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Ladies and gentlemen, welcome to
the Business Brew. 

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I am your host, Bill Brewster. 
As always, thank you for your 

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time and attention. 
Much appreciated. 

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Much love to all y'all. 
This episode features Jason and 

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Jeff of the Investing Unscripted
podcast. 

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You are about to listen to three
people that were completely 

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unscripted. 
Just hop on a mic and have a 

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conversation. 
So do remember, everything is 

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for entertainment purposes only.
Nothing is to be taken 

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seriously. 
If we say anything that you find

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interesting, you should go to 
the source. 

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Do your own work, do your own 
due diligence, consult your 

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financial advisors before making
investment decisions. 

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And you know this isn't 
investment advice. 

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Half of what we say we might 
change our mind on. 

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You should know the drill. 
Either way, I hope it's worth 

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your time. 
A number of laughs in this one, 

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so I think it will be worth your
time. 

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All right, enjoy the show after 
the sponsor read. 

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Shout out to tritrada.com and 
fiscal.aitritrada.com/brew 

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fiscal dot AI forward slash 
brew. 

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Help me, help you help me. 
OK, thanks. 

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Bye. 
This episode is sponsored by 

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Trata TRATA. 
You can try Trata at Try 

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trata.com, TRYTRA, ta.com/brew 
for a free trial. 

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Trata is a transcript library 
analyst to analyst. 

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You are going to hear 
conversations between two 

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informed individuals or you were
going to read. 

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You can listen, but there are 
it's informed conversations 

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between two analysts. 
I happen to like that because I 

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think it gets some of the fluff 
out of some of the more 

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traditional transcript libraries
and you get to the point. 

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So I find it, I find it to be 
useful. 

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I've been using it a lot and I, 
I think that they highlight some

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very interesting things. 
I also one thing that I enjoy 

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very much about it is you can 
read clearly we are interested 

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in this company, but we do not 
do not own it because of XYZ or,

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you know, whatever comes up. 
But I do think that it helps 

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frame what some of the 
discussion in the stock is 

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doing. 
So I find that particularly 

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interesting. 
Anyway, Tritrada forward slash 

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tritrada.com/brew for a free 
trial. 

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Check it out. 
This episode is also sponsored 

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by Fiscal dot AI. 
Fiscal dot AI forward slash brew

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will get you 15% off any paid 
plan automatically. 

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It will be applied at checkout. 
You should check out the episode

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with Braden that gives the long 
pitch the sort of prosumer 

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level, for lack of a better 
term. 

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Fantastic data, super quick 
uploads. 

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They just got Canadian filings 
in there, so if you hate messing

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with Cdr, that's a great use 
case for you. 

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The pitch I'm going to make 
today is if you are an 

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enterprise and you need data, 
Braden and his team think that 

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they can save you a bunch of 
money if you're using a provider

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like FactSet or something of 
similar quality. 

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Braden and the teams, the data 
is high quality, It is 

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completely auditable. 
You can get it much cheaper than

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you can elsewhere. 
Check it out and use fiscal dot 

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AI forward slash brood to get 
15% off while you save your 

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business money. 
The use of AI in in his process.

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That was a good episode. 
Yep, yeah, it was. 

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We had started doing the same 
stuff, a lot of the same stuff 

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on our own, and we knew he was 
into it. 

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Plus he's so fucking thirsty. 
Hopes that I say that out loud. 

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He's very good at the the 
attention capture game in a 

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positive way. 
I'm not saying that in a 

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negative light. 
I think he his his message is 

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one that's worthy of promotion, 
but he's quite good at it. 

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I agree with that. 
Yeah, no, I've known. 

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I've known Brian for like 11-12 
years. 

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His heart is in the right place.
It is. 

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That's. 
Right. 

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He's got that, that like play 
the algorithm, do the thing, but

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I just can't bring it out of 
myself. 

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So yeah, it's. 
OK, that you you are jealous. 

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A little jealous. 
Yeah, I get it. 

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Yeah, it happens, man. 
Jealousy is tough, you know, But

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it does run a lot of the world, 
so. 

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Fairpoint. 
Fairpoint yeah. 

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So, So what I mean, what's you 
want to tell people a little bit

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about your podcast to start and 
then and then we'll get into 

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whatever discussion. 
This is a bit of investing 

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unscripted. 
So we'll see how it goes. 

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We've already had Jason's 
already left. 

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So that's how good this 
episode's going to be. 

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Well, honestly, that's an 
upgrade. 

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I'm. 
Done. 

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Yeah. 
You think? 

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Yeah, absolutely. 
There's a lot of banter between 

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the two of you, huh? 
Well, so all right, here's 

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here's the that's a perfect 
segue into talking about what we

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try to accomplish. 
So the reason we started the 

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podcast is we were constantly 
texting each other about stock 

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stuff and investing things. 
And I reached out to Jason. 

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I was like, let's start a 
podcast because we both have a 

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lot to say and I think it'd be a
good conversation. 

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We have a good rapport, we have 
a good vibe, and we wanted the 

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show to sound like exactly what 
we're doing now. 

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Right here's three guys speaking
into microphones in front of the

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screen. 
But about stuff we're interested

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in, it's not really. 
Familiar with this format. 

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Yeah, it's not superscripted. 
Like maybe there's an outline 

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we're going to talk about, but 
there's no preconceived thing 

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we're bringing to the table. 
It it should sound like we all 

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met up at a bar and just started
talking about a thing we're 

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interested in, which is 
investing. 

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And we don't want to be gurus. 
We're not trying to have the 

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answers. 
We're not trying to tell you buy

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this stock, sell that stock. 
We're not trying to say we have 

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this the correct 5 point way to 
invest in the market. 

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We're not trying to sell a book.
It really is just we're nerd to 

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like this. 
Want to talk about it and be 

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honest about what's hard about 
it, what we struggle with, the, 

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the way we've evolved as 
investors, all that kind of 

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stuff and. 
Also. 

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To the degree that it has 
resonated, I think that's why. 

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Jason, let Jeff talk. 
Yeah, also. 

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I have the perfect answers. 
OK. 

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All right. 
There you go, Jeff. 

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Shut up. 
Thank you. 

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Did you just interrupt me for 
the hell of a Jason? 

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Yeah, that's right. 
I'm like hanging. 

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It's a cliffhanger for the 
perfect answers and then he's 

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just waiting for dramatic 
effect. 

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Oh yeah, yeah, I know, I know. 
Oh, that's why you're on the 

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show, because you have the 
perfect answers. 

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Right. 
Interesting, I've never had that

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problem. 
I mean, it's a heavyweight to 

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bear, but you know. 
Yeah, it's nice. 

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So do you like when you read 
something on Gemini, do you 

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correct it and say you're 
hallucinating? 

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Because I'm omniscient, I know 
this. 

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I'm the worst about that, Yeah, 
I'm the absolute worst. 

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I we've got a house full of 
Alexa, the Amazon echoes and we 

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switched because they they 
started actually feeding it with

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an LLM couple of months ago and 
it switched over to we switched 

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over to that. 
It's part of like the there is a

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beta test. 
It's pretty close to consumer 

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Eddie when we switched over, but
like it'll just randomly change 

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stuff like WGBH is the local PBS
station up here, radio station. 

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And in the morning part of my 
routines, I go in the kitchen, 

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I'm making my son's breakfast 
and kind of getting snacks and 

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stuff together for the day and I
walk in and I say Alexa, play 

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WGBH. 
It works fine. 

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It actually works better than it
used to until like 3 days ago. 

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It thinks I'm telling it to turn
on GBH, which is the PBSTV 

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station. 
Like something randomly changed 

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somewhere. 
It's. 

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Probably your stupid accent. 
So stop it. 

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Well, it understood the stupid 
accent earlier, so I don't know 

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it. 
It did GBH play GBH. 

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Yeah, there you go. 
You got to say it like that. 

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But I told it, I said I'm not 
telling you to play the TV 

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station, It's WGBH, the radio 
station. 

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And it says, oh, I got my wires 
crossed, I'll remember that. 

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But of course it forget the next
day. 

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You almost need to sign into the
Alexa, like whatever the home 

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screen is and just type it in. 
I don't even know if that 

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exists, but that's with Gemini. 
You know you can like create 

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rules. 
Yeah, yeah, no, it's it's 

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supposed to. 
Amazon says it's supposed to 

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learn. 
We'll, we'll see. 

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I'm going to give it some time. 
There are other things it does 

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that are a lot better, but yeah,
I'm the absolute worst. 

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I actually have a shirt my 
cousin got me that says I hike, 

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I drink beer, I know things. 
There you go. 

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Yeah, it's not bad. 
That's a pretty decent life. 

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Not bad, right? 
Yeah. 

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Some of those things are true. 
I do drink beer. 

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My kid and I were talking about 
I was trying to figure out he 

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likes the youngest likes this 
math YouTube and I was trying to

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find him another one like a 
similar channel. 

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So I said OK this might be like 
a good project for Gemini and I 

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brought it up in the middle 
looked at me and he goes is that

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ChatGPT? 
And I said, no, it's Gemini. 

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And he goes, well, what's the 
difference between ChatGPT in 

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Gemini? 
And I said, well, this one's 

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owned by Google. 
And he's like, OK, so it's 

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pretty much ChatGPT. 
I was like, yeah, I guess so. 

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And that, you know, through the 
eyes of a 10 year old, 

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everything's commoditized. 
Yeah, yeah. 

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It might be just that might be 
the smart insight it probably. 

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Is, I think it is the smart 
insight. 

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I mean, look at to the extent 
that ChatGPT has become the verb

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we all use. 
I mean, they, they have it 

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right. 
And it's the Kleenex, it's the 

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Band-Aid of, of what, you know, 
whatever, it's the Zoom. 

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But I, I think Zoom's a good 
example of, I thought that was 

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actually going to be a thing 
that made that, that stock be a 

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better investment. 
You know, if you bought it 

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during the 20/20/21, it did work
for a bit, but it turns out 

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that, you know, having every 
computer in the world already 

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having Teams installed, it was 
just a, a hill to a hill you 

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could not get over as, as the, 
the better product. 

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I think Zoom's a better product.
But yeah, we still say Zoom. 

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Like I, I say people, hey, let's
go on a Zoom. 

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And it doesn't matter what the 
platform is. 

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I say we're using Zoom. 
I hate when people send me a 

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teams invite. 
It's it is a garbage platform. 

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It's. 
Awful. 

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It's so bad. 
I kind of judge the people that 

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send it. 
Yeah, especially if they don't 

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work for like a big corporation.
Yeah. 

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Yeah, no one should say 
willingly. 

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Use Teams. 
So it's kind of a that's yeah, 

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you got some issues that you 
should probably go to shrink 

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over. 
Yeah, I have to use it when I 

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work with a, a government agency
in here in my state. 

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And it's not their fault, right?
They that's just what they have 

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to use. 
And I so I can excuse it, 

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whatever it's what you're told 
to do. 

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But yeah, personal use of it, I 
just don't get. 

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I just don't get. 
So we mentioned, we mentioned 

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Zoom. 
I have to throw this out there 

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because I always do this, Jeff, 
can confirm. 

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Interesting little data points 
about Zoom, not something a lot 

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of people would realize. 
The stock since the IPO, since 

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00:11:55,360 --> 00:11:59,480
the debut trading debut is up 
20%. 

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That was back in 2019. 
Yeah, mid 2019 free cash flow is

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up almost 1700%. 
Well, there's minuscule then 

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what's that tiny basis? 
How much is revenue up? 

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00:12:15,720 --> 00:12:18,160
I mean, revenue's up 700%. 
There we go. 

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The stock's up 20%. 
Yeah, well, it turns out 

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valuation does matter, you know,
But the conversely, I mean, Once

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Upon a time I had a bet with 
Austin Lieberman about this 

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00:12:31,200 --> 00:12:34,880
thing, and I said the QVC was 
going to perform better. 

227
00:12:34,880 --> 00:12:39,440
And I'm pretty sure the QVC is 
down 90% and Zoom is down like 

228
00:12:39,440 --> 00:12:41,720
85. 
So he won the war of attrition. 

229
00:12:42,680 --> 00:12:46,080
He won the toilet bowl. 
Yeah, it's and you know curate 

230
00:12:46,080 --> 00:12:49,400
was like trading it. 
I don't, I forget now, but maybe

231
00:12:49,400 --> 00:12:53,440
three times cash flow and Zoom 
was trading at a bajillion times

232
00:12:53,440 --> 00:12:55,440
cash flow and they both 
imploded. 

233
00:12:55,440 --> 00:12:59,600
So what's the lesson there? 
In the long run, everybody dies.

234
00:12:59,600 --> 00:13:02,200
That's the lesson. 
That's right, the the take away 

235
00:13:02,200 --> 00:13:07,200
is just index. 
Yeah, well, you know, The thing 

236
00:13:07,200 --> 00:13:11,000
is I Zoom's a fast Zoom was a 
good learning experience for me 

237
00:13:11,000 --> 00:13:13,840
because I, I, I forget if we 
talked about this when you were 

238
00:13:13,840 --> 00:13:17,360
on our pod Bill, but you know, 
I've been an investor in the 

239
00:13:17,360 --> 00:13:20,320
sense that I've had work 
retirement accounts for 25 

240
00:13:20,320 --> 00:13:23,640
years, but I only started buying
individual stocks in 2020. 

241
00:13:24,360 --> 00:13:27,120
And I bought Zoom before I kind 
of knew what I was doing. 

242
00:13:27,480 --> 00:13:32,600
And I, I was convinced at that 
point that it's such a good 

243
00:13:32,600 --> 00:13:34,360
product. 
Like I was a user of it and I 

244
00:13:34,360 --> 00:13:37,560
could see how well it was, how, 
how well it worked and, and how 

245
00:13:37,560 --> 00:13:40,480
successful it navigated, you 
know, basically the whole world 

246
00:13:40,480 --> 00:13:42,000
jumping on its platform in a 
week. 

247
00:13:43,040 --> 00:13:46,200
And then I, I, I learned very 
quickly, like you can't get 

248
00:13:46,200 --> 00:13:48,440
caught up in the story or how 
well the product works, right? 

249
00:13:48,440 --> 00:13:50,640
The whole lesson of a good 
product doesn't always make a 

250
00:13:50,640 --> 00:13:54,520
good investment. 
But yeah, to Jason's point, some

251
00:13:54,520 --> 00:13:56,760
of the metrics when you look at 
them, if you, if you were 

252
00:13:56,760 --> 00:13:59,200
blinded to the name of the 
company, you would certainly 

253
00:13:59,200 --> 00:14:02,600
guess it was up more than 20% 
since it's IPO. 

254
00:14:03,440 --> 00:14:06,760
Yeah, yeah, it's, I mean, that 
one was a wild one. 

255
00:14:06,760 --> 00:14:13,720
I remember that one, the 1/4 
that they reported and the I, I 

256
00:14:13,720 --> 00:14:16,920
mean, just the growth in the 
free cash flow was unlike anyone

257
00:14:16,920 --> 00:14:20,320
that had ever seen. 
Now I guess what, according to 

258
00:14:20,320 --> 00:14:24,200
the fiscal AI machine, it's 
trading at 12.7 times cash flow.

259
00:14:24,880 --> 00:14:28,240
So wouldn't that be interesting 
if it turns out to be a good 

260
00:14:28,240 --> 00:14:30,720
stock? 
Yeah, that's the thing. 

261
00:14:30,760 --> 00:14:35,400
I mean, but I've been looking at
it and trying to find the 

262
00:14:35,400 --> 00:14:41,640
opportunity for it to be like 
the deep value, hey, this can be

263
00:14:41,640 --> 00:14:46,800
a compounder over the next four 
or five years, buy back some 

264
00:14:46,800 --> 00:14:51,080
stock, grow cash flow, grow cash
flow per share, but through 

265
00:14:51,080 --> 00:14:55,240
those buybacks even faster, 
maybe pay a dividend at some 

266
00:14:55,240 --> 00:14:57,120
point plus gets a multiple 
expansion. 

267
00:14:57,120 --> 00:14:58,600
Like I've looked and looked and 
looked. 

268
00:14:59,080 --> 00:15:02,200
But like I remember when they 
announced that big like the big 

269
00:15:02,200 --> 00:15:05,920
stock buyback program, it was 
like $5 billion. 

270
00:15:05,920 --> 00:15:08,560
It's probably been over a year 
ago, year and a half or so ago 

271
00:15:09,600 --> 00:15:13,800
and like in the first two 
quarters after they announced 

272
00:15:13,800 --> 00:15:18,280
it, the share count went up. 
That's tough. 

273
00:15:19,040 --> 00:15:24,960
That you're not doing it right. 
I mean, I, I get, I appreciate 

274
00:15:25,720 --> 00:15:30,360
that their founder has been 
smart about not rushing out to 

275
00:15:30,360 --> 00:15:35,400
buy growth, you know, and buying
$0.90 of growth for a dollar. 

276
00:15:36,760 --> 00:15:39,640
But they haven't bought any 
growth. 

277
00:15:39,640 --> 00:15:43,640
Like they haven't delivered any 
value, right? 

278
00:15:43,640 --> 00:15:49,880
Sitting on the money, canceling 
out dilution, barely growing 

279
00:15:49,880 --> 00:15:54,320
revenue against inflation, and 
clearly like losing enterprise 

280
00:15:54,320 --> 00:15:58,160
customers to Microsoft. 
Well, that's the thing like this

281
00:15:58,160 --> 00:15:59,840
goes back to my best product 
argument. 

282
00:15:59,920 --> 00:16:04,480
They don't, you don't need to do
as well as Zoom does for 90% of 

283
00:16:04,520 --> 00:16:07,360
what enterprises are using video
conferencing for. 

284
00:16:07,720 --> 00:16:11,560
You know, it's can I, can I see 
and hear you like all the stuff 

285
00:16:11,560 --> 00:16:14,920
they've added, like the 
annotating slides and the, and 

286
00:16:15,040 --> 00:16:18,720
I, I just, I, I don't think the 
use case is that compelling. 

287
00:16:19,000 --> 00:16:21,120
And by the way, you know, this, 
this is what I think really 

288
00:16:21,120 --> 00:16:25,640
killed them during the pandemic.
You know, I'm guessing Microsoft

289
00:16:25,640 --> 00:16:28,000
didn't put a whole lot of 
resources into Teams. 

290
00:16:28,320 --> 00:16:32,800
And I assume that because it's a
trash product, but I'm sure Zoom

291
00:16:33,320 --> 00:16:36,320
becoming the place everyone went
during the pandemic got them to 

292
00:16:36,640 --> 00:16:39,160
put a little more attention and 
make Zooms at least passable. 

293
00:16:39,440 --> 00:16:41,560
And then once it became a little
better, I think if you're an 

294
00:16:41,560 --> 00:16:42,720
enterprise, you're already 
paying for it. 

295
00:16:42,720 --> 00:16:44,680
You just go like, we're going to
use Teams. 

