 00:09:17,000 --> 00:09:20,200 Again, it seemed like the company really wasn't recovering 191 00:09:20,200 --> 00:09:22,900 from this outbreak. In fact, you see the little 192 00:09:22,900 --> 00:09:27,000 spike in stock price in early 2017, and then it started to 193 00:09:27,000 --> 00:09:29,100 plummet afterwards and Bill Ackman. 194 00:09:29,100 --> 00:09:32,600 Still Held his entire position after Ackman, initially bought 195 00:09:32,600 --> 00:09:37,600 into a pulley, the stock fell, another 35%, and he was down 196 00:09:37,600 --> 00:09:40,300 over 200 million dollars on his investment. 197 00:09:40,400 --> 00:09:43,300 And keep in mind, his investment was falling losing 200 million 198 00:09:43,300 --> 00:09:46,900 dollars in value. While the S&P 500 was racing 199 00:09:46,900 --> 00:09:49,300 upwards. So the Delta between the two was 200 00:09:49,300 --> 00:09:52,300 very large all the while negative criticism for Bill. 201 00:09:52,300 --> 00:09:56,200 Ackman and is Chipotle by was abundant on social media and 202 00:09:56,200 --> 00:09:59,100 through the analysis channels. Chipotle Mexican Grill. 203 00:09:59,200 --> 00:10:02,400 Don't catch Falling burrito. Sell rating on Chipotle. 204 00:10:02,500 --> 00:10:05,500 Why Ackman is wrong about Chipotle, another sell rating on 205 00:10:05,500 --> 00:10:07,600 Chipotle, we'll Bill. Ackman design, a new clock 206 00:10:07,600 --> 00:10:11,300 autopia program, another sell rating on Chipotle, and this 207 00:10:11,300 --> 00:10:14,400 negativity and criticism towards Chipotle and Bill Ackman. 208 00:10:14,400 --> 00:10:16,600 During this time, was not unique. 209 00:10:16,600 --> 00:10:19,000 This was a commonly held view at the time. 210 00:10:19,000 --> 00:10:21,100 So this was a situation that Bill Ackman was in. 211 00:10:21,400 --> 00:10:25,500 He bought Chipotle the stock continued to plummet 35% the 212 00:10:25,500 --> 00:10:28,500 earnings per share were not growing at a fast pace, in fact, 213 00:10:28,500 --> 00:10:31,300 on paper. Even after the 35 percent 214 00:10:31,300 --> 00:10:33,700 decline, Chipotle looked very expensive. 215 00:10:33,700 --> 00:10:37,700 Add a PE ratio above 30 because a future expected earnings were 216 00:10:37,700 --> 00:10:40,600 so terrible and all the while he's lost two hundred million 217 00:10:40,600 --> 00:10:44,000 dollars on his investment. The S&P 500 is racing upwards 218 00:10:44,200 --> 00:10:47,700 and he's facing a ton of criticism and negativity online 219 00:10:47,700 --> 00:10:50,100 with different analysts. And this is where things get 220 00:10:50,100 --> 00:10:54,100 very interesting November of 2017, Bill Ackman appears on 221 00:10:54,100 --> 00:10:58,400 CNBC with all the guys there to discuss his Investments and 222 00:10:58,400 --> 00:11:01,500 Chipotle's one of the focus. Points, and keep in mind, the 223 00:11:01,500 --> 00:11:04,600 context here, he's down over 200 million dollars, the stock 224 00:11:04,600 --> 00:11:07,700 continues to plummet. It looks expensive on paper and 225 00:11:07,700 --> 00:11:09,400 there's wide criticism towards Bill. 226 00:11:09,400 --> 00:11:12,700 Ackman and his holding, this is the questions that he's getting 227 00:11:12,700 --> 00:11:15,700 asked during this time. Let's talk about Chipotle Bill. 228 00:11:15,700 --> 00:11:19,300 If we could sure she has got crushed again last week on 229 00:11:19,300 --> 00:11:22,300 earnings. Now what makes you still 230 00:11:22,300 --> 00:11:23,800 convinced that you can turn this thing around? 231 00:11:24,200 --> 00:11:26,300 So we're early. We joined the board in the last 232 00:11:26,300 --> 00:11:29,600 year and we're going to work hard to make it. 233 00:11:30,400 --> 00:11:32,500 Help the company turn but it's work. 234 00:11:32,500 --> 00:11:35,200 This work to do, for sure. He says that he was early to the 235 00:11:35,200 --> 00:11:38,000 stock and there was work to do but they don't let him get off 236 00:11:38,000 --> 00:11:40,700 by just saying that because it's a great courage. 