The Ultimate Retirement Solution - July 2024 Training

Welcome everybody to our latest training, The Ultimate Retirement Solution, where I tell you how we use AI to change the game around how people plan for retirement and understand how to, how to navigate these markets. The old tools don't really work anymore. Wall Street keeps selling you everything like everything's just fine and dandy when everyone knows it isn't. And it's time for new technology to empower investors to make smarter decisions in a way they never could before. And I'm excited to tell you about that today. We got to go through the disclosures and disclaimers first and foremost. We are not advisors. We're not here to give you any personal advice. I'm here to tell you about a new and better technology for doing research and making investment decisions. And that's it. So in the chat, reach out to me. I want to know where you're from. I want to know what kind of investor you are. And most importantly, tell me what your stock picks are, because at the end of this show, I'm going to actually go through, I think, 3 to 4 picks, and we will keep a count of how many get selected or requested. But put them in now. Get them in now. Otherwise, your ticker might not get selected. So here's our agenda. I want to give you the secrets on how to plan for an intelligent retirement, safe and secure. How to discern between what's good and bad in a world where you're bombarded with too much information. We're also going to talk about how we found one of the few remaining, I believe, AI stocks out there. Look, the benefit of our technology is that it doesn't just work on one company. It works on all major actively traded stocks. And we've found what I think is like the only good AI stock left. We wrote up a couple of good AI stocks. A few months ago, published that, and you know, look, the number of good stocks is going down. We think we found just one left. And then don't forget, at the very end, we're going to give you—we're going to do some research and give you answers on your selected tickers. You guys know me; I'm the founder of New Constructs. I've been doing this kind of work for over 25 years. I don't think there are many people out there outside of the New Constructs team. There's no one out there who's read more annual reports. Than I have. Certainly there's not a firm that's been through more annual reports than we have. Uh, we do it better, faster, cheaper than anybody else. Our mission, very simply, to improve the integrity of the capital markets. You're not going to see me hawking stocks. You're not going to see me jump on the bandwagon because everyone else has jumped on the bandwagon of the popular stocks. I'm going to stick up for what I believe is right because that's just the kind of people we are here at New Constructs. We We believe in virtue. We believe in doing things right for the sake of things being right, because we believe that's honestly the only way to be happy. Sure, we can cut some corners. We can indulge in some things that make us happy in the near term. But I want to be happy long term. I want to be happy day to day. I don't want to ride the whims and ups and downs of things that could be good or could be bad. I want to believe in what I'm doing and live the kind of life that lets me do that. And that means staying true to what I believe to be as honest and real. Anything else, honestly, is just a path to depression and misery as far as I can tell. So before we get into the training, I want to talk about a couple things. One, this isn't your grandfather's market anymore. Things have really changed. It's different. It's much harder. We've scoured the entire market looking for good stocks all the time. We write up long ideas and we've really focused more recently on this AI market. And again, we can only find one good stock left. Everything's moving away from us, and we've seen it in the headlines, right? In particular, there's one stock that's moved enough to influence the entire market. In fact, in one day, this stock was responsible for 37% of the S&P 500's movement, right? We all know who it is— Nvidia. There's the chart. This was a great post by one of the people in our online community. By the way, we get some great comments in there. If you haven't joined, you should. So what does that really mean? Like, are you getting what you thought in index investing? Is the S&P really a strategy for diversification if one stock can influence 30% of the movement on any given day? As the member of our community noted in his post, you know, it's really not the S&P 500 anymore. It's the S&P One. Right? And the value of this one stock is getting ridiculous. Everyone agrees, right? That doesn't mean it won't keep getting more ridiculous. And if you want to invest in things that are ridiculous, then by all means, go for it. But we're seeing ridiculous happen faster and faster. Right? And even the really good stocks, the ones you've wanted to hold and be there forever, you know, we're, you know, there's just only so long that you can actually see value. And, you know, even in a Microsoft, one of my favorite companies of all time. One of the best companies of all time. It's expensive. It's really expensive. So expensive we can't recommend it. Same