Chit Chat Stocks - Tractor Supply (Ticker: TSCO) with ValueStockGeek

Episode Date: November 9, 2023

Tractor Supply Company (TSCO) is a retail chain specializing in farm and ranch supplies, catering to the needs of rural communities, but also expanding into suburban markets and adjusting to evolving consumer trends. Listen as Brett and Ryan ask questions about the company, its business model, and its valuation. Enjoy the show! ***************************** Chit Chat Money is presented by Interactive Brokers. Switch to the best brokerage in investing today: ⁠⁠⁠⁠ibkr.com/info⁠⁠⁠⁠ ****************************** Want updates on future shows and projects? Follow us on Twitter: ⁠https://twitter.com/chitchatmoney ⁠ Subscribe to our Substack to receive free show notes and charts for our Tuesday episodes: ⁠https://chitchatmoney.substack.com/⁠ Interested in more from ValueStockGeek? https://x.com/ValueStockGeek?s=20 Contact us: [e-mail] Timestamps Tractor Supply Co | (2:42) Competitive Advantages | (24:35) What Can Go Wrong? | (31:19) Disclosure: Chit Chat Money hosts and guests are not financial advisors, and nothing they say on this show is formal advice or a recommendation. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Chit Chat Money. This is our Thursday deep dive episode where we interview an analyst to discuss a single stock. And today we have on the show, Value Stock Geek, as he's known on Twitter or X. And he also has his own blog, securityanalysis.org, as well as his own podcast. He is, I love the way he invests. He makes things feel very digestible, very simple. We talk about it later on. He keeps the valuation very simple. And like us, he looks at basically a new stock each week and sees whether or not it kind of passes his hurdles and passes his tests. So it was fun to talk to someone with kind of such a similar approach and philosophy. go ahead, check out his blog. It's really lots of awesome content on there. The podcast is also great. He, all the podcast episodes are free after two weeks. So there's, there's tons of content on there today. We're talking about tractor supply co though, which is considered

kind of the life out here. Retailer, I think is the term that the CEO has used in the past. And it's maybe one that people are familiar with, maybe not, but it is one of the best performing stocks probably over the last two decades in American markets. So lots of, I guess it's kind of a secret formula in terms of the compounding and VSG goes into all the details there, but I'll leave it there. Without further ado, here's our interview with Value Stock Geek. Welcome to Chit Chat Money. On this show, hosts Ryan Henderson and Brett Schaefer interview industry experts, and riff on the world of investing. As a quick reminder, Chit Chat Money is a CCM Media Group podcast.

Anything discussed on Chit Chat Money by Ryan, Brett, or any other podcast guest is not formal advice or recommendation. Now, please enjoy this episode. All right. Today, we are welcomed by Value Stock Geek is how you may know him if you're on Twitter. and you may also know his blog, securityanalysis.org. He also has a podcast. So if you've ever come across any of that, we have Value Stock Geek on the podcast today, and we are talking about Tractor Supply Co., which is, I'm guessing, a name a lot of people are probably familiar with just because maybe driving past the stores, depending on where you live. But let's, I guess, kick things off with the high level overview. What is Tractor Supply Co. and how did you

actually come across this as an investment? Sure. So I came across Tractor Supply looking at a list of top performing stocks from the last 20 years. So I figured that was a good hunting ground to look for some good businesses. So what I do on my sub stack is I go through a company every single week and try to determine if it's a wonderful company. So I first looked into it around 2021. And that was on my list of companies to review. And I started digging into it and I thought it was a pretty compelling opportunity at the time. So Tractor Supply is a niche retailer. They focus on like a rural lifestyle. They focus on kind of small hobbyist farmers, and just general residents of small towns and rural areas.

It's a very old company. They've actually been around since 1938, but they hit this major growth phase in the last 20 years where they've really focused on growing their store count throughout the country. So a bulk of their revenue, almost half of their revenue is from livestock and pet supplies. so getting feed for small animals is like a big focus for them um their typical kind of customer is someone who has moved out to a rural area they own maybe you know 10 acres of land they've got some they've got maybe a chicken coop they've got a small garden and they're trying to buy supplies for this in addition to that they'll have like just more general people buying food for dogs

