Earnings Watch Party Replay: Amazon, Eli Lilly, ConocoPhillips, Fortinet, and Affirm Holdings

Hello everybody, welcome. We will get started as everybody, uh, gets logged in here. Exciting day today. We're expecting a big crowd, even bigger than normal, because we'll be talking about Amazon. And I promise you, I've got some Amazon insights that will likely shock you. As always, get your questions, ticker requests Into the chat sooner rather than later. If we have time, we'll take some requests, and we will love always Q&A. Already got a couple in here, so we're going to do it by popular demand. But thanks for joining our third earnings watch party. These have been a great success. People love them. It's fun to talk about what I think about earnings because it's not what anybody else thinks about earnings. For me, these earnings headlines—they are commercials to sell stock. And having an opportunity to talk about what's really going on and what really matters. It's awesome. So let's jump in. Let's jump into the deep end. Jump in with Amazon. I think I've got some research that's going to shock you about Amazon. While this has been a great business and they have sort of been one step ahead of the competition for a long time, I mean, let's face it, they were wolf in sheep's clothing for a long time, right? Oh, it's just a book company. Oh no, that was just cover for the fact that they wanted to take over the world when it comes to retail. Oh, we're just a retail company. Oh, no. That was just a cover that we wanna take over the world with respect to logistics. Oh, we're just the logistics and, and retail business. Oh, that's just a cover for we're gonna take over the world for computing power. I think Amazon's done a great job of, of reinventing itself. But I wonder 2 things. Number one, how much reinvention is really left in the market given the obsession we have already with everything AI, quantum computing, and blockchain? And 2, how much is already baked into the stock price? So let's— we'll take a quick look at the news on Amazon today. They did okay on earnings, nothing great, but people were a little disappointed in the AWS growth. Not surprising because there's a lot of competition there— Google, Microsoft, and others. And I think a lot of the big companies themselves are getting into direct competition. I think Facebook and Oracle and these other firms are building their own. Data centers, power centers, because they really want reliable access to computing power and AI. And that's a trend that's not going to change. But Amazon's taken a pretty big hit today, especially compared to the rest of the market. So let's get into what I really think about Amazon. Let's look at the model on Amazon. First, we'll take a look here at our rating. This is from our professional membership perspective. I'm also going to be demonstrating a lot of our really powerful institutional tools. So you'll get access to see how all of those work. But I'm excited really most of all to talk our rating for Amazon, and I'm going to show you how our cutting-edge valuation tools, which we have for thousands of stocks and which drive this key criteria in the rating, is going to have some shocking information for you today. So if you've got friends who are interested in Amazon, or colleagues, or other portfolio managers, get them on the call right now because I'm going to show you something that I guarantee you've never seen anyone ever talk about with Amazon. And I'm going to give you numbers. I'm going to give you math to help you understand that this is not something I'm making up. There's no hyperbole. That's not what we have to do at New Constructs. We have the benefit of technology and superior information. As long as that's what you care about, we're the best in the world. Are we good at hype? Are we good at hyperbole? Are we good at meme stocks? Crypto? Sorry, not my thing. But if you want to know the truth, you care about fundamentals. You want to feel good about what it is you're doing, new constructs is your place. So Amazon, kind of a classic good company, bad stock. Good profitability, high return on capital. Not an amazing return on capital, but for a company of this size, it's impressive. Absolutely impressive. Huge value creator. But over here, when we get in the red, stock looks expensive. What does that mean? Well, it means that when we look at the future cash flows required to justify the stock price, which is how we do valuation work in new constructs, we look not at what the company's done, but what the company has to do to justify the price. So I'm not in the business of being a fortune teller or making predictions. I don't have to be. The stock market gives me a prediction every single day. This price Tells me what Mr. Market thinks. Mr. Market thinks it's worth $238. So what's the present value of future cash flows required for a model to generate $238 a share? What kind of forecasts have to go into a model to generate that number? Well, that's exactly what we do at New Constructs. This is one of our models. You get access to the model for this button for institutional clients. There's also, of course, details on all elements of the rating system. By the way, Harvard Business School rated our rating system superior to Wall Street ratings. Ernst Young published a paper proving that our metrics are superior to everybody else's metrics. And then another paper in the Journal of Financial Economics proves that all the data driving all of this is superior. So we work really hard to be the best in the world, and we've got the proof to show that we are. So let's jump in here into the deep end with Amazon. Now, I told you that