The “ZOMBIE CRASH” That Wall St Insiders Are Scared Of

Hello, everybody. Good to be with you. We got a big crowd. Folks are still coming in, but we want to go ahead and get started. The name of this training today is How to Get Early Access to the Only AI Proven to Beat the Market. That's a big statement. Huge statement. What beats the market? Very, very few things. How many people know the percentage of portfolio managers that beat the market in any given year? Less than 25%. How many of you know the percentage of portfolio managers, active portfolio managers, that beat the market for more than 2 years in a row? It's like less than 1%. It almost never happens. It's rare. That's the bad news. The good news, if you find it, Well, then you've got something special. If you find the ability to outperform, then you have something special. You feed that into machine learning and you have what I would call real AI, real artificial intelligence. For me, intelligence has got to be something special. It's not just booking me a restaurant reservation or automatically adding things to my calendar. Intelligence is not automating things that should be automated, right? That, that don't need to be manual. I don't call the machines that are building cars in a factory intelligence. They're following specific instructions. They do them with greater consistency, performance, and execution than humans, but that's not intelligence. What we're providing is intelligence. Intelligence that few humans in the history of the world have ever been able to match. So AI for stock picking has arrived. We're here to show you how to get the latest technology built by Google Cloud and New Constructs to navigate a market where most stocks are losing as the S&P 500 climbs. Importantly, this technology is arriving at an important time when all the hype about AI is pushing markets up to unprecedented highs. What no one's talking about is that most stocks are actually outperforming at the same time. What does this mean? There's a lot of risk. Disclosures and disclaimers: we are not financial advisors, tax advisors, or advisors in any way. We are researchers. We are seekers of truth and providers of information. I'm David Trainer. I'm founder and CEO of New Constructs. I'm very happy to be with you today. I have been doing this work for over 25 years. I care about the integrity of the capital markets. That was the title of the New Constructs business plan. That I wrote in Central Park in July of 2002. Now I want to hear from you today. Look, let's make this as interactive as possible. We're talking about cutting-edge stuff, but as you know, at New Constructs, we're transparent. You can ask anything. This applies to all the special trainings I do, all the monthly webinars. We want you to know how much work we are doing for you. So anything doesn't make sense, Throw it in the chat. We'll talk about it. Also, if we have time, I'll go through a couple of your tickers that you suggest. We already got one person in here right away put a ticker in. Some of these folks have attended a lot of trainings and they know the drill. So you want to get your tickers in early so you can be at the top of the list of potential stocks that will be chosen. I want to know what kind of investor you are. Let us know where you're from. I think the other day we had somebody from Switzerland. We've had people from Africa. Typically, we have people from all over the world here today, so welcome. And I also want to know if this is your first time with us. So let's get right down to the crux of the message. We are at a critical juncture in today's markets. The overall markets, the headlines, they're telling you one story, but the data is telling another. The gap between the two is where fortunes can be made or lost. The narrative and the truth. The difference between the 2 is huge and important. Q3 earnings season is just about complete. The data is in, and this is a very exciting time for us at New Constructs. We've rigorously analyzed 2,900+ quarterly and annual reports, or over 500,000 pages of information. We do this to update financial models and stock ratings with the freshest data and analysis. To give you a sharp advantage over everyone else for your own money or for your clients. We know earnings season has a huge impact on market movement and stocks, and we have the technology to identify stocks that offer upside or are overbought. During 2024, there were on average 800+ stock rating changes during each earnings season. 11 new stocks were added to the Most Attractive Stocks list. 11 new unattractive or very unattractive stocks were added to the latest Most Dangerous Stocks list. 4 new attractive or very attractive stocks were added to the latest Executive Compensation Aligned with ROIC Model Portfolio. 5 new attractive or very attractive stocks were added to the latest Safest Dividend Yields model portfolio. 5 new attractive or very unattractive stocks were added to the Dividend Growth Stocks model portfolio. The point is, new data brings new opportunities all the time. How do you think the best stay ahead? They don't rest on their laurels. Our ratings scan the entire market far beyond the Magnificent 7. That's how we spot hidden gems that Wall Street misses. We have the only AI to read the footnotes and the entire market to understand how both earnings season and major events such as wars, tariffs, etc., are affecting stocks. No one else has this. Not only that, we're going to reveal the future of AI for investors. For the first time ever, we're giving our most serious members Access to our next evolution of truth-seeking technology. More on that later. But what we're going to cover today: the market mirage, why all-time highs are masking unprecedented danger, the 3% rule, the inconvenient truth about where stock market wealth actually comes from, and our solution, how to be the first to arm yourself with an AI truth engine to navigate What's coming next? So the news: the S&P 500 just broke 6,900 for the first time ever. This looks like another raging bull market, but we believe that assumption has rarely been more wrong than today. The S&P 500 closed higher, yet a whopping 398 components in the S&P 500 closed red. Look at this divergence, folks. The S&P 500, the advance-decline. This is a huge divergence. The equal-weight S&P 500 is now underperforming the market-cap-weighted S&P 500 by the largest margin in more than 22 years. Big tech seems to be everything in today's market. Right? That's an even smaller concentration. But there's also been a surge in zombie companies. A zombie company is a firm that cannot generate enough profit to cover its interest payments and is only staying afloat by borrowing