The IPO Melt Up: How Smart Investors Use AI to Find Abnormal Investment Opportunities

Welcome everybody. We are very excited to be with you today. We're actually going to show you something I've never seen before, and this is coming from someone who lived through the tech bubble. This is probably the biggest grift in the history of the world and is making the tech bubble look small in comparison. Let me jump right in and explain to you what I mean, because this is something you need to understand. If you're investing in this market without an understanding of exactly how Wall Street is going to be taking you to the cleaners or could be taking you to the cleaners, you're in trouble. You may disagree with me, but at least give me a chance to explain to you why someone who's been on Wall Street since before the tech bubble, saw the grift firsthand during the tech bubble, Is telling you that this is worse, it's bigger, and it's even more subtle. So with that, let me share my screen. Welcome to the IPO Meltdown: How Smart Investors Use AI to Find Abnormal Investment Opportunities. Look, we're not just talking about what's going bad here. I'm going to show you how to make money during this time. We'd like to focus on giving you the truth, not just the narrative that makes everybody happy. I'm going to show you some charts that should make you tremble, but at the same time, I'm going to show you stocks that will make you happy. Let's get started here. First of all, disclosures and disclaimers. We are not an investment advisory firm. We are not a registered investment advisor. We're not giving out investment advice. We're providing truth. We're providing information to help you make more intelligent investment decisions. It's as simple as that. And I want to hear from you in the chat. We'd love for you to be interactive. I want to know if this is your first time with us and put some tickers in here because we will run some of your requests through our proven superior system at the end of the presentation. Let's talk about what's going on right now. This is a critical juncture. The market's facing the most significant grift in decades, I think in the history of the world. With the massive, highly anticipated IPOs on the horizon, we are entering a mini liquidity crunch. So while they're making it sound like all this new stock is a good thing, these things don't come out of nowhere. There's a limited amount of money in the world. And if anything, the Fed is more likely to raise as opposed to lower rates, which means the punch bowl is not getting any bigger. The headlines are dominated by AI hype, giant IPOs, and momentum narratives, but the underlying data is telling a very nuanced story. The gap between the story and the numbers is where the best opportunities and the best mistakes start to take shape. Now keep in mind, Wall Street is orchestrating all of this for an excellent setup for them. Did you know how much money the Wall Street bankers made on the initial public offering of SpaceX. Not the green shoe, just the initial part. Anybody have a guess? June and July are great setup months for market performance and volume. So Wall Street's timing this purposely. They want everything to be as, as irrationally exuberant as possible. You can look at the S&P 500, June and July, highest performing months. How about from the NASDAQ? July specifically, highest performing month. These two together, big-time months. What is that doing, right? That's just making the markets churn more and more exuberant. The animal spirits are stronger. This is all, again, I believe, very intentional part of Wall Street's plan. Now here's a chart that I think should make you stop whatever you're doing and pay attention. I got this from the folks at DataTrack. If you don't know those guys, they do great research. This is a comparison of the NASDAQ during the late 1990s run and today. The orange line is the present NASDAQ. The blue line is NASDAQ back during the tech bubble. Today's valuations are running ahead. Today's market is running ahead even compared to where it was during the tech bubble. If that doesn't give you pause, I don't know what does. That's my biggest clue that this is actually more scary and worse than what it was last time. And look, I lived through the tech bubble, and let me tell you, this is the first time that I'm telling people that I'm reminded of the tech bubble. It's back. The craziness, the 100 times price-to-revenue ratio, and it's different this time. It's different because it's space. Last time it was the internet. And the internet was going to make money for everybody. Lots of it. So much we couldn't even imagine. That's the same narrative around space and AI. Unlimited amounts of money, unlimited amounts of profits. This is where it gets scary. And when I see the market outrunning where it was even back during the tech bubble, I think it's time for us to pause. The timing is not an accident. Wall Street always has a plan. Always. The mega wave IPO is here. Unbelievably large, biggest ever. SpaceX, OpenAI, Anthropic, you've heard about it. These are not normal public offerings. They're massive liquidity vacuums. These guys and their huge amount of money are soaking up capital. Why do you think Google went out and raised $85 billion? Why do you think Nvidia just raised a bunch of money? They're soaking up what little liquidity is left. Google did it on purpose before the SpaceX IPO because they know people run out of money. Why do you think Oracle had trouble raising money last November? The point is the punch bowl is not getting any bigger, but there are huge amounts of stock offerings coming to market. So the money's got to come from somewhere, and the good companies are cashing in while they can, despite the fact that one thing remains true, and Peter Lynch said this very well. IPO usually stands for it's probably overpriced. IPOs are historically bad investments, but we're facing an event now larger than the entire dot-com boom concentrated into just a handful of companies. Look at this. These 3 IPOs are bigger than all the IPOs during the dot-com boom, just them. By the way, there are many other IPOs going on right now. Our team is tracking this all the time and we got 5 or 6 other IPOs happening right now. So only the 3 big ones are already bigger than the dot-com bubble. If that doesn't make you a little bit nervous, I don't know what does. Now here's where things get really crazy. This is why I'm saying this is the biggest grift in the history of the market. Never saw this before. At least during the tech bubble, you had a choice. As to whether or not you wanted to buy those crazy IPOs. With this grift, Wall Street got smarter. They said, you know what? What's one way we can make more money selling people crazy stuff? What if we just don't give them a choice? What if they have to buy it? How do we do that? Why don't we get the major indices to require inclusion of the IPOs? How are you going to get them to do that? They're going to have to change their rules. Who cares? We change the rules all the time. So rule changes. Faster NASDAQ and Russell inclusion. I know the S&P 500 turned it down for now. There's already articles out there saying, oh, maybe we allow SpaceX. How can we ignore the 3rd, 4th, 5th largest company in the market in the S&P 500? How can we do that? Already pressure. My guess is that it's going to be within 3 to 6 months, it'll be in the S&P 500, which by the way, is right around the time when lockups start to expire. Which would be a perfect time to create some buying support for SpaceX. In the meantime, NASDAQ and Russell going in right away. What do they have to do? Eliminate profitability requirements. Eliminate float requirements. What does low float mean? What does liquidity pinch mean? Think IPO flipping during the tech bubble. They would only issue very few shares during the tech bubble so that the retail demand would overwhelm the supply. Most of the IPO gets pre-allocated to the institutions. Very small little bit gets left out for the public. So you got 100 shares for the public and 1,000 people want to buy. What are you going to see? Pop. What have we been seeing with SpaceX? Pop. What do we see during the tech bubble? Pop. Those are created structurally and by design. And also shorter seasoning periods, right? So all of this Shorter seasoning period just means instead of 3 months or a year, it's 3 days or 3 weeks that they're going into the NASDAQ and the Russell indices. What does it ultimately mean? More automatic buying pressure. $24 trillion in retirement accounts forced to own these stocks. Why does this matter? No profitability requirements. Really? Profits don't matter anymore? Not when it comes to Wall