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All right, folks, welcome to Investing for Beginners, podcast 142 tonight. Andrew and I are going to answer some listener questions. We got some fantastic ones recently, and we thought we would take a few moments to answer those for you. So the first one is not a question, it’s an update. Andrew and I have talked a little bit about Coronavirus. Wait, Andrew, and I had some updates that he wanted to share with everybody. So I’m going to turn it over to my friend Andrew, and he’s going to go ahead and take us away.
Okay? Sure. Yeah, I mean, I’m; obviously, it’s is something that’s top of mind. We recorded at the time when the market was very turbulent. And then the episode, we recorded it a week ago, the episode got released today, which is March 5th. And you know, you’ll be listening to this a week from now and the, you know, the carnage is not done yet. It kind of looked like it would be for a couple of days.
Right. And then today was just downright awful. I don’t know if you did you look at your portfolio today? Oh yeah. It’s red. It’s red. Yeah. It’s like scary red. So I mean I felt like last week I was a bit somber and attitude. I think this week I’m feeling a lot more optimistic about the situation. But I don’t think wall street is quite there yet based on, you know, I’m not any sort of coronavirus expert. I have little to no knowledge about medical stuff. But from my understanding of things I’ve started to pick up, the mortality rate of the virus was a lot worse. Like multiples worse in the Wu Han area, which I believe is like the more rural part of China that possibly doesn’t have as good of medical support system and, and things in place to help people that do get sick.
So when you compare that with how it was in the rest of China with the cities in China and things of that nature, from what I understand that it was a lot worse than [inaudible]. So that’s kind of hopeful for the rest of the world. But I think when you talk about the spread of it, I think it seems like we’re still in the early innings, which I believe will have economic consequences, but will it be as dire as people are fearing? And as wall street is fearing, I don’t know. You know we also talked off the air, you were saying how it’s slowed now in China, right? Yes. I read that. I learned that today, actually that the new cases are scrolling down. I don’t know to what extent, but they said that they are slowing down in China, and that’s an encouraging sign.
Yeah. So, I mean, it’s hard for me to be, to feel good about the situation when I have a heavy concentration in the airline stocks. I have some allocations and travel and travel and leisure. I’ve mentioned that several times. I haven’t necessarily given that stock pick away because it could be a stock pick in the future. It’s so heavily beaten down at this point. And so you know, when you look at things like that, and the reason I wanted to bring this up is that something we talked about last week was educating yourself and kind of being a lot more aware and maybe a little more proactive at times when your portfolio is down. And so one way that you can sort of getting updates direct from management as things are happening in real-time. So there’s this form from the sec, it’s called the eight K form.
And, what this is, there are several uses for the form. It’s used whenever management wants to make a communication that doesn’t necessarily need to be on the schedule. So like the 10 K the 10, the 10 K is once a year. The 10 Q is four times a year, and the AK can kind of happen whenever. So in the case of the airline stock that I hold, management wanted to tell shareholders how they think that it’s going to play out for the upcoming quarter. And so that’s what they did. And so these eight Ks are like kind of like press releases. A lot of times, you will see management give guidance. You know, we’re not big on advice obviously as a, as we’ve talked about on the show for a long time. We’re more value investors. We kind of like to see what the numbers have been and not try to speculate too much on what the numbers will be.
But to see management kind of changed their guidance over time. And especially during special black Swan events like the Coronavirus, I think it helps bring some comfort at a time where you might be feeling uncertain, and wall street might be killing your stock. So as an example, of how this can bring some, some peace and some calm too, to your emotions. The airline stock I purchased, they just released an eight K, and I think it was, it was like today or yesterday. And so they talked about, obviously, with the Coronavirus, there have been interruptions in some of these flights. And so what they did was they estimated what the revenue hit would be based on how the Coronavirus has developed so far. And so they estimated it was, but essentially it was just a couple of percentage points compared to the rest of their revenue for the quarter.
Now obviously, that can get worse. And that’s just kind of assuming that the virus is in China and that domestic travel causes my, my airline stocks, big U S local carrier if that gives us a hint to anybody, I think it’s still great. It’s a great buy. But I’m very, I’m pretty heavily concentrated in it, and so I’m not looking to add a bunch of it anytime soon. And so knowing that it is nice and it’s helpful and thus something that all kinds of [inaudible] kind of see how this plays out. But I’ve started subscribing to these email alerts. So so far, every significant stock I’ve checked where I own larger than five, I think, I think I, I set the cutoff at like 10% or wherever I have 10% ownership. I have email subscriptions to be investor relations on each of these stocks.
