Earnings Watch Party Replay: Dupont De Nemours, Humana, S&P Global, Lyft, and DoorDash

Thanks very much for joining me. This is our 4th or 5th earnings watch party. I've kind of lost count. We're loving these and our clients are loving them, and it's a great opportunity for us to share exactly how New Constructs works and why we have a different view on things. I encourage you to put your questions, concerns, requests into the Q&A and in the chat. But with no further ado, let's get going here. I'm going to share my screen and show you how we think about some of the stocks that have here reported here just recently. So to start, I put together a quick portfolio. This is our professional membership screen, and I'm also showing some of our institutional capabilities. And I put together a quick portfolio here of just the stocks we're supposed to talk about. We usually go in alphabetical order. And, and I also like to take a look at, you know, what the news is saying. Let's take a look what we're getting in the news for some of these stocks. Let's see, see if anybody made any big headlines. I think Dash had a big headline last night. Uh, what's it say about earnings call trend? 23 hours ago, optimistic ratings power Q4 surge. Ratings is a big business. You know, one of the things I remember most about the ratings from S&P is how after the global financial crisis, they actually published a release saying that they should not be held accountable for those ratings being wrong because nobody's supposed to believe them anyway. That's what you get from Wall Street ratings. And I would put S&P in the category of firms that's a Wall Street firm that's part of Wall Street. If you haven't seen The Big Short, if you haven't been to any of my trainings, you're missing out on an awesome video. From the movie The Big Short, where a couple of analysts go in and see one of the key people at S&P and ask this lady, you know, how can you have a positive rating on this group of mortgages when we know that the underlying mortgages are in such terrible shape? And she sort of dithers and dithers and avoids the question. And finally she says, oh, come on, you know, if we don't do it, well, then they're just going to go down the street and get someone else to give them a good rating. So we do it. And that mentality is like a microcosm, an excellent explanation of what goes on in all of Wall Street. If Goldman doesn't do the deal to sell the next batch of Tesla or DoorDash or Carvana, then you know what? Someone else is going to get that business. So they might as well do it too. And that's been going on for decades. And it's attracted a certain type of person and a certain type of mentality. And that's very different from what you get at New Constructs. So our rating here for S&P is probably quite different from most of what you see. We got a suspended rating because we're expecting a new 10-K any day. And by the way, for all these earnings watch parties, this is all based on the trailing 12 months data. And we're going to be getting new Qs and Ks from a lot of these firms every day now. In fact, we've probably already updated 400 or 500 companies in the last couple of weeks with new Qs and Ks that have been coming in. That's the real data. And that's part of why we're doing these earnings watch parties, because whatever the headlines are about what's going on with these stocks, It's all superficial smoke and mirrors because you don't know what's going on until you get the full set of financials. Because let me tell you, it doesn't matter what's going on the income statement if you don't see the balance sheet and the cash flow statement. But to look at an income statement and not look at the balance sheet is like going to your money manager and asking him or her how she performed without taking into account how much money they have. Hey, I made you $10 million last year. Well, that's great if you only gave them $10 million, but it's terrible if you gave them a billion. It's probably terrible if you gave them $100 million, right? The denominator matters, and that's a big part of new constructs. Like, we take into account denominators. So keep the questions coming and I'll get to them as we can. But also, if you've got any requests for some stick— some tickers you want me to talk about, if we have time at the end We might not today. We got 5 stocks we're going through today. But this is a classic, you know, not very good company and bad stock. Bad stock because you got red here. Red, it means valuation is really expensive. 