is true with Apple. One of the greatest businesses, concepts, technologies of all time. But the stock is expensive. There's a difference between a good company and a good stock. Nvidia, you know, a really great example. I mean, the, the, the valuation implies something like profits that are going to be greater than some of the biggest countries in the world. Okay? What does that mean? You have 2 choices, right? You can either just throw your money on the bandwagon and hope and pray the bandwagon is able to ride off into the sunset for eternity, or you do real work. Because we're not just talking about a few stocks here, we're looking at the overall market. Here's a great example of our macro fundamental research available to institutional investors where you can see Here up in this upper right-hand corner, enterprise value still spiking up. We had a little bit of a setback, spiking up. What's happened to cash flows? Coming down. Valuation spiking up, cash flows coming down across this, across the market. Not a good thing for the long term. You can't take blood from a stone. All the market mavens have been saying, you know, the more we cash in today on tomorrow's profits, the The less is available there tomorrow. So the market's at all-time highs. We've never seen the market go up this fast. And when it comes to AI and, oh, this being the next leg up, let me tell you something about the law of competition. The biggest companies in the world are spending unheard of amounts of money, hundreds of billions of dollars on AI. What does that mean? Margins are coming down. You think Microsoft and Apple and Facebook and Tesla and anybody for that matter, they all want to be dependent on one company to get their great chips? Yeah. Then Nvidia would be worth the world because everyone would have to go to them and they could price it however they wanted. But that's not going to happen because other people will either build their own chips so they don't have to be dependent on one company and compete with other companies for chips from just one company. They're going to maybe build their own or invest in another company that's gonna build chips, right? They're not gonna put all their eggs in one basket. The law of competition doesn't let one company rule the world. That, thank God, doesn't happen. That's what you call an autocracy, a monarchy, communism, socialism, right? We have creative destruction. We have competition. That means markets will always find solutions to bottlenecks. Especially for something as important as semiconductors. And we're seeing that take place already. Here's the other thing you need to keep in mind. The market's not going up because of fundamentals. It's going up because there's still a ton of liquidity in the market. Stocks are going from attractive to neutral faster than we've ever seen it. 6 months ago, we had 35 tech stocks rated as attractive or better in our system. Today, only 23. In the AI sector or the AI group, only one. Look, there's a lot of stocks in the technology sector. There's a lot of high returns on capital, but the valuation is expensive. What does all this mean? So you need to be discerning. Does Wall Street want you to be discerning? Heck no. They want you to go to more stocks. And by the way, 60/40 is old. That's no good anymore. We need you to be in more stocks. Why do you think they're doing that? Because the number of people that are just investing in stocks is a big part of what drives the market up. Just think about supply-demand, short-term. Oh, you know, if I need to now move, the world is convinced that I need to go from 60/40 equity to bonds, 60% of portfolio in equity, 40% to bonds, to 70/30. Well, that is, what does that mean? Huge amount of buying, which pushes all stocks up. Right? And that's what they want you to do. Don't be discerning. Just buy because that's how they make money. So I, along with a lot of other market strategists, think that risk is our all-time higher. Corrections are coming. It may not be that the whole market goes to zero, but a lot of big stocks are going to take some serious haircuts. It only makes sense. It's the law of large numbers. It's the law of basic economics. Stocks can't go up forever. Markets can't go up forever. Inflation can't go up forever. Monetary policy cannot be super loose forever without other major negative consequences. And I think the situation is dire for people thinking about their retirements. You know, if you've got your nest egg in all these super risky stocks and super overvalued markets, it's a precarious position for anyone to be in. And we're concerned about that. That's why I'm here to give you some solutions around where you can actually find at least one good semiconductor stock, and also solutions that'll let you find lots of good stocks while also avoiding the worst ones. You don't have to be a victim to what Wall Street says. You don't have to listen to what the advisor who's only listening to what the mothership says. I'm here to give you an alternative perspective. I was on Wall Street. I've seen how the sausage is made. Check out my e-letters. I tell stories about how Wall Street bankers and analysts purposely lie to the public. It's a joke to them. They got one set of numbers they tell the public and