we were going to quantify the future cash flows required to justify the price. Here in this rating system, we don't have time to do all that, but we boil it down to you in one metric here. This is the market implied growth appreciation period, or the number of years of profit growth required to justify the stock price. Now, this is where it gets interesting. Nobody knows the competitive advantage period of a company. Just like nobody knows the real value of a stock, you don't have to. You just need to know what the market thinks and then decide how different your opinion is than the market. If you think Mr. Market has it right at $238, $239 a share, all right, don't mess with it. Don't play with it. If you think Mr. Market's too low, buy. If you think Mr. Market is too high, sell. Well, how do we really understand what that $239 per share means? We have to run a discounted cash flow model to quantify what the future cash flows are to justify the price. Not to predict the price, but to quantify. So that's exactly what I did here with Amazon. Notice I created an optimistic scenario. We do this here on this forecast page where we go out and we create a variety of scenarios here for Amazon. The optimistic scenario is the one I want you to focus on. You can see consensus estimates are up here. We've got way better than consensus estimates going out for a long time. On the revenue line. Then on the margin side, the pretax margin side, optimistic, optimistic here. You can see historically the company's been in the low single digits. Best ever, 7.1%. Well, in our optimistic scenario, we're assuming that Amazon gets up to 6, 8, 10%. It's a good number. It's a really good number for a very business in a competitive spot, right? And that results in return on invested capital of 8% going up to around the 20s to 30s, and a NOPAT margin in the optimistic scenario that gets up to 7.6%. So when we run that optimistic scenario, we can look at it here. We can see what it implies with respect to the value of the stock. And so you can see when you run this optimistic scenario out over time, In 39 years, the model gets a price equal to $236 or $237 a share. That's closest to, but still less than the current stock price. And so you see up here in the summary, the way to read this is that to justify $238 or $239 a share, Amazon's got to grow revenue at 11% compounded annually for 39 years. While achieving a return on capital versus cost of capital spread of 35%. So the revenue growth number here, that might not be that impressive. It's kind of what they've done in the past, maybe a little bit lower. But for 39 years, whoa, that's a big number in 39 years. I'll tell you exactly what I mean here in a second. 35.1%, that's also a meaningful improvement. Point is, we're looking at a pretty optimistic scenario here. So let's put some context around what Amazon's business will look like in 39 years if it achieves the expectations baked into the current stock price. Not my expectations, but the expectations baked into the current stock price. So let's see what that means. All right. We'll take a look here at the implied revenue. You can see where revenue has been in the past. Compared to where it's been in the past, stock price is implying pretty big number here. It turns out 11% compounded annually for 39 years, that's a big bleeping number. It's $33 trillion. $33 trillion. How big is $33 trillion? Well, why don't we look at GDP for the top 15 countries in 2024? $33 trillion. Quite a bit bigger than the U.S., and almost as big as the U.S. and China combined. So thirty-three trillion is a big number. What does this mean in terms of return on capital? Well, they kind of been all over the place. It's been higher than lower, way higher. Sixty-four percent is what it means in terms of return on capital. So let's why don't we take a look at where return on capital is across the S&P 500? This is a chart I put together. or, or file I put together using our dynamic data screener. I can demonstrate that later if you guys have questions. I went to the new Construct system and I pulled down for the S&P 500 a bunch of cool stats. I've got market cap here, of course, NOPAT margin, return on capital, dollar value of NOPAT, and total revenue. So where does 65% put Amazon? Would put it at 11 today. So 65% would mean that they'd be in the top 11 of all companies in the S&P 500 while generating $33 trillion in revenue? I would say expectations are pretty high. Let's slice it another way. Let's look at the implied NOPAT. Where does that stand? So NOPAT would get up to $2.4 trillion. Well, let's search this. Let's rank the S&P by NOPAT, largest to smallest. Best right now is $109 billion. So Amazon would be going from $53 billion, they'd be getting up to $2.4 trillion. That's what's baked into the current stock price, my friends. 65% return on capital, one of the most profitable businesses in the S&P. And yes, in 39 years, $2.4 trillion. Yeah, you could say, yeah, David, these numbers are small because they're based on the S&P 500 today. 