4.5 price to economic book value. That's a big number. That's a big number for kind of an old-line business. Look, I mean, or not necessarily, I shouldn't say old-line, but like not a sexy business. It's not, so they're not creating AI. They're not monetizing attention, which is one of the, you know, the biggest businesses in the world these days. They are in some ways with their ratings, but it's, it's generally, you know, a higher return on capital business than most. But 8% does not impress me. You can see economic earnings here took a big drop even while accounting earnings stayed flat. So, um, that's getting a little bit better, but I would imagine these guys probably had a very unattractive rating during this period of time. When we saw this divergence really accentuate, not as bad as it once was, but you still still see there's a big difference here. Big difference, probably because they're acquiring businesses and not making enough money from those acquisitions. Return on invested capital likewise big drop. Yeah, you can see really high here: 30s, 35, 47 percent. That's a great return on capital. And honestly, like one of the worst things that high return on capital companies can often do is to put a bunch of capital into big acquisitions. I'm guessing that's what's driving a big part of the decline here, but we can see for sure because we can look at margins and capital turns. Well, we can see that both have fallen. So we've seen a big drop in margins from as high as 42% down to 27%. And then capital turns, an even bigger drop from 1.1% to 0.2%. So yeah, the overall, all parts of the business not looking good. That's the takeaway. See free cash flow been pretty steady. Yeah, this, this looks like an acquisition. In 2022, which is when we see margins and capital turns drop. So that's probably a big acquisition. Otherwise, not bad on the free cash flow front. And that's why they've got a, a sort of a mediocre free cash flow yield here in the current. Been kind of in the past not been bad, actually been really good. Goodness gracious, 30, 25, 40%, but dropped down quite a bit here in the last couple of years. And then the price-to-economic book value ratio took a hit here as margins dropped, but the price is still going up. So it's really getting even more expensive here. Price is going up faster than economic book value. You can see price increases here and economic book value going up not as much, I believe, as $440 is to $540 and $79 to $112 or $113. So a more expensive stock. And, you know, not, not a lot to believe that they're going to meet the expectations baked into the stock price. One of the things to be mindful of here is we're not trying to talk about what this company is going to do. What we're looking at here in all of our valuation analysis is what the market expects the company to do. Doesn't matter what I think. Doesn't matter what, what my colleagues think. Doesn't matter what Wall Street thinks. What matters is what the market thinks. And the only reason to have a position in a stock is if you have a meaningfully different view of the future than what the market thinks, right? If you think the market thinks the future— you think the market's got the future about right, don't touch it. Don't play with it. There's no, there's no advantage for you. You only want to be buying stocks when you think the market's expectations are too low and selling stocks when market expectations are too high. Buy low, sell high. Buy low expectations, sell high expectations, right? My mentor when I first got to Wall Street, Michael Mauboussin, one of the first things I learned, buy low expectations, sell high expectations. Okay, great. What are the expectations? That's what we quantify in new constructs. We quantify expectations and we rank them relative to all the other companies out there, right? This is a really high number, greater than 100 years, really high number for the expectations baked into the stock price. All right, let's take a look at our next stock. DoorDash had a good, good— that's some good earnings here recently, right? Yeah, the stock's up. Booming holiday orders boost revenue. Stock rallies even as demand forecast tops expectations. 25% growth. Yeah, so what does New Constructs think about DoorDash? Unattractive. It has been unattractive Or very unattractive for the whole time that we've been following the stock. I think if we go back and look at our rating history, yeah, this has always been an unattractive rated stock. Let's see, going back to the IPO, if we look at all the way back from the beginning, unattractive every day from its inception. That's what we see here. And, you know, it's, it's, I guess it's because the accounting earnings are bad and the economic earnings are bad. We typically really only ding it if, you know, you've got accounting earnings going up and economic earnings going down. We haven't quite seen that. That's typically what sort of what puts them over the edge for very unattractive. But this has been a really, really over— just overvalued stock for a long time. You can see that we've been negative on this. If we go to our research reports here on DoorDash, This was, I think, is a zombie stock. We called it the most ridiculous IPO of 2020. The, you know, the other company that got that same IPO moniker was WeWork. And look, I just don't think this business makes sense. I don't think that food delivery is ever going to be something where we will ever see consistent positive economic earnings. We've never seen economic earnings get positive. I don't think we've seen accounting earnings ever get positive. Why? I just don't know that you have a moat around delivery, food delivery, even if you're part of a larger company. Yes, I've got a couple comments here about some, some shorting. These are tough stocks to short, and I think, you