296
00:16:44,960 --> 00:16:46,680
You know, I'm not going to, why 
would I pay for Zoom? 

297
00:16:46,680 --> 00:16:48,320
And I, I don't think they're 
ever going to get over that. 

298
00:16:48,640 --> 00:16:51,680
I, I, I, I wouldn't be shocked 
if someone just acquires them. 

299
00:16:51,680 --> 00:16:56,240
Not necessarily like Microsoft 
to become what Teams is, but I 

300
00:16:56,240 --> 00:16:59,440
don't know some other big 
conglomerate type business just 

301
00:16:59,440 --> 00:17:01,280
buys them. 
So they're just a feature within

302
00:17:01,280 --> 00:17:04,720
a different companies, you know,
pro portfolio versus a 

303
00:17:04,720 --> 00:17:06,240
standalone company. 
I just don't see how it 

304
00:17:06,240 --> 00:17:08,240
outperforms from here. 
Yeah. 

305
00:17:08,240 --> 00:17:12,359
Well, to your point, what number
of enterprise customers has 

306
00:17:12,359 --> 00:17:17,720
decreased from 220,000 in 
January of 24 to 185,000, which 

307
00:17:18,000 --> 00:17:19,800
is not the direction that you 
want to go? 

308
00:17:20,079 --> 00:17:22,400
Stock buybacks don't usually 
offset that. 

309
00:17:22,760 --> 00:17:26,480
In fairness, they did change how
they calculate that number a 

310
00:17:26,480 --> 00:17:30,480
little bit, OK. 
I believe partly was like 

311
00:17:30,480 --> 00:17:34,160
legitimate. 
Yeah, it was companies that they

312
00:17:34,160 --> 00:17:36,040
had their sales team engaged 
with that really weren't big 

313
00:17:36,040 --> 00:17:37,920
enough. 
They should have been an online 

314
00:17:38,480 --> 00:17:41,720
just going through their website
to manage their account but 

315
00:17:41,720 --> 00:17:44,320
probably also to wallpaper a 
little bit over. 

316
00:17:46,280 --> 00:17:47,760
Yeah. 
I mean to your point customers 

317
00:17:47,760 --> 00:17:50,800
greater than 100,000 in revenue 
is growing and actually 

318
00:17:50,920 --> 00:17:53,760
reasonably substantially, but it
is not a time. 

319
00:17:54,720 --> 00:17:57,840
Here's the thing, like I, I 
think we can look back like one 

320
00:17:57,840 --> 00:18:01,600
of the lessons that I've learned
with companies like this is it 

321
00:18:01,600 --> 00:18:07,280
like history is like littered 
with examples of how this sort 

322
00:18:07,280 --> 00:18:10,480
of thing has played out where 
just to your, like you were 

323
00:18:10,480 --> 00:18:14,320
saying, Jeff, just because your 
product is better doesn't mean 

324
00:18:14,320 --> 00:18:18,960
that there's value in paying 
more for it. 

325
00:18:21,720 --> 00:18:25,440
And distribution always wins, I 
think is the big, the big lesson

326
00:18:25,440 --> 00:18:27,400
that I've learned. 
And that's like the Microsoft 

327
00:18:27,680 --> 00:18:32,240
case versus Zoom. 
And one of the earliest examples

328
00:18:32,240 --> 00:18:37,400
that I know of where 
distribution wins is I don't 

329
00:18:37,400 --> 00:18:41,240
even know if you guys are really
old enough to remember Betamax 

330
00:18:43,320 --> 00:18:46,600
versus VHS. 
No, I'm not nearly as old as you

331
00:18:46,800 --> 00:18:48,880
so. 
Yeah, you are really old. 

332
00:18:49,360 --> 00:18:51,360
Just like incredibly old. 
Incredibly old. 

333
00:18:51,720 --> 00:18:54,600
I don't remember Betamax, but I 
do remember VHS. 

334
00:18:54,800 --> 00:18:57,680
So of course videotapes for 
those that are. 

335
00:18:57,760 --> 00:18:59,920
I remember laser discs. 
Yes. 

336
00:19:00,200 --> 00:19:01,960
Yeah, they were. 
Those did not win, and they were

337
00:19:01,960 --> 00:19:04,320
theoretically better. 
Yeah, well, they were all so 

338
00:19:04,320 --> 00:19:05,680
gigantic. 
They were. 

339
00:19:05,720 --> 00:19:07,480
Massive. 
And that's like a convenience 

340
00:19:07,480 --> 00:19:12,200
factor thing playing in. 
So Betamax and VHS Betamax, 

341
00:19:12,200 --> 00:19:15,040
these were both cassette tape, 
videotape formats. 

342
00:19:15,520 --> 00:19:19,480
Betamax cassettes were smaller. 
They were about 1/3 smaller. 

343
00:19:20,040 --> 00:19:24,480
They were higher resolution. 
They had better audio quality. 

344
00:19:25,000 --> 00:19:33,400
It was the better products. 
But VHS was backed by like 2/3 

345
00:19:33,400 --> 00:19:37,680
of the studios, including the 
two largest movie studios at the

346
00:19:37,680 --> 00:19:40,360
time. 
And that was, I mean, that was 

347
00:19:40,360 --> 00:19:41,520
the nail in the coffin right 
there. 

348
00:19:41,520 --> 00:19:45,400
That's why the better product 
died in the marketplace, because

349
00:19:46,040 --> 00:19:49,560
the the films that people wanted
to watch, they wanted to rent 

350
00:19:49,560 --> 00:19:53,560
from Blockbuster, they wanted to
buy, they were on VHS. 

351
00:19:53,560 --> 00:19:54,720
They weren't available on 
Betamax. 

352
00:19:54,720 --> 00:19:57,800
So I mean, that's, that's just 
the reality. 

353
00:19:57,800 --> 00:19:58,960
That's how these things play 
out. 

354
00:19:58,960 --> 00:20:01,240
And of course, Laserdisc. 
I mean, those things were like 

355
00:20:01,240 --> 00:20:05,480
the size of a large pizza. 
Yeah, I do remember watching Top

356
00:20:05,480 --> 00:20:08,760
Gun on laserdisc at my buddy's 
house, and that was sweet. 

357
00:20:09,080 --> 00:20:11,760
You remember having to flip it 
over to watch the second-half of

358
00:20:11,760 --> 00:20:12,800
the movie. 
I do. 

359
00:20:13,360 --> 00:20:15,960
Yeah. 
It was sweet. 

360
00:20:16,200 --> 00:20:17,800
I loved it. 
It was great. 

361
00:20:18,320 --> 00:20:21,120
Yeah. 
You can hold. 

362
00:20:21,440 --> 00:20:26,080
Now I'm getting nostalgic. 500 
copies of Top Gun in higher 

363
00:20:26,080 --> 00:20:29,400
quality on this little thing 
that I'm holding right here. 

364
00:20:29,600 --> 00:20:31,080
Yeah, but that looks a lot 
nerdier. 

365
00:20:31,400 --> 00:20:35,840
Oh, totally, 100 percent, 100%. 
And anyone can do that now. 

366
00:20:36,200 --> 00:20:38,880
You know, back then, not 
everybody had the access to 

367
00:20:38,880 --> 00:20:41,360
laser disc, myself included. 
That's why it was such a treat 

368
00:20:41,360 --> 00:20:47,600
when I'd watch it at his house. 
Man, we were talking about 

369
00:20:47,600 --> 00:20:50,080
something and then I got think 
of the Top Gun and now it's 

370
00:20:50,080 --> 00:20:51,520
gone. 
It must have been super 

371
00:20:51,520 --> 00:20:54,320
important. 
My, my big thought. 

372
00:20:54,320 --> 00:20:56,000
No, I think it was about 
distribution. 

373
00:20:56,000 --> 00:20:59,680
Oh, you guys have a thought on 
the liquor companies Speaking of

374
00:20:59,680 --> 00:21:03,600
distribution and winning and and
maybe challenger brands getting 

375
00:21:03,600 --> 00:21:06,240
attacked. 
This no is a fine answer. 

376
00:21:06,240 --> 00:21:09,320
You don't have to have thoughts.
It is a. 

377
00:21:10,560 --> 00:21:15,080
It's a I'm trying to figure out 
if this is just a cycle or if 

378
00:21:15,080 --> 00:21:19,880
this is a durable trend of 
reduction in consumption. 

379
00:21:20,240 --> 00:21:22,000
Yeah. 
That's what I'm trying to figure

380
00:21:22,000 --> 00:21:26,520
out. 
Santori like that's then they 

381
00:21:26,520 --> 00:21:28,600
cut a bunch of their bourbon 
production. 

382
00:21:29,720 --> 00:21:32,560
Yeah, well, bourbon's way over 
over inventoried. 

383
00:21:32,560 --> 00:21:33,960
There's too much of it. 
Way over. 

384
00:21:33,960 --> 00:21:36,760
Inventoried. 
I'm doing my best to to try to 

385
00:21:36,760 --> 00:21:38,840
resolve that, but. 
Out there production, yeah, 

386
00:21:39,080 --> 00:21:40,520
you're doing, you're doing your 
part there. 

387
00:21:41,120 --> 00:21:43,160
I mean the beer. 
The beer industry's a mess. 

388
00:21:43,680 --> 00:21:46,640
It's I, this is the same thing 
I'm struggling with. 

389
00:21:46,640 --> 00:21:50,480
I 'cause you know, the part, 
part of me is like, we've been, 

390
00:21:50,480 --> 00:21:53,240
we as a species have been 
drinking for what, thousands of 

391
00:21:53,240 --> 00:21:54,120
years? 
Yeah. 

392
00:21:54,800 --> 00:21:59,840
So I, I find it hard to believe 
that we'll stop, but I, maybe it

393
00:22:00,360 --> 00:22:03,760
is just going to be a lot less. 
Maybe it is a durable downward 

394
00:22:03,760 --> 00:22:05,440
trend. 
But in that case, I, I think 

395
00:22:05,440 --> 00:22:07,320
everything just sort of 
normalizes and we get back to 

396
00:22:07,320 --> 00:22:09,240
where we were. 
It's just the unknown of, of if 

397
00:22:09,240 --> 00:22:12,520
it's, if it's going to keep 
decreasing or level off it at 

398
00:22:12,520 --> 00:22:15,880
some point. 
I think what's a bigger, what's 

399
00:22:15,880 --> 00:22:18,680
really interesting is when and 
if we get, because you know, 

400
00:22:18,680 --> 00:22:21,960
the, the, the thing that is not 
slowing down or that is 

401
00:22:21,960 --> 00:22:24,880
increasing is use of cannabis. 
So I'm curious when and if that 

402
00:22:24,880 --> 00:22:28,440
becomes federally legal and the,
you know, the doors are blown 

403
00:22:28,440 --> 00:22:33,080
off that that's got to impact 
drinking, I would think. 

404
00:22:33,080 --> 00:22:36,040
I mean, the, the people that I 
know in in my life who used to 

405
00:22:36,040 --> 00:22:40,840
drink a lot and now take gummies
or smoke weed, they just, they 

406
00:22:40,840 --> 00:22:44,160
hardly ever drink anymore 
because it's, it's, they prefer 

407
00:22:44,160 --> 00:22:46,000
the other thing. 
And, and I don't know, maybe 

408
00:22:46,000 --> 00:22:48,840
that's a generational shift. 
I mean that that is the thing 

409
00:22:48,840 --> 00:22:51,960
that is very different about now
versus the last thousand years 

410
00:22:51,960 --> 00:22:55,360
in terms of like how easy it is 
to get get it and all that kind 

411
00:22:55,360 --> 00:22:56,280
of stuff. 
Yeah. 

412
00:22:56,560 --> 00:22:59,080
Here's some other things that 
correlate with those trends that

413
00:23:00,160 --> 00:23:03,720
frankly concern me a little bit.
The use of social media, of 

414
00:23:03,720 --> 00:23:07,840
course, has spiked. 
Mental illness levels have have 

415
00:23:07,840 --> 00:23:11,000
also continued to increase. 
Maybe some of that is the fact 

416
00:23:11,000 --> 00:23:12,920
that we just diagnosed those 
sorts of things better than we 

417
00:23:12,920 --> 00:23:17,320
did 20 or 30 years ago. 
But also like the the rates, the

418
00:23:17,800 --> 00:23:24,080
unmarried rates are higher. 
Men are going to college less, 

419
00:23:25,720 --> 00:23:33,520
men are getting married less. 
Women have historically married 

420
00:23:33,520 --> 00:23:36,840
up like at at higher rates. 
That's not happening as much 

421
00:23:36,840 --> 00:23:41,520
just because there's not as many
well educated young men growing 

422
00:23:41,520 --> 00:23:44,800
up in the world. 
And I just, I do think that 

423
00:23:44,800 --> 00:23:49,400
there's maybe something too 
young people just aren't going 

424
00:23:49,400 --> 00:23:53,200
out enough to bars, getting 
drunk and getting laid. 

425
00:23:53,240 --> 00:23:55,480
Like, I know that's kind of a 
crass way to put it, but like, 

426
00:23:56,240 --> 00:23:59,800
like that's the social 
lubrication and being proximate 

427
00:23:59,800 --> 00:24:01,880
with people. 
I, I'm concerned that we have a 

428
00:24:01,880 --> 00:24:06,520
generational shift that's losing
that and those other things that

429
00:24:06,520 --> 00:24:09,920
they're consuming more of 
instead are absolutely not 

430
00:24:09,920 --> 00:24:13,560
filling that same place in like 
society's need. 

431
00:24:14,080 --> 00:24:17,800
And like, that concerns me as a 
person and as a father, but that

432
00:24:17,800 --> 00:24:21,320
also concerns me as an investor 
and somebody that wants to see 

433
00:24:21,320 --> 00:24:25,280
the economy continue to grow and
businesses generate, you know, 

434
00:24:25,280 --> 00:24:27,480
growing earnings over the long, 
long term. 

435
00:24:27,680 --> 00:24:31,600
So to here's my take on that. 
I, I agree those are trends that

436
00:24:31,720 --> 00:24:34,800
are heading in the wrong 
direction, but that feels to me 

437
00:24:34,800 --> 00:24:36,880
like a pendulum that will swing 
back at some point. 

438
00:24:37,680 --> 00:24:40,680
Like, I think we're already 
starting to see the very, very 

439
00:24:40,680 --> 00:24:46,160
beginnings of a realization that
both cell phone, you know, 

440
00:24:46,160 --> 00:24:52,840
smartphones and social media 
were sort of societal tests or 

441
00:24:53,200 --> 00:24:57,160
like experiments with no 
control, with no control group. 

442
00:24:57,520 --> 00:25:00,280
Like we just unleashed this 
crazy different new thing on the

443
00:25:00,280 --> 00:25:02,040
whole world and and just we're 
like, well, let's see what 

444
00:25:02,040 --> 00:25:03,120
happens. 
Good. 

445
00:25:03,120 --> 00:25:06,000
News is we're not doing it now 
with trillions of CapEx that 

446
00:25:06,000 --> 00:25:10,040
could create a superhuman, I 
mean, at least we learned. 

447
00:25:10,960 --> 00:25:14,720
But that's what so like, you 
know, what has changed in 2026 

448
00:25:14,720 --> 00:25:18,840
versus even 2020, just in the 
past five and a half, six years,

449
00:25:19,640 --> 00:25:22,960
is you hear more and more people
talking about the whole idea 

450
00:25:22,960 --> 00:25:26,920
that maybe this was all not the 
best thing to have done, right? 

451
00:25:26,920 --> 00:25:29,960
So I don't think it's overnight,
but I could see a world in in, 

452
00:25:29,960 --> 00:25:33,880
in where 20 years from now we we
look back at, you know, the 

453
00:25:33,880 --> 00:25:38,560
social media and smartphone time
and say, like, well, that was 

454
00:25:38,560 --> 00:25:41,640
kind of like smoking, right? 
Like, you realize now not good 

455
00:25:41,640 --> 00:25:43,760
for us. 
And in that world, you know, we 

456
00:25:43,760 --> 00:25:46,400
get back to going out, being on 
screens, less social, 

457
00:25:46,400 --> 00:25:48,400
lubrication and everything you 
just talked about, Jason. 

458
00:25:48,400 --> 00:25:50,320
So maybe that saves the booze 
industry. 

459
00:25:50,720 --> 00:25:53,200
But I wouldn't be surprised if 
it never comes back to the 

460
00:25:53,200 --> 00:25:55,680
levels of consumption that we've
seen historically, just because 

461
00:25:55,680 --> 00:25:59,080
there's other options out there.
But yeah, it's not a space I've 

462
00:25:59,080 --> 00:26:01,560
ever invested in. 
So I, I, this is just my, my 

463
00:26:01,560 --> 00:26:04,120
looking at the whole world kind 
of assessment on it. 

464
00:26:04,480 --> 00:26:07,520
Yeah, I don't know. 
I mean, I don't have any like 

465
00:26:07,640 --> 00:26:10,440
really good thoughts on it. 
I I do know if I had to buy or 

466
00:26:10,440 --> 00:26:13,440
if I could buy any of them, it'd
be Sazerac's brands, but those 

467
00:26:13,440 --> 00:26:15,560
are private, so that doesn't 
really help me. 

468
00:26:16,040 --> 00:26:19,880
Yeah, I don't know. 
I look at, I'm very uninspired 

469
00:26:19,880 --> 00:26:22,560
by some of the big brands. 
It reminds me of big big Big 

470
00:26:22,560 --> 00:26:27,600
beer and like we see a lot. 
Of that same consolidation, you 

471
00:26:27,600 --> 00:26:30,720
know, we saw ABN Bev and some of
the others swallow up the whole 

472
00:26:30,720 --> 00:26:34,000
market over the previous 25 
years and we've seen some of the

473
00:26:34,000 --> 00:26:36,000
same thing happened in liquors 
over the past decade. 

474
00:26:36,600 --> 00:26:37,840
Yeah. 
And you can, you know, I mean, 

475
00:26:37,840 --> 00:26:40,680
the other thing that's different
and this is not a unique 

476
00:26:40,680 --> 00:26:42,440
thought. 
I mean, it's going on in shoes, 

477
00:26:42,440 --> 00:26:45,240
it's going on and everything. 
But to the extent the 

478
00:26:45,240 --> 00:26:50,040
distribution used to be the 
only, the only way to get liquor

479
00:26:50,440 --> 00:26:56,040
was going to a liquor store. 
I mean, people can release a 

480
00:26:56,040 --> 00:26:58,800
tequila brand reasonably easily 
these days. 

481
00:26:58,800 --> 00:27:01,920
I don't know how easily they 
used to be able to do it, but I 

482
00:27:01,920 --> 00:27:08,360
know that the the ability to get
attention appears to be easier. 

483
00:27:08,360 --> 00:27:11,480
Maybe it's more expensive. 
I mean maybe the the CAC doesn't

484
00:27:11,480 --> 00:27:13,720
make sense, but at the end of 
the day people are spending it. 