237 00:11:40,700 --> 00:11:43,100 Short answer to a short answer, is it go to the stores? 238 00:11:43,100 --> 00:11:45,500 Are plenty of still long lines. Still people buying the product, 239 00:11:45,500 --> 00:11:48,000 the stores are still doing 2 million Revenue, a 2 million. 240 00:11:48,000 --> 00:11:50,100 Revenue concept is a great concept. 241 00:11:50,200 --> 00:11:52,500 Now, they were doing two and a half million of Revenue before 242 00:11:53,000 --> 00:11:54,400 they had their the various issues. 243 00:11:54,400 --> 00:11:56,700 But I think the issues they've have are all addressable through 244 00:11:56,700 --> 00:11:59,300 better operations and better oversight. 245 00:11:59,300 --> 00:12:02,100 Now notice It right away. Bill Ackman doesn't seem overly 246 00:12:02,100 --> 00:12:04,200 concerned with the current stock price. 247 00:12:04,300 --> 00:12:06,900 His Focus immediately goes to the fundamentals of the 248 00:12:06,908 --> 00:12:09,100 business. There's lines out the door 249 00:12:09,100 --> 00:12:12,100 people like the concept. So Bill ackman's, focus on the 250 00:12:12,100 --> 00:12:15,900 fundamentals while everyone else is focus is on the stock price. 251 00:12:16,000 --> 00:12:19,300 And as you'll see, Bill Ackman during this time, was the only 252 00:12:19,300 --> 00:12:21,600 one that seemed to be bullish on this stock. 253 00:12:21,700 --> 00:12:23,800 Listen to the other analysts here, ask him, questions 254 00:12:23,900 --> 00:12:25,900 disclosure. And since we have, you know, 255 00:12:25,900 --> 00:12:29,900 some of the gang here today, Josh, you've been - aunty Boat 256 00:12:29,900 --> 00:12:32,200 lay. Steve, you've been - on Tripoli 257 00:12:32,200 --> 00:12:34,500 suggesting that there's no reason why this stock can't 258 00:12:34,500 --> 00:12:36,900 continue to go lower. I love the, by the way, I love 259 00:12:36,900 --> 00:12:40,700 the restaurant. I just think I just think there 260 00:12:40,700 --> 00:12:44,400 was a magic about the company and sometimes the magic wears 261 00:12:44,400 --> 00:12:48,100 off and once it wears off, then people say okay, it's quick 262 00:12:48,100 --> 00:12:50,400 service restaurant. Why am I paying 30 times 263 00:12:50,400 --> 00:12:52,500 earnings for it? Why does it for growth multiple 264 00:12:52,500 --> 00:12:55,200 if it's not growing etcetera? So I don't think it's not 265 00:12:55,200 --> 00:12:57,700 salvageable. I just think like this thing was 266 00:12:57,700 --> 00:13:02,200 looked at as oh my God, it's the Donald's by a generation of 267 00:13:02,200 --> 00:13:04,200 investors. Now, I like Josh Brown. 268 00:13:04,200 --> 00:13:07,600 I think he's one of the better ones on CNBC, but he references 269 00:13:07,600 --> 00:13:10,800 the Ford multiple being at 34 a company that's going through a 270 00:13:10,808 --> 00:13:14,500 lot of distress seemingly. It's very expensive and people 271 00:13:14,500 --> 00:13:17,200 previously viewed it as McDonald's which in his view 272 00:13:17,200 --> 00:13:19,600 it's not anymore. And again, listen to Bill 273 00:13:19,600 --> 00:13:22,200 ackman's responds to this by from oversexed. 274 00:13:22,300 --> 00:13:23,700 That's why anyone thinks that anymore. 275 00:13:23,700 --> 00:13:25,900 So that's when it was at 700 something dollars, a share, 276 00:13:26,000 --> 00:13:27,300 right today. People are looking at me. 277 00:13:27,700 --> 00:13:30,100 Look at McDonald's. McDonald's is certainly had it's 278 00:13:30,100 --> 00:13:31,800 cycles of people. Really loving it. 279 00:13:31,800 --> 00:13:32,800 People hating it. Yes. 280 00:13:32,800 --> 00:13:33,900 And today they're involving at mode. 281 00:13:33,900 --> 00:13:35,100 That's look at Burger. King Burger. 