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STOCK MARKET ANALYSIS | INVESTING THROUGH ETFs
Recorded: June 25, 2025 Duration: 2:34:35Space Recording
Short Summary
In a bullish market, major tech stocks like Nvidia and Apple are hitting new all-time highs, reflecting a strong growth trend. The conversation highlights significant capital movements, including substantial stock buybacks from leading companies, indicating investor confidence. Additionally, the discussion touches on the implications of NATO's defense spending and the potential for increased investment in technology sectors, including crypto.
Full Transcription
All right, all right.
Let's make sure that's on mute.
What is up, everybody?
I am behind the account today.
How is everybody doing?
I hope we are excited, ready for another day of Stocks on Spaces.
Merry new all-time high day to any and all that celebrate.
Q's hitting new all-time highs today.
That was very nice to see.
Nvidia also surging, currently trading at new all-time highs.
Nvidia, I believe, they're basically, you know, if we're going from $3 trillion to $4 trillion, they're three-fourths of the way there now.
So, Nvidia flying today, new all-time highs, joining Microsoft, joining Netflix and Broadcom and Palantir.
Five out of the largest 30 companies in the world have hit new all-time highs today.
An interesting time in the market.
JP Morgan also up there, so I believe that's six.
I think that's six of the largest 30 companies in the world have JP Morgan also up there, so I believe that's six.
I think that's six of the largest 30 companies in the world have hit new all-time highs today.
Doesn't sound bearish to me.
We got Options Mike coming up, Urkel.
I'm excited to dig into this conversation,
and I'm looking forward to the stocks on Spaces.
A couple news stories from the day, not the craziest of days out there.
This Robinhood annual shareholder meeting, they had a couple updates.
1.5 billion event contracts have now been traded.
Robinhood gold card is going to have their own track test, have 300,000 people, like
they said, in the middle of the year.
Robinhood strategies, which is their managed product, up 150 million assets under management
over the last month.
The also amount of accounts from, they said 75K plus last time,
and they just said almost 100K.
So less than 25,000 new users over the last thing,
but still growth of 30, 40%,
something in that range for the managed portfolio product,
something that I'm a little bit interested in.
He also said that 65% of the customer support cases
at Robinhood are currently handled by AI.
Speaking of AI, NVIDIA, obviously, like I was saying, their new all-time highs.
They're also having their annual shareholder meeting today.
Jensen Huang did say some words, nothing crazy.
The quote I saw was, it was about the big growth areas.
We have many growth opportunities across our company with AI and robotics, the two largest,
representing multi-trillion dollar growth opportunities across our company with AI and robotics, the two largest representing multi multi trillion dollar growth opportunities.
Jensen Huang talk big. We do have Micron, ticker MU, reporting earnings after the close.
That is definitely something to keep an eye on.
One other thing that I want to touch on here, let's see if there's anything else.
The NATO 5% defense target. I didn't even look at defense names today.
If they're not moving higher, I find that to be very interesting.
I know these kind of mid-cap, you know, Lockheed Martin's down.
Maybe this is something we knew.
Kratos is up, though.
I'm curious to hear Monitiv and Stock Talk and more people's take on that one.
But that was a conversation going on earlier today.
Morgan Stanley talking about rate cuts.
One other thing that I did think was interesting was we got every single quarter,
Dow Jones puts out data on company buybacks, who's buying back the most stocks.
Apple bought back $26.2 billion this past quarter, more than another company.
Second was Meta at $17.6 billion.
17.6. The third was 15.6 billion. Over the last decade, Apple has bought back $735 billion
Third was $15.6 billion.
worth of stock. Over the last five years, it's $460 billion. I thought I'd end this
off with an Apple.
And you think that's a good thing?
Do you think it's a bad thing?
Yeah, I do actually.
No, no. I think that your argument could be, hey, that money should be going to R&D.
Okay. Apple- No, I think they should. No. I think that you're arguing can be hey that money should be going to R&D. Okay, Apple
No, I think they should know I think they should have bought some companies through this time
Instead of putting all their money into buybacks and they would be a much bigger company in better position
They don't like to buy companies. So I think that's been well, maybe that's changing
See when so we see it, I don't believe it.
$100 billion of free cash flow a year.
Yeah, but their debt.
Look at their getting to a point where their debt and their cash is almost the same.
So they keep doing stuff to do that.
I think they would have been better off buying companies.
And I think they'd be better off buying an AI company here Evan than doing more buybacks
It sounds like they might be buying
an AI company. It'll be interesting to see
It would
I'm working with Perplexity so guys go buy
maybe I should angle in some
Perplexity shares or something
Pay me and pay me and pay me
Don't want to steal your thunder bud
No I ended with that story
because I knew that would get you you tempted a little bit there
uh you know we have to have fun i mean what's not to watch today i mean the queues hit a new
all-time high i mean you went through the list i mean um what did i do today i sold my hood i bought
my hood before the rumors they were going to join the s&p 500 sold that today in the 85 85 exactly um i traded uh nvidia three four times today it's
new all-time highs here right now it's spiking again it's kind of one of those weird days we
gapped up you have a lot of names that have run you know you talked about palantir microsoft right
netflix all-time highs coin at a multi-year high and these names are all dumped and if so you know i've been saying
for a while now here to you guys i think we're gonna hit all-time highs i don't know how long
i've been saying for but i feel like i've been saying it forever and you know the spy not there
but it's not far away the queues hit it and you know you're getting a little kind of weird action
day here today you know amazon week meta's week um apple well apple's been weak all
the time but you know uh palantir spiked on the open now lows of the day same thing with hood
and coin or right around that area but you know you got the semis look at this move on nvidia
today all-time highs amd spiking again today new new highs. I mean, this market is strong.
They're rotating around.
You know, I didn't trade anything but Nvidia today.
I mean, honest answer.
Tesla's weak.
I'm not sure what's going on there.
I'm not sure if this is because, you know, I haven't seen or heard anything bad about their tests so far in Austin.
bad about their tests so far in Austin I've seen some people saying things
I've seen some people saying things aren't going great.
aren't going great but I take that as you know not I haven't seen a video
proof I haven't seen anything out there that says to me this is a problem at
this point so I think it's just you know yeah we ran into it and but you know
they're what a year away from monetizing this if they if you know at least so you
know it doesn't move the needle right now
other than that evan i think it's a fine day the market's having a little digestion day we're
just off the ultimate sure isn't the market forward looking a year to 18 months so if they
are starting to make money from it a year from now shouldn't it start to be priced in sometimes
a year from now, shouldn't it start to be priced in?
Sometimes.
I know.
It's probably already priced in a little bit.
That's a long time.
We had this conversation yesterday.
ASCS is $20 billion.
We're pricing in something there.
Run it back.
No, I'm kidding.
Sorry.
Continue.
Who said no?
Please step in.
I don't want to run off with it.
No, I said no.
I don't think the market price is in anything more than six months ahead of time. Otherwise, we just
keep going up just over and over,
especially 18 months. If that was the case, we
would never go down.
Yeah, go ahead.
No, I think you're right.
You're absolutely right. You're nailing it, right?
And on top of that, it's a lot
of unknown. There's still a ton of competition out
there. Who says Tesla's
really going to pull this off? I still think they will will i'm not saying they won't but you got waymo uber's now stepping in
what waymo you have all these other companies coming on board they're trying to do this
who says they're going to be able to pull this off on their own because remember tesla is not
going to partner with uber or lyft they're going to do it on their own. That may not be so easy to do.
You know, for me,
what this was signaling,
as I've kind of said a little bit more,
is less like who's going to win this race,
but that the autonomous vehicle race
is not something that's,
you know, decades away,
not five years away.
But I really think this is the start
of the real autonomous vehicle race.
Probably has been underway with Waymo for a little bit.
But to me, that's what this is starting to signal, is that it's actually here that I believe that this is a very large opportunity, that there's probably going to be multiple winners for.
And I honestly also think that this is actual, it's AI.
This is a real world use case of AI, maybe the first real one that we're seeing on a large scale.
And what that can mean for people speculating, we'll give them anything too.
But that's what this weekend was.
Tesla's advantage to me is cheaper, right?
You look at Waymo and they're using LiDAR and it's much more expensive.
Tesla's a cheaper way of doing it.
That would be their advantage.
But here's the thing.
If Tesla works
and you don't need all that LiDAR stuff,
then Waymo has to fundamentally
change and there's a lot of CapEx in that direction.
Or they fold.
Or they fold.
Or Google pulls a plug.
It probably gets more profitable, though, in the end
because they probably just take it off.
My thought process was, we're talking about Uber here, i see a thing here because you know there's a first mover
advantage but what happens a couple years after that when the tech is a little bit more ubiquitous
and you know is everyone going to just be using a tesla we're having this conversation right now
about spacex you know i think transportation is equally as important there will probably be other
networks or probably a full circle with Uber connecting everyone else
without the driver.
I know we have some very smart Tesla
people in here, so I'm going to
let them go here and just say this.
I think Tesla's biggest challenge
is going to be they want
to do it on their own. They don't want to partner with anybody.
So you're going to have to have a Tesla app to use
it, and you're minimizing
the amount of people that will do it because of the hatred towards Musk and Tesla right now.
Tesla has already said they're going to license the FSD tech out.
So once they license that out.
Yeah, but no, they want to be the one that's doing the partner sharing.
They want to be doing it where you use it through them.
That's what they want.
They want everybody to be going through them.
I don't think that's what they see.
I think FSD is the bigger opportunity. And maybe Waymo does survive. I disagree. them that's what they want they want everybody i don't think that's what they see i think fsd is
the bigger opportunity and maybe i disagree i think the bigger opportunity is them taking a
piece of that like uber and lyft does and not the fsd my question is is does like is this as
it's only tesla or is this you know tesla sells this tech to Ford and now Ford has full self-driving cars.
You don't have to have Tesla.
Mobileye, you have other, you know, you have all these other people out there doing this as well.
And they're going to try to keep this.
Yeah, we'll see.
They're going to try to keep this to themselves.
Mobileye has been, it was a popular Fintwit name for a little bit.
And all I know is the stock struggle.
I know there's some stuff there.
I can't tell you too much about it, we'll see sam end up then wolfie and then
i mean i think like it's these are valid points i mean you know if we're thinking about the next
couple years then this all makes sense you know to consider all these variables in here but
tesla's gonna figure it out they always end up figuring it out at some point when that timeline
is i mean i don't know i don't know when be. But, you know, I do agree with options, Mike. Like, the goal is to keep it lidar powered car um i think i was reading something
online that was like around two hundred thousand dollars to build a car with lidar on it and yeah
they're decreasing those costs but they're also going to be decreasing the cost on building a
robotaxi because it literally is just the same car they'd released to a consumer that's already
ramped up and already building at scale and just a matter of a software adjustment which is very high margin especially look a lot of software companies they're running like 80
plus margins on it because of the scalability effect and it's just a matter of scaling out
right and i think uh coming into the robotaxi event there was very high expectation that people
thought it was gonna be boom we're gonna be good to go right and then they saw the guy in there
and they saw like the, what's it called?
I forget that term that people use whenever they-
The driver, intervention?
Intervention, yeah, intervention.
Like, you know, what did you guys expect?
Did you think this is gonna work out the door
on day one of releasing it into production?
I mean, it virtually is a production environment
because it is with live people and live riders in there.
It's kind of like beta testing,
but it still is considered production.
And nothing ever works
when it's released into production the first time.
It's intended...
Sorry, just got a call.
It's intended to find things that break.
So in that way, they can be remediated,
decoded, and refactored,
and then pushed into production.
That's just the whole point of it.
Because they have, what?
Less than 10 cars doing it, right?
That's all this is about.
It's a proof of concept.
Exactly.
I think it's less than a proof of concept and more of a beta test.
Actually, it's 11 cars.
Yeah.
It's 11 cars.
Suck it, Mike.
And they're going to add more.
Okay.
They're going to add more.
They're going to expand the geo-transference on that too.
But I think the finite number and all these little issues of the intervention and stuff
is just totally irrelevant whenever it comes to the valuation test.
Because it doesn't run on an existing fundamental existing valuation.
It runs on just future expectations.
And the market's not patient enough to see things that far ahead.
So you're going to have people who sell the stock, buy the stock.
It's a trader stock for the most part on a week-by-week basis.
But the shareholders, you've got to be using some volatility i feel like did we really think
tesla's going to run to 500 after that robotaxi event i mean yeah it was possible but like just
looking at the price action probably not going to happen anytime soon but at the same time it
makes for possibly a good play for a short term but for long-term perspective i think this is all
literally just noise like i feel like all the interventions it's like, oh, Tesla's going to fail
at doing this.
Like, really?
They're going to fail at doing it?
Because when we saw that cyber truck in 2019, everyone was very disappointed.
And then look, it did come five years later.
It did finally come, but it just took a long time.
And I think the same case is going to be for Robotex and just a matter of scalability and
reducing the cost.
And I agree with Lash and Mike.
That's their edge in this scenario is the fact that they can ramp up. tax and just a matter of scalability and reducing the cost and i agree with option bike that that's
their edge in this scenario is the fact that they can ramp up they're already ramped up models that
are out there all they have to do is just work on something as robust as just software development
which is much easier to do at scale versus building out entire factories and building
entire assembly lines to build out all these lidar systems which it will happen but in my opinion i think tesla reduces cost
faster than lidar think of it even this way right now your tesla sales are falling off a cliff right
because of musk and everything that's going on let's not i don't want to go into that but we all
know that you know that's down but you can take that extra production you have to pass it down
you can put it right into making these 40 50 $50,000 cars and rolling in that as fast as you want.
That's just free capacity sitting there for you.
Yeah.
And like I said, people are, even though the sales are declining, like they're not zero, right? No, no, no, no, no.
People are still buying the cars and it's the same car that would be for Robotaxi.
So it's still being scaled out.
Just pointing out their sales are coming down.
I'm just pointing out their sales are coming down.
We've seen a big drop in their sales.
We've seen a big drop in their sales.
Again, Musk's vision, in my opinion, is I just need EV sales to fund my other initiatives.
It doesn't have to be the winner in my company.
Yeah, I mean, I don't – it's just – it's so hard to buy the company today based on the sales.
I mean, like you said, it's all out there, right?
Like it's just, it's no secret.
Margins are contracting and all that stuff.
You're buying the vision.
If you're buying Tesla here to own it, you're buying his vision.
You believe in him and the stock.
I've been saying that for months.
I will say though, that is one of my points though, is that what we're seeing today is
not meaningful for the stock itself.
It does feel meaningful for the vision.
It is another step.
There is literally Tesla's now on the road, no one driving.
It's not maybe what, like, it's not where it's going to be, but this is the worst it ever is.
And I think it's another I think this is more of like why probably Uber and moved up after it is
autonomous vehicles are actually here and the ramp up is probably a lot closer than people
might think and you know the mobility is changing I think that you know this car market that if you
look at the market caps maybe not so crazy big but if you look at the revenue of this area is like
I think that's an industry that's been around for a long time and seems to be getting disrupted in a lot of different angles.
And autonomous vehicles seems to be one that's actually going to make a big change there.
And, you know, I don't know.
I think that this was a big deal.
So, listen, I'll leave it on this.
it's a time if you've ever driven in a tesla as a passenger for an uber which i've done multiple
times and you watch the actual screen and see what it's saying it's kind of impressive
like the driver still driving right but you see what it's seeing it's like okay it's seeing
everything it really is um now you know the hard tests will become on this. I would drive right now in a Waymo or a Tesla on local streets in a city.
I would not get in a Tesla or a Waymo or any self-driving car at 65, 70 plus miles an hour on a major highway.
Just, you know, I just, you know, that to me, I'm not ready to do.
Because if there's an accident there, it's horrible.