485
00:27:13,720 --> 00:27:19,400
So it's still dollars fighting 
for share of your liver I guess.

486
00:27:19,960 --> 00:27:22,480
It's, I mean, but it's the 
emergence of contract, it's the 

487
00:27:22,480 --> 00:27:25,360
emergency of contract, the 
emergence of contract 

488
00:27:25,360 --> 00:27:27,840
manufacturing. 
It's, it's done the same thing 

489
00:27:27,840 --> 00:27:31,080
in the booze industry because 
every new brand they're using 

490
00:27:31,080 --> 00:27:35,960
some contract provider along the
value chain for multiple things 

491
00:27:36,640 --> 00:27:40,800
and they're really not doing a 
lot besides maybe some aging and

492
00:27:40,800 --> 00:27:43,440
some blending for the finished 
products. 

493
00:27:43,840 --> 00:27:45,840
So. 
Yeah, coupled with like the 

494
00:27:45,840 --> 00:27:49,160
influencer economy, right? 
Well, but that's the 

495
00:27:49,160 --> 00:27:50,840
distribution model that's 
changed. 

496
00:27:50,840 --> 00:27:53,160
That's, that's, that's the thing
that's changed. 

497
00:27:53,160 --> 00:27:56,760
You know, we used to have, when 
I was very young, we had three, 

498
00:27:56,760 --> 00:27:59,680
three choices of ways to consume
content. 

499
00:27:59,680 --> 00:28:02,480
And one of them required you to 
make your brother go outside and

500
00:28:02,480 --> 00:28:05,680
turn the antenna to, to get the 
different ones. 

501
00:28:05,680 --> 00:28:09,680
And the grocery stores owned the
shelves and the big brands paid 

502
00:28:09,680 --> 00:28:12,960
to have the eye level spots on 
the shelf. 

503
00:28:13,120 --> 00:28:17,680
Amazon has disrupted that model.
And of course, they're making 

504
00:28:17,680 --> 00:28:20,960
tons of money from advertising 
the brands that are buying the 

505
00:28:20,960 --> 00:28:23,480
eye level on the shelf, right? 
They're buying the ad space 

506
00:28:23,480 --> 00:28:25,560
above the 3rd when you do a 
search, So. 

507
00:28:27,120 --> 00:28:28,320
Go ahead. 
This is why I was just going to 

508
00:28:28,320 --> 00:28:31,600
say this is just to take it kind
of big picture about investing. 

509
00:28:31,600 --> 00:28:36,440
Generally an irony I have found 
in in how I think about the 

510
00:28:36,440 --> 00:28:41,640
market and investing is I often 
say businesses like liquor 

511
00:28:41,640 --> 00:28:45,160
companies, beer companies, fast 
casual restaurants, anything in 

512
00:28:45,160 --> 00:28:47,960
retail. 
I just, I put on my 2 hard pile 

513
00:28:47,960 --> 00:28:51,440
as an investor immediately, 
which is ironic because from a 

514
00:28:51,440 --> 00:28:54,240
understanding how the business 
works standpoint, they are some 

515
00:28:54,240 --> 00:28:56,920
of the simplest businesses to 
like wrap your head around, 

516
00:28:56,960 --> 00:28:57,880
right? 
So if you're like, if you're 

517
00:28:57,880 --> 00:28:59,640
like, and, and, and you know 
them. 

518
00:28:59,640 --> 00:29:01,960
So like, if you're a new 
investor, you're someone who's 

519
00:29:01,960 --> 00:29:04,720
just gotten interested in buying
individual stocks, you're going 

520
00:29:04,720 --> 00:29:08,400
to be drawn to Chipotle because 
you like to eat there, Target 

521
00:29:08,400 --> 00:29:10,480
because that's where you shop, 
Lululemon because your wife 

522
00:29:10,480 --> 00:29:13,120
likes their pants. 
And you look at your life in 

523
00:29:13,120 --> 00:29:14,760
their pants. 
OK, fair. 

524
00:29:15,760 --> 00:29:18,720
A liquor store or a beer 
company, right, because they're 

525
00:29:18,720 --> 00:29:21,000
products you use and they're 
easy to understand. 

526
00:29:21,160 --> 00:29:22,720
They make the product, they sell
the product. 

527
00:29:22,720 --> 00:29:23,520
Yeah. 
You know, you learn about 

528
00:29:23,520 --> 00:29:25,520
distribution, you learn about 
marketing, all those things. 

529
00:29:25,800 --> 00:29:30,840
But from a picking the winning 
one perspective, I think it's 

530
00:29:30,840 --> 00:29:33,800
infinitely harder now than it 
was 10 or 15 years ago, for all 

531
00:29:33,800 --> 00:29:34,920
the reasons we just talked 
about. 

532
00:29:34,920 --> 00:29:37,280
Peter Lynch's process doesn't 
work the same way it did when 

533
00:29:37,280 --> 00:29:39,240
he. 
And I think it's going to keep 

534
00:29:39,240 --> 00:29:41,280
getting harder. 
Like, will there be winners in 

535
00:29:41,280 --> 00:29:42,040
there? 
Like, sure. 

536
00:29:42,040 --> 00:29:44,400
Like I would never have thought 
Kroger would have been like a 

537
00:29:44,400 --> 00:29:46,000
random grocery store would have 
been a big winner. 

538
00:29:46,000 --> 00:29:49,040
But it has been. 
I just, I stay away from all of 

539
00:29:49,040 --> 00:29:51,800
that 'cause I just, it feels 
like you're chasing fads 

540
00:29:51,800 --> 00:29:54,000
constantly. 
And like, to your point, Bill, 

541
00:29:54,000 --> 00:29:56,800
about the liquor companies, 
like, sure, maybe this, this 

542
00:29:56,800 --> 00:30:00,080
tequila that this celebrity 
makes gets hot, it that gets 

543
00:30:00,080 --> 00:30:02,560
bought by one of these big 
publicly traded companies, their

544
00:30:02,560 --> 00:30:04,880
stock goes up for a little bit 
until that celebrity is no 

545
00:30:04,880 --> 00:30:06,560
longer hot. 
And now their liquor is not hot.

546
00:30:06,560 --> 00:30:08,640
And now it's someone else's 
liquor, you know, so it's just, 

547
00:30:09,280 --> 00:30:11,320
I don't know. 
I, I, I've, I've just stayed 

548
00:30:11,320 --> 00:30:15,000
away from those stocks, mostly 
because I just, I can't, I don't

549
00:30:15,000 --> 00:30:17,200
feel any, I have any confidence 
in knowing who's going to win 

550
00:30:17,200 --> 00:30:18,840
and for how long. 
Yeah. 

551
00:30:18,840 --> 00:30:22,920
The thing that makes me nervous 
though, is the more businesses 

552
00:30:22,920 --> 00:30:27,200
I'll know, the more I know I 
don't want to invest in. 

553
00:30:27,200 --> 00:30:29,880
And then I'm like, so the ones 
that I invest in, is it because 

554
00:30:29,880 --> 00:30:32,600
I don't know them? 
Yeah. 

555
00:30:34,160 --> 00:30:36,280
Like am I? 
Do I just not see the warts yet 

556
00:30:36,280 --> 00:30:37,920
and I got to learn them? 
Probably. 

557
00:30:38,320 --> 00:30:42,440
Well, This is why I like another
thing that I've another sort of 

558
00:30:42,520 --> 00:30:45,040
trope in investing that I don't 
know that I agree with is like, 

559
00:30:45,040 --> 00:30:46,880
invest in what? 
You know, like you said, Jason, 

560
00:30:46,880 --> 00:30:49,680
like the whole, the whole Peter 
Lynch thing, like, I don't know,

561
00:30:49,680 --> 00:30:53,040
I don't really understand how 
cybersecurity works, but I'm 

562
00:30:53,120 --> 00:30:56,640
glad I bought Crowdstrike, 
Crowdstrike shares five years 

563
00:30:56,640 --> 00:30:58,600
ago. 
That's worked out well for me, 

564
00:30:59,320 --> 00:31:00,960
right? 
Like I understand the business 

565
00:31:01,240 --> 00:31:05,920
on a, on a investing level, but 
I can't tell you that their 

566
00:31:05,920 --> 00:31:09,960
specific thing that they do is 
much better than Z scaler or 

567
00:31:09,960 --> 00:31:13,040
Sentinel one. 
I, I'm not in that industry. 

568
00:31:13,040 --> 00:31:16,760
It's not my expertise, but I'm 
much more comfortable rolling 

569
00:31:16,760 --> 00:31:19,320
the dice on a company in a 
cyber, in the cybersecurity 

570
00:31:19,320 --> 00:31:22,920
space for reasons that I that 
are the opposite of what I just 

571
00:31:22,920 --> 00:31:25,600
talked about. 
Like I don't think that's a fad.

572
00:31:25,600 --> 00:31:28,240
I think it's an ever growing 
Tam. 

573
00:31:28,240 --> 00:31:29,520
I think it's going to grow 
forever. 

574
00:31:30,680 --> 00:31:33,520
So like I find myself more 
comfortable buying companies in 

575
00:31:33,880 --> 00:31:37,680
place in sectors and and parts 
of the investing world that I 

576
00:31:37,680 --> 00:31:40,800
don't really understand from 
like a professional standpoint 

577
00:31:41,400 --> 00:31:45,440
than McDonald's, which I 
understand very easily from a 

578
00:31:45,640 --> 00:31:48,680
how it works standpoint. 
Well, there's probably two 

579
00:31:48,680 --> 00:31:50,920
thoughts there. 
One is, if you understand it 

580
00:31:50,920 --> 00:31:53,480
really well, everybody else 
probably like especially 

581
00:31:53,480 --> 00:31:55,960
consumer products I mean. 
Unless you have. 

582
00:31:55,960 --> 00:31:57,480
What's your edge? 
You have no edge? 

583
00:31:57,520 --> 00:31:59,840
Yeah. 
Yeah, in your in your industry 

584
00:31:59,840 --> 00:32:03,400
and it is a specialized 
industry, there is a very good 

585
00:32:03,400 --> 00:32:06,800
chance exactly what you just 
said is absolutely the case. 

586
00:32:08,680 --> 00:32:13,440
And then Sean Standard Stockton 
from used to used to be of 

587
00:32:13,440 --> 00:32:17,360
ensemble, but he wrote a, a 
piece Once Upon a time about 

588
00:32:17,360 --> 00:32:22,240
like I'd, I'm probably going to 
misremember it, but it was 

589
00:32:22,240 --> 00:32:26,440
somewhere in that 33 to 5% 
revenue growth range. 

590
00:32:26,440 --> 00:32:30,160
Like when you go from that to 
1:00 to 3:00, you can get some 

591
00:32:30,160 --> 00:32:32,320
really ugly results in the 
stocks. 

592
00:32:32,480 --> 00:32:35,040
Yeah. 
Well, all of all of your 

593
00:32:35,040 --> 00:32:38,800
expenses start to outrun your 
ability to grow through them and

594
00:32:38,800 --> 00:32:42,200
generating, you know, to get any
sort of operating leverage, 

595
00:32:42,600 --> 00:32:43,440
right. 
I mean, everything goes 

596
00:32:43,440 --> 00:32:45,800
backwards at that point. 
Got to cut your way to 

597
00:32:45,800 --> 00:32:48,080
prosperity. 
Yeah, that doesn't work. 

598
00:32:48,080 --> 00:32:50,520
That's always worked. 
And buy back shares while you do

599
00:32:50,520 --> 00:32:52,200
it. 
It's a winning formula. 

600
00:32:52,760 --> 00:32:55,120
It works, still it doesn't. 
Yeah. 

601
00:32:55,520 --> 00:32:57,960
Well, the thing about the 
buybacks, you know, I mean, I 

602
00:32:57,960 --> 00:33:02,160
don't know, I I follow cable and
now that now a debate that's 

603
00:33:02,160 --> 00:33:06,240
going on is should they pay 
dividends or should they, you 

604
00:33:06,240 --> 00:33:07,680
know, to keep buying back 
shares? 

605
00:33:07,680 --> 00:33:12,880
I mean, the problem is buybacks 
only really add value if you're 

606
00:33:12,880 --> 00:33:15,040
buying below intrinsic value. 
Right. 

607
00:33:15,280 --> 00:33:19,040
And they almost never do. 
Yeah, nobody ever like I 

608
00:33:19,040 --> 00:33:22,760
shouldn't say nobody ever does, 
but the I I'd be interested, I 

609
00:33:22,760 --> 00:33:26,320
should read an updated study on 
the management teams that 

610
00:33:26,320 --> 00:33:28,760
actually create value via buy 
buybacks. 

611
00:33:28,760 --> 00:33:35,120
I mean it's the list is short. 
Yeah, you've read The Outsiders,

612
00:33:35,280 --> 00:33:36,560
right? 
Yeah, yeah. 

613
00:33:36,880 --> 00:33:40,240
Yeah, You just don't get. 
I mean, there's a reason why 

614
00:33:40,240 --> 00:33:43,400
there's only a handful of 
companies that were described in

615
00:33:43,400 --> 00:33:47,880
that book is because there's 
tons of businesses that generate

616
00:33:48,800 --> 00:33:52,680
excess cash flows. 
The problem is that there is a 

617
00:33:52,720 --> 00:33:58,560
tiny pool of talented capital 
allocators that also have the 

618
00:33:58,560 --> 00:34:01,480
chops to run a business, right? 
There's plenty of people that 

619
00:34:01,480 --> 00:34:06,320
can run a business, but not very
many of them are actually very 

620
00:34:06,320 --> 00:34:10,199
good at allocating capital. 
Like they do the other things 

621
00:34:10,199 --> 00:34:11,719
well enough. 
And the businesses are good 

622
00:34:11,719 --> 00:34:14,560
enough to wallpaper over the 
fact that most of them just 

623
00:34:14,560 --> 00:34:17,480
aren't really good at deciding 
how much money they should spend

624
00:34:17,480 --> 00:34:19,199
to buy whatever they need to 
buy. 

625
00:34:19,560 --> 00:34:22,280
Or is it? 
Is it time to to buy a small 

626
00:34:22,280 --> 00:34:25,360
distributor instead of investing
and building at your own 

627
00:34:25,360 --> 00:34:28,280
distribution? 
Like most, They're just not, you

628
00:34:28,280 --> 00:34:30,600
know, they have other people 
telling them what makes the most

629
00:34:30,600 --> 00:34:31,159
sense. 
They don't. 

630
00:34:31,360 --> 00:34:35,159
They're not wired to really know
how to make those decisions best

631
00:34:35,760 --> 00:34:39,239
and a lot of them are listening 
to consultants that are advising

632
00:34:39,239 --> 00:34:41,400
them what to do. 
Right, well, and the incentives,

633
00:34:41,880 --> 00:34:44,239
the incentives are the 
incentives are screwy too. 

634
00:34:44,400 --> 00:34:47,719
Look how many times you see a 
stock pop because they announce 

635
00:34:48,040 --> 00:34:52,960
a buy back plan, not that 
they've actually bought any 

636
00:34:52,960 --> 00:34:56,040
shares back, but so and so 
company has it, you know, 

637
00:34:56,080 --> 00:35:00,120
announced a $6 billion stock buy
back plan, right? 

638
00:35:00,200 --> 00:35:01,920
Doesn't mean they're going to do
it, doesn't mean they're going 

639
00:35:01,920 --> 00:35:04,000
to do it smartly. 
There's a, there's a, there's 

640
00:35:04,000 --> 00:35:07,000
companies that I, you know, I 
look at their quarterly results 

641
00:35:07,000 --> 00:35:11,800
every every three months. 
And one of the bullet points, 

642
00:35:11,800 --> 00:35:13,600
it's like always in there 
because you know, the format 

643
00:35:13,600 --> 00:35:18,280
doesn't typically change is, you
know, we bought back X billion 

644
00:35:18,280 --> 00:35:21,600
dollars worth of shares this 
quarter, every quarter. 

645
00:35:22,040 --> 00:35:25,360
And I'm like, but your stock was
really overvalued this last 

646
00:35:25,360 --> 00:35:27,160
quarter. 
Like I, but that's, so there's 

647
00:35:27,160 --> 00:35:31,160
not a brag in my book. 
Like I'd rather see our stock 

648
00:35:31,160 --> 00:35:34,480
was overvalued last quarter. 
We bought back no shares, you 

649
00:35:34,600 --> 00:35:36,280
know, or are we? 
Or it was undervalued. 

650
00:35:36,280 --> 00:35:37,600
We bought back more than we 
usually do. 

651
00:35:37,600 --> 00:35:39,000
Like that's what you want to 
see. 

652
00:35:39,440 --> 00:35:42,040
But people hear stock buybacks 
and the stock goes up. 

653
00:35:42,240 --> 00:35:42,920
It's. 
Yeah. 

654
00:35:43,320 --> 00:35:46,680
I'm so I'm sort of sympathetic 
to the idea that management 

655
00:35:46,680 --> 00:35:49,080
should just return excess cash 
all the time. 

656
00:35:49,760 --> 00:35:55,200
I, I just my, my gut, I, I need 
to know what the gate, what the 

657
00:35:55,200 --> 00:35:57,640
data actually says. 
I have a sense of what it says, 

658
00:35:57,640 --> 00:36:01,360
but I'd like to actually see it.
But you know, it's just that 

659
00:36:01,480 --> 00:36:04,240
like one company that I'm 
thinking of, I've been noodling 

660
00:36:04,240 --> 00:36:07,480
on and mentioned it a couple 
times on this, but is Olin, 

661
00:36:07,480 --> 00:36:10,160
they, they are basically a 
commodity company. 

662
00:36:10,160 --> 00:36:13,440
They have a, an ammunitions unit
that's not as commodity, but 

663
00:36:13,920 --> 00:36:18,120
they had a, a huge run up in 
like 2022. 

664
00:36:18,840 --> 00:36:22,880
And I, I mean, the bowl pitch 
is, oh, they, you know, they're 

665
00:36:22,880 --> 00:36:24,440
buying back shares, yadda, 
yadda. 

666
00:36:24,440 --> 00:36:27,320
It's like, yeah, but they bought
all the shares when they were 

667
00:36:27,320 --> 00:36:30,280
really high. 
And the shares were high because

668
00:36:30,680 --> 00:36:36,400
the company had a huge cyclical 
boom and was on business 

669
00:36:36,400 --> 00:36:40,320
breakdowns. 
And then it became a cyclical 

670
00:36:40,320 --> 00:36:42,160
again. 
And now they don't have the cash

671
00:36:42,160 --> 00:36:44,880
to buy back the shares. 
And they're talking about we're 

672
00:36:44,880 --> 00:36:46,480
going to pay the dividend. 
And it's like, why don't you 

673
00:36:46,480 --> 00:36:49,640
just kind of have a variable 
dividend and just let the shares

674
00:36:49,640 --> 00:36:52,040
be? 
I like the I I don't know if 

675
00:36:52,040 --> 00:36:53,480
I've heard you say this before 
or or like. 