282 00:13:35,100 --> 00:13:38,500 King was the dog of of all restaurant companies. 283 00:13:38,900 --> 00:13:40,200 We're a major shareholder Burger King. 284 00:13:40,200 --> 00:13:41,600 We help take the company public again. 285 00:13:41,600 --> 00:13:44,100 When 3G bought Burger King and took it private at a thirty 286 00:13:44,100 --> 00:13:46,000 percent premium. But and same store, sales were 287 00:13:46,008 --> 00:13:47,700 declining. I think, Sam's ourselves had 288 00:13:47,700 --> 00:13:50,200 declined like each quarter for the previous three years when we 289 00:13:50,200 --> 00:13:52,900 bought the business, and they've made magic with Burger King. 290 00:13:52,900 --> 00:13:55,800 So, I think, you know, here, the company's been, you know, stock 291 00:13:55,800 --> 00:13:57,300 was 500 as they're making progress. 292 00:13:57,300 --> 00:14:00,200 They had a, you know, one employee sick in a Or a bunch of 293 00:14:00,200 --> 00:14:01,700 people got sick and everything like you know, through the 294 00:14:01,700 --> 00:14:04,700 thing, out of the stocks down, almost 50% from that kind of 295 00:14:04,700 --> 00:14:06,600 near risen high. But this is, this is still a 296 00:14:06,608 --> 00:14:08,600 bunch more than that, they didn't have to spend money on 297 00:14:08,600 --> 00:14:10,300 marketing, the way they now have to. 298 00:14:10,500 --> 00:14:13,100 And so that's not going to be great for margins long-term. 299 00:14:13,300 --> 00:14:16,100 There was a time when the only ad they needed was the line out 300 00:14:16,100 --> 00:14:18,600 the door and they had that for years now, but there's still 301 00:14:18,600 --> 00:14:20,000 lots of other ways. What's interesting about 302 00:14:20,000 --> 00:14:22,100 Chipotle in one of the reasons why we're involved is not just 303 00:14:22,100 --> 00:14:25,500 betting on a recovery from the, the food safety issue it's at. 304 00:14:25,500 --> 00:14:28,200 This is one of the least optimized of the Quick Service 305 00:14:28,200 --> 00:14:30,300 restaurants, right now, drive-throughs Is no driver 306 00:14:30,300 --> 00:14:31,700 breakfast. I'm with you. 307 00:14:31,700 --> 00:14:35,900 No breakfast, no, no mobile app where you can, you know, the 308 00:14:35,900 --> 00:14:38,300 lines and stand in front of a supposedly today they're still 309 00:14:38,300 --> 00:14:41,200 lines, people see the line and then they go someplace else. 310 00:14:41,200 --> 00:14:44,000 But I think this is such an interesting conversation because 311 00:14:44,000 --> 00:14:47,700 Josh Brown is focused more. So, on the current valuation of 312 00:14:47,700 --> 00:14:50,700 the company, the margins being suppressed and the fact that the 313 00:14:50,700 --> 00:14:53,800 stock price may very well go down in the short term, but he 314 00:14:53,800 --> 00:14:56,900 does realize that Bill Ackman at least has a point Bill Ackman. 315 00:14:56,900 --> 00:14:59,600 I think resembles a lot more of what Warren Buffett's advice. 316 00:14:59,700 --> 00:15:02,100 Is the focus on the actual business. 317 00:15:02,400 --> 00:15:04,700 Bill Ackman looks at the lines and he sees that the business 318 00:15:04,700 --> 00:15:07,100 can be optimized. They could have drive-thrus they 319 00:15:07,100 --> 00:15:09,600 can have mobile apps. They can have all those things 320 00:15:09,600 --> 00:15:11,600 that chipotle currently has that. 321 00:15:11,600 --> 00:15:15,100 They're benefiting greatly from, but back during this time it was 322 00:15:15,100 --> 00:15:17,000 more difficult to Envision, all of that. 323 00:15:17,300 --> 00:15:20,000 So you see the differences between focus is here. 324 00:15:20,100 --> 00:15:23,400 Bill Ackman is very much focused on the farm and the yield of the 325 00:15:23,400 --> 00:15:25,500 farm. He's not so focused on The Daily 326 00:15:25,500 --> 00:15:27,300 bids and the daily price changes. 