New Constructs' Live Monthly Podcast - 11 Apr 2025

Happy Friday, everybody. Start off with a quick quote. Given the current market, we firmly believe the best way to navigate a volatile market is to do your diligence. We always talk about diligence, and in times like right now, it can be paramount to finding winners, avoiding losers, and kind of sleeping soundly at night as best we can.

So speaking of sleeping soundly, I got to make sure we talk about how well you slept on Monday night when your Florida Gators won a national championship.

It was a little tough to fall asleep. There was definitely some adrenaline running through the veins.

Yeah, it was a late night, but it was awesome. Congratulations.

It was, it was a fun night. So it's been a while.

You know, it hurts me a lot to say it because You know, Florida has just, you know, kicked our ass so much over the years, but congratulations. They deserved it. It was an awesome game.

Yes, it was a good time. Thank you. Yeah, we are at our monthly podcast titled today Winning Game Plan for 2025 with David Trainer, myself, Kyle Guskey II, and I believe we'll have a special guest today. Don't know if we can see him.

Let's hope he shows.

He should— he doesn't need to show up right at the beginning, but let's hope he shows up at some If not, we've got plenty of content.

Exactly. So first things before we jump into everything, here are disclosures and disclaimers. The important stuff, we are not providing advice. We are publishing research. The agenda today, I want to note that the replays and the slides for this podcast and presentation will be in our community. We do these once a month in between some other live events we've got going on, but this one is once a month. The next one will be on May 16th. The research we've put out since the last time we talked, we've got new long ideas, some updates on some long ideas and danger zones. We've republished the zombie stocks for anyone that had not already seen that. We know we've got a lot of new readers that might not know what we're talking about when we mention zombie stocks. So we put that list up with all the current and former zombie stocks on those lists. Got some new IPO research on CoreWeave and Klarna. KARNA ended up pulling their IPO, but we did get that one out before that news had happened. The focus list performance updates, and we did some filing season finds recap, put out a bunch of special webinars. David's been going live a few times a week to talk about happenings in the market, you know, different companies, some earnings, you know, BYD versus Tesla, some market shifts, and then game plans for 2025, part 1 and part 2. And then at the bottom here, we got a whole bunch of Model portfolio updates, model portfolio, the actual portfolios and the featured stocks that we've been giving out some free stock picks to help you guys get ideas on, you know, what could be a possible good pick, what could be, you know, dangerous picks to avoid as well. As we go through for today though, we're gonna talk about some special webinars, training sessions coming up, the indices based on our data, how they performed in 1Q25. I don't think we have any new features today. Then we'll have a special guest hopefully. And then at the end, if time permits, we'll get into some community posts. Trade discussion and then any stock picks. If we've got time at the end, we can maybe take a look at one or two ratings in the system.

Awesome.

But first, before I'll turn it over to David, we do have 2 upcoming trainings. Tuesday, April 15th, let's talk long ideas for pro and higher members only. I would send out an email and there'll be another one, I think, going out early next week, Monday, with the registration link. Once you've registered for those, you're registered for all of them this year, but those are pro and higher members only. Then we do have a training coming up also Tuesday. The Market Correction Cash-In: How to Buy the 10 Best Unjustly Beaten Down Stocks Before Earnings Season. We're sending out emails on how to register for that right now, so definitely check your inbox to sign up for that. We're excited about it.

Will you put a link into the chat for that one right now too?

Yeah, I'll go ahead and grab that.

We do have our special guest, John Gavin, here. Welcome, good to see you.

Hey, David. Hey, Kyle.

How you guys doing? We're doing great. Everybody meet John Gavin. This is the guy who figures out which companies are getting investigated by the SEC before the market figures it out. So, he's got a great special technology and research firm dedicated on that. We think it's a great combination for what we do. We will get to that in just a couple of seconds. But as promised, I'm going to touch on what our game plan for 2025 has been. I've done a couple of webinars on this already. And Kyle, if you don't mind, if you could drop links into the chat for people who want to see those replays, that would be great. But let me just, I'm going to cover this. This is going to be really fast because I think some of you may have heard it already. I want to touch on the high points and then we'll get to the meat of this presentation, which is to talk with John and how we can combine special powers. But I think the big takeaway—

Actually, David, real quick, I won't be able to drop those links. I cannot chat to everybody. Oh, you can't right now.

It's just that a setting that I have to fix here. Let me see if I can do that.

I think so.

I think it's because you're automatically a panelist, but so I never made you a co-host. Now you're a co-host. That should work, right?