39 years from now, things would be very different. I get it, get it. And I'm not trying to be precise, just trying to give you a sense of when you look at our rating for Amazon and you see Red over here, 7.0, 100 years. I want you to know what that means, right? Again, I'm not saying this is a bad business. Great business, great credit rating, right? Free cash flow is a little off this year, but quality of earnings, great business. Done a lot of great things for the world. I mean, I use the heck out of Amazon. Unbelievable. And the way they've set it up, so like the shipping is super cheap, so you don't care. Like, oh, you think you need something, you just order whatever you need, it just shows up. Prices are good. Lots of variety. They get everything. And so, and the convenience is off the charts. It's off the charts. And so, yeah, great company. But is it a good stock? Is it a good stock? People will tell you, David, you've, you've been pointing out that Amazon has been expensive for a long time. And that is true. What's different today? Competitive landscape. They're not getting the jump on anybody anymore. They got the jump. on large-scale computing power with AWS, Amazon Web Services. Got the jump on the rest of the market. Google, Microsoft, everyone else, they're playing catch-up. What are they going to get the jump on next? And I would submit to you that even if they did get the jump, whatever good news comes from, or whatever future cash flows come from whatever new business they get into, I believe that's already priced in. All right, let's talk about Lilly. Neutral rating. Another situation, good company, good stock. I don't know how many of you guys know about this, but we recommended that stock back in 2011 when it was some fraction of what it was now. We were early on this. We tend to be early on a lot of things. We featured Eli Lilly when it was back at $35 a share. Uh, we'd like to talk about the economic earnings. It's the way we pick stocks now. So if you want good stocks, And you want an example of how we've picked them in the past? Eli Lilly is a great example. When you see other long ideas from us, they're going to be cut from the same cloth. So back to Eli Lilly here, though. Good company, not such a good stock. Good news is out there. We were early. Hey, we found something great. Guess what? Everybody crowded in. That's what happens these days. People crowd in. It's all about the narrative and jumping in. Oftentimes. When it's too late. Stock's up today. I think they did well on the earnings. They beat on earnings. There's some headwinds on the weight loss drug. And don't get me wrong, these guys have got some amazing stuff. These weight loss drugs are amazing. I think pharmaceutical companies are going to continue to do great things. I think they're great businesses, some of the greatest businesses out there. The rating says high return on capital, 20%, better than Amazon. It's a great return on capital. Positive economic earnings. Is the good news priced in? You know, I would submit to you there's not many secrets left out there, folks. There's no great hidden stocks that Wall Street's going to be telling you about. No, as long as the same tune is working, they're going to keep singing the same tune. And New Constructs, I'm going to— I'm singing a very different tune. Not always a popular tune, but you know what? Eli Lilly wasn't popular when we found it. Great stock picks aren't popular by definition. You got to get there before everyone else does. That's really the way we do business. All right, question, a good question. It's going to cause me to go back for a second here, but it was a question about Amazon and when was the last time their market implied growth appreciation period was attractive. So what we will show people here is part of our institutional product is, uh, rating history. Here's the rating history For Amazon, we don't have that gap number, but institutional clients—that's something we can provide. Good question about historical ratings. We have all that if you wanted to know more about our our backtest and quant stuff. It's all here. We've got an enormous amount of just really detailed documentation about what we cover, but also the data feeds, and we've got datasets, historical data feeds. For our ratings and our overall components. So you want historical anything going back to 1998 or however long Amazon's been around. Let's see, how long has Amazon been around? The quickest way I like to figure that out is go to our, our marked up filings page. This shows all the filings we have for Amazon. Oh yeah, we go 1998, original 10-K and an amended 10-K. But this is all the data we have, quarterly data going back to 2009. So all the adjustments, all the off-balance sheet debt, Mike, Amazon was a big user of off-balance sheet debt. They used to have a lot of hidden debt and it made the economics look a lot worse. You know, one of the things people don't realize also on Amazon is that their free cash flow has been a lot worse than, than what people thought for a long time. You can see big negatives. Look at that. Negative $10 billion, negative $40 billion, negative $46 billion, negative $49 billion, negative $13 billion. negative $26 billion. I'll tell you, compared to all the other Mag 7 stocks, Amazon's free cash flow is way worse. It's a very balance sheet intensive business. And, and what does that mean? Competitive advantage is limited. Returns on invested capital are limited. Why is it an intensive balance sheet business? Because they got to invest a ton to stay up on the competition, and that's not going to change. So Eli Lilly, good company, Bad stock, expensive, similar to Amazon. Not as crazy, right? You got 58 years based on consensus. Not as crazy, but still good company, bad stock. All right, let's get back to the portfolio here for the 5 companies we're covering today. Let's go with ConocoPhillips. All right, we got an attractive rating suspended because they're in the middle of a large acquisition. All of our readers should know that if you want to know why something's suspended, just click on the analyst notes here. And it will take you to all the reasons we suspend a stock. And look, this is us being honest that guess what? If the auditor reports that the company's got going concern