know, timing is everything, obviously, in shorting. And, and we don't know when these stocks are going to crack, but I do think that we are entering what I would call a golden age of, of investing, a golden age for stocks. where markets are going to start paying attention to the underloved and less attention to the overloved. DoorDash is overloved, right? It's got this absurd valuation. It's one thing for this to be a bad business. It's a whole nother thing for it to have a valuation that is just absolutely bonkers. And let me, let me go into some detail. I'm going to actually do a reverse discounted cash flow model on DoorDash. We did this in our original IPO report. And we talked about one of the big things, switching costs. Right? Like, I can get somebody to deliver to me who's ever cheapest. So it's going to always be like, as if they're making a lot of money delivering food. And if the delivering food becomes super profitable, then the restaurants are going to do it themselves because they're going to want to own that experience. I mean, I don't like getting food delivered because the food's never as good. And I don't really want my food in some dude's car driving around like, you know, we all saw that Roaring Kitty movie where that guy was a food delivery driver, eats the food. I don't know if it doesn't happen. I don't know, when I was a teenager, I don't know if I would've trusted me delivering anybody's food. So here's the implied GOV for DoorDash at its IPO, and it was going to go from 5% to 72% of the food delivery market. That's the past share of the food delivery market, and this is the implied share over time in order to justify the price. This is what we showed the profits had to do to justify the price. You got negative profits here, they got to go way up. So that's quantifying expectations. So if we open a model here for DoorDash and let's go in, you can see the default, which is based on consensus estimates, gets to the price around no more than like $15 a share. So let's go in and put some wild forecasts in here, really high numbers. Let's say margins go up to, you know what, Kroger, a big, big scale company. I mean, their margin is only 3 or 4%. But let's give them— let's go 5, 6, 7, 8. Assume they stick at 8. And let's assume that there's 20% revenue growth for 5 years and then 10% for 10 years. And we'll call this neutral. We'll save this off. Now, when I was showing you the market applied growth appreciation period just a second ago, I want you to know that's the number that gets pulled into our rating. The market implied growth appreciation period based on our default scenario greater than 100 years. That's usually a bad sign. That usually means that no matter what you put in for the estimates, anything reasonable is going to not even get close to the current stock price. So let's see what that implied. So we put those— we put those forecasts into the model for neutral scenario, and the best we can do is around $40 a share. So let's go in here. Let's go optimistic. And here's where we'll get really nutty. Let's go and say we're going to go 30%, 30%, 30%, 30% for 5 years, 20% for 10 years, and 20% for 15. And then we'll go 10 here. So we're talking like really high revenue growth. Let's save that off and see what that's going to imply in terms of future cash flows. What we can remember here is that our gross order volume for the global food delivery market was expected to be $365 billion in 2030. That's going to be an interesting number for us to compare. These estimates could have changed because we wrote this report back in 2020. But, you know, I don't know that the global food delivery market will be all that different. So let's see what this means for optimistic when we go optimistic. Wow. Okay, optimistic scenario. We're still only getting to like $46, $47 a share. So we're going to have to be really, really pretty nutty here, I think, in terms of expectations baked into the stock price. Let's go $50, $50, $50, $50 for 5 years, $30 for 10. And then let's, let's put margins up for optimistic. Oh, you know what? We had the lower margin in here. Let's put that, make sure that higher margin. shows up in this scenario as well. Save that off and see what the results are. All right, here we go. Decision page, new optimistic scenario. So we show it 11 years. That's a 37.7% compounded annual growth rate in revenue while seeing returns improve, capital improve from -24% at the end of the last year last fiscal year to positive 120% on average. So those of you who've seen me do this before, let's go see what kind of revenue is implied here at 11 and 11 years. Revenue, 11 years. What is that? $292 billion in revenue. So $292 over 300— what was the 365? So $292 Over 365, that's 80% of the global food delivery market right there. Now we have to keep in mind that that's while returns on capital are improving pretty drastically as well. We look at returns on capital in the past, been quite negative, negative 5%. It's going to go up to like 400 or 353%. How many companies in the S&P 500 have a return on capital Of that high? Well, I can show you. I got this report. Let's sort by return on invested capital, largest to smallest. You know, I