Street making money. No minimum floats. Low supply creates liquidity crunch, as I said before. Shorter seasoning period. No time for investors to study the company. Remember I told you guys about our early call on WeWork, how we warned the world and the IPO got shut down? And what happened? Who remembers what happened after that? Anybody in the audience? Free Most Attractive Stocks report for anybody who can remember what happened after we shut that down with our pre-IPO report. I'll give you a few minutes for anybody to make— to put a guess here into the chat. Another reason why this inclusion stuff matters: inclusion triggers forced buying of IPOs and forced selling of good stocks. Remember, I told you there's a limited amount of liquidity. The punch bowl's only so big, right? So, what does that mean when you got to put $85 billion towards SpaceX? It's going to come from somewhere else. And then the key here is that all this is happening at unprecedented scale. I showed you a chart before. The 3 major IPOs, 3 AI IPOs, are bigger than the IPOs for the entire tech bubble. The short timeline and all this stuff creates urgency, right? People, oh, they got to scramble. I got to get in before I miss my shot. That is all by design. Good guess. WeWork went bankrupt. The other thing that happened is the amount of time between the companies filing the S-1 And the company's actually going public got way shorter. Why? Because research like ours that tell us the truth changes people's minds. Our SpaceX report, excellent report, got coverage across, I don't know, half a dozen to a dozen media outlets, prominent ones like Fortune, Yahoo, et cetera. But we only had a couple of weeks, man. That's just not enough time. Not to compete against CNBC and analysts saying great things. Not enough time for people to get the truth. If you haven't seen that report, check it out. It got featured in a lot of major media outlets for good reason. And Elon Musk featured us, not by name. This is me guessing, but he actually put a statement out there saying he believes that SpaceX could get to $1.7 trillion in revenue. By the way, that's what our report showed the company was going to have to achieve to justify the current price. That was the pre-IPO price, $135, not the current price. Musk understands the SEC rules. He says probably, I believe, could. That's all just probabilistic. So it's not a definitive statement. So they can't get him for that. It's not illegal. Used to be illegal pre-Musk and pre-defanged SEC back when I was on Wall Street. Executives would never say things like that. But now, with all kinds of crazy stuff that people say between Cathie Wood and Elon Musk, they make all kinds of statements that would've gotten them arrested back 20 years ago. Not now. Why does all this matter about this forced inclusion and what Wall Street's trying to do and how Wall Street makes money? The key thing is to understand is that the buying and selling you're seeing these days is increasingly irrational, not based on fundamentals. Which means it's not all necessarily intelligent. It's not investing, it's speculating, it's trading. Wall Street is forcing for a reason to line its pockets. All this stuff is building up to a big force. Get in there, irrational jubilance, go do it right now. And meanwhile, they are printing checks like nobody's business. Who wants to correct me on the fees for the SpaceX IPO? Was it $100 million or $500 million? It was $500 million. $500 million. Is there a buy-side professional critical letter to be signed by major market makers pointing out the ethics issue with the inclusion? No. Are you asking the moneymakers to make less money? I think we need to understand they don't care, folks. I've been there. I've sat across from these analysts on Wall Street. Who saw The Big Short? Remember the scene when the protagonists are talking to the lady from the S&P credit rating and she's got those blinding sunglasses on, metaphorically blind? And they're like, hey, we've seen the models, the numbers don't add up. How do you have a good rating on this mortgage-backed securities? How do you have a good rating? Can't possibly. We've seen the numbers. What are you doing? They keep pressing her. Oh guys, listen, if we don't give it a good rating, they're just going to leave us and go down the street and get a good rating from someone else. So why should we let them make the money? Wall Street's mentality is the same. Exactly the mentality. If there's big money to be made, I might as well be making it because otherwise my colleague's going to make it. Everybody's doing it, so it's okay. That's right. Thank you. Yes, $500 million in IPO fees, folks. Half a billion dollars. I think $100 million each to Morgan Stanley and Goldman, maybe more. Yeah, that's a lot of money for a handful of bankers. You think people might get greedy about that, might go for it? It's a pretty big incentive driver. So, let's talk about the mechanics of the index funds. These guys are market cap weighted. So, when a giant company enters them, the pie's got to be divided. If you have to make a big— you have to give a big piece of the pie away to a new stock, then the pieces for all the other companies get smaller. Index funds are forced to buy the new additions and sell good companies to make room. What is this? It's a multi-trillion-dollar machination, a giant capital reallocation, forced buying in some names, forced selling in others. Market distortions like this create opportunities, absolutely create opportunities. What does forced buying mean? Passive funds don't get to choose. Index trackers have to follow the rules. Inclusion creates demand. Demand can overwhelm price discovery. In other words, an imbalance between supply and demand can cause an IPO to pop, which we've seen many times. Musk demanded this inclusion in these major indices before he IPO'd. Why? Because he could. But the main reason is he wanted that additional buying so that they could sell in the lockup. When there's required demand from trillions of dollars in retirement accounts that track these index funds, they can safely sell all the stock into the market without seeing a huge drop, assuming all of you want to play along. I'm giving you the opportunity not to play along. If enough people choose not to play along, the stock's going to drop. Now, I don't think that's happening given the way we've seen the stock move. But I'm hoping at least you won't play along. And instead of putting your money into some of these overpriced, overhyped stocks, you put the money in the stocks we show you create real value. What does forced selling mean? To buy something, you must sell something else. These indexes don't have unlimited amounts of money. That selling hits even strong, high-quality companies, even if fundamentals remain solid. Forced selling means bad companies get sold no matter what. A liquidity squeeze and not just a story. Attention gets concentrated, liquidity gets squeezed, mispricing spreads, right? This is all, again, a huge setup. The big IPOs suck up a lot of liquidity, force more buying, bring people in, liquidity gets squeezed, bad stocks get flushed, wrong stocks go up, attention gets concentrated, and all this— it's irrational exuberance all over again. The key takeaway: these mega IPOs absorb a disproportionate share of of both attention and capital. Look over here, super mega IPO going into space. Don't worry about these other companies that we're selling, which leaves other stocks vulnerable to temporary selling pressure or neglect. When you've got something that has the truer measure of earnings, the best fundamental analysis in the world, you can identify the best opportunities. And now is the special time, is an important time to do that. Because positioning starts before the headlines catch up. This is the time to be positioning, not when the hype gets all the way to the top, not when the hype pops. Hedge funds don't wait. Institutions don't wait. Retail has no choice. They don't get the inside information. They don't know that NASDAQ is going to include no matter what. They don't know FTSE is going to include no matter what. They don't know that the time is to buy before the inclusion. And then sell into the inclusion. Tesla is a case study example of this inclusion bump. So on the announcement of inclusion, the stock rose 12%. Upon actual inclusion, the stock fell 8%, a 20-point swing. Institutions knew the inclusion was coming. They positioned ahead of time, and then they sold to the index funds. That's why the price dropped. They were there because they knew there was going to be forced buying later. They pumped the stock up and then sold into this forced demand from the index funds. It all makes