Yes, thank you.

Yep, no problem. All right, so going back to the the plan for 2025, look, I think. Everyone knows the volatility is nuts, and uncertainty is a problem only for those who've been assuming that things would stay the same forever. Now's the time when all the diligence is really paying off. I was just on with Chuck Jaffe recently, and he said, David, you always joke about, you know, how you can't predict when the danger zone stocks are going to go down because your crystal ball is in the shop. Well, how's your crystal ball doing now? I'm like, by the way, the crystal ball is out of the shop because it looks like fundamentals are mattering again. And I think fundamentals are sort of a surprise to people because so many folks have been conditioned to believe that the Goldilocks economy was going to last forever and that we could borrow and spend forever. Even though all that national debt, it's so huge, oh, it's a problem. And it's like it's somebody else's problem. No, it's our problem. It's everybody's problem. And so, we can't continue to spend like crazy. We can't continue to believe things are going to be artificially stable forever. There's got to be some way to reconcile those 2 forces. And that's what I think we're going through. And it's hard to know who to trust because the people that have been touting stocks for so long and telling you should trust them have been good only because we have an artificially stable market environment. It's like they're taking liquidity like a big bucket of water and going around and pouring out every little forest fire before it ever got caught on. And the longer As we know, if you put off small forest fires, it's just going to lead to a bigger one because these little forest fires, and they also sometimes call them controlled burns, are necessary to clean out the underbrush so that the stronger, better foliage and trees can prosper. And if you don't do that, you end up with massive fires like what we saw in California. So again, if we keep putting off this problem of overspending, and underproducing as a, as a country, we're gonna just create— we're making the problem bigger and bigger. So at some point, this had to happen. And we've got an AI that's perfectly suited to give people an advantage in this environment. It's an AI that goes through, as you guys probably know, thousands of filings to give people the best rating system on earth. And it's got 5 sections. You guys are probably familiar with it, but we boil everything down. To green is good and red is bad. We've done the hard work. And when you want to look at how well this is done, this rating system, just take a look at the Very Attractive Stocks Index that created— was created by Bloomberg. In first quarter of 2025, it was up nearly 5% while the market was down nearly 5%, outperforming by 9% in the first quarter of 2025. This works in the toughest market we've seen in 10 years. And by the way, if you go back over a longer period of time, it works as well. I remember one of my webinars, like short-term, long-term, short-term, long-term, we were outperforming significantly. Same is true for the core earnings-weighted S&P 500. This is just a version of the S&P where we're saying even if someone else picks the stocks, we can outperform. And that index is beating the S&P significantly as well. And all it does is say, we'll take all the S&P 500 stocks, And we'll weight them based on core earnings as opposed to market cap. And that's done extremely well also. So the takeaway is that, look, the underlying system works very well. If you want to pull out some of the stocks that we've written about recently, been featured, long ideas or featured in our model portfolios, 3 right here. These stocks are all up for the year while the market is down big. This is the kind of research that we do. It's not just about big picture stuff. It's specific stock ideas, and we're still bullish on these stocks. Everyone's got to have healthcare, HCA. Everyone's got to eat, Kroger. Everybody still needs insurance, fortunately, Allstate. So with that, let me, let me introduce John Gavin. John Gavin and I have been friends for a long time. We met many, many years ago, and we were immediately good friends, kindred hearts. Because John is much like what we do at New Constructs. He is about getting to the truth and getting that out to people. His truth, like our footnotes data, is often difficult to get, difficult to parse, difficult to understand. Got to overcome a lot of hurdles to get through regulations and all kinds of forms and things to get access to the information. And then he pulls it out and delivers it. And in an extremely easy-to-use format. And I'm excited to to have John on here and tell us a little bit about what he does. And then I think the fun part is going to be when we talk about how we can combine our our our superpowers to create some of the the most most dangerous stocks. With that, John, take it away here. Tell us a little bit about yourself and and how you've built what you've built and. And how investors take advantage.

Well, first, David, I want to thank you for having me come be on your show. And you're right, you and I have known each other a long time and we are kindred spirits. And one of the reasons that I would agree to, to, to do this is I think your work is high quality and I've long felt that. And you're, you're going beyond just headlines and noise. You're really adding value for your, for your subscribers, for your clients. And so We are kindred spirits that way because we bring a different angle that, that the rest of the sell side doesn't. You know, we're not parrots. We're actually doing original research. So, so good on you, and let's, let's keep doing that. So yeah, we have a lot we can cover today. I can talk about the research process I use. We can talk about some concerns I have going on at the SEC right now that most investors, even my sophisticated hedge fund guys, This is still news to them, which amazes me because it has huge implications. And of course, we have to pick a couple of your stocks that we have some overlap on. I think we can add some nice value for the people with us today.