issues, we're going to suspend the rating. If they announce a big acquisition or divestiture until we get the updated financials, the business could be very different. We don't know. The filing's too late. They got major litigation. These are things that aren't always captured in income statement, balance sheet, cash flow. So we've got to make sure we, we adjust our ratings accordingly. Big acquisition here, suspended rating. But what we do know is the current economics, and ConocoPhillips, very different from the other companies. Not such a great business right now, but a cheap valuation. In particular, I like this market implied growth appreciation period of less than 1 year and a price-to-economic book value Up 0.9. If you've watched any of our recent trainings, you'll know that there's a lot of headwinds going on right now. I mean, I don't know how anybody keeps up with what's going on in the market because you've got people arguing that tariffs are going to create inflation. On the other hand, Doge is going to cut so much spending that inflation is going to go down. A lot of stuff going on. I don't recommend you try to figure it all out. I don't think you can. I know I can't. So, what I do is I go and I look at individual stocks and I figure out what the price says about the future and where I think Mr. Market is most wrong. Well, those are the stocks to focus on. Most wrong in terms of having expectations that are too low, too cheap. Those are the most attractive stocks. Those that are most wrong because the stock's too expensive and the business isn't as good as people think. Well, those are the most dangerous stocks. We scan the whole market and we focus on those, the fat tails. All that stuff in the middle, it's great for Wall Street, great for the media, great for headlines. But people got to realize money is made in the investing business not from doing what's popular. It's from the dark corners where other people aren't looking. Now, of course, it's hard to get information where other people aren't looking because there's not all kinds of free stuff out there. But who said it was supposed to be easy? Investing's hard. Making money's hard. Got a lot of competition. It's only going to get tougher, you know, with AI. I just saw a great article today from a guy writing about how AI is going to eat equity research. We've been hearing that for a long time. I'll tell you what, New Constructs AI has eaten Wall Street's lunch for a long time. We're doing the diligence nobody else is doing. We've got insights nobody else has. Does that mean we get to be as bullish as everyone else? Probably not. No, I'm not into the narrative. So ConocoPhillips, we like this. We like the energy sector. Attractive rating, though it is suspended, so I wouldn't jump in here until we can see what's going on. But look, great economics here, great credit rating. I like the quality of this business for sure. Returns on capital kind of taking a dip here recently. But I, I think we're gonna see, if anything, that fossil fuels, traditional energy, energy distribution, I think is gonna be in a strong spot. I think that's gonna be part and parcel with what changes we're gonna be seeing here in the future. Energy's not going away anytime soon. We need more energy, not less. We need cheap energy. People really need to recognize that cheap energy is, is, is essential to raising standards of living, which creates more prosperity, which helps us afford creating green energy and other technologies that will make green energy more feasible. So it's all part of the path. It's gonna happen. It just doesn't need to happen overnight. We can't force it unless we want to spend a lot of money that doesn't produce a lot of results. We can't force it sooner than it's gonna happen, but it is gonna happen, and it needs to happen. I think reasonable minds can agree on that. All right, let's talk about Fortinet. Very popular stock. Now, one of the things I promised to reveal to people in this earnings call was One of the highest return on invested capital companies in the entire S&P 500. Boom, boom, boom, ding, ding, ding. Fortinet, and has been for a while now. Return on capital has come down because it was even higher for a while. Look at that economic earnings looking great, great business. Return on invested capital was as high as 549%. Does anybody know, maybe some of you guys who, who are ringers because you've been to a bunch of these, So you know all the answers to my favorite questions. How many companies in the last 5 years in the S&P 500 have earned a return on capital greater than 600%? Anybody know? Zero. So Fortnite's up there. Fortnite's got a great, a great return on capital. The question is, how sustainable is that? Over the years, looking at Apple, I can tell you they've had way higher returns on capital. What happens when, when you're making that much money? What's happening with, with AI? What's happening in the most profitable businesses in the world? What's happening with chips and Nvidia? Tons of capital's flowing. We heard about it. Microsoft, Apple, all the big names. What's the big number they talk about? How much money they're gonna spend on AI? Because it's a great business. People want those profits. People just sit back and say, oh, you know, Nvidia, You're so profitable. We love you. You should have all the profits. You know, you have it. You have it. I don't need any of that. No, we're a competitive society. You're on this call because you want to make more money. Everybody's that way. What does that mean? High margins, high returns on capital. They're under attack 24/7. That's why we focus on this competitive advantage period