If it's on a side street, eh, okay.
30 miles an hour, I can live with that.
Wolfie, you have your hand up for a while, too?
Yeah, so did any of you guys mention Volkswagen?
No, we did not.
Okay, so Volkswagen...
Are they still around?
Well, it goes to...
They own Mo...
Oh, no, it was Intel.
Never mind.
It goes to what you guys were just talking about.
So there was a report that came out yesterday saying that Volkswagen has, they're going to have an autonomous vehicle that they're going to partner with Uber with.
And they touted 13 cameras, nine Li sensors five radar detections and they touted
their van they're like ev van or whatever as as the conduit for that and uh jim chanos retweeted
it with you know his breakdown level four robo taxi rollout in 2026 in la with uber so i think
to the conversation you guys are just having from
a fundamental standpoint, not the technicals. Technicals, if you draw a chart on Tesla from
the middle of December, I think it was like December 18th or 17th, and you just draw a
downtrend, it hit it at the end of May and we just recently hit it. And it goes in line with the
618 retracement off the lows, just from a technical perspective. But it goes in line with the 618 retracement off the lows just from a technical
perspective but it goes to the conversation you guys are having about where you know must does
this thing where he's ambitious and he's going to try to get things done but his timeline is
generally a little bit too aggressive people were expecting something with Tesla. They launched their robotaxi. It isn't L4 like people expected
or like people were touting. It's still fine. It still works. But it's also 11 cars, I think,
Evan, you said. So it's not hundreds of vehicles. So I think from a fundamental perspective,
So the, I think from a fundamental perspective, since they want to basically, you know, not partner with anybody, they wanted to go through their house, basically, the more vehicles that can onboard with other platforms, the more they're going to have to basically prove it out. I think that's the fundamental case. I think that's what Mike was kind of saying,
alluding to at least, they want to go through them. But yeah, the latest one was Volkswagen,
I think it was last night, and 2026 potential launch with Uber. The derivative of that,
I'd say is I'm curious to see because, you know, I think people, I think all these other companies
see that it's like an arms race, basically, and you're going to be competing with Tesla, which is doing the complete vision thing versus the sensor thing, the Li will start to also do this. And for that, I want to pay attention to see if like Rivian kind of jumps in with, you know, one of these
others that want to do the autonomous thing and just kind of handle the software side of it.
I want to hop in here. I wasn't supposed to be a speaker today, but I do want, I did hop on just
to see what everybody was talking about. To counteract Mike's point about not being comfortable in a city,
but not on a highway at 65 miles an hour,
I have full self-driving on my Tesla.
I have driven from here to probably South Carolina,
the first charging stop on the highway,
many, many times over the past three to four years since
I've had this car. It works phenomenally well on the highway. It doesn't work very well on the
city though. And I will tell you, I'm not scared on the highway because it's, I think it's an easier
fix for them to do it on the highway. guess for me it's the the danger of the accident
is so much higher than if you run a 30 mile you understand my point i understand what you're
saying but for me it's like okay if there's an accident 30 miles an hour i may have minor
injuries but i'll be okay if there's an accident 65 70 oh shit yeah. Yeah. And I completely agree because there have been years ago when it was just not great on highways.
There were times where you were like, oh, shit, why did it turn into that lane?
Why did it cut this person off? It's gotten so much better.
Now, I'm not a believer. There's a video going around kind of in the Tesla community from a woman named Kim Java,
where the Tesla, the full autonomous that they have down in San Antonio, does what's
called phantom braking.
And it basically saw a shadow and it breaks.
That's where LIDAR and other sensors come into play.
And Elon says, well, our eyes don't tell us, you know, our eyes will tell us it's a shadow
and we can train the, the, uh, the, the, the AI to notice that it's a shadow. It's still not fixed.
And that's been around for two years. That's the hurdle that I see. Once the, he announces that
we're over that point, I think it's all, you know, all hands on deck that this thing is, is,
is probably fixed. And I think to everybody's point, especially to Evans, it's sooner than later.
So I'm a big fan of it.
I do think, and I voted, I played this out yesterday.
I think you're going to see a dip in this stock, and I think it's an opportunity to
buy the dip.
But I continue to think that it doesn't matter if he's selling cars, he's
just going to launch them as full self-driving.
Sorry.
Yep.
I think, I think I stopped and then everybody went, did I leave? Was was that i think that's what's called a mic drop right there
i appreciate you gary
go apple go apple i don't know for me it's it's the the conversation is autonomous vehicles that
races here amazon's one that we haven't talked about at all.
I find it to be, I think it's AI.
Hey, NVIDIA is teamed up.
Isn't NVIDIA teamed up with GM who just got out?
NVIDIA is a big department here.
And one of the things I think it was Stock Talk was talking about
is a lot of these other companies think,
you know, just a partnership with NVIDIA is going to get them there.
So I don't know how long that's going to last,
but NVIDIA is definitely playing in this area. and jensen has said that this is a big opportunity for
them but i mean it's it's like they might try and compete with tesla and stuff but it's clear
at this point in time that nvidia chips will underlie a tesla robo taxi at scale system
100 away my one i think they use amd chips uh in the in the motherboard of um
they do you're absolutely right yeah if they make and the servers it might be nvidia but on the
on the on the on the cars themselves are amd and and i continue to say there's not one winner
i own google i own uber I own Google. I own Uber.
I own Tesla.
I own all of these companies because I do think it's a 100% across the board.
You're going to see a bunch of winners in this.
I mean, why do you think, well, not you in general, why do people think that socks, ETF,
or all something like it, like there's a lot of crazy runs
this whole rover taxi thing has happened? Because the amount of compute to process all of this
scaling out of basically inference queries running back and forth from local data centers and so on
is going to keep growing. Like it's not going to stop. Like Uber is trying to up Tesla, Tesla is
going to try to up Uber, whatever it is. But the end of the day nvidia and basically any fabulous designer and fabricator out there is
going to be the winner of all this which is the reason why tsm's at all-time highs and video's
at all-time highs amd's pockethead all-time highs broadcom's at all-time you know what also
even this nuclear theme which you know is years out or whatever everything we're saying about
will consume a lot of power,
more of it, we're going to make it more efficient, but it will still net grow how much power we're
consuming. There's so much movement off of this theme right now. And yeah, sorry for cutting you
off. No, it's all good. I mean, that's the true beneficiary of all of this, right? Like, I feel
like it's not, I mean, this is why it's like you know just like what gary was
saying you come want to kind of diversify the portfolio and be concentrated more on the leaders
because of that reason the leaders will just continue to lead and you know nvidia is not
necessarily going to lose a lot of market share they i think nvidia will lose market share but
the tam is going to be expanding so vastly that they're still going to be gaining a lot more
revenue and growth in the upside even even though they're somewhat losing the concentration in the amount of market share in the industry,
because there's going to be other companies like AMD and Broadcom and other designers
that are going to be taking some of that market share.
Not a lot of it, but just enough to make a big difference in their balance sheets.
And to the point where even NVIDIA with the growing TAM is still going to reap the benefits as well,
even though it's not going to be containing all the market share.
I think the market's well aware that NVIDIA is not going to sustain its current market share of all the AI compute out there.
I think the market understands that because it knows that there is enough food to eat for everyone.
This isn't like a winner-take-all scenario.
This is like tide raises most of the ship scenario.
If NVIDIA maintained its market share in a decade from now
on where we're talking about how this thing is scaling,
this would be a cheap company at $30 trillion market cap.
So I don't want to get some crazy numbers out there,
but it's clear that the market thinks at least some of the market share is going to go down.
Some of it might get off the bleeding edge.
You don't know where stuff is going to go.
Like also what's 10 years out after Tesla and everyone else has full self-driving.
Do we still need these crazy bleeding edge chips or AMD end up competing in some of these areas?
Like, I don't know. You don't know what the long term of this looks like.
But yeah, I completely agree, Sam.
Yeah.
I mean, also the scalability as well.
It's certainly going to cost a lot cheaper to fabricate these chips.
But there's a reason why every single year, and this was a saying back then,
the next model of a chip that gets released, when I say chip, I mean CPUs,
because that was relevant more than a decade ago,
was that it's
double it's more it's twice as powerful as the previous model and that's going to continue
happening because the demand is always going to be there for the greatest compute in the entire
world and whatever is good enough now might not be good enough maybe a couple of years from now
even though the applications have got a lot more efficient in terms of utilizing their uh sorry i
just read a message in terms of in terms of utilizing their, sorry, I just read a message, in terms of utilizing the underlying components
and all that infrastructure.
Like you're gonna wanna upgrade the motherboard,
you're gonna wanna upgrade the network cards,
you're gonna wanna upgrade the Ethernet modules,
you're gonna wanna upgrade the GPUs and so on.
And when you're talking about the mega caps
with more than $200 billion aggregated
in terms of annual capex,
they're going to continue pumping more money into the system.
But the question is, is the growth in that capex going to be sustainable or are they going to start decreasing that amount over time?
I think even on earnings call with Andy Jassy,
he said many times this is a once-in-a-lifetime opportunity
for having the most amount of capex being pushed into AWS. So does that mean
that it's going to decrease over time? Or does that mean that other companies are going to start
scaling on how much they're spending as well to make up for that diff? So I mean, that's probably
the question. I'd like to leave it open if anyone wants to add anything.
Stock talk, I know we have something that we're excited to talk about.
We could do that in a little bit.
Do you have any thoughts on this conversation that we've been having?
No, not really.
I mean, people are just encamped on both sides of this debate.
They have been for the same time.
The reality is all new technologies are initially limited release like you know you either believe that they're going
to be able to solve it or you don't and you fall into one of those two camps and you've probably
fallen and i imagine into one of those two camps with most things elon has done i asked you
something yeah couple questions probably what do you think of waymo and uber in this in this
scenario do you think that this is like uber in this in this scenario do you
think that this is like hey autonomous vehicles are actually here now and sure tesla's gonna
there's only two there's only two real players in the world that autonomous vehicles are waymo
and tesla okay they have seen those amazon zooks no they're not i mean not at scale right now i
mean the only ones that have actually launched viable programs look if you look at zooks and
all the other lidar comps waymo's ahead of all of them purely by virtue of deployment and scale.
If you look at the non-LiDAR comps, there are none except Tesla.
So by virtue of that, the only two realistic players are Waymo and Tesla, period.
And unless Zoox somehow miraculously just outscales Waymo overnight, which isn't going to happen.
Waymo's tech is better.
Their strategic understanding of the ride share business at this juncture is now also better.
They are better funded than all of their other LiDAR peers.
They have bigger scale than all of their other LiDAR peers.
Waymo is the LiDAR solution currently in the market today as it stands.
That could be different three years from now, but I don't have a crystal ball, so I'm only going off of what is today. And today it's a two horse race. You either believe LIDAR is necessary to solve this problem or you don't believe LIDAR
is necessary to solve this problem. And by virtue of believing one of those two things, you land in
either camp and you're probably going to stay in that camp. And that's the way it's been for like
a decade plus in this space now um maybe elon is
wrong i don't know i don't like betting against him he's done a lot of impossible things you know
um it's funny because during this whole robotex you roll out the typical like elon doubters were
out on twitter saying like elon always does this techno babble and blah blah blah and like he never
actually gets anything done and i always laugh when I see those posts
because like that entire cohort of people
is just ignoring the existence of SpaceX,
which is like the premier space technology company
of all time that is leading the world
with 95% market share.
And like, we just pretend
that he also didn't solve that problem.
That was a literally impossible problem, right?
People like governments tried to make reusable rocket programs, entire governments like the Russian government tried to make a reusable rocket program.
The Chinese government tried to make a reusable rocket program.
Governments at scale couldn't do it.
He did it in seven years.
So, yeah. Okay, look, am I an expert when it comes to the distinction between camera-based, vision-based, AI, neural network-based, autonomous driving, like what Tesla is doing, and LiDAR-based autonomous driving, like what Waymo is doing?
No, but it doesn't really require an expert to see the distinction there. It's pretty obvious. The distinction is the use of LIDAR itself.
You either believe that's necessary, in which case you should short the hell out of Tesla
if you believe that, because if there is some sort of revelation that this is necessary,
then that's a huge problem for Tesla and the stock would probably crater on that.
But if you don't believe that it's necessary and you do think this can be solved by pure That's a huge problem for Tesla, and the stock would probably crater on that.
But if you don't believe that it's necessary and you do think this can be solved by pure vision,
then there is a potential to transform a multi-trillion dollar transportation industry across all modes of transport,
and it's probably an enormous opportunity.
You either believe one of those two things and that's it.
Like, I'm not going to convince anyone otherwise, you know.
So, yeah, I don't know.
We've talked about this topic a million times. I'm not going to convince anyone otherwise, you know. So, yeah, I don't know. We've talked about this topic a million times.
I'm not going to change any minds on it.
You either think Elon is the genius that I think he is and that he's going to do more impossible things
like he's done with Neuralink and SpaceX already,
or you think that he's an idiot and a charlatan
and you think that, you know, he doesn't know what he's talking about then
you know short the stock by all means you have the option to do that i like how you said you're
nothing to add to it and then you added to it i mean i just reiterated what i've always said on
the topic no i know it totally makes sense evan comes to me a lot of times like with you know
on stuff that i've already talked about which i I don't... My thing, though, is autonomous vehicles are here.
And if you believe LiDAR is the way to go,
the argument could be, hey, Tesla,
just throw some LiDAR on there.
It's easier to put it on and take it off.
But also, Uber is probably a buy.
You can't buy Waymo because it's Google.
Maybe you go in and buy it
and just think of some of the pieces.
But, I mean, Uber, a company focused on transportation,
the risk there is Tesla's going to go in and do it theirself.
It doesn't feel like that's something Waymo's going to do.
They've already partnered with them.
That feels like if you're that person...
Uber bulls are going to kill me for this,
but I don't really get the Uber thesis either.
I don't see the moat.
I mean, look, I'm not short Uber.
I'm not one of those Tesla people that thinks Uber is going to zero.
I just don't get the hype. Stock talk, I totally agree with you, man. I still don't see it. I don't see the moat at all. I don't one of those Tesla people that thinks like Uber is going to zero. I just
don't get the hype. I totally agree with you, man. I still don't see it. I don't see the Uber
thing, man. Like it's an app. And why can't the, why can't like Tesla or Google or Waymo like
have their own app? Like it's an, I don't get it. Yeah. It's an app that to me has the sustainable
advantage of the network effect, right? Like people say call an Uber the same way they say
Google something, but there are no switching costs.
None.
Yeah, exactly.
Not only is there no switching costs, but like to me, the main asset beyond the network
effect for the customers is actually the network of drivers they have.
And based on what we're talking about, we're imagining a hypothetical future where there
are no drivers.
And so I don't really see the asset driver value.
We're upgrading networks to driverless.
So the other people are going on that. Again, i don't think the stock's going to zero i just am not
like i know a lot of people on twitter are like uber is like a crazy opportunity at 100 billion
like they're pounding the table i don't know i just don't see 180 billion actually one thing to
note though listen they're at 180 billion ford's at 40 You know, I'm not saying this is going to go away,
but like, I think that I really believe
that this autonomous vehicle area is here.
I think that this car industry
is changing quicker than people think.
And there's a lot amount of revenue
that is up for grabs over the next couple of years.
It's not all going to go to Tesla.
And, you know, if Waymo,
if Uber can go in and increase profitability by getting more butts
in seats then these people can do by having it in disparate ways of having 75 apps as opposed to one
that could be an advantage you could argue it's not uber it's not whatever but i've been also
yeah maybe they have like a yeah maybe they have a center again i don't have like a crazy strong
opinion on uber i didn't even want to get into that because i know the second i brought that up
people are gonna be like oh what's the uber short thesis like i i'm not i don't have like a crazy strong opinion on Uber. I didn't even want to get into that because I know the second I brought that up, people are going to be like, oh, what's the Uber short thesis?
