TDI Podcast: The Briefing Trader (#981)

29:13But yeah, I mean, understanding that, and even now, right, we're trading at about a 21-time forward PE ratio. And everyone's like, well, it's so expensive. But it's really not because the efficiency for the U.S. has gotten so – corporate America has gotten so much better that margins continue to expand. We have a run of, what, 14 % margin growth over the last couple of quarters. So, yeah, so value investing has definitely not been at the forefront. You probably see that with Berkshire where they're sitting on, what,$370 billion in cash because according to Buffett's model, none of this is meeting its value.

29:53But, you know, investors have really thrown that off, thrown that out at the moment. So it's just kind of interesting to see that. I think, though, Buffett's models have changed when they need them to change, right? Remember when they bought Apple? That was not a – that was like – It wasn't popular. But that was not a Buffett buy at the time. The only thing that was going to happen was the hope that – because they weren't even – if I'm not mistaken, I don't think Apple at the time was shareholder-friendly. No. It came after that. I mean, most techs not, right? No, no. Most tech stocks were never shareholder-friendly.

30:26Yeah. But all of a sudden, they pay dividends now. It's a whole different world. In fact, when you look at the recent reconstitution or constituents within the Dow Jones Industrial Average, where's the industrial in there? Yeah. You know? Yeah. I mean, you're even getting talks that Berkshire might go into the Dow, right, and replace Nike. That's more of a fit than Google. Yeah. In my opinion. Yeah. No, NVIDIA too, you could put under that realm, right? But Berkshire would have to be the B shares, and the B shares would have to be split, don't you think? I would think so because it's a price-weighted index, right?

31:05So, I mean, in order to get in, otherwise it would be 22 % of the index probably. Right, exactly, exactly. So let's talk for a second. I want to just take a moment and talk about some of the tools on briefing because, let me tell you, I've been on briefing I don't even know how many years. It's going on decades. I've been using briefing. And to be honest with you, I know that I never scratch the surface of what's going on and what I can use. I have things like I use the earnings pages, the eco pages, eco pages. I use the dual briefing trader with the dual view. I use single views. I use a variety.

31:42You know, I'll go on. I will do and listen to the sentiment and flow show, you know, as it's happening. Clearly, the earnings rips that are coming out, but there's so much more. I mean, there's commentary, there's the brand new, I forgot what you called it, actually, the brand new AI little guy down in the corner there. Yeah, yeah. Well, I mean, look, you got to keep up with the Joneses, right? And if you don't have AI on your site, then you're probably running a little bit behind. People want that simplicity for being able to do a quick search and get right to the storyline. They don't want to be sitting there and be like, OK, which story do I need to click on here to get the right information?

32:23So one of the things that we do have an advantage of is, you know, briefing was at the forefront for online investing. You know, we're running our upgrades, downgrades back in 97, 98 time. Nobody else is doing that. And that's kind of where we have an advantage on our AI, where our LLM model is built on our database. So you've got a scrubbed database. You know, one of the problems with AI that you get is you get bad data fronts in there. You don't know exactly where the large language model is always pulling from. But for ours, it's pulling from our database. So you've got curated data in there that makes it a little cleaner and a little bit easier to read through and more trustworthy, which is a key thing for AI.

33:10But I think that's an important thing that you talk. The word you use was scrub. Now, that I can't emphasize enough for people listening because when you go to sites and you go and you find that ABC stock came out with a 32 cents per share EPS, and maybe that is comparable, maybe it's not. Is it EPSX items? Is there something going on? What do they do? Do they take something out? Is it comparable to the analyst? Is it comparable to what they've even put out in the past? And that's one of the great things that you guys do is you cut through the crap, right? You guys know, look, hey, and I don't even know how many people are on the briefings team.

33:51I do know I've talked to people in the past. A bunch of the gang have been on the show, and they've told me offline too, it's a madhouse during earnings season. I mean, you know, I've been through 80 plus now with briefing, and I started off as an earnings analyst. So that was my, you know, I would, I started the earnings previews that we do and everything. And I mean, you know, doing it long enough, you know, 401, there's going to be that flow 405. Boom. There's 30, 40 names hitting on a busy day. And so it's just a mad scramble where everybody, especially now with remote work, everybody in the chat room be like, I got this ticket.