So let’s say you wanted to stay informed about Hormel so that you could go to the Hormel investor relations website somewhere on there. They should have a form for you to put in your email address, and you can get these alerts as they outlive. And so whether that’s new guidance, whether it’s the last quarter’s reports, whether it’s an update on guidance, whether it’s anything that they’re just making an important press release that investors should know, then that’s how you get those things. And I like it so far. I like the idea of doing that. What’s tough? I think there’s a lot of resources right now on the internet for things like the 10 K, especially the 10 K I think you can find those financials in a lot of different places. But when you start to get to some of the other more obscure forms, it’s not; there are not as many resources.
I gather them all together. I was trying to find a website that would group all the earnings guidance altogether. And that’s very hard to find. I haven’t found a site that nicely does that, at least in a way where you can kind of go back and see what management has said, you know, that they thought they were going to earn versus what they did earn and what the stock price did. So maybe that’s a project for somebody who’s data-driven. Still, you know, seeking alpha does, have they, they, some of them, what’s frustrating about seeking off as some of the press releases and some of their earnings reports they’ll put. Still, not necessarily, they won’t necessarily catch all of them, or there’ll be super delayed. So that’s frustrating. So I like this idea of subscribing to the investor relations page, and I’m going to kind of monitor that as, as the months go on to see if, if they’re emailing me way too much or whatever.
But I think if you’re panicking and you’re looking for reassurance for management, or maybe, things are in a lot worse of a condition, then everybody thinks and management has some light into that. Maybe they want to be honest enough friends and they’ll, and they’ll talk about it. So that can be different ways to stay ahead of the game and maybe get better color commentary. Then you know, the generalities you hear from the media, which includes us. I mean, you know, Dave and I will say general things, but sometimes you want to know the direct impact on the stocks that you own. And this can be a great way to do it.
I agree. That’s a fantastic way. I inadvertently subscribe to the Company’s investor relations years ago, and I get emails from them regularly. I didn’t know what I was doing to be blunt. And I just went on the website looking for more information, and somehow I ended up subscribing to two of the companies. And I still get the; I always get the information, you know, every time they release something. And so it is kind of, it is kind of cool because I get the EKS and they get the 10 K’s and the 10 QS and you know, any other things that they, they want to file. So I get to see all that stuff. I didn’t necessarily know what all of them meant at first, to be honest, but once I started poking around and, and opening them up like, Oh, that’s what that is. Oh, that’s what that is. So it is a, it is, it is a great way to stay current on things.
I like you subscribed to seeking alpha as well. And I agree with your sentiment about them. Sometimes it’s a little bit hit or miss, and that can be a little bit frustrating. But if you do go to the investor relation websites for any of these companies, you will find the ability to see all that information on a, regularly merely because it’s just a conduit for them to get it out to us. And I don’t know of any other place that aggregates all that stuff as well. So I, I like you do not have that resource.
Another thing that I wanted to kind of talk a little bit about with the Coronavirus and some of the more economic impacts. Like Andrew, I am not a doctor. I have zero experience with any sort of medical matters or any relation to any kind of virus and how to interpret any of those kinds of data.
I just go by what I can read. Some of it scare tactics. Some of it does not scare tactics. You know, some people were trying to be very upfront and honest about what they think, but sometimes it’s hard to know who’s got a slant and who doesn’t. But one thing that I was thinking about after we got off the air last week was something that I came across reading some different blog posts from various authors, was the idea of looking at companies that have gone through a recession recently, which would have been the S Oh seven through the Oh nine-time period. And see how the Company did during that period. And that I thought was a perfect way to assess how strong a company is when it’s going through a tough time. And there’s a lot of unknown about what’s going on right now and what’s coming.
And so I think that’s what’s really scaring a lot of wall street and what’s driving the, you know, wild fluctuations from day to day, 5% up, one day, 3% down and other day, 4% down another day, and then back up 6%. So it’s just all over the place, and it’s really, it’s tough to watch. But I think for me if I go back and look at how a company did I E Disney or Hormel or some other companies and see how they’ve performed during those periods, that can give me a lot more comfortable knowing that maybe this Company did well during that period. And so I can kind of expect them to sort of stay the same as they go forward.
