Investing for the future is a scary proposition, what if I pick the wrong company, what if I buy at the wrong time? These are all questions that beginning investors ask themselves.
But it doesn’t have to be that scary, there are simple, easy to choose options for those starting out that allow you to invest without a lot of work on your part, that over the long term will help you grow your wealth.
In today’s episode, Andrew and Dave discuss some of those options plus how to open a brokerage account.
A few concepts covered in today’s episode:
- Using ETFs to mimic the stock market as early investments that are low cost, and low maintenance
- How to open a brokerage account
- The basics of a discounted cash flow model (DCF) to value companies
- The mindset to approaching valuations and different inputs
- Staying with the devil you know, as opposed to finding a devil you don’t know.
For more insight like this into investing and stock selection for beginners, visit stockmarketpdf.com
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I love this podcast because it crushes your dreams and getting rich quick. They actually got me into reading stats for anything you’re tuned in to the Investing for Beginners podcast led by Andrew Sather and Dave Ahern. A step-by-step premium investing guide for beginners. Your path to financial freedom starts now.
All right, folks. Well, welcome to the Investing for Beginners podcast. This is episode 180 tonight. Andrew and I are going to get back to reading some listener questions. We’ve got some fantastic ones. And so, without any further ado, I’m going to turn it over to my friend, Andrew, and he is going to read the first question for us. And then we’ll do our little give and take.
Yeah, let’s do some give and take. I’m gonna flip the script a little bit here. So I got one question from one of my brothers, and I would like to share it. It texts to me; it’s a very, very simple thing he wanted. As beginners coming into the market, I feel that a lot of people might want to know just how easy it is to get started. So my bar, I basically said, I want to start putting into an investment, how something where I don’t necessarily have to watch it all the time, myself, like an IRA or something like that.
So what I told him, it was, it was pretty simple. What you can do is you can open a brokerage account, and you just have to make the decision. Do I want to go with a traditional IRA or a Roth IRA? Those are the two choices. The reason you choose an IRA is that it will give you tax advantages. So if you want the tax advantages, now you go for the traditional IRA. If you want the tax advantages later, you go for the Roth IRA. From there, you just open the brokerage account, and it’s something that can be done online. And within five minutes, if you’re fast enough, and it’s just a form you fill out online. And it’s something that I actually walk people through. And the book that I wrote about getting started in the stock market so that one’s called seven steps to understand the stock market.
We tend to talk about that stock marketpdf.com. You can get that for free, and that will walk you through exactly how to open a brokerage account. And so, you know, we, we started with the IRA choice and then we went down to, how do you make the brokerage account? You got it in there. And then, once you put money in the brokerage account, let the funds clear from a deposit. Then all you have to do is buy the stock or the investment. Now, if you’re just want to match the S and P 500 and just forget about it, all you have to do is buy a total market index fund. And so one simple one you could do is ticker symbol S P Y. So you would go in the website where it says ticker, you type in the S P Y or a spy, and that’s going to let you essentially buy the stock market, the S and P 500, the top 500 companies publicly traded, and that’s it, you’re done. And so really I think if somebody wanted the absolute bare-bones, get me into the market, let me just put money in and forget about it. That’s how you do it.
That’s really simple and really easy. And I would encourage everybody to take that to heart and do it if you have not pulled the trigger on this yet. Absolutely. You need to do it tomorrow. It’s kind of funny as Andrew and I was talking about this very question. My sister-in-law asked me the exact same question a couple of weeks ago. She went a little bit farther and asked me for some guidance on a few specific ETFs that I was able to dig around and give her some guidance on which ones to choose. And it was really easy, and it was she was able to get started right away, which was pretty awesome. So that was, I was excited for her to bite the bullet and take the step. And I could tell already that she’s got a different appreciation for it.
It’s, it’s amazing. Once you got to have skin in the game, then things become a little more real, and you pay more attention to it. And it’s, it’s really, really not hard. And I think once, once you step off the diving board and jump into the water, you’ll see that the water is really not that cold. And it’s definitely something you can do. If there’s one thing we can teach out of all of these episodes, at least one thing, it should be that, right? Yeah, absolutely. No, I totally agree. And it really, it, like Andrew said, it really only takes a few minutes, to actually go through the process of opening the account. And in many cases, depending on who you bank with, it can be as simple as opening a brokerage account with your bank. They make it very, very easy to do.