Yeah, I think it would be great, Jon, if you would talk about how you do what you do, because I think this Freedom of Information Act is an important concept that most people don't understand. And I love that you point out how a lot of institutional investors aren't paying attention. I was just talking to one of my colleagues this morning about how institutional investors have become accustomed to this artificially induced stability. So, they don't really need to care about fundamentals. They just got to figure out where MOMO and FOMO are going and jump in front of that trend, which is easy when you have access to insider trading as well as front-running trades with order flow. Dude, if you know where the market's going before it goes, and that's how you measure momentum, boom. And now it's different. And so help people understand how hard it is to do what you do.

Well, let me first— I want to dovetail on what you just said because you point out rightly that we essentially have a younger generation of investors who've only known low to zero interest rates and they've only known momentum. And I believe, and I think you believe that too, we are returning to a stock picker's market where really, you know, think about tariffs. Tariffs on one company will impact it differently than another and how they respond to it. And that's going to show up in EPS. And by the way, quick side note, I expect this will totally— going forward, we're going to see some kitchen sink earnings where companies will just put everything into the earnings report, all the bad stuff, because they can get away with it. We can blame it on tariffs. But back to what I do. So I file about 2,500 Freedom of Information Act requests with the SEC each year. on 2,500 individual companies, and I'm looking to get investigative records. I want to know, hey, have you guys investigated these guys? Sometimes I get records. Most of the time I get told there's nothing there.

That's good.

We want to see nothing there. We want to see no SEC activity. But often I get a response where it blocks my access to records under a provision in the Freedom of Information Act that it's, it's called the law enforcement exemption. They can block access to records for personal privacy, trade secrets, things like that, national defense. And this one is law enforcement. So they're saying, yeah, we have records, but releasing them could interfere with an investigation. You can't have them. I will then go through an administrative process, administrative appeal process. So now I'm challenging the SEC legally. I'm saying, I don't believe you. I, I want, I want the records. And then that goes to the general counsel's office, it gets reviewed, and then it comes back and it says, no, you still can't have the records. There's a confirmed ongoing investigation. We talked to the staff. You can't have them. All right, great. I have a data point. I have a data point in black and white on government letterhead that confirms an active and ongoing SEC investigation. That's just the start because I've seen people try to copy me. They're like, you know, and I actually say, you know, any chimp given enough bananas can do a FOIA request. It's not that hard. But it's what you do with it when you get it. And so what I do with it is I search the company's filings for the past 2 years. Can I find any language that even resembles an SEC investigation. And then I also try to frame it up. One of the companies we'll talk about later, Shift4 Payments, had internal controls problems. They had a restatement in the past. Well, that starts to put some mosaic around the data point, the FOIA data point, and starts to give it more meaning. And so after I do the diligence and I see, have you disclosed an investigation or not? If you have not, I will then publish it and send it out to my client subscribers and say, hey, There's a confirmed undisclosed SEC investigation here. You need to, you need to go deeper. You need to be careful.

That's great. And how do you, how do you deliver this to folks?

I, right now I'm delivering it out on my website for free. Like, all it— and I, I'm fully transparent about this. It's a marketing push we're doing. We're letting all of our research go out in real time for free at disclosureinsight.com. I'm not here to do a marketing pitch. We're here to talk about investors, but You asked, and so I wanted to answer that.

Yeah. You know, look, there's no shame in letting people understand how they can get a better access to the, to the truth.

So, yep.

I'm gonna pull this in here. Disclosure Probes Reporter.

DisclosureInsight.com.

Yeah, here it is. Here it is. I'm gonna put it into the chat for everybody so people—

Yeah.

And it's right now you can get all the research for free. You're getting the same stuff the institutions get. It's in real time. I eventually will put up a paywall, but I was just talking to a hedge fund this morning and I, they, they wanted to know, could we do a free trial? I said, yeah. Go sign up. You can go get all the research for free. This is everything. This is all the reports, all the warnings that we publish.