Like, I'm not, I don't have a position in the stock long or short. I just don't get the hype
from the crazy Uber bulls out there who think it's like an insane opportunity. So that's all
I was really referring to. Sorry, just one thing, because you mentioned earlier that like Google's
a buy based on Waymo, because that's like the only way to get exposure to it. Um, mystic who's in our discord, put me onto the idea of AIP and today he's, he has a
couple of posts on his page that's at penny check. That's his handle where he talks about how AIP
and Waymo, you know, everyone, you know, basically he, he writes how a key evidence of Ardurus's
involvement in Waymo's robo taxi chip. So basically they've made,
you know, they've mentioned in their earnings calls that they have a major RoboTaxi design win
in their Q2 call from last year. And basically people are interpreting that major RoboTaxi
company to be Waymo. So that's small cap AIP, which by the way, that chart looks absolutely
beautiful. Had some good action today, especially in a flat red day.
Yeah, so that's potentially a good way.
I'm long the stock full disclosure.
I think that chart looks beautiful.
And they grew like 29% or something year over year in their recent report.
And so it's an expensive stock and could be a good way.
I think I mentioned this in my spiel yesterday, that and Inno imdz are two good ways to get um like exposure to the
auto autonomous driving theme uh without playing the large caps yeah so on that
i was going to touch on the new position for today that i took um kind of in that gr and wait that's never mind go continue it's uh it was a indie semiconductor
this morning um benchmark had a report out on it we actually got quite a nice head start
i put it out in our discord this morning at like i don't know 7 a.m my time ish
stock was up about four% in pre-market.
Proceeded to run over 20% off the open.
Came back down with the market and then ramped back into the close.
And it's probably going to close up here into the close about up 15-ish percent.
There's a lot of reasons this thing was interesting to me this morning when I was looking at it.
I usually do a pre-market call every morning for our members. I didn't do one today. I was listening to the GSRT investor presentation,
which I'll touch on as well after this. But I looked at the chart and it's just the type of setup that I hit regularly. The type of thing that I look at regularly where you have daily
action pinned under the 200-day
moving average with 921 EMAs sloping up. That's what it looked like this morning.
That's the type of setup I hit all the time, especially on high volume.
And I looked at the short interest on this name this morning, and I saw it was at 28%.
That, to me, is a recipe for success there. Stock pushing into the 200-day with 28%
short interest and a hot thematic. I mean, you had NVIDIA hit all-time highs today. Semiconductor
theme is hot. High short interest, small caps have been probably the leading area of interest
in the last three weeks in the market. We've seen some parabolic moves, plus 100, plus 200% moves
on some of these small and mid caps intraday.
Indy isn't that small. It's like a 700, 800 million market cap, but it's one of those
de-SPAC names. We've seen how well those names have performed lately. Pretty much
all of them have made parabolic moves. So I thought this one was interesting today. So I
took a position not only as a day trade, but also retaining about a 5% position in
my overall portfolio, which is a large position, uh, as a swing on it.
Also, I think there's probably gravity back to that 340 ish level, the 200 day, you'll
probably retest that.
So I think there'll be an opportunity to buy it on a pullback.
If you didn't get in today, if you're not in our community, or if you didn't see my
post this morning on Twitter about it, but, but um i do think it's interesting here and i think the
technical setup's interesting i think the short interest is very very high i think you have the
bonus of a very very bold report from benchmark this morning with an eight dollar price target
um if you want to read the report i'm not going to go through it but i posted it this morning you
can go and read it it It's a pretty detailed report.
I thought he made some excellent arguments.
And on top of that, there was actually another catalyst for this today that I think went a little bit overlooked.
In the middle of the day, there was news that Intel is winding down their auto chip business.
And that was originally rumored.
It was like some small outlet that reported it this morning.
And then intraday in the afternoon, TechCrunch confirmed that.
And so I thought that was really interesting because that to me opens up a window of market share capture for smaller auto chip companies.
window of market share capture for smaller auto chip companies. And so, yeah, I found this to be
one of those that's kind of just lined up, right theme, right chart, high short interest,
good analyst coverage. So yeah, I took a position in that today. I always like to
I always like to let you guys know, I mean, for those that aren't in our community, if I take a new position, you know, obviously you get the advantage of getting it in the morning when it was up 4% if you're in our community for those that are interested in that.
let you guys know, I mean, for those that aren't in our community, if I take a new position,
But if not, I'll always try to bring those things up on these spaces when we do get on them.
So, yeah, that's a new position for me.
I did make some cuts today on some stuff that was just lagging
just to generate some new buying power.
I closed my DMYY.
I closed my Archer calls to generate some buying power for that Indy swing.
And a couple of relative strength candidates today,
obviously with that defense news out this morning from the European Union.
My aerospace and defense basket was showing some nice relative strength today.
Huntington and Gallus, HII, the shipbuilder that I've talked about many times in these spaces that I had a nice trip about.
Did they talk about if those sales are going to go to the U.S. companies or more Europe?
Yeah, I'm actually about to touch on that very specifically.
Yep. So Kratos up three and a half percent. Huntington and Gallus up two percent. And Mercury Systems held green as well.
Those are my aerospace names currently. I guess you could count Embraer Jets as well. That also showed relative strength today. It was only down about 0.7 percent.
But I was thinking about this whole NATO defense spending thing.
And obviously, it's bullish for defense stocks.
But I was thinking more about it in detail.
And as you guys know, I give credit where credit is due.
And I criticize where criticism is appropriate.
And when it comes to the Trump administration, I was very critical about the tariff policy rollout.
And I still am critical of it and hope it ends well. But, you know,
I'll give credit where credit is due. And I think the administration deserves credit for what I
think is frankly a masterclass in what they did with this defense spending thing. And I'll explain
why. So NATO is committed to 5% defense spending. And a lot of people, uh, the first thing that they think of
when they, when they hear that is like, Oh, okay, well, you know, it's bullish for European defense
stocks. And that's where a lot of the bid has been, um, this, uh, sorry, there's a text I'm
getting right now. Um, that's where a lot of the bid is. They're trying to quiet you.
Yeah, right.
That's where a lot of the bid has been
around this theme.
It's been bidding up these European defense names
headed into it because, you know,
basic straightforward logic, right?
European nations are going to spend
5% commitment on defense spending,
so it's good for the defense companies.
And I agree with that.
I don't think it's a bad trade. I don't think it's like the wrong trade or anything
but as somebody who's long u.s based mid-cap defense i was thinking you know what's the what's
the angle here and then i realized oh we are also concurrently in negotiations with the European Union about our trade deficit. And as soon as I realized that,
I was like, okay, let me try to think back to what he said. And I started searching through
my tweets for Trump's comments about the European trade deficit. And one of his first statements,
going back to like early April, I think it was like April 15th or something, he said,
one of the ways the European Union can balance their trade deficit with the United States is
by buying more of our weapons. And then that's what I put two and two together. And I was like,
oh, this is actually fucking genius. You go to the NATO summit, you get them to commit to 5%
defense spending, which by the way, for most NATO members is a huge increase in defense spending. You're talking about billions
and billions of dollars annually per nation. You get them to make that payment while you have
ongoing trade negotiations with the European Union in which you can now say, hey, about that 5%
commitment you made last week, you know what a great place for that to be would be?
Would be American weapons.
Not only would you help balance the trade deficit, but we would help you meet your 5% commitment to spending.
So I actually think, and again, I like to speculate, so this isn't like set in stone,
but based on me putting that together and tracking his statements, I think that's his intention here.
And if it is, that's fucking genius. And that is like a, that is a, that deserves credit. So I'll criticize
the administration's when appropriate. I'll give credit when appropriate. If that's the move here,
if that's the chess move here, get NATO to commit to 5% spending, circle that spending back to
American defense companies as a way of better
addressing the trade deficit with the European Union to the tune of hundreds of billions of
dollars in defense spending, that is a, that's a perfect move. So yeah, I think that was the
intention. And I think that's why these NATO defense commitment negotiations are so closely
lined up in terms of time with the trade negotiations with the European Union.
And obviously the European Union and NATO are two separate things, but there's a tremendous amount of overlap, as everyone knows, between the NATO member states and the European Union member states.
So that's what I think is happening. Long mid-cap defense all over the world. It's been a great trade so far this year the gong
the gong has gone off which means guys it's happening no i mean it's been a great trade
so far this year right like you look at kratos here today you look at embrayer jets here today
you look at so many of these stocks here today they've been fantastic performers and if you
look at during the moments like deep seek seek moments, tariff sell off moment,
those stocks were a lot of the reason my portfolio held up so well during the market pullback
was thanks to those aerospace and defense stocks.
So it's not like the trade just started.
It's been a monster trade all year.
But I think this trade continues to have legs for relative strength purposes.
And I think there's a reason why all these mid cap defense stocks, not just American
ones, European ones all have amazing charts. Like any of the ones I've talked about, go pull them
up. Leonardo DRS, Mercury Systems, Kratos, Embraer, Huntington and Gallus, on and on and on. I can
give you 25 mid cap names. I give you 25. And they all have relative strength versus the market.
They're all trading above their nine and 21 EMAs. They have all showed very little volatility to the downside.
That's the market telling you something. That's the market telling you, hey, we expect capital
flows into this industry. So yeah, I may actually have to get back into, like I had a wider
aerospace and defense basket earlier in the year I had about
five or six names in my aerospace and defense basket back in March I may have to widen that
basket again because I just like was thinking about this today and I was like I was already
bullish mid-cap aerospace and defense I think this is even more bullish like you're probably going to get 10 to 15 billion dollars annually of incremental spend
from the European Union slash NATO that gets redirected to U.S. companies pockets.
And for mid cap defense companies, that's a lot of money.
And especially when you look at the pick and shovels names like Mercury Systems, for example,
they are already involved with European companies
themselves as a supplier. So it's like you get a double whammy in some instances where,
you know, to the extent that there are that that European defense companies are vending to European
nations, you get a picks and shovels exposure to that. And to the extent that European nations are
circulating, circulating defense spending back to the United States, you get direct exposure to that and to the extent that European nations are circulating defense spending
back to the United States you get direct exposure to that so yeah you know I kept thinking like oh
maybe the relative strength this year for them was because of this war and then these names pulled
back a little bit once uh the war de-escalated and I was sort of like hmm is this still a good
basket to have and I was kind of debating it I took one flip through the charts and I was sort of like, hmm, is this still a good basket to have? And I was kind of debating it. I took one flip through the charts, and I was like, dude,
no one's selling these things.
Like, there's got to be a reason for that.
And Monitiv, who I wish he was up here,
but me and Monitiv sort of had a discussion about this.
And by the way, I defer to Monitiv on defense.
If anyone's an expert in defense stocks, that guy's brilliant for it.
You should follow him and always listen to him when he's up here.
He's a very, very smart guy with many decades of experience but um he knows the
shit when it comes to defense so whenever i'm like running a defense stock i always run it by
monitor and like ask him his opinion but me and him were sort of having a debate about this um
you know even if i respect people i'm always willing to debate them if i have a disagreement
but me and him had i guess a mild disagreement along the lines of, you know, hey, the premium,
the multiple premium that mid-cap defense is trading at today versus legacy defense
is like the highest it's been in a decade.
And from a modern tip standpoint, he's more of a legacy defense investor.
So, you know, his argument to me was, well, that gap has to close, like it has to mean
revert. And my argument to him was, no, I actually think that gap in multiple is a signal, right?
Because this is really what markets are in a nutshell. Markets are these arbitrages or these
gaps being created. And then one party of market participants thinks that they have to mean revert
and the other party of market participants thinks it's signal. And one of those two sides is right. Like that is markets in a
nutshell. And so there are times when there is data that looks like it's parabolic data,
like it's data that it's in need of mean reversion. And the conservative market participant will look at that and say, well, you know, I have to short this or I have to do a pair trade because this is going to mean revert.
And sometimes it does. Right. And I would say more often than not, it does.
But occasionally these large gaps in multiples or these large parabolic moves are signal of an inflection point.
These large parabolic moves are signal of an inflection point, right, of a change in capital flow priorities.
And to me, over the last 10 months or so, this is what I think has been happening in mid-cap defense,
is this acknowledgement from defense investors that, yes, more money is going to go to these guys over the next decade,
whereas for the last 20 years, almost all of the money has going to go to these guys over the next decade, whereas for the last 20
years, almost all of the money has gone to three or four companies. And so you don't need to change
much. Like, let's say hypothetically, 10% of the global defense budget over the next 10 years,
right? That's 1% a year. That's like very conservative. If 10% over the next 10 years, right? That's 1% a year. That's like very conservative.
If 10% over the next 10 years of the global defense budget went to these companies,
they would like triple in value. Some of them would quadruple in value.
That's a lot of money. 10% of global defense money is a shit ton of money.
So yeah, that's the kind of way I see it. it at this point i'm just like talking about it but
um yeah i do think it's a it's an important sector to have exposure to and one thing i love about it
is you know i've talked about this yesterday about my portfolio sort of being built in baskets
one thing i love about having um these names my portfolio is on days like today where some of the
more speculative stuff is cooling off they always perform well on these sort of degrossing days or these sort of like
hey let's get out of some of the momentum stuff like i know those days are going to happen because
i have a lot of momentum days so you know days like that doesn't make don't make me panic but
i like having stocks that can perform on those days anyway when the speculative stuff is sort of
taking a rest or whatever.
So I like it for multiple reasons,
but I've never been interested in investing in defense
before the last eight months.
And in the last eight months,
it's been one of my main areas of focus.
And I'm glad it has been
because it's been an amazing place to be.
So I encourage people to look into these stocks more,
you know, and the next time they're having a big down day, you know, decide if any of them are convincing to you.
You know, my favorite in the bunch probably continues to be Kratos.
But, you know, if you want more of a civilian or aircraft exposure, Embraer is a fantastic company, too.
You know, I have leaps on Embraer and plenty of shares as well.
You know, if you want to look at something more
subsystems and components, you can look at companies like Mercury Systems, which I've
talked about, which I think is one of the most overlooked companies really in the market.
They just have their hands in so many things. You can look at stocks like Huntington and
Gallus, which I've talked about, the shipbuilder, basically the only U.S. shipbuilder,
their subcontractor on every single major shipbuilding contract you can think of
with much bigger companies like General Dynamics.
There's so many.
So, you know, I've talked about many more in our community as well for those that are in there.
But I encourage people to look into these companies and look at them not as trading vehicles necessarily,
but potentially recognize the fact that some of these guys could have decade
long runways ahead of them where they could very easily go from two or three
billion market caps to six or seven billion market caps very easily.
You know, and the thing about defense companies,
last thing I'll say on this before I quickly touch on GSRT,
the thing about defense companies is,
especially mid-cap defense companies,
is that they function in a very different way
from other mid-cap stocks.
They sort of almost function like biotechs,
but they don't have the downside risk that biotechs have
where you have surprise data.
They sort of function like them in the sense of
there are these huge contract awards that can basically come out of nowhere and transform the fundamental
picture of a company right i've talked about this in the past but if you have a 2.5 billion
dollar defense company and they sign a 600 million dollar subcontracting contract over a two-year period, that materially transforms the company in one
contract, right? And those PRs can come out of nowhere sometimes. You look at some of the gap
ups in some of those names I brought up. You look at some of those gap ups in those names over the
last couple of years. Leonardo DRS is a great example where they just keep getting big contracts.
The stock never stops going up. You look at Leonardo DRS, it just goes up, goes up, goes up, goes up, never stops going up.