And it’s something that you don’t need a lot of guidance, but like Andrew was mentioning, his PDF that he created walks you through. It is super simple. It’s very clearly outlined, and it’s something I actually use to help me when I got started. So I definitely recommend it for sure.
I appreciate that.
Yeah. You’re welcome. So let’s move on to the next question. That was pretty easy. So this one says, hello, Mr. Sather, My name is Andrew, and I’m looking to get my feet wet, so to speak, in the stock market and other investments. All right, well, this will fit in. Well, he says I currently have a 401k, and I’m invested in my old employer with private company shares. My goal is to invest in the market with the hubs to be debt-free. In 10 years, I’ve been reading your stuff, listening to your podcasts, the basics of knowing what to look for when investing in the company for the term
And that’s growth. I generally understand; I think the biggest challenge for me is how to go about finding these companies to invest in and what techniques I should use to reach my goal of favoring the dollar cost, average approach. I think that’s a very basic and effective method. I can comfortably invest $5,000 and not sure what the best starting point is. Appreciate your thoughts.
New Speaker (06:21):
So, Dave, do you want to take a hack at that one first?
Sure. I’ll take a hack at it. So, Andrew, that is a fantastic question. And I’m proud of you for taking the step and, and going through with this, this is going to be one of the greatest things that you’ll ever do in your life, and it’ll help you so much, not only in the future but also for other opportunities as well. So kudos to you for taking the plunge.
So here are some thoughts. So I guess let’s, let’s kind of make this a little bit piece by piece here. So the dollar cost average approach is something that I personally approve of. It’s something that I’ve been doing myself for quite a while now. And it works fantastically in a couple of things about it that make it a great approach to use is when you’re investing, and you do it on a regular basis, it becomes a routine. And the other part of the investing becomes a routine as well as paying attention to the companies that you’re investing in, as well as doing some research and trying to search, to try to find other opportunities to invest in. But one thing that’s really great about it is, let’s say, that you have a few companies that you’ve invested in, and you really have a hard time finding another company to invest in.
Well, you don’t necessarily have to find a brand new one every single time. You can put more money into another company that you already own, because that will help increase the ownership of that particular company, especially if the company is undervalued and as it grows in value, that’s just going to boost your, your value of that particular company more and more as you go along. So I definitely strongly encourage that. I think that’s a great way to go. There are pros and cons to any, any type of approach you choose. I think the biggest hurdle at the beginning is to figure out a path that’s going to work best for you. And then once you figure that out is kind of sticking to that path. So I think that’s what I would definitely encourage you to do. So as far as trying to find the best companies, that is a little bit more of a, I guess, trickier prospect; I guess at first, my recommendation would be to look at other people’s portfolios I E gurus or people that you’ve read about, heard about people that you admire.
Think about some of the companies they’ve invested in, and looking at the stock market PDF that Andrew has created will help give you a good framework of companies that will kind of fit into that guideline and help you find some good companies to choose from. At first, don’t worry about having to pick the next Amazon because that’s something that we’re all looking for, and those are kind of unicorns. Those don’t come along every day. And so finding it, stressing out about that kind of thing at first, I think is something that I would try to avoid for me personally. I know that I just, I just dove in and picked a company. I picked Microsoft at the time. I thought it was a great company, still is a great company. I thought it was, you know, had some room to grow. I honestly didn’t know that much about the company.
I wasn’t super familiar with a lot of the different techniques that you can use to find valuations of companies and all the ins and outs of research and all those kinds of things. But in the beginning, don’t stress about that. The more important part is, is finding a couple of companies that you’re interested in, that you feel good about, that you feel that the prospects are good for those companies and starting to buy them and starting to build your confidence. And especially as the companies perform well for you as your investments do well, it’s also going to boost your, your, your confidence and you feel like, you know, Hey, I got this, but always remember that the wall street and the stock market is a, is a, is a cruel master and don’t get too cocky. Cause it will beat you down pretty quickly without you even having to blink about it.
So I guess my advice is to try to find people that you admire and you think have the same values that you do when you’re working for different companies and try to find different companies that they’re going to use. Other great choices are looking at companies that are safe, secure, that aren’t going to be super high flyers. And by that, I mean that are companies that are not going to be really risky at first because nothing will turn you off faster than to buy a company and see it explode and make all these great gains and then turn around. And two and a half weeks later, you lose all of it and more that could be very disheartening. And that’s something that I think you want to try to avoid at first. So staying away from something that’s a little riskier and a little more avant-garde at the beginning is something that it’s okay too, too, you know, throw a few bucks at something like Tesla. Yes. I admit it is throwing a few bucks at something like that. Fine. But if you put your whole investment initial investment in riskier stocks, then, then that can, that could we to trouble. And that would be something I would probably encourage beginners, too, to still stay away from. So I guess those are some of the ideas that I have. I’d be curious to hear some of the things that Andrew has to say.