and pets and things like that they also sell clothing so like they're a major retailer of carhartt products which is very popular right now um and that's kind of the focus and they've carved out like a nice little niche for themselves where they're out in these rural areas where they're kind of away from a big like home depot or a pet smart and they can kind of monopolize people in that rural area and they can appeal to that rural lifestyle um recently they've started growing their store count and they're kind of edging into more like suburban areas um but overall that's kind of the strategy is this rural lifestyle they're away from some of the bigger players and they focus on these um on these kind of niche customers who are focused on this

small time farming. Yeah. And for anyone that has not heard of it before, the stock has done phenomenally well. I'm looking at their total return. It's up over 50,000% since I believe it's like 1994 or something like that. So there's a reason people are like, hey, what's the deal with tractor supply? This seems like a boring business. So we'll kind of get into why the returns have been so great, but we need to get more context around their business positioning first or i think that's what i listeners would like to know so who are they competing with or is it mainly hey there actually isn't much competition here and they kind of have many monopolies in these areas so they do basically have many monopolies like a part of their strategy

is they don't want to compete with these massive retail outlets they stay out of the way of like like if you're going to paint your house or do like they're not going to sell paint for painting your house they're going to sell paint for painting your barn or like they they are competing in areas where um the bigger players aren't necessarily going to be and um that's that's a key aspect of what they're doing now with their current moving into more of the suburban areas they are facing a little bit of competition there but overall um i'd say if you were to say who who are they competing with there are they're competing with like home depot and pet smart and places like that but they're such but that's kind

of like esoteric really they're not competing with anybody like in the areas where they're operating that's the real way to think about them okay and then how how big are they like Like how many stores, locations do they have today? And then maybe we can talk about store economics after that. Yeah, sure. So there are around 2,300 stores. That was the latest store count. And that's grown pretty significantly over the last few years.

Like in 2015, they were only around 1,500. So they've really focused on boosting that store count. At the same time, they've also seen tremendous growth in same store sales. So I don't think I think a part of what the market perceives about tractor supply is that this is a story that's solely about increasing store counts. But I think even if they stopped growing the store counts and just focused on same store sales, they could still grow like they would still grow because they're in a they're in kind of a growth phase. And I think that there are secular trends that benefit their business model. So for instance, I think they really benefit from the move from expensive urban areas to more rural areas. So for instance, say that you're a software engineer, you have a good job, you're making decent money, and you can work remotely.

Well, why would you live in New Jersey and buy a $1.5 million house or in LA and buy a $3 million house when you can just move out to a rural area and get basically an estate, a giant estate for like 500 grand? So I think long term, that's a trend that's going to keep accelerating. And that's a trend that's been going on in the United States really for decades as a move from kind of like basically almost blue states to red states. You see that migration of the population happening. um so they benefit from that kind of secular trend um i'd say the other secular trend that they benefit from is a focus on animals and pets where people are spending more and more money on animals and pets and it's becoming a bigger part of people's lives and i think they they benefit from that so even if they just stuck to their current store count and focused on and just did that i think they'd still grow over time because they're benefiting from these secular trends Yeah, I think Hal Lawton, the CEO, has said it's like a big trend, especially among the millennial population. I was about to ask about that. It seems like maybe that's accelerated in recent years with the push more towards remote work.

Do you think it's, I guess, on the flip side, is there any potential that that could be a headwind if companies start calling people back into the office or we move any more towards sort of a hybrid environment? Yeah, definitely. So they were a huge beneficiary of the pandemic. So they grew, like since 2019, they've grown by 70%. Revenues are up by about 70%. So they, and then I think in one of those years, they, they grew by 40% because of this massive move to work from home and they really benefited from the pandemic. And that's kind of part of what I think you're seeing in the stock right now is the growth

has slowed a little bit and that freaks Wall Street out. But at the same time, Hey, you're up 70% in like four years. What did you expect to happen? It's not going to go on forever. So you're already starting to see that. you're already seeing that decline a little bit but i think long term so right now you have more people returning to the office you have a normalization from covid but long term i think these are secular trends like this is something people are going to continue to move to rural

areas people are going to continue to focus on developing a rural lifestyle and it's not just a one-time pandemic pop, like it's Peloton or something. You're dealing with something that's a lot more robust over the long-term. So you mentioned 2,300 stores. Do you know what kind of the unit economics look like for tractor supply? How much does it cost to set a new store or a new location up? And then what kind of returns do they expect on those stores? they average about 20 to 30 percent returns on invested capital per store so the returns are pretty massive and it's because they're focused on you know their their unity economics are very good they can charge higher prices than because they don't really have much competition there's