more. This is different from zombie stocks. Zombie companies are a well-known special definition, and it's important because this number is growing. Many of the firms that entered the zombie status in October were in healthcare and biotech sectors, now struggling with soaring costs and declining federal support. The number of zombie companies in the Russell 3000 just jumped to 639, the highest since COVID or December 2021 and early 2022. That's when we were just coming out of COVID and everything was like trouble, right? Hasn't been that bad since then. And remember how bad that was? That was a crazy time. We're in a market mirage. Record highs are hiding record weakness. A handful of giants are masking a struggling majority. Unprofitable zombie companies are growing. The K-shaped economy— have you heard about that? That's what we're seeing in stock markets too. And while we're seeing all-time highs, the smart money from some of the most disciplined, successful investors in history seems to be taking a different approach. Right now, Berkshire Hathaway is sitting on $382 billion in cash. That's enough to buy 477 of the S&P 500 companies, my friends. It's a lot of money. The Buffett indicator is now 2 standard deviations above its average. This has only happened in 1970, 2000, and 2021. The PE ratio from Shiller, the Shiller PE ratio surpassed 40. You can see that has not happened many times in the last 100 years. Only the second time in history that this has happened, and the first time since the 1999-2000 tech bubble. Cyclical peaks in the Shiller PE have coincided with negative real returns for stocks over the ensuing 10 years, including in 1929, 1966, And 2000. This is a very long-standing trend. This PE ratio is really a pretty strong, excellent indicator. Recently from the Wall Street Journal: index developer Research Affiliates projects U.S. large-cap stocks are poised to return only 0.6% annually over the next decade. Now, it's not a new thing for a large percent of returns in the stock market to come from a select few stocks. In fact, all net wealth in the US stock market since 1926 has been generated by just 3.44% of companies. I'm not here to say that we're about to see a huge, terrible bubble burst. I am here to say, look, stocks are looking expensive. And it's hard to find good stocks. They don't grow on trees. Wall Street doesn't want you to know that. They want you to keep pounding money in those same popular stocks because that keeps the musical chairs game going. But the truth is, when you look at the data, when you look at what's going on, extremely hard to be a good stock picker. Like I mentioned before, less than 1% of professional active money managers beat the market over any extended period of time. Less than 1%. So what does this mean your job is? Brutally simple. Your number one job is not just to be in the market. It is to avoid the 97% of wealth-destroying companies and identify the elite 3% that will actually drive long-term returns. That's your job. It's an extremely difficult job, and few people in the history of the world have done it. But here at New Constructs, we pride ourselves For being able to help you do exactly that. You don't even have to take our word for it. Proof is in our performance. Our stock picking has beaten 16,000 buy-side professionals to claim the number one spot in multiple categories for 53 straight months, according to SumZero, which is a buy-side-only stock picking platform. That's pretty impressive, folks. Name another firm that you know of that can say that. There it is, straight from their website. How about this? Our work has been vetted and validated by prestigious institutions such as MIT Sloan School of Management, Harvard Business School, Ernst Young, Journal of Financial Economics. I was just at Harvard Business School last week. You may have seen it on social media. I was part of a panel teaching the MBA students how AI was going to affect their careers. I'll let you in on a little secret. I told them they weren't gonna have jobs. Portfolio management jobs are gonna be going away, folks. They're gonna go away. I guarantee it. Not tomorrow, maybe not next year. Within the next 10 years, they're going away. You're not gonna need humans to go out there and throw darts at a dartboard and underperform when there's AI that can do that. But here's what's even better about what we've done. Live traded performance of portfolios based on our research. You don't get any better than that. Look, papers are great from Harvard Business School. It's incredible. Name another research firm that's ever done that. But I got even better. How about the Core Earnings Leaders Index beating the S&P 500 by 11% year to date? That's hard to do. Impressive. How about by 39% over the last 5 years? Also super impressive. How about the core earnings weighted S&P 500 index? This is the S&P, but instead of weighting based on market cap, you weight based on core earnings. It's beating by 2% year to date. I love this one because that's— this is like saying, hey, someone else can pick the stocks and we'll still outperform them just by taking the stocks they pick and weighting them based on core earnings. If you don't think there's alpha in core earnings, folks, I don't know what to tell you. If you look over a longer period of time, the Core Earnings Weighted S&P 500 or the Enhanced S&P 500 Index is beating by 29%. The best one even maybe is the Very Attractive Stocks Index. It's beating the S&P 500 by 44% the last 5 years. Our ratings, our research, our data beats the market by a substantial margin. The Focus List has outperformed the S&P 500 by 11% since 2021. This is our focus list long. The focus list short has outperformed shorting the S&P 500 by 42% from 2021 through 3Q25. Those are some pretty good performance stats. This is why New Constructs Research is different. Now, the AI hype machine is in overdrive these days. The natural question For everybody in the business, can this new wave of artificial intelligence solve the problem of how do we find that elite 3% of stocks that are going to be the ones that generate most of the value? The short answer is no, because AI is only as good as the data it's built on. This is true of models, of people, everything. We're all only as good as our inputs. You eat bad food, you're gonna be sick. You put bad data into a model, you're gonna get bad results. You see, the problem is that everyone wants to believe in magical thinking, that you can just pour all the data into a large language model and it's gonna figure everything out. That would be great. It's a whole lot less work for a lot of us. Be awesome. Hey, hey, somebody just go invent a magic machine that can figure out