I completely agree with all of that. I think looking at it and trying to find the companies that you’re comfortable
With and really taking it slow. I really want to emphasize as you first start out, try to think of it. I put it in a recent email. I wrote, then I put it this way. I think of your investing career like a city. And so, now let’s say we’re starting a brand new city from scratch. You’re going to have to build roads to make that city work. And so, you know, not one single person usually, I mean, I would assume not one single person is building every single road in that city. So it takes time to build those roads, and not every road is the most critical road. I mean, sure. A city has high, highly traffic roads with long commutes and the bumper, the bumper traffic, but that’s not going to be every road. And so if you look at your stocks and the investments that you’re adding to your portfolio, not as this needs to be the next Amazon, the next unicorn, like Dave said, maybe it’s just another road.
That’s building you along the path of becoming a better investor until one day you have enough skills to build that highly trafficked road. And so you get there and steps, you don’t get there overnight. It’s not a leap. It’s, it’s something like you got your feet wet, and then you go a little deeper, and you go a little deeper, and you go a little deeper. And so that’s why when you’re first starting out, you really either, almost all, almost only have to either start with something, you know, or you have to acquire a framework that helps you understand things in a new light. So if you, if you don’t start with what you know, whether that’s computers, whether that’s retail, whether that’s, you know, consumer products, whatever that is, it just only makes sense to start there. Why wouldn’t you start there? If, if you ready to understand how money is made in that industry, what drives the profit and the revenue, and that’s how you learn about business.
And then you just learn it over time. I mean, can you imagine trying to learn about business by finding the highest tech kind of only four supercomputers AI cloud data analysis. Like nobody can interpret that unless you’re, you’re making a serious effort to study it, and it falls within the knowledge that you’ve already built and accumulated over time. So in the same token, you don’t want to bite off more than you can chew. Try, try to start that way. Another option you have is you could find a framework to help you understand things. And so the way that’s, that’s something that I developed as I first started out as I went out and I, I tried to find the best mentors I could for investing. And it didn’t mean necessarily face-to-face mentors, but books from investors that were well-respected. And I would read some of their books.
And if I really liked that, I would continue on and generally trust what they had to say. And a lot of the stuff that you’ll read from a lot of the authors, other respected is good, good to know, and good to use and practice. And so you can, you can have a framework like that. And the programmer guy provided is something we’ve touched on with the seven steps ebook. And it starts with a simple concept, the price to earnings ratio, which is something that you’ll hear about all over the stock market. So I tried to set it up. So you get little pieces. I don’t shove it on, expect you to eat it all at once. It’s like a pizza; you’re gonna want to eat slices. Maybe in my case, maybe I’ll eat three tonight and three tomorrow, maybe that’s a lot, but that, you know, you portion it out that way. And then you move on to the next concept. And so the book has in our chapter, you move onto the second concept, the third concept. And again, it’s like the city you’re building these roads, and it’s something you tackle over time. So these are great questions. I like where Andrew’s head is here. And, you know, I think he’s he’s well on his way. I love that he’s gotten his feet wet now, and now it’s just up to continuing that journey and welcome to the journey. It’s a fun one.
I agree. That’s a fantastic answer. I love it; I love the analogy of the city. Is that something you just created on your own?
Yeah. I don’t know. It came to me one of those crazy mornings I’m researching.
That’s awesome. I love that. That was fantastic. All right, so let’s move on to the next question. Hey Andrew, I’ve caught up on most of the
Podcasts recently, and I’ve started getting into your blog posts. One of my difficulties is knowing when a business is actually undervalued and how undervalued it actually is, especially with your day’s emphasis on a margin of safety. That’s when I ran across your DCF post. Do you always use this to determine a potential value of a stock, or are there cases when you don’t, is that what analysts use when they set their price targets, trying to get a feel for this world? Thanks again, Jason. Andrew, what are your thoughts on that?