huge markups there um and then they have a pretty loyal customer base that are routinely like you're talking about routine regular purchases all the time so if you own chickens you know you have to buy it's not like you're just going to buy a bunch of chickens and buy a bunch of equipment like there's constant maintenance and food and stuff that you have to buy over time to support that so that's that's a big part of of what's going on there chitchat money is brought to you by Interactive Brokers, but we like to call them by their ticker symbol IBKR. Designed for active traders and sophisticated investors, Interactive Brokers offers trading assets in 150 markets with 27 different currencies, charges USD margin loan rates from 5.83% to 6.83%, rated the lowest among

margin fees, the ability to trade stocks, bonds, options, futures, commodities, and more with high interest rates paid on instantly available cash balances and the ability to lend your eligible stock shares to earn passive income all on one single unified platform. Restrictions may apply. For more information, visit IBKR.com. Member SIPC. Open an account with IBKR today. Yeah. And I think this is an example for the listeners about how advantageous a long reinvestment runway is. And today, what you already talked about it, people worry about store count saturation. They worry about where they're going to put these new stores in. So I want to hit the real estate strategy. How fast do you think they can grow stores from here?

what's their plan and do you agree with the strategy like do you do you find anything you know wrong with their their current plan for this decade so most of their locations are leased so that's worth noting and they've been able to keep costs low because those it's cheap to lease in a rural area it's not that expensive so that's been a big part of their strategy um i do think they a lot of room to grow like they have a lot of geographic concentration in texas for instance like i think 10 of their stores are in texas but there's probably room to move into like the midwest and some other areas like um i figured what the exact count was but something like 750 stores are in um the southeast united states total and then they've got that concentration in texas

so they there are other rural areas throughout the country that they could probably continue to grow into for example pacific northwest i don't think i've seen any up here and there's tons of rural rural areas there's a couple okay there's still there's still a lot of cities and you know washington oregon idaho montana that could definitely use these yeah absolutely like when you when you hear about people migrating to more rural areas or low-cost states you hear a lot about a lot of people going to like austin texas and that type of thing but it's a huge country There's a lot of places, a lot of cheap places that you can move to and you can have a pretty high quality of life in, like you mentioned. So I think there's room for them to continue to grow.

But at the same time, I think that the business is so good where they don't even need to really do that, even though that's what Wall Street is focused on right now. And what kind of same-store sales do they put up? Like, okay, let's say they stopped growing their stores. They said, hey, we're going to kind of pull a Home Depot type strategy and really not grow our store count. Do you think they could put up the same sort of comp sales as the Home Depots and the Lowe's of the world where they could grow, really drive, you know, phenomenal returns by having a flat store base? Yeah, they've averaged, they average about 10%. And then during the pandemic, they were doing like 20%. So they can absolutely continue to do that.

And then with the margins that they're delivering and the returns on invested capital that they're delivering and the free cash flow that they're generating, if they did have to convert to a Home Depot model, I think that would work out fine. And they do quite a bit of dividends and buybacks already. So they could totally go to a shareholder yield kind of model. But I think they have both. They have it all. You've got your shareholder yield already. You have the growth in same-store sales already. And then meanwhile, you still have a growth runway where they can continue to grow their store count. So it really just wins on all of those categories. Is there any like, I don't know, like a good comp in terms of what you think their store base could look like in the US at maturity? I'm thinking of like the dollar generals of the world because they operate in small towns, but that might be 20,000 locations might be a little extreme. Is there anything out there that you think like, oh, tractor supply could look like that in 15 years? yeah it's hard to say because there's not really a business that's anything like them that's out

there um so it's really hard to say but i think yeah i think it could totally get up to 5 000 10 000 stores probably if they started to really make a more aggressive move into the rest of the country right and then they're as you mentioned just for context for listeners 2300 today and i believe and correct me if i'm wrong their current stated goal is 3 000 yeah that's the current stated goal. But I think they could probably grow beyond that, especially as you continue to have a population migration to these more rural areas, which I think is a result of increased work from home and just a general desire to move away from super expensive real estate areas. Okay. And I think one concern investors may have for the new real estate locations,