the world. Great. Boom. It's not working like that, folks. You shouldn't be that surprised. They're not designed to be financial truth engines, to be honest with you. They're just designed to scrape information from dozens of sources with no real methodology or ability to discern what's right and wrong. That's why we get all these hallucinations. That's why people are like getting frustrated. It doesn't do much. How are we ever going to get past that? Let me give you some examples. for the tech sector as a good place to start. We asked 3 different AI tools, what are the best tech stocks for 2025? Here's what you get from ChatGPT. Here's what you get from Perplexity. Here's what you get from Claude. Notice anything here? Looks a lot the same. Looks a whole lot the same. Why is that? So when we looked at all this stuff, We noticed a few things. None of the listed stocks would be rated as attractive in our system. So what's popular, right, is not necessarily good. Second, there's no fundamental research to back their suggestions. Third, they're all doing the same thing, looking at past performance and market cap. Please keep in mind, our AI agent and stock picks are proven to outperform the market consistently. So we can confidently state we know how to determine whether a stock is truly an attractive buy or not. However, we noticed that the free AI tools such as ChatGPT, Perplexity Finance, or Claude tend to select stocks that are popular, big-name mega-cap stocks, often overvalued companies that already experienced large gains. Popular, safe. They can't get in trouble. They all offer the same thing because they can say, oh, hey, you know, I'm not bad. Those guys did it, right? Same mentality on Wall Street. Oh, I can go ahead and ride this momentum wave because when the market crashes, everyone's going to look bad. So why am I going to miss out on all this upside? I'm going to do what everyone else does, make a lot of money right now. And when it all blows up, I'm rich. I'm getting paid fees all the way. Clients, eh, I don't worry about that. I got to do my thing. And when it blows up and I look bad, I won't look that bad because everyone else will look bad too. Telling you what is popular is not adding value. Popular is the easiest way to do anything. It's obvious what everybody already knows. There's no value there. There is risk when popular becomes popular for the sake of being popular, especially when it becomes popular for the sake of being popular. So where are most companies going wrong with AI? What are they doing wrong? They're paying too little attention to the inputs. All the focus is on fancy outputs and interface and fancy commercials and marketing. Garbage in equals garbage out, folks. They need to remember this. Now, why don't people just go and get good data? Well, good data is hard to get. I know. Here's how we built our, our AI. We started with clean data. We started with perfect data, and we only built it out every step of the way when we knew the data was right. You just see our core values at New Constructs. It starts with data, starts with adding value to our clients, always doing things in a collaborative way. Respecting others. Part of our respect is internally as a company. So we're doing it the right way because we want that to translate to our clients. We believe and act internally at New Constructs like we want our clients to be able to trust our data. Like, this is not something we just do for the sake of New Constructs and as a culture just to have a good culture, because a good culture is what's required to have a good product. You don't fake this stuff. And I know because we've been doing it for 25 years. So you have the right data, you have the right mission, you have the right culture, and you have the right ontology. The ontology is how you give meaning to the data. We have all this great data. Wouldn't mean anything if we couldn't put it together into a stock rating, to a core earnings number. Of course, wouldn't mean anything if those signals didn't produce alpha. But it starts with clean data, then financial models and metrics, and then you get insights. But these insights, they're built on clean data and the model. So if these 2 things, clean data and the models, aren't good, you don't get insights. By the way, ontology is another word for financial model and metrics. Here's a great example of what I'm talking about, folks. It starts with financial statements. Then you get to footnotes. Then you get to advanced modeling. Only then can you get to novel alpha. There's no other way. The evolution of fundamental research, same evolution of our AI. This is how I learned. This is how we taught the machine carefully, diligently, successfully. I spent 20 years. We spent 20 years building a truth engine. Our proprietary robo-analyst technology was built for one purpose, to read financial filings like a forensic accountant at machine scale. We avoid the distortions. We don't have to clean our data. We start with clean data. We adjust for hidden off-balance sheet debt, hidden unusual gains and expenses. We calculate the true recurring cash flows or core earnings. The result is that we're able to convert all this misleading information into one version of the truth about profitability. And that version of the truth generates alpha in the stock market. That's how we know it really is the truth. We are not a black box. Every metric we provide, every rating we issue is 100% transparent. Clients can audit every single data point in our models all the way back to the original source filing. Why else do you think Harvard Business School and MIT Sloan professors are going to risk their reputation writing papers on us? Because I convinced them? Hey, I'm not that good looking or convincing. It's about the data, folks. They go back and audit it to the source. You should read the paper. They did 350 individual case studies looking at the fine print in our models and the footnotes. And guess what? We got a perfect score. Anything less than that, you think Harvard Business School and MIT Sloan professors would be like, hey, these guys are great. You should trust them. No. They would only put their names and risk their reputation if they knew this dataset was pristine. Same with Ernst Young, also wrote a paper. The Journal of Financial Economics approved the paper for their journal. It's one of the top 2 or 3 peer-reviewed journals in the world. They don't approve just anything. We're not a black box. We are transparent because we can be trusted. Here's how it looks inside our system. Like, we give our clients the ability to go in and audit footnotes items right down to the source. We show it to you. There it is. Look at this. This