Yeah, it’s a good question. And I would say a lot of the analysts on wall street do use a DCF model. So for those of you who aren’t aware of what the DCF model is, it stands for the discounted cash flow model. And what you’re basically trying to do in a nutshell is you look at the money that’s in front of you, and you try to determine, is this money worth more than me to put into this company?
Or is it worth more than me to keep? In my hand, Warren buffet kind of explains it, like burn the hand or burn the Bush. So you’re trying to estimate with the DCF, how much cash is this business going to produce for me over the next five to 10 years? And so if that cash is going to be more valuable for me and that business is going to provide me more of that cash compared to if I put it somewhere else, let’s say like in a bank or a CD or a government bond. And that’s, that’s really the decision there is which, which option is more valuable. So that concept is a core part of the valuation. Again, it’s pretty widely used, not to say everybody uses it. There’s there are many other valuation models. Dave’s written a bunch of great posts covering the gambit of valuation models, but just because that there’s a formula for it doesn’t mean that that’s the end all be all.
So the numbers behind that are just one aspect. And the other aspect of valuation is really the art behind the valuation. And it’s in understanding the business and how that business is going to grow. So the big part of a DCF formula is that you’re making assumptions. And one of the biggest assumptions you make is how much is this business going to grow? And so that’s not an easy question, and it’s going the answer to that question is different for every business. And so you just because there’s a DCF formula to give you a valuation number, to tell, to give you an idea of if a company’s undervalued or overvalued, that doesn’t mean that you can just blindly apply that because how the target is going to grow revenue over the next three years is going to look a lot different than how Tesla is going to grow their revenues.
Okay? Target’s not really changing their number of stores very much. They’re keeping their stores in their most. What would they have found to be their sweet spot of the type of customer that likes to spend a lot of money at their stores and their strategy with how much cash that they’re reinvesting in the business is just solely to remodel those stores and drive those same-store sales up in order to drive their growth? On the flip side, you have somebody like Tesla, who is so incredibly, their products are so incredibly in demand that they can literally barely make enough to satisfy the demand. They really can’t because you have to go on a waitlist. And so they’re just trying to scrape together any sort of cash that they can to build more factories to continue to scale the business. And so those are two very different businesses, business strategies, business models, business industries.
So you have to look at them differently. You have to make growth assumptions differently, and you have to try to figure out how they can survive. And they’re an industry and the economy and the different environments. And so that’s a factor too. There are obviously so many things you could think of. If I had to boil it down between, you know, how do you look at how to figure out how the value of a company, how does wall street tend to do it? And you look to the DCF how a good way to do it is? And it’s going to be somewhere within that mix of let’s, let’s look at it, not as a prescription, but as something that you intertwine, the art and the science and the expertise, and some common sense thinking
What’s the best way to get started in the market. Download Andrews ebook for free at stockmarketpdf.com
And I agree with everything that Andrew was saying. One thing that I want to, I guess, caution people when they’re looking at DCS or any kind of valuation method, whatever it might be, don’t get so caught up in the nuts and bolts of inputting numbers, because there are, there are a few things you have to remember. First of all, as Andrew mentioned, there are assumptions that we have to make whenever we use any. And I repeat any valuation model, and there are no hard and fast rules that say that just because you come up with this particular number that wall street and everybody else that could be buying or selling that company is going to agree with you. So there’s that part of it. The other part of it is don’t get so fixated on finding the exact right number; a lot of new people to valuation get hung up on is this number, right?
It really boils down to more of being in the ballpark Warren buffet and Charlie and Margaret, both like to say that it’s better to be approximately right than correctly wrong. And it all comes down to, as Andrew was saying, the art part of it, as well as the science part of it. So having an understanding of the functionality of how a DCF works and understanding how the components interact with each other and the impacts that it has on the business now and in the future goes a long ways towards understanding whether the number that you come up with is a reasonable
Number. And just to kind of give you an example, if you’re looking at a company and you think that that company is going to grow at 15% a year over the next ten years, then you have to ask yourself, is this company really five times better than the economy that it’s operating in? Because when you think about the GDP of the United States, that runs between three and 4%. It so depends on where we are in the economic cycle. So if a company is going to grow at 15% for ten years, that means it’s growing at five times the economy for ten years; that’s a lot. And so depending on what the business is, that may or may not be realistic, and I’m not saying it is, and I’m not saying it isn’t, but those are just questions that you have to think about and ask yourself when you first start working with DCF or any other kind of valuation model, whether it’s a dividend discount model or an excess return model or any kind of model, those are all kinds of questions that you need to try to ask yourself, is this reasonable?