Yeah, that’s a good point.
Go ahead and read the next question. This is from Twitter. Hey Andrew. I’m literally in the middle of bringing your pot, bingeing, your podcast as we speak. It’s awesome. The strategies you speak to resonate with me. I love it. The question, do you typically have to own a stock for a full quarter before you get paid a dividend? Thank you in advance for your time.
Yeah, I wanted to read this one because this is the second time I’ve heard this in the past week or two. And so, you know, let’s cover it. I don’t think we have. So basically, in a nutshell, dividends work, a company will announce it at a specific date, and then you have to hold through a second day, which is called the X dividend date. And then finally there’s a third date where you get the dividend in your brokerage account. So a couple of places, I like to find this information generally so that Google can be different. So if you’re listening to this, like six years from now, you know, don’t get mad at me if this isn’t the case anymore. But if you Google search a ticker symbol, let’s say go back to Hormel HRL, and you say HRL dividend history
Generally, the NASDAQ website will be one of the first to pop up. And so you can click on that, and it will show you those three columns, and you’ll be able to see the latest one that they have announced. And then when that date was that you must hold the stock through for you to get paid the dividend and when the dividend gets paid out. And so why that’s important, why that’s helpful is that you can just go back a year ago, right? If, if they haven’t announced anything and you’re wondering, well wanting, cannot expect them to declare the next dividend, we’ll just go a year back and look at the month. And so whatever that month is and maybe you can reasonably expect that they’ll make another announcement around then I kind of found that companies don’t necessarily stick to a strict schedule with that. Still, they seem to keep within the range of, like within that month, they’ll look to announce around the same month. So that’s one way to find it. You can also use seeking alpha. If you go on there, you type particular in, and then you go on the dividend history tab under the dividends tab. That’s another place where you can show those three columns, and that’s, that’s how it’s done.
Yeah, that’s pretty awesome. I a little tidbit I can throw at you. I have Schwab now as my broker, and they listed on a; when you click on a ticker, it’ll tell you exactly when the Company is going to be paying their dividend and when their ex-dividend date is. It’s kind of cool.
Well, that’s cool. I bet a bunch of brokers probably do that too.
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Alright, let’s move on to the next question. Hi Andrew. My name is Chris, and I’m relatively new to investing. Still, I follow your suggestions and try some of my stock picks using an intrinsic value calculator and your value trap indicator. Now the portfolio is starting to fill up, and I’m going to reach the suggested limit of 15 stocks. I was wondering what happens with the muffling investments. How do you decide which of your stocks gets the monthly $150 the lowest DTI, the most significant difference between intrinsic value and market price? The highest dividends. So many options. Thanks and best, Chris.
Yeah, this is an excellent question, and I struggle to answer it because I don’t want to gloss it over. I think there’s no single answer, and maybe you could encapsulate it by saying stocks, should I buy, you know, and how does anybody describe that about their approach? But these are perfect kind of ideas and, and I’d like to walk through some of them. So why don’t I talk about the via sharp indicator for people who are aware, the via tarp indicator is a tool that I created that uses the different financial metrics to give you an idea of a stock that would be a value trap, one that you should avoid. Or if you hold it, you should sell it. And on the flip side, if it’s probably a substantial buy and that’s going to be based on if it’s cheap compared to earnings compared to other important financial metrics like sales, cash, how many assets do they have, things like that. And so it’s, it’s based on a lot of research. I went through and looked at the biggest bankruptcies of the 21st century. Jerusalem correlations just went through a lot of data. And so when I look at which stocks to buy now using that tool, it’s, I never intended it for it to be a tool where you can just
Look at the stock, it has a good VTI, and so that means you’re going to buy like that’s not the intention of it at all. And I hope people are interpreting it that way, but it’s, it’s like a great, it’s a great place to put your ideas. And if I have a list of five stocks that are all strong by VTIs, then hopefully I can pick between those. And probably, most of them will turn out good because when you’re buying low and the Vijaya indicator, when it has a strong buy, that’s, that’s generally what it’s doing is trying to buy low at least compared to the overall market. In general, you should hope to see returns that are very favorable because you’re not buying stocks that have gone up so high that they might be a bubble. And a lot of a book that I’ve recommended in the past I should recommend over and over again called what works on wall street by Jim O’Shaughnessy. That one breaks down how a lot of these valuations, price-based valuation metrics can help you pick undervalued stocks and, and find the outperformance through doing that. And so the VTI is a tool to help you find stocks like that. And what makes it different than a lot of the other ones is it’s, it’s combining
The whole picture of the financial statements. So, you know, you might have an analyst who specializes in, you know, what’re the earnings for this Company? Or maybe another one’s just looking at whether the cash flows, you know perhaps another one’s just looking at strictly from a balance sheet perspective and then what are the profits, profitability or efficiency metrics based off of those. So what the VHR Medicare does is if any little aspect of the financials is out of whack, then it’s tough for that to, to score well. And so, you know, it needs to have a very conservative balance sheet, needs to be firm with that. A decent amount of cash needs to be earning good profits. All of these things are all requirements for the VTI, and then so it was structured in that way, to try to do that for investors automatically.