is on page like 99. Meta 2022. Some big restructuring charge. Where is it? Summary of restructuring charges is buried in cost of revenue, research and development, marketing sales, general administrative. They bury these things in 4 different places. You don't believe me? This is great proof. That's how it goes. The other thing that's important about New Constructs is that we're independent. We have no investment banking conflicts. And it shows up in our ratings. Less than 4% of our ratings are very attractive. Less than 13% of our stocks have an attractive rating or better. Notice that less than 4% is around that 3.4% of stocks that generate all the value. Interesting, right? We didn't know that when we built new constructs. We didn't aim for 4%. We just came up with a criteria that we thought was important. That felt good in our minds and our hearts. It's like, this is a good way to pick stocks. Just coincidence that it came out to be roughly aligned with the percentage of stocks that drive all the value in the stock market. That's pretty cool. Here's a sad truth for you. 96% of stocks covered by Wall Street are listed as a buy or hold. Here are the stats, folks. You can see this link right here. Check it out if you don't believe us. Yeah, 96%. 96% of stocks get a buy or hold rating. That's not good. But there's a reason for that, because their paychecks depend on you buying stocks. They don't make any money from research. They make their money selling stocks. It's a huge conflict, right? So not surprising, according to more recent data, 50% of all Wall Street ratings for stocks are listed as buy. Look at that. Versus just 13%. We're lumping in attractive and very attractive. Remember I said that was less than 14? It's 13%, right? Wall Street buy ratings versus new construct buy ratings. Big difference. Now, it is this 20-year journey and this foundation of audited superior data that has led us to this moment. Today, I'm thrilled to officially announce Finsights, our new AI agent powered by Google Cloud and built by Google Cloud on Google Cloud. They chose us for a reason, folks. Here's a quote from their head of professional services, VP of Google Cloud. New Constructs' proprietary data and ontology marries deep subject matter expertise with advanced AI capabilities. It's what it's about. This is the way. To create real AI. And this is what I would tell you folks is the way I see the world, right? The evolution of AI, it's like the evolution of fundamental research. You've got the financial statements here on the left, footnotes, advanced modeling, novel alpha, and now Finsights. This is the way it's going to work. This is how the world will change. The LLMs can't do it. We have to narrow the world down into small enough chunks. That the humans can truly be sure that the data is pristine, that the rules built on that data are 100% reliable because they understand the data. It's going to serve as your truth engine. Its core function is to have a conversation with our entire database. Ask it plain English questions and you get reliable, verifiable answers in seconds. Here are some great examples of the tool. I'm going to save you the time of going through this. Real time on the website. We'll do that in a little bit, but this is some good examples. Find the best stocks in the consumer cyclical sector. There it is. Which stocks are most likely to miss earnings in my portfolio? Right? So you can, you can paste your portfolio in there and it'll do analysis on it. It can tell you which ones are most likely to beat or miss. As you can imagine, the possibilities are endless with what you can ask our AI agent. Some other examples. What are the best stocks in the AI industry? What is the most profitable energy company? Which healthcare stock has the best earnings quality? Show me companies whose stock price implies they will grow profits by 50% for the next 10 years. Show me the cheapest stocks in the tech sector. What are the best dividend stocks in any sector? Show me the most attractive stocks in any sector. What is the best sector? What is the worst sector? Show me the most dangerous stocks in the market. Show me the most unattractive stocks in any sector, or how about the most unattractive ETFs or mutual funds? And here's the key. You know you can trust FinCite's answers because they're from the same data that has proven to outperform the market on both the 1 and 5-year timeline buyer indices. Trust, folks. Good data, good output. Trust, real AI. Game changer. Now you're probably wondering, how can you be the first to access— to get access to our research and AI agent? How can you start using this power to navigate the market mirage and find that elite 3% of stocks? Finsight has not been released to the public. Cannot find it available for purchase anywhere on our website. We know the power of this tool, and we only want to give founders access to our most serious and committed investors. For that reason, we decided to do something special as an early Black Friday deal for our community. Members who join our flagship professional membership will get early beta access to our new AI agent tool, FinSights, available Q1 2026 at the latest. I know it's kind of a wide frame. Now, we're hoping much sooner than that, but there's a lot of stuff going on at Google. And so I can tell you, we've been doing so much testing and we've been burning the midnight oil refining this thing. And it is an amazing experience to work with these Google engineers. Brilliant people. I got to tell you, we are really bullish on Google because we have been on the inside and worked with some of the smartest people I've ever been around. Smart, fast, diligent. It's unbelievable. Normally at New Constructs, we go into partnerships, it's rough because, you know, we're pretty intense. These folks are really intense, which also means things are changing a lot. So it works a lot, and we are hopefully rolling out much sooner, but there are a lot of things going on inside the bigger AI system at Google that are taking us a little bit longer to iron out some kinks. But this thing's gonna be rolling out, we're hoping, next month. But, you know, we gotta be safe and say the latest Q1 2026. These products work hand in hand together, the Professional membership and FinCENsights, and the perfect combination to help you conquer the rest of 2025 and beyond. We've already told you about the power of FinCENsights, our brand new AI agent powered by Google Cloud. And now I'd like to tell you more about our Professional membership and why these tools will work perfectly together. First of all, just keep in mind, FinCENsights is effectively built on top of a professional membership. That's effectively