Welcome to the Investing for Beginners podcast. In today’s show we discuss:
- How to adjust your portfolio if you are unhappy with its performance
- How to view learning and the compounding effect
- The potential of Lithium and the battery industry
- Bond ETFs versus active bond investing
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All right, folks, we’ll welcome to Investing for Beginners podcast. Tonight. We have episode 186. We’re going to return to answering a great list of questions. We’ve got three fantastic ones that we’re going to go ahead and answer for you guys tonight. So I’m going to go ahead and read the first one and then Andrew and I will do our usual give and take. So here we go. Ben here from the UK London, first off great podcast from yourself and Dave top stuff. And it’s my daily routine of listening to and from work every day. My question is about a new investor. Basically, I’ve jumped the gun, so to speak. I’ve begun investing as I’ve been learning, only to realize that I have not done anywhere near enough research on the companies. I have kept my portfolio diverse, but I have basically just bought a lot of companies that have been hit hard because of COVID locally; within the timeframe that I’ve been investing around a month or so, my portfolio is up around six to 8% mainly because of Tesla LOL, but I’d say that it was around a 50, 50 split on the companies either in green or red.
So what I’m wondering is would you think on Keepa keeping the portfolio short term, hoping they’ll arise and then economy co COVID sorts itself out or sell, take the 68% and go straight back to the drawing boards? My thought was to hold out, not invest any more money, keep warning, listening to your podcasts, reading, et cetera, then hopefully. So making any profit, I can and then reinvest that with all of my new knowledge. I appreciate that there’s a lot of variables consider for you to give advice on the number of companies, et cetera, but any advice you would provide would be much appreciated. Thank you. Regards Ben. Andrew, what are your thoughts on Ben’s fantastic question.
Yeah, it’s a great question. And what I like about this question is how he realized a first he took, he took action, and he just dove right in.
And I love that, and I did it. I know Dave did it too, and that’s really how you have to get started. And then, as you kind of get more experienced, you start to realize what you don’t know maybe. And it’s, it sounds like he’s feeling that a little bit, but I would say based on what Warren Buffett has said, I think he put it nicely one time when he said something like he evolved his strategy from being somebody who really picked a lot of cheap stocks to pick better stocks that were maybe a little bit more
Expensive, but they’re just really really good businesses. But so this was like a huge transition for them, and that kind of defined his investing career. But when he describes how he did that, he describes how it was an evolution, and it took place over a long period of time and, it wasn’t immediate. And so when you look at building a portfolio, I think looking at it in the same way where you’re just building these little building blocks, and it’s like this staircase, and you’re just putting a brick in a brick and brick and a brick. And you don’t just want to knock out the whole staircase and start new somewhere else, particularly when you’re talking about the stock market. Because first of all, if you sell everything all at once now, you’re going to have a whole portfolio of cash that you need to allocate.
And like I’ve said several times in the podcast through the archives is you’re not going to have a great idea every single month. And if you like, you’re just not going to have 20-great ideas in the month. That’s just not reasonable. And so you really just need to space things out. And I think if I were to inherit a portfolio that I didn’t like, and I want to improve that portfolio, obviously, and change it with stocks that I’ve done a lot of research on that I feel really good about for the very, very longterm. So say I were to inherit this portfolio. Well, what you would not want to do is just do a clean slate and then start over because to replay, I think too, to build a solid portfolio, it just takes time, especially if you’re going to do the research.
And so I think, you know, and maybe I’m wrong, and maybe his portfolio really is this bad, but I think he can take his time. You know, maybe, maybe you take a month, and you look at three of the stocks in there, and you get to know them really deeply. And you’re like, you know, this one actually isn’t that bad. Maybe I’ll hold onto it for a while, but you know, this one does not have a feature at all. So maybe I’ll sell this one, and I’ve also done some research, and I have something that’s really, really a good opportunity that can replace it. And you just kind of go through that process almost like you’re building, you’re building one from scratch, but you don’t want to start from scratch because you’re going to have that big money problem of you just can’t have that many good ideas all at once when you’re first starting out. So that’s kind of how I would look at it. I think it’s good to prune that portfolio to improve on it over time. But I mean, let’s, let’s be real just because you’ve realized that you’re going to make more of an effort to research and to become more knowledgeable. It doesn’t mean you’re going to attain all that knowledge all at once. So, you know, just because you’re saying it’s going to happen tomorrow, it’s not necessarily gonna happen. That’s going to take your time. So why don’t you scale and really turn portfolio over
And do that. Make-Over over time as you pick up more knowledge, more skills, and you see more opportunities than spring up to; those are all things that happen over time, whether you’re talking about opportunities or you’re talking about good investing skills, whether you’re talking about good knowledge to find those opportunities, all of that takes time. And so take time with it. And I think it’s fine to have some, as long as the portfolio is diversified to have some less than ideal positions as you work more carefully that build that staircase moving forward.