sense, right? The latecomers feel the pain. They carry the bag. The timing of these mega IPOs creates even more noise and potential for confusion. Let me explain what I mean by that. Earnings season. Fed meetings, most exuberant months of the year, right? Q1 data just finished up. All the data is fresh. Ratings are moving. Good stocks turn bad. Stocks can look good again. All this is important. Information overload is intentional. It's disempowering. Oh gosh, I guess I just got to listen to CNBC. Oh gosh, I just got to listen to my advisor who's got to sell a ton of SpaceX IPO shares. That's what Morgan Stanley and Merrill Lynch were originally designed to do, to sell shares. That's how they make all their money today, sell IPO shares. They're in the business of selling. That's why it's called the sell side. With all this craziness going on, the opportunity window right now is open. We do the diligence to give you the truth, and we do it at scale. It's an enormous amount of work. That's why nobody else wants to do it. That's why we needed to design technology. We update our financial models and ratings with the freshest, most detailed data and analysis in the world to give you a sharp advantage over everyone else for your money or your client's money. We know earnings season has a huge impact on market movements and stocks, and we have the best technology to identify stocks that offer upside and carry too much risk. We're seeing it all the time. We've been navigating it. We've got the only machine. It's like the only X-ray in in the world to give you the truth of what's really going on, the bones behind what's driving capital. And every quarter when we do this work, 800+ stock rating changes occur. It's a lot. Nearly a third of our universe is changing over because the data matters. Every footnote season, that's what happens. As an example, 20 new stocks made it to our Most Attractive Stocks list. 18 new stocks made it on the most dangerous stocks list. 3, which is 20% new stocks, made it to the executive compensation aligned with ROIC model portfolio. 5 new stocks made it into our safest dividend yields model portfolio. 6 new stocks made it into the dividend growth stocks model portfolio. Folks, data matters. Things are changing. We are doing the work to keep up with the market in a way that no one else does. This creates an opportunity for you. Old winners get risky. Overlooked names can improve. Sector leadership shifts. Better data identifies changes before the market. I'm not here to talk to you about what's already happened. I'm showing you stuff the market is missing. That's how we outperform. That's why some of the biggest hedge funds in the world rely on our data. Because they know they need to be able to see around the corner. The ratings you saw the past couple of weeks, they're changing completely because the company's financials have changed, and our models capture that because we have the only AI that reads the footnotes and calculates real core earnings. The only AI, the only technology, the only system. We're the only source. And as we analyze the latest filings amidst The IPO melt-up, we hear one common question. How do I protect my hard-earned capital and find the best stocks to profit in the current market? That's exactly why you're here today. We're going to hand you the AI to answer those questions and gain a true sustainable edge. Don't believe me? Keep watching and I'll show you. In case you haven't met me before, I'm David Trainer. I'm the founder and CEO of New Constructs, author of Modern Tools for Valuation and The Valuation Handbook. I've been on Wall Street and doing this work for almost 30 years. I've probably looked at more 10-Ks and 10-Qs than most anybody, except for people on our team who've looked at even more. And I designed this technology because I knew Wall Street didn't want to do this work. Biggest pushback when I was starting New Constructs was, oh, isn't that what Wall Street does? Absolutely not. Wall Street's keeping it all done by hand because they don't want anyone to have technology like what we have, because effectively it gives people the playbook. And that's what I'm offering you, is a playbook on how to navigate this crazy market melt-up. Over the last 2 decades, I've been perfecting this thing. This is research that digs deeper, picks better stocks, and produces alpha that beats the market. I've proven that this technology is special and unique. It's Too good to be true until you see it and you realize how true it is. The alpha specifically comes from proprietary data extracted from footnotes in every financial filing. And it's not just getting the data. Anybody can take a filing and shake all the numbers out of it, and you got a pile of numbers. It's categorizing that data according to a very specific taxonomy and ontology. And again, this is how you get to the economic reality. That's what we focus on. The economics of businesses, not the accounting, not the headlines, the underlying economics. And the outperformance of our data and research speaks for itself. This is why I say it's the best and it's the only in the world because of this number one stock picking ranking for 60 straight months on SumZero, which is a buy-side professionals only platform. There's a picture straight from the website. We've been ranked number one in multiple categories for 60 straight months. How about this? What if I told you that Harvard Business School, the Journal of Financial Economics, and MIT Sloan have all value vetted and validated our research? They've written 60-plus page papers on our research saying, oh my gosh, this is better than anything else that's ever been. That's a pretty good endorsement. How about the fact that Google Cloud chose us and invested $2 million to build an AI agent based on our data for the purpose of demonstrating the power of their technology. I said, hey guys, you're spending $15 billion a month on AI infrastructure and data centers. What are you going to feed all those computers? The same old stuff, the internet? Everybody's doing that. There's no advantage in that. They said, yeah, we don't like to talk out loud about that. Okay, I know. What if I gave you a dataset that's proven to generate alpha and we put that into an AI agent for investing? They said, that's great, let's do it. And they put the money in and they built the agent and it's on our site. I'll be demonstrating it soon. Even better than all this other validation, Bloomberg created indices based entirely on our data, the Core Earnings Leaders Index. This chooses the stocks out of the Bloomberg 1000 that have the strongest core earnings capture. What does that mean? Core earnings greater than net income. So the companies whose earnings are most understated. This index beat the market by 900 basis points in 2025, 27 to 18 versus the S&P 500. That's impressive. It's beat it by 38% over the last 5 years. Year to date, it's beating it by 3%. Folks, I don't know what else to say. We have a better measure of earnings. It beats the market. If you don't want to incorporate that into your investing process, then I guess you just don't care about fundamentals at all. How about the Very Attractive Stocks Index? Interested in our ratings? The index based on holding only the very attractive stocks beat the market by 14% over the last 5 years. How about the Enhanced S&P 500 Index? This is my favorite because it's like, we don't even have to pick the stocks. Let somebody else pick the stocks. But if you weight those stocks based on their core earnings capture as opposed to market cap, you get outperformance. What does that mean? That means core earnings matters, folks. Core earnings, our proprietary measure of core earnings, gives you an edge. Now, importantly, these indices are managed by Bloomberg and they are not available for the public to purchase. However, they're all based on our research, which you can't get from us. For example, our focus lists, the long and short model portfolios of our top picks. On the long side, the focus list long beat the S&P 500 by 20% since 2021. The short model portfolio beat the equivalent of shorting the S&P by 60%. From 2021 to present. Pretty impressive. I don't show these stats just to brag to you folks. I show them because I don't think you're here by accident. I think you're here because you sense something isn't right. You know, the market is— it's getting frothy. When anything trades at 100 times revenue, it's time to take a step back. When anything is being supported by forced buying in the indices, when you're seeing this level of collusion in Wall Street, it's time to take a step back and question the stories you're being fed. I'm here to help you navigate this puzzling market environment