what we started with when we first started dealing with the folks at Google or partnering with them. And this membership is about $11,000 a year, $10,989. It gives you a lot of information. Go ahead and click the link in the chat that we provided. I think Kyle dropped that in there. There it is. If you want to get exact access on what this deal offers, there's a lot of cool stuff in there. But in the meantime, I'm going to tell you a little bit more about What we're doing here at New Constructs. The comprehensive nature of what we do is unprecedented. It entails countless pages of data and documentation, including information from balance sheets, income statements, cash flow statements, footnotes, dozens of other disclosures. Right? Here's a great example. So I showed before, footnotes disclosures. Here's another one, right? These are details that give you the truth. Right to the very source. No other firm can do that. I saw someone put their hand up. You got a question, stick it into the chat or the Q&A. We can answer it there. Now, by understanding the true profitability and identifying the hidden risk, we can build a superior financial model to find the best stocks. Remember, it's data, models, insights. Remember that evolutionary chart? That's how you do it. Our stock ratings are grounded in the verifiable numbers from the filings, not speculative narratives. Or biased analyst reports, or God help us, bad incentives. This gives you a much more accurate picture of the company's sustainable profits and helps us discover stocks such as Mine Technology upgraded from neutral to attractive in April this year, and over the next month it was up 32%, right? And these rating changes happen most often around each quarter when we get new Qs and Ks. Right? And a lot of times those upgrades, within a month you're seeing a major change. Mine was up 32%. Alibaba up 24% after the new filing. And avoid stocks such as Caesarstone, downgraded from neutral to unattractive. After we parsed the 10-K, it was down 24% within a month. Voyager Therapeutics, downgraded from neutral to very attractive. After we parsed this 10-K early this year, down 22% within a month. This is super important. This is a big part of why our alert system is so important. When you're tracking stocks and we get a new filing, something changes, we will signal that to you right away so you can jump in front of or get out of these big changes. You can use our website as your guide to give you unrivaled insights about the thousands of stocks in the US market. Set up alerts. Track data, all of that. Producing and maintaining this level of detailed research would set you back millions of dollars each quarter. How do I know that? Clients tell me. My clients tell me. Like, David, thank you. I go in, I'm like, oh, price going up this year? Like, yeah, no problem. I've got great relationships with some of our institutional clients. They've been clients for a long time, and they, you know, they know I'm not going to go to $1 million, but they tell me it costs them millions to replicate what we do for them. Our membership gives you access to a level of depth of financial research that's considered a gold mine to financial managers and professional investment advisors and hedge fund managers. This high-level research consists of superior unbiased ratings on 10,000+ securities. All these details, tracking and alerts, screening— the screening tool is incredible. This is why Google chose us. This screening capability to put into an AI, that is a big part of it. Now, obviously, the data, the truth that can be elicited across thousands of stocks in seconds is what really attracted Google for good reason. You also get an API and Excel add-in. You get all of our model portfolios. You get our members-only idea dinners. You get our long idea reports, our danger zone reports, which are long-form, deep, detailed reports. We also do monthly webinars where we bring in experts to also talk stocks. We go far beyond the competition. You can see no one's got empirical proof of superior data. No one's got an AI agent with Google Cloud. Nobody. You can see how few boxes they check anyway. This is a game changer, folks. New Constructs Research is a new construct for the stock market. Don't forget, number 1 rated stock picking over 53 straight months. So some takeaways for the professional membership: you can invest your money with confidence knowing you have access to the most accurate research and ratings available based on fundamental research. Maximize your profits by making informed decisions. Leverage a new 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. One of our top institutional and professional clients over the years was talking about how he's a very successful business person. John's a great guy. I consider him a friend. He's given us a lot of great feedback over the years. This was a very heartfelt testimonial, unsolicited. He's like, David, I had all this money and I put it with all the big blue bloods and they did terrible. And I talked to them about it and they kept doing terrible. So you know what? I took it out. I'm not even a money manager. But he's a software developer at a software company, started using our tools without training, sold their bad stuff, doubled down on the good stuff, and immediately outperformed them. This is somebody that just went from no kind of investing experience with a great tool, was beating the blue blood firms. Amazing case study. So you're probably wondering, what's the price of the professional membership? Here's what it would cost for you to do this on your own. This is just a— I love this chart. This shows like how many filings that we're analyzing every day, the number of full-time equivalent FTEs, the number of full-time equivalent employees you need to have on hand to parse this many filings. And if you pay them about $100 an hour, so much it would cost you. And I think $100 an hour is probably a good number to find experts to do this kind of work. You can do it a lot cheaper, but then you get the results that everyone else has. Right? We're talking close to $2.7 million of time and energy for this one quarter just to get the data. Doesn't include building the models, creating the signals. But it's a great data point to understand just how powerful and valuable what it is we've done. You shouldn't be surprised to see big numbers like this from our bank account. This is what people pay us to get this kind of information for good reason. But we're not asking you to do that. I'm showing these numbers because I want you to understand the value that we deliver, but we're not even going to ask you to come close to to that $5,000 or even $10,000 per month. The