That’s fantastic advice. And I would agree with everything that Andrew said. The only couple of things that I guess I would probably add from my viewpoint would be to think about, first of all, that, if any of the companies that you have bought are not doing as well as you think they should, or as you learn more about them, you can use them as learning examples because nothing is going to focus your attention and your interest more when you have skin in the game.
So when you have the money that you’ve worked hard for, and you’ve bought those companies, and they’re not doing as well as you think they should, or if, as you were more about them, as Andrew was recommending that you don’t see that they have long-term potential. You can also use that information as a way of learning. So that the next time you pick something, you can think about the circumstances that led you to pick it the first time and maybe what went wrong and why it wasn’t working. And I think one of the things that probably isn’t talked about enough is the opportunity to learn from our mistakes. And I think that’s one of the greatest ways to learn. I’m not saying that we should all go out and make mistakes. A word knows I’ve made my share of them. But the cool thing about those is if you reflect on those, there is a lot of education and a lot of growing, and a lot of knowledge you can gain from any mistakes that we do make.
And the trick is to try to learn from those and not repeat those same kinds of mistakes. I’m certainly not saying that Ben made any mistakes, but he’s feeling like that maybe he kind of jumped the gun. And I echo what Andrew was saying that I applaud him for diving in and taking the plunge because that’s often the hardest part to investing in starting out investing is to just take the plunge and go for it. And then once you get your feet wet, then you can start branching out. And the other thing that I would like to mention as well as all the things that Andrew was talking about are a form of compounding and the knowledge that you gain from listening to the podcast, reading books, observing anything that’s going on in the markets, watching the news, any of those kinds of things, or reading a newspaper, anything that comes across your path is just another opportunity to compound that wealth.
And the more that you use, the language that you’re learning, the more deeply embedded it’s going to become. And the more it will make sense to you, and you’ll understand it. The thing that I always try to remember whenever I’m trying to learn something do is a couple of things. One is it’s a new language. It really is. So we’re learning all the different ins and outs of finance and the metrics and the terminology. It’s like learning a new language. It’s obviously not maybe as hard as learning a foreign language, but it’s certainly learning a new language. And the other part of it is, is you can’t learn it all at once. It’s kind of like eating a pizza. Everybody loves pizza. I know I do; it’s for me, one of the seven food groups pizza, pizza, pizza. And so, but we can’t eat it all at once.
We have to eat it piece by piece, and you have to, you have to think about this as well. It does take time to learn all these things, but you can do it. And as you eat each piece of pizza, it becomes better and better, the same thing with the knowledge, the more that you work at this, the more it’s going to stick with you, and you’ll become a lot better investor. And that’s really what it takes is just time and patience.
I’m a patient is very well said. Would you like to share a time where you had the take one of your Mistakes and then use that as a learning lesson Then? Yeah. Give him, give him some encouragement for having that courage to realize that, You know, maybe his portfolio needs some improvements.
Well, absolutely. So I will talk about a company that I bought and sold because basically, my whole idea around the company was wrong, and that company was GameStop. And so this was pre, this was pre, if you know, a couple of weeks ago now that we’re recording his episode, this was actually a few years ago. So this is a long before all the chaos that went on in the markets a couple of weeks ago. So a couple of weeks ago, a game came across my radar, and it looked like it was from the financials of working at the company that it looked like it was beaten down for really kind of no good reason. And it was, it turned out to be at, for me, it turned out to be a bit of a value trap. So I bought it, I think around, I want to say $16, and it did go up to around 30 bucks at one point, but then it dropped back down to 16, not too long after that.