Because they signed these blockbuster contracts that transformed the fundamental picture.
You know, they signed two, three, four, $500 million contracts.
The stock just propels and propels and propels.
That's the unique advantage with this space is that it's very it's very catalyst rich not in the sense of
like the quantity of catalyst but it's catalyst rich in the sense of the quality of catalyst because
they can be literally transformative you know you look at a lot of other industries the prs are
fluffy right they're like well we're partnered with nvidia or we're selling nvidia chips or like
these kind of like garbage PRs.
They still work, right?
They still send stocks flying, but they don't have like fundamental gravity to them.
Those types of catalysts, right?
They don't have like an immediate earnings ad for the business.
But in the mid-cap defense side, they do.
Like not only are they flashy PRs and have all the sex appeal,
but they actually add meaningful revenue to the businesses.
So it's like, you know, not to use the word double whammy again, but it's like a double whammy where you have, you know, not only the fundamental inflection from the PR, but then also the sex appeal that comes with PRs naturally.
So anyway, yeah, I just continue to really like that sector.
The last thing I'll touch on is GSRT. So they had their investor presentation this morning.
That went down today. Pretty much all the SPACs were down today. There was a lot of drama over that SPAC that came out, CCCM, where they're supposed to have like a sexy crypto target. And I guess
it wasn't sexy enough for the crypto community. So people got bagged on that. But SPACs were weak
today because of that. But I watched the GSRT investor presentation this morning and
I saw nothing to be concerned about. I mean, they basically made the argument that
I was making, which is that they are going public at basically 1 20th the valuation of other SMR
companies. So I think this thing will probably continue to be a play for the patients, for the
people who are willing to wait for the market to recognize the opportunity and wait for the ARBs to
be cleared. There's obviously rights on this one, which makes the ARB pool a little deeper. So
you're going to continue to have people who want to take profits when it's up 10% from NAV.
And I know that as somebody that's traded these in the past.
So I didn't sell any today.
I'm still full size on that thing.
And a lot of people were panicking because they're like, oh my God,
it's down 2%, 3%.
Oh, what am I going to do?
You know?
So yeah, I just wanted to reference that,
that I didn't sell any and the people I think shouldn't be worried about a SPAC that's so close to NAV with so little risk, especially in a market right now where pretty much every other analogous opportunity has 70, 80% of downside in a flash.
You know, I like having stuff in my portfolio where I'm not risking a lot, you know.
Are there cooler, sexier places out there where I could not risking a lot, you know, are there cooler,
sexier thing, places out there where I could put some of that capital? Sure. But I have plenty of
cool, sexy stuff in my portfolio. I don't need all of it to look like that. Right. And I think
that's an important lesson in portfolio composition too. I did like a swing, a little workshop for
our members last two days, three hour workshop, two hours on Sunday.
And then I did an hour last night for part two.
I just went over the principles of swing trading, how I swing trade,
how I stay in trades, where I would sell, where I wouldn't sell,
those types of lessons about managing trades.
I found it pretty useful for those of you that are in our community.
You should go watch the recording if you haven it but I went over all this stuff and one of the things I talked about was this idea of portfolio composition where people tend to have like interest right people tend to have like a sector they prefer or know well and as a consequence of that there's a propensity for people to put almost all their
capital or in many cases, all of their capital into that specific category. And while that level
of conviction is great and it can work for some, it is really requires an incredibly strong stomach,
right? Because whenever that trade is not working, then your whole
portfolio is down and you don't really have any buffer or any sort of hedge against the volatility.
So I prefer to not do that. I prefer to have, you know, baskets of exposures that not only give me
exposure to different themes, but also give me different levels of risk bandwidth,
if you will, right?
Different levels of risk volatility to where on a down day, I don't have to worry about
everything I own being down 7%.
You know, I'll have some of the speculative stuff down 5% or 6% or 7%.
I'll have some of the conservative stuff, you know, maybe flat or down 1%. I'll have some of the
more defensive stuff, maybe green. That's how I like to manage my portfolio because that's what
lets me get these big bursts of upside. You know, I shared my performance chart. I pinned it at the
top for this year, up about 88.5% or a little bit over 88.5% on the year, year to date.
And if you look at those surges in performance I've had over the last few months, those have come from me having a very good basket of exposure that is touching a lot of themes.
You know, those big jerks in performance come from, oh, okay, nuclear theme's hot today.
Great, I have exposure. Oh, okay, data nuclear theme's hot today. Great, I have exposure.
Oh, OK, data center theme's hot today.
Great, I have exposure.
Oh, aerospace and defense stocks are ripping because the Israel and Iran conflict.
Great, I have exposure.
Like, that's why my portfolio has done so well in the last two or three months.
And, you know, last year was a very similar example where I had exposure to a lot
of the hot themes. I had nuclear exposure. I had quantum exposure. I had space stock exposure. I
had exposure to Robin Hood, which has nothing to do with any of those categories, right, but has
been a monster not only last year, but this year too. Robin Hood's up over 100% this year. So
I'm not necessarily saying you have to have your portfolio super diversified,
but I'm saying there is value in portfolio management advantages from being able to have
that level of diversification. And it doesn't need to be a million sectors. It can be two or three
areas. Just make sure they're not all risk on and all high beta, because otherwise you're effectively in one trade.
Right. And I think a lot of people who think they're diversified or who think their portfolios
are diversified upon further review of their positions would quickly realize that they really
are just in one big risk on trade. And that's not really diversification because you're going to get clobbered on drawdowns in the market.
You're going to see your performance evaporate by minus 10, minus 20, minus 30 percent.
If you have that kind of concentrated exposure to purely everything is super risk on, super volatile, you're not going to be able to keep your head above water during portfolio volatility. And many of those people blew their accounts up during the drawdown in February and March as a
consequence of that, as a consequence of overconcentration. And it wasn't even just
people who were in options. It was just people who were margin levered in too few exposures,
and the drawdowns were too big. And they either got margin called or they stopped out at the lows or any number of bad things. So it is advantageous to your risk management to be able to have basket style exposure if your portfolio is big enough to allow it. If you have a $5,000 or $10,000 portfolio, you probably don't have as
much flexibility to do that. But for the people who have six, seven-figure portfolios, you probably
can do that. You probably can have a basket of exposure. So again, I'm always speaking from my
lens, as always. What I say is not law, but I just always tell you guys
how I feel, what I think, what I think is smart to do. It's your choice to do what you want to do
with your own portfolio. But I tell you guys, I guess, my perceived secrets to outperformance
based on my own performance, which I shared. So if you're doing better than me then just ignore everything i say
uh what's up wolfie
so yeah yeah two two i had to finish a couple things no no you're good dude it's the micron
first i've ever imagined watching that couple couple things micron beats by 31 cents beats on
revenue guidance uh q4 eps above consensus revs above consensus, 31 cents better than the fact set expectation of $1.60. Revenues rose 36.5% year over year, $9.3 billion versus $8.50 plus minus 15 cents, which is well ahead of what was expected.
So that's Micron first.
All of the semis running after hours on the back of that.
I'm going to go two back and then,
because you started talking right on the back of the autonomous thing.
Evan, to your point, if you want to play the autonomous thing,
you don't want to pick a winner,
you could do the picks and shovels thing.
I think Logical gave a couple of names about that.
Another one that's been outperforming this year, it's been on fire.
It's way too stretched now.
Just look for some sort of sell-off.
It's not just autonomous.
When we think of autonomous, we think of autonomous in terms of cars that we get in.
Autonom autonomous can also
mean delivery vehicles in warehouses it could also mean uh delivery vehicles on trucks etc etc
uh this is a there's a company uh i don't know how to say the word from the company but it's aeva
that's the one that's been on fire they create they basically have a quote 4d lidar on chip
they use frequency to kind of create sensing they're in
all sorts of industries they're autonomous driving they're in aerospace taxi autonomous
uh they're in manufacturing autonomy they're in like all sorts of stuff so if you're trying to
play that stuff and you don't want to pick a winner you got to look for stuff like this picks
and shovels uh and then the second order of that would be you also gotta kind of think about outside of the box for when these
things do happen think of the companies that will be uh have the best impact to their bottom line
if they have access to this technology so one of the like uh like no-brainer stuff that you can
think of should this become completely universal across the board and ubiquitous,
trucking, shipping, FedEx, et cetera, et cetera, et cetera.
So that's one.
Two, Stock Talk, you went on your rant about defense spending, European defense stocks
significantly outperforming most stocks this year.
You named a bunch of them.
I think part of that as well is just people are on-shoring things a little bit more just
to kind of create a little bit more just just to kind of create a
little bit more of a buffer uh have more more controls and not rely on one one primary focal
point for their defense um that's kind of like austerity breeds more austerity um and some of
the some of the tells of this they're pretty unique that i think we're like like uh companies are
are hoarding more of their own currencies for example like the dollar is kind of underperforming
this year um the euro is oddly performing against the dollar and people are looking people look at
that and go that's like a mean reversion thing but if you look under the surface there's a couple
tweets that went semi-viral today that talk about how you know yen to euro uh ratios are actually expanding versus
yen dollar um and some some other currencies as well so uh i don't think that it's a bad idea
because it works two ways either that either the countries are basically on shoring their stuff for their protection, which benefits these
companies anyways, or there's just a more, more money that's going to go into them, which benefits
these companies anyway. So yeah. And then the last one that just kind of like, let's just tie a nice
little bow on this. After you were done talking or while you were done, while you were talking,
Kratos did actually propose an offering of $500 million in stock.
I think the stock was down just a couple bucks on the back of that.
So, you know, for anybody that looks at stuff and goes, oh, I never have a shot, you might get your shot.
A lot of shots out there.
That thing has been beautiful.
The 200-day test back in April, I was actually going over this in our swing trade workshop.
The 200-day test on Kratos back in April was like something out of a textbook.
It's beautiful.
It came down all the way into 25 and then basically doubled in a month, two months.
From the 25, 200 25 200 moving average to 46
two or three days ago that's a pretty crazy move and
that's the thing is you have conviction real quick stock talk you could look at
like a bunch of these names right a bunch of
these names that are like favorites rocket rocket lab
asts all these names that are like ancillary as well. So it's pretty textbook across the board.
Yeah, I know.
Everything's up huge off the lows.
I just meant like that Kratos 200-day test was like literally to the penny.
It was kind of like –
Yeah, yeah.
I'm talking about off the 200-day.
I'm with you.
I'm just saying that a lot of these mid-cap names that have been mentioned
that kind of like trade in this defense bucket or like tangential to it, they pretty much crossed the board hit the 200 day it got close or whatever yep and they
all they all ripped since then and so yeah i was i mentioned the whole thing about stocks being
read today i like sort of posted a note in my journal this morning but i was like man no one
wants to buy shit when it's red and that's why most people don't make it in trading and it's
true and yeah i got a sort of a snarky comment from one of our members and they're like
you know why don't you buy stuff when when it's red and i gave a snarky comment back and said
that's because my entries are really good but you know if your entries i will say listen we're
sitting up here in the bloodiest time in here and i'm saying i'm buying i don't know what it is and
you're telling me wait for the 200 day so it's a fight it's obviously trading and i'm doing long we're doing completely
different things yeah i'm happy someone made that comeback yeah of course yeah i mean there's
there's plenty of people that catch knives and and do well you know when you're buying a stock
under the 200 day or under the 9 and 21 emas that's been trending down for months you can try
to catch the knife, you know?
And I mentioned this many times before.
I'm not in the business of nailing bottoms.
I don't nail bottoms.
I don't even think I've ever nailed a bottom on any stock.
And I've still done very, very well, right?
Like, I mean, I share my performance.
You guys see it.
You guys see it. I share it like every other week or every two weeks or whatever.
I post it on Twitter.
You guys see the chart.
There was a point this year where I was red.
I shared it then too.
I haven't only shared it when it's green.
You can go back and find that minus 3% or whatever my trough decline was.
You can find that post as well.
Still up there.
So, you know, there's a, everyone has a different style.
There are people out there who see a stock really beaten down, right? Like Evan just mentioned,
Evan's more of an investor, right? So Evan might see a stock he really wants to buy and he sees
this down 45% in three months and he goes, you know what? I'm just going to buy some here.
And in the very long run, that works great.
You know, I've mentioned this many, many, many, many times in these spaces.
But for most people, you know, you don't even have to do that.
You just buy the indexes when they dip and you'll be fine.
Buy in QQQ whenever they have a big dip and just close your eyes and wake up in 20 years
and you'll probably be rich.
But, you know, if you want to do it actively,
you have to find a way to do it. If you're going to just pick and buy stocks like,
yeah, Evan's right. A lot of stuff did double off the lows in April. But if you were a buyer there,
you did so with a tremendous amount of risk. And many of the dip buyers who bought the dip
it right at the lows in April were also buying the dip in February and March, first week of March,
and second week of March, and third week of March, and watching the stocks that they just bought
drop like rocks. So yeah, if you market by the absolute bottom, and during that general period
of three months, you were saying I was buying the dip while getting your hand tossed on 20, 30%
drawdowns further to the ground. If that's your prerogative, go for it. And for some people that
works. I don't do that. I never do that. If a stock isn't showing me structure, I just don't
touch it at all. Because I don't think I'm smart enough to just guess when a stock is going to bottom.
I can't just like, you know, I think it's bottomed here.
For me personally, for my style, and like I said, this works, people invest and trade differently.
I like to buy stocks with strengths that are showing structure, that are rebuilding, you know.
That's where I like to be. I generally like other things and
other attributes about stocks too. I like them to be in a hot thematic generally or a promising
thematic that is a news rich environment. I like that too, because I like catalysts.
I generally like stocks that have niche analyst coverage.
In other words, not everyone on the street is covering and bullish on them.
Whenever everyone on the street is covering and bullish on a stock, I tend to avoid those too because they don't really feel like asymmetric opportunities to me.
I tend to avoid stocks that are big stocks.
I mean, there are exceptions to that, like Amazon and Tesla and Robinhood, which I've
owned for a while. And those are just sort of background positions. But in terms of the
names that I actively manage, I don't like to trade two, three, four, 500 billion market caps
because they don't move the way I want them to move for the purposes of the way that I like to
trade. So there's all these sort of things that over the years I have preferences on the names that I like to trade. Do I miss stocks as a consequence of that? Yeah, all the time. There's stuff I don't understand that I miss all the time. Like, you know, the stable coin trade that everyone was on. Like, I was just like, okay, I thought about buying some circle call options and ended up not doing it. Saw them rip 1000% of my face. I was like, oh, shit. And I just moved on.
percent of my face i was like oh shit and i just moved on like i i don't have fomo as much anymore
and i know a lot of new traders and investors have this where they're like oh i wish i bought
that it went up without me it's just like eventually you realize there's so many stocks
out there you know there's always a new hot commodity stock like there's always going to
be another one it's not like there's just one and it's over it's never going to be another
you know tradable stock again there's always another one so i think once you make that concession to
yourself and you realize you can't own everything you know the swing trade workshop i did that was
something i kept repeating like i was like put it on a sticky note like if you're an individual
stock trader you buy and pick stocks you need to just make that concession very early in your career of saying,
I cannot own everything. No matter how much money I have, I can't possibly be involved in everything.
And once you make that concession, you'll sort of shrug your shoulders and go, okay, whatever.
I'll stick to the stuff I know. I'll try to accumulate the stuff that I think is a good
opportunity. I'll sell big unnecessary rips. I'll buy big unnecessary dips. And I'll sell big, unnecessary rips. I'll buy big, unnecessary dips.
And I'll continue to research and monitor these companies that I own.
That's really the best you can do.
So, yeah, to your point, Evan, a lot of stuff did double off the lows.
There were a lot of knife catchers that got rewarded.
And props to them.