hate it when it does that. Oh wait, we got to scroll over the top. So 415% is the highest, Fortinet, and these guys are going to be at 353%. So that would put them at second place in the ROI, in the In the universe, let's see where would rank them in terms of revenue. Total revenue, $365 billion. They put them in the top six. Wait, wait. The revenue is $292 billion. Sorry. Put them in the top ten for revenue. So top ten in the S&P revenue. Number two in terms of return on invested capital. Let's take a look at what that means in terms of net operating profit after tax. They'd have to be up at $20 billion. Where does that rank them? To rank on NOPAT, the NOPAT would be in the— was it $20 or $22 billion? $20 billion. So the NOPAT would be top 15. So DoorDash becomes— it's priced to become one of the most profitable and largest companies in the entire S&P 500 based on food delivery. I'm not buying it. In case you didn't notice, I don't think that that's a likely case. And look, if we maybe knock the margins down a little bit here, let's see, let's say they top out at 5%, right? Like a reasonable number for this business. I mean, it may grow a lot, but the super high margins, there is no moat. In food delivery. I mean, unless you wanna make it really expensive white glove kind of thing, like the best you're gonna do is get some folks, you know, like me as a teenager driving around delivering food. And that's not a good thing. So now you're talking really, if you think lower margins, you're talking 21 years at 25.5% compounded annually. That in terms of NOPAT would be $43.6 billion. Which would put us in the top ten, like right behind Exxon, Amazon, Meta. Okay, but what would that point it put us put us at it in terms of revenue? A trillion in revenue. A trillion in revenue would be yeah, like three or four times Microsoft. And wait, we got to sort by revenue. Sorry. Yeah, that's like double Walmart. Or double Walmart, Amazon, 2.5 times it Apple. So yeah, that would be quite a far, quite a bit out in the future, but you get my point. DoorDash, really expensive stock. Don't touch it. Don't play with it. All right, who's next on our list here? Let's go. Who's next? DoorDash, DuPont. So basic material stock. I think a lot of basic material stocks are attractive these days. I think we've got some Some of our top picks and on our focus list are basic material stocks. I think there's an opportunity for a real turnaround in these businesses. And I think because I think there's a again, this golden era of stocks is going to be about allocating capital to its highest and best use. Right? That means we're going to give capital to the businesses that deserve it most. DoorDash doesn't deserve it. Tesla doesn't deserve it. Super expensive stocks have all they need. There's a lot of underloved stocks out there. That are really coming back. We've already seen financials who late last year were at the lowest percentage of the S&P that they'd almost ever been, right? They made a roaring comeback. We're seeing a lot of non-cyclicals, staples, and basic material stocks we've been talking about. I mean, think about steel stocks. You know, the tariffs is great for domestic production. And I think we need to protect those industries that our economy relies on. And I think that's what's going to be happening. And I think this is ultimately going to, again, Result in capital going to its highest and best use, which means stocks like DuPont too expensive. Return on capital is really low. I think we've seen economic earnings. Look at this: misleading, not good. Return on capital really been pretty steadily low. It's a tough business. You know, this is one of those you know low single digit ROIC businesses have never been good. Margins bounce around a good bit. Capital turns looking pretty low. What's our economic book value here? What's our free cash flow? Free cash flow is not bad. Wow, $100 billion, $26 billion, $8 billion, you know, some, some good numbers over time. It's our economic book value. Economic book value: 20, 13, 68, 43, 23. So economic book value is looking pretty low these days. That's why the valuation Looks so high. Greater than 100 years. Again, that means that when we go in and we'll try to put some forecasts in here, we're gonna have a hard time putting, making a straight-faced argument with whatever forecast we put in. So DuPont not looking good. What did they, what did, what did, what did, what was the sentiment on the street? New target price. Big new target price at Wells Fargo. 