And then proceeded to follow even farther from there. And so I think I got out around probably ten bucks or so ish or so. So I didn’t, I didn’t lose my shirt on it by any means, but I did, I did lose money, and it just, it, it proved to me that I needed to think a little deeper about my thesis. And my thesis was is that the company was going through a transition. And the transition for me was with the advent and increasing dominance of Amazon and Walmart and any of the other online retailers that were really sprouting up around that time. The game stop really didn’t have a presence in that market, I guess. And so they were kind of living on borrowed time a little bit, and they were, they hadn’t really pivoted and adapted their business model to beat the challenges of what was, what was really coming at them.
And so they were trying to pivot to more of a used game scenario, as well as collectibles. And I thought, based on everything that I was reading about the management and their plans, and some of the things that I had seen in the financials over the last couple quarters, led me to think that they were going to be able to pull this off. Meanwhile, they had a fantastic balance sheet. They had almost no debt. They paid a great dividend. They were, I think, triple B rated. So they had a lot of great financial stuff going on for them. But the simple fact of the matter is, is they weren’t bringing in enough revenue, and eventually, it doesn’t matter how great your balance sheet is. If you don’t have enough revenue, eventually, that’s going to start to affect you. And that’s basically what ended up happening to GameStop.
And the market saw all those things and read the science better than I did. And so that’s kind of what happened to me. That’s a good insight to bring in. There were a lot of things that took it down, and it wasn’t just Amazon. Then you had direct downloads from Xboxes and PlayStations and all of that. And, you know, you couldn’t have predicted the way it fell and then also the way it popped recently and then fell again, right, just like just a crazy, crazy experience. And I think it’s a good learning story for, for a lot of us, you know? Just what I really like about your story, in particular is, is the focus on revenue and how all of the numbers can tell you one thing. But if there’s a huge Goliath in the room, and that would be less traffic to the malls plus because of Amazon plus the whole switched to digital, that that could kill a really good business.
That looks good from numbers-wise, you know, otherwise kind of a thing. Yeah, exactly it to be, it was, it was one of those, you know, siren songs that you just could resist that it kept coming up every single week. And my screens and I was familiar with the company because I had some friends that were gamers and they had talked to me about the company and it just, it had all those earmarks of a company that Walmart, that the wall street was overlooking. And I just, I just know, I, I just, I didn’t, I didn’t think it through well enough, and all the things that you were talking about were just things I just didn’t think we’re gonna have as big an impact as they ended up having. And yeah, it was, you know, it was a mistake that I, I tried to learn from for sure.
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Well, thanks for sharing that. That was, That was good to hear. Let’s move on to the next question that says this is from Adam. He says, hi, I’ve been listening to your latest podcast episodes, and I’m getting excited about investing. I’m 37 and have never bought stock. I have about $2,000, and I would like to invest now and possibly another $3,000 in early spring. I set up an account with fidelity, the purchase stocks I’m interested in lithium, especially the mining and manufacturing of it so far. I think E ticker, ENS, and ticker Lac would be a good choice. Do you think this market is worth getting into, let’s start with this first part of this question, whether you think Dave I think that with them is a fascinating idea. So here is here’s. What he’s talking about with them is one of the ingredients, the main ingredients in the lithium-ion batteries that are sweeping the world.
So lithium-ion batteries are the storage capacity for electricity, for the particular electric vehicles, cars like Tesla, for example, as well as they, ‘re being used in solar panels, they’re also being used in the wind turbines. So just about anything that generates electricity, they’re using the new creations of these Withum ion batteries as a means of storing the electricity. And it’s a huge, huge, I guess, potential market. And it’s been exploding over the last year. COVID has really kind of brought it to four. And it’s just really kind of exploded kind of along the lines with anything that has to do with an electric vehicle Tesla, obviously being the perfect example of that, but a side note with that any Witham company that’s associated with these batteries has, has exploded as well. So this is something that I looked into very deeply, and I spent a lot of time thinking about or reading about it.
I’ve read through lots of 10 Ks and 10 QS, as well as earning calls and watched videos on YouTube about how they produce with the M ion. And it’s fascinating. It was, it was fascinating stuff. So here’s, I guess, what I learned about them. I think it’s a fantastic potential, and I think there is a lot of possibility of growth, as well as the, I guess I hate to use keepers and use potential, but there is, there is a lot of potential with the electrification of everything that’s going on right now. And with the M seems to be technology-wise one of the ways that they’re moving towards being able to capture holding and storing the electricity that’s created. So one of the things that I discovered was that with him is a lot of, a lot of cases is a liquid form.