34:32I got that ticket going through, but, uh, you know, going and checking to make sure that that's a comparable data, making sure that there's no issues with currency conversions at all or anything that could be in play because, you know, making sure you're getting the right JP Morgan revenue number there, you know, you're getting the managed revenue instead of the overall revenue, which is the comparable and understanding if there's only two analysts covering it versus 30, because that makes a difference in the accuracy of that consensus. So, yeah, so we pride ourselves in being, you know, all our, if you saw it, I mean, everybody hates Ernie Caesar.

35:09No, I can imagine. Three weeks of hell. Yeah, I can imagine because it's nonstop and then it comes out. You know, it's interesting what this does and why I really focus in on the screens, the dual view, what's it called? The dual in play. Dual in play, sorry. Dual in play. I had a little mental block there. The dual in play, why I focus in on that, two things. First, something happens, market goes a little wonky, and you're kind of like, what happened there? And it's like, oh, there it goes. Briefing's telling me that somebody said something about something. Or the earnings issue is you see the stock comes out, and if you looked anywhere, it looked like they beat by 5 cents, and they're adjusting, and they're guiding higher.

35:54Meanwhile, the stock's down 12%. You're like, okay, well, the reality, the reasoning was that they didn't meet the whisper, for example, could be, or the stock ran up ahead of this, and the expectation was for that, and they only did this on their outlook. Or they had a one-time item in there that we really need to strip out to show what the – again, I'm just making this up. But, you know, these are things that if you're trying as an individual, an advisor, an investor, a team of investors, a team of advisors to understand what's happening, the problem is there's a lot to cover at once, particularly in those days when you have like four, three or four major companies in the afternoon or in the morning for that matter.

36:35So kudos to you guys for that. Appreciate it. Let's talk about the market backdrop. You know, you run the Sentiment and Flow show. This is an audio visual show that you have on briefing. Who's that available to? Anybody who's on our trader product. The trader product, which is the top product. Yeah, that's our high-end product. I've been running the audio portion now for the last five, six years. And it's a chat room. And we've got some real savvy users out there, as you said. But, you know, a lot of smart people that are retired that are still trading in the markets, investors and everything.

37:15So we got a really strong room in there, which is great for trading ideas and investment ideas and understanding exactly why stocks move the way they do. But so it's nice. It's an audio program. We kick it off at about 9 a.m., just about 30 minutes before the market opens, kind of run through what happened overnight, get the trader set up for everybody. and just a real clear understanding of why we're moving and what the main drivers are. We got a real savvy group of analysts that are able to cover that. Pat O 'Hare does a great job with Page 1, 2, writing that up. One of the better writers that she'll run across.

37:52He's been on the show. Pat's been on the show. Yeah, yeah, yeah. Pat's smart as a whip and just a phenomenal writer. So always recommend checking out Page 1 to get a good sense. I myself do the TA page scans, which that stands for technical analysis. People don't technical analysis. Exactly. So, yeah. So it's got a whole bunch of different trading setups there, but also overall macro look at the markets and everything. But we'll just kind of break in and the top stories, top movers that are going out there and explain why they're moving where they are, point out technical levels to people. And then throughout the course of the day, as you said, when a headline comes across, everyone's like, what just happened?

38:31And, you know, and we'll go in and we'll explain it, break it down. And again, we've just got a team of analysts that if you looked at the average length of stay for people are briefing, it's quite there's a lot. I'm not even the oldest person. Long time. What's who have I had on before? He's been on like he's been there forever. Damon. Damon. Damon. He's like he's like Damon. Damon's like an institution. Yeah, he's he came basically straight out of Stanford and started working for Dick Green there. And he created the trader product and yeah, he's been on for 30 years. Pat's been on for 27 or so, I think.

39:07Yeah. So, and I'm 20. Yeah, I'm a newbie. I still got some time on a few people, but I mean, I could think of about 15, 20 people with over 10 years of experience at briefing.com. So it's a savvy group of folks that, you know, it's a bit of a skeleton crew at times, but I mean, everybody knows what they're doing and understands the markets, which is great for getting the message out. One of the things also I like is when you put out your earnings numbers and your, well, even your economic numbers, one of the things I like is you show the importance of it and how it weighs on markets, but that's number one.

39:39Number two, although economics, my opinion, nobody gives a shit about it anymore. It's like kind of like we care about it, but it doesn't, moves markets for 30 seconds and it's like, okay, that was boring. Well, it's all about what it's going to do for the impact of the Fed, right? Fed, that's all it is. That's all it is. And I guess that's what Warsh is trying to change now at the moment, right? I hated that. I really, really, I found that - Making econ data great again. Yeah, exactly. I really honestly found that when I started my career, I was really macrocentric and I thought that there was a lot of economics that I could look at to build portfolio composition and construct an allocation that would be appropriate for clients based on what I would think were the outlooks and all that.