And, and it, what, what’s been the most significant thing about it is it’s ended up being the best teacher of financial statements I’ve ever seen because of it just, it’s seven or eight or nine metrics that you need to pull from the 10 K, and that’s it. And so you do those over and over and over again. And those are like the most common metrics, and everything else gets derived from those. So like it’s amazing hearing all the people who have said they’re confident and they’re able to dig through and understand these 10 Ks and these other SCC forms that we talk about because of the VTI. And so that’s very, very cool. But you know, the heart, that’s the natural part. I guess the hard part is like Chris said, figuring out, you know, do, do you want to buy a stock because one, one stock has a lower VTI than another.
I think that can kind of make sense intuitively. But the longer I’ve used the tool, and I’ve watched my portfolio and seeing which stocks tend to do better than others, one of the conclusions of it is that I don’t think a lower VTI necessarily means it’s a, it’s terrible, it’s a better pick. Another thing that I’ve been chewing on lately, and I’ve been you, I’ve been implementing it, but not necessarily thinking of it in this way. So I don’t remember if we ever talked about how guru focus has a feature where you can look at the historical valuations of, of a, of a stock. So like let’s say, the PE is a 15, and then they will show you a range. So the P may be the PE was between like eight and 25 for the last ten years.
So then you kind of know what the historical ranges and you know, what, where the PE is at. Now, did I mention that before? No, we have not talked about that before. Okay. I almost want to bet you money that I’m my, maybe, I mentioned that off of the thing. But anyway historical valuations that can be really, I know I’ve talked about that, my Eli there, that’s for sure. So it can be a great way to kind of stack the odds in your favor that you are buying low. So companies can go in and out of favor; their industries can have bull and bear markets. You’ll; you’ll see some sectors that will do a kind of bad when, when the market’s doing great and vice versa. There are just so many moving parts. So using it from a historical perspective as something that I’ve started to do a lot more.
And so as an example, if a stock has tended to be in a VTI range of let’s say 300 to 400, and right now it’s trading that like a VTI of two 50 while I’m in the field, a lot more excited about that stock, mainly if it’s something I want to own. Because in general, the way that their business has kind of been run is, you know, they’re at this certain valuation level, and now it seems to be lower. So that looks like an excellent buy, low opportunity. Or on the flip side, if a stock has had a VTI, like the oil stocks kind of come to mind when I think about the other case where if a VTI has been historically always at a hundred to 150, then seeing the VTI 150 maybe doesn’t make me that excited to think that I’m going to be buying low in that situation because of that.
Does that make sense? Yeah, does. Okay. But you know, I guess I don’t know if the oil is the best example because it’s been beaten up. So it’s like the chicken and the egg Ray is like, is, is there value evaluation’s been solo for ten years because the industry has been awful, or is it just a terrible investment, or is this just the way it is? I think that’s a topic for a different day, but those are some of the ideas behind how you can use the VTI. I’ll tell you. And I’ve said in the past, I don’t pick stocks the same way every single month and every single year I kind of have different themes I’ve been sifting through. That’s not to say, you know, I’m always using the VTI, and those always need to come back as a strong buy. But sometimes I’m targeting dividends.