676
00:36:53,480 --> 00:36:55,400
Who gives a shit, right? 
Just tell people you're going to

677
00:36:55,400 --> 00:36:57,360
make 3 1/2 percent, we're going 
to protect that. 

678
00:36:57,360 --> 00:36:59,280
Everything else we're just going
to pay out. 

679
00:36:59,560 --> 00:37:02,880
It's not the most tax advantage 
thing, but it's probably going 

680
00:37:02,880 --> 00:37:04,160
to work out better in the long 
term. 

681
00:37:04,600 --> 00:37:09,360
Yeah, I'd like to see practice 
be here's here's a, here's the 

682
00:37:09,360 --> 00:37:11,000
set dividend, right? 
Like you said, here's your 

683
00:37:11,000 --> 00:37:15,080
guaranteed X percent. 
And then the excess cash flow we

684
00:37:15,080 --> 00:37:17,720
have after that, we're going to 
make, we're going to make one of

685
00:37:17,720 --> 00:37:19,160
three decisions. 
We're going to keep it. 

686
00:37:19,280 --> 00:37:21,240
We're going to buy back shares 
if they're cheap or we're going 

687
00:37:21,240 --> 00:37:25,480
to just issue special dividends 
when we have the cash and the 

688
00:37:25,480 --> 00:37:29,160
stock's too expensive, right. 
Like I'd, I'd, I would sign up 

689
00:37:29,160 --> 00:37:31,960
for that, give me my monthly, 
but then every once a year, 

690
00:37:31,960 --> 00:37:34,920
every other year, you give me 
like a big $15 per share. 

691
00:37:35,680 --> 00:37:36,760
You know, here's the excess 
cash. 

692
00:37:36,760 --> 00:37:38,560
We we couldn't find anything 
better to do with it and the 

693
00:37:38,560 --> 00:37:40,680
stock was overvalued like. 
I don't know that they can tell 

694
00:37:40,680 --> 00:37:42,400
you if the stock's overvalued 
though. 

695
00:37:42,760 --> 00:37:44,280
All right, but that would be the
reason. 

696
00:37:44,280 --> 00:37:47,680
Like I, I don't think it's like 
a goldfish in a fishbowl, like 

697
00:37:47,680 --> 00:37:48,800
just no. 
You're saying they don't have 

698
00:37:48,800 --> 00:37:50,520
the ability to, not that they 
can't. 

699
00:37:51,000 --> 00:37:54,760
Yeah, Like, I don't, I don't 
think that I, I, they're not 

700
00:37:54,760 --> 00:37:56,960
hedge fund managers, right? 
They're just like CF OS. 

701
00:37:56,960 --> 00:37:59,440
And when things are going well, 
they're going to get comp tables

702
00:37:59,440 --> 00:38:01,320
and everything's going to be 
elevated and they're going to be

703
00:38:01,320 --> 00:38:04,200
like, oh, are stocks reasonable?
And I don't really want them 

704
00:38:04,200 --> 00:38:06,880
holding cash waiting for a 
downturn because then all of a 

705
00:38:06,880 --> 00:38:10,640
sudden their market timers like 
I, I don't know, I realized that

706
00:38:10,640 --> 00:38:13,520
the counter to this and the 
academic answer is, well, you 

707
00:38:13,520 --> 00:38:17,560
can just sell into the buyback. 
I don't think many people do 

708
00:38:17,560 --> 00:38:19,040
that. 
No. 

709
00:38:19,200 --> 00:38:22,680
Well, and it's not, you know, 
the here's the thing, the 

710
00:38:23,080 --> 00:38:24,880
buyback authorizations come from
the board. 

711
00:38:25,400 --> 00:38:28,960
The board is fiduciaries, right?
So they have a legal obligation 

712
00:38:29,160 --> 00:38:31,320
and how they think about doing 
buybacks. 

713
00:38:31,560 --> 00:38:35,800
So that's that's that's I mean. 
I mean, you're not wrong, but I 

714
00:38:36,000 --> 00:38:38,640
don't know that. 
You're right, either you're not,

715
00:38:38,640 --> 00:38:40,680
you're not going to see a lot of
congressional inquiries that 

716
00:38:40,760 --> 00:38:45,680
that actually move to like civil
charges against board members, 

717
00:38:45,680 --> 00:38:47,000
right? 
That's not, that's not 

718
00:38:47,320 --> 00:38:49,440
accountability and 
responsibility are two different

719
00:38:49,440 --> 00:38:50,960
things. 
So that's I think is the point. 

720
00:38:50,960 --> 00:38:53,840
But I'll say this, Jeff, so you 
were talking about like the idea

721
00:38:53,840 --> 00:38:56,360
of variable dividends. 
There is an industry that over 

722
00:38:56,360 --> 00:39:03,960
the past probably decade now has
has adopted that the idea of 

723
00:39:03,960 --> 00:39:09,760
variable dividends and the way 
they do share buybacks to some 

724
00:39:09,760 --> 00:39:14,680
degree of success and that's 
independent oil and gas 

725
00:39:14,680 --> 00:39:17,720
producers. 
The pukey is to pukey, 

726
00:39:17,720 --> 00:39:19,680
absolutely. 
Absolutely. 

727
00:39:19,920 --> 00:39:22,720
Gross. 
How dare you, even it is gross, 

728
00:39:22,960 --> 00:39:25,560
say that someone could invest in
such nonsense. 

729
00:39:25,560 --> 00:39:27,600
I didn't say anybody should 
invest in that shit. 

730
00:39:27,600 --> 00:39:28,480
That's good. 
Just. 

731
00:39:28,480 --> 00:39:31,960
So we're on the same page. 
Devon Energy, EOG Resources, 

732
00:39:31,960 --> 00:39:36,040
Diamondback, they, they did this
because you go back to like the 

733
00:39:36,040 --> 00:39:41,200
salad days, you know, the early 
20 teens, oil was over 100 and 

734
00:39:41,200 --> 00:39:47,280
$120.00 a barrel for two years 
straight, 2013 starting 2012 and

735
00:39:47,280 --> 00:39:53,040
then mid 2014 that summer oil 
started a price to fall and a 

736
00:39:53,040 --> 00:39:57,720
year later it was in the 20s. 
I mean, it was insane. 

737
00:39:58,040 --> 00:40:00,800
But all of these companies like 
they were paying this dividend 

738
00:40:00,800 --> 00:40:02,840
and growing it every year and 
growing it every year. 

739
00:40:03,440 --> 00:40:05,840
And that doesn't work in an 
industry. 

740
00:40:06,640 --> 00:40:07,520
Yeah. 
No, it doesn't. 

741
00:40:07,760 --> 00:40:10,240
That's not that's that volatile.
Yeah. 

742
00:40:10,240 --> 00:40:11,520
Yeah, it does. 
It doesn't work. 

743
00:40:11,520 --> 00:40:15,760
So they've adopted that and you 
you look overseas, you see a lot

744
00:40:15,760 --> 00:40:19,480
more variable dividends, you see
a lot more twice a year 

745
00:40:19,480 --> 00:40:24,600
dividends because the 
expectation is very different 

746
00:40:24,600 --> 00:40:27,880
than it is in capital markets in
the US where it's about growth 

747
00:40:27,880 --> 00:40:30,840
and it's grow that payout raise 
the dividend. 

748
00:40:30,840 --> 00:40:34,520
You know constantly that the 
idea of being able to constantly

749
00:40:34,520 --> 00:40:38,840
do that and it's dis aligned 
with, you know the realities of 

750
00:40:38,840 --> 00:40:42,200
the market. 
One thing I like about the idea 

751
00:40:42,200 --> 00:40:46,520
of forcing management's to 
return capital, like you were 

752
00:40:46,520 --> 00:40:50,680
talking about the vast majority 
of capital on a regular basis, 

753
00:40:51,600 --> 00:40:54,320
keep them on the edge of their 
chair, right? 

754
00:40:55,480 --> 00:40:58,120
All of a sudden, that $2 billion
that you've got sitting there in

755
00:40:58,120 --> 00:41:02,800
the bank, all of a sudden it's 
$200 million and you basically, 

756
00:41:02,840 --> 00:41:05,280
you basically have a year's 
worth of working capital. 

757
00:41:06,640 --> 00:41:09,120
You're going to behave, right? 
You're going to. 

758
00:41:09,800 --> 00:41:12,360
The problem is those sort of 
things are this goes. 

759
00:41:12,360 --> 00:41:14,160
So against everyone's 
incentives. 

760
00:41:14,520 --> 00:41:17,520
Well, that's the thing, man, the
God incentives matter so much. 

761
00:41:18,480 --> 00:41:21,200
Yeah, look at the comp plan. 
Reading the proxy statements 

762
00:41:21,200 --> 00:41:22,920
more important than reading the 
annual report. 

763
00:41:25,320 --> 00:41:29,760
Yeah, that's not wrong. 
It's not always right, but it's 

764
00:41:29,880 --> 00:41:32,800
not not wrong. 
Yeah, well, yeah. 

765
00:41:33,720 --> 00:41:41,160
I mean, nothing's always right. 
Not even you All right, close. 

766
00:41:41,600 --> 00:41:45,120
close. 
Yeah, I don't, I don't know. 

767
00:41:45,120 --> 00:41:49,920
It's really interesting. 
I the you know, the the longer I

768
00:41:50,000 --> 00:41:54,640
I follow investing and invest, 
the the less I know for sure, 

769
00:41:55,240 --> 00:41:58,240
which probably means I'm 
starting to get smarter. 

770
00:41:59,080 --> 00:42:01,680
Funny about that. 
Yeah, yeah. 

771
00:42:01,680 --> 00:42:06,280
So when did you guys like you, 
when did you start investing? 

772
00:42:08,360 --> 00:42:09,240
You want me to go first? 
Jeff? 

773
00:42:09,240 --> 00:42:09,840
You. 
Want to go ahead? 

774
00:42:10,800 --> 00:42:15,560
So the the I'll give this short 
version of of my story. 

775
00:42:15,800 --> 00:42:19,160
Since you're so old, like you 
lived through 2000 and 2008, 

776
00:42:19,160 --> 00:42:20,400
right? 
It's crazy. 

777
00:42:20,560 --> 00:42:22,240
Yeah, I did. 
Yeah, I did too. 

778
00:42:22,360 --> 00:42:25,840
That shit's scarring. 
So The funny thing about 2000 

779
00:42:25,840 --> 00:42:32,240
for me was I was at a period in 
my life where I was as unplugged

780
00:42:32,240 --> 00:42:36,760
from the idea of investing or 
even just responsible financial 

781
00:42:36,760 --> 00:42:39,960
management. 
Is anybody you could possibly 

782
00:42:39,960 --> 00:42:42,760
imagine. 
Jeff, how many times have I told

783
00:42:42,760 --> 00:42:46,240
the the golf trip story? 
Oh, you should tell it now. 

784
00:42:46,240 --> 00:42:47,920
It's pretty good, but try to 
keep it short. 

785
00:42:47,920 --> 00:42:51,280
So like down to like 35 minutes.
Yeah I can tell this in like 5 

786
00:42:51,280 --> 00:42:55,920
minutes. 
I actually, I had a rollover 

787
00:42:56,960 --> 00:43:05,600
from a company and had a buddy 
and he had a couple of friends 

788
00:43:05,680 --> 00:43:09,240
that I didn't really like him 
very much, but he's like, hey, 

789
00:43:09,240 --> 00:43:11,760
let's go play golf at this thing
tomorrow. 

790
00:43:12,120 --> 00:43:15,880
I'm like, all right, I'll blow 
off work, go play golf. 

791
00:43:15,880 --> 00:43:19,880
I don't have any money. 
Had a credit card. 

792
00:43:21,360 --> 00:43:23,680
I knew my wife would kick my ass
if there was a balance on the 

793
00:43:23,680 --> 00:43:27,800
credit card. 
I logged into that rollover. 

794
00:43:29,240 --> 00:43:31,640
I cashed it out. 
Oh man. 

795
00:43:32,120 --> 00:43:34,880
To go play. 
Golf, this is good priorities. 

796
00:43:34,880 --> 00:43:37,120
I like it. 
Yeah, yeah, like, no, this 

797
00:43:37,120 --> 00:43:42,480
really this really happened. 
I I I you know, I caso reminder 

798
00:43:42,480 --> 00:43:48,760
for those taking notes at home. 
I took a long term asset and I 

799
00:43:48,920 --> 00:43:50,880
pissed it away on a short term 
thing. 

800
00:43:51,560 --> 00:43:52,960
I. 
Paid Did you avoid the crash? 

801
00:43:52,960 --> 00:43:55,720
Please say that you avoided the 
crash because of this and it 

802
00:43:55,720 --> 00:43:57,920
turned out to be a good. 
This was in 2004. 

803
00:43:58,040 --> 00:44:02,680
Oh, OK, so no. 
No, no, So like worst time to be

804
00:44:02,680 --> 00:44:06,840
selling this asset sort of time.
So remember you're take a 20% 

805
00:44:06,840 --> 00:44:09,040
penalty, right, because I'm 
cashing it out. 

806
00:44:09,520 --> 00:44:13,400
It now counts as income because 
originally this was pre tax 

807
00:44:13,400 --> 00:44:16,200
contributions. 
So I take that double hit. 

808
00:44:17,760 --> 00:44:19,400
I go play golf with a bunch of 
people. 

809
00:44:19,720 --> 00:44:21,000
That you don't like, but you 
don't like I. 

810
00:44:21,040 --> 00:44:23,600
Don't like to piss? 
Your wife off this is like real 

811
00:44:23,600 --> 00:44:24,800
man shit. 
I like this. 

812
00:44:24,960 --> 00:44:27,920
Like real man shit, right? 
So I do this, I do this. 

813
00:44:28,120 --> 00:44:33,000
So round figures, I haven't done
the math on this in probably a 

814
00:44:33,000 --> 00:44:35,840
year or two, but the way the 
market's been running, if I had 

815
00:44:35,840 --> 00:44:40,440
of just left this and just 
follow Buffett's advice for all 

816
00:44:40,440 --> 00:44:44,240
of us regular people and just 
index it, it probably would be 

817
00:44:44,240 --> 00:44:48,360
$55,000 today. 
Yeah, round figures. 

818
00:44:48,440 --> 00:44:50,200
Expensive round of golf. 
You're like the guy who bought a

819
00:44:50,200 --> 00:44:51,160
pizza. 
Would play well. 

820
00:44:53,000 --> 00:44:53,840
What's that? 
What's that do? 

821
00:44:53,920 --> 00:44:56,280
You play well. 
I don't even remember. 

822
00:44:56,280 --> 00:44:58,920
Probably not. 
I probably played terribly. 

823
00:44:58,920 --> 00:45:01,240
You at least want to be flush in
it if you're going to take that 

824
00:45:01,240 --> 00:45:02,320
kind of. 
Risk, that's the thing. 

825
00:45:02,320 --> 00:45:07,760
I mean, that's like. 
I hope you're enjoying this 

826
00:45:07,760 --> 00:45:11,160
conversation. 
I wanted to interrupt the 

827
00:45:11,160 --> 00:45:15,080
program to give you a little 
sense of what Trata may have for

828
00:45:15,080 --> 00:45:20,200
you and I'm going to read you a 
a little excerpt of a transcript

829
00:45:20,440 --> 00:45:25,200
as a 1/21/26. 
The analyst says. 

830
00:45:25,200 --> 00:45:28,360
I don't think of Duolingo as an 
education or an Ed tech in the 

831
00:45:28,360 --> 00:45:30,720
traditional sense. 
I think of it as a habit forming

832
00:45:30,720 --> 00:45:34,200
consumer platform, something 
closer to Spotify or TikTok in 

833
00:45:34,200 --> 00:45:37,360
terms of engagement, but with 
very different monetization 

834
00:45:37,360 --> 00:45:39,560
constraints. 
I don't think the Moat is 

835
00:45:39,560 --> 00:45:41,960
content to me. 
The content could be 

836
00:45:41,960 --> 00:45:44,000
commoditized. 
It could be built by somebody 

837
00:45:44,000 --> 00:45:47,960
else, especially with generative
AII think the Moat is admin 

838
00:45:47,960 --> 00:45:51,440
brand and distribution. 
If you line up Duolingo against 

839
00:45:51,440 --> 00:45:54,720
other consumer apps in terms of 
growth rates, user base, and 

840
00:45:54,720 --> 00:45:57,560
engagement time, I don't know if
it has a peer in those 

841
00:45:57,560 --> 00:46:00,200
categories. 
Roblox is a really good example,

842
00:46:00,200 --> 00:46:02,240
but Roblox hasn't figured out 
how to make money. 

843
00:46:02,280 --> 00:46:04,560
I'm not sure. 
I as a side, I'm not sure I 

844
00:46:04,560 --> 00:46:08,520
agree with that, but I digress. 
Duolingo has significant 

845
00:46:08,520 --> 00:46:13,280
operating leverage and it's 
pretty clean cash flow to as you

846
00:46:13,280 --> 00:46:15,680
mentioned, if you break that 
habit loop, I think the entire 

847
00:46:15,680 --> 00:46:18,840
model degrades very quickly. 
That's why I'm cautious around 

848
00:46:18,840 --> 00:46:21,280
what they're doing. 
Again, these are the kind of 

849
00:46:21,280 --> 00:46:26,040
insights that you can get in try
at Tritrada, go to Tritrada 

850
00:46:26,040 --> 00:46:29,600
forward slash brew for a free 
trial. 

851
00:46:32,800 --> 00:46:36,920
And once again, the other 
sponsor of the show, Fiscal dot 

852
00:46:36,920 --> 00:46:40,480
AI Brayden, has been a sponsor 
in the past. 

853
00:46:40,480 --> 00:46:44,240
He was one of the OG sponsors. 
He's a sponsor now. 

854
00:46:44,720 --> 00:46:48,640
Fiscal dot AI forward slash brew
gets you 15% off everything. 

855
00:46:48,640 --> 00:46:52,720
They offer high quality data. 
It's they're super fast. 

856
00:46:53,160 --> 00:46:55,600
If you run a business, they 
think that they can save you 

857
00:46:55,600 --> 00:46:58,000
money if you need the data from 
them. 

858
00:46:58,000 --> 00:47:00,720
So I highly encourage you to 
reach out to him and his team. 

859
00:47:01,160 --> 00:47:03,080
I'm trying to help you save 
money. 

860
00:47:03,080 --> 00:47:04,800
He's trying to help you save 
money. 

861
00:47:04,960 --> 00:47:08,560
Help yourself save money fiscal 
dot AI forward slash brew. 

862
00:47:12,080 --> 00:47:15,800
There's a weekend in Vegas. 
And like, there were actually 

863
00:47:15,800 --> 00:47:19,240
parts of the weekend in Vegas 
that were great stories that 

864
00:47:19,240 --> 00:47:21,280
we'd be sharing over beers. 
That'd be one thing. 

865
00:47:21,720 --> 00:47:24,480
But the great story is how 
stupid it was. 