40:18And then the last, I don't know, 15 years, maybe 10 years, 15 years. Well, definitely last 10 years. Last 15 years, probably maybe since Bernanke when, or maybe since the great financial crisis, I don't know, somewhere around there, it became less and less and less. And it became that there was less importance put on it because maybe the Fed showed or maybe people believed that there's no longer going to be a downside that's too long because the invisible hand, the, you know, the fine. The Fed put. The Fed put was, yeah, exactly. Which I guess was really Bernanke on there. But nonetheless, one of the things you do for economic numbers is you actually put two things.

41:00You have a number of, let's say, unemployment, 4.2%. That's briefing.com's estimate. But then you also put the analyst's estimate next to it to show where you guys are versus where they are. Yeah, yeah. It's just to kind of help differentiate. I mean, because you could have outliers on econ data and everything like that. So, you know, we try to give a sense of where we think that the market could be off sides in terms of anticipation. And I agree in terms of for an investor, you know, one data point is not going to change anything. It can have an impact for how a trader reacts. And so, you know, we try to do our previews for the bigger data points and make sure that people are kind of well aware of what the expectations are.

41:47And then if they come in lighter beat handily, whatever it might be, from time to time, you will get that one data point that everyone's got an eye on, right? BLS report or CPI report, they've had their day in the sun for having pretty big single-day market impacts, that's for sure. So we just try to make sure that there's a good understanding of what the expectations are going into that print so that people know why the market might react to the way it does. You know, there's a data point that I haven't looked at in a while, but I used to look at a lot. And now I'm not even remembering the name of it.

42:22Maybe you can help me. It was where we looked at the differential between analysts' expectations and reality and how far they were off. CPI, Citibank, EGIS Economic Express. Yeah, because we looked at that and we always found that to be what I learned from that over the years tracking it is, One, most economic analysts will try to stick to consensus because that's their job. And the fact is they get too far away from consensus. And what happens? They get fired, right? Because they're wrong. Because the consensus is kind of what it is. You can't get fired if you're like, well, everybody was there too.

43:00Yeah. You know? No, exactly. Exactly. You don't want to be sticking your neck out too much, right? Maybe a little tweakier there. I don't know if you've used this lately, but I got to go back to looking at this because there was a definitive trend where economic analysts would get too excited and then too downtrodden. And whenever those started to miss is where when the economics need to catch up or they need to catch up. So if they were too excited for a long time and economics were down, they would bring their consensus or they would individually bring their analysis levels down to or their expectations down.

43:35And that would all of a sudden start impacting markets. But again, And it's been a number of years that we've kind of gotten away from that, of looking at even the big picture economics, because it was more so what the central banks were going to do, how much money is going to be printed, where they're going, and where they're pointing us to go. That seemed to be, unfortunately, the realities. Would you agree with that? I completely agree. And that's all stuff I think that Warsh is trying to get away from, right? the idea that let the market be the market and not the central bank driving everything right the whole you can't fight the fed notion and all that trying to get away from that and it was it was you know a necessary evil and during the great financial crisis and it just kind of built upon that after bernanke right you know helicopter ben and that whole and the communication strategy that whole thing which was you know they they they created this thing i was at a meeting with him I remember he was talking about this at a luncheon, and he's talking about the communication strategy.

44:35I'm like, wait, wait, wait, wait, wait, the communication strategy? You mean you're going to tell us where you want the markets to go, and you're going to have the parade of Fed, what turned out to be the parade of Fed speakers out at every luncheon talking about this just to adjust, walk back, adjust, readjust, walk back. That's what all it was. No, exactly. And you see that in the dissensions, right? I mean, if you see one dissension nowadays, you're like, oh, my God, how is this positive? Right. Right. Because it was such a group think just said, again, it was necessary during the great financial crisis.

45:10And I just feel like it was just kind of a rabbit hole that they fell down into. And then they expanded it with the summary of economic projections, the dot plots and all that. And they kind of got themselves in trouble with it because, you know, when they're so far off with the transitory inflation story and everything, Then all of a sudden, like the credibility started coming into play. Really, all it showed was just how difficult it is to project an economy more than two, three years out. So you talk about leverage and volatility risk, and you've highlighted this. I think one of the most recent sentiment flow shows, the fundamental backdrop remains fairly healthy.