That's awesome. So, all right, so the takeaway is, you know, you're able to— I think you probably use some sort of technology to do all these probes. You're not doing— is this all manual? It—

there's— I have developed a really sophisticated screening process. For example, I won't do a FOIA request on a company that has a $10 million market cap. I can, it's a publicly registered company, but few investors care about it. So I tend to be mid-cap and larger. There's certain sectors I won't spend a lot of resources on, for example, utilities or mining stocks. You know, that's— they're pretty much very formulaic. They're going to do the same thing over and over. So we're not going to add much value there. The— I think that addressed that part of your question. Yeah.

Yep. All right.

Well, can I, can I, can I throw in just a little gift for your, for your listeners? Because there's a big thing that is up on the SEC's website for free that to this day I'm amazed that people don't take advantage of it. And that is SEC comment letters. So SEC comment letters have been online for free since 2004, largely because of my work with the Freedom of Information Act 25 years ago. There's a provision in the law that says records that are frequently requested have to be made readily available for free. By the way, that's why you can get Elvis's FBI file. So people requested it for free. Well, comment letters are analytically rich. You get to see what questions the SEC raised and what answers the company gave back. And as an analyst, there would be questions I would ask companies when I would meet with them, and if they didn't want to answer me, they blew me off. But in comment letters, they can't blow it off, and you see it in black and white. So that's a little tool that, that your subscribers can add to their toolkit.

Will you talk for a second before we get into some specific stock examples? I'm pulling those up right now, but a second for what you think about what's going on at the SEC and what that means for the stock market.

Yeah, I'm quite concerned about what's going on at the SEC. The SEC is not going to operate like it did before Inauguration Day. Too much has changed. And before I go further, I need to say this is important because I'm very— I stay nonpartisan in my work. But no matter what your personal politics are, if you participate in capital markets in any way, you're going to be impacted by the changes that are going on at the SEC right now. And those changes are that, number one, the president took away— using executive order, he took away the SEC's independence. The SEC was established by the Congress in the 1930s as a fully independent agency, was established as a response to So now that the SEC reports up to the White House, and not to be flippant, but basically donor influence and political meddling have entered the chat in ways that just never happened before, as opposed to an organization that was bipartisan, expert, and independent. That's changed. It reports to the White House. But the day after that executive order was signed, Elon Musk and his crew of 20-somethings was in the SEC. And they essentially gutted the agency. And that's a strong word, so let me use an example. The SEC has 10 regional offices, and all senior executives, all regional directors across the country were fired. And you have to think about, in one fell swoop, the SEC lost decades of knowledge, expertise, and institutional memory. And that, that's not waste, fraud, and abuse. That's a crippling of the agency. The SEC has field offices in Philadelphia and Los Angeles closed. They offered $50,000 buyouts for staff to resign, and the best estimates I can see is about 10% of the staff just took the money and ran. And so the thing is, they haven't changed the rules. You know, companies still have to file their 10-Ks and their 10-Qs. IPOs still need to get reviewed. Investment firms still need to be examined. And more importantly, there's going to be another crisis in the market, and you're just not going to have the depth of resources that you had. So what I tell investors is, okay, the markets hate uncertainty. We're certainly seeing that with the tariffs, right? And you're getting boatloads of it from the SEC now. And we've never had this kind of systemic risk. You can't hedge it. You can't discount it because you don't know how it's going to show up. But you can make money in any environment, and you know that with your clients. Serious investors can make money in any environment. That's why they come to you for your great research. And this again is why I say it's a stock picker's market.

Yeah, and I think, you know, those, those, those comments and, and insights are 100% true. And I think for people listening right now, watching now, the context for this is that, look, the SEC was already under— ill-equipped, understaffed.

Right.

And, you know, like, I know firsthand, John knows firsthand, and what, you know, we've had to do just to try to get the truth out there. And so this is, this is, you know, this could be a zig and a zag. I mean, it could force them to rely on technology more and maybe incorporate things like what we have. And because, for example, John, I mean, does it seem unreasonable? I mean, it does, given what we've been through. Right. But— If you're new to what you're doing and new to what New Constructs is doing, or do you often get like I get, like, I can't believe the government's not doing this already. New Constructs is going to become part of the government. You should be a public utility. Disclosure Insight should be a public utility. Like they should summarize, oh, by the way, you might want to pay extra attention to these companies because they're all under investigation. We won't tell you what, but it's up and— isn't that helpful?

Yeah.

Shouldn't that be part of what they do? And so inasmuch as they may be crippled now, maybe this crippling will force them to grow back a healthier limb. I don't know.