327 00:15:27,300 --> 00:15:29,900 But as you can see, when the discussion changes from One 328 00:15:29,900 --> 00:15:32,800 analyst to another, they're all focused on the current 329 00:15:32,800 --> 00:15:36,100 valuation, the current price and the short-term Outlook. 330 00:15:36,100 --> 00:15:38,500 How much am I paying for that in the current multiple? 331 00:15:38,600 --> 00:15:41,000 I mean, it's still a skit about with the stocks done that and 332 00:15:41,100 --> 00:15:43,600 that doesn't really matter. What matters is one of the 333 00:15:43,600 --> 00:15:47,900 earnings done and what's the valuation and a 30 x, next year, 334 00:15:47,900 --> 00:15:50,900 giving the benefit, they hit their target for once first time 335 00:15:50,900 --> 00:15:54,000 in three years, it's still very expensive in a competitive 336 00:15:54,000 --> 00:15:55,900 space. I would his concern about 337 00:15:55,900 --> 00:15:59,200 Chipotle during this time is the same concern that most 338 00:15:59,200 --> 00:16:01,600 investors. Tab any time they buy a stock, 339 00:16:01,700 --> 00:16:05,500 they look at the next year PE and they value the company based 340 00:16:05,500 --> 00:16:08,800 off of next year's earnings. And this has been proven time 341 00:16:08,800 --> 00:16:13,000 and time again to not be a way to have Alpha in the market by 342 00:16:13,000 --> 00:16:16,100 simply looking at the next 12 months of earnings and Bill 343 00:16:16,100 --> 00:16:18,500 ackman's, fully aware of this problem. 344 00:16:18,700 --> 00:16:21,100 The opportunities in the stock market are created because most 345 00:16:21,100 --> 00:16:23,400 investors are focused on what our next year's are in is going 346 00:16:23,400 --> 00:16:24,700 to be, what's an appropriate, multiple? 347 00:16:25,100 --> 00:16:27,600 And first story like this, when we're company's been through 348 00:16:27,600 --> 00:16:29,500 what they've been through sales of gone from Two and a Half to 349 00:16:29,600 --> 00:16:31,700 Two million, the right way to look at in our view is not just 350 00:16:31,700 --> 00:16:33,900 about a multiple next year. You're like, okay, what's a 351 00:16:33,900 --> 00:16:36,600 reasonable trajectory for a recovery and what will the 352 00:16:36,600 --> 00:16:39,100 earnings be two years out, four years out? 353 00:16:39,100 --> 00:16:41,500 Six years out, and then discount those earnings back in time on 354 00:16:41,500 --> 00:16:43,100 that basis. It's a very cheap stock. 355 00:16:43,100 --> 00:16:46,400 If they can perform the lachman's preferred method to 356 00:16:46,400 --> 00:16:49,000 look at these Investments is rather than look at next year's 357 00:16:49,000 --> 00:16:50,500 earnings. He looks at the next four or 358 00:16:50,500 --> 00:16:52,900 five years. He tries to see how things will 359 00:16:52,900 --> 00:16:55,700 actually change and evolve for the company and then he 360 00:16:55,700 --> 00:16:58,000 discounts that backwards to present day. 361 00:16:58,200 --> 00:17:01,900 And so even though today, Looks expensive at a 30 PE ratio. 362 00:17:02,100 --> 00:17:04,700 He goes on to explain different changes in Evolutions in the 363 00:17:04,700 --> 00:17:07,900 company that he thinks will make today's price very cheap. 