regular price for professional membership is $9.99 a month on a monthly basis. However, for a limited time, we're going to be offering you a special deal to access this membership at a discount for our early Black Friday deal. We've got a couple options for you. Number 1, if you decide to invest in the professional membership today, we're going to give you 1 month free. With a 6-month plan. And you'll get 1 month of early access to FinSights. At least 1 month of this, our new AI coming in the next, hopefully next month, but at the worst end of 2026. So for that professional membership, your 6-month price discount is $5,000. That's for 6 months of access. And that's instead of $6K. So 6 months from now, for sure, this AI will be out. I think it's gonna be a lot sooner than that. Everybody wants that. Google wants that. You just gotta be careful with some of these things, right? You don't wanna make— I don't wanna tell you too soon, so I gotta err on the side. We say that a lot around here, right? I wanna set expectations low, buy low expectations, sell high expectations. Keeping expectations low on delivery date, we expect to beat that. You get my point. 1 month free and a free month access to FinSights. Option number 2, we'll give you 3 months for free if you buy for a year. And you'll get 2 months of early access to FinSites. You do that, it's $9,000 for 12 months instead of $12K. And that's not all you're getting inside the Pro membership. Value add number 1, access to our model portfolios. That's the most attractive stocks model portfolio, long, long-term outperformer. We charge about $3,000 a year for access to that. The most dangerous stocks model portfolio, $539. The dividend growth stocks model portfolio, another $539. The safest dividend stocks, safest dividend yields model portfolio, another $539 a year. Each one separate, different, special. The dividend stuff work we do is great because, you know, the most important thing about whether or not a stock is a good dividend stock, do they have the earnings and cash flow to pay the dividend? Here's a novel idea. Let's make sure before we buy this dividend stock that it can actually afford to keep paying it. Who measures cash flow and earnings better than us? Nobody. Who knows which dividend stocks are the best, better than us? Nobody. Then there's my favorite model portfolio, the executive comp aligned with ROIC model portfolio. This is awesome. These are stocks that get good ratings in our system and pay their executives based on return on invested capital or something similar. Incentives aligned, folks. When executives are getting paid to do the right thing, you can trust they're going to create value for longer. Now, each earnings season results in hundreds of rating changes and updates to our model portfolios. As I mentioned earlier today, we just had 11 new stocks added to the Most Attractive Stocks list, 11 new stocks added to the Most Dangerous Stocks list, 4 new stocks added to the Executive Compensation Aligned with ROIC model portfolio. 5 new stocks added to the safest dividend yields model portfolio, and 5 new stocks added to dividend growth stocks model portfolio. New data matters. These rating updates often uncover new market-beating opportunities and market-losing landmines that you want to avoid, as we've noticed in the past. JD.com last year, after we parsed its 20-F, which is A foreign version of a 10-Q or 10-K. Stock was up 38% in a month. American Public Education, parse this filing, upgraded, up 21% in a month. Consul Energy, parse its filing, upgraded, up 15%. And of course, shifts in our rating system away from attractive to unattractive and very attractive warn investors for stocks about to fall. Denny's, early this year we parsed this 10-K, down 24%. Invista Holdings, after we parsed this 10-K, down 23% within a month. New Fortress Energy, down 24% within a month after we parsed the 10-K. Our data matters. This moves markets, folks. I think these institutions are paying attention for a reason. So here's a summary of how our most attractive and most dangerous stocks model portfolios have performed year to date. The large-cap short strategies beat the S&P 500 by 2%. Our small-cap short strategy beat the Russell 2000 by 5%. Our large and small-cap short strategy beat the S&P 500 and Russell 2000 by 3%. These are winning picks, folks. Value add number 3, access to our focus list model portfolios. Now, the focus list is effectively what drives the SumZero ratings. Right? There's some zero ratings that has kept us at number one in at least two categories for 53 straight months. Pretty impressive. We got a long model portfolio and we got a short model portfolio. Both of those we charge a lot of money for because they're special. At a time, there's a time when I was giving out for a smaller number and I was talking to an institutional client. He's like, "I'll just buy the focus model portfolio and." You get all the good stuff. And I'm like, yeah, we got to be careful about that. So these focus list stocks also typically have long-form— they all have long-form written reports on them. We do a lot of diligence on these stocks. It's a big part of what goes into the selection. So we're using our models and using our data, and then I'm going kind of old school like a portfolio manager and like figuring out the width of the moat, the duration of the width of the moat, competitive position. All kinds of great stuff that the team works on. This is a really special, special set of products. And from January 2021 through 3Q25, the Focus List Long Model Portfolio has beaten the S&P 500 by 11%. The Focus List Stock Short Model Portfolio has beaten it by 42%. Value add number 4, access to long ideas and danger zone ideas. These are these deep reports that are behind the focus list stocks. So you get access and can read these reports. Access to long ideas. Why does that cost just as much as a pro membership? Because it's super valuable, folks. Super valuable. These long ideas, a ton of work that goes into these long ideas. Millions and millions of dollars of research and technology to create the system to identify the shortlist. And then we go in and pluck the best of the best from there. Danger Zone Ideas, same process but on the dangerous side. And to ensure you get off to a swift and successful start with your professional membership and FinSites access, I'm throwing in a bonus founding members only call with me for $1,000. That'll be Wednesday, December 3rd at 4:30 PM. Everybody who signs up today gets to join that call. Ask me whatever you want. We'll let the agent do whatever we want. We'll ask it whatever questions we can. Now I'm going to show you how to best utilize the full