I, you know, that's such a thoughtful perspective. And I too have been trying to think about this. And here's an angle that I'll offer. I go back to Enron and Enron was actually, I used to cover Enron and Enron was the first warning I issued when I came out as an independent research provider 25 years ago. And one of the things they said at the time was Enron had not been reviewed for a few years, and they blamed that as contributing to the collapse of Enron because the theory was if the SEC was reviewing them, examining their accounting disclosure practices more frequently, maybe that would have been caught. So they boosted up staff at the SEC. Well, it feels like we're back to pre-Enron staff levels, and I think it's going to be a fraudster's delight. I think there's going to be more opportunity for fraudsters to get away with things, which is again why it's really important to use tools like what New Constructs bring, what we bring, because that's going to happen. But there are tells, there are signals we can start to see in the reported numbers, in the disclosures that tell you there's a problem and that you of course want to avoid that. And alternatively, there's going to be cleaner— clean companies where you can— those are the safer places to deploy your capital. But I thought your observation was spot on.

Yeah. And your observation that you need all the tools you can in order to get to the truth, because the SEC is not doing it for you. Wall Street is not doing it for you. The SEC is not doing it for you. You are naive to believe that someone is out there making sure everything is good. If you are not going out there and getting independent research to make sure you have got access to the truth, you are setting yourself to just wash over the waterfall.

Yeah. And you think about— and I do not want to bash the media outlets, I will just name them, but What's a CNBC or a Bloomberg person doing when a headline comes in? You know, JP Morgan missed, JP Morgan hit their earnings, JP Morgan whatever exceeded, and I believe they did beat today. But that's all the further they can go because there's so many more things they have to get to, and doing in-depth analysis takes time. And when you think about it, and you know this well, the average investor doesn't even look at SEC filings. They, you know, If someone tells them it's a good idea, that's good enough for them, or they'll trust their advisor to just put them in things. And I'm a big fan of getting good advice and having good asset allocations and being careful and deliberate about it. But you are so right that people aren't going to tell you.

You believe someone's out there going to give you the, you know, the traditional media outlets, they're in it to win it for themselves. And what that means is they want to keep your analysis as artificial and superficial as possible, which means they're going to hit you with a lot of titillating. Superficial information over and over and over again.

So let's, let's pick one of your great calls recently, and we're gonna, we're gonna pick on CNBC with this one. And I'm talking about CoreWeave. So the CoreWeave IPO was one of my— actually tweeted about it that I called it a garbage IPO. And the CoreWeave had a formula that I think is terrible for investors, which is low float, dual asset, dual class of shares, no earnings, and They didn't have— I don't think they had internal controls problems. I don't remember. But it was basically an exercise in the insiders cashing out. Oh, and media hype. So Cramer and CNBC, they're talking about CoreWeave, CoreWeave, CoreWeave was the biggest IPO of the year. And that's the hype. That's, that's, that's a business model that is not in your interest as the investor. Your interest as the investor, in my opinion, would be to totally avoid CoreWeave. And again, you guys came out with a great opinion, a great piece of work on that. Essentially telling people, yeah, don't, don't go near this. So that's a perfect example of how the headline and the hype can hurt your wealth if you're not careful.

It will absolutely hurt your wealth. And in a lot of our IPO reports, we've specialized, we focus on like, hey, this is just a way for private equity investors to dump overpriced shares.

Cash out.

Yeah, to cash out.

You know, I'm curious, David, because I bet you we share the opinion on this too. I think private equity, private credit is a huge danger out there for capital markets. I think that's going to— I think to the— I don't want to use the word fraud, but they have a liquidity— they have to— they want to monetize. And there's no good transparency into private equity, private credit, but it's a huge allocation in institutional portfolios. They are doing some manipulating things where they set the value and you don't have transparency on that. So that's a massive asset allocation in portfolios. I'll be interested to see where that goes, but I'm curious your take on that.

I agree. And the more the markets go down, the more that liquidity is going to get strained and force that monster from the background.

And since, since they're pricing their asset on their own, you know, they're saying it's still worth $10. Well, now it's a bigger weighting in the portfolio because it wasn't marked to any kind of market. Yep. All right.

Well, we don't— we usually keep these to around 30 minutes. So why don't we jump into— you see my screen?

Oh, Shift4Payments.

Shift4Payments. This is one of the stocks that's on both of our lists, your list for investigations, our most, our most dangerous stocks list. So I would say to our, our, our, the folks joining us today, our audience, this is one of the most, most dangerous stocks. And we know how most dangerous stocks works, I think most of our audience, but in short, it is companies that have misleading profits and a very expensive valuation, which from a risk-reward perspective, very bad thing, very bad thing. So, John, why don't you throw some gas on these flames and tell us why this— how it got on your list and what's going on here?