45:49And leverage, though, and crowded options trading and positioning could amplify market moves, which, by the way, markets are jumpy, even though the VIX is, I don't even understand how the VIX is where it is, but let's move on from that for a second. It's unbelievable. Where do you see the greatest risk of maybe a volatility event maybe? Because even going back to war, don't forget, they walk back stuff every five minutes. That's what this market is doing. It's like, well, you said you're going to war, but then we're going to pound them for the next three weeks. And then like eight hours later, like, no, no, I didn't say that.

46:28What? You know, we're only going to do it. It's going to be short. We're going to be in and out. It's not going to be a problem. So is there a catalyst? Is there something that could be a problematic? Or is this kind of like, you know, the bullishness is so strong that it doesn't matter at this point? Well, I mean, look, the earnings have been so strong. I don't think it matters at this point. At the end of the day, corporate America just kind of keeps the ship afloat. We're looking at a quarter where we're expected 23 % earnings per share growth. It's going to be, I think, the seventh or eighth quarter of double-digit growth, the second straight one at 20 % earnings growth.

47:01So that's been able to wash away a lot of the geopolitical fears that we have. Now, it's interesting to see. We're obviously about to embark on Q2 earnings. We talked about Samsung earlier. Pepsi today, that was an interesting one. They beat on revs. They missed on earnings. They highlighted the potential for increased inflationary costs in the second half of 2026 here. So, you know, Costco came out with comparative store sales that were a little bit weak, you know, and that was a question. Anybody loves that stock, obviously, generally speaking, but just another one of valuation, right? High valuation.

47:40That was really more just a slow, a slower deceleration. It was 8 % last month, it was 7 % this month. And it goes to show people are very sensitive to what the consumer is doing. And we get Delta tomorrow. And that's going to be interesting because that's a high-end consumer. That's company buying. Everybody's expecting a good report. And if you see them start talking about consumers pulling back a little bit, then you might get a little bit more of a red flag on some of the staples and some of the discretionary, for sure. So let's just go back to something and talk about earnings for a minute.

48:11and earnings season, these double-digit doubles in the 20s and growth and all that. There's a good amount of that baked into those numbers when you look at the index level, market cap-based, that are from the big boys, right? If you extract out all those, you still have good numbers, right? There's no question about that because you have a trickle down. But a lot of this has been something I have talked about at Nauseam, by the way. the circular financing and the vendor financing and the idea that they basically, what happened is the hundreds of billions of dollars that we had on balance sheets for a long period of time, the cash cow concept with Google and Apple, name who you want, Facebook, it doesn't matter, you know, Berkshire, all these companies, right?

48:56The major tech companies basically did this. They took, and I can give you further, but I'm just gonna give you the big picture from what I saw, a lot of the money off of their balance sheet and put it into their income statement through circular financing of companies that would actually go and give them money back when they finance them. So you have company ABC that needs cloud storage space. What they did with Microsoft is they said, hey, you know what, I'm gonna give you$20 billion or whatever the number is to actually work in your company, but you're gonna sign a 10-year agreement with me to buy back on the Azure X amount of space, of storage space, and maybe even compute from other companies.

49:36What's your thoughts on that? Well, that's obviously one of the bigger risks for the AI story. Luckily for the markets, the two biggest drivers of that, you know, open AI is private, Anthropics private. So, you know, there's lots of speculation about revenue growth there and whether or not, you know, you see the stories around China potentially undercutting some of the token costs that are going on out there. So luckily for the industry, they're not public because then people would probably be able to put some of the real numbers together and be like, how are they going to finance it? You see it in Oracle.

50:14I was going to say Oracle. Oracle is a canary in the coal mine for this, right? Yeah. But, you know, I feel like a lot of that's been pulled back in. I mean, look at Oracle's stock price. It's back down to$135. More than the announcement when OpenAI came out with that$12 ,000,$12 ,000, they're giving them whatever it was. Yeah, right. Big number, big number, lots of commas. But I mean, so yeah, I mean, obviously that's the key. You're looking for ground zero on what could kind of implode this rally. That would be it without a doubt, you know, because then you'd have all of a sudden all that money that NVIDIA and the circular financing has been doing pulling back in.

50:52And I mean, so, but right now the numbers have been real. You know, Micron, of course, pull away expectations. Unbelievable. Samsung was on a 19-fold increase. Micron, some ridiculous number. Stock up 1 ,200 % in the last however long. But you've spent years and years studying earnings reports, conference calls, and things of that nature. I'm going to throw a couple things out to you. Sure. When you have a commentary that shows certain phrases, certain buzzwords, they always catch my attention like constant currency. I'm like, uh-oh, what's that? You know, when they talk about constant currency numbers, they start all of a sudden, and it doesn't happen for one company.