866
00:47:26,360 --> 00:47:28,440
Yeah, so. 
But that's like a microcosm of 

867
00:47:28,440 --> 00:47:32,840
who I was, you know, 20, call 
it, you know, 2223 years ago. 

868
00:47:33,120 --> 00:47:36,600
See, I had friends whose parents
were day trading in 99. 

869
00:47:37,720 --> 00:47:43,120
So like I I had a pretty close 
seat to what the implosion would

870
00:47:43,120 --> 00:47:44,760
do. 
That's like family destroying. 

871
00:47:45,120 --> 00:47:46,880
Yeah, it was not good. 
Yeah. 

872
00:47:47,480 --> 00:47:51,040
And then you get to 2008 and 
it's like the world almost ends,

873
00:47:51,040 --> 00:47:54,520
right? 
So I don't know how to trust 

874
00:47:55,880 --> 00:47:58,480
like, like the market. 
I just don't know how to. 

875
00:47:58,480 --> 00:48:00,560
Do it well, All right, so I 
don't want to enter Jason's 

876
00:48:00,560 --> 00:48:04,960
story, but but let me let me, I 
think this is this ties into 

877
00:48:04,960 --> 00:48:08,680
what you just said, Bill. 
So I was not buying stocks, 

878
00:48:08,680 --> 00:48:11,800
picking stocks or really paying 
close attention to the market. 

879
00:48:11,800 --> 00:48:15,120
I was just like a guy going to 
work every two weeks, paycheck 

880
00:48:15,120 --> 00:48:16,800
money goes into my retirement 
account. 

881
00:48:17,040 --> 00:48:19,920
I get the statement in the mail 
quarterly, right? 

882
00:48:19,920 --> 00:48:25,320
That was me from age 22 to 40. 
Your opportunity cost was the 

883
00:48:25,360 --> 00:48:27,120
other opportunity. 
Cost, yeah, but but this is what

884
00:48:27,120 --> 00:48:31,160
I want to get at as it pertains 
to the 2008 crash, because I was

885
00:48:31,400 --> 00:48:34,000
aware enough of the news, like I
knew that it was happening and 

886
00:48:34,280 --> 00:48:39,160
all the bad things and stuff, 
but I would get my statement 

887
00:48:39,160 --> 00:48:41,280
every quarter, right? 
So I was only getting an update 

888
00:48:41,280 --> 00:48:42,840
really on. 
I don't even think I logged into

889
00:48:42,840 --> 00:48:44,840
the website at that point. 
I was just like, that's how 

890
00:48:44,840 --> 00:48:48,280
checked out I was. 
And I remember like, you'd get 

891
00:48:48,280 --> 00:48:50,120
it and it would be like, wow, 
that's a lot less money. 

892
00:48:50,560 --> 00:48:53,560
And then three months later, 
that's still less. 

893
00:48:53,560 --> 00:48:56,040
And then eventually three months
later, oh, it's a little more. 

894
00:48:56,040 --> 00:48:57,360
Three months later it's a little
more. 

895
00:48:58,040 --> 00:49:02,680
And I only bring that up because
what I learned from that, and I 

896
00:49:02,680 --> 00:49:05,800
didn't have the fear because I 
wasn't like day trading or 

897
00:49:05,800 --> 00:49:07,960
picking individual stocks, but 
what I learned from that is 

898
00:49:07,960 --> 00:49:09,640
like, oh, if you just wait, it 
comes back. 

899
00:49:10,400 --> 00:49:11,680
Yeah. 
Right, I know that's a 

900
00:49:11,680 --> 00:49:15,720
simplistic, easy way to look at 
it, but that helped me immensely

901
00:49:16,440 --> 00:49:19,480
because when I bought my I 
bought my first stock in mid 

902
00:49:19,480 --> 00:49:24,080
February of 2020, right? 
So like as I was stepping into 

903
00:49:24,080 --> 00:49:27,440
this new found obsession of mine
in terms of paying really close 

904
00:49:27,440 --> 00:49:30,360
attention to the markets and 
buying stocks and things like 

905
00:49:30,360 --> 00:49:34,160
that, I was on, I was about to 
get on a pretty wild ride as it 

906
00:49:34,160 --> 00:49:37,280
pertains to market volatility, 
right over the next five years. 

907
00:49:38,560 --> 00:49:42,480
And I think what helped me not 
freak out as a brand new stock 

908
00:49:42,480 --> 00:49:46,600
investor was the fact that I 
knew that if you wait long 

909
00:49:46,600 --> 00:49:48,400
enough, the things come back 
right. 

910
00:49:48,800 --> 00:49:54,360
And so to me, like, that's the 
lesson of the 2008 crash, not 

911
00:49:54,480 --> 00:49:56,920
not the fear. 
And again, that's because I 

912
00:49:56,920 --> 00:49:58,000
wasn't paying close attention to
it. 

913
00:49:58,000 --> 00:49:59,960
I, I would have been in a 
totally different headspace if I

914
00:49:59,960 --> 00:50:02,400
was, you know, doing what you 
were doing or what Jason was 

915
00:50:02,400 --> 00:50:03,640
doing. 
But. 

916
00:50:04,160 --> 00:50:06,880
Well, I would, man. 
I was in school at that time. 

917
00:50:07,000 --> 00:50:11,800
But, you know, I mean, I was, I 
don't, I've, I've always paid 

918
00:50:11,800 --> 00:50:16,280
attention. 
So yeah, I don't know. 

919
00:50:16,280 --> 00:50:21,240
And I and I just remember, I 
remember people panicking around

920
00:50:21,240 --> 00:50:26,000
me in a big way. 
Yeah, Yeah, yeah, yeah. 

921
00:50:27,520 --> 00:50:31,880
But anyway that I'll just since 
Jason left again again improved.

922
00:50:31,880 --> 00:50:33,840
Yeah, I know. 
He didn't mute himself when he 

923
00:50:33,840 --> 00:50:34,920
left. 
I had to mute him. 

924
00:50:34,960 --> 00:50:37,760
Yeah, this is I make a podcast 
with him weekly. 

925
00:50:37,760 --> 00:50:40,360
So I'm this I'm used to this. 
When he comes back, maybe I'll 

926
00:50:40,360 --> 00:50:44,040
make him sit muted, I think, 
right, like in the penalty box. 

927
00:50:45,280 --> 00:50:47,680
Honestly, it'll improve the show
if we're being, if we're being 

928
00:50:47,680 --> 00:50:51,000
honest. 
But to answer your question, so 

929
00:50:51,000 --> 00:50:54,800
like, yeah, I, I started buying 
individual stocks in, in 2020. 

930
00:50:54,800 --> 00:50:57,680
I just became obsessed with it. 
I don't know why. 

931
00:50:58,240 --> 00:51:00,560
It was just like a thing I had 
time to pay attention to over 

932
00:51:00,560 --> 00:51:04,840
the pandemic and became, it just
became like the thing I thought 

933
00:51:04,840 --> 00:51:08,600
about pretty much all the time. 
So I got a late start in that 

934
00:51:08,600 --> 00:51:11,080
aspect of it, but. 
Has this been a positive to your

935
00:51:11,080 --> 00:51:16,920
life? 
Yes, because I think I don't 

936
00:51:16,920 --> 00:51:20,360
want to be like a nerdy educator
here, but I think like anytime 

937
00:51:20,360 --> 00:51:22,080
you find something you're 
passionate about learning about 

938
00:51:22,080 --> 00:51:24,760
that's just good for you as a, 
as a human being, as a person. 

939
00:51:24,760 --> 00:51:28,440
And I don't think it's that 
often that in your 40s you come 

940
00:51:28,440 --> 00:51:32,680
across a completely new thing 
and then dive complete, like 

941
00:51:32,680 --> 00:51:35,280
dive head first into it and try 
to like learn as much as you 

942
00:51:35,280 --> 00:51:37,400
can. 
You know, 'cause we're all guys 

943
00:51:37,400 --> 00:51:41,280
who go to school, get a job, you
do that career, and I still do 

944
00:51:41,280 --> 00:51:43,280
that career, but then I have 
this whole other thing. 

945
00:51:43,280 --> 00:51:47,080
I got to be really interested in
learning about South from that 

946
00:51:47,080 --> 00:51:50,000
perspective, yes. 
And honestly, the obsession 

947
00:51:50,000 --> 00:51:52,680
about learning about it made me 
realize that a lot of stupid 

948
00:51:52,680 --> 00:51:55,600
things I had done earlier, like 
I was much more responsible with

949
00:51:55,600 --> 00:51:58,240
my money than Jason was, but my 
initial. 

950
00:51:58,240 --> 00:52:00,480
Contract very, very low bar. 
True. 

951
00:52:01,640 --> 00:52:03,960
My initial contribution to my 
retirement account when I first 

952
00:52:03,960 --> 00:52:07,240
got out of college was like, I 
think literally $100 a paycheck,

953
00:52:08,080 --> 00:52:12,240
which is like what, $76 out of 
my pocket pre tax and 

954
00:52:12,240 --> 00:52:13,440
everything. 
And I don't think. 

955
00:52:13,440 --> 00:52:15,280
Better than nothing. 
I don't, yeah, but I didn't 

956
00:52:15,280 --> 00:52:18,840
increase it for like a decade 
'cause I, I did a dollar amount,

957
00:52:18,840 --> 00:52:21,760
not a percentage, right. 
And so I, I've been doing a lot 

958
00:52:21,760 --> 00:52:24,200
of catch up over the past five 
or six years trying. 

959
00:52:24,200 --> 00:52:25,600
To well, you have, you have a 
pension too. 

960
00:52:25,640 --> 00:52:26,600
I mean, that's. 
That's true. 

961
00:52:26,920 --> 00:52:29,840
That's what saved my having a 
pension and being married to 

962
00:52:29,840 --> 00:52:34,240
someone who's who who worked for
a company, had a match and got 

963
00:52:34,240 --> 00:52:37,320
that match from age 22 on really
has helped. 

964
00:52:37,720 --> 00:52:40,800
Yeah. 
But yeah, I net positive in my 

965
00:52:40,800 --> 00:52:42,840
life for sure for a bunch of 
different reasons. 

966
00:52:43,320 --> 00:52:46,200
Well, the good news is you'll 
know that the lessons to teach 

967
00:52:46,200 --> 00:52:50,720
your children. 
Unless AI takes all our jobs, in

968
00:52:50,720 --> 00:52:53,760
which case hopefully we live in 
Elon's abundance reality. 

969
00:52:53,800 --> 00:52:56,480
And he said it's better to be an
optimist and wrong than a 

970
00:52:56,480 --> 00:52:59,200
pessimist and wrong. 
So I'm just going to have a 

971
00:52:59,200 --> 00:53:02,720
utopian view of all this. 
There you go, utopian hellscape.

972
00:53:03,400 --> 00:53:06,080
Yeah. 
Getting a late start with it and

973
00:53:06,080 --> 00:53:10,080
and learning that you have to 
contribute more earlier has made

974
00:53:10,080 --> 00:53:11,440
me be a little bit more 
comfortable. 

975
00:53:11,440 --> 00:53:13,840
Like talking to younger people 
who I come across who are like 

976
00:53:13,840 --> 00:53:16,680
getting out of college and just 
being like, listen, I'm not a 

977
00:53:16,680 --> 00:53:20,840
financial advice guy, but start.
Yeah. 

978
00:53:21,600 --> 00:53:24,200
And yeah, I've, I, I told I have
AI have two kids. 

979
00:53:24,320 --> 00:53:26,840
The oldest is a senior in high 
school, so he's going off to 

980
00:53:26,840 --> 00:53:29,320
college next year and he got his
first job a couple years ago in 

981
00:53:29,320 --> 00:53:31,840
the summers. 
And I said, and he's has no 

982
00:53:31,840 --> 00:53:33,680
interest in any of this, doesn't
like talk to me about it. 

983
00:53:33,680 --> 00:53:37,680
He makes fun of me. 
I said this is the only thing, 

984
00:53:38,480 --> 00:53:40,520
the only lesson I want you to 
take away from what I've 

985
00:53:40,520 --> 00:53:42,560
learned. 
I said if you just take 10% of 

986
00:53:42,560 --> 00:53:45,320
everything you make ever, 
starting with his very first 

987
00:53:45,320 --> 00:53:50,680
paycheck, put it in your Roth, 
and do nothing else, you'll have

988
00:53:50,680 --> 00:53:53,080
more money at my age than I do. 
Yeah. 

989
00:53:53,760 --> 00:53:56,440
And and I was like, that's the 
only thing you have to do just 

990
00:53:56,440 --> 00:53:59,080
that anything you do above and 
beyond that, God bless you. 

991
00:53:59,160 --> 00:54:01,760
But that's the minimum. 
And to his credit, every 

992
00:54:01,760 --> 00:54:05,400
paycheck he got with his summer 
jobs, he he keeps track like 10%

993
00:54:05,400 --> 00:54:07,600
puts it aside couple months a 
year. 

994
00:54:07,600 --> 00:54:09,920
I take it, I steal it. 
I stick it in his Roth for him 

995
00:54:11,280 --> 00:54:16,320
and just put it in a in ASAP 500
ETF and he can do more with it 

996
00:54:16,320 --> 00:54:19,440
later. 
But God, I think back like if I 

997
00:54:19,440 --> 00:54:22,960
had done just that when I was 
1516 years old, I'd be in a 

998
00:54:22,960 --> 00:54:24,240
completely different spots. 
But. 

999
00:54:24,440 --> 00:54:29,400
You need to log on to his phone 
and then open YouTube and just 

1000
00:54:29,400 --> 00:54:33,080
like press investing videos so 
that the algo starts 

1001
00:54:33,080 --> 00:54:35,960
recommending it. 
I was recently, I was recently 

1002
00:54:35,960 --> 00:54:38,720
told to do that and I was like, 
that's a pretty good idea. 

1003
00:54:39,400 --> 00:54:41,760
That's awesome. 
Got incept thoughts into these 

1004
00:54:41,760 --> 00:54:44,200
children's brains? 
Well, it's like typical kids 

1005
00:54:44,200 --> 00:54:45,840
stuff. 
He came when he was in like 8th 

1006
00:54:45,840 --> 00:54:48,400
grade, I think he came home one 
day and he's like, hey, my math 

1007
00:54:48,400 --> 00:54:51,280
teacher, they do this thing 
where like, I don't know, 

1008
00:54:51,280 --> 00:54:53,440
there's some period in the day 
where you, you go to, it's like 

1009
00:54:53,440 --> 00:54:56,120
extra learning that they do. 
So he went to this, he would 

1010
00:54:56,120 --> 00:54:58,160
went to the math teacher that 
day and the guy was talking 

1011
00:54:58,160 --> 00:55:00,960
about investing stuff. 
And he comes home all fired up 

1012
00:55:00,960 --> 00:55:02,360
about it. 
He's like, ah, he's talking 

1013
00:55:02,360 --> 00:55:05,120
about, you know, saving your 
money for the future and 

1014
00:55:05,120 --> 00:55:06,760
investing. 
And I'm like, also, do you want 

1015
00:55:06,760 --> 00:55:08,400
to talk more about it? 
And he's like, no. 

1016
00:55:09,160 --> 00:55:10,440
Yeah, not to you. 
Not to you. 

1017
00:55:11,400 --> 00:55:12,640
I was like, all right. 
Well, I tried. 

1018
00:55:13,040 --> 00:55:15,920
Yeah, that's fine. 
Yeah, at least it's getting in 

1019
00:55:15,920 --> 00:55:18,320
there somewhere. 
The seeds are getting planted. 

1020
00:55:19,760 --> 00:55:22,320
I mean, look, I would have been 
the same way when I was a 

1021
00:55:22,320 --> 00:55:24,400
teenager. 
Like I, I had no interest in any

1022
00:55:24,400 --> 00:55:25,920
of that. 
If anyone tried to talk to me, I

1023
00:55:25,920 --> 00:55:28,960
would have been like, stop, you 
know, I so he'll. 

1024
00:55:28,960 --> 00:55:35,320
Figure the extent the extent of 
my parents financial education 

1025
00:55:35,320 --> 00:55:38,280
for me was when I was in 10th 
grade. 

1026
00:55:38,960 --> 00:55:44,440
I want a raffle like $200 raffle
and I had this old pickup truck 

1027
00:55:44,840 --> 00:55:46,880
and I needed to replace some 
speakers in it. 

1028
00:55:47,800 --> 00:55:49,400
So I went to Walmart to get 
speakers. 

1029
00:55:49,400 --> 00:55:52,960
My dad took me to get speakers. 
I hadn't even turned 16 yet but 

1030
00:55:52,960 --> 00:55:55,400
I was going to be turning 16 in 
like 2 months and I wanted to 

1031
00:55:55,400 --> 00:55:59,680
have my truck ready to go. 
And my dad's like you should 

1032
00:55:59,680 --> 00:56:03,640
really be smart with this money.
At least go buy some new 

1033
00:56:03,640 --> 00:56:06,720
underwear too. 
There you go, that makes sense. 

1034
00:56:07,680 --> 00:56:10,280
That was it. 
That was the last conversation 

1035
00:56:10,280 --> 00:56:12,040
me and say. 
Dad, with these speakers, I'm 

1036
00:56:12,040 --> 00:56:14,040
not going to be wearing 
underwear when these ladies get 

1037
00:56:14,040 --> 00:56:14,600
in here. 
Yeah. 

1038
00:56:18,120 --> 00:56:20,080
Nice. 
Nice, I got different was. 

1039
00:56:20,080 --> 00:56:23,600
Clever enough to wasn't even 
clever enough to think about a 

1040
00:56:23,600 --> 00:56:25,320
witty response like that back 
then. 

1041
00:56:25,640 --> 00:56:29,000
Yeah, well, now you are. 
There is no there is no more 

1042
00:56:29,000 --> 00:56:32,880
typical like what does a teenage
boy who has a truck want to 

1043
00:56:32,880 --> 00:56:35,440
spend his money on than speakers
for said truck like that? 

1044
00:56:35,440 --> 00:56:38,080
Is makes perfect sense. 
Oh, yeah, yeah. 

1045
00:56:38,560 --> 00:56:41,120
I mean, that's how basic I will.
I've, I've, I've always been. 

1046
00:56:41,120 --> 00:56:47,400
So now the irony is I, as my dad
got older and retired and he had

1047
00:56:47,400 --> 00:56:49,360
a little bit of, he got a little
inheritance money and had a few 

1048
00:56:49,360 --> 00:56:54,040
things, he actually did start to
come to me for advice about 

1049
00:56:54,040 --> 00:56:56,480
investing in that kind of thing.
And luckily. 

1050
00:56:56,680 --> 00:56:58,440
He didn't. 
He didn't follow any of your 

1051
00:56:58,440 --> 00:57:00,960
stock tips. 
No, actually one of those that 

1052
00:57:00,960 --> 00:57:02,920
was, it was in the spring of 
2020. 