They use water to pump it out of the ground, and it is mined, and it’s kind of fracked actually, and which is kind of interesting. And the two biggest sources of it were down in Chile and Argentina, as well as there are some deposits in Nevada. And they also discovered some in Indonesia as well as China. And so these are the places that they seem to be focusing on right now to pull the lithium out of the ground to make the batteries. So there’s, it’s, it’s a very expensive process. It also takes time. So here’s the interesting thing about the lithium that I didn’t really realize is so when they pull the lithium out of the ground, it’s in a liquid form, they have these huge pools that are open-air, and they basically have to with them be a hydrate. So the water has to evaporate out of the iron or, or the lithium or so that they can take the raw materials and then make the batteries out of them.
So there are quite a few companies out there that are producing the Witham, and Lac is one of the companies that he was talking about, that particular company I did not, frankly, look at very deeply. The company is based out of Canada, and it is a smaller company. And they’ve been around since I think, 2007 and it looks, it looks interesting, and they have some interesting prospects. I think they have a mine down in Argentina as well as in Nevada. So they, they have, they have a stake in the two areas that are, seem to be kind of the hottest areas for lithium. The company that I actually looked at the deepest and was really, really considering hard trying to basically justify how I could buy this thing was Albemarle, which is a mining company. And they are one of the original mining companies of lithium in the world.
The largest one is I’m going to butcher the name. So I’m not even going to try, but the ticker is S Q M., And that company is based out of Chile, and they are the largest, and Albemarle is, I believe, the second largest. And the interesting thing about lithium right now is there’s a huge demand for it. And with lithium is a commodity. So the prices of lithium float all over the place. So when you’re going to invest in a company with lithium, you have to pay attention to not only the company itself, but you also have to pay attention to the raw material that they’re mining and selling because that has a bearing on what kind of revenue the company is going to generate. Now, as the lithium batteries get more and more not costly, but as they get, as the prices on batteries come down, the prices of the commodity is going to come down, which is putting pressure on the revenues of companies like Albemarle.
For example, now Albemarle right now is actually currently at capacity. They literally could not make any more with ion to make the batteries. They have two mines that they’re are working on right now that are scheduled to come online. I believe one is this year and one in the next year, but don’t hold my feet to the fire on that. But they are very soon, and that will help them double their production over the next several years, which is going to be awesome for them. But the only problem is is that the price is really up there. So it’s gone up, I believe, a mere a hundred percent this year. And it’s selling for about 150 bucks a share, which in and of itself doesn’t mean much, but the PE on the company is a little over 50, and that’s just a little too rich for my blood. But with them is it’s, it’s an exciting thing to look at. And I looked very hard at, at solar panels and wind turbines and the batteries and everything, because I really think that that is the way of the future, but I think I’m a little behind the curve on that to find companies that would be for me, would be in the price point that I would want them at. So I guess that’s a little bit of my thought on with him. Did you have anything you would like to add on lithium?
How can I follow that up? You know, what’s funny and frustrating at the same time, as I remember when we first started having the conversations about lithium, and that was right about the time that Arbor Albermarle it’s sticker ALB, I think just started shooting up through the roof. And then by the time either of us could get some decent research in about it, it was already at that crazy PE, yeah. There was reasonable like a couple of months before that.
Right, exactly. So it’s like just, yeah.
You know, I, I honestly don’t,
I really know that deeply anything about Lac, but I do know that lithium, I think is, has got some potential. And if the market corrects at all, I do have Albemarle on my wishlist. So if it ever does correct it, and it does drop, I will be bouncing all over that. Believe me,
If I don’t get there first, I just kidding. I do, I do have some experience with ticker ENS, so I can talk about that. So ENS is a battery manufacturer. There, the company is called [inaudible], and I held them for some time and just, it just so happened that when I held the company, it was a very rough time as far as the stock market went for this company. And a problem with them is as though they have a little bit of exposure to lithium batteries, most of their product portfolio is still based on lead-acid batteries, which, you know, have, do not have a good reputation as far as the fact that it’s difficult to recycle and it’s, it’s toxic and has the type of chemical chemistry. It’s not really, I guess, a good way to say it, but the chemical chemistry to make it not, not, not something that people are really looking to invest in.