capability of professional memberships and FinCENsights in just a second, and you'll be able to ask me questions on this call as well. And during that special call, I will be there to show you exactly how everything works, answer every question, give you the scoop on all that, as well as the AI agent. Not only that, but you also get ongoing monthly training for professional members. Once a month. And our second value-add component, that's our members-only long ideas dinner. We just had one of those yesterday. Awesome call. It's always amazing to me how many great questions we get from our clients and how much we kind of like dive into stuff and we're just like surprised, like, oh my gosh, I had no idea. This is a really good idea. This was a really bad idea. We did a bunch of reverse DCF scenarios yesterday on a particular stock that I think we all thought was really cool, looked really good. And we started plugging in the numbers, and the implied future performance was was really like kind of incredible. I think this was was it was an AI energy firm, and amazing idea where you just run natural gas over this semiconductor chip and it converts into energy. Great idea. But guess what? Everybody knows, and we can see that in the stock price. Stock price implied like 50% compound annual growth in profits. For like 15 years, like something extraordinary. So point is, we talk about some good stuff and people can throw stuff out there. Like you know, somebody brought to the call, "Hey, one of my buddies been talking about this great stock. Jeff Bezos invested in it. What do we think?" Break it right down then and there. Really super cool. Sometimes we find stocks that are great ideas. There was a quantum computing stock that looked really expensive and bad. We started breaking it down. Turns out not so expensive. That stock's gone on to do really well. Quick story time. Institutional clients do not flinch at our prices since they know how much money we save them. That's the story I told before about institutional clients. I told you laughing about price increases because they understand what it would take to replicate what we do. So does Google Cloud. They know they can't do it. That's why they partner with us. Here are a few more notes from our clients. Along with your integrity, we appreciate your commitment to maintaining high standards and your courage for saying so. Nancy's one of our great clients for a long time. And, you know, look, this is one of these testimonials that means a lot to me because this speaks to what New Constructs is like on the inside. You can't fake being good. We are good people with a good mission. It's part of why our product is so good. These things go together. I think we see that in the world today. There's a lot of fluff and pomp and circumstance, but deep down, you know what's good and you know what's not good. Here's another great quote. I highly endorse the new construct system as one must-have tool in any stock or fund selection system. Simply and instantly, you can see how your stocks or funds are rated. I sincerely appreciate all the work that has gone into creating new constructs in the database. Going from marked-up footnotes and filings to reliable, easy-to-understand indicators of a company's performance is a huge undertaking, and you deserve my utmost respect. How's that? I found your analysis superior, but as a business owner, I know how financials can be manipulated to put forward best-case scenarios. Your research digs that out. It provides me with concise insights into the investment opportunities derived from meaningful metrics that I couldn't duplicate on my own. Look, in a world where trust in most U.S. institutions has withered, you don't need to see these stats to know trust is low. Come on. Like, it's tough. Look at what they think about the media these days, right? Like, where are you going to go to get reliable information? New constructs. We give our clients a reliable port in the storm. So one place you can go, you know, you're going to get an honest answer. Sometimes we don't know. We'll tell you that. And for that reason, we believe in trust and transparency, right? Sometimes I say that to my kids too. Trust but verify. You told me you took out the trash, but I'm still going to check. And we expect the same from you. That's why we have these click-through features in our systems and our models. We expect you to want to go in and check out what it looks like in our system. We only recommend stocks that we believe are truly valuable based on proven superior data. I would not do promotions if I had to lie about what it is we're doing. This is truth. Wouldn't have it any other way. We are not compensated to promote or rate anything. Believe it or not, there are companies out there that pay promoters to pump their stock. It's legal as long as they disclose it somewhere in the fine print. It's also legal on Wall Street to pay analysts who were influenced by their bankers. Now I'm tying it all together. The market is a mirage these days with extreme valuations of a few companies driving the overall market. More risk under the surface than you might see. 90% of stocks don't add value. Your job is to find the 3%. And you need a truth engine. You need technology built in superior auditable data. Now is the perfect time to act on our data since we are just out of earnings season. Why do you think Google Cloud chose us? Google Cloud does not choose data providers. They've never done a deal like this at Google Cloud. Maybe they've done it some other to Google, but not Google Cloud where they Pick a dataset and build a product. That's what they help their clients do. That's kind of the beauty of Google. They're agnostic. They're not in the business of picking sides. They're just in the business of providing better tools, infrastructure, the rails. They chose us because they wanted to show the art of the possible. The art of the possible of AI when it's embedded with true subject matter expertise. They chose us for that because our proprietary data and ontology are worth something. So here's what you get inside your early Black Friday offer. Value this. If you bought these things separately: professional membership, the model portfolios, the Focus to Long portfolios, Focus Long and Short lists, access to Long Ideas and Danger Zone ideas, API access, a 1 or 2 month access to FinSites based on how long you sign up, founding members Only live trainings every month. All this added together, if you purchase it separately, close to $30,000. We're giving it to you for $5,000. Why? Because we believe that you deserve the right to see how good our stuff is before you pay the full price. Come and see it. We're going to