another set of numbers they tell institutional investors. That's how they make money. The institutional investors pay them. The retail is really just another mechanism to lead more sheep to slaughter. They tell me that all the time too. Robinhood is a great example, right? If the product is free, you're the product. And you, my friends, for the most part, are the product. And our technology, I believe, is the only solution to that. The solution has to be that we have to empower people to make intelligent decisions. So you don't have to be at the mercy of Wall Street. You have the ability to be discerning, to make intelligent decisions, be free of all the conflict. Because we're independent and we've got technology that can give you reliable information across the market. That's what we're here to talk about today. We've figured out a way— I think I call it next-generation AI because the current AI is just all about throwing a huge amount of computing horsepower at an infinite amount of data without any real attention to the data. Right? You could be the best educator in the world, but if you're teaching people the wrong stuff, you know, you're the devil, right? I mean, you know, that, that, you know, it doesn't, you know, being a good communicator, right? Some of the worst people in the world were great communicators. Cult leaders, great communicators. It's the content of what people are teaching that matters. It's the content of what you feed the AI that matters. We have the best content in the world. That's proven. And what it allows you to do is to choose and manage a portfolio. This is why I call it the ultimate retirement solution. Not just are you picking stocks intelligently and avoiding landmines and, and being able to, to decode all the Wall Street propaganda. It doesn't take you a ton of time. That's what the technology does for us, right? It's $2 million of work that we put in every single quarter just to go through filings. I don't know how many days of time, time it is. It's a huge number of days, huge number of days and hours, an impossible amount of work to be done by any one individual. Probably sounds too good to be true. Well, it's not. We've got proof. We're not here to sell get-rich-quick schemes. We're here to talk about research that we've been doing, technology we've been building for over 25 years. Eliminate the ticking time bombs and find the good ones. We got tons of examples. Williams-Sonoma is a great stock we picked a couple years ago. Same with Jabil, same with Sprouts Farmers Market. The number of great stock picks that we've had over the years is countless. But I want you to think about is what it would be like for you to be relaxed and knowing in a very short amount of time you can scan your portfolio to make sure you don't have any ticking time bombs. And you're invested in the best stocks across the market that are good stocks because they can weather storms. Hidden gems as opposed to landmines, making the difference between success and disaster. Sounds like magic, right? Most AI is magic in that it's smoke and mirrors. Our AI isn't, man. Let me tell you, there is nothing but blood, sweat, and tears that's gone into what we've done. 25 years of meticulously parsing through and marking up hundreds of thousands of SEC filings so that our machine learning has a reliable dataset upon which to build its analysis. And it doesn't use its own algorithms. We experts do all the algorithms ourselves. We do everything, all the work, but we just have created basically a lawnmower Or, you know, a harvester for a crop harvester for doing tons of work as opposed to doing it like cutting the lawn with scissors or picking corn one by one. The right way to do it is that way. And we started that way. We've got the machine to track every clip of the scissors, every corn of cob being picked over time so it could begin to learn on its own. There's no substitute for that level of, that level of diligence and specificity. This is an investing revolution, no question. No question. You're going to see more about new constructs all the time. We've got partnerships with some of the biggest firms in the world, and really this is just the beginning. And this is why this is a special training. You're getting in ahead of the crowd because of robo-analyst process, the robo-analyst process. This is a new thing. We've heard about robo-advisors. You don't hear about robo-analysts because Wall Street doesn't really want a robo-analyst because if the robo-analyst is out there working, well, then you don't need Wall Street research anymore. And Wall Street wants you to need their research because they need the research to get you to, to buy things like Sweetgreen and Peloton and WeWork. How do we do it? It's the first, best, and only AI for investing that I know of. There's a lot of things that talk about AI, FinChat and FinBot and whatever. And I'm really excited about some of those technologies. They go through tons of data and research. But just like ChatGPT, what do you hear all the time? Oh, is it hallucinating? Is it right? Why is that the problem? It's not because of the computing power or the algorithms. Those are incredible. It's about the data, the data source. How much of the internet is reliable? 