you mentioned a little bit more suburban um do do do they talk about the worries about you know more competition in these areas where they're a little there might be more stores for people to go to how do you know do you have any insight on how those are have performed and are they trying to go into kind of a more suburban area for these new stores or is it that is that just kind of few and far between they're starting to move into suburban areas and i think that makes folks a little bit nervous but um you do have people in suburban areas with gardens you do have people in suburban areas who are doing things like raising chickens and stuff and um when you're talking specifically about something like raising chickens that's who is competing with you really

like there's there's nobody out there and there's people that are into that in more suburban areas and i think it can be successful in some of the more suburban locations and um the key thing is to avoid the kind of um is to avoid the attention of the big players like the home depots and stuff but at the same time i don't see them getting into this niche and another thing to add about tractor supply is their employees are just out of this world like they'll often seek out employees who are already enthusiasts in this kind of hobby so the stores are staffed with people who are genuinely like into this and extremely knowledgeable about it and they really incentivize them to stick around like they do a lot of profit sharing and like these are hourly workers and

their profit sharing can be as much as like a dollar an hour so they they are extremely incentivized to do very well if you walk into one of these stores you'll notice all the employees are super um helpful and knowledgeable and they'll kind of make some roots into the community so i don't think that's something that a competitor duplicate so they've got a business that's tough to duplicate and then on top of that they have an employee base that's extremely committed and it's going to develop close ties with people yeah i was trying to think while you were talking about the the move to maybe a bit more suburban areas i was like hey would this concept worked in the you know kind of the suburbs of seattle where where we live and i was like yeah probably would

there there's definitely people that for you know they have those hobbyist gardens or the or whatever like there's definitely that niche out there but i guess uh that's just a comment i don't have a question around that ryan do you want to you have the next one here on the the pet the pet area yeah i also have a follow-up kind of on the store base so i saw that they are in the process of retrofitting a lot of their stores with this new garden type thing. And it's led to like a big jump in maintenance CapEx or just CapEx in general.

What do you think about this? Can you maybe describe what's going on there and then how it might help the business? Yeah, so I think that's another concern that Wall Street has over the stock is that you've seen this boost in CapEx. and um the garden area i think is an important is a very important aspect of their business like for home depot that's that's a huge driver of of growth and revenue so i think that that's an

important area and i think it's important to keep the stores nice like if you walk in like i would definitely recommend just walking into a tractor supply and i think you'd be impressed with just how nice the store is and how nice it looks and they're really focused on that and um yeah i think i think that that pays off and i think it's a it's a worthwhile use of capital and then another area i guess there's been i think they have a three-pronged approach to the capital allocation i was reading where it's investing in the existing stores and new stores returning capital and then m&a here and there which i believe in 2016 they bought pet sense can you maybe describe what that acquisition was and just generally at a high level what do

think of them acquiring other retailers so i think it makes a ton of sense and i think pet sense makes a ton of sense pet sense is a um is basically like they're focused on selling toys it's more for like uh think of it as like pet smart kind of thing where they're selling toys and food and things like that for more domestic pets um and you can buy that stuff online. And I think that ties into the larger secular trend of increased pet ownership. People are spending more money on their pets. So I think that that acquisition makes a ton of sense with them. And then I think it has good synergies with their existing business where they're focused on feed and animal supplies and things like that. So I think that was a smart

acquisition. On top of that, I think that you mentioned how they're focused on all of these areas at once. I really like that. A lot of times you'll see businesses focused on one or the other, like they're focused on growing store count or they're focused on improving the existing stores. I like the fact that they're doing everything. They're doing all of the above. They're focused on significant shareholder yield, so you're not getting diluted. They're focused on returning income to shareholders. On top of that, you've got investments in the existing stores, making sure that they're still very nice you don't want to get into a situation where um you know you get that one-time boost and free cash flow for a few years because you're letting the stores go to crap

you know so they're they're not allowing that to happen um so yeah i'm super satisfied with their with that strategy with their capital allocation strategy yeah and i think we're seeing with another rural retailer i think you might follow them as well dollar general may have had that that issue where they're going through that uh investors can look at the dollar general stock chart it's been quite painful but for tractor supply you mentioned the minimal competition in the geographic locations but i'll maybe just open up this as a broad question what competitive advantages in general do you think tractor supply has and why you know how has that led to such strong returns over the long run um i think it's i think the employees are a huge part of it