Is this something that the company has done historically? Is this something that the company you think can do based on what you know about the company now, given at the beginning, you may not know a whole a lot about the company, and it’s more about the functionality of the process of using the model to try to come to a conclusion of a price. And there’s nothing wrong with that. But I think the bigger thing is trying to think about a range of prices. And this is something that I look to learn from monies per bride. One of the things that he talks about in the Dondo investor, which is a fantastic book, by the way very easy to read and explains things very, very simply, and very clearly. And one of the things he talks about in the book is using DCF to value different companies.
And one of the companies that he values in the book is bed bath and beyond. And in the book, he comes up with a range of different growth ranges that he thinks that the company could possibly grow. And then he does the model and comes up with three different values. And then he looks at those values and, and he reasons based on what he knows about the company and what he thinks the prospects are, the company, which one of those values he thinks is closer to reality. And then he makes his decision based on that and a million other factors, Oh, whether he wants to buy a bed bath and beyond at that particular time. But my point with all that is is that that is something that you should do. So instead of just trying to come up with one number, try to come up with a range of numbers.
So if you think the company is going to grow at 10%, then maybe you go 11% and 9% and use the same other metrics. And that will give you a range of values that you can assess based on what’s happening with the economy what’s happening with that company. And I think all those things will help you get to where you want to go. And if you’re not entirely sure about this whole DCF thing, like Andrew said, we have a bunch of posts on our website about the DCFS. I’ve written some Andrew has written a few and camera’s Smith and other contributor has written a few as well. So there’s lots of great information about the DCF on there. There are also some great resources like Uber focus has this really easy DCF model that they, you can plug in a few inputs and it kind of gives you a number. So you can kind of get an idea of what possibly the company is worth at this particular time. But this is a great question. I’m really glad you brought this up, and I hope we answered that to your satisfaction.
It’s, it’s, it’s a deep topic of talk about needing to get all your scuba DiChiera gear and get ready for a date. Yeah. I mean, if, if Warren buffet uses it and Of the industry uses it, then yeah, you should probably, if you’re going to be serious about this, you should probably know how at least the basics work.
Yeah, exactly. And one thing I wanted to mention about the whole buffet thing, he’ll never say out loud exactly how he does a DCF, and Charlie Munger has mentioned many times that he’s never actually seen Warren do it, but we all gotta remember the Warren buffet has kind of like the Michael Jordan of investing. He’s in a different world than the rest of us mere mortals. And so these are things that, because he’s so smart that he could do in his head, he can look at something, and he can calculate in his head. What he thinks of the value of a company is going to be because his brain is like a computer. So for the rest of us mere mortals, we have to use, you know, Excel models and different computer stuff to give us the same kind of result. So just an FYI on that.
Dave, I don’t think that’s right. I think Buffet’s more like Michael Jordan and combined Kobe Bryant and combine LeBron James, the investing world.
Let me tell you, okay. I went to Omaha. It was like three or four years ago. And I, I sat there in the audience and listened to him, answer questions for like eight hours and the sharpness of his mind at his age and the ability for him to just make these like kinda tough calculations. And then people play them on the spot. And he just, just so adaptively just, just deals. I’m like, I can’t even do that now. And this man’s like four times my age, and he’s just flying through this. He truly is incredible, but he also doesn’t keep everything secret. He shares a lot of his information for free other than the DCF, but you know, a lot of the concepts of knowing the business and getting a circle of competence. So these are some of the things we try to distill great lessons we’ve learned from guys like
Him, Mohnish Pabrai by Charlie Munger. And so hopefully again, as you take a long path and, and think of as you’re building the city, not just a little house over time, you can start to pick up these concepts if you’re starting as a beginner.
Yeah, absolutely. I totally agree with that. All right. Let’s move on to the last question of the evening; let’s see it from our friend Jason. And I said, Oh, and I know that Dave talks about knowing your reason for investing, but what do you do if a business stock catches up to its target price? Well, it’s free to hold onto it at that point. Wouldn’t that be losing out on the opportunity cost of investing in another undervalued stock, even with the taxes of realizing your gains? That’s a good question, Andrew; what are your thoughts on that?