But everyone has a different sort of structure and thing that they're looking for in a stock that they're buying.
And for me, I just, I never have the confidence to catch knives.
I would rather buy a stock 20% off the lows that has rebuilt structure, that shows me
a cumulative volume profile, that has some new thematic or catalytic interest.
That's what I like to buy.
I don't care if the stock was 20%, 30% lower,
in the middle of nowhere, no man's land with price falling off a cliff.
I just can never buy those things.
And if I do ever buy them, even as a trade, which is rare,
I can never buy them in size because, you know, I don't
know, like maybe they go another 20% lower, right? When you have those stocks that are just in a
downtrend. So I don't buy downtrends. I don't knife catch. I don't bottom fish. I rarely buy
any individual stock under the 200 day at all. Um, even though there's some amazing opportunities,
uh, by doing that. And I try to stick to strength.
I try to stick to stocks that are thematically relevant.
And I try my best, which can't always be the case, for the stock to have a durable, current, individual catalyst.
And sometimes my trade will start with one of those.
Like there'll be a PR or a partnership or a new contract or a really,
really great piece of analyst coverage. And I'll buy the stock and the stock will move off that
catalyst for a week or two weeks. And then volume will sort of fizzle out. And I may stay in the
trade sometimes. I don't always just sell the stock right away. I may stay in the trade if it's,
if I feel like the thematic relevance is durable or if I feel like the charge still looks
great and there's no reason to sell, sometimes I'll stay in those trades beyond the quote-unquote
catalyst window. So there is no hard and fast rules for me personally. I think when I first
started trading, there were. Another thing I sort of went over in the workshop was this idea of being faked out, which happens to a lot of new traders.
And I said, once you get more experienced and you've seen these sort of fake outs, these technical fake outs, hundreds of times on individual stocks, you can sort of develop a, I guess, resistance or shield
to being susceptible to those things.
And you can make decisions on the fly and be like, you know what?
I had the 21 EMA as a trailing stop, but I'm not going to close the position here because
this could be a fake out.
And then the next day, the stock rips back above the 21 EMA.
And you're like, OK, see.
And that comes with experience.
But new traders don't have that liberty. In my view, they don't. I think new traders have to be really
stringent with whatever rules you set. And they don't have to be technical rules. I'm not implying
that everyone's like a technical setup trader. I mean, even if you're like a fundamental
research type of trader, you should still have rules about your position, like some set of conditions
under which you initiated the position that if those conditions are violated, or if they change
for whatever reason, that you're willing to reconsider the position. Like everyone should
have that no matter what your style is, or your approaches to market. So yeah, I, I sort of just
try to stick to my wheelhouse and the names that work for me and i let other
people do the bottom fishing and some people do very very well at it i don't want to knock
people who bottom fish there's some people that are great at it it's just not for me
i think we got kevin joining us up here
how are you doing today sir doing pretty good speaking about bottom
fishing you can catch some carp I know they do I'm not a carp
I'll do some catfish though but oh yeah do you know okay so hold on real quick
Evan you obviously saw the guy that had the carp YouTube channel.
I forgot his other channel.
That was like super popular.
Hector Boys, that's what we're talking about?
Rest in peace.
Yeah.
Project.
Yeah.
Yeah, what I'm looking at for the market, obviously we had a pretty compressed day,
lack of breath in the market. I mean, if you kind of look at the intraday charts, especially in the 15. Obviously, we had a pretty compressed day, lack of breath in the market.
I mean, if you kind of look at the intraday charts,
especially in the 15-minute,
kind of looked like it wanted to break down,
but it didn't.
Maybe the micron earnings,
if it can hold up that spike,
maybe we can still kind of hold in here.
But I think we're just kind of taking
a little bit of a break,
at least for today.
I still think that there's still some catalysts throughout the remainder of the week from an economic standpoint that could
you know provide the bulls enough enthusiasm to try to break uh the s p 500 higher and try to get
to uh all-time highs and have new closing highs uh outside of that i mean the 64 level on crude
we tested that today it was a former area of
resistance we tested it overnight as well former area of resistance let's see if it's actually
acting as an area of support we have seen some buyers kind of stepping in there obviously the
geopolitical risk of being taken out but if you kind of look at the EIA data it continues to show
some pretty decent draws and inventory we saw a draw of 5.8 million barrels for last week.
She was looking for a draw of 1.2 million.
Last week, we had 11.1 million on the draw there,
11.4 million on the draw, which didn't really add up to me.
And it seems like these numbers here are still fairly aggressive.
So liking the fact that energy markets may be able to get back to trading the fundamentals.
And I think there's still potentially some geopolitical risk premium or geopolitical risk out there kind of going a little farther out if this thing is going to hold up or not.
Outside of that, obviously, semiconductors are doing a phenomenal job,
especially with this report today. Looked at the technical setup for the SOX here this morning,
see if it can actually hit that 5620-ish area. That's kind of the start of the gap to the
downside here. But also, it's actually very interesting. We had the lowest closing VIX since the all-time
high, since the day after the all-time highs. The day after the all-time highs, we actually had a
lower VIX. And actually this close may have been a little bit lower here. So, you know, volatility
on a relative basis, not a recommendation. I got to start saying that a little bit more.
Not a recommendation, but volatility is relatively cheap on the hedging front. So once again, if you had an example
portfolio and you wanted to hedge downside risk right now, if you kind of look at where volatility
is right now, it's actually relatively cheap. People hate to hear that when we are near all
time highs. And then they kind of get upset when we do have any type of formal pullback here.
I mean, if we're on the trajectory of continuing to move higher, hedging a portfolio right now
probably wouldn't be the biggest concern that I would have, but that's just an example.
You know, get a little bit concerned. I wouldn't say concerned, but
it is ever less than low levels right now. Go ahead. Sorry.
I think it's interesting though, because like right now feels like a time where one,
there has been a lot of stuff thrown at this market and it has continuously been bullish,
but there's been a lot of stuff thrown at this market, period.
And it doesn't feel like that's going to stop right now.
So it feels like, you know, maybe this, it does feel a little weird.
Like we haven't talked about trade deals in a while.
Is this going to hold?
You know, it maybe feels a little weird that VIX would be hitting those lower levels right now um yeah i would agree yeah i would agree uh you know
volatility may be a little bit too low for the environment and usually when you see this
conversation though kevin before and we this was before the last crash or whatever, but I feel like it's a better argument now than it was any time in the past.
As far as trying to hedge?
Yeah, no, as far as trying to hedge.
The argument for that you should hedge.
I'm not saying that you should or shouldn't, but the argument now feels a little bit more of a better time than when we were talking six months ago going into that one.
Yeah, I would agree. I mean, if you look at the backdrop here,
okay, right. So if you kind of look at the backdrop, VIX, lowest level since we had the all-time highs, the day after all-time highs, okay. You have PCE on Friday. I think the market's
kind of pricing in it. That's going to come in line with the street's expectations. Analysts
are pretty good at PCE because we have like 65% of the overall components
already going into it. But then you start thinking about, well, we have a shortened holiday week.
Next week, we'll have compressed trading days that should also lead to maybe some compressed
trading action, but also could create a little bit of volatility. Then you also think about the
trade deadline where we should be hearing an update.
And I believe that's the following week on the 7th, the week of the 7th for July, if I'm not
mistaken, correct me if I'm wrong. So you have that type of event. You still have the ceasefire.
Not going to get into the full geopolitical situation here, but let's just say that this
is more of a like a rearming for both sides because we have
seen those types of situations happen. Tension's cool. They rearmed, say two weeks later, they
start to escalate again. I'm not saying that's going to happen, but that's something you have
to think about always if you're looking at the geopolitical risk. And you have a very low
volatility curve right now. Now, VVIX, vol of vol, is not at the same levels that we are seeing
VIX. And when I mean that, like, you're relatively vol of vol is not back at those all-time high
levels. So you still have a skew. I think that some of that skew is going to be call side skew,
right, which is bullish for the most part. But yeah, this might be a decent opportunity.
It can give you the technical reasons why the market probably could continue to reach all time highs here.
But we'll give the other side of this.
Hedging activity is actually relatively cheap.
The daily chart in the S&P 500 still or the E-mini S&P 500 is still, like if we close today,
I would still be a little concerned that CCI is now cross over the overbought,
which is a sell signal.
It doesn't mean that it's like a massive sell-off,
but it means like usually when we have that signal,
we go back and test the 20-day moving average,
which are the, yeah, the 20-day moving average.
Give me one second.
Let me pull up my chart here because now I'm getting
confused. It is going to be the, yeah, 20 day moving average for the E-Mini S&P 500 right now
sitting at 57, 54. So that's the only thing, but I still think everything is holding up as far as
support, but I always get cautious when vol gets really cheap
in cdx or if you're looking at credit default swaps they're still kind of on the upward
trajectory which is not something that usually happens where you see a divergence between equity
vol and credit default swaps it's not something that's egregious but anytime that that correlation
breaks it's just something that i like in the back of my mind like
okay this doesn't last for too long so one or the other has to kind of
re-correct and and have the right correlation again so
i'll get it back over
i got some more thoughts i got some more questions but i want to make sure we get
urkel into it too i don't know how much we've heard from you man do you uh have any thoughts
you want to throw in on this market how you were we were looking at today
hey thanks for having me back a great conversation today uh sorry i missed last week i was having
technical difficulties but was listening in as well yeah I mean not a whole lot
to add in terms of just observations of what everybody else has talked about in this market
trend is up the SPY and QQQ I didn't personally love the gap ups yesterday I do prefer kind of a
more you know systematic ride up if you will And we did see some weakness today,
which is totally normal because they're overextended.
And generally speaking, in this type of environment,
a very small pullback into the 5.9 EMAs
is totally expected and normal.
And oftentimes a great opportunity to add
if you're a very short-term trader
riding aggressive trend to the upside.
It's been a great market in terms of popular
names, you know, kind of the old fin twit bandwagon names to some crowded trades that
have been very volatile and beneficial for those who are opportunistic. Those tend to,
generally speaking, drop hard and bounce. And a couple of them are h-i-m-s and o-s-c-r i know
those those have been very popular i'm kind of watching those to see where they might base both
of them are at very key demand levels i know hymns took a nasty 30 drop i suspect some people are
probably trapped in that and not selling so I do expect or anticipate some potential volume coming back
into that. But personally, I've kind of been focused and I might sound like a broken record
here on crypto right now because we've seen this market have healthy rotations in and out of
multiple sectors. And crypto to me, after a two week pull, seems to be kind of curling back to make a move to the upside.
And if you look at IRON, which is a Bitcoin mining play, which some would suggest is not,
it's other angles to a two, is kind of sparking or igniting a move higher. And we've seen some
of the other miners in the sector catch bids. We've seen MSTR, which I've covered here extensively,
miners in the sector catch bids we've seen mstr which i've covered here extensively
curl really nicely today reclaiming the 5 9 and 20 emas and it's sitting at a breakout trigger
just above 8 388 so if it can hold this level and bitcoin can kind of push through the 108k level
i do wonder if we do see a significant rally in some of these crypto names and other Bitcoin miners too.
So CLSK is another one I've been watching.
That one had a $10 breakout trigger today and it broke through and had a nice 5.5% day.
And we've seen, I mean, the Bitcoin mining sector has been basically a shithole for about a year now but when they do catch bids and shorts get cut offside
they can have significant rallies to the upside so personally i'm swinging iron i-r-e-n i've added
that off to 10 50s this week and i've trimmed most of it just because i get a little nervous
and crowded place to be honest um and it closed that 1180 today if it can actually hold this 1180 12 area it does have
a runway to 13 so depending on what bitcoin may or may not do overnight so i'm watching that i'm
watching uh the bitcoin miners when i was here a couple weeks ago i shared my two swings or two
trade ideas which were hymns and amd which was breaking out of a year-long downtrend on the
weekly time frame so we caught that swing off the 115-120 area and I've trimmed a chunk of that
off at the 140 target here and if that continues to hold 141 I do see AMD with further upside
although again a lot of these are starting to get really really extended
another one I'm personally watching I just entered yesterday is Google this one has really
lagged a lot of the move to the upside and it held really well on Monday at a key demand level so for
me I've got this demand area at 164 to 166.
It held there really well and had a strong day today.
So I took a position in that at 166 this week, and I'm swinging,
looking at 174 as a key trigger on that one for more upside.
But the markets have to play ball too.
So, you know, SPY and QQQ are extended.
They very well could pull back a little bit.
We could see some pullbacks and other large cap names too.
But given how the kind of rotations work in this market, you know, dips have been bought
aggressively and this can be another dip buying opportunity in some of these names as they
continue to trend higher.
Lots more I'm watching, but that's kind of high level where I'm at right now in terms of the crypto sector. You know, again, I've kind of pushed this before.
I have a really hard time being bearish on the crypto sector under this administration.
And I do like this recent Bitcoin bounce right off that 98k demand level. It's been trending
higher and threatening to potentially break out again. So the crypto sector, again, MSTR, Bitcoin miners, and again, with Hiram catching a bid right now, could ignite the rest of the sector higher too.
So some of the stuff I'm watching, and if you like dips, again, HIMSS, OSCR, Rocket Labs, ASTS, all great potential stocks to add on pullbacks as long as momentum holds to the upside so
just kind of where i'm at what do you think of robin hood i see they have that promo going on
right now about um getting crypto over they're doing like the one percent two percent bonus
match or whatever it is but then the crypto event this week no that one's at all time i love this
stock i love this stock man i own it in a long-term investing account i'm probably not gonna sell
that anytime soon i do have it in a swing account which i added off 70 which i trimmed today
actually just like options mike did right near 85 this morning just because i had 89 as a target
on robin hood which is the 1618 fib extension level so i took a trim on Robinhood, which is the 1, 6, 1, 8, fib extension level. So I took a trim on that swing, but I've been pretty greedy with it.
It's been one of those, I mean, you look at the daily,
or I think it's the weekly chart.
I think it's got eight or nine straight green weekly candles.
It's, you know, for all intents and purposes, gone pretty much parabolic.
But I just love the company and, you know, that whole,
I forget what the program's called,
where they're going to create accounts for American babies born and invest $1,000.
Like, and I think at the 3.5 million births a year, you're looking at, you know,
potentially millions of new customers annually in the future.
You know, things I'm just kind of dreaming about as an investor in terms of growth in the future.
So I'm personally a really big Robinhood
fan. And while I do swing it in a swing account and buy and sell as the dips and rallies come,
in my long-term investing, I'm not touching it. I'm hanging on tight.
And you know, I got to say, these Bitcoin treasury companies, some whatever, like Saylor,
I get it was first. There's probably maybe a a space for I don't know but like what are we doing
I don't get it I know we're on like 75 of them and anytime it's like we're at
this point where people see someone doing it big I can get why there's
copycats but like I agree it feels like every time it goes bad how is this gonna
know maybe it's a big bear market somebody's a theme and catalyst rate I
agree with you it's a joke that this happens but it's just big bear market. As somebody who's a theme in Catalyst Trader, I agree with you. It's a joke that this happens, but it's just part of the game, right?
Like, people see capital flows and excitement.
But does that ever end well?
No, it doesn't end well.
It never ends well.
Of course not.
But, you know, it can last a while.
It can last a while, yeah.
And it doesn't mean that everyone's going to lose.