and give the answers needed to make sense of it. That's what we do at New Constructs. We are a new construct for understanding the market. And we are new because never before has there been technology that has the ability at scale to give you the truth about profitability and valuations. Now, the last 18 months we've seen AI euphoria, mega-cap concentration, momentum chasing, narrative over discipline. Narrative over discipline. Lots of that. When the story outruns the math, a great company is not a great stock. Beyond Meat. Peloton, not good companies, right? There's many others. Allbirds. These are stocks we predicted would go to zero, and some of them have, or close to it. But some of these companies are still decent companies, just the valuations are absurd, impossible to achieve, impossible to fulfill, right? And I think that's what we're here to say is, look, it's okay to have expensive stocks. Expensive stocks are fine. But when we're getting to a place where the NASDAQ is out— even outrunning what it did during the tech bubble, Maybe we have to start really thinking about valuation. Everyone owns the same names. We've seen concentration at unprecedented levels for a long time now. Everyone hears the same story. Everyone reacts to the same catalysts. This creates risk and instability. Instability is a function of narrowing of the diversification. When all the ideas get narrowed into a few popular ideas, That's instability. That's not a good foundation. That's people resting on one single sort of singular thinking. It's not wisdom of crowds. It's groupthink. And that's dangerous. Why AI melt-up is the real story. It's hot. Flows are still building. Excitement is still real. The opportunity is broader than the obvious names, folks. This is why we're talking positively about this as a melt-up. There's a lot of danger there. I figure that because you're here with me today, you're probably not falling for as much as the hype. But what you want to know, what do I do if I'm not going to buy into this stuff? What do I do? We have answers for that, right? What gets bought because it deserves capital? What gets bought because capital is forced? What gets sold because it deserves capital? What gets sold just to free up liquidity? Right? These are things that you need to understand, and these are the kinds of things that we can answer in a heartbeat. If you're feeling uneasy about your portfolio in this environment, you should, because the tools that most investors rely on simply aren't designed to cut through the noise and misdirection. They're not. And you may be wondering, why not just use the new AI tools out there? Just go with what's out there already. Let's explore that option. Let's see what you get. Why don't we ask these popular AI tools about what they think are the best tech stocks? Here we go, ChatGPT. There's your list. Here's your list from Gemini. There's your list from Claude. So when we go through this exercise, what do we find? First, none of these stocks get a good rating from New Constructs. Second, there's no meaningful research to back up the suggestions. There's no strong thesis there. Keep in mind, our robo-analyst AI and stock picks are proven to outperform the market consistently. So we can confidently state we know how to identify whether a stock is truly an attractive buy or not. Who here was in the training we did on why AI lies to you? Who remembers what happens when you ask AI why it lies so much? Conversely, we're not in the business of lying. We're in the business of giving you truth. But we have noticed that the other tools, such as ChatGPT, Gemini, Claude, They tend to select stocks that are already popular, often overvalued companies that have already had a big upswing and they're not attractive right now. They're good at telling you what's popular. They're good at reading the headlines. They're good at assessing sentiment. They're not good at anything else, really. Legacy AI tools are FOMO machines. No real value added for picking stocks. The good news is there is a new technology that delivers quality stocks in today's market. It shifts the focus from the narratives to the verifiable and proprietary financial data. That's how you protect your portfolio, and that's how to find the right stocks while others are being misled. Intelligent investing starts with fundamentals, including footnotes, not the surface-level metrics that everyone else is focusing on. Look, if you want to follow the crowd, be my guest. You want to use momentum, you want to use technical trading, be my guest. That's great. But understand the risk you're taking. I'm not here to say that fundamentals need to be 100% of your process, not 100%, but I am here to say it should not be zero. And if you're going to rely on fundamentals at all, you should be sure that the data is accurate. Otherwise, you're likely to be wildly misled because if you're looking at fundamentals that are wrong and you're building your valuation and your opinion based on a wrong number. If you're talking about a multiple of 20, much less a multiple of 100, your error could be magnified by a factor of 20 or a factor of 100. That's why fundamental analysis is so important. That's why Wall Street plays such a shell game by putting all these metrics out there. They don't really want you to know. And we've developed the only AI tool that does the proper diligence It handles all the data to give you the truth. We ingest every page of financial reports, the 10-Ks, the 10-Qs, the 20Fs, the 6Fs. And we especially focus on the footnotes and the management discussion and analysis. Why? Because that's where the good stuff is. We are built for truth-finding, not narrative spinning. Plenty of other people do narrative spinning. I want to do something unique and I want to do something that made the world a better place. We didn't participate in the $500 million of investment banking fees for SpaceX. We never wanted to. Wouldn't take it if they gave it to me. That's not what we're here to do. We're here to provide real value and real truth. We expose bad information. That's what the footnotes in MD&A are about. We're here to expose the bad stuff and the good stuff. A lot of this stuff is legally hidden in footnotes. Here's an example of a great note we found. They had $4.6 million of sublease income in their earnings stream. Is a firm in the business of subleasing their office property? No. Should it be as part of their earnings? No, it shouldn't be. But we're the ones going through and finding on page 113 that kind of work. That's what we're there for. And let me tell you, we've done this— that work right there you see on the screen right now— millions of times. Now let me share 3 key ways our clients leverage this kind of information to pick the right stocks. Because this is all great stuff, David. How do you use this? First, you get updated research constantly. Every day we get new filings. We're running that through the system and getting those turned around usually within 24 hours of those filing with the SEC. These model updates drive hundreds of ratings changes and metrics changes all the time. So use our system to get the latest and greatest data. And ratings changes importantly. Here's a good example. We parsed the filing, we changed the rating to attractive, went from neutral to attractive. The stock was up 60% in the next month. Dell Technologies, parsed the filing, upgraded from neutral to attractive. Stock was up 32% in one month. Second way our clients enjoy our product is that they get the most rigorous financial analysis in the world on the US stocks. So if you already own companies or ETFs or mutual funds, get the truth. Type in a ticker, get an answer. Take a look at our screener, get these answers on all these stocks. It's just the energy sector in one little screen here. Boom. You can screen for whatever you want. I'm going to demonstrate some of that with our AI tool and with our website here in a minute. Each model, I would tell you, every— even the 8-page PDF report, Each one of those is probably worth $50,000 of time and energy. That's what it would cost you to get a Wall Street analyst to do something of comparable quality to New Constructs. Could you get a crappy model from Capital IQ or from AlphaSense? Absolutely. You get those for cheap. They give them away for free. They don't need to be paid to mislead you. They're happy to give it away for free. Be careful. The consistency that we give you means you're getting results you can trust across thousands of stocks. That's important. Couple answers to our AI question. AI lies because it sends what is most often written in the data, most popular in its database. That's true. Good answer. The number 1 goal for AI is to