51:37One company does it and then the rest start doing it, right? You hear the word like framework when they talk about a deal being done. I'm like, oh, it's a framework. It's nothing. What is a framework, right? Constant currency. You hear that. You hear that it is, some companies will do EBITDA versus straight EPS. Some companies will have X special items. What buzzwords kind of hit you when you start hearing some of the conference calls out there and that concerns you? In the current environment? You know, in other words, if you hear a conference call, every time I hear the word constant currency in a conference call, I'm like, oh, oh, what is that?

52:20I mean, they're never announcing it when it's a tailwind. Never. I mean, have you ever heard weather be a tailwind for any retailer? No, beautiful weather. A lot more people came out. No, no, no. It was execution. It was execution. The management executed well. Yeah, they had the sun. Because it was sunny. Exactly. So I mean, this time, so what I'll be listening to a lot, I'd listen to a ton of calls. And, you know, with AI, it's great now, too, because you could just grab a conference call transcript and just kind of put in different, you know, set it up for look for these buzzwords. And the buzzwords that I'm free cash flow is going to be the one that I'm looking at real close this time.

53:07Obviously, that's where a lot of the traders are watching pretty closely. You see that with the hyperscalers where they went from asset light to all of a sudden a heavy asset company. So free cash flow and margins are going to be the key thing to watch here. That's why you saw Pepsi kind of react the way that they did. Their operating margins were actually better than expected, but it's the forward outlook for these margins that there's some concerns about. Free cash flow and the tech companies are going to be the big one because they're going to go from – they have to go from here to way down.

53:39Oh, yeah. There's no question. I'll shoot it over to you after it. There was a chart today. It was Morgan Stanley that showed the cash flow of hyperscalers to semiconductors. And it's just an inverted parabolic move from where it had been going over the last couple of years. It's just amazing when you see it in an actual chart. And I mean, that's obviously the big story on the backdrop of the markets, But now, luckily enough for a lot of these hyperscalers, they got the revenue to back it up. Clearly. They do. For now, the question is, how is that going to go? All right. Well, I mean, I think it's going to be really interesting to see what happens here.

54:20But I agree with you 100%. This whole issue of free cash flow is going to be a big one. Margins, again, they'll probably start throwing gross out at us rather than net. Who knows how they do this? Yeah. Yeah, that's exactly what they'll try to do. A little financial engineering or signal engineering, I guess we could call it on a conference call. Yeah, on a conference call, they'll do that. You know, we had a great gross – really? Okay, good. What did you take out? You know, what are you not including there somehow, you know? Yeah, you know, tariffs or oil and – Well, that would be another thing.

54:52Nike said they're going to have another$950 million they were expecting from tariffs, but who knows what the timing and when that's going to come. It was just like a – they just like threw this out there out of nowhere. It's like, what? What? That's a perfect example of cutting through the noise when all of a sudden they beat by 60 cents on the bottom line. You're like, well, what happened there? Is this turnaround plan starting to come in? And you go in and be like, well, it included in a, I don't know, a 750 million benefit from IEPA refunds and everything. So, yeah. So, I mean, I'm not expecting tariffs to be a major story this quarter by any stretch of the imagination.

55:27But certainly oil prices, right? And you'll get people trying to be dismissive of them. And I'll be curious because the linearity of oil throughout this quarter has been lower. So I'm really curious to see how people address that, especially with forward-looking guidance. You know, one of the things I look at, I'll close on this earnings issue. One of the things I always look at is when we have numbers that come out that are weak towards the end of this quarter or strong, depending on how you want to look at it. And then we look back what they had estimated where we are, and it shows that the potential is for a major drop-off.

56:00Like, in other words, you could see by the where they are, what happened to the quarter on a month, if they share any information on like retail on a shorter term basis. And then they do an estimate of the year. It's like, wait a minute, you're putting this number down and, you know, you have like a 60 cent beat this quarter, but you're not changing your annual. What happened there? That means that that's a potential real red flag for next quarter. That's a concern. Now, it is the company's business to kind of sand back a little bit and lower those expectations. That's why you generally see over the course of a quarter downgrading their estimates.