1053
00:57:03,680 --> 00:57:06,240
There you go. 
Talking about lucky timing. 

1054
00:57:06,720 --> 00:57:10,160
Dude, the the portfolio I 
suggested to my father-in-law 

1055
00:57:10,880 --> 00:57:14,080
right around that time. 
Yeah, he like, he thanks me all 

1056
00:57:14,080 --> 00:57:17,280
the time and I'm like, I just 
wish that I had done what I told

1057
00:57:17,280 --> 00:57:20,320
you to do and never touched it. 
It'd have been great. 

1058
00:57:20,520 --> 00:57:23,680
Yep, Yep. 
The problem was I touched it. 

1059
00:57:24,080 --> 00:57:26,080
Right, right. 
That's the thing, right? 

1060
00:57:26,080 --> 00:57:28,280
We meddle. 
We we meddle with with a good 

1061
00:57:28,360 --> 00:57:30,440
thing. 
Here's a great example of that. 

1062
00:57:30,440 --> 00:57:32,160
And it's even better than spring
of 2020. 

1063
00:57:32,160 --> 00:57:35,800
So when I got interested in all 
this, my, my father, who's a 

1064
00:57:35,800 --> 00:57:39,800
little bit more of a gambler 
kind of guy than I am like likes

1065
00:57:39,800 --> 00:57:42,120
to go to Atlantic City, likes to
do the scratch offs, likes to 

1066
00:57:42,120 --> 00:57:44,160
play the lottery. 
Like that's, that's his thing. 

1067
00:57:45,320 --> 00:57:47,360
He he's like, how many picks? 
On so much. 

1068
00:57:47,400 --> 00:57:49,240
He's like, he's way cooler than 
me. 

1069
00:57:49,640 --> 00:57:50,880
He's like, I got a little bit of
money. 

1070
00:57:51,200 --> 00:57:53,080
Help me pick some stocks. 
We'll do a little portfolio. 

1071
00:57:53,160 --> 00:57:57,640
I was like, OK, so I gave him he
he came to me with ideas and I 

1072
00:57:57,640 --> 00:58:00,160
was just like, sure, like I know
a little bit that sounds good. 

1073
00:58:00,680 --> 00:58:07,880
He bought 15 or 20 stocks in 
November of 2021, like right at 

1074
00:58:07,880 --> 00:58:11,640
the peak of like that, that run 
up we saw after the bottom in in

1075
00:58:11,640 --> 00:58:14,600
early 2020. 
And he brought like growthy, 

1076
00:58:14,600 --> 00:58:16,560
growthy stuff. 
Like he bought Zoom. 

1077
00:58:16,560 --> 00:58:24,040
He bought like if it was hot and
popular on like Fintwit in 2020 

1078
00:58:24,040 --> 00:58:26,280
and 2021. 
Like that was this portfolio 

1079
00:58:26,280 --> 00:58:30,560
like work, the growthiest stocks
overvalued and like the worst 

1080
00:58:30,560 --> 00:58:34,040
timing ever. 
And then neither of us logged in

1081
00:58:34,040 --> 00:58:36,400
and looked, looked at it for 
years. 

1082
00:58:37,520 --> 00:58:43,080
But one of the stocks he bought 
was NVIDIA and that's. 

1083
00:58:43,240 --> 00:58:46,560
And so I logged back in again 
like. 

1084
00:58:46,560 --> 00:58:49,560
Sweet, sweet NVIDIA money. 
Like a year ago and the the 

1085
00:58:49,560 --> 00:58:52,920
whole portfolio was up like 80 
or 90%, I don't know. 

1086
00:58:52,920 --> 00:58:54,680
What Gardner talks about. 
Right. 

1087
00:58:54,800 --> 00:58:58,280
And his NVIDIA is was up like I 
don't know 900% or something and

1088
00:58:58,720 --> 00:59:01,000
it's just so it's like. 
You just gotta be comfortable 

1089
00:59:01,000 --> 00:59:03,600
with the outcome of that, you 
know, You gotta be comfortable 

1090
00:59:03,600 --> 00:59:08,680
being so concentrated. 
Yeah, well, it actually it it 

1091
00:59:08,680 --> 00:59:10,520
wasn't, it wasn't equal 
weighted. 

1092
00:59:10,520 --> 00:59:13,320
So like the amount he put into 
the NVIDIA portion was a little 

1093
00:59:13,320 --> 00:59:14,520
bit smaller than some of the 
others. 

1094
00:59:14,520 --> 00:59:17,720
So even with that huge growth 
and he put some of it into just 

1095
00:59:17,720 --> 00:59:20,880
an index fund. 
So it didn't do the funky thing 

1096
00:59:20,880 --> 00:59:25,920
where it became like a 90% of 
the portfolio, but it proved 

1097
00:59:25,920 --> 00:59:28,520
that whole it proved 2 points. 
So the whole like your winners 

1098
00:59:28,520 --> 00:59:31,800
can, you know, swallow the 
losses of all your losers, but 

1099
00:59:31,800 --> 00:59:35,080
also the whole idea of like 
buying at the worst time, buying

1100
00:59:35,080 --> 00:59:37,240
the growthiest companies. 
If you just leave it, leave it 

1101
00:59:37,240 --> 00:59:39,720
the hell alone for three or four
years. 

1102
00:59:39,760 --> 00:59:42,400
Like it's like if I, if I had 
been there trying to be a 

1103
00:59:42,400 --> 00:59:45,040
genius, I I would have destroyed
all of that growth. 

1104
00:59:45,120 --> 00:59:48,280
I probably would have, you know,
lessened the performance 

1105
00:59:48,280 --> 00:59:50,320
significantly. 
But we just left it alone and it

1106
00:59:50,320 --> 00:59:51,880
and it did well so. 
Yeah. 

1107
00:59:52,440 --> 00:59:55,440
Jeff, I don't know when last 
time you looked at Nick's picks 

1108
00:59:55,440 --> 00:59:58,600
was. 
Oh, I haven't looked in a while 

1109
00:59:58,600 --> 01:00:00,400
actually. 
All right, I've got the latest 

1110
01:00:00,400 --> 01:00:03,800
numbers. 
So, Nick's picks, this is you, 

1111
01:00:03,800 --> 01:00:06,880
you explain. 
It So I won a raffle and it was 

1112
01:00:06,880 --> 01:00:12,480
a $500 thing and it was a raffle
for a, a, a non profit that my 

1113
01:00:12,480 --> 01:00:16,160
dad's involved with. 
So he said you should buy. 

1114
01:00:16,160 --> 01:00:18,800
He's like, you should do a thing
on your podcast where you buy 

1115
01:00:19,040 --> 01:00:21,360
stocks you would never buy with 
this money just to be funny. 

1116
01:00:21,360 --> 01:00:23,040
And I was like, no, let's do 
something different. 

1117
01:00:23,040 --> 01:00:26,000
You pick five stocks based on 
what you've learned listening to

1118
01:00:26,000 --> 01:00:27,040
our show, right. 
Oh. 

1119
01:00:27,080 --> 01:00:28,880
Nice. 
So he did. 

1120
01:00:28,880 --> 01:00:31,840
I put $100 in each. 
We called it Nick's Picks. 

1121
01:00:31,840 --> 01:00:35,440
We threw a spreadsheet up on on 
the website and I have not 

1122
01:00:35,440 --> 01:00:37,320
looked at it in a while. 
Jason, what is it doing? 

1123
01:00:37,560 --> 01:00:41,120
It's up 134.6%. 
And what's the? 

1124
01:00:41,400 --> 01:00:45,360
What's it compared to the S? 
And P's up 64, so it's it's more

1125
01:00:45,360 --> 01:00:47,920
than double the S&P. 
Look at pops, he's a fucking 

1126
01:00:47,920 --> 01:00:49,320
savant. 
What were the five? 

1127
01:00:49,320 --> 01:00:50,760
I read them, I forget what they 
are. 

1128
01:00:51,000 --> 01:00:53,160
Applied Materials. 
Nice. 

1129
01:00:53,320 --> 01:00:55,320
ASML. 
Nice. 

1130
01:00:56,280 --> 01:00:58,400
Tesla. 
Nice. 

1131
01:00:59,920 --> 01:01:03,360
I mean it worked as a stock no? 
Well, it's, it's, it's done 

1132
01:01:03,360 --> 01:01:07,920
about as well as the market and 
Old Dominion, which is actually 

1133
01:01:07,920 --> 01:01:09,360
down. 
It's the only one that's down. 

1134
01:01:09,360 --> 01:01:11,440
Company, yeah, it's. 
A great company, great company. 

1135
01:01:11,560 --> 01:01:13,880
And I can explain his thinking 
on all these, just without even 

1136
01:01:13,880 --> 01:01:14,760
asking it. 
But go ahead and. 

1137
01:01:15,200 --> 01:01:17,360
And NVIDIA. 
NVIDIA. 

1138
01:01:17,800 --> 01:01:20,640
So that we did that shortly 
after we had. 

1139
01:01:21,040 --> 01:01:24,280
October of 2023. 
So we had Nick Rossellillo on 

1140
01:01:24,280 --> 01:01:25,520
our show. 
I don't know if you know Nick, 

1141
01:01:25,520 --> 01:01:28,320
he, he has a YouTube channel and
a newsletter called Chip Stock 

1142
01:01:28,320 --> 01:01:32,720
Investor or Chip Stock Investing
really knows the semiconductor 

1143
01:01:32,720 --> 01:01:37,520
and and that space really well. 
And he came on the the show and 

1144
01:01:37,520 --> 01:01:39,120
we talked a lot about those 
companies. 

1145
01:01:39,120 --> 01:01:42,680
I think that's where he learned 
about Applied Materials and that

1146
01:01:42,680 --> 01:01:44,960
was the inspiration for, I 
think, most of those picks. 

1147
01:01:45,160 --> 01:01:47,440
Old Dominion, I think it's just 
'cause he really likes baseball 

1148
01:01:47,440 --> 01:01:48,960
and he sees the ads on Mets 
games. 

1149
01:01:50,640 --> 01:01:53,960
But hey, it worked out. 
He's crushing the market. 

1150
01:01:54,120 --> 01:01:55,720
Yeah, yeah. 
Let me. 

1151
01:01:55,720 --> 01:02:02,000
See, I think my kid, I'll see 
what he what he picked because 

1152
01:02:02,000 --> 01:02:06,520
he picked, he picked like 3 
stocks, JP Morgan International 

1153
01:02:06,520 --> 01:02:10,680
Paper and like I think maybe it 
was Amazon. 

1154
01:02:11,160 --> 01:02:13,920
Wait, your kid picked JP Morgan 
International Paper? 

1155
01:02:14,280 --> 01:02:18,840
Yeah, he, he liked International
Paper because of all the boxes 

1156
01:02:18,840 --> 01:02:23,840
that come to our house. 
And I think maybe he liked 

1157
01:02:23,840 --> 01:02:25,880
Amazon because they delivered. 
Because of all the boxes. 

1158
01:02:25,880 --> 01:02:29,520
I might I might be 
misremembering on Amazon and JP 

1159
01:02:29,520 --> 01:02:33,320
Morgan he likes because I 
actually talk about JP Morgan 

1160
01:02:33,320 --> 01:02:36,560
all the time. 
I like Chase, makes me happy. 

1161
01:02:36,560 --> 01:02:40,440
I even go in the branches. 
My I think my. 

1162
01:02:40,480 --> 01:02:43,000
Mom Boomer at heart. 
I think my mom owns 

1163
01:02:43,000 --> 01:02:46,560
International Paper because she 
inherited some IP stock from her

1164
01:02:46,560 --> 01:02:48,240
father. 
My grandfather, I think, was 

1165
01:02:48,240 --> 01:02:52,960
like a International Paper stock
investor in the 50s and 60s and.

1166
01:02:54,840 --> 01:02:56,240
Yeah. 
So like International Paper 

1167
01:02:56,240 --> 01:02:58,440
hasn't done that. 
Well, when did he buy it? 

1168
01:02:58,440 --> 01:03:04,280
He bought it in April of 2023, 
but it's up 10% and he's got a 

1169
01:03:04,280 --> 01:03:08,280
couple dividends. 
JP Morgan Chase, but May 30th, 

1170
01:03:08,280 --> 01:03:12,480
2023 up 123.75%. 
Nice. 

1171
01:03:12,880 --> 01:03:16,960
Yeah. 
So I don't know, I should just 

1172
01:03:16,960 --> 01:03:20,840
outsource my thinking to him. 
So we do. 

1173
01:03:20,880 --> 01:03:22,920
We do. 
But he's one like I bought. 

1174
01:03:22,920 --> 01:03:25,760
I bought him Transdime. 
Never looked at it. 

1175
01:03:25,840 --> 01:03:27,960
March 17th, 2020. 
Yeah. 

1176
01:03:27,960 --> 01:03:32,400
I mean, that's, you know, that's
what I should have done for me. 

1177
01:03:33,440 --> 01:03:36,480
But why be successful? 
Then you have nothing to strive 

1178
01:03:36,480 --> 01:03:39,200
for. 
Well, all these little stories 

1179
01:03:39,200 --> 01:03:41,080
are go ahead, Jeff. 
All these stories are funny. 

1180
01:03:41,080 --> 01:03:44,520
Like we're, we have a yearly 
stock picking contest that we do

1181
01:03:44,520 --> 01:03:49,480
with the web with our podcast. 
Just listeners send us the 

1182
01:03:49,480 --> 01:03:51,280
stocks they want. 
We put up a spreadsheet. 

1183
01:03:51,280 --> 01:03:52,600
It's how you did over the course
of the year. 

1184
01:03:52,600 --> 01:03:55,320
We give money to charities every
quarter, whoever wins, right? 

1185
01:03:55,320 --> 01:03:58,440
It's just, it's fun to have just
to have stocks talk about and to

1186
01:03:58,440 --> 01:04:01,400
give money to charities. 
I was on a trip with some 

1187
01:04:01,400 --> 01:04:05,280
friends skiing over the 
Christmas break and a 7th grader

1188
01:04:05,280 --> 01:04:07,400
and a fourth grader in the 
family that we were skiing with 

1189
01:04:08,600 --> 01:04:10,800
decided to put some stock picks 
into our contest. 

1190
01:04:10,920 --> 01:04:15,040
And it it's exactly if you knew 
these kids like they picked all 

1191
01:04:15,040 --> 01:04:16,520
the companies that make perfect 
sense. 

1192
01:04:16,520 --> 01:04:19,760
Like the 4th grade boy, He's 
like, I want Volvo because his 

1193
01:04:19,800 --> 01:04:21,920
parents have a Volvo and he 
wants great car. 

1194
01:04:22,120 --> 01:04:24,920
The companies that make jet skis
and boats because he loves jet 

1195
01:04:24,920 --> 01:04:26,440
skis and boats and he and he 
wanted. 

1196
01:04:26,640 --> 01:04:30,040
That's been a tough space. 
I know he wanted his 

1197
01:04:30,040 --> 01:04:33,560
grandfather's got an AR so he 
wanted so I who's that 

1198
01:04:33,560 --> 01:04:37,920
Stalantis, I think is so we we 
put that in, you know, and the, 

1199
01:04:38,080 --> 01:04:43,000
the 7th grade girl, you know, 
Lululemon, Chipotle, like the 

1200
01:04:43,000 --> 01:04:46,120
things that she knows. 
So it's only obviously what a 

1201
01:04:46,120 --> 01:04:49,080
not even a month into the year. 
So, but I'm I'm very interested 

1202
01:04:49,080 --> 01:04:51,960
to see how these two kid 
portfolios do throughout the you

1203
01:04:52,360 --> 01:04:54,520
know, and beyond we'll. 
Keep well, there's a wisdom in 

1204
01:04:54,520 --> 01:04:55,360
it. 
Yeah. 

1205
01:04:57,040 --> 01:04:59,200
You know, I think of you, I 
think of you somewhat have like 

1206
01:04:59,200 --> 01:05:02,640
some rational valuation overlay.
I don't know how you define that

1207
01:05:02,800 --> 01:05:08,720
term, but there is a wisdom that
children have, right? 

1208
01:05:08,720 --> 01:05:11,440
I mean, like my kids saying 
Amazon's constantly coming to 

1209
01:05:11,440 --> 01:05:14,160
our house, how can I get 
exposure to that is a pretty 

1210
01:05:14,160 --> 01:05:16,520
smart thought. 
Right. 

1211
01:05:16,680 --> 01:05:21,000
So we did it. 
We did an episode years ago 

1212
01:05:21,000 --> 01:05:23,080
called is being a lazy investor 
better? 

1213
01:05:23,080 --> 01:05:26,560
And it was basically, it was 
this premise that I had come up 

1214
01:05:26,560 --> 01:05:28,440
with, which is basically what 
you're talking about, Bill, 

1215
01:05:28,440 --> 01:05:33,760
which is if you just picked 
stocks based on the simplest, 

1216
01:05:33,760 --> 01:05:37,280
most obvious things that you 
think of, Amazon is always 

1217
01:05:37,280 --> 01:05:39,480
coming to my house. 
I'm just going to buy Amazon 

1218
01:05:39,480 --> 01:05:41,200
stock. 
My mom spends. 

1219
01:05:41,200 --> 01:05:44,520
My mom goes to Target for 
deodorant and comes home with 

1220
01:05:44,520 --> 01:05:48,320
$250 worth of stuff, right? 
You know, when you go to Costco 

1221
01:05:48,320 --> 01:05:51,800
and the parking lot's always 
packed, you're going to end up 

1222
01:05:51,800 --> 01:05:54,720
landing on consumer brands 
because that's where you go and 

1223
01:05:54,720 --> 01:05:57,800
experience the world. 
But I wonder if you just did 

1224
01:05:57,800 --> 01:06:00,400
that and left it alone, if you 
could beat the market 

1225
01:06:00,400 --> 01:06:02,480
consistently? 
Yeah. 

1226
01:06:02,520 --> 01:06:05,160
Well, I mean, yeah, you are 
going to get on. 

1227
01:06:05,160 --> 01:06:08,720
You're you're not going to have 
enterprise software for sure. 

1228
01:06:08,720 --> 01:06:12,520
But I mean, you could find 
yourself in some techie things 

1229
01:06:12,520 --> 01:06:15,320
by doing that. 
Right, if you had followed that 

1230
01:06:15,320 --> 01:06:18,560
for the past, all right, and, 
and to be fair, we've had an 

1231
01:06:18,600 --> 01:06:21,760
incredible bear market, I mean 
bull market for almost 20 years.

1232
01:06:21,760 --> 01:06:24,600
But like, if you just did that 
over the past decade, you'd pick

1233
01:06:24,600 --> 01:06:30,560
things like Amazon and Apple and
Alphabet and, and you know, some

1234
01:06:30,560 --> 01:06:33,160
consumer brands that have done 
well, Starbucks, Chipotle, 

1235
01:06:33,560 --> 01:06:35,320
Lululemon before recently, 
right? 