is having these engaged employees who are extremely knowledgeable and they're not just like punching the clock like they're totally committed to this kind of lifestyle i think the other um the other aspect is focusing on a niche that no one else is focusing on um i think that gives them a pretty significant competitive advantage um yeah and i'd say those are those are the two main those are the two main things that i think give them a bit of an edge has management talked at all about like uh economies of scale when it comes to suppliers so like maybe getting better rates as they've uh built this banner out across the country or is it kind of i'm just curious about the supplier base is it like these local ones or

is it nationwide do you know anything on that it's nationwide so they have um 11 main distribution hubs and as they do grow they get more favorable pricing power there so um morningstar actually recently upgraded them i think last year from like narrow moat to wide moat for that very reason because they were getting better economics there hey there you go that's uh i always say that that that's uh that's such a great list the morning star list now here's a fun one i went i love what reading some of your stuff is how um not baby formula makes the wrong work but you have very standard way to look at valuation you're like i'm not going to try to get cute here i'm going to try to look at the valuation so maybe i'm trying to tease it uh what how do you value

tractor supply what are your thoughts on i guess the valuation at current prices how do you look at it yeah so i am super simple with like i'm super simple like i have roots in basically being a quantitative value investor that's where i that those that's where i come from like we want cheap multiples. We want the mathematical case to make sense. I'm not going to torture a DCF spreadsheet until it gives me the answer I want. I want it to be optically pretty cheap. So right now, in terms of enterprise multiples, this is around 16X, which I think is excellent for a business that can grow at 10%, that generates 25%, returns on invested capital pretty consistently, has some growth runway um i also think about valuation in terms of like basically the jack bogle method

like you're looking you want to be able to project what's the growth going to be in the business um what's going to be the change in the multiple and then on top of that you're going to get some shareholder yield so with this business basically i think you're going to get growth in excess of 10 percent on top of that right now the total shareholder yield between the share count going down and the dividend yield you're getting is like 4.4 percent it's at a reasonable multiple i think 16x makes a lot of sense um so you don't have to worry about much multiple fade in fact i think the multiple could probably expand as wall street starts to appreciate more and more how wonderful a business this is like there are businesses not nearly as

great as tractor supply that attract much more premium multiples than 16 times um so i think there you get to the math of basically you're probably going to compound a greater return it's 15 at least over the next 10 years um and i think that's super attractive what do you think of lawton and anyone else that's a that you think is an important piece of the management team do you feel i guess just general thoughts there and then are they aligned with investors is there any sort of insider ownership here um so yeah hal is a fantastic ceo he's really led the company through this pandemic surge and has kind of spearheaded a lot of the strategy that you're seeing right now where they're

improving the stores. They're not very short-term focused here. Not sure about insider ownership. I don't think this is that kind of story. Been around for a while, so it's hard. Not a founder operator. Yeah. Yeah. It goes back to 1938. So we're talking about a very, very old company originally. But yeah, Al is a great CEO. He led the e-commerce side over at Home Depot for a while and really grew that business. And I think they're looking to expand tractor supplies, e-commerce business as well. But overall, yeah, I think he's a great CEO. And I think you've seen that result. He's been able to guide this company through a pretty challenging macroeconomic period. Yeah. And maybe as a quick follow up there, because as I'm looking at you, you kind of talk about, hey, long reinvestment runaway is still there. Decent value or decent earnings multiple. We got a strong moat. We got a management team that's reasonable. Sounds like a great formula for a value investment, a long term outperformer and it should continue. But I wonder, just to follow up on the management, how long has he been around and has he talked about, hey, like how much longer he wants to be there? Because I always know that for retailers, management can be quite important, as we've seen for some retailers, Starbucks, for example, they've, you know, the CEOs coming in and they get worried about how they're running things.

How, I guess, do you think he'll be around for a long time? i think he'll be around for a long time so he's pretty young he's only in his 40s right now wow um on top of that you don't have the kind of key man issue that you had with howard schultz where it seems like he's the only person that can lead starbucks right now so he could be replaced but i think he's pretty young and he'll stick around for a long time and then he has the credentials at other places. He's been at eBay, Macy's. He grew the e-commerce division at Home Depot. When you listen to him, he seems extremely engaged in the business. I'm a major cheerleader for it. So I could see him sticking around for 10, 15 years kind of thing. And I think he's