make money for its owner, not you. That's true. The 5 reasons AI lies most that were listed out is that it doesn't have good training data. It's taught to give an answer no matter what. It's taught to be sycophant. It doesn't have a way to evaluate the data that it is looking at, and it's dealing with the internet. Those are the 5 most popular reasons. Number 1, doesn't have good training data, doesn't know how to evaluate its data. And it has to give you an answer no matter what. Better to give an answer than no answer, which means better to give a bad answer than no answer. And that's why it operates that way. Now, let me give you context of just how our proprietary research scales. Warren Buffett is said to have read 100,000 financial statements over his life. We are at 250,000, 300,000. That's the expert marked up filings. Now, when you take into account what the machine has tested itself against, we're talking about probably millions of filings, right? We can say, hey, machine, here's a filing that's been perfectly parsed. We put it into AI and we say, AI, now I want you to parse this on your own. And it parses on its own and it grades itself against the one that we know is perfect. That kind of iteration, that kind of stuff, millions. But we have 250,000 perfect use cases. What does that translate to? 43 billion data points that we use to inform our AI. This is what drives what we have. This is not your typical AI. This is not your typical black box magic wand. No, this is painstaking, diligent work over decades to inform a machine to operate at the level of a human expert or better. And better because it operates as an expert on that many companies at the same time in the way that we have. This is how real AI power emerges. Expert at the very granular level that scales to a larger number of companies. At New Constructs, we've analyzed 2.5 times as many financial statements as Mr. Buffett. He's at 100,000. We're easily at 2.5 times that or more. We're the AI. I'm Mr. Buffett. 3rd benefit our clients get: we maintain true independence. We have no investment banking conflicts. We are not like the other guys. We are better. Less than 4% of our ratings get a very attractive. 13% get attractive or better. That's a super small number, folks. How does that compare to Wall Street? 96% of them are buy or hold. That's because their paychecks depend on you buying stocks. They don't make profit from their research. They make $500 million in revenue from one IPO. What are they designed to do? To sell. To sell. Do used car salesmen ever tell you the car is bad? They want you to look under the hood. Do they want you to know what's really going on? No, they want you to buy it and move on. According to recent data, 50% of Wall Street ratings for stocks are listed as buy compared to our 13%. Look at that. How is that even reasonable? Who can make a straight-faced argument that over half the stocks in the market should be bought? That's not efficient. Not efficient for markets or for investors, but it is efficient for Wall Street profits. Here are some specific recent examples where Wall Street rated stocks buy and our system disagreed. Coinbase, buy or hold all this year? Unattractive or neutral? Down 24%. Wall Street, good rating. New Constructs, bad rating. Stock down 24% year to date. How about with GitLab? Wall Street had a good rating. New Constructs had a bad rating. Stock down 32% over the last year. How about Shake Shack? Wall Street has a good rating. New Constructs has a very bad rating. Stock down 54% over the last year. The value of our AI solution is proven by our performance, folks. Core Earnings Leaders Index up 38% over the S&P 500 over the last 5 years. Very attractive stocks index beats the S&P 500 by 14%. Core earnings weighted S&P 500, the enhanced S&P 500— we're not even picking the stocks, we're just weighting them more intelligently— beats the S&P by 23% over the past 5 years. Why do I emphasize this, folks? Because proof is in performance. This is proven independently. You can look it up on the internet. Kyle, if you want to drop a link into the free Bloomberg stock charts that show this performance, please drop it into the chat. Look, this is important to emphasize. I'm not just making stuff up. It's proven by live trading performance. Are AI data-driven systems allow clients to cut through Wall Street's misleading narratives and identify stocks where the fundamentals are strong. Conversely, we also identify overvalued companies where the narrative overstates the financial reality. This disciplined approach aligns very well with what Warren Buffett's investing philosophy— you can't predict what stocks will do in the short term, but you can predict that businesses will do well over time. We're not trying to be market timers. We're trying to be truth tellers that focus on things we can measure and show and prove because we want to earn your trust. And we think given the performance that we've demonstrated in the market and anybody who's seen our work, I think we deserve your trust. So how do we do this? What's the edge to our performance even in the most chaotic markets? Let's talk about our roboanalyst AI. What is this about? I told you, I've been doing this for 20 years. It's built for one purpose, to read these filings cover to cover and pull out all the stuff that most people don't have time to pull out. We adjust for all kinds of things, off-balance sheet debt, unusual gains and expenses. We get the true cash flows. We do this in a way that no one else has ever done it. And don't take my word for it. You can take a look at Harvard Business School. You can look at Bloomberg. You can look at Google. You can look at Goldman Sachs Asset Management. These are all people that have partnered and trusted and used our data. Some of them have written papers. Some of them invested millions in building products and strategies around it. Why are people willing to do this? How do we ever convince anybody? We're not a black box, folks. Everything we do is traced back right to the filing. Every calculation— I'll show you how I do it on my website. There's a lot of stuff that's been free in the education section for years. We put it behind a paywall when the AI started hoovering everything up. We didn't want to give everything away. But the point is, we show you how we do it for every individual company. Now, the trick is how we do it at scale. I'm not going to show you necessarily how we do that, but I can prove to you that we've done it because I can show you the details. And by the way, in the Harvard Business School case study on our company, on our technology, Titled Robo Analysts Disrupting Fundamental Research. That case study, those professors looked at 350 individual companies and demonstrated and showed that we had it perfect for every single one of those. They didn't find a single error. Oh, we've been audited, we've been vetted, we've been validated, and our performance is speaking for itself. Now here's what our rating system looks like. We got five. Different metrics. You've got economic versus reported earnings. What are the true earnings? How do they compare to what Wall Street's telling you? The economic earnings by themselves matter, yes, a lot, but how they differ, align or misalign with what Wall Street's doing is big. Return on invested capital. How much cash does the company generate relative to how much capital has gone into it over its life? What's more important than that? Free cash flow yield, one of the most popular metrics in the world over all time. We do it better than everyone else. Price-to-economic book value, probably the easiest, quickest valuation metric that I've ever seen. One of my favorites. All it does is compare the price to the no-growth value of the business. Let's see what the company's worth if growth stays the same. And then we look at the difference between the price and that no-growth value to get a sense of how much that stock is based on future profits. Michael Mauboussin at Morgan Stanley just published a paper on that same exact topic. We've been doing this work for 20 years. We've been running it forever. I can show you what price-to-economic book value is for the entire S&P 500 and for every individual stock. And then there's the market-applied growth appreciation period. This is a reverse discounted cash flow model operated at scale. And this metric is the most sophisticated and also in our backtesting shows to be the most predictive. What does it do? It quantifies the number of years the company has to grow its profits to justify its price. So it's dynamic in that it's looking not at just 1 year in the future, but as many years as required to justify the price. So who do you think uses this