1236
01:06:35,320 --> 01:06:38,840
Like I, I think you'd come up 
with a pretty good, you know, 

1237
01:06:38,840 --> 01:06:41,240
it's, it's all, it's a, it's a 
version of like the Peter Lynch 

1238
01:06:41,240 --> 01:06:43,360
thing, but. 
You know, yeah, And I. 

1239
01:06:43,560 --> 01:06:46,760
And I, you're going to buy Tesla
10 years ago, right? 

1240
01:06:47,040 --> 01:06:50,120
You're, if you're a young 
person, if you're a dude and 

1241
01:06:50,120 --> 01:06:53,640
you're a video gamer, Nvidia's 
on your radar, right? 

1242
01:06:54,000 --> 01:06:56,680
There's a lot of exposure that 
things you might not necessarily

1243
01:06:56,680 --> 01:06:57,960
think about. 
Yeah. 

1244
01:06:58,920 --> 01:07:02,200
I mean, then the hard part comes
into how do you size things when

1245
01:07:02,200 --> 01:07:04,120
you know like that kind of 
thing? 

1246
01:07:04,840 --> 01:07:06,760
But. 
No, it's simple. 

1247
01:07:06,960 --> 01:07:10,240
You buy 100 bucks every month. 
I mean, you know, like. 

1248
01:07:10,240 --> 01:07:12,640
Yeah, I mean, a lot of people 
weighted or whatever. 

1249
01:07:12,680 --> 01:07:15,160
It's just simpler. 
It's just, it's just simpler. 

1250
01:07:16,120 --> 01:07:19,240
Yeah, and then you don't sell it
to go play golf unless it's a 

1251
01:07:19,240 --> 01:07:23,320
really sick course. 
And it's cool ass people that 

1252
01:07:23,320 --> 01:07:25,360
you want to hang out with. 
If you ever played, if you ever 

1253
01:07:25,360 --> 01:07:28,040
played golf with Jason, you'd 
know that there's there's no 

1254
01:07:28,480 --> 01:07:31,440
amount of money worth spending 
to play golf like Jason does. 

1255
01:07:31,560 --> 01:07:33,840
Well, as long as you enjoy it, 
that's the key. 

1256
01:07:34,440 --> 01:07:37,440
I do, I absolutely do. 
I got AI got a new putter for 

1257
01:07:37,440 --> 01:07:38,840
Christmas I was pretty excited 
about. 

1258
01:07:38,840 --> 01:07:42,520
That Did you come over to Team 
Lab? 

1259
01:07:42,640 --> 01:07:49,320
It's no, it's what's Callaway's 
putter brands. 

1260
01:07:49,400 --> 01:07:52,920
Odyssey, yeah. 
Yeah, yeah, Love it. 

1261
01:07:52,920 --> 01:07:54,920
Absolutely love it. 
Good friend of mine that I play 

1262
01:07:54,920 --> 01:07:59,000
golf with pretty regularly. 
He texted me, he replies. 

1263
01:07:59,000 --> 01:08:00,200
Sent a picture to him, He texted
me. 

1264
01:08:00,200 --> 01:08:03,200
He's like, dude, that is going 
to look so good in your bag when

1265
01:08:03,200 --> 01:08:05,280
you're in the woods trying to 
find your drive. 

1266
01:08:07,000 --> 01:08:08,680
Is it a mallet? 
Yeah. 

1267
01:08:08,680 --> 01:08:10,400
Oh yeah. 
Yeah, so it's like the jailbird 

1268
01:08:10,400 --> 01:08:12,000
or something. 
That's exactly it. 

1269
01:08:12,120 --> 01:08:13,960
Yeah, Yeah. 
That's a good putter. 

1270
01:08:14,320 --> 01:08:17,359
Yeah, I'm not a good putter, but
I have a good putter. 

1271
01:08:18,000 --> 01:08:20,840
Well, you've got a step one is 
believing that you're a good 

1272
01:08:20,840 --> 01:08:23,880
putter, and Step 2 is practicing
a little more. 

1273
01:08:24,359 --> 01:08:25,560
And that's why I'm not a good 
putter. 

1274
01:08:25,760 --> 01:08:28,279
Yeah, I mean, I got. 2 feet of 
snow on them. 

1275
01:08:29,080 --> 01:08:30,439
Yes. 
See, Bill lives in a state where

1276
01:08:30,439 --> 01:08:32,800
you can play golf year round a 
little harder here. 

1277
01:08:32,800 --> 01:08:34,880
Yes, yeah, it's true. 
It's true. 

1278
01:08:34,880 --> 01:08:37,760
I did move to make that my 
reality, but there you. 

1279
01:08:38,439 --> 01:08:40,279
Go. 
It's I don't know that that 

1280
01:08:40,319 --> 01:08:42,520
we'll see if that was a good 
thing or a long, you know, long 

1281
01:08:42,520 --> 01:08:45,040
term. 
It's I wish that there was more 

1282
01:08:45,040 --> 01:08:46,920
industry around here. 
It's kind of hard. 

1283
01:08:46,920 --> 01:08:49,319
You, like everyone where I live,
is either an insurance 

1284
01:08:49,319 --> 01:08:52,600
salesperson in financial 
services or takes care of old 

1285
01:08:52,600 --> 01:08:53,680
people. 
Right. 

1286
01:08:53,680 --> 01:08:54,880
Or as an old person. 
Right. 

1287
01:08:54,880 --> 01:08:56,080
It's funny. 
Yeah, that's it. 

1288
01:08:56,279 --> 01:08:57,640
Or as being taken care of. 
Waiting room. 

1289
01:08:57,800 --> 01:09:02,520
You know that's the way it goes.
Yeah, so, so, but you know, I 

1290
01:09:02,520 --> 01:09:07,760
mean, so Speaking of this lazy 
thing, what watching my grandma 

1291
01:09:07,760 --> 01:09:13,200
pass away made me realize it's 
like, this is not a unique 

1292
01:09:13,200 --> 01:09:18,399
thought, but the amount of time 
and resources that is going to 

1293
01:09:18,399 --> 01:09:25,080
be required to help the boomer 
generation pass away in a decent

1294
01:09:25,080 --> 01:09:31,120
manner is going to be insane. 
There is definitely a huge 

1295
01:09:31,120 --> 01:09:33,240
investable theme there. 
It's kind of interesting that 

1296
01:09:33,240 --> 01:09:38,479
that that like healthcare isn't 
loved right now because it does 

1297
01:09:38,479 --> 01:09:42,160
seem like one of those 40 year 
runs and boomers last I checked 

1298
01:09:42,160 --> 01:09:44,880
have a decent amount of money to
spend on dying gracefully. 

1299
01:09:45,560 --> 01:09:48,120
Have you ever have you ever 
looked at Care Trust REIT? 

1300
01:09:48,560 --> 01:09:52,279
Ctr. 
I will check it out, yeah. 

1301
01:09:52,359 --> 01:09:52,880
OK. 
Yeah. 

1302
01:09:52,880 --> 01:09:54,960
Talk about that, Jason. 
That's one that you you have a 

1303
01:09:54,960 --> 01:09:57,760
lot of conviction in. 
Yeah, I've, I've followed it 

1304
01:09:57,760 --> 01:10:02,000
since it went public. 
It was spun out of Ensign, which

1305
01:10:02,000 --> 01:10:06,600
they're they operate nursing 
homes and seniors care 

1306
01:10:06,600 --> 01:10:09,960
facilities. 
This is This is Tate, by the 

1307
01:10:09,960 --> 01:10:12,000
way. 
This is Tate, I hope you're OK 

1308
01:10:12,000 --> 01:10:15,240
being on YouTube sometime. 
Yeah, you're, you show up on my 

1309
01:10:15,320 --> 01:10:16,360
channel all the time, don't you,
buddy? 

1310
01:10:16,360 --> 01:10:18,480
I cut myself. 
You cut yourself. 

1311
01:10:18,680 --> 01:10:22,480
Uh oh, you need to. 
Can't see it, but I can see 

1312
01:10:22,480 --> 01:10:24,960
that. 
Yeah, the people listening to it

1313
01:10:24,960 --> 01:10:28,840
on There you go. 
Yeah, it looks bad. 

1314
01:10:28,840 --> 01:10:30,840
You might have to cut it off. 
You need a Band-Aid. 

1315
01:10:31,040 --> 01:10:32,520
Yeah, no, I got it. 
You got it. 

1316
01:10:32,560 --> 01:10:34,040
OK, All right, Say bye. 
Bye. 

1317
01:10:35,200 --> 01:10:37,520
Have a good one. 
So nice to meet you, Tate. 

1318
01:10:38,560 --> 01:10:43,640
So Ensign is an operator of like
skilled nursing and seniors 

1319
01:10:43,640 --> 01:10:44,960
housing facilities, that kind of
stuff. 

1320
01:10:44,960 --> 01:10:50,080
And they had a big portfolio, 
not big couple 100 units that 

1321
01:10:50,080 --> 01:10:53,640
they owned and they spun it out 
as a read as care trust. 

1322
01:10:53,640 --> 01:10:58,000
And one of instance Co founders 
was the CEO when it was spun 

1323
01:10:58,000 --> 01:11:02,280
out. 
And the whole idea was we're 

1324
01:11:02,280 --> 01:11:05,360
going to just deal with good 
operators. 

1325
01:11:05,840 --> 01:11:09,240
We're going to find more 
opportunities to buy like the 

1326
01:11:09,240 --> 01:11:15,080
two trends that were good for 
them are the aging right, the 

1327
01:11:15,080 --> 01:11:19,040
silver tsunami, I mean just some
specific numbers around that 

1328
01:11:19,480 --> 01:11:23,000
from 2010 to 2040 or 2010 to 
2030. 

1329
01:11:23,760 --> 01:11:27,960
We're going to, we're going to 
move from I think 40 million to 

1330
01:11:28,000 --> 01:11:30,560
80 million Americans over 65, 
right? 

1331
01:11:30,560 --> 01:11:34,440
I mean, that's a massive shift. 
And the same period is going to 

1332
01:11:34,440 --> 01:11:37,920
double the number of Americans 
that are over 80. 

1333
01:11:38,320 --> 01:11:39,840
Like all of those trends are 
really big. 

1334
01:11:40,320 --> 01:11:44,000
The funny thing is in that 
industry, the majority of the 

1335
01:11:44,000 --> 01:11:49,840
inventory of those seniors 
facilities are small businesses.

1336
01:11:49,840 --> 01:11:53,680
Basically you've got, you know, 
a founder that owns the built 

1337
01:11:53,800 --> 01:11:57,560
one and owns it, or you might 
have three or they may have 10 

1338
01:11:57,560 --> 01:12:01,800
in two states, right? 
So because Care Trust started 

1339
01:12:01,800 --> 01:12:04,600
from a small place with, I don't
know, it might have been 100 to 

1340
01:12:04,600 --> 01:12:12,480
150 when they were spun out. 
Those small deals can be, you 

1341
01:12:12,480 --> 01:12:16,640
know, needle moving for them 
where for like the big players, 

1342
01:12:19,240 --> 01:12:22,000
like the well towers, that kind 
of thing, there's little deals. 

1343
01:12:22,000 --> 01:12:24,320
They don't move the needle. 
Right, yeah, that makes sense. 

1344
01:12:24,320 --> 01:12:27,000
You can actually do a roll up 
and have it matter. 

1345
01:12:27,160 --> 01:12:31,280
Yeah, yeah. 
And they have been pretty 

1346
01:12:31,280 --> 01:12:35,520
disciplined capital allocators 
and they've also been really 

1347
01:12:35,520 --> 01:12:37,520
smart about managing their 
balance sheet because the way 

1348
01:12:37,520 --> 01:12:40,680
you grow a Reed is dead. 
And yeah. 

1349
01:12:40,680 --> 01:12:42,200
Share issuance. 
Yeah. 

1350
01:12:42,200 --> 01:12:44,760
So they've been really, really 
smart about that. 

1351
01:12:45,000 --> 01:12:50,840
And they came through the 
pandemic, they were able to like

1352
01:12:51,000 --> 01:12:52,640
keep their, they didn't have to 
cut their dividend. 

1353
01:12:53,040 --> 01:12:55,760
They paused growth for a year 
and a half. 

1354
01:12:55,760 --> 01:12:57,720
And then they've raised it a 
couple times since then. 

1355
01:12:58,760 --> 01:13:02,640
They're like, it's an ugly 
industry. 

1356
01:13:02,920 --> 01:13:05,200
It's a it's. 
Horrible. 

1357
01:13:05,280 --> 01:13:06,840
Yeah, the operators. 
Are sad. 

1358
01:13:07,080 --> 01:13:08,960
It really is. 
The operators are garbage. 

1359
01:13:08,960 --> 01:13:11,840
They make the the, the margins 
are thin. 

1360
01:13:11,920 --> 01:13:13,760
They can't keep staff because 
they don't. 

1361
01:13:13,880 --> 01:13:18,560
So hard to find skilled labor 
that is capable of taking care 

1362
01:13:18,560 --> 01:13:20,600
of these people. 
There's going to be a massive 

1363
01:13:20,600 --> 01:13:22,720
shortage. 
Maybe the robots bail us out. 

1364
01:13:22,720 --> 01:13:24,840
Hopefully. 
I really think that's going to 

1365
01:13:24,840 --> 01:13:28,600
be part of the solution. 
But but care Trust is one of 

1366
01:13:28,600 --> 01:13:36,720
those like, you know, the the 
Amazon's founder, what's his 

1367
01:13:36,720 --> 01:13:37,800
name? 
Bezos. 

1368
01:13:38,000 --> 01:13:41,480
Yeah, Bezos is, you know, your 
margins, my opportunity thing, 

1369
01:13:41,960 --> 01:13:45,080
it's that's not a space that 
anybody's interested in 

1370
01:13:45,080 --> 01:13:49,040
competing in. 
And that makes it a good space 

1371
01:13:49,040 --> 01:13:53,240
if you can find a really good 
disciplined operator and the 

1372
01:13:53,240 --> 01:13:55,600
timing is right when you buy 
them when they are small and 

1373
01:13:55,600 --> 01:14:00,400
there's an opportunity to roll 
up because nobody's coming in to

1374
01:14:00,400 --> 01:14:03,040
get the kind of margins that 
they're going to that they're 

1375
01:14:03,040 --> 01:14:07,400
going to have. 
So those are those are the 

1376
01:14:07,400 --> 01:14:10,240
stocks that I love to find. 
Yeah. 

1377
01:14:10,760 --> 01:14:15,560
Well, it's, it's nice to have a 
true secular tailwind, Yeah. 

1378
01:14:15,800 --> 01:14:18,000
And a reasonable valuation that 
that. 

1379
01:14:18,000 --> 01:14:20,000
You got to get through the 
cycles too, though, right? 

1380
01:14:20,000 --> 01:14:22,200
It's yeah, no doubt. 
Yeah, yeah. 

1381
01:14:23,040 --> 01:14:27,120
No doubt. 
Oh, that's the joy of of 

1382
01:14:27,120 --> 01:14:30,760
business and investing and not 
not puking when the cycle occurs

1383
01:14:30,760 --> 01:14:33,560
and convincing yourself that 
it's secular and not cyclical 

1384
01:14:33,560 --> 01:14:36,920
and all these other things. 
Yeah, that's that's it. 

1385
01:14:37,400 --> 01:14:39,480
I asked the question I'm trying 
to figure out for the Trade 

1386
01:14:39,480 --> 01:14:42,720
Desk. 
Yeah, well, I don't have, you're

1387
01:14:42,720 --> 01:14:45,160
not coming to the right place 
for any insight on that. 

1388
01:14:46,400 --> 01:14:49,000
I just know that guy did a 
podcast and I was like, this is 

1389
01:14:49,000 --> 01:14:51,880
an incredible podcast. 
And then the stock absolutely 

1390
01:14:51,880 --> 01:14:56,320
ripped and now there's questions
about whether or not the 

1391
01:14:56,320 --> 01:14:58,840
business is what people thought 
it was. 

1392
01:14:59,480 --> 01:15:05,400
Yeah, yeah, I, I. 
I'm voyeuristic on 

1393
01:15:05,440 --> 01:15:08,360
Constellation. 
My freaking Twitter feed is just

1394
01:15:08,360 --> 01:15:11,360
like full of constellation 
people I don't tend to interact 

1395
01:15:11,360 --> 01:15:11,880
with. 
I mean. 

1396
01:15:12,440 --> 01:15:14,720
I know so the software company, 
the Bran constellation. 

1397
01:15:14,720 --> 01:15:17,080
Branch no the software. 
Company, Yeah, yeah. 

1398
01:15:17,360 --> 01:15:20,080
I mean, like, you know, I'm 
friends with like Jerry Cap and 

1399
01:15:20,280 --> 01:15:23,160
and Willis and these people that
like have talked about it in the

1400
01:15:23,160 --> 01:15:26,720
past, but now I'm just like, 
it's just a tsunami of 

1401
01:15:26,720 --> 01:15:29,240
constellation debates in my 
Twitter feed. 

1402
01:15:29,240 --> 01:15:34,000
It's that and copper and I'm 
like, I don't I I mean I don't 

1403
01:15:34,000 --> 01:15:36,840
know what I touched, but I 
touched something and I and now 

1404
01:15:36,840 --> 01:15:39,240
I'm just getting this. 
That's so. 

1405
01:15:39,640 --> 01:15:42,400
That's funny. 
Anyway, apparently according to 

1406
01:15:42,400 --> 01:15:44,640
Druckenmiller, copper is the 
tightest it's ever been. 

1407
01:15:44,640 --> 01:15:49,280
Now this video could be AI from 
two years ago or legit right 

1408
01:15:49,280 --> 01:15:51,560
now, but I do know a lot of 
people are citing it. 

1409
01:15:52,600 --> 01:15:54,360
Yeah, I mean metals, that's the 
thing. 

1410
01:15:54,360 --> 01:15:56,560
Isn't that what the South Korean
day traders are all trading 

1411
01:15:56,560 --> 01:15:58,520
right now? 
It's so hot right now, Yeah, 

1412
01:15:59,280 --> 01:16:00,600
it's like. 
Hansel, So you know what that 

1413
01:16:00,600 --> 01:16:01,720
means. 
That means we should leave it 

1414
01:16:01,720 --> 01:16:03,200
the hell alone. 
Correct. 

1415
01:16:03,880 --> 01:16:07,080
You don't think that it means 
that we should jump in, right, 

1416
01:16:07,080 --> 01:16:11,120
as all the companies are trading
at like 3 times cash flow on 

1417
01:16:11,120 --> 01:16:13,920
current numbers and we know 
nothing about the cycle? 

1418
01:16:13,920 --> 01:16:15,440
You don't think that that's what
that means? 

1419
01:16:15,920 --> 01:16:17,520
Oh, that always works out, 
doesn't it? 

1420
01:16:17,640 --> 01:16:21,040
Yeah, screens cheap, baby. 
Yeah, yeah, yeah. 