You know, when you contrast that to something like renewable energy or clean, clean energy, green energy, all of that stuff LED’s like completely on the other opposite spectrum of that now to be clear, just because of batteries, lithium doesn’t make it better than lead. There’s a lot of different applications for batteries. And so that’s why in certain applications led tends to be better. And other applications, lithium is the better one, like in electric vehicles. And so, you know, it’s, it’s tough to say with, with this business, I know with, with NRCS, they have that potential as well. They have some prospects up the line. They even have the play in the 5g, small boxes they made; they made a special partnership with another company. So they are a part of the 5g infrastructure rollout. For me, you know, I guess I got on a patient with the fact that they weren’t paying the dividend.
I also had other opportunities elsewhere. So not gonna knock anybody who looks at the stock like this; I just thought I’d explain why it wasn’t for me. And maybe some aspects of the company that if it piques your interest, it’s, it’s worth taking a look into. And I believe it’s still trading at a pretty, pretty low valuation compared to some of its traditional metrics. So it could be interesting for somebody who doesn’t mind the flat dividend and thinks that the application for the batteries will stay fine and the demand will be there for these lead-acid batteries. And won’t be supplanted by lithium. And, you know, when it comes to that kind of stuff when you talk about materials and technology and everything, you get people who are just so intimately passionate about saying one thing’s going to replace the other. And really, as investors, we really don’t know what the answer is. And so it kind of goes back to the whole idea of diversification and just making your best guess, because you know, sometimes you have great insight and, and you know, like, like Dave, you had great insight on one of the insurance companies a bank company regional bank, and
Both those just went through the roof, right? And then, on the other hand, you have a company like GameStop, where all of these companies kind of look the same from a numbers perspective. Some of them work out, some of them don’t. So when it comes to revolutionary technology like batteries, you really don’t know what the future’s going to hold and which materials will go where, but it is nice to get exposure. And that’s kind of why we always go back to this idea of margin of safety and circle of competence because you want to understand enough about the business to know exactly what makes your investment thesis better than the alternatives. And then you also want to play, pay a reasonable price just in case you’re wrong. And if you continue doing that, you’re increasing your chances of having great success because statistically, when you, when you buy undervalued stocks, you do better.
So that’s kind of the long-winded answer to that. Did you have anything else to add before we answer the second part of this question, the only thing I agree with, all the things you were saying; I think those that’s fantastic guidance. The other thing I would think I would want to say about them is the technology is changing. And there is a lot of interest now in solid-state lithium batteries, which apparently have a higher density, energy usage, as well as the possibility of the longer charge holding a charge longer. So, in other, in other words, enabling a car to drive farther on a charge than is currently available right now. So that’s a technology that is starting to get some traction, and that will have an impact on the Witham industry. The other thing that I would talk about with the lithium industry as well, and this is something I didn’t really dive into, but I think it would be a possibility of something is the recycling of these batteries.
So at some point, all this interest in electric vehicles is going to produce a lot of lithium batteries or any other kinds of batteries that they produce. And those batteries will not last forever, and someday they will need to be recycled in some way, shape, or form. And so I would think that there would be a company or two or six that will be out there that will be looking to capitalize on that market. And I don’t know what they are, but I think that if this is something Adam is interested in that it might bear some fruit to look into that a little bit.
That’s great advice as well, really fascinating stuff. It obviously takes a very deep dive into that industry. Yes, very deep. Well, hopefully, you’ll enlighten us again in the future. Let’s answer the second part of Adam’s question here. He says the other thing that interests me is the digital advertising industry. I think ticker TTD would be a good choice.
Do you think this market is worth getting into, I look forward to your new podcast; keep them coming. Well, I’m going, being honest with you. I know. Did we do about TDD and I think this would be a good one for Andrew to talk about. I don’t have a special insight into this one. I wasn’t able to take a deep dive on this. I haven’t had opportunities recently in the particular niche that TTD covers. So TTD is the company name is the trading desk. And so they are basically involved with advertising, display advertising, you know, think mobile phone pop-ups, things of that nature. So something about TTD, they mentioned in their 10 K how they compete with small companies and some big companies like at and T Google, Adobe. So it’s something like a, an environment like that might be difficult to analyze.