Sometimes I’m targeting like super-strong balance sheet, like a no debt situation. Sometimes I’m targeting growth. So it’s you take it by a case by the case you kind of take what the market is giving you. As long as you stick to your general values behind the investing, then you can sort of use the VTI. And I feel like you’ll have excellent, excellent chances of doing well. And so for me, those principles are buying dividend-paying stocks, making sure those dividends are growing, at least having the majority of my portfolio in that situation and having shares to them comfortable owning and either having some that I’m looking to buy low and sell high and others that I’m looking to hold forever. So those are all things to keep in mind. And that’s the reason why it’s not an as simple answer, but I think it’s, it’s one that’s worth pursuing because I believe, and I believe you, you, you’ve seen it, I’m sure like Dave, you’re in the secret Facebook group that we have for VTI spreadsheet clients. Yes. And it’s incredible how many different types of stocks
Share that, that they’re all looking at, and they all have their different opinions on them. So I think you could take ten or a hundred or a thousand people who are all using the VTI spreadsheet, and they’ll come up with ten a hundred or a thousand different portfolios. I think that’s the beauty of it. And that’s just the reality of being an investor is you’re not the same as the person next to you. You’re not at the same stage of life as the person next to, you don’t have the equal risk temperament, and you don’t have the same favorite stocks. Right. So those are all things I think to keep in mind when, when you, when you think about buying like that.
I agree. Those are all fantastic ideas, and I love how you put all those ideas together. And it, the thing that I liked the most about it is that it has a common theme throughout the year, still sticking to the same basic principles of building the portfolio. You’re just trying to; I guess looking around to see what, like you said, what the market’s going to give you. I can provide an example. For me, a company that I have wanted to buy for a long time has been Disney because I’ve always felt like that that was a solid company that is going to produce a lot of high returns over a very long period. Not just today but 10, 15, 20 years down the road. I think it’s still going to be, you know, cranking it out and doing a great job.
And so that’s a company that I have wanted to own. And because of the recent fluctuations in the market recently, I’ve had the opportunity to invest in that Company. For me, that’s a company that I would want to keep putting money into when I have the chance to do it. Does it mean I’m always going to have that opportunity? No, it doesn’t. There are other companies out there that I’d like to buy as well that I think are great companies, very strong, and are going to have enduring profiles that will last for a very long time. To quote Warren buffet, it’s a wonderful company. I want to have it, but it’s not at a valuation where I feel like it is something that I could buy because it’s just too expensive at a particular point in time. And so when it’s time for me to buy something else, then like Andrew was suggesting, I’m going to look at other places because I’m going to, I’m going to look and see what the market is going to give me as opposed to trying to just stick to, you know, I want to fill all this slot up and then I want to fill all this side up in all this thought up cause you have to take into consideration other aspects of what’s going on in the market.
You may be wanting to add to, you know, a tech portion of your portfolio. But tech is getting, you know, all the love in the world, so the prices have gone through the roof. So that’s maybe not necessarily the greatest time to buy. So I think Andrew’s advice following your path and sticking to your guns and doing what you want to do is a great way to do it. And just kind of, you know, following, following that guidance I think is, is a great, great idea.
Yeah. I like how you laid that out. You know there’s, there are great companies, and you can’t always buy them cause sometimes they’ll be expensive. Yup. I just, it is, it’s, it’s, you know, it would be wonderful if Ken booth can’t always. So there’s like one other last question I wanted to cover tonight, and then we’ll wrap up. It’s kind of similar to the one we just answered, but maybe it would be nice to get your input Dave, cause this is coming. So the last question was somebody who’s pretty close to filling up their portfolio. This one’s somebody who’s starting fresh. So we’ll get Dave’s fresh opinion on this. He says hello, Andrew. My name is Daniel. I’ve been listening to your podcast for some time now, and I’ve enjoyed it so much. I’ve also recently subscribed to your email. Either haven’t invested in any stocks.
I’m very encouraged to do so. I’m looking for longterm returns and building wealth that way. My question is, how do you create a dividend portfolio with many companies to look into? Is it wise to buy shares from companies that are established or buying low on companies that have potential? Sorry if you’ve already discussed this, which you might have, but I’m just looking for some direction. Thank you, Daniel. So Dave, for the absolute beginner out there who’s out of the place like Daniel is and wants some good, give them something to push them to start. What would you say?