stuff? All the major players. Why? Because we take complexity and we make it simple. Green is good. Red is bad. Would you be surprised to hear that we're the only firm that has a patent on our research? Why? Because I've done something no one else has done. We spent 20 years optimizing this data, and it's paying off. This technology is able to convert complex financial disclosures into accurate measures of earnings and cash flow and create signals that are proven to outperform. Let's boil this down. What do we do that makes New Constructs special? What do we do that gives our clients an advantage? We get data the market is missing, and we And we do the diligence that no one else is doing. This gives you an edge you can't get anywhere else, pure and simple. Most investors and professionals don't have the time to read these filings. Some of them don't want to do it. The cost would be millions of dollars per quarter to maintain. This is why it's so much easier just to say, buy, buy. As long as everybody's buying, everybody's happy, and Wall Street's making a lot of money. Who cares about footnotes, right? Now I have a few questions for you. Would you be interested? Could you see yourself using a robo-analyst and proven superior research to find good ideas and protect your portfolio? Do you see why you can't rely on the unscrubbed data that corporate America and Wall Street publish, especially during earnings season? Do you see the power of unbiased, complete information? If the answer is yes, I've got something special for you. It's our professional membership. The regular price is $11,000 a year, roughly a little under $11,000 a year. What does it give you access to? Pretty much everything. This is what professionals who care about their clients and want to outperform, this is what they use. Go ahead and click on the link in the chat provided and see the special offer we have on this top-tier product right now. I want you to understand the comprehensive nature of our research entails countless pages of data and documentation, balance sheets, income statements, cash flow statements, footnotes, dozens of other disclosures. Here's how it looks inside our Market Definings. I gave you an example of this for Affirm before. This is Meta. This is when our system was saying Meta was undervalued according to our core earnings model. One of the great performers in the Core Earnings Leaders Index. Why? Because we found charges that were depressing their earnings inappropriately, and we pulled them out time after time, year after year. Here's the 2020-23 10-K, 2022 10-K before that. These are clear examples of how we do it. Now, by understanding the true profitability and identifying hidden risks, we are able to build superior financial models, pure and simple. We have better financial models. And our stock ratings are grounded in verifiable numbers based on superior models, not speculative narratives. We are a harbor in the storm. We are touchstone for you, for truth, to give you a more accurate picture of the company's sustainable profits and help discover stocks like Mind Technology when we upgraded it from neutral to attractive, up 32%. In one month. Alibaba, when we upgraded that from neutral to attractive, up 24% in one month. We also help you avoid bad stocks like Caesarstone. When we downgraded that, it dropped 24% within a month. When we downgraded Voyager Therapeutics, it declined 22% in a month. Our professional memberships gives you unrivaled insights about the thousands of stocks in the market today. And our AI answers questions that no one else can answer. This is perhaps one of the greatest things we've ever done in New Constructs is release this FinSites agent. You've heard me talking about it for months. It's finally here for professional subscribers. And this AI is, I don't know what to say. It's powerful. We had a Log Ideas dinner a couple days ago, and that's a special dinner that we do for our professional members only. And I can tell you 90% of the time, Somebody comes up with, most of the time it's our clients, every now and then it's me, but we come up with some new idea. We make some discovery. One time it was like, oh yeah, maybe that quantum computing company that looks expensive, maybe it's not that expensive when we compare the implied profits to companies in the S&P 500. Tuesday when we did the meeting, somebody came up with an amazingly smart new screen. We plugged it into FinSights, got some great stock picks just like that. With this kind of data, it only takes a second to get great stock picks. When you have this kind of data and you've got a tool that can sort through it all and give you answers— this is why Google invested $2 million in us just to create an AI, and they gave it to us. They created the AI because they wanted us to go out there and say, hey, this is built on Google Cloud. They want us to be an ambassador for their technology because they know that we're going to be out there giving people answers to questions they can't get anywhere else. So they built us an AI agent and said, hey, yeah, we're covering the whole cost, paying you cash, investing $2 million, and go out into the world, show them what you got. What are the kinds of questions we can answer? Amazing questions. Show me whose stock price implies they will grow profits by 50% over the next 10 years. Show me the best dividend stocks. Show me the most attractive stocks. What's the best sector? What's the worst sector? What's the most dangerous stocks in the market? Our AI does all that. So what's the big difference between New Constructs and everyone else? Our data and research is proven to work. Let me explain. This membership level gives you access to a depth of financial research that's considered a goldmine amongst financial advisors and research and hedge funds. This high-level research consists of ratings on 10,000— you get unlimited access to ratings And reports. Portfolio tracking. You can have up to 50 portfolios. If you need more than 50 portfolios, let me know. We'll expand it. So far, nobody's used 50. We get 50 different portfolios and alerts and updates on every single one of those. You can screen the entire market with unrivaled precision. Nothing like this ever existed in the history of the world. Why do you think we have so many successful model portfolios? Why do you think we spit out stock picks that outperform Because we've got better data. And in summary, you get ratings reports, tracking, alerts, risk analysis, API, and Excel add-in. This is like an entire research— better than Morgan Stanley's entire research department. You get on your desktop at your beck and call. And by the way, we're better than Morgan Stanley. We're better than Merrill. We're better than all these big firms, Goldman Sachs. We're better than their entire research department. If only for one reason, we're not conflicted. Now add in better data, better results. Are you kidding me? We go beyond the competition. This is a great chart. This is a lot on it. So I'm going to come in here and I'm going to point out a bunch of stuff here, right? What do we do that no one else can do? How about this empirical evidence, right? All this, nobody has it. Who's got an AI? What do these other folks do? Do they cover mutual funds? No, they have a reverse DCF. Not really. They do. It's a fake one. I'm giving them credit here, though. I don't believe they really deserve it. Look at this, right? Amazing difference between what we have and what everybody else has. So with your professional membership, I want to be clear. You can invest your money with confidence knowing that you have access to the most accurate research and rated and ratings in the world. Maximize your profit potential. by making informed decisions based on proven superior research. Leverage a true AI for investing that empowers you to thrive in any market. Enjoy real due diligence and have the complete financial picture when making financial decisions for your clients. Those are some seriously powerful value adds. How about some case studies? This is John. This is a guy who I know very well. Great man, great client. Pleasure to know him all these years. Good friend. We made a lot of money and he gave it to a big blue blood firm. What happened? They underperformed. My belief was let the big boys manage it and take some time off. Mistake. What did he do? Fired them, hired us. And by the way, we cost a hundredth of what that firm cost. And what happened? He outperformed. This case study says it really well. He even says, I think this tells the story about your tool. I was skeptical, but results gave me confidence. Of course you should be skeptical. I'm up here saying this is the best thing in the world in the investing