the man for the job. I think he's a fantastic CEO. Okay. I think this will be our last question then unless brett's got any others but i'm hearing you speak it sounds like a very durable business one that's really carved out their own market i guess how does this not work out like we try to do a pre-mortem as our last question what could go wrong for tractor supply and then maybe on a competitive standpoint is there anyone that could come in and like really disrupt them sure so what could go wrong um i'd say a risk is that this rural lifestyle thing is a fad like it's a millennial fad where it's eventually going to fall apart when they get older or they they feel like they don't want to raise chickens and you know have have these gardens i'm not

really sure if that's the case like i said i think there's kind of secular trends that are going to support more people going rural and i think more people are going to be interested in that type of lifestyle and i think there's also the secular trend of increased animal ownership and spending more money on them so i'm not too concerned about that that's a risk that this is just kind of like some fad that's going to fall apart i don't think that's what's going to happen but that's definitely a risk um i'd say the other risk would be that um obviously a recession there's short-term worries so you've got the short-term concern about um they had this big covid surge that's fading their margins are probably going to decline a little bit growth

is probably going to slow down a little bit compared to what people have been used to and at the same time they would absolutely be impacted by a recession there's some recession resistance built into it where animals need food whether the economy is good or not so but they would definitely face some issues they do sell some heavy equipment i'm sure that would slow down in the face of a recession so so that's another um major concern there um and i would say that another issue that could affect the long-term thesis would be that this that they maybe get a little bit too hungry with pushing into the suburban areas um where they might not have the kind of um strong moat that they've had out of the middle of nowhere where they don't face any

real competition at all but i'm not as concerned about that because i think they appeal to some businesses and some crowds where they wouldn't necessarily get disrupted um major areas of disruption potential areas of disruption would be if say one of those bigger players like home depot or lowe's decided to move into some of their key areas um and then obviously if amazon started to get involved in a bigger way and like animal feed and that type of thing but at the same time that stuff's hard to ship it's easy to go to the store and just pick up you know major quantities of that and then at the same time i can't see any of those people getting involved than like live animals like chickens i can't really see i don't think amazon's gonna be

selling chickens anytime soon yeah so i think there's potential there's definitely risks out there but um i think overall they're they're in a pretty strong position yeah and it kind of again i think of dollar general just because of the rural focus but for them you know they it didn't seem like competition was much of the concern it was more of a hey we might have mismanaged a little bit, we might've lost the ball on execution. When you mentioned something there on the wrist, I forgot to add this to the questions, but I want, I think listeners would like to know what's their balance sheet strategy. Do they kind of go for a levered up strategy and repurchasing stuff or are they more of a conservative balance sheet?

They have a pretty conservative balance sheet. So they don't really use a lot of debt. Like their debt to equity right now is around 30% based on their long-term financial debt last on my look. So I think they're in a pretty good position there. They have about $1.1 billion in long-term debt against total assets of $8.5 billion. So they're pretty conservative as far as that goes. All right. Well, I think that's all the questions we have today. How can people follow more of your work? What are the best places to keep up with you? Sure. So the best place to go would be www.securityanalysis.org. What I'm doing there is every week I look into a new company that has the potential to be like a wonderful company. I spend a week on working on it, trying to figure out like, is this a good business or not? That's basically the question I'm trying to answer. And then I'm tracking all these companies that I deem to be wonderful on a watch list.

So usually when I look at them, they're not at a decent valuation. They're very expensive. So I basically wait for them to get to more attractive valuations. And then I buy them. And then I track them on this blog with total transparency. So I will tell you if I buy any, if I sell any ones that I used to previously own. On top of that, on the website, I also have a podcast. so if you sign up for the website you'll get all the um new episodes of my podcast you'll get an

email alert i record a podcast episode every week it's usually with um a guest sometimes i'll do solo episodes where i answer questions from subscribers um and if you're a paid member of the site um you get um early access to it where it's behind a paywall for two weeks and then it goes wide um and it's 12 bucks a month so it's the price of a pizza yeah we'll we'll have the link to the sub stack in the show notes i know you'd probably you know it's nice to follow people on twitter but that's that's really where you get the information is the the sub stack it's a it's a fantastic one but yeah thank you for uh for joining us uh i call you maybe vsg value stock geek i know people joke around what what to actually call you but yeah thank you for uh

coming on and talking tractor supply. Yeah, thanks for having me on. This was a lot of fun. All right, before we sign off, I should throw a disclosure on this. Just mentioned that Brett and I are not financial advisors. Anything we or our guests say on this podcast

is not formal advice or recommendation. With that said, thank you all for tuning in and thank you VSG for coming on the show. Bye.