And it’s something I get the sense that you need to have a strong grasp on what goes on and kind of what drives that business, what makes them better than another business. And so whether that’s from having worked in the industry, or maybe just being like a very observant consumer and knowing like where their advertisements tend to pop up, those are all things that can, that can help give you insight into whether this particular investment would be a good investment or not. I know from a numbers perspective, it’s very obviously a growth company. They are growing revenues like a weed, and they’re obviously investing their free cash flows for the feature, which I think is great, but they’re also extremely expensive compared to any metric you want to look at. So you ha, if you’re investing in the stock now at the price they’re at, you would have to assume that you are getting a lot of this growth for quite a while in order to justify the investment.
And that might be the right answer for you or not. It really depends on how comfortable you are with what the company does, and something that I did see, they don’t have any debt on their balance sheet. So it appears that they are funding this thing primarily with their own free cash flows, which is fantastic as far as wanting exposure to something with digital and digital marketing. I think that has a lot of potentials, and I don’t see marketing going away. It does seem like it’s making a shift away from some of the traditional marketing things like you know, traditionally you always spent a lot on television advertising or radio advertising. And now, obviously, we have social media advertising. You have this display advertising like the trading desk does, and, you know, you have the social media advertising too. So I don’t, I think it’s an interesting thing to be exposed to, but I also think there’s a lot of interesting things to be exposed to in the business world in general.
And so I’m not going to make an opinion whether this particular stock is a buy or not, but those are just some thoughts to kind of push you along to thinking whether it’s, you know, what you’re going to look for and how you’re going to build confidence in an investment like that well said. So we’re going to go ahead and do the last question here. So this one comes from Brandon. He says a big fan of the podcast. I work in the finance industry. I love to listen to your podcasts. I find that very informative and refreshing. I was recently listening to the episode that discussions that discusses bond allocations; I find it interesting. You all recommended bond ETFs. Are you saying you would prefer a passive bond strategy over an active strategy? In my experience, bonds are way more hands-on than stocks. I always prefer to use an active manager. Love to hear your thoughts, Dave; what are your thoughts?
Well, well, first of all, Brandon, we appreciate you listening to us, and that’s a big kudos from the finance industry. So it’s that’s very humbling to know that somebody from the finance industry is listening to what we have to say. So I appreciate that. So here are my thoughts on bond allocation. Yeah, the bond allocation, the reason why I am recommending bond ETFs, and that’s why what I try to work with the majority of the time is because of the simple fact that I am probably the majority of the people that listen to me, don’t have 10,000 to a hundred thousand dollars to drop on buying a bond or two from a corporate bond. We just don’t have, I, I’m not playing with that kind of money. So for me, working with bond ETFs just works better.
It gives me exposure to the bonds that I want. It also gives me an allocation of different kinds of bonds. So if even if I did only have a hundred thousand dollars, I still would only be able to buy maybe one corporate bond from Microsoft, for example, which would not be a horrible thing. But the flip side of that is, I get zero diversification; I get zero other choices to choose, pick and choose from the different things that I would want to use. And anybody that listens to our show, if they are playing in the same range that I am, is going to, I think, be able to afford to invest in a bond ETF. And I just think that you know, for, for us, I think just feel like as beginners and people that are starting out in the industry, I feel like it’s a little bit easier for us to access those.
There’s more information available for us to be able to use them. And they’re also a little bit less risky as well. So I would agree with you if, if I had a lot of money and I was really playing with the big boys with bonds, I would much rather do more of an active strategy and pick individual bonds and do it that way, just like I do with stocks, but I just, I’m not in that ballpark. So that’s why I have recommended bond ETFs. And that’s why I have talked about them in the past. But of course, you know, I am not perfect. And if there are other options out there that are better, I, of course, I’m always all ears and eager to learn anything that anybody else might have that would, they think, would be a better choice. But at least for me, that’s what I’ve found has worked best for the people and for me that, that listened to any of the guidance that I might give them.
All right, folks. Well, that is going to wrap up our conversation for this evening. I wanted to thank everybody for taking the time to write us those fantastic questions. You guys are stretching us and making us think, so it will love that and keep them coming. So we appreciate it. So if there’s anything you guys have questions about, please do not hesitate to reach out, and we will do our best to answer them on the podcast or send you an email back. So hope you guys are doing well and staying safe. Please remember our motto, go out there and invest with a margin of safety emphasis on the safety. Have a great week. We’ll talk to you all next week.
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