business in the last 50 years, maybe ever. Of course you should be skeptical until you see me prove it and you see our clients validate it, Harvard Business School validate it, and Google. You're probably wondering, so what's the price of the professional membership? What's this training all about? Let's first ask What would it cost for you to do it on your own? And this is assuming that we're employing people that we're paying about $100 an hour. If they had to go through a filing, you assume a filing takes about 8 hours. They say it takes about 8 hours to read the typical novel, about 200 pages. Filings are around 200 pages on average. They're a lot more complex and difficult than a novel, but let's keep it simple. Good benchmark. To go through the 2,900 filings, most of them came in within a couple of weeks during filing season. That's $2,700,000, folks. Here's a picture from our bank account. Why are they paying us the big bucks? Because we're saving them a lot of money. Now, we're not expecting you to pay $5,000 or even $10,000. Now, we're not just giving the number— the regular professional membership. We're also giving you access to all of our model portfolios. You look at the value for each one. $2,995 for Most Attractive Stocks, $540 for Most Dangerous, $540 for the Dividend Stocks Portfolio, $540 for the Safest Dividend, and then $6,000 for the Executive Compensation Aligned with ROIC Model Portfolio. That's my favorite. Additional value adds: you also get access to the focus list, long and short. I showed you both of those. Those have both meaningfully outperformed. You also get access to our long ideas and danger zone ideas. The long ideas alone are worth almost the value, $11,000 a year. These are amazing ideas that we're putting out. We're putting out usually every week, a couple of these at minimum per month. I did a whole training on this a couple weeks ago. The long ideas work. The research we do on the long ideas and the danger zone reports, these are reports that are better than anything you're going to see on Wall Street. It takes the expertise of all of our analyst team and then this incredible database and combines them to produce very super unique unicorn-type ideas. And then big time, FinSites. You get access to the best AI for investing in the world. You can ask this AI anything you want about new constructs. This makes it super easy. You can't go to our website and say, you show me all the best stocks in the tech sector. With Finsights, you can do that in a matter of seconds. And at the professional level, you get tons of use for free as part of your subscription. 200 AI questions per month answered, done. Use this to prep for client meetings, compare stocks across your book, generate talking points. All this as part of the professional membership. Yeah, here's an example. Of these 5 stocks, which has the highest return on invested capital? Boom, get an answer, right? Show me the cheapest stocks in the tech sector based on economic book value, which is part of PVGO. You're also going to get monthly training for professional members once per month. And our 4th value-add component, that's our long idea dinners. These are awesome. I told you a minute ago, I love these dinners. Great new ideas come out of these things. Inside, like crazy stuff, like good stuff. We've got some amazing stock picks that have ended up as long ideas, right? Usually comes out a couple weeks, maybe a few months later, sometimes several months later. But these long idea meetings, you get together with other professional members and amazing things happen. Quick story time. When I was going through renewals this year, I was talking to a major RIA firm and literally the guy says to me, all right, David, I just want you to know we're signing back up. Whatever the price increase is, I'm fine with that. Because to be honest, I gotta just tell you the truth. Working with New Constructs saves me millions. If I had to hire the people needed to replace New Constructs, it would cost me millions. And I don't even know if I could accomplish what you do. And that millions is just the people. I still gotta set up the technology to take all the data and build the databases. So David, we'll take whatever price. They didn't quite say that, but 20% increase, not a problem. Here are a few more testimonials for you to see. Along with your integrity, we appreciate your commitment to maintaining high standards, and you're encouraged for saying so. Thank you, Nancy. Simply and instantly, you can see how your stock or funds are rated and where they are trading compared to economic book value. This top-down view is incredibly useful. I highly endorse the new Construct system as one must-have tool in any stock or fund selection system. It's a longer one, but it's so good. There's so much. I've been trying to cut these things down, but they're also so good. I'll focus on the underlying part. Having worked with the big data throughout my first career, I sincerely appreciate all the work that has gone into creating the New Constructs system and database. Going from marked-up footnotes and filings to reliable, easy-to-understand indicators is a huge undertaking, and you deserve my utmost respect. I find New Constructs information to be reliable, relevant and trustworthy. It provides me with concise insights into investment opportunities derived from meaningful metrics that I couldn't duplicate on my own. Folks, in a world where trust is declining, whether it's big business, Congress, newspapers, church, presidency, Supreme Court, we give you a port in the storm. Trust is what the world operates on. Trust is what keeps the world going. We're a place for trust because I think the world needs it. I think the markets need it. At New Constructs, trust is in our DNA, and transparency is what gives you trust. Look, trust but verify. Who's got kids, right? Sometimes your kids say stuff, sometimes they're lying to you, sometimes they don't even realize it because they just taking things for granted. They're not doing their diligence. Happened to me 100 times. Okay, son, are you sure about that? Yeah, I'm sure. All right, show me the numbers. And they come back and like, yeah, okay, sorry. I'm not here to say that everybody's out to get you. I'm here to say that very few people are willing to do the diligence. They're all too happy to go on TV, Twitter, Instagram. Are they happy to do the real work? No. We are able to give you trust and transparency that translates into proven superior performance. We're not here to give you stocks that we're compensated to promote. That's opposite of what we do. Go and click the link in the chat that we provided. All right, live demo time. Let's get to it. Kyle, what are the most popular chosen stocks so far today? First one, we'll go with ACN. Yeah. Oh, we like this. We like this company, Accenture. A long time ago, this is a poster child for one of the first companies we ever saw that had economic earnings greater than accounting. That's not the case anymore. Accounting is higher. But when the economic earnings for this company were first better than accounting earnings, we flagged that and the stock outperformed tremendously. We've— some of you have been on some of my other trainings. Accenture is a pretty awesome company. You can see here really great profitability trading at a 0.9 price-to-economic-book value. That means the current stock price is implying profits will permanently decline by 10%. A great profitable company, high return on invested capital, see economic earnings trending up, yet the market's saying profits will permanently decline by 10%. That's a good setup, folks. It's a good setup. All right, as a professional member, you get access to all of this. You can see economic earnings, you can see shares going down. That's always a good sign too. They're buying back stock. Right. What did David Einhorn say a couple of years ago about how value investors couldn't make money in this market? He said, we got to force our own hand. We only buy companies that get good ratings, like what New Constructs has, and are buying back stock and paying big dividends. So we're going to get paid no matter what. They don't have to rely on the market to be rational. They're going to get paid back no matter what. That's why we track this, folks. Return on invested capital. You get return on invested capital broken out into NOPAT margin and capital turns. You get your free cash flow yield, 2 versions of it, current free cash flow yield and a 2-year average. Look at that free cash flow headed up. There's the average free— there's the free cash flow here for these guys. The free cash flow margin, price to economic book value. Look at this economic book value