2-month high on earnings beat. Yeah. I'm not so sure how I feel about these— this earnings beat. Our earnings distortion score predicted the beat. Interesting, because the earnings distortion was such a low percent of earnings. So we saw accounting earnings take a big drop, right? Went back up, and we— and then they dropped back down. So we expected that they were going to come back. So you can see here, core earnings stayed flat and as expected. Accounting earnings reverted More to core earnings, but that near-term beat doesn't do anything to help us with the underlying economics of the business, which are just poor. Negative six bucks in economic earnings, even though you get positive accounting earnings. Negative six bucks in economic earnings, and you're never probably going to see accounting or economic earnings get positive until this return on capital comes way up, way up here. So a tough business. This is not one I would I would. I would be very positive on, to say the least. All right, let's see what we got with Humana. Humana. Humana. That was the hospital nearby when I, when I lived in Texas or when I played football in college in San Antonio. Trinity University Tigers. Go Tigers. Division III. Yeah, Humana. That's what we used to tell people. That's what we used to say when we, you know, a really good hit. Somebody hit somebody really good. Hello, Humana. Sending them to the hospital. I wasn't mean, I promise. So Humana, I spent a fair amount of time there, mostly because I was, I was not so much because of football, but it was for football one time. But anyway, nothing serious, small injury, flesh wound. Anyway, Humana, we were generally pretty positive on healthcare. Look, it's a very defensive industry. People are only getting sicker, unfortunately. You know, I think God help us, you know, maybe, maybe new leadership will help us kind of Address some of the real problems in our society around food and and what we we encourage people to put in their bodies, and we all know the sickness that creates. We really could use a lot of education and intelligence around that. That said, healthcare is getting better and better and better. I just had a knee surgery recently, scope, and you know, look, I'm already backing up and doing great. That was a super successful procedure. A great doctor here in town. I'm feeling great. So that's, that's cool. And I expect to be back 100% here in a couple weeks on it. And I only had the surgery 9 days ago. So healthcare is getting better. And this has got positive economic earnings. You see positive there. Return on capital, not great. To your free cash flow, not great. Price to economic value, not bad, not bad. And then market implied growth appreciation period, that's less than 1 year. We like that. We've actually done some stock bundles in the past. that focus on this, and those bundles have done very well. In fact, we're doing a training here in the not-too-distant future, a special event training around one of the most successful stock bundles we've ever had. This is something that's not a model portfolio. This is basically R&D that we're doing, cutting-edge R&D that we're doing in our dataset, where we identify what we call a golden metric, a metric that's like super positive. Very rarely do we ever see this metric in the wild. In our database of 3,400 stocks. And when we do, it's a big indicator. And I'm going to be doing a special training. I'll drop a link to that if you want to register for that. I just put a link into the chat there to everybody if you want to take a look at that, register for that training. It's coming up in a couple weeks. And, and so anyway, market applied growth appreciation period has been a, a metric that we like a lot. This is a situation where if you went into, into this stock and, and you wanted to kind of take a deep look, you might find that your forecast for return on capital is that this business is going to get better. And if you believe the returns on capital are going to improve, well then this is a cheap stock real fast. This one's pretty close. The needle is going to move a lot if you think returns on capital are going to get better for Humana. We've seen them drop a little bit here, so if they came back up to probably to, to 10 or 12, I would, I would imagine that you'd see You know, this, this stock would be, you know, get an attractive rating pretty quickly. So this is one of those situations where, look, this could be a good investment idea if you believe return on capital was going to improve. And, and the, the way to measure that would be to open a model and change our forecasts around margins or capital utilization and forecast a better, better return on invested capital. And look at what that would imply about the future of the business. See our credit rating here? Not bad. It's— that's attractive overall. So yeah, a strong, a strong business beat on the core earnings distortion. What happened in the earnings report? Stock drops as Medicare Advantage members expected to fall. Slides despite solid quarter amid weak forecast. Margin recovery as quarterly loss widens. So profit below estimates, expects drop in membership. So not a great report for these guys. The stock's up slightly. Not a lot of news here, not, not a lot of like crazy headlines. I think if you wanted to model out, like we're already showing, you don't need much of a future for this stock to be worth a lot more. So what I'm guessing here Is that our margin— this is a very super margin-sensitive business. So at a 4.2% margin, high growth rate, what is this showing? No PAT margin goes from 3.2 to 3.3. Yeah, if the margin goes up at all, the stock looks really cheap, right? That's, that's part of what we're seeing here with the price-to-economic book value. You're seeing almost no growth baked into the current stock price. So if that margin goes