It doesn't mean Sailor is not coming out of this back in 2020 and 2021 there was a spac craze like
like nothing i've ever seen before i mean i haven't been in the market for 20 plus years but
i've been the market for 12 plus years and i've never seen anything like it and you know you're
talking about pre-merger spacks that were going up 600% prior to merger. Okay. And now
they were completely risk-free when you were at it. It was like the most insane thing. You could
buy them at NAV with 3% risk and they were running five and 600%, not, not the options,
the SPAC equity itself, not the rights and not the warrants, not the options. equity itself not the rights not the warrants not the options like it was the most
crazy level of speculation not to mention all the small caps in the background that were going up
thousands of percent and all the other crazy speculation that was going on right but
you look at most of those names post-merger after all the trading fun and hype was gone
like almost all of them went from 10 to one or less most of them got delisted the vast majority
got delisted right 90 plus i don't want to say 90 got delisted 90 plus either went to a dollar
or got delisted and maybe 10 of them maybe maybe maybe 15 i i don't have the exact numbers but i
mean i i look at hundreds of these stocks so I can give you a pretty good anecdotal idea. Maybe 10 to 15% of them survived either A,
delisting or B, going outright bankrupt or C, you know, to five, six bucks a share.
So net net out of all of the SPACs that went public in 2020, like maybe 25 of them are even relatively close to NAV.
There are probably out of those 25, 10 or 15 that are way, way above NAV
that have been successful, right? Like names like DraftKings, which was a SPAC, which was a very,
very successful SPAC. ASTS was a SPAC. It's now 50 plus dollars. There are many examples of this.
IonQ was a SPAC. It's now 40.
Hems is one.
Huh? Hems, IonQ, DraftKings, so on and so on.
So there are many that are $30, $40 plus,
and those investors are happy because many of them got in these names,
you know, risk-free at $10, $10.50.
And it's funny whenever I talk about pre-merger SPACs,
people in the audience are like, what are you talking about?
There's no such thing as risk-free.
I don't literally mean risk-free.
What I mean is there is fixed risk relative to NAV.
So it can be risk-free if you're buying under NAV, which many SPAC arbitrage traders do do.
There are funds that exclusively do that,
that arbitrage trade SPACs in massive size.
But anyway, there's a risk floor before the merger.
After the merger, that risk floor falls out.
But anyway, you're right.
These things, the noise stops.
And that's part of why it irritates me
because during the SPAC craze,
the first 10 or 15 that went public were half decent companies that had a shot.
You know, names like DraftKings that maybe had a shot.
And you also had some scams in there like Nikola.
Right.
And you have many of them that are still around today, like some of the space ones, Redwire and ASTS, which are still around today.
And you have many of the EV ones that didn't make it past a couple of months you
know so it just depends there is quality in some of this shit and there are stocks that will make
it out of the shit but if you're just throwing darts yeah you're gonna get you're gonna lose
if you're just throwing random darts you own the basket of them you're gonna get screwed like if
you own the basket of 2020 spacks and just held them through today you're probably to lose. If you're just throwing random darts, you own the basket of them, you're going to get screwed. If you own the basket of 2020 SPACs and just held them through today,
you're probably down like 80%. If you picked a couple of good ones, yeah, you could have done
well, but that takes a lot of work and it takes a lot of luck too. No one should kid anyone on luck.
Even this year, I've gotten lucky on a lot of the names that have worked for me. When I bought
Centrus Energy, did I think it was going to double in a that have worked for me. Like, you know, when I bought Centris Energy,
did I think it was going to double in a month? No.
When I bought Nebby's, did I think it was going to double in a month? No.
I thought they were going to do well. I didn't think that was going to happen.
So there is luck involved, too.
Sometimes the things, the stars align, and stuff works for you.
But, yeah.
Speaking about junk, I just saw Mystic share this post from Walter Bloomberg.
CBOE files 19b4 for first of its kind, Pengu and Pudgy Penguin's NFT ETF.
Jesus.
Wow.
That's pretty bad.
That's not a great sign.
Kevin, sorry, I saw your hand was on.
What's up? Yeah, no. It's actually a great sign. Kevin, sorry, I saw your hand was on. What's up?
Yeah, no, it's actually a little bit different.
Go for it.
You can talk about whatever it is.
All right, cool.
Yeah, no, I wanted, and I know I was just saying getting called out by TC in a nice way.
Got a couple of charts to kind of talk about real quick.
You guys can keep them on your radar these are not
advice or any type of recommendation but like look like decent um setups and some of them we
talked on the network here so like hershey not a sexy one uh that people actually look at but if you
trade the options on them uh and if you look at the stock the stock actually does move if you look at the stock, the stock actually does move. If you look at the technical resistance at around 173, it's starting to fade right now with a little bit of a bottom or some
support sitting at around 156. So that's one that if we are on risk on and getting out of risk off,
that one's kind of hit already top of range that could fade here over the next couple of weeks.
Another one too that we
looked at in the network today that I found very interesting is Kava. I'm not a fan of the
fundamentals. Obviously, I mean, they've done a phenomenal job, but they are seeing some headwinds
just like a lot of these restaurant chains and things of that nature. If you look at the daily
chart, you are seeing a little bit trying to maybe
bottom out here, base out for a little bit. I did see some options flow on this one as well today
that I wanted to call out. There's two of them that actually showed up here now, but the one
that I was focusing on was the August 15th $70 calls that somebody picked up today.
Those were actually written.
So that was actually very interesting.
So decent chart set up there.
FSLR, people are like, you know, and rightfully so,
solar has been demolished.
But I think a news item that completely went under the radar here,
there are some senators right now that are working on relaxing the language on solar.
I believe I actually brought this up that this could be a thing last week.
I'm not sure.
I know I talked about it on a podcast recently here,
but there is some suggestion that some of the senators,
Senator Kevin Kramer, looking at trying to ease maybe
some of the language on the renewable energy business as a whole, as well as solar, and
trying to provide a little bit more of a gradual off-ramp for solar EV credits, rather than
the House's version where it just completely shuts it off. It seems like there's some aggressive
lobbying going on right there. There's a Reuters story that you guys can read about it. But once again, something that kind of went under the
radar. And this is another one that did see some aggressive call buying activity today.
Somebody picked up the July 11th, which is kind of probably going to be around the voting
for this. July 11th, 170 calls. It's been about $1 million worth of premium, got into those for $3.60,
3,000 contracts on that one. I'm not saying First Solar is going to be like the one,
because that can get a little bit expensive when it comes to premium. But even if you look at the
10 ETF, if you wanted to look at that, or look at some of the other solar names, there might be a
potential trade set up there based on rumor. Once again, just a rumor may not even come to fruition,
but that's another sector that's been severely oversold right now that you never know something
actually could happen. And then the last one too, it's not like really a trade set up, but
GIS, obviously getting hit. General Mills, not a sexy name, down 5% today.
Seen some headwinds. Not surprising. We saw the same thing from SJM, what, a week ago or so, but it's been able to hold up here.
The chart doesn't look great, but at some point, this is a staple company that's locking in further contracts for their raw goods and ingredients needed in order to process their
foods. So they lock those in out in time. Those prices are now actually fairly cheap. And so
I think over time, as they kind of run off some of the fundamental issues in the near term,
they might be setting themselves up for a long-term play. Not a recommendation,
but that stock is also looking at around a 4.7% dividend yield, if I'm not mistaken. I'll get that for you real quick.
I think it's a dividend yield. Yeah, I think it's like 4.7. Well, yeah, 4.75%. So if you're a dividend
type of trader or investor, that one now is getting to the upper
end of its range when it comes to dividend yields on a historical basis. So a couple of names I
want to throw out there for those that just think I have to focus on indexes. So I hope you all have
a good one. I'm going to jet. Appreciate you guys having me on. Talk to you guys tomorrow.
What's up logical?
I never got a chance to
go around when we were going around the horn
so I figured I could kind of recap
something around the horn. I used to love
that show and now it sucks. Anyway
they cancelled it. It's gone.
They cancelled it? Thank god
it got so bad in the last couple years.
I have no idea what that show is, to be honest.
It used to be an ESPN show, and they would go around the horn and ask them about takes,
and he would give them points for their takes.
It was cool at one point, and then it just got done.
Okay, let me go through kind of what has been pretty good.
One, Magnite, every single day, just green, doesn't matter.
It's 52-week high back in February was $21.29.
The stock hit $20.85 today.
So, I mean, it's just a matter of time until we make new 52-week highs. And, I mean, as far as I'm concerned, 52-week highs here would be all-time highs
because I give very little credit to the peaks of 2021.
I don't think those are real.
So, you know, if we exclude 2021, I think that we're basically headed to a new all-time high for Magnite.
Again, very happy with that position.
I mentioned it a little bit earlier, Arterus AIP.
I know Stocktalk and I were chatting about it.
That one was up almost 4%.
You know, I feel you.
Like, when me and Stocktalk talk about this,
and, you know, it's a good way to get exposure to the autonomous driving through a small cap.
The chart is beautiful,
and it's really just consolidating right now,
and it could easily continue.
Yeah, I think that this could be a great name,
and I definitely feel like
I'd want to probably size that up as well.
I've split the position right now
between that and a company called InnoViz,
I-N-V-Z,
which is growing at greater than 100% revenue year over year.
They also are in this autonomous driving industry, and they have, you know, top OEMs that they're working with.
So it's also interesting.
That chart is actually really beautiful as well, I-N-V-Z.
So, I mean, that way I don't have to pick a winner.
I kind of like doing these, what do you call it, Like basket kind of approaches, which is what I do with my
bios. And, you know, just so that way I don't like, I like both and it's like, why not just
own both? I don't know. Um, but yeah, I mean, if you, if you're that kind of person who's just
like, no, I need to like specifically pick a winner, then, you know, by all means, um,
let's see what else, uh, the bios recovered The bios recovered towards the end of the day today.
XBI was down after a really nice day yesterday. It was down like one point, almost 2%, and it
recovered throughout the entire day, which is really nice to see. The technicals are shaping
up there. I saw a post from Brian Shannon yesterday who joins us on the show sometimes. He's like the
father of the anchored VWOP. And he was talking about how he shared a chart on XBI and how it's, you know, broken out of its
downtrend and, you know, finding support and kind of continuing higher. So, you know, he sees upside
to the 200-day, which is around $90, sitting at about $83 right now. The XBI, I think I was just
generally looking for a positive shift in sentiment in this sector. And I think that you're starting to see green shoots with the FDA, which I keep reiterating on these spaces.
There's a name, ClearPoint Neuro, which I've discussed quite a bit.
And I just posted a tweet on it, which I think is a pretty succinct reason why I'm so bullish on it.
And I added to that at the lowest today.
Nice recovery throughout the day.
I think the stock is extremely cheap. You're going to probably run a screen on CLPT and say, dude, the stock is
not cheap. It's trading at like 10 times revenue. Why would you say this is cheap? And it's because
the revenues have really not even taken off at all. And they eventually will. And when they do,
at that point, the higher margin revenue will be, it'll be far too late.
By the time this starts screening properly, I bet this stock is multiples higher than where we are
today. Because at that point, the actual bull thesis will have taken full effect. And this is
a company that has real revenues, has real business. It's not a pre-revenue company.
It's in the biotech space,
but it's a picks and shovels way to play it.
They have 60 partners in clinical trials right now.
And they are, you know, they're, as time goes on,
more of those partners are advancing through their trials.
And a lot of these companies are, you know,
gene therapies, rare disease treatments,
because what ClearPoint has is a medical device that
delivers these treatments very accurately to the brain. It's an FDA approved product.
And so they have this regulatory capture, which is the companies that they partner with list
ClearPoint Neuros device, delivery device on their FDA applications. So, you know, you talk
about businesses that have
high switching costs or industries that have high switching costs. The switching cost here is
non-existent. Like it's impossible. I don't know if that's the right word, but you cannot switch
once you sign up with ClearPoint. Because if you did, you'd have to redo your entire FDA application,
which no one would ever do because your business would be toast. So, you know, obviously a lot of
these, you know, trials don't necessarily end up in FDA approval. So, you know, obviously a lot of these, you know,
trials don't necessarily end up in FDA approval,
but, you know, ClearPoint is making money regardless
when they're in the trials before they get to commercialization.
If they get to commercialization,
then you just assume that, you know,
volumes pick up dramatically.
And then, you know, it's like, you know,
some partners are going to fall off,
some partners are going to advance,
and that's really important. And so you couple that with what's been coming out of the FDA recently, which is, you know, RFK, you'd think was probably the worst person for biotechs. And we certainly priced this sector and industry for the worst possible scenario. And, you know, he coins a term just last week called make American biotech accelerate MAPA. I don't know why he would do that, but you know him, he's in
Maha and I don't know what he's in, but, um, clearly, you know, they, they, they had a
cell and gene therapy round table. They want to really tackle, um, gene therapies and rare
diseases, and they want to accelerate this process and get treatments out
to people who are in desperate need of it. So, you know, the language around the FDA lately has been,
you know, for one, they're talking about like these, I don't know what it is exactly, they're
like granting these permits or whatever, that, you know, typical FDA review process will take,
that, you know, typical FDA review process will take, you know, 12 months. They're talking about
if you as a company in clinical trials end up receiving this, like you can apply for this
permit, if you get it, then it means that we've approved you for a accelerated one to two month
review process. So that cuts out like a year of cash burn while you're waiting around. On top of
that, they are talking about how, you know, obviously these rare diseases, they're
very expensive, the treatments, and there's very few patients.
And given that there's very few patients, the number of people in the trials aren't
that many, right?
Compared to, you know, people who are, you know, doing trials for, I don't know, eczema.
There's like millions of people, right?
So in these treatments for rare diseases, people are in desperate need. They don't want to hold up
these treatments in the trials for so long until they can find patients to fill up these trials.
Instead, what they're saying is, look, even if you have low N in your trials,
we're open to approving these therapies and then monitoring them after approval.
So it's just this crazy situation where, um, everyone has been selling bios because of this
appointment or that appointment and all this is going to kill the industry. And it's like,
so we priced these assets for zero positive upside. And all of a sudden they're talking
about like the most interesting developments at the FDA, um, for upside. So all of a sudden, they're talking about like the most interesting developments
at the FDA for upside. So I think the clinical bios still end up being probably the most undervalued
assets. Obviously, those come with binary risks. But when you play it through a name like ClearPoint
Neuro, CLPT, you are able to get exposure to a lot of these clinical bio companies without taking on the binary risk of any single
one. And specifically because they're dealing with this neuro drug delivery device, they're
dealing with a lot of rare diseases. And if anything, it seems like the rare diseases are
where the FDA right now is focused the most,
because there are no other treatments right now on the market. So they want to get things to the
market quicker. So I think ClearPoint Neuro makes a very compelling, long idea. I have it around
8% of my portfolio, and I want to hold that for as long as I can. I have shares in my IRA. Like,
you know, I talk about Magni, and I talk about all these other companies that I really love and I even have higher exposure there. Um, but you know,
I don't even, I think if like I had to go through my entire portfolio and say, what company could
I hold, close my eyes, not look at it five, 10 years or more. Uh, this is the company like
ClearPoint Euro would probably be that one. one uh because it's something that you need time
for the thesis to play out because you need the trials to progress all their partners etc
um so you know there's no real momentum here not quite yet uh the momentum will build over time and
once it does it'll just be like a big snowball so um yeah clearpoint euro very interesting uh again
i added to that position today and i I think that that will continue to be
a winner in the future.
And yeah, so we'll see, obviously it's going to take some patience though.
It's not something that I'm saying it's going to do very well today or tomorrow and the
chart doesn't look great.
And you know, for that reason, people will roast me, but again, it's, it's, it's not
a trade, it's an investment.
So this is one thing that I, long-term I would love to continue to hold, especially in the
long-term IRAs and whatnot.
And especially here, it's off 50% from its highs.
So that looks really good to me.
A couple other things.
Lending Club has been relatively very strong.
It's just been up and to the right off of this base.
It looks like it kind of wants to break higher.
I've talked about this one a lot in the past.
But that chart is starting to really shape up.
It's still under the 200-day.