1421
01:16:21,040 --> 01:16:23,040
Take your four. 
Take your 4-O1K money. 

1422
01:16:23,480 --> 01:16:25,640
Yeah, cash it out. 
That's right. 

1423
01:16:26,480 --> 01:16:29,800
Put it in a brokerage I. 
Learned that lesson the hard 

1424
01:16:29,800 --> 01:16:31,960
way. 
Although I do gather that if 

1425
01:16:31,960 --> 01:16:36,080
you, I I think statistically, if
you were to buy something like 

1426
01:16:36,080 --> 01:16:38,880
that that's cheap, and then you 
had like a technical overlay 

1427
01:16:38,880 --> 01:16:41,600
that got you out, I think that 
that strategy could work. 

1428
01:16:41,920 --> 01:16:43,760
Yeah. 
It's not exactly how I'm trying 

1429
01:16:43,760 --> 01:16:45,640
to live my life. 
Well, but that's the thing. 

1430
01:16:45,640 --> 01:16:48,440
You, I mean, you're talking 
about a strategy where you're 

1431
01:16:48,440 --> 01:16:53,240
going in with a specific return 
profile in mind. 

1432
01:16:53,680 --> 01:16:56,200
It's a finite investment. 
You're going to trade your way 

1433
01:16:56,200 --> 01:16:57,280
out. 
Yeah. 

1434
01:16:57,440 --> 01:16:59,000
And you're going to move on, 
right. 

1435
01:16:59,240 --> 01:17:01,880
That's that's not how most 
people want to live their lives.

1436
01:17:02,680 --> 01:17:04,480
Yeah, I don't think so. 
Now, traders would say that 

1437
01:17:04,480 --> 01:17:07,560
investors are just traders on a 
different time horizon, right? 

1438
01:17:07,560 --> 01:17:10,560
But. 
Yeah, and it's true for the ones

1439
01:17:10,560 --> 01:17:13,080
that suck. 
Oh, snap. 

1440
01:17:13,080 --> 01:17:16,800
Shots fired. 
Well, it's it's, it sucks 

1441
01:17:16,800 --> 01:17:17,880
sometimes. 
I'm not going to. 

1442
01:17:17,880 --> 01:17:19,040
Lie. 
Yeah, yeah. 

1443
01:17:19,040 --> 01:17:21,560
For the bad for the bad for. 
The video two years ago. 

1444
01:17:22,600 --> 01:17:26,440
It's just it having like a plan 
like that is just hard because I

1445
01:17:26,440 --> 01:17:29,240
think where people go wrong just
generally as a species is like 

1446
01:17:29,520 --> 01:17:32,040
you go in with a plan and then 
you don't stick to it. 

1447
01:17:32,400 --> 01:17:33,240
Yeah. 
Right. 

1448
01:17:33,240 --> 01:17:35,680
Like, oh, I'm going to get out 
at this price that gets to that 

1449
01:17:35,680 --> 01:17:39,920
price and you go like, well, 
maybe I can get another 5% out 

1450
01:17:39,920 --> 01:17:42,280
of this, you know, and then you 
stick around too long. 

1451
01:17:44,000 --> 01:17:47,440
And end up looking at the ones 
that you sold and being like, 

1452
01:17:47,440 --> 01:17:49,960
oh, I should have held them. 
Held holding some too long. 

1453
01:17:49,960 --> 01:17:51,480
I don't know. 
The human part of the whole 

1454
01:17:51,480 --> 01:17:54,280
thing is tough. 
Yeah, but it is. 

1455
01:17:54,280 --> 01:17:57,280
It's what we all enjoy. 
Weird. 

1456
01:17:57,840 --> 01:17:59,560
That's why we're here, yeah. 
That's right. 

1457
01:17:59,560 --> 01:18:03,640
That's exactly it. 
Yeah, well, I'm, I'm, I'm a 

1458
01:18:03,640 --> 01:18:05,800
little talked out. 
I mean, I can continue to talk 

1459
01:18:05,800 --> 01:18:09,080
if you guys want to talk, but 
this is I feel like a good. 

1460
01:18:09,080 --> 01:18:11,080
Place to. 
If you guys are good with it, 

1461
01:18:11,280 --> 01:18:13,360
yeah, that's fine. 
Where can people find you? 

1462
01:18:14,720 --> 01:18:17,240
Anywhere you get podcasts is the
primary place. 

1463
01:18:17,240 --> 01:18:19,440
Just search for investing 
unscripted. 

1464
01:18:19,440 --> 01:18:22,080
We also have a YouTube channel. 
Those are the two primary 

1465
01:18:22,080 --> 01:18:24,680
things. 
And if you find our podcast or 

1466
01:18:24,680 --> 01:18:27,440
the YouTube channel, you can 
just look in any show note and 

1467
01:18:27,440 --> 01:18:29,560
you'll find a link to everything
else that we have going on. 

1468
01:18:29,560 --> 01:18:31,040
But we're trying to grow the 
pod. 

1469
01:18:31,040 --> 01:18:32,920
So we appreciate you having us 
on. 

1470
01:18:32,920 --> 01:18:34,520
Bill, we're glad you came on our
show. 

1471
01:18:35,240 --> 01:18:38,400
So if people liked this banter, 
had a good time listening, check

1472
01:18:38,400 --> 01:18:40,600
out the podcast, listen to a 
couple episodes, share it with a

1473
01:18:40,600 --> 01:18:42,040
friend, give a rating, give a 
review. 

1474
01:18:42,040 --> 01:18:43,280
That would be. 
That'd be awesome. 

1475
01:18:43,720 --> 01:18:45,800
How's your YouTube stats do you 
guys? 

1476
01:18:45,800 --> 01:18:48,320
Do you do well on YouTube? 
I don't do very well on YouTube.

1477
01:18:48,920 --> 01:18:52,800
It, it's, it's hard to say 
because we, we use it for two 

1478
01:18:52,800 --> 01:18:54,600
things. 
It's, it's a place we put all of

1479
01:18:54,600 --> 01:18:58,960
our podcast episodes, but we 
also do short videos on stocks 

1480
01:18:58,960 --> 01:19:01,280
that are sponsored by The Motley
Fool. 

1481
01:19:01,280 --> 01:19:03,840
We have a, a Jason has an 
affiliate agreement with them. 

1482
01:19:03,840 --> 01:19:08,880
So it's a it, it's hard to parse
out what is a, a really good 

1483
01:19:08,880 --> 01:19:11,720
stock video that someone is 
excited about versus content for

1484
01:19:11,720 --> 01:19:13,920
the podcast. 
But if it leaves people to the 

1485
01:19:13,920 --> 01:19:16,040
podcast eventually, that's a win
for us. 

1486
01:19:16,320 --> 01:19:20,400
Yeah, it's all on the channel. 
Yeah, it's, it's, it's it's 

1487
01:19:20,400 --> 01:19:24,080
worth doing and for especially 
for people that are looking for 

1488
01:19:24,080 --> 01:19:28,240
a little more for stock ideas, 
it's it's useful. 

1489
01:19:28,520 --> 01:19:32,680
And but I would say in terms of 
like how people use it in the 

1490
01:19:32,680 --> 01:19:38,240
real world that are looking for 
podcasts, it's probably 1015% of

1491
01:19:38,240 --> 01:19:42,000
our podcast traffic. 
That's still pretty good. 

1492
01:19:42,000 --> 01:19:44,480
I think it's like 5% of mine or 
even lower. 

1493
01:19:44,760 --> 01:19:46,280
Yeah. 
I just don't have many people 

1494
01:19:46,280 --> 01:19:48,600
that that engage. 
But I do have a couple, like 

1495
01:19:48,600 --> 01:19:50,880
rabid YouTube viewers. 
They comment. 

1496
01:19:50,880 --> 01:19:53,040
And I appreciate you all. 
Thank you for wanting to look at

1497
01:19:53,040 --> 01:19:55,920
my beautiful face. 
I think that's the reason why we

1498
01:19:55,920 --> 01:19:58,040
don't have a lot of volume on 
YouTube is because they don't 

1499
01:19:58,040 --> 01:20:00,680
want to see us. 
Speak for yourself, I am 

1500
01:20:00,720 --> 01:20:04,000
beautiful. 
Well, at least you have a lot of

1501
01:20:04,000 --> 01:20:10,480
self esteem there is that. 
I actually, I think people, I 

1502
01:20:10,480 --> 01:20:13,400
wish people watched the videos 
more because I what I've learned

1503
01:20:13,400 --> 01:20:16,640
listening when we edit and stuff
is we'll take shots at each 

1504
01:20:16,640 --> 01:20:20,600
other, as you noticed, and we're
laughing and smiling, but 

1505
01:20:20,600 --> 01:20:23,000
sometimes like it's under the 
breath laugh just come through 

1506
01:20:23,000 --> 01:20:25,560
the mic because when we first 
started we would actually get 

1507
01:20:25,560 --> 01:20:27,360
people. 
We, we've received a couple 

1508
01:20:27,360 --> 01:20:32,360
emails from, I'm just assuming 
older gentleman and it's always 

1509
01:20:32,360 --> 01:20:36,360
a gentleman, by the way, just 
statistically and this we, we 

1510
01:20:36,360 --> 01:20:38,960
got like admonished a little bit
like you guys really, you guys 

1511
01:20:38,960 --> 01:20:41,800
should be nicer to each other, 
you know, and just they didn't 

1512
01:20:41,800 --> 01:20:43,520
get the they didn't get the 
joke, but you. 

1513
01:20:43,520 --> 01:20:45,240
Should be right back. 
You should write back. 

1514
01:20:45,240 --> 01:20:47,320
We would be nicer, but we hate 
each other, right? 

1515
01:20:47,360 --> 01:20:51,120
Yeah. 
It's hard to be nice when you're

1516
01:20:51,120 --> 01:20:52,720
across the screen from such an 
asshole. 

1517
01:20:53,000 --> 01:20:55,200
That's right. 
That's why we do a podcast, 

1518
01:20:55,200 --> 01:20:58,360
because we figured how can we 
introduce as much stress into 

1519
01:20:58,360 --> 01:21:00,760
our life as possible? 
And we said we could do this 

1520
01:21:00,760 --> 01:21:02,560
together. 
Yeah, No, that's. 

1521
01:21:02,560 --> 01:21:04,440
Exactly. 
Right now we have a lot of fun 

1522
01:21:04,440 --> 01:21:06,640
doing it. 
We do as as you can tell, we we 

1523
01:21:06,640 --> 01:21:07,920
really do enjoy it. 
It's fun. 

1524
01:21:08,320 --> 01:21:10,680
We we like each other despite 
the fact that we have to work 

1525
01:21:10,680 --> 01:21:12,040
together to make the Do you 
ever? 

1526
01:21:12,080 --> 01:21:15,120
Do you ever get a little nervous
like I, I don't know. 

1527
01:21:15,120 --> 01:21:17,800
I don't do my own stock pitches 
very often anymore. 

1528
01:21:19,120 --> 01:21:22,360
I didn't love, I didn't love the
the feeling that people were 

1529
01:21:22,360 --> 01:21:24,080
hanging on it. 
And then I didn't like when 

1530
01:21:24,080 --> 01:21:26,360
things went wrong, people asking
me whether or not they should 

1531
01:21:26,360 --> 01:21:28,720
sell. 
I said I told you not to listen 

1532
01:21:28,720 --> 01:21:32,840
to me in the first place. 
I wrote my first article in 

1533
01:21:32,840 --> 01:21:37,880
2012, Bill. 
I'm so thick skinned about that.

1534
01:21:38,200 --> 01:21:41,040
At the at the end of the day, 
like I get it, especially for 

1535
01:21:41,040 --> 01:21:45,480
new people that just don't know 
and they're naive, but at the 

1536
01:21:45,520 --> 01:21:49,320
end of the day people have got 
to take some fucking personal 

1537
01:21:49,320 --> 01:21:51,400
responsibility for stuff. 
Yeah. 

1538
01:21:53,680 --> 01:21:58,200
Yeah, we're also pretty, I think
we're pretty careful about 

1539
01:21:59,080 --> 01:22:02,000
stopping short of making it seem
like it's something you should 

1540
01:22:02,000 --> 01:22:04,320
go do. 
Like we'll say what we think, 

1541
01:22:04,320 --> 01:22:07,400
we'll share our conviction, 
we'll say like I, I think this 

1542
01:22:07,400 --> 01:22:10,880
is a market beating stock over 
the next five years, but at 

1543
01:22:10,880 --> 01:22:12,200
least. 
We're not over the top. 

1544
01:22:12,200 --> 01:22:15,600
Pound the table, Yeah. 
Yeah, and we've also done a 

1545
01:22:15,600 --> 01:22:18,000
decent amount of videos and 
talked a lot on the podcast 

1546
01:22:18,000 --> 01:22:19,920
about all the times we've been 
incredibly wrong. 

1547
01:22:21,040 --> 01:22:23,360
And I think part actually just 
going back to the whole like, 

1548
01:22:23,640 --> 01:22:26,320
yeah, mostly me, right. 
Yeah, as we've established. 

1549
01:22:26,520 --> 01:22:29,320
But even going back to the, you 
know, giving each other crap and

1550
01:22:29,480 --> 01:22:31,800
making fun of each other, I 
think that just, I think that 

1551
01:22:31,800 --> 01:22:34,880
actually helps the whole like, 
look, we just like this. 

1552
01:22:35,440 --> 01:22:37,360
We're not, we're not saying 
we're right. 

1553
01:22:37,360 --> 01:22:39,840
Like this is what we we talk 
about what we do in our own 

1554
01:22:39,840 --> 01:22:41,840
portfolios too. 
So there's a little bit of, you 

1555
01:22:41,840 --> 01:22:43,800
know, money where our mouth 
isn't in some sense. 

1556
01:22:43,800 --> 01:22:46,280
Like we'll talk about stocks 
when we bought them, how they 

1557
01:22:46,280 --> 01:22:48,280
did, if they didn't went down 
poorly. 

1558
01:22:49,240 --> 01:22:51,160
We talk about our losses all the
time. 

1559
01:22:51,160 --> 01:22:55,240
So, yeah, but I agree with 
Jason, like at some point, you 

1560
01:22:55,240 --> 01:22:57,720
know, if you're if you're buying
a stock just because you heard 

1561
01:22:57,720 --> 01:23:01,240
anyone talk about it, you know, 
unless you're like paying for 

1562
01:23:01,240 --> 01:23:03,160
like a research service or 
something like that where they. 

1563
01:23:03,200 --> 01:23:05,320
Even then, you don't know when 
they're going to sell. 

1564
01:23:06,080 --> 01:23:08,760
True, but also even then, but 
like at least at that point, 

1565
01:23:08,840 --> 01:23:11,640
you're going into that knowing 
This is why I'm paying for this 

1566
01:23:11,640 --> 01:23:12,720
thing. 
But if you're just finding a 

1567
01:23:12,720 --> 01:23:16,280
podcast, a YouTube channel and 
someone saying that they have 

1568
01:23:16,280 --> 01:23:17,720
high conviction in a stock, I 
mean. 

1569
01:23:20,200 --> 01:23:21,640
We're talking about incentives, 
right? 

1570
01:23:21,640 --> 01:23:24,160
That's, I mean, the, the bottom 
line is that it's an attention 

1571
01:23:24,160 --> 01:23:28,240
economy and the incentives for 
so many people making content is

1572
01:23:28,240 --> 01:23:31,720
for more people to see it 
because that's the monetization 

1573
01:23:31,720 --> 01:23:34,280
engine, right Well. 
That's the other way. 

1574
01:23:36,360 --> 01:23:37,640
Well, that's the thing about 
YouTube. 

1575
01:23:37,640 --> 01:23:40,560
I mean, we, I won't say what 
tickers, but we know if we do a 

1576
01:23:40,560 --> 01:23:44,200
video on certain stocks, it'll 
get thousands of views no doubt.

1577
01:23:45,120 --> 01:23:48,200
And it's always the same couple 
and it's never usually ones we 

1578
01:23:48,320 --> 01:23:52,680
highly recommend. 
But we could talk about Care 

1579
01:23:52,680 --> 01:23:55,720
Trust REIT all day long and 
ain't no one clicking on that 

1580
01:23:55,720 --> 01:23:57,160
so. 
Well, there's probably some 

1581
01:23:57,160 --> 01:23:59,800
signal there. 
Yeah, that probably means it's 

1582
01:23:59,800 --> 01:24:01,000
good. 
Yeah. 

1583
01:24:01,600 --> 01:24:03,680
Yeah, Yeah. 
All right, gentlemen. 

1584
01:24:03,680 --> 01:24:05,440
Well, thank you for stopping by.
I hope that. 

1585
01:24:05,440 --> 01:24:07,280
I hope people enjoyed the 
conversation. 

1586
01:24:07,280 --> 01:24:10,800
I did as I as did I the last one
which is why I wanted to have 

1587
01:24:10,800 --> 01:24:12,560
another one with you. 
This was fun. 

1588
01:24:12,600 --> 01:24:14,440
Hopefully we make this a semi 
regular thing. 

1589
01:24:14,440 --> 01:24:16,240
I don't want to see you guys too
much though, that would be 

1590
01:24:16,240 --> 01:24:17,920
upsetting. 
Oh yeah, I agree. 

1591
01:24:17,920 --> 01:24:18,680
I agree. 
No, I mean. 

1592
01:24:18,680 --> 01:24:21,160
Mostly Jason, Jeff, you're 
invited back anytime. 

1593
01:24:21,200 --> 01:24:23,320
I appreciate you. 
Jason gets up and leaves. 

1594
01:24:23,520 --> 01:24:25,560
That's I I got rude. 
In sometimes. 

1595
01:24:25,720 --> 01:24:27,560
'S home these times. 
I got up and left. 

1596
01:24:27,600 --> 01:24:29,800
It's absolutely true. 
Bill, he's old. 

1597
01:24:29,800 --> 01:24:31,840
He's got a small bladder. 
That's fair. 

1598
01:24:31,840 --> 01:24:33,680
OK, I will forgive it. 
That's. 

1599
01:24:33,680 --> 01:24:35,920
True, Bill, this was a lot of 
fun. 

1600
01:24:35,920 --> 01:24:39,040
And yeah, I just, I'm going to 
promote our podcast too. 

1601
01:24:39,040 --> 01:24:42,240
It was a lot of fun having you 
on folks come over and and and 

1602
01:24:42,240 --> 01:24:45,760
check out our conversation with 
Bill over there that it's great.

1603
01:24:45,960 --> 01:24:48,600
I hope we do get to come back on
more often and talk about more. 

1604
01:24:48,600 --> 01:24:51,800
You did not ruin future invites,
despite your rudeness. 

1605
01:24:51,840 --> 01:24:54,000
Despite my best efforts. 
Yes, correct. 

1606
01:24:55,560 --> 01:24:56,560
All right, guys. 
Have a good one. 

1607
01:24:56,680 --> 01:24:57,120
Thanks, Bill.