back up, it's cheap real fast. So if they can get that, that margin recovery in place, This stock looks good. All right, let's talk about Lyft. This is another one we warned about since IPO. What do we say about this? The IPO fundamentals don't matter for this IPO. Yeah, again, this is another one of its weird situations, and they never talked about fundamentals. I can tell you one of my friends is a Wall Street banker, and we had a long conversation about Why, why he should even underwrite this? What's the benefit? What is the competitive advantage? How are you not screwing people over by selling this to the public? And the best answer my buddy could come up with was, yeah, well, they can raise capital more than other people. So capital as a weapon is a real business model. It's worked for Netflix, right? They lost money forever, gave it away for below cost forever, and now they have a big following. And now they got a ton of content and a lot of people go to them and they don't have to even create that much original content. They can just license from other folks. And, and, and a lot of people will go there to look, to go get stuff like a season or a few months after the season ended on Paramount. I can go get it on Netflix or on AMC. That's looking to be a pretty good model, but they had to lose a lot of money for a long, long time. And maybe that's what's gonna happen for Lyft and Uber. But this is, you know, a stock that, you know, we called as really expensive and bad before. And this is before and after the IPO. Here's the past NOPAT or the actual NOPAT. And what is what the company had to do to justify the price back in the day when they, it was around $70 or $72 a share. Now what are we looking at? $14 a share. So it's, It's still way down compared to where it IPO'd. Geez, look at that. So, but we still don't think this is a good business. How do they do? Yeah, I think the stock falls on mixed financial results. Share dive another percent on underwhelming bookings. Yeah, look, I mean, what can you expect for a stock this expensive? What can you expect? Negative 8% return on invested capital, negative free cash flow, negative price-to-economic book value ratio, more than 100 years. This is going to be another one. If we open this model up and we do the reverse DCF analysis like we did for DoorDash, we're going to see the same thing. I mean, you've got a business— accounting earnings and economic earnings aren't that different, both bad return on capital consistently. Like super low, getting better. Will it ever break? Even if it does break, right, doesn't matter because the market's expectations for future returns on capital are huge. Let's take a look at this model. Okay, let's see. I got a couple scenarios in here. I got a neutral. Neutral is really jacked up. So that's super high. It says they can get there in 2 years. What is this neutral based on? Okay, that's revenue growth. That's even higher, way higher than what the market expects. So let's say we put in 27, 15, 15, 15, 15, 12. Let's put that in here. This is margins going way up as well. You know, I don't know if the taxi business can ever have great margins, but let's take a look. What are, what are Uber's margins? Let's take a look at what Uber is looking at. We'll kind of give them, give them credit for getting up to Uber's margin. Uber's margin has come way up here. Believe percent TTM. So let's go— we'll make the cash tax rate here zero. So the pretax margin will just be the after-tax margin. Make that a little simpler. And let's say, you know, 2.5, 7.2, 7.2, 7.2. That the new neutral. All right, this will go off and do its work for us. Okay, so neutral scenario. Even in that neutral scenario, takes 9 years, 15% compounded annual revenue growth. And so let's see, let's see what that means in terms of implied revenue and implied ROIC, etc. So you've got $15.4 billion in revenue. That would compare in terms of revenue, that put them, ranked them in around middle of the S&P 500. That's a pretty big number. Let's see, what about in terms of return on invested capital? That's That's going from negative to quite positive, 49%. If anybody believes that this business will ever get to a 49% return on invested capital, God bless you. But where would that rank them here versus the S&P 500? Invested capital, let me see, 49%. Yeah, that's like, yeah, top 15. And then NOPAT, $1.1 billion in NOPAT. Let's see. Puts them around, yeah, 300s in the S&P 500. So pretty huge, huge improvement there in Lyft. Let's see, rating history, very attractive and very unattractive at times. All right, thanks everybody for joining me today. We don't have any Pressing questions. Appreciate you being here today. Note, we've got another one of these tomorrow, same time. We'll go at 1 PM Eastern, and then we will go at 10:30 Eastern on Friday. I got to jump out early. We got the state individual wrestling tournament this weekend, starts on Friday, so I got to get out a little bit early to make sure I catch all of that. But loving these calls. Be sure to go to our, our community and take a look at At all the great kind of comments here, and we've got some great comments on shorting strategies. This guy