But this is a stock that fell a lot on the last earnings
because they set aside money for potential losses
if we had a recession.
And now that we're likely not going to have a recession,
I think that that effect on their net income will reverse in a positive way.
So it's possible we're setting up for a very big beat versus their guidance, given that the backdrop in the economy has actually continued to remain resilient and strong.
continue to remain resilient and strong.
So I think this is a stock that trades basically at tangible book value,
and they're still growing year over year very nicely.
And I think that lending activity will definitely pick up,
especially as rates come lower.
So I think Lending Club will continue to do well from here.
And that was green today.
I'm looking to see what other else was green.
A lot of the bios just recovered throughout the day.
Oh, and I'll talk about one major win today. Sorry, someone's turning me over there.
No, you're good. You're good. I'm at the top of the hour. Got another discussion.
Let me up, but you've got another couple minutes.
Yeah, sure. I just wanted to talk about one major win today, and it was yesterday as well.
It's Nectar, N-K-T-R. This was a biotech that I got long when they
said that, hey, we're going to have data in the morning and I've been following this one for
some time. I had seen some call flow come in just a week before. The surprise data announcement
felt like the data was going to be good. So I got long. I chased the stock up 45% in after hours, went from like $8 to $14.
And that stock, I sold it all at $35 today.
I made a very great profit.
I sized it up really nicely.
I even averaged up the day after when it launched to like $20.
So I'm glad I sized it up.
I exited the trade today.
I think it can still go higher.
But yeah, I mean, Stock Talk talks about this all the time, and we both post our performance constantly,
which I think more people should do, especially when you have these takes and whatnot.
And I posted my actual profits from that trade today. I posted my actual screenshot from my
brokerage. Made $21,500 in two days. I'm very happy with that trade. I mean, just an excellent
way for this midweek. So anyways, just want to talk about a big win this week
because I always talk about the losses as well,
but we've got to celebrate the wins along the way.
Anyways, I'll stop there.
Very nice, logical.
Great rundown.
I love, you know, focusing in on the individual names
and giving the thesis and the story behind them.
As always, continuing it to kill it.
Really good stuff.
Is my sound quality
decent by the way i have airpods on but i can take them off yeah you're good okay sweet sweet
really good stuff there from logical um this is an exciting market uh obviously i love a good
bull market i know you do too logical and stock talk and others that are up here by continuing
to run i was actually at the new y York Stock Exchange this morning for the open, which was awesome to be able to be around people for those new QQQ all-time highs.
And then of course, SPY continuing to rock it here as well. Looking forward to keeping some
market chatter here going and talking some ETFs into these next 30 minutes. Adam, excited to have
you up here on stage. I'd love to get your thoughts first on this rocking market that we're seeing
before we go into some other topics.
Yeah, thanks for having me, guys.
Wow.
I mean, what a refreshing market this is, right?
I mean, who knows what's going to happen in the next few days?
You never know with the uncertainty overseas.
But for now, I'm going to enjoy it.
So, look, the fundamentals have always been strong. We were affected by a lot of different competing narratives, whether it was the tariff tantrum,
whether it was the problems overseas, whether it's Ukraine or the Middle East.
So as these things calm down, clearly the market should continue to go up.
And we're certainly seeing it with a lot of high beta names really taking leadership now.
And those are the ones, of course, that were lagging for quite a bit of time,
particularly during the whole initiation of the tariff issues.
So really great to see, and I certainly expect it to continue.
You know, the summer is typically a volatile period,
given not as much trading activity,
but it's also a great time to make money if you're focused.
Yeah, there's definitely a great time to make money here.
And I do feel like the sentiment overall
has gotten really solid as well.
It feels like people aren't scared at the moment.
I think people are coming to stomach some of the swings
and the rhetoric that we're getting
from the administration and from the market. With that being said, Adam, I know that there's a lot that we want to go into and cover
here. I do have to say we're going to touch on it at the end, but Wild, which we talked about at the
end of last week's space, really has been taking off here from a return perspective, right? Up 7% just in the past week,
already up 4.5% year to date,
which is pretty crazy when you go and you look
and you're like, wow, SPI is only up 3% at the moment.
And it does just,
I like seeing some of these leveraged products move.
I know that that's not gonna be
what we're gonna kick off with.
We're gonna go into OMA, but real quick,
just any thoughts here on WILD,
the CTF that you guys put together?
We talked about it a lot on our live stream in last week. We don't see it into too much right
off the bat here today, but I just love seeing this performance. Yeah. I mean, look, it's an
incredible bull market product, right? I mean, five hot stocks in one trade. Why buy a double
levered Tesla product when you can get a double levered product that has Tesla,
Palantir, MicroStrategy, Supermicro and Meta in there, and that we rotate it monthly based on
where the money's going, right? We follow the investor flows, which is the whole investor
sentiment issue that you were just talking about a minute ago. Investor sentiment drives stock
performance. I mean, it's clear,
it's been, you know, everyone knows it. How do you play it? Wild is the way to do it. The five
hottest stocks rotated monthly based on investor sentiment, which in the bottom line is where the
investors are putting their money. Yeah. So let's talk about a place where investors are putting
their money right now, theaha etf here uh and again
i've been working with vista shares for a while at this point i think a lot of y'all
who are in the audience have heard from outrunner spaces and it's crazy to see uh the aum and the
money that's just pouring into this etf uh this only launched back in march uh you guys tapped
300 million aum today we did a space one week ago. You were at 255, 260 million at that
time. So another 40 million plus dollars coming into this ETF just in the past week. That's some
pretty serious buying power in there. What do you think first off is just like causing that,
especially at this time right now? Do you think this is perhaps people who are seeing, you know, hey, you know, SPY just went up 25% in like a two month period, you know, perhaps right
now we should allocate to some more stable areas. I'm just curious what you think is driving this.
And then for those that are unfamiliar, maybe just covering OMA for a second as well.
Yeah, I mean, I'm really humbled by our success here. I mean, everyone knows it's not easy to
build a business. So when you are able to
be fortunate enough to have a success like this, you have to thank everybody. And I do thank
everyone involved. It's gotten a lot of buzz. I mean, look, at the end of the day, who doesn't
want to invest like Warren Buffett, but with 15% target income every year? I think part of it is
that we pay out monthly. So we aim for 1.25% per month. And OMA just paid out its fourth month in a row at 1.25, along with our other ETF, QUSA,
just paid out its second month at 1.25.
So I think that's the bottom line.
I think investors are getting comfortable.
They were already comfortable with the portfolio because it's Warren Buffett's portfolio.
But I think they want to make sure that we can do what we say we can do on the income.
And, you know, we're proving it.
So I think as we prove it longer and longer, it's going to continue to gain traction.
Yeah.
And I try to explain this to retail because I think, you know, people in the audience, I'm sure you have your brokerages up in front of you.
You can go take a look at, you know, Berkshire Hathaway, BRK.B, that ticker on the screen right now. And you'll notice,
obviously, it's still nicely green on the air, right up 6.6%. But if we look specifically,
I'm doing a comparison here, essentially, between OMAH, that's the VistaShares Target 15,
Berkshire Select Income ETF, and Berkshire Hathaway, OMAH launched on March 5th.
Berkshire Hathaway, OMH launched on March 5th.
So if you go in your chart right now, you look at BRK.B, right?
We're going to go from March 5th in that time period.
I don't know if people would think it, but, you know, Berkshire Hathaway is actually negative, right?
In that time period, especially after a little bit of a drop today, after a couple days of a move up, right?
It's down, looking back to, let's go, March 5th,
it's down about 2.2% in that time period, which is interesting, right? And it's had swells to the
upside for sure, right? It got all the way up to $540. And by no means do I think Buffett's going
to, you know, I think he's going to cap off another great year. That's my expectation.
But what's interesting here is, and a lot of people,
if you've seen YieldMax ETFs and others like those, you're getting familiar, right? They're
selling calls actively and collecting that extra income and creating, but not trying to go for 100%,
trying to go for 15% a year, 1.25%. So having paid it out for four months in a row now, that's 5%
return right there. So you go and you look at the actual OMAH and you'll see, hey, this is down 4.26%.
Well, it's actually, if you take into account those payouts, it's up 0.74% right there,
which is kind of interesting to me in the same time period that a Berkshire Hathaway is down 2.2%.
So it's this unique, like new style.
These types of ETFs just didn't exist years ago.
And most retail, and correct me if I'm wrong,
don't really sell calls,
especially not across a variety of different stops.
And so it's just a really interesting area right here.
Now, Adam, I will also point out,
I don't know if you remember,
I was on our call and I was saying,
hey, we're about to hit that 200 SMA on Berkshire. I expect the bounce right here. Did you see that bounce the two days
right after? Yeah, my God. I mean, you should have your own ETF. That was pretty prescient of you.
I won't say me talking 200 SMAs leads me to needing an ETF, but I just thought that was
an interesting little piece there. But yeah, the cool idea here is like, hey, this is very similar holdings to Berkshire,
but getting that little extra boost has provided that in a time that Berkshire is more or less,
you know, through the ups and the downs, pretty much sideways down 2.23%.
This ETF, OMH, has returned a positive return. And I think that that's what's attracting,
you know, $50 million in the last
week to come in. Because my guess is that some people are trying to de-risk slightly. We have
a market that's absolutely bumped, right? You have a QQQ move that has gone from 403 to 543,
which is a 35% move in two and a half months. And I think people are just trying to de-risk a
little bit. Now, what's nice about this is that you're not going into cash, right? You're not percent move in two and a half months and i think people are just trying to like de-risk a little
bit now what's nice about this is that you're not going into cash right you're not saying hey i'm
not participating in this market i think you just kind of get an interesting piece so for me it
stays super interesting if people have questions feel free to you know dm me any questions you
have on these style strategies i'd be happy to take them but i just love to see the ingenuity
and the pieces as they continue to roll out.
I don't know if I have too much else. I mean, Omaha just continues to kill it. I don't know if I have
too much else to say or ask you on it. Did you have other comments? Anything else recently that's
happened? It just seems like it's doing its job. No, I think it's doing its job. I mean,
as you know, I think the key consideration here is that this is a core portfolio holding and that's
what it's designed for. So it is 21 holdings. So it's, you know, we hold Berkshire B as our number one holding,
or at least when we rebalance every quarter, it's our number one. And then we hold the bottom,
the next 20 publicly traded stocks that Berkshire Hathaway holds. So it's a similar portfolio,
as you mentioned, but we are holding the underlying stocks and we're writing calls
on all of them as well as using call spreads. So it's a, you know, it's an interesting strategy for sure. I mean, Apple,
you know, up again, I think, I think it ended up today a little bit, but, you know, that has
certainly been a drag on performance. But, you know, Apple will come roaring back at some point
and, you know, we'll see a pop there. But so, you know, between this and QUSA, I think, which is our
quality ETF, which is a very similar strategy, just a different equity portfolio, same income strategy.
Investors who are looking to build stable income over time and grow their portfolios
over time so they retire early, these are the kind of products you want, just to give
you that nice stable performance and the high income.
Yeah, Apple sat out i think it's going to
come back uh but they've definitely been lagging a little stock talk i see you're up here i got a
question for you are you available right here what's going on good to have you back i love
hearing from you thank you stock talk i want to get your thoughts here on you know the current
status of the market in regards
to what I was talking about there.
Where do you think that people are...
Because what's cool about what Adam does is they kind of have both sides of the products.
They're like, hey, you want to de-risk a little?
Stay something with more stable?
We've got OMH.
You want to go crazy?
We've got WILD, right?
We've got that wild to the long side.
I'm curious where you think the general market sentiment is right now.
Do you believe people are kind of trimming a little bit of that risk
saying, hey, we're back to all-time highs? Or are people just on that full bull train
and maybe like how that disseminates down to these ETFs?
Yeah. Don't forget about my favorite one, which is AIS, which I know it doesn't have...
We will talk about that.
I know it doesn't have as many flows as OMA or the other ones, but I think it's a very well-made basket.
And Adam's talked about all the great advisors they have on that product.
I think that's why the stock picking is so good in that one.
But that's my favorite of the bunch for sure.
But, yeah, you're right.
I mean, I think one thing Vista's done a great job of, you know, I'm a very active trader.
As you guys know, we talk about that on this show every day.
And I tend to like the higher beta stuff. I'm a little bit riskier in my risk profile. And,
um, you know, there's products out there for that, the Vista has, and there's also products
out there that, uh, like Omaha that are out there for more conservative investors who want to get
that locked in return and, and invest like one of the goats so I think that's all I
think that's one awesome thing about you guys is you do have something for
everyone and I think in a market like this you know we were talking about this
earlier as well in the spaces I think people like to have baskets of exposure
in a market like this where they can have their hands, proverbially speaking, in multiple different baskets.
And that works in a market like this, where you have so many different themes active.
You know, one month you might have nuclear stocks leading.
Another month you might have photonic stocks leading.
One month you might have semiconductors leading.
So in an environment like that it actually helps accelerate
performance to have a wide variety of exposures and uh you know specialized products like this
are are a good way to do it if you don't have the time to stock pick you know a lot of people just
don't have the time to stock pick and that's what these products are good for and um you know i
encourage more people to look into that a lot of times people think they have the time to pick a stock and monitor it and monitor
the quarterly reports and monitor the chart and know when to buy dips and know when to
add rips.
Like for, for professional traders like myself who have been doing it for a long time.
Yeah, you probably can.
But for the most people that go to work every day and, you know, have a full-time job and, you know, want to just invest their income and be active in the markets, it's pretty hard to do that picking individual stocks.
So I think these types of products are great for that.
I agree with you. And, you know, even for those professional traders who have the time, you know, I always say, look, you know, get your if you if you believe in a theme, like you mentioned AIS, which we can talk more about, you know, if you if you if you like AI infrastructure by AIS as your core.
But then if you do have the skill and the knowledge, you can go out and pick those stocks to overweight and express your views however you want.
But at least you have that core exposure to kind of ride the wave while you're doing your thing on the individual names.
Yeah, StockTalk, I mean, you brought up AIS, StockTalk. We should probably get into this.
There was a pretty big rebalancing that just happened on AIS. Adam, do you want to roll
through it? And then I'd be curious for any questions StockTalk has on it?
Yeah, I think StockTalk is going to like this.
So, you know, so as you mentioned, you know, we are an active ETF and our investment committee
is made up of John McNeil, the former president of Tesla, who he's the vice chairman of Cruise,
General Motors, Autonomous Vehicle Division.
He's on their board. He's a luminary in the tech industry.
He's on their board.
He's, you know, a luminary in the tech industry.
Sonny Madra, who's the president of a company called Grok, G-R-O-Q, major player in the AI space.
They were one of the core suppliers to that whole Saudi Arabian initiative, Humane.
So these guys are in the space. They know the companies. They understand the supply chain.
So what AIS does is really identify the infrastructure plays. We're not looking for the consumer applications. We're looking
for the companies that are soaking up the hundreds of billions of dollars in capex that
the hyperscalers are deploying. So, you know, we launched it in last December, we rebalanced
the portfolio in June and in December. And then of course, we make our trades throughout the year
as we need them. But what we did now, so we just rebalanced last Friday, we did a very deep dive
into all of the holdings. We had 86 holdings in the portfolio before the rebalance. And the
smallest holdings, the bottom 30 or so were approximately 0.2% each. Did an attribution
to figure out where the performance
was coming from.
No surprise, the performance was coming
from the top end of the portfolio.
So what we did in this rebalance,
we actually carved out the bottom 30 holdings completely.
We just took out the bottom 30,
got rid of all those kind of really small micro cap type
names, because what we found is even when those were doubling
and tripling, they had almost no impact on the portfolio. What we we found is even when those were doubling and tripling, they were had almost no, no impact on the on the portfolio.