20%, 30%, 40%, 50%? You tell me. Right? But that's what ChatGPT is based on. So as long as your technology is based on data that's not reliable, you're gonna get unreliable results. So what we've done with the robo analyst process is all the proper due diligence. The work that most people don't do, never been done before. I know I was on Wall Street during the tech bubble, and before the tech bubble, people cared about reading filings at least a little bit. Maybe not always the footnotes, but at least they cared a little about reading filings. Now they do not. I challenge you, talk to your advisors, talk to your analysts, anybody you know in the field. Ask them how often they read footnotes. And if they say they do it a lot, get them to show you. Because we can show you. When you've done the work, you can show the work. If you haven't done the work, you can't show the work. And I think in this world, to win, you got to be willing to do things that other people won't do. And at New Constructs, that's us reading the footnotes. That's where critical information goes to hide. That's where there's novel alpha. That's what we've done better And more consistently than anybody else in the history of the world. That's why this is an investing revolution. That's why it's helped us find these great stock picks. And if you're still skeptical, don't take my word for it. How about the Journal of Financial Economics publishing a paper that the market is missing footnotes? The Journal of Financial Economics is one of the top 3 peer-reviewed journals in the world. The paper was written by professors, tenured professors at Harvard Business School and MIT Sloan, proving that we have better data and data that no one else has, secret data. And we are bringing this to the world because we care about the integrity of the capital markets, because we believe that capital allocation is important to our prosperity. If we waste capital on bad companies and bad people, everyone loses except for the super rich. And what does that sound like to me? Sounds like communism. Sounds like Russia, China, Libya, Iran, right? Saudi Arabia, where all the wealth is concentrated into a few people and everyone else is just hoping to get along. We don't want that. That's not what America is about. This technology wants to make Everybody rich. That's the idea. That's the fair way. And that's how the world gets better for everybody. We've also got a paper from Ernst Young proving that we do modeling better than anyone else. And then Harvard Business School wrote a paper showing that our ratings are superior to human ratings. Our robo ratings are superior to human ratings. So again, don't take our word for it. It's better. The end of the day, superior results, 3 things. No conflicts of interest, unrivaled rigor, superior data. Simple as that. So here's how we put this to work for you today. Get ready. Retirement strategy that's so simple you can transform your future with just a few moves every month. This is the benefit of having enormous amounts of work done for you. Across thousands of stocks, hundreds of thousands of filings. Our data goes back to 1998. When you've done all that diligence, picking out the good and bad stocks gets a whole lot easier. That's a big part of Warren Buffett's trick. He's been reading filings for decades, for tens of decades. Yeah, he does it manually. Right? He's super smart, but he's got that huge base of knowledge. So on the margin, he can see What's different? What's really good? What's really bad? Because investing is about making sure you understand the best and the worst. There's a lot of stuff in the middle where there's not a lot of opportunity. It's the fat tails that matter. That's the key. All right, demonstration time. Time to give me your stock picks and we can take some Q&A. Question about our ETF. Later this month, we can't be for sure. You know, it's up to the SEC, but we are—we're hopeful. You know, if you look at the prospectus, the effective date is July 15th. So sometime after then, but we can't be for sure. But as far as—but the ETF is still happening. If it's, you know, in the next few weeks or the next month, we can't be for sure. But yeah, it's still on board. And by the way, Bloomberg has already created two new ETFs. Or indexes, I should say, for people to monetize our data. One question here: with the stock market so richly priced, should I just stick to the sideline for now and wait for correction? You know, it's not a bad idea, but that means you got to be a market timer. I think the the smarter move probably is just to make sure you're investing in stocks that will outperform over the long term. Better to be in the market over the long term. I think the pundits have shown, and time has shown. And so I think the, the smart thing is, is, is to be invested. Maybe you go more to cash, you can be tactical about it, but the main thing is, is to stay in the market but with smart stocks. Just be discerning, be in the right place, because everything's going to go down. Probably if you have a big correction, everything goes down for a little while, but the good stocks come back right away like green shoots after a nuclear holocaust, right? So you want to be in the good stuff. Okay, Kyle, I think we got— we promised 5 stocks.