John does a great job of talking about option strategies using our research. But if you got questions you want me to answer, come here and log them in. Log in here. You know, like for example, we got this guy Allison Transmission down 4%, 14% overreaction. Let's see what happened here. Comments on our 12%. In the news, what's happening here? Beats Q4 sales targets, but stock drops. What is— what are they saying here? Announced better than expected sales up. On the other hand, the company's 4-year revenue guides came in at the midpoint, and GAAP was above expectations. So yeah, this one's a head-scratcher. This to me, Allison, is really a perfect example of one of the stocks that will thrive In the golden age here, because this is you know extremely good business making a lot of money and a cheap valuation. So this is where stocks need to be. This is where capital needs to be going. Not these stocks we talked about today. I would take this as an overreaction. I think there's an opportunity to accumulate, and this is kind of what we've been seeing for a long time. Too much money going to bad stocks, not enough money going to good stocks. Why you say? Look, in the same reason we know that we've got bad influence in there in terms of people, bad narratives around COVID, around health, around nutrition, around politics, so many false narratives. There's false narratives in the stock market too. To the extent that it weakens the United States for our capital markets to be less efficient, do you think our enemies want that? Yes. Do you think to the extent it weakens our country for our politics to be so divided? Yes, you know, we see our enemies looking to do that to us, and I don't think the capital markets are immune from the false narratives. And one of the big false narratives out there is that the markets have been efficient here recently. They have not been very efficient. And I think we're going to see that change. I think a lot of the change we're seeing here and that it's happened at leadership, and I think in a mentality across the United States, is that people want to get back to stuff they can trust. They're tired of being fed a lot of misinformation. And I think people, you know, wherever you are on the spectrum, but I think misinformation has gotten, has really kind of seen its peak, I hope. Right. And I always kind of like to talk with my men's groups and other places like about, look, the digital age, everyone, you know, every society goes through the digital, a digital age, uh, or an information age. But the beginning of that information age is always the misinformation age when too much information comes out for people to handle. I think that's natural, right? That, that as, as information becomes more plentiful, like people get overwhelmed. And so, yeah, we're in that stage and that means there's a lot of exploitation. People don't know any better. They just don't know how to deal. They don't know how discerning they need to be with every bit of information that comes their way. And that's, that's Wall Street. That's politics. That's Consumer goods, that's everything. Buyer beware. And I was really fortunate. You know, I remember my grandmother, like, practically getting, getting me in a lot of trouble because I told her my opinion came from having seen a commercial on TV. She told me that when I was like 7 years old. And I never, I still remember to this day how angry she was at me about that. And I've always thought, okay, all right. Yeah. So I don't trust what I see. When people are trying to sell you something, you can't trust them. You know, everything you see on social media, you're being sold constantly. You know what they're selling? They're selling your attention. So they're going to put on that screen whatever they can use to get your attention. Do they care about whether or not it's true? Heck no. I think we know, right? Doesn't have to be true to make it on social media. There is no truth serum for social media. That's a problem. So that happens. The same thing is true for stocks. Same thing is true for all of these platforms, whether it's S&P, right, where they admit, you know, in The Big Short, they admit that like they don't even care. Or they admit in a press release that they don't even care about the profitability or the accuracy of their ratings. S&P admitted that people weren't supposed to pay attention to their ratings because they weren't that good to begin with. These are things we got to pay attention to. And that's what we're here for at New Constructs, is to give you the honest truth and to be 100% transparent as to how we arrive at that so you can trust that our truth is real. That's a big thing. Any— and I say this all the time, you get— find another firm out there that's published that has 3 papers from Harvard Business School, Ernst Young, the Journal of Financial Economics, MIT Sloan School of Business published that prove that our research is superior. Name another research firm where prestigious institutions have vetted us— vetted them. Name another research firm where prestigious institutions have vetted them. All right, thanks very much. I will see you all tomorrow. Enjoyed it. Have a great—