What we also found is that there's been a lot of consolidation on the revenue side in
the AI infrastructure space where some of these smaller players are losing out to the
bigger players.
So there's some consolidation there on the revenue side.
So now we have 56 holdings.
So a little more heavier weighted towards the top 20.
And certainly, I think we're right on the money there.
And performance has always been good, but performance since this kind of market settled down over the last few days has been a rocket ship.
I mean, we were up 4.4% yesterday.
I mean, so if you look at the top 10 holdings, you've got a lot of names you know, and some you probably don't.
top 10 holdings you've got a lot of names you know and some you probably don't and um you know that's
And that's the goal.
the goal stocks are curious to get your thoughts sir yeah no i think the rebalancing is good i mean
i think the stock picking in general has been good they've sort of been ahead of the curve you
know on a day like today um i mean it held up it held its head above water and a lot of
ai related stocks especially the momentum
names took pauses today you had particular relative strength semiconductors
and the recomposed position for that you know so yeah I mean the the like you
mentioned that some of the names you cited there that are helping you guys
pick stocks for this or they definitely know what they're doing so you know as
somebody that picks stocks myself I think it's it's a well-composed product so um props to you guys
you know perhaps you guys have done a lot of great great work recently no thank you and you know it's
just look it's a very different exposure than anything else out there so if you're looking for
an etf to give you quote ai exposure you got to look under the hood and what you'll find in most
of the products that you're basically buying the mag seven and you're paying 60, 70 basis points for it,
which makes no sense since you probably own those names in the S&P in your Q's exposure
and you're paying a lot less. So, you know, you want to avoid over concentration into some of
these big mag seven names, particularly, you know, we might be going through a cycle where
there might be new
leadership in the industry, or in terms of performance, I should say. So, you know, you want
to be, you know, smart and flexible and look for companies that you don't necessarily own
to get exposure to. And that's what AIS is doing. So you'll definitely know some of the names, but,
you know, I'm sure a lot of your listeners don't own companies like SK Hynex or Corning.
Corning, believe it or not, old school Corning, the largest provider of fiber optic cable to AI data centers.
So, you know, and that's what we're trying to identify, which we're looking into the supply chain of the data centers and the semiconductors.
And we're finding those companies that are building those products.
You know, the picks and shovels, the ones providing the fiber optic cable, the cooling systems, you know, like
a Vertiv, for instance. I mean, that's been a great performer, but a lot of people probably haven't
heard of Vertiv. Vertiv is actually the largest provider of cooling systems to AI data centers.
So every time an AI data center is going up pretty much guaranteed that vert has got
30 percent up to 30 percent of the um of the investment because cooling systems cost around
30 percent of a total ai data center build out believe it or not so that's the type of analysis
we're doing we're looking at the supply chain we're looking at how the supply chain breaks down
in terms of what what the actual costs are to build the data center, to build the semiconductor. Then we're identifying the
companies that play in that space. We're looking at the financials to see how much actual revenue
they're getting from AI projects, what their pipelines look like. And then we're deciding
how it moves into the portfolio. So, you know, John and Sonny, what their job is to do is to
identify risks and opportunities in the in the portfolio.
So, for instance, a couple of weeks ago, we added GEV, GE Vernova to the portfolio.
You know, probably a lot of your listeners may have heard about one because that's been in the news a lot.
But, you know, a lot of these data centers, the problem is energy. Right.
So they don't have the energy. They can't get the grid. The grid can't handle these ai data centers or the power they
need so they're buying they're building their own generation facilities energy generation
facilities on the ai data center platform campuses and you know a lot of them are natural gas driven
and what's interesting is that we have plenty of natural gas but what we don't have is the turbines
and ge vernova is the leader in providing those turbines.
So they're getting all these deals. Their pipeline is huge right now with AI data center projects. So that's the type of thing you want to look for. And most people, again, don't have, like you said,
don't have the time to do it. We're doing that work for you.
Yeah, it's really interesting to me, these names. AIS actually made new all-time highs today as it continues to move here. And that was great to see. The AI market is interesting. I think people have different thoughts on it. Obviously, NVIDIA, that's a big leader in it. And NVIDIA had a great day today. It also pushed new all-time highs. It pushed up like 4% today. And you do have
NVIDIA in here. But like you're saying there, I think it's more about the research into the
undiscovered names and what StockTuck pointed out. They're specifically trying to stay ahead
of the curve and say, okay, I'm not just going to grab just the large cap names here, but instead
dig in and try to find other opportunities. And also things like SK Hynix and Legrand,
I really don't know if the average person would even, you know, figure out how to get exposure to that through their portfolio.
You can't even buy SK Hynix on most major brokerages directly.
So, yeah, you can't.
You literally can't even get exposure.
But look at that chart, Stock Talk.
Yeah, I mean, it's a great company.
It's a fantastic company.
So, yeah, it's a great company to have exposure to in the AI thing.
But, I mean, I talked to Adam about this last time he was up here but i think a big
advantage you guys have is your willingness to go to those sub 30 billion dollar market caps
sub 50 billion dollar market caps because you know like you mentioned and this is a point
worth reiterating and i think a lot of new traders and new investors maybe don't understand this. You don't need someone to buy Amazon or Tesla or Nvidia for you.
You can either go buy those stocks directly or, like Adam mentioned, get the exposure
to them through your SPI or QQQ exposure. Where, in my view, most of the performance
has been this year, and I've done very well this year.
I share my performance on Twitter as well.
It has been in the picks and shovels has been the stocks that have really exploded this year that have gone up,
you know, that have doubled or gone up 150 or 200 percent have been the names that aren't obvious.
You know, the names that aren't that everyone isn't talking about every day on Twitter 50 times a day.
I mean, a lot of those stocks have done well, too.
And I'm not saying there's anything wrong with the Mag7 or anything wrong with, you
know, $500 billion market caps.
Those will probably keep going up, too.
But you don't need to have somebody pick those for you in a basket.
You know, you can go.
Those are pretty obvious stocks.
So, yeah, I think your guys' willingness think your guys willingness to you guys had even before the recomp you guys had silicon motion which we talked about which
is a name that I think is really great and may end up in the basket for you guys again once down
the road but you know that's a mid cap name that you're not going to see in most of these AI related
baskets so I think that's an advantage you guys have is a willingness to, to tap some of those smaller names. Um, because there's been a hell of a lot of outperformance
in them lately. And we've actually still got Silicon motion there. I think they're our 15th
largest. Oh, okay. Okay. Yeah. So just move down the list a little bit, but yeah, that's,
that's a great one, you know? And that's like, I mean, you're not going to see that in many,
you know, of the traditional quote unquote AI ETFs where it's a two and a half billion market cap that has, you know,
the potential to double.
There's stocks out there like that.
And I think most more investors should pay to them.
You know, Sam, who's up here, he's clapping about it too.
He talks a lot about these types of stocks.
Me, Logical, Shy, a lot of the guests that we have up here on our panel usually focus on this mid-cap area.
But there's a lot of potential there.
There is more risk.
But in a basket like this, you have a ton to balance that, right?
You have names like Taiwan Semiconductor and NVIDIA and Micron Technology and AMD.
These aren't speculative names. And so they can sort of carry water for you.
And then you have some room for speculation as well.
Yeah.
And it all makes sense to what you're saying, because, again, just to kind of go full circle
on it, it's, you know, when you see an announcement from Amazon that they're putting $100 billion
into, quote, AI, what they're doing is they're putting it into AI data centers and semiconductors.
So in essence, all that investment is going into those type of companies, the Silicon
motions that are providing the tools or the building blocks to build out that infrastructure.
And they're making tons of money on it.
So while an Amazon is deploying capital, they're not making money on that investment yet.
It's the companies that are doing the building that are making the money today, at least for the next three to five years.
Sam Solid, I saw you jumped up on stage as well. Curious if you had any thoughts here
just to the lineup from VistaShares. No, I mean, I get it. Even self-emotion,
I think I got a Bank of America note about a week ago
that they were looking at that stock, and that stock has been up about 3%.
I could definitely see a lot of upside in it.
I see you guys sized up a bit on Marvell technology as well.
And again, with the picks and shovels in terms of designing these fabricated ASIC chips,
it really tells a lot that obviously you guys have done the research and done the digging to look in the small mid-cap companies that definitely have a lot more upside and even larger size than NVIDIA.
I mean, you know, when you think about NVIDIA is already a three and a half trillion dollar company, largest company in the world again.
Like how much is that really going to double in the next couple of years?
of double in the next couple of years. So it makes a lot of sense. Of course, you know, there's a lot
So it makes a lot of sense.
less risk of being in something like NVIDIA versus a Marvel technology, even SK Hynix, which by the
way, a lot of people already know, Micron reported after hours and their numbers look really good.
And considering that SK Hynix is probably one of their number one competitors along with Samsung,
you know, that's part of the high bandwidth memory theme, which is pretty much integrated in all the chips around the entire world.
So, you know, that big part of that secular theme, along with looking at other names here, like Asus Tech, like I didn't, I don't even think that's something you can buy even on the American markets.
Still, that has a lot of room, especially when it comes to consumer, when it comes to consumer hardware, as well as components for systems or more on the consumer side.
But even with the labs,
they build laptops
and they put all those systems together.
Like that's going to be rolling out a lot as well.
And even seeing Newton X here as well,
which is basically the hypervisor
that a lot of companies,
especially the hyperscales of AWS
and everything use.
Like you guys really have
basically the whole data center build out.
And one thing that I've been saying for a long time is like, look,
these mega cap companies or these Mac seven companies, they're not,
they increased their CapEx this year.
They're spending more money on the AI build out.
And that kind of tells you something, you know, and you know,
a lot of the major beneficiaries of that CapEx, you know,
they're still going to get a lot of
that market share when you you send maybe like a couple billion dollars over to a much smaller
company which is something you have in your portfolio but that that'll reap a lot more return
than uh putting in something like nvidia which of course will have a large market share of the gpu
build-up but you know that that will provide the upside advantage over buying Mag7, as you had mentioned, because it's very hard.
Like seeing another NVIDIA happen, like we just saw in the last couple of years, it's very rare for that to happen.
And especially even at this scale.
But it's nice to see that you got a lot of the names on the list that are part of that secular trend.
Great to hear.
I agree with you. So I appreciate it. So now we just got to get the
word out because the product has been forming great, you know, as a sound strategy, and we
just got to get people to know about it. That's always the challenge for a small company, right,
to get the word out. So I appreciate you guys helping me do that. You know, one thing we've been talking about with AIS, I think it's pertinent, is like this Tesla robo-taxi.
And I know we got someone from the Tesla, you know, who was on the Tesla team before.
Maybe we could talk about who's helping you out with that.
But, you know, as I was sitting here talking about robo-taxis and how I think autonomous vehicles are actually here now and Waymo that stuff what
is underpinning that is this that's AI and it's all this AI tech and sure maybe it's a lot in
video but it's a lot of these other companies too so I spent this whole time thinking talking about
another example which needs immense amount of compute that hey we're talking about inning
number one here yeah it's all about the infrastructure at this point. It really is.
And that's why we're focusing on it.
Now, certainly, you know, as the industry matures,
we have the ability to add additional supply chains
so we could add consumer applications
or business applications to the portfolio.
But our belief is that over the next three to five years,
it's really about the infrastructure
and that's where the investment's going
and it's gonna continue to go
until the hyperscalers have the level of compute they need, at least to get the first kind of really
powerful consumer applications out where they can make money. So to your point, there's a lot of
trends going on, whether it's the autonomous vehicles, it's all boiling down to how much
boiling down to how much compute you have. And, and, you know, that's what we're trying to capture.
compute you have. And that's what we're trying to capture.
Good points there, Evan. I know, Adam, this, this 30 minutes ran by fast.
Yeah. So I know we touched on a lot here. So just to recap for people that have been in here,
a few of the key ETFs here from business shares and keep an eye out if they keep performing like this, I would guess more coming.
AIS, ticker AIS, is the artificial intelligence super cycle ETF.
If you're trying to find some of these undiscovered names, the picks and shovels plays of AI, this is up already 15.5% year to date, significantly outperforming. The D of the C is
obviously during that time period. So pretty cool to see that continue to go. OMAH has really become
kind of the flagship here. Wow, it moved up 0.26% here in after hours. So keep an eye on that one,
just broke 300 million AUM. That's really nice when I think that, especially if you own Berkshire,
like I've talked with you, Adam, you know, carving off maybe a small portion of that,
putting it into OMH, you know, getting similar exposure. But during these times where Berkshire
is down or flat, still, you know, it's positive in that same time period. And then we really
didn't touch. I mean, we touched on wild for a second today. That's a double leverage of five of the most popular single stock leveraged stocks. So right now you've got Tesla and several others that are inside there. And that thing went up 7% in the past week. And then the last one, Adam, if you just want to touch it for a second, then we can wrap up. QUSA, we didn't really talk about it here today. Do you have anything you wanted to share on that one?
QUSA, we didn't really talk about it here today.
Do you have anything you wanted to share on that one?
Yeah, QUSA.
So if you like OMAH, it's the same income strategy.
If you want income, QUSA is a quality portfolio.
So it's 27 names.
We look at the Russell 1000.
We score them based on profitability, how much leverage they have, and earnings growth over time.
And we find those companies that we deem most quality.
So it's a little growthier than OMAH.
OMAH, it's a Warren Buffett portfolio,
so a little more value tilted.
This is a little more growthier.
I wouldn't say it's a growth portfolio,
but a little growthier.
But it has the same 15% target per year
with 1.25% paid monthly.
So it's just another way to get that income
with a different type of portfolio.
Another core portfolio holding though, you know, you can use them together
as compliments to your S&P 500 exposure. Very nice. That is going to do it for today.
Unless Adam, any other final general comments just across the board you'd like to share with
the audience? Yeah, no, thank you very much.
I appreciate all you guys and all your listeners.
You know, give me a follow on X.
We're always trying to educate.
We do a lot of educational materials on our website at VistaShares.com.
We're going to be publishing a bunch of other new stuff as well over the coming week.
Not sales materials, it's educational materials, how to trade options, talking about tax consequences of options,
talking about investor sentiment as it relates to Wild, how we choose securities.
So a lot of cool stuff.
And look, I just appreciate you guys' time and support.
Absolutely.
Adam is 39 followers away from 2K.
Let's get him there.
I share a lot of content that Adam puts out to my page. It's
definitely worthwhile. Go give it a look. Oh, you got five followers right there. He's 34,
34 followers away. Keep him coming. Adam, thanks so much as always. I know that you're about to go
and travel for a couple of weeks. Yeah. Yeah. I'm out for about 10 days. So over the weekend
and then 10 days. So I'll be here though the weekend and then 10 days. So I'll be here though.
I'm always connected though. So I'll be following everything you guys do on X.
Amazing. Thank you so much for coming on as always. Looking forward to our next chat.
Thanks guys. Have a great one.
Beautiful. Take care. I know that we're probably going to wrap up here momentarily. I hope everyone
had an amazing day in the market today obviously if you're not already
following stocks on spaces now is a good time to correct that the account is almost at 40 000
followers uh about a tap 39k right here just 50 or so away shout out to jordan and sam solid
wolf trading account that's up here evan behind stocks on spaces today holding it down evan where
are you at are you uh Are you on your way here?
I am getting close to the train.
Nice, nice.
Good times.
About to all head in and converge in NYC, the madhouse that that is.
Evan, did you have anything else you wanted to throw out on this space?
Nope.
Good for me.
All right, everybody. We will be back tomorrow, 3 p.m. Eastern.
Should be a good one.
Let's see if we can get some all-time highs going again.
Thank you again, everyone, for tuning in.
Evan, let's close it out.
Have a good one, team. Peace. Thank you.