Oh boy. Well, here’s what I would probably do. The first thing I would start with would be looking at, if you’re going to start with a dividend portfolio, would be to look at dividend aristocrats. What are dividend aristocrats, if you’re not familiar with them, are companies that have been paying a dividend for at least 25 years. A growing dividend for at least 25 years consecutively has a certain market cap and is traded in the S and P 500. Those companies are generally fantastic. They’re all strong companies because they’ve been paying a growing dividend for 25 years, and by and large, that’s a difficult thing to do, and you can only do that if you’re a profitable company and are making money. So, with that being said, that’s a great place to start. Now, as we were saying just a moment ago, you’re not always going to be able to buy all those companies.
They’re going to be times, unfortunately, were some of those companies are just going to be too expensive to buy at deputies or time. So if that’s not an option for you, then the other option is to look at other investors that you admire, whoever they may be, and try to find companies that they are buying into that are paying a dividend. And one of the things that Andrew has a pounded into people, including myself, included, is trying to find companies that are growing their dividends. Now, dividend aristocrats are kind of a beast upon among themselves. Still, there are companies out there that are on the way to being a dividend aristocrat and may have been paying a growing dividend for 10, 15 years, but maybe aren’t quite there yet. So those are, you know, great places to start. Companies that pay really strong dividends that I like.
That’s a sector that Andrew’s not as big a fan of his financials. Working at banks or insurance companies. Those are a little scarier for some people just because they don’t understand the language of how banks and how insurance companies work. But generally, those are companies that pay fantastic dividends. And I’m not talking about going out and buying 12 companies in the financial sector. That’s certainly not what I’m recommending. But if it’s something that you are comfortable with, then buying a JP Morgan or you know, maybe not a Wells Fargo right now cause they’re getting kind of hammered. But you know, a JP Morgan, a bank of America or a US bank would be a bad idea because they pay a great dividend. It’s growing, they’re strong companies, but they are a little bit different for people to understand. And so that could be a challenge. The other area that I would look at is talking to my friend Andrew because he is after all the drip King, and that is what he’s known for is investing in dividends. And I would like to hear what his thoughts were.
I didn’t have any thoughts cause those are fantastic ideas. I’m, I’m glad to ensure that the dividend aristocrat. Yeah. I don’t have any thoughts, but let me just talk again for ten more minutes. The ones that popped them, the ones that popped In my head, you know, because he asks, should you buy companies that are established or should you buy low on companies that have potential or should you buy, you know, dividend aristocrats like Dave’s recommending. I say, why don’t you do all three?
So I’ll give an example. Back in 2018, I bought a company called Carlisle; I think it’s Carlisle companies or Carlyle. And so they’re in the plastics industry rubbers, the stuff of that nature. And they have been growing their dividend for over 45 years. And that was also buying low on the stock because the evaluations were just lovely. And so that became one that after a year or a couple of years and appreciates it quite a bit. And so at that time, I was able to sell for a nice profit. Just sold that a couple of days ago. So you know, that’s an example of a stock where you could still buy a different than the rest of the crack could still be undervalued.
And you get that buy low sell high situation. Another one I liked was a company called errands ticker AAN. And that one I bought before when the price of the book and the price of sales were meager and they had a small dividend, like less, much less than a percent. I think it was even like, like 0.1 or 0.2, whatever it was. But they had been in growing the dividend for nine years, and now they’re going on ten years. And so I liked the fact they were growing at, they were growing at a, at a pretty good Ray and I liked the valuations. And so I ended up selling that one. And I can’t remember if I ever turn like 50 or 60%, so that was another BI-LO saw high. And I have other companies in my portfolio to where, you know, those I’m hoping to hold forever.
And those can be ones where maybe you’re not necessarily buying at the lowest you could buy it, but it’s a company you like. It’s very established, and it’s gotten an excellent track record for growing the dividend. So those are all, I think you can’t go wrong in either of those directions. I think he’s asking good questions here. I liked all of these questions. Good job, and hopefully, something here was helpful for somebody.
All right, folks, well, that is going to wrap up our conversation for this evening. I echo Andrew’s comment. The questions were fantastic tonight. I walked all of them, and hopefully, you guys found something of value that you guys can use to help you with your investing. So without any further ado, I’m going to go ahead and sign us off. You guys are enjoying the show. Please subscribe. And if you’re enjoying the show, give us a five-star review. That’d be fantastic. We would love it. Thank you very much. You guys go out there and invest with a margin of safety. Emphasis on the safety. Have a great, and we’ll talk to you all next week.
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