analysis. Nobody can grow profits forever. No moat is infinitely wide. Understand what kind of moat the stock price has given the stock before you jump in there. So yeah, Fortinet, I think they reported good numbers, and this stock was up pretty strong today too. Yeah, 4% positive numbers. You know, look, cybersecurity is a big deal. It's great. It's huge. Are they going to be the only one? Right? No. Are they priced as if they're going to be the only stock? Possibly. Good question here from one of our longtime clients here. Valuation alone is not a good timing mechanism for buying a stock. Research indicates momentum is also very important, especially in the short term. What is my response? That's true. Momentum is very important in the short term. There's also another saying on Wall Street. You take the escalator up, but you take the elevator down. You take the escalator up. But you take the elevator down. So look, momentum is great as long as it's working in your favor. When it switches, look out below. And that's a big part of what we focus on with our zombie stocks list. Our most dangerous stocks list is just how much risk is out there. And, and to Art's question, look, this is all up to you. I'm not an advisor, right? Nothing I do is meant to be advice. That's not what we do. We're a publisher of information. I'm here to inform you to make better risk-reward decisions. Why do I talk about risk-reward all the time? Because I can't predict the future. If I could predict the future, hey, we'd be doing this on my yacht or on my plane or on my private island because I would have an infinite amount of money, probably. But I can't predict the future. So what's the next best thing? Understanding risk-reward, maximizing risk-reward. That's what New Constructs does. Now, I think our ability to understand the future is probably better than just about anyone else because of the way we can specifically quantify the market's expectations for the future. I think that part's awesome. We're really proud to do that for our clients. So yeah, Fortinet's expensive. Value momentum matters. Absolutely. I mean, I mean, let's talk about momentum for a second. Let's talk about how momentum can cut both ways. It was all about momentum 2021 for Carvana. And notice one thing about this chart. What side's steeper, the way up or the way down? It's up to you how much risk you want to take. I'm just here to help you make sure you have a straight-faced and honest answer about how much risk you're taking. You deserve to know. You think Wall Street wants you to know? No, Wall Street wants to sell you stock. All right, so we had some good answers to my question before about the number of times ROIC has been above 600% in the last 5 years. All right. I got another slam dunk for people that are longtime listeners. How much money does the research department of an investment bank generate for the firm? Who knows that? I got a good question here. Marathon Oil. So we talking about Conoco and acquiring Marathon, right? This guy's now inactive. We still cover both stocks, so you can get inactive stocks in our systems. You get a sense of, of how Marathon looked when they covered it. For institutional clients, do we have all the data where you could do that easily? Because we've got models. You want to see my model on Marathon? You can download this thing into Excel in a couple seconds. And what you get in this Excel file is probably at least $50,000 to $75,000 worth of work. The amount of time it would take you to replicate what we've done here with Marathon Oil, take years, if not more. You want to go back through and say like balance sheet data going all the way back to 1998, income statement, cash flow adjustments, 1998. Look at all these adjustments, income statement adjustments, balance sheet adjustments. Anyway, we've got all that data. So if you wanted to combine them, we could do that for you. Absolutely. All right. I said my question on how much revenue do equity Research departments make for Wall Street. This is important. Who's the boss? Oh, I like this. I got one guess: 84%. How about zero? Investment banking and trading make all the money. So if a research analyst disagrees with an investment banker, what happens? Get fired. Here's what I'm talking about. Exile on Wall Street, talking about how he got pushed out because he wasn't positive. So that's the way it goes. That's the way it goes. Let's get to our last stock here. We're over 30 minutes. Affirm. Oh yeah, this is gonna be fun. So we talked about how expensive Amazon was. Here we're getting, you know, bad company, bad stock. Focusless short, -5. Economic book value, that minus 5 means it's a negative profit business. They're not making any money. Margins are negative, right? The no growth value, free cash flow negative, economic book value, no growth value to the business negative, no profits in this business. So just how crazy is the valuation? Well, I created an optimistic scenario here for us. I did one iteration. I got an optimistic scenario here. You can see high growth here in the past. And then for margins, they've been totally negative. So we're going to give them credit for dramatic turnaround all the way up to 20% margin. That's a NOPAT margin that's up around 25%, 26%. Where does that rank in the S&P for NOPAT margin? 