give you a great deal, incredible deal, better deal than we should probably give away, because we understand that it's a place— this is a world that's tough to trust despite all of our accolades. We're going to show you the ultimate commitment, the ultimate trust, which is to give you access at a significant discount so that you can learn without having to pay. Go and click the link in the chat we provided and sign right up. All right, let's, let's do some demos. We've promised to take a couple tickers as part of what we're going to offer today. Kyle. Why don't we jump right in here and look up a couple stocks based on what people have requested? Let me see also, Kyle, before I get going here, any questions today from anybody about anything that I've missed? No, we just had one about if you buy now but the membership starts when FinSights is launched. I think just a question on overall timing. Yeah, great question, right? So all these memberships are 6 months or longer, so FinSights will be out For sure within that timeframe. So you won't ever, you're not going to miss that. Again, I'm setting the bar really low for when it's going to be out for sure. And we think we're going to do much better than that. Look, it's in everybody's interest. We want to get this out there and start marketing it to more people. So yeah, if you buy now, you'll have access worst case scenario within 4 months. The shortest membership here we're selling is 6 months. So it's going to be there for you for sure. But good question on how that lines up. I think I remember seeing a couple stocks, Kyle. One of those was MPLX, right? Yeah, MPLX. This is one of our favorites on our focus list. And by the way, it's professional membership right here, folks. This is how cool it is, right? You can type in a ticker, get an answer. Now, all master limited partnerships get a suspended rating. Why? Because they're MLPs and we don't know for sure how the DCF will work. We don't know if all those cash flows will be distributable, but you'll get all these updates, all these stats. You can dive deeper into all the components of the rating system. You can see how economic and reported earnings align. You can see how shares outstanding are trending. You can see how return on invested capital trends along with return on tangible invested capital versus WACC. Then we break that down into the key DuPont drivers. No PAT margin and capital turns. Free cash flow yield. You can see exactly what free cash flow has been over time. Pretty strong free cash flow. Steady yield. The free cash flow margin, which is just dividing by revenue instead of enterprise value. Price to economic book value. So you can see how much of a premium the stock price is or discount the stock price is. to the no-growth value of this company. Then there's growth appreciation period analysis, which is based on a reverse DCF model, best in the business. And part of transparency is reconciliation. You can see exactly how everything compares to the original data. So we take GAAP net income, and you want to see how that compares to NOPAT? Here are all the adjustments we make. Total assets, here's total assets, all the adjustments we make to get to invested capital. So we show you exactly how you go from net income to NOPAT, how you go from total assets on the balance sheet to invested capital. Here are all the valuation adjustments. Again, true transparency so you can get real answers that you can rely on. Adjustments, all kinds of details and adjustments. How about screeners? This is what's most amazing, right? I've got to, like, I got to be careful how much I give away here, right? So You can go in and say, listen, I want to see all of the very attractive, unattractive. Really, you probably want to go very attractive and attractive, but not unattractive. And go and say, all right, well, I want to know in this sector, in this industry. Go. Bam. There's your list. You can say, I need market cap over a billion. There's the list. You can say, I need ROIC more than 10%. Let's say it's less than because these are bad stocks, right? Their list gets even smaller. Winnow it down, winnow it down. The key being that you're scouring the entire US market, all the most actively traded stocks in the US market, to get to the answers that are incredibly precise. And then of course there's access to the blog and all the research and education. ETF and mutual fund screener, super powerful. Give me all the best ETFs in this sector and in that style. See if we got any of these. Well, I guess there's no bad ones. I bet there's plenty of good ones. There we go. Very impressive list. By the way, as a professional member, you also get credit ratings. There's a credit rating in MPLX. Sector research. What— how do we rank the sectors right now? Telecom number 1. That's interesting. It's a big change. Technology unattractive. Maybe you want to get a deeper breakdown. Consumer cyclicals, there it is, neutral. How about a subsector? How about some stats on how it's doing over as a sector? Pretty incredible research. All right, Kyle, let's do a couple more tickers real fast. Yeah, next up we got ticker AMTM. Momentum Holdings. Not such a great company, not such a great stock. Let's see here. Let's go in and see GAAP reconciliation. What's going on? They're showing better NOPAT than their net income, but the return on invested capital still really low and negative. Don't have a lot of history on this business, but yeah, return on capital below the cost of capital. Looks like accounting earnings are better than economic earnings, which is why you're getting not a good grade here. You got a low return on invested capital. Not very good overall. Here's something you can go into the agent and ask the question: Explain how you determine which stocks are likely to miss earnings. So you're not going to get this kind of insights from any other AI. Try asking GPT, right? But importantly here, you're getting a real metric, real details on how distortion is calculated and how earnings distortion scores are put together. Let me see, what is the earnings distortion for APL over the last 5 years. There it is. Find best stocks in a sector. There we go. Best stocks in the tech sector. Stocks most likely to miss earnings. Williams-Sonoma, WMCN. There it is. All right, cool. It's amazing, and we're excited to be sharing with you, and we hope that you guys take advantage of this special offer. We are over on time, but we covered a lot today. I hope that you've enjoyed this experience. Very excited to share with you what is the best and only AI for investing in the market, as well as the best research in the market. Thank you, and we look forward to seeing you at our next meeting.