Yeah, I've got a list here, ran it through a random selector so I wasn't just picking anything.

All right, that's— I like our first one.

First one will be ATKR.

Atcore, never heard of that. All right, can you see this? Can you see that on the screen, or I need to share something? Yep, we're good. You see it? All right, Atcore, very attractive. I don't really know anything about this company, but at first glance it looks good. This is a view from our professional investor product, so you can see an equity rating, you can see a credit rating. Both look good. One of the things I love about our credit rating is like we can compare traditional versus adjusted metrics. So you can see debt to total capital, You know, adjustments don't make a big difference. EBITDA to debt, not a big difference. Free cash flow, pretty big difference. And then down here we can tell you, is it the free cash flow that's different, or is the debt that's different? You can see free cash flow traditional without footnotes adjustments is actually— is quite a bit different. At first it's lower, and then it's higher. Than the free cash flow adjusted. So interesting, the adjusted is more normalized. That makes sense, right? We're not going to see as much noise. I love that about our, about our credit ratings because, I mean, it's just for any of you that are into the debt market, we do have big fixed income portfolio management clients. You know, this is just a quick and very quick way to show exactly why our data makes a difference. Digging a little bit deeper here into Accor, it's been attractive. You know, before, you know, went up and then it got neutral and it's attractive again. It's come down here recently, down quite a bit. We go into the rating breakdown, you can see how economic earnings and accounting earnings both positive, nothing too interesting, you know, or crazy there. Return on invested capital coming down but still very high. Here you can get the return on capital data, see return on capital over 2, 3-year 2, 3, 4, and 5-year averages. We can break return on capital down into margins and capital turns. So margins looking good or better than capital turns. So balance sheet efficiency dropping. Most people don't look at balance sheet efficiency. There's a guy on Wall Street, super famous guy, maybe you've probably heard of him, named Michael Mauboussin. He wrote an entire report about how people don't look at the balance sheet. It's probably almost— it's almost 30 years old. Plus ça change, plus c'est pareil. It's French. You can, you can make fun of my accent in the chat if you want. Free cash flow yield, free cash flow, 2-year average, 3-year average. You can see all kinds of different measures of free cash flow, free cash flow margin. Anyway, you know, pretty interesting stock. Kyle, let's go to the next one.

Next one will be ACLS.

Axcelis Technologies, neutral.

And this one actually came up in our AI search because they deal with equipment for semiconductors.

Very interesting. Very interesting. So neutral. Well, this is a good example. Probably a good stock at some point, but it's run away. You can see here. Oh yeah, up a whole lot. This is not a hidden gem like what we have, you know, market cap, you know, way up to $4.9 billion. Yeah, this would've been a good one to know about maybe 6 months ago. Here, is it 20? Yeah. If we knew about this back in, you know, 2021 or so, even all the way through to, you know, the end of '22, that's when you wanted to be in this one. Good stocks don't stay good forever. People figure it out. But yeah, you got great quality of earnings and very expensive valuation. So let's take a look at the valuation stuff here. How do we think about valuation? We got the free cash flow yield, which is good. Free cash flow is great, but the enterprise value has gone up a ton. So the yield is not so great. How about the price to economic book value? This is the no-growth value of the stock. So the difference between the red line and the blue line is how much you have to believe in the future to justify the price. So the blue line is all the cash, the value of the business based on existing cash flows. You can trust that. So the difference between the blue and the red line is how much you have to trust the future performance of the company. You can see that gap getting wider and wider, just greater risk. And the market implied growth appreciation period greater than 100 years. So that just means that when we use our consensus forecast estimates and our, and our historical extrapolations, we can't get our reverse DCF model to generate a price equal to the current stock price within 100 years. So that means you really got to jack up margins or jack up revenue growth rate to justify that. Gap reconciliation. Pretty clean numbers here, right? No PAT. Pretty close to net income. Invested capital quite low compared to total assets. Efficient business, we know that. On the valuation side, no big red flags, more excess cash than any kind of liabilities. So that's a, that's good-looking business, but at a very expensive valuation. Kyle, what we got next?

So this one I did I purposely picked VFMF because it was an ETF. We could show off the ETF ratings too.

Oh, nice. Good idea. Sorry, say again? VMF?

VFMF.

VFMF. All right, interesting. So as ETFs go, by the way, the ETF and mutual fund ratings are a little different. When it comes to stock ratings, we're just giving you ratings. You know, based on where that company stands, and regardless of where other companies stand. For the most part, like, we don't, we don't control the number of stocks that get a very attractive rating or very dangerous for, for, for that matter, any of those. But for ETFs and mutual funds, we have to, because if we just took the aggregation of the ratings of all the individual stocks within the fund, I don't remember, Kyle, but some huge amount of the ratings was just neutral. Almost nothing, because, because you're looking at averages of averages. So 10% of the best ETFs get very attractive. 20% get attractive. I believe 30% or 40% is neutral, and then 20% and 10% for unattractive and very unattractive. So the Vanguard Wellington US Multifactor ETF gets a Very attractive rating. Pretty good economics. Not bad valuation. Costs look pretty low too. Looking pretty good here. I also love looking at the allocations. Like, it's really cool. Like, okay, how much of this portfolio is allocated to very attractive and attractive stocks? And I've looked at a lot of these reports. This is a good one, man. I mean, you're talking about 42%. And very attractive and attractive. That's great. Very small amount in unattractive and very unattractive. That's good stuff. Love that. All right, Kyle, we got 2 more.