It is a good question. And I think it comes down to what’s your strategy and what’s your goals? So I, I, in the past, I think I had a more value mindset where I would really try to focus on finding companies with a deep margin of safety. Jassen mentioned earlier in the other question about the margin of safety. And that’s really just a concept where if you’ve determined the valuation for a stock, you simply buy the stock when it’s trading much lower than that. And so, in case your calculations were wrong, the stock would there; there would be enough of a buffer in there. And the stocks cheap enough where it could, maybe you estimated 8% growth and the like, or a 6% the stock would still perform well for you as an investment because you left that margin of safety in there. So that’s definitely a way you can do it where you can always try to kind of buy and flip almost.
And I would really, I would really challenge somebody if that’s going to be their approach that you really need to be turning. You need to be turning a lot of stocks. And so there’s a lot of backtests out there. James O’Shaughnessy has a great book called “What Works on Wall Street.” He did a lot of backtests, but the key, the key, the key to those strategies is that you’re buying. And then, within a year, you’re selling again, and then you’re buying again and then selling again. So you’re really capitalizing on that difference. Or this stock is so cheap when it eventually gets back to its more regular price, then you sell it, and then you go for the cheaper. Then you just continually do that. So over time, as I developed and I found what I was comfortable with personally and what I enjoyed investing my time in, I found that I really liked to prioritize very long-term compounding.
And so what that means for me is I would rather buy a business that will compound at a much higher rate for much longer than a business that might be a lot cheaper and has a greater margin of safety on a price perspective. And the reason for that is because I’m looking to hold these things for a very long time and just kind of sit back and let the business do the work for me. I’m not going to try to turn 2050 stocks in a year and constantly find the next cheapest thing. I’m going to build slow and steady, build a portfolio of great businesses, take my time, doing it, still diversify, but really make that the focus you’re still doing valuations. You’re, you’re still, you’re not going to go out and buy something with a PE of a hundred. You’re still going to make sure it’s in a decent range, but when it comes down to it, I would rather have a better business than the better price.
I agree with that. And that goes back to what Warren buffet likes to try to teach us in that it’s better to buy a wonderful price at, or sorry. It’s better to buy a wonderful company at a fair price than a cigar stock. And I think that’s kind of what Andrew was alluding to at the beginning is you’re buying the cheap of the cheap, and when it gets to its normal price, then you sell it and go out and find another cheap of the cheap. And I think the process that Andrew was talking about is, I guess, for me, as I’ve gotten more comfortable with this, this is definitely more along the lines of what I’m trying to do. Another thing to think about along these lines as well as when you are thinking about your process. And let’s say that you have a company is approaching its target price, and you start looking around, and you can’t really find anything else.
Then there really isn’t any reason to sell it. I would prefer to hold onto it and see that it continues to grow, maybe until another opportunity comes along. Because as hard as we try, we’re not going to find scads and scads of opportunities every single day. This is something that Andrew and I do every day, and it’s hard. It’s hard to find great ideas every single day. And if you have 25 stocks that you’re trying to turn over because they’re coming up on their target price, that’s, it’s going to be challenged to find companies as good or better than the one that you already own. And so I guess the, to play devil’s advocate on this question if you’re looking at Trane, the opportunity cost of buying an undervalued stock was, was the opportunity cost of trying to find something better than you already hold.
So it’s kind of like the devil, you know, would you rather stay with the devil, you know, or go with the devil? You don’t know, you know, that, that kind of aspect. So I think there’s definitely some validity to this question, for sure. But for me personally, I would rather follow the route that Andrew was talking about. Trying to find, spend more time, trying to find a great company. That’s going to compound mine for a much longer period of time than getting caught up in trying to sell out and find the next great company. Cause it’s, it’s hard. It’s a challenge for sure.
It’s, it’s really a great way to put it. I think we should end it there for tonight. Hopefully, we’ve given enough to on just a little, just a little bit to chew on. And, and, and you don’t try to take it all in at once.
If you’re just starting out, understand it’s a process, and you can learn it over time.
All right, folks. Well, that is going to wrap up our conversation for this evening. I wanted to thank Jason as well as Andrew and Andrew’s brother-in-law for sending us some great questions. Those are a lot of fun, and I hope you guys got some great info, and we help to answer those questions to your satisfaction. If you guys have any other questions, please do not hesitate to reach out to us. We’re happy to answer them on air or in-person by email. So hopefully, we’re helping you guys out. And if you guys have any questions, send them to us; we’re here to help. So are there any further ado, I’m going to go ahead and sign us off. You guys go out there and invest with a margin of safety emphasis on the safety. Have a great week, and we’ll talk to you all next week.
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