364 00:17:07,900 --> 00:17:10,599 And hindsight, if you can make a recovery from the food, safety 365 00:17:10,599 --> 00:17:13,000 crisis, which in almost every fast-food companies been able to 366 00:17:13,000 --> 00:17:17,800 make a recovery and to you start layering things like online 367 00:17:17,800 --> 00:17:21,300 ordering breakfast longer hours, you know they just had their 368 00:17:21,300 --> 00:17:22,800 first drive through. You know, there are lots of 369 00:17:22,808 --> 00:17:24,400 different ways. And also I think what he does 370 00:17:24,400 --> 00:17:26,700 here is highlight a fundamental problem with just looking at 371 00:17:26,700 --> 00:17:29,300 next year's P/E ratio without looking at the fundamental 372 00:17:29,300 --> 00:17:30,800 development. Elements of the company he 373 00:17:30,800 --> 00:17:33,300 highlights that they could be open for longer hours. 374 00:17:33,400 --> 00:17:35,800 They could have breakfast, they could have drive through. 375 00:17:35,800 --> 00:17:39,000 They could have a mobile app and delivery and so on and so forth 376 00:17:39,000 --> 00:17:40,900 that will fundamentally change the company. 377 00:17:41,100 --> 00:17:44,500 And so this next 12 months PE ratio that doesn't factor in 378 00:17:44,500 --> 00:17:47,600 any, of those changes might not be the most accurate way to look 379 00:17:47,600 --> 00:17:49,800 at this stock. Now, having said that Josh goes 380 00:17:49,800 --> 00:17:52,400 on to bring up an entirely new concern for Chipotle. 381 00:17:52,500 --> 00:17:56,200 Also in 2006, when they spun out of McDonald's did the IPO, there 382 00:17:56,200 --> 00:17:59,500 were no real competitors on a national basis. 383 00:18:00,000 --> 00:18:02,900 That were doing Very Fresh Mexican food. 384 00:18:03,200 --> 00:18:06,000 That is obviously not the landscape today actually. 385 00:18:06,000 --> 00:18:08,400 Competitors on National don't feel like Del taco is legitimate 386 00:18:08,400 --> 00:18:10,700 competitor. It's a suppose you do mean these 387 00:18:10,700 --> 00:18:15,100 are huge chains getting bigger and arguably feasting off of a 388 00:18:15,100 --> 00:18:18,500 concept that chipotle really created Rising competition. 389 00:18:18,600 --> 00:18:22,400 Another challenge, and bear case for Chipotle at the time and 390 00:18:22,400 --> 00:18:25,600 most investors were referencing. All of these bear cases when the 391 00:18:25,600 --> 00:18:28,000 stock price was in the gutter. In many times. 392 00:18:28,000 --> 00:18:31,500 You'll see that sentiment Follows stock price, Chipotle 393 00:18:31,500 --> 00:18:34,300 stock was moving downwards. People are referencing the 394 00:18:34,300 --> 00:18:37,300 increasing competition, the problem with their earnings, how 395 00:18:37,300 --> 00:18:40,500 expensive the stock is and how everything is going wrong for 396 00:18:40,500 --> 00:18:41,800 it. But, Bill Ackman had to 397 00:18:41,800 --> 00:18:44,800 repeatedly justify and rationalize his investment in 398 00:18:44,800 --> 00:18:48,700 Chipotle limited to competing against other Mexican can take a 399 00:18:48,708 --> 00:18:49,700 look at Burger King. Okay? 400 00:18:49,700 --> 00:18:51,300 Wouldn't Burger King did their turn around? 401 00:18:51,400 --> 00:18:53,000 You don't think there was competition and the hamburger 402 00:18:53,000 --> 00:18:56,000 space, did they turn it around? Or did they shrink the size of 403 00:18:56,000 --> 00:18:59,400 the food? And, and really just focus more 404 00:18:59,400 --> 00:19:02,200 on. Shareholders then no Burger King 405 00:19:02,400 --> 00:19:04,200 looking at. Look at the sales per box 406 00:19:04,500 --> 00:19:06,900 wrapped 30-something percent from where they were, look at 407 00:19:06,900 --> 00:19:09,800 the quality of the stores. Look at the international growth 408 00:19:09,800 --> 00:19:11,800 of the business. So Brokers clouded is so and 409 00:19:11,800 --> 00:19:14,700 it's still worth, but there's also to put the presents. 410 00:19:14,700 --> 00:19:17,300 Are there are there taco places in every Community? 