Okay, so we only started covering this company in March of 2023, and it didn't take long. About a year later, year and a half later, in September of '24, we got what we call the early signal, that first indication of an SEC investigation. That signal got confirmed as an ongoing investigation, and we're ever since— and the last confirmation on that, a fresh data point, was January. So ongoing enforcement proceedings were confirmed as of January. And you look at the history and you say, okay, you have the work you're pointing out. A couple items caught my attention are they did file an amended 10-K in November of 2022 where they announced a restatement. And then also in November of 2022, they announced that internal controls were not effective. All right. Restatements and internal controls problems are catnip for SEC enforcement officials. So I believe it's highly likely that the investigation we found could have a tail going back to that restatement, that internal controls problem. And even if it doesn't, your work is suggesting, no, there's some underlying problems there that may have come to the attention of enforcement officials as well.

Yeah. So when you've got bad quality of earnings and a history of a company faking the numbers, this, this is one of those stocks that, you know, look, it's just too much risk. From a fundamental perspective, it's already bad. If you've got issues with the SEC, poking around, questioning their ability to have internal controls. For you to own this stock, it's almost like just sitting on a ticking time bomb. Why do it? Why would you take that risk? It just seems crazy to me, especially when we've got all kinds of other great long ideas where you don't have anything like this risk. And those things already operate like very attractive stocks. They outperform a lot. You can't do much better than that.

Right. David, when I think about it, there are times I will warn about an undisclosed SEC investigation. I can't assemble the mosaic. I don't have a clue what it's about. And some of them really end up being nothing that investors would care about. But when you start to put the pieces together, like I found the restatement and the internal controls problem, and you're now doing your work and you're saying, hey, there's problems with earnings quality, there's problems with the fundamentals, there's too much smoke there. There's got to be a fire in that building. Do you really— it's your precious capital. Do you really, really want to risk it with something like that? And that, when those pieces come together, well, you don't want to ignore that.

Yeah.

Yeah.

Alrighty. Thank you, John. We're going to, we're going to shift back here to Kyle and let him take us home across the finish line here since we're already over time. Again, if you guys, anybody has questions or requests for tickers, well, you know what, questions only. We don't have time for requests, but if you've got questions, let us know, but we're, we're, we're taking it home here pretty fast here. So get them in while you can.

Hey David, can I get it? Can you still hear me?

Yeah.

A quick mention that, that note I just talked about, Shift for Payments, anyone on this call can go to the website and get that full report for free. It's right there. It's the watch list. They can actually read the detail.

I'll put the website back in here for people to see.

Sorry Kyle, I didn't mean to step on you taking us home.

Nope, all good. That great insight to be able to share with everyone. So no problem. As we head towards the finish line, as David mentioned, we just had a few other items we wanted to make sure that anyone, everyone had seen. And we mentioned David had done some special live webinars, got links to all those here. And as earnings season, and JP Morgan reported this morning, starts ramping up, we'll be doing some more of the live earnings watch parties where David jumps in and talks about, you know, The big names from the previous day, the current day, what their earnings says, you know, what it, how it matches with our model, what we're seeing in the filings as well. So be on the lookout for those to register for those coming up as we get into 1Q25 earnings reports. Some of the headlines going on in the community, we've had a few different posts talking about, you know, Tesla, BYD, some funny posts on can we tariff podcast equipment from one of the members there. With I think it looked to be ten to twelve-year-olds podcasting about tariffs, and so that was nice little joke there. Some talk about King Coal with the Trump executive order boosting coal, so definitely check those out on the community. Now we also had some trade ideas being posted in there about Apple options trading, then some select stock Europe and aerospace and defense discussion there as well. So a lot of stuff going on in the community. We've got. Again, this replay will be there as well, along with the slides. You can get links to all of this information in that replay and the slides post. So definitely check that out. And with that, since we're already over time, we're not going to do any stock pick requests, but we will see you guys next time. Like I said, I believe it's May 16th. If you want to sign up for the community, that is newconstructs.com/society. Then if you have any questions or anything, you can always email us at support@newconstructs.com. David, John, thank you guys for being here. Thanks.

Great to be with both of you.

Thanks everybody.

Talk to you guys next time.

Yep.

All right. See you, fellas. Thanks.

Bye.