56:37On average, earnings per share get downgraded about 2 % to 3 % from the end of one quarter to the start of the other. This time around, it's a little different. Majorly different, right? March 31st to current day, they're up 3.4%, which is a big swing from the normal process that we see of people sandbagging and lowering those expectations. And it's the game that's played with the analysts and the companies. They want to be in their good graces. They want to give them a lower bar to beat. Not a low bar this time around, and that's what's going to make this. Now, I think that they'll beat it or they'll at least meet it.

57:14But as we've seen, if you come in line against high expectations, your stock's going to be down 5 % to 10%. Yep. And they'll try to buy it, by the way. And then they'll try to buy it back that morning because nothing could stay down. Here's my closing question for you. And, of course, people can go over to briefing.com and check out all the different things that are available on that. Go over to the disciplineinvestor.com. We'll put some links in there as well for the episode number 981. So here's a question. What chart, maybe a chart, what chart, I guess that's a good start of this, is sitting on your desk every day that investors should see?

57:56Like, what are you looking, what's like, I need to have that. If I don't see that, I can't start my day. Goes along with my coffee. 41M. 41M? 41M. Oh, 41M. I'm like 41M. Core 1M. So that's basically the measure by the CBOE of individual options, individual stocks being traded in options versus the index options. Right now, we're at an extreme level at the moment. I didn't check in the last couple of minutes here, but it was running right around five or six. Anything above eights at an extreme level. And it's to your point where we basically have a solid base for the SPX right now. But there's that little bubble up above it that's causing that volatility that we see where we're down 1%, up 1 % one day.

58:47And that core 1M, what it does is it measures how many people are leveraged in these individual stocks, primarily names like Micron and things like that. And I'm keeping an eye out on that because right now that tells me that there's going to be a lot of chop and volatility at the high end of the markets. But we're staying, what, within 2 % to 3 % of the all-time highs, which is fine. If we start seeing that pulling back a lot, then I'm going to be real curious to see, is that going to just kind of blow the froth off the top of the beer and you'll still have that good beer there to drink and everything?

59:24Or was it a bad pour and there was just way too much froth in that beer, right? And you got half a beer there and all of a sudden you're like, oh, I want my money back, right? Exactly. The money out. So that's the one chart that I'm watching. I know it's not a popular chart to follow, but for me, in terms of trying to understand where the volatility is and where the leverage is and where the risk is, I like following that a lot over the last couple of weeks because options activities just become such a key driver on a day to day basis. I want to kind of see through that noise and understand where the base of things stand right now.

1:00:02And we're not seeing panic by any stretch of the imagination. It's the, the potentials there given the leverage, but that would be the one, that would be the one thing that I'm keeping a close eye on. We're not seeing extremes in other areas in terms of sentiment for sure. Of course, sentiment's been that way for years now. Bitter's the new black on the sentiment data. Right. And, and then positioning it's, it's high, but it's not at extreme levels where you're like, oh, I need to take my money out. Cash levels as well. So for now, I just see a choppy market near the top. We'll see how earnings unfolds.

1:00:38And obviously, the price reaction to a lot of these earnings, that's going to be a key tell. But as long as the earnings stay strong, the market should stay there. And therefore, you know, the buy the dip mentality needs to kind of continue to be in play. We'll see that. But you also don't have to chase at this point. Yeah, clearly not. Gavin McGuire, briefing.com, a load of information, a wealth of knowledge. I appreciate it. and I'm looking forward to talking to you soon. Appreciate you having me on, Andrew. All right, we'll talk soon. Yeah, definitely. Thank you so much. Thanks. Gavin McGuire, great stuff.

1:01:09First time on the show. We've had a briefing on for years. I've told you all about it, why I love him. Hey, I want to remind you, we talked about it before we got to Gavin, but again, if you have a situation where you were kicked out, you were just kicked to the curb by Microsoft or Amazon or Meta or any of these other major firms and you have some questions on what to do next with some of the benefits packages and where you're going, We're here for that. We do a lot of that, and that's something we, I would say, specialize in. So make sure to go over to thedisciplinedinvestor.com. Click on the button that says Ask Andrew or Contact Us or something.

1:01:45Figure a way somehow to get in touch with us, and we'll make sure that you are set and in good shape. With that, we're going to wish you a bid you adieu. Next week coming up is Tom McClellan, the master at cycles and indicators. and understanding what's happening with markets. So make sure to stay tuned with that. Go over to YouTube, Amazon, Apple, Spotify, wherever you can find the podcast, you'll find us. Thanks for joining me again this week and every week. Don't forget Horowitz & Company is our new Instagram account. We're going to be posting some snippets. You can see what we look like, how we do it, what we're doing from the show and other things.

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