26% NOPAT margins. I mean, that's high. 26% is going to put them in the top 100 of the S&P, top 75. Let's go with something closer to expectations, except we'll just assume those expectations go out for longer because that probably makes more sense. All right, 8 years at 26% compounded annually while seeing returns improve to 47% on average over the whole timeframe. So what we're looking at here 8 years to get this to a price that's closest to but equal to the current stock price. Let me show you my DCF model here so we can go to the optimistic scenario. See here, 8 years is where the model gets a price closest to but less than the current stock price. There's our 26.3% CAGR. Here's our 46.6% average economic earnings margin. Here's what the return on capital's got to get to Over that timeframe to justify that. Here's the NOPAT they got to get to, $3.9 billion. We can also look at all this on the decision page. So optimistic scenario, what's the implied revenue for the optimistic scenario? See, it's pretty much skyrocketing. It's $15 billion. Where does that rank for the S&P 500? 1,000. $15 billion in revenue would put them about halfway, halfway. We know also, though, that the margins have got to be a lot better. So why don't we take a look at the implied ROIC? Right. What does that have to do? That's kind of a skyrocket from current levels. So 122%. How does that compare in the S&P? 22 would put them in the top 4. So that's pretty impressive. That's quite a turnaround— top 4 while also growing revenue at an incredible rate. Let's look at implied NOPAT. Puts them at $3.9 billion. $3.9 billion would rank 126th. So among the most profitable businesses in the market, one of the top 3 or 4 returns on invested capital. So you could say a lot of good news is really priced in there for a business that's proven nothing, right? They haven't made any NOPAT, but we're giving them credit for a huge amount of it, being one of the top companies in the S&P 500. They've never had a positive return on invested capital. We're going to assume that they can do that, get to super positive, be one of the top 3 returns on invested capital companies. And we're going to assume their revenue is going to, at the same time, grow at 26% compounded annually for 8 years and, and be a huge number as well. That seems to be really, really rich expectations. All right, I'm going to take a few final questions here, but first, don't let me forget, if you guys want to see more of these earnings calls, uh, I'm going to put into the chat here the registration link for next week's calls. We're going to do 3 more. 3 more next week, uh, and who knows after that. We're going to be covering the biggest names, and I guarantee you we've got some more shockers. We're going to be looking at some stocks that are on the zombie stock list, and when I show you the expectations, you'll be shocked. You'll be absolutely shocked. And you might be shocked also about how bad these businesses are. That's another thing that makes UConstruct unique. To summarize, we work harder than everyone else, we're more honest, and we have better data. You see the better data from our models here and our ratings. I think that's very clear. Then we, but we also have footnotes data. And by footnotes data, I mean, this is information that no one else has. That's been proven in this paper from the Journal of Financial Economics by professors at Harvard Business School and MIT Sloan. The market is missing footnotes. No one else has this data. So we have a better measure of profitability. And I think you should get a theme here. Everything fits into what New Constructs is doing here. We work harder, we have better data, and that's why we can be more confident. And another question, do we have tracking of our stock picking performance? Yes, we do. We've been ranked number 1 by SumZero in multiple categories for stock picking every month for 44 consecutive months. And then if you want to see the performance of our model portfolios, like most attractive, most dangerous stocks, right here. I'll put this into the chat for you as well. You want to track our performance? Do it there. Remember I told you that Finding stocks, good stocks, is getting to the dark corner before everyone else knows that it exists. And we're going to be doing a special training session, session just for that in a couple of weeks. This is actually going to focus on a metric that we provide that no one else actually can calculate in the world. It's key because we got the footnotes data, so we have a better measure of profits. So I'm putting a link into our secret metric training. That's going to come up in a couple of weeks. If you want to learn about how we sort of take this data and operationalize it into stock picking, that's, that's one way. And this is a secret way. Now we have a lot of other ways. For example, there's a whole section on our site talking about earnings distortion, and there are ETFs and, and indices that use this to pick stocks. Like, it's for real, but everyone knows about that one. Now, is Earnings Distortion still a dark corner because it's based on footnotes data and only we have that data? Yeah, we have a competitive advantage. We have a moat around our business because no one else has that data. But the moat's bigger than that. And I'm going to share a little bit about how that moat is bigger in our Secret Metric training in a couple of weeks, because I'll be honest, we're still figuring out new ways to make money from our own data. We did a couple of bundles last year based on secret metrics and new metrics. And those stocks performed extremely well, and we're excited to do version 2.0 of those and continue to mine our own database. Thanks for your time. I'm sorry we don't have more time to go over other stock picks, but glad for you guys to be with me today, and I'll look forward to seeing you next week. The registration link is in there for you guys to sign up next week as well as for our next special training. Otherwise, have a great weekend.