411 00:19:17,300 --> 00:19:20,900 I'm sure there are other taco and Mexican Concepts and but 412 00:19:20,900 --> 00:19:24,300 it's very difficult to do with Chipotle has done as 2300 unit 413 00:19:24,300 --> 00:19:26,500 scale and by the way, we haven't talked about International right 414 00:19:26,500 --> 00:19:27,900 that done. Nothing internationally, right? 415 00:19:27,900 --> 00:19:29,500 So there are lots of different levels. 416 00:19:29,600 --> 00:19:32,000 That can be pulled here to make this a successful company and I 417 00:19:32,000 --> 00:19:34,200 have to give him credit for sticking to the stock during 418 00:19:34,200 --> 00:19:35,900 this time. I think that the majority of 419 00:19:35,900 --> 00:19:38,300 investors would have a very difficult time doing this. 420 00:19:38,400 --> 00:19:41,300 The negativity and bear cases were Relentless. 421 00:19:41,400 --> 00:19:45,300 It's one - objection after - objection took some given the 422 00:19:45,300 --> 00:19:48,200 health issues does this really scale because isn't that the 423 00:19:48,200 --> 00:19:51,700 problem that they're trying to do fresh food in a format that 424 00:19:51,900 --> 00:19:54,600 the other chains have looked at and said we really can't do 425 00:19:54,600 --> 00:19:55,600 that? Yes, okay. 426 00:19:55,700 --> 00:19:58,800 And they put in, they put in place, very good and they're 427 00:19:58,800 --> 00:20:01,600 getting making me. I think this latest issue they 428 00:20:01,600 --> 00:20:03,900 had was not an issue of a supply chain problems. 429 00:20:03,900 --> 00:20:07,300 An issue of a sick employee, who came into work, right? 430 00:20:07,300 --> 00:20:09,200 And they didn't identify the management board anywhere. 431 00:20:09,200 --> 00:20:11,300 It could happen anywhere by the way, because it's Chipotle gets 432 00:20:11,300 --> 00:20:12,800 attention. I mean, when they, when the 433 00:20:12,808 --> 00:20:15,800 Chipotle issues were happening, there was a story of the press 434 00:20:15,900 --> 00:20:18,800 that there was fecal, matter in the ice cubes that, you know, I 435 00:20:18,800 --> 00:20:22,100 won't mention the the hamburger chain, but people largely 436 00:20:22,100 --> 00:20:23,900 ignored it, right? But because this is supposedly 437 00:20:23,900 --> 00:20:26,900 and where the focus is yes to continually rationalize and 438 00:20:26,900 --> 00:20:30,200 defend his position and remind other people that it's not 439 00:20:30,200 --> 00:20:33,900 always dark days ahead for these companies to that magic is that 440 00:20:33,900 --> 00:20:36,300 we talked about the reason, why magic and come back. 441 00:20:36,300 --> 00:20:37,800 Just like it's, by the way McDonald. 442 00:20:37,800 --> 00:20:39,800 So that's why it was a check in the box. 443 00:20:39,800 --> 00:20:42,500 They have this social media presence, young people, 444 00:20:42,500 --> 00:20:44,800 fetishized it pencil, that is chain. 445 00:20:44,900 --> 00:20:48,700 He says the magic can come back and the magic did come back for 446 00:20:48,700 --> 00:20:51,400 Chipotle. Since that interview, the stock 447 00:20:51,400 --> 00:20:55,800 price is only raced upwards to all-time highs over, triple the 448 00:20:55,800 --> 00:20:58,600 price of his initial purchase in fact, since the time of that 449 00:20:58,600 --> 00:21:02,400 interview Chipotle Averaged, a 32 percent yearly return 450 00:21:02,700 --> 00:21:06,500 doubling, the S&P, 500 and firmly beating out the QQQ. 451 00:21:06,600 --> 00:21:10,100 In fact, even in his initial, by back in 2016, before the large 452 00:21:10,100 --> 00:21:14,400 drop in price, his position has steadily beaten, the S&P 500 and 453 00:21:14,400 --> 00:21:17,500 even beat the QQQ by over 50% today. 