holding steady, price down. Opportunity. Great opportunity. It's a great— this is a great pick. I'm glad we chose this one. And then here's the market implied competitive advantage period analysis. When your stock price implies negative profit growth, you don't need a growth appreciation period. You don't need years of future growth to justify the stock price. That's why it's less than 1 year in this rating here. Other elements of the professional membership. We'll show you all the adjustments. We'll show you how we go from GAAP net income to net operating profit after tax. All the adjustments, balance sheet adjustments. We go from total assets The actual invested capital number. Notice how much smaller it is than total assets. All the valuation adjustments. Sometimes the numbers are big here. If we look at the outstanding options for SpaceX, I bet this is in the billions. There's another company where we looked at recently, it's super expensive, where this was in the billions as well. People, you need to know all the liabilities. Oftentimes there's a whole lot more debt here than you think as well. Amazon, great example, way more debt. We do a summary of all the adjustments. You can go in and see how adjustments have trended compared to revenue, the balance sheet, total assets, valuation. We talk about these adjustments, some of the specifics. Again, open book. You want to get a credit rating? There it is. And you want to get— how does this credit rating differ from other credit ratings? We'll show you. Here's how debt-to-cap— debt-to-total capital looks for new constructs versus traditional or unscrubbed data. Here's how EBITDA to debt looks. Here's how free cash flow to debt looks. Notice how different the traditional metric is, how much higher it is than our metric. And this is for a company we like. Cash to debt, similar trend, getting very similar. Interest coverage, exactly the same. So not always different. The point is you get a differentiated view from new constructs every single time. On the credit and on the debit side. The screening capability is unbelievable as well. You want to see screeners? How about I'm going to show you this in the other way. Let's look at all the very unattractive stocks. But in a second you can go in and say, listen, give me the unattractive stocks in the consumer cyclical sector that also have misleading trends and are most likely to miss earnings. Go. There they are. These are the worst stocks in the entire sector. We could flip it to the opposite just by clicking here and here. You get the idea. Super powerful. Okay, Kyle, what's our next stock? Next one is ticker SPS, Synopsys. Not so good. It looks like they did a big acquisition about a year ago, so we haven't seen the updated financials. We'll suspend it. If you ever have questions about why we suspend anything, Just click on analyst notes and you'll see exactly every single reason why we would suspend something. Large acquisition. A company has announced that it will acquire another company or part of a company that is worth at least 10% of its assets. Such a large acquisition will significantly alter the financials of the business. Therefore, the current financials are not as reliable as we require. Doesn't mean the rating is terrible or no good, just means Hey, we're not sure. We're not sure. All right, I'm going to jump next straight into Finsights, and I want to show you guys what this looks like. How about something like, show me the best tech stocks with an ROIC greater than 20%, and we'll let that run. Here we go. Our top-rated stocks, these are stocks that get our top rating. And have an ROIC greater than 10%? Now, we don't give you the whole kingdom in this, right? You can answer any question. So how about this? Which stocks are most likely to miss earnings next quarter? Let's let that run. Meanwhile, how do we take advantage of the required inclusion of new IPOs? You take advantage of it by, number one, understanding how it's messing up the markets. You got to understand the big picture here, that forced buying and forced selling creates Mispricings. Forced buying creates stocks that are too expensive. Forced selling creates stocks that are too cheap. You take advantage of this with new constructs by using really effectively our screening tool. Screen for stocks that are cheap. Find those. Those are the ones you want to buy. And then you want to also keep in mind your portfolio. If you've got a portfolio, like for example, one of the stocks that we looked at, let's just go with stocks in one of our Earnings Watch meetings, right? Let's pretend like this was your portfolio. You throw your stocks in here and you're like, ah, you know what? Probably should be selling these. Maybe reallocate to these. Find more stocks that are worth buying. That's what you do. You go into the screeners and you'd say, okay, let me go in here and we'll do this. We'll say, let's go ahead and find all the very attractive and attractive stocks in the industrial sector that also are going to beat earnings this quarter. Boom. There's a short list. Let me add those to my new portfolio. This is how you use new constructs. Evaluate what you already have and add new good stuff to what you already have. Here we go. These are the stocks that are most likely to miss because they have the highest street earnings distortion capture, right? This is the amount by which the Their earnings are overstated 330%, and they have a strong miss overall rating. So anyway, I think that helps you understand how powerful this AI is. Let me get to some common questions around how this stuff works. As a first-time user, how can I confidently navigate and make the most of the tools inside the Pro membership? We've got tons of tutorials. As soon as you log in, there's a little agent that'll come in there like, hey, you have questions about this? Can I help you with this? Can I help you with that? Your welcome email will have a lot of tutorials about how to use the site, and I'm going to do a 1-on-1 meeting with all pro users, new pro users. You can ask questions. We also got people on staff that will answer questions anytime. We'll make sure you're happy. How do I find the best stocks inside a particular industry? Use the screener tool for insights. I think I just showed you that, right? It's that easy. Are the attractive and very attractive stocks in the membership guaranteed to have a double digit? No. There's no guarantees here, folks. I'm not here to make guarantees. I'm not here to make outrageous claims. I'm here to give you the truth. We're about risk-reward here. We're looking to identify the companies that have the best potential upside compared to the least potential downside and the opposite. And I would submit to you that we have proof that we do that better than anyone else. Common question number 4, what will be covered during your monthly training calls? Anything you want. Mostly we go over the research on the site. We sometimes tackle some important topics in the market, like the most recent one we talked about SpaceX. And other ones we've talked about why AI lies so much and shows you, showed people what happens when AI lies and how misleading and honestly treacherous it can be. And we've got clients on sometimes that demonstrate that to us. We had a client on talking about how AI lied to him in a big way and he didn't know until he asked it. And then it admitted, yeah, I lied to you, but not with the intent to deceive. And we just laughed about that. It's okay. What is a lie except an intent to deceive? No, we talk about everything. We're an open book. We're transparent. And if you're a pro member, you also get these long idea dinners where we talk details about how to take advantage of this pro membership, how to think about new ways to use our data. As I said, just on Tuesday, a pro member came up with a new awesome insight around how to take advantage of our data and a stock picking strategy that I hadn't even thought of. And we may even have to make into a model portfolio. It was that good. I was like, wow. hadn't thought about that. This is great. And so it's a great community, it's a great tool, it's the best place in the world to understand fundamentals. You deserve to be a client. We would love to have you as a client, and we hope that you will take advantage of this very special membership. Why? Because we want you to be safe. We want you to understand what we do, and we're willing to give you access before you pay full price because we believe that long-term You will be our client, and we will see great value from you over the long term. Alright, if no other questions, I'm going to click this one off. We look forward to seeing you as a professional customer soon. Thank you.