Yep. We'll go RHHBY Pharmaceutical.

We only get annual data because it's an ADR. Got downgraded recently from very attractive. To neutral, worse profitability and higher and higher market expectations. So profitability got went to from probably from very strong to a false positive. So we get the ADR once a year. Yeah, looks like 2023 things were looking a lot better here than they are here and in the TTM. And the TTM is going to be the same as the annual because we're only getting an annual report here. Return on invested capital slowly going down. No PAT margin. That looks like a pretty— down. Capital turns down. Free cash flow yield not looking so good. Yep. Price-to-economic book value looking better. But yeah, mixed bag here. Not strong feelings either way. All right, we got one more and we'll call it a day.

Yep. Go with OHI.

So hybrid REIT, right? So we suspend the rating on that because it's part financial business and it's part kind of real estate business. And that makes it tough to, to make sure we got the numbers right. Because when we're looking at the debt, the debt used for the financial part of the business needs to be separated from the debt used for the real estate or the buying and selling or managing of properties business. Financial debt. is like your inventory and the cost of it is your cost of goods sold. Financial debt for finance, for the financial business, for the mortgage business, the lending business is more like cost of goods sold. The other debt is regular sort of financing. So we need to make those distinctions and we can't always when it's a hybrid REIT. And then this looks unattractive anyway. Nothing impressive on the quality of earnings and the valuation looking pretty strong here. So that's, that's going to be tough, like over 100 years. And, you know, I think if you were to, you know, look at a company model, we can take a look, you know, you'd see it would take a super long time or you have to assume much higher margins to justify the current stock price. That's the beauty of the reverse DCF. It's just very, very objective, data-driven. Hey, here's what you got to do to justify the price. How does that compare to what the company's done in the past? If it's way greater than what the company's had to do in the past, that's risky. I'd rather be in a stock where the expectations were super low. What was our first one, Kyle? Flipping back, first stock you gave us?

The ATKR.

Example of a stock with low expectations, the price-to-economic book value of 0.9, right? If we scroll down into the rating breakdown here, you're going to see something pretty unusual. You're going to see the economic book value is above the price. What does that mean? The stock price is implying profits will permanently decline. That's low expectations, right? I was saying before, when the red line is above the blue line, that's what you have to hope for in the future. Well, this stock price is not— requires almost no hope, right? Just hope that the business doesn't— the company doesn't go out of business. Right? That's what you want to— that's, I think, a better position to be in. On the other hand, Mega Healthcare, if you look at the price to economic book value, you see a big— there's a lot of hope there. Big difference. Wasn't always the case, right? Maybe they anticipated that this was going to have a huge drop, and it has. But there's quite a big difference there. You know, another cool feature for institutions is this ability to go through and check on the footnotes. So you can see where we're getting data that no one else has. This is a super awesome tool. Nobody else in the world has this tool. We can go in and identify footnotes and other adjustments. You know, here's an impairment. That one's on the income statement. But you can see where we get all of our data going all the way back to what, 1998, 10-K405. Anything interesting in here? Doesn't look like any crazy footnote items. Or in that one. Anyway, back to the DCF. If we were to run a scenario here to see what the stock had to do to justify the price, we— let's, let's try knocking margins up to 30%, way higher than they've been recently. We'll leave revenue growth the way it is and see how that affects the stock. And this will give us a sense of why this is showing more than 100 years. You know, if we use an average of what the margin has been and consensus revenue growth rates, we're talking about a really long time to justify the price. So you've got to assume margins are going to get higher. So we've jacked them up a bunch. Let's see what that does.

Real quick, David, I want to note this is available with institutional level.

This is an institution. This is a deeper dive. But you can see, even if we jack the margins up quite a bit, You know, you're still only getting around $28 a share and the stock's at $33. So that's why, you know, it's an expensive stock. That's why if you assume margins are going to be around the same as they are now, it takes more than 100 years. And even if you jack margins up quite a bit, it still takes more than 100 years for a reverse DCF model to give us a price equal to the current stock price. Okay. We said we'd cover 5 tickers, and thank you for being with us. We hope to, uh, see you again next time. Have a great weekend.