454 00:21:17,500 --> 00:21:22,900 Chipotle share price is up 3% to 1556 dollars, the future looks 455 00:21:22,900 --> 00:21:25,900 bright as ever as they open up more and more stores every 456 00:21:25,900 --> 00:21:28,500 single year. Almost reaching 3000 at this 457 00:21:28,500 --> 00:21:31,800 point and Bill a Woman continues to hold the stock as his third 458 00:21:31,800 --> 00:21:34,900 largest holding with an 18% waiting, and the earnings per 459 00:21:34,900 --> 00:21:38,000 share of Chipotle haven't just surpassed their 2015 levels. 460 00:21:38,200 --> 00:21:40,800 They're hitting all new highs. So this brings me again, to the 461 00:21:40,800 --> 00:21:43,800 question of, when's the best time to buy a stock for 462 00:21:43,800 --> 00:21:46,800 Chipotle? It was Claire that between 2016 463 00:21:46,800 --> 00:21:51,300 and 2018. That window a very bad - news 464 00:21:51,300 --> 00:21:54,700 and negative outlook was an opportunity that some investors 465 00:21:54,700 --> 00:21:57,500 like Ackman took advantage of. He didn't time the purchase 466 00:21:57,500 --> 00:22:00,800 perfectly, he certainly didn't buy the And he may have had to 467 00:22:00,800 --> 00:22:02,900 hold on to it for longer than expected. 468 00:22:02,900 --> 00:22:05,900 But, ultimately, he reaped the rewards of buying a high quality 469 00:22:05,900 --> 00:22:09,100 company at a very low price. And I see the same kind of 470 00:22:09,100 --> 00:22:12,300 example, repeated, over and over again throughout history. 471 00:22:12,400 --> 00:22:14,900 The best time in history to, by Marriott was a time when their 472 00:22:14,900 --> 00:22:18,100 hotels weren't being used. Everybody was locked in the best 473 00:22:18,100 --> 00:22:20,700 time to buy oil companies over the past five years was during 474 00:22:20,700 --> 00:22:23,900 the time when oil had no demand. The investors that bought during 475 00:22:23,900 --> 00:22:25,900 these dips of bad forecast, and bad news. 476 00:22:25,900 --> 00:22:29,000 Reap the returns one of the best times by Costco stock throughout 477 00:22:29,000 --> 00:22:32,500 its entire Our history was one of the big news came that Amazon 478 00:22:32,500 --> 00:22:34,900 was buying Whole Foods. Many people thought this would 479 00:22:34,900 --> 00:22:37,700 be a new competitor. It dropped, Costco stock, double 480 00:22:37,700 --> 00:22:40,900 digits and the investors, it took advantage of this dip reap 481 00:22:40,900 --> 00:22:42,700 the rewards. So when I make buys into 482 00:22:42,700 --> 00:22:45,500 companies that I consider to be high quality, they have good 483 00:22:45,500 --> 00:22:47,300 brand value, they have decent moats. 484 00:22:47,400 --> 00:22:49,900 I realize that I'm not going to time the bottom with these 485 00:22:49,900 --> 00:22:52,200 purchases. I know that going in with 486 00:22:52,200 --> 00:22:53,900 Starbucks. I bought some of it at ninety, 487 00:22:53,900 --> 00:22:56,100 six dollars a share. Some of it at eighty, five 488 00:22:56,100 --> 00:22:58,300 dollars, a share. And the price is currently 80 489 00:22:58,300 --> 00:22:59,400 dollars a share. It's be. 490 00:22:59,600 --> 00:23:02,800 Both my current buys and the stock price may continue to 491 00:23:02,800 --> 00:23:05,000 drop. In fact with the news coming out 492 00:23:05,000 --> 00:23:07,600 of China it's pretty likely that it will drop at least in the 493 00:23:07,600 --> 00:23:10,700 short term Starbucks, is a company that's under distress 494 00:23:10,700 --> 00:23:13,000 right now, it has the combination of unions and 495 00:23:13,000 --> 00:23:16,000 concerns in China. The stock is down 36 from its 496 00:23:16,000 --> 00:23:19,000 all-time high. It's trading 16 percent below 497 00:23:19,000 --> 00:23:23,200 where it was in 2019, that is pretty incredible for company. 498 00:23:23,200 --> 00:23:25,200 That's continued to grow to put it another way. 499 00:23:25,200 --> 00:23:29,400 Starbucks has increased its store count by over 4,000 from 500 00:23:29,500 --> 00:23:31,800 19 to current day and the earnings per share of the 501 00:23:31,800 --> 00:23:34,500 company have gone from 60 cents per quarter to earnings per 502 00:23:34,500 --> 00:23:37,400 share of around a dollar. The company has substantially 503 00:23:37,400 --> 00:23:41,500 increased, its earnings and it's store count and it's down 20% so 504 00:23:41,500 --> 00:23:44,000 maybe this is another Ali Baba situation may be. 505 00:23:44,000 --> 00:23:47,900 This is the ultimate downfall of Starbucks and the company will 506 00:23:47,900 --> 00:23:50,500 never be able to recover. But right now that's a bet I'm 507 00:23:50,500 --> 00:23:53,200 willing to take, I think that over the next three or four 508 00:23:53,200 --> 00:23:55,600 years is company will be much more attractive. 509 00:23:55,700 --> 00:23:58,100 It will have far more stores and I think that many of the 510 00:23:58,108 --> 00:23:59,400 concerns that it faces right now. 511 00:23:59,600 --> 00:24:02,400 How will fade into history? I share a similar view with 512 00:24:02,400 --> 00:24:04,500 Domino's. This company recently traded 513 00:24:04,500 --> 00:24:09,100 down over 30% from just a couple months ago because of a decline 514 00:24:09,100 --> 00:24:12,300 in same-store sales to me. That's very short-term thinking 515 00:24:12,300 --> 00:24:14,100 and I think the company will rebound from it. 516 00:24:14,200 --> 00:24:16,700 They increase prices on some of their items by a dollar, which I 517 00:24:16,700 --> 00:24:18,500 think will help with their same store sales. 518 00:24:18,700 --> 00:24:21,500 So I expect to see an improvement with Domino's over 519 00:24:21,500 --> 00:24:23,900 the next couple of years and I think this company is very 520 00:24:23,900 --> 00:24:26,900 attractively valued so I'm not suggesting for anyone to follow 521 00:24:26,900 --> 00:24:29,100 me into these trades or by these companies. 522 00:24:29,500 --> 00:24:33,400 We ones welcome to buy the S&P 500 or the QQQ that way. 523 00:24:33,400 --> 00:24:36,100 You can follow the index and not have to concern yourself with 524 00:24:36,100 --> 00:24:38,600 individual buys. But when I see high quality 525 00:24:38,600 --> 00:24:41,900 companies fall dramatically in price in a short amount of time 526 00:24:41,900 --> 00:24:45,600 because of what I consider to be mostly temporary and overblown 527 00:24:45,600 --> 00:24:47,200 news. I think that that's an 528 00:24:47,200 --> 00:24:50,200 opportunity that I like to take advantage of and in terms of 529 00:24:50,200 --> 00:24:53,500 seeing the stock price drop quickly after buying a company, 530 00:24:53,500 --> 00:24:56,300 a lot of people have said comments to the extent of man, 531 00:24:56,300 --> 00:24:59,300 that seems like so much stress. I'd rather just buy the S&P 532 00:24:59,500 --> 00:25:02,200 Hundred. If that's the case if it causes 533 00:25:02,200 --> 00:25:05,800 you stress to buy individual companies, then you shouldn't be 534 00:25:05,800 --> 00:25:08,600 buying individual companies. I've been buying individual 535 00:25:08,600 --> 00:25:12,200 companies for over five years and that's never cause me stress 536 00:25:12,300 --> 00:25:14,500 what I'm doing on this channel, and what I'll continue to do in 537 00:25:14,500 --> 00:25:17,700 the future is, share my thoughts on investing and show you what 538 00:25:17,700 --> 00:25:20,200 I'm buying with transparency. So, I hope you enjoyed that 539 00:25:20,200 --> 00:25:22,100 little story. That's all for this time. 540 00:25:22,200 --> 00:25:23,200 I'll see you in the next one.