Motley Fool Money - Bitcoin Breaks $2 Trillion

Episode Date: December 5, 2024

The crypto bulls were right. Bitcoin's market cap is now about the size of Alphabet. (00:14) Jason Moser and Ricky Mulvey discuss: - The murder of Unitedhealthcare’s CEO. - What’s contributed to Bitcoin’s rise to $100,000 per token. - Chewy’s trouble finding new customers. Then, (17:23) Motley Fool Senior Analyst Sanmeet Deo joins Ricky to check in on a mall retailer that’s showing signs of a turnaround. Companies/Tickers discussed: UHC, BTC, PLD, KNSL, MKL, CHWY, SPG, ONON, GAP Host: Ricky Mulvey Guests: Jason Moser, Sanmeet Deo Producer: Mary Long Engineer: Rick Engdahl Learn more about your ad choices. Visit megaphone.fm/adchoices

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The CEO of United Healthcare was murdered outside of an investor meeting. You're listening to Motley Full Money. I'm Rieh, joined today by Jason Moser. Jason, we are starting today with a darker and wilder story than we normally do. Brian Thompson, the CEO of United Healthcare was shot and killed in Midtown Manhattan yesterday morning. We don't know much. The killer as of this recording has not been caught by the police. We do know that it was very targeted.

and the New York Times reports that authorities are running ballistics tests on the bullet casings, which appear to have the words delay and deny on them, possibly in reference to United Health Care, denying insurance claims. This story has been a lot to take in. What's been going through your mind as you've digested it over the past day, day and a half? Yeah, I mean, I think like most people, this, it's awful, right? I mean, we think about this. And that's the one word that I keep coming back to.

This is just horrible. I mean, first and foremost, we feel for the victim in his family. I mean, this is just, it's almost, I mean, it's hard to even conceive. It does seem like it has to do with a disgruntled individual who was unhappy with some sort of result or some sort of call that was made by the business. That said, I mean, there's just no excuse for something like this. And I really do hope we ultimately, we ultimately see justice prevail here. I've been having to pull myself off the X platform because my mind continues to go to the dark place with it. I want to just talk to people about this story and not just engage with comments.

I'm going to make one observation though. Yeah. And we talk about businesses. We focus on the businesses. So I'm going to talk about the stock. And it's okay if we don't have smart commentary for it. I'm going to observe it. Maybe we'll just move on.

Stock market investors like certainty. and yet the stock of United Healthcare, it's down a little bit, but it is barely budged on this news on something that is a lot of uncertainty, Jason. Well, yeah, I mean, there is some uncertainty. I mean, as bad as this news is, I mean, I'm not terribly surprised that the stock hasn't done much in the sense that this, he was one part of a greater team, right? That's not to be a little what happened here. But, I mean, this is a very big company.

United Healthcare is obviously a very large company, and there are a lot of people within that business that are helping it run. That said to me, I mean, I do feel like the one thing that I keep thinking about, you have to wonder what's going on through the minds of leadership throughout the rest of this company, right? And even beyond that, just with companies everywhere, because if this becomes something that it is a little bit more commonplace where we see behavior like this from people

because companies are doing things that maybe they didn't agree with or they were not happy with. I mean, that becomes a big problem. So I do really, I mean, I think a lot about how the rest of leadership with United Healthcare at this point is viewing the situation in exactly how they're handling it because it seems very reasonable

that most would probably be constantly looking over their shoulders at this point. I would. Yeah. Yeah. There's a lot we don't know here. And right now, it's a little bit of a business story. It's really a human story. It is.

I agree. And as details emerge, if this becomes a business story, we're going to talk about it more on Motley full money. But this is, I mean, it's something that, you know, there's so much we don't know that we can't have a fact-based conversation and provide a lot of smart commentary for it. So, I mean, Jason, unless you got more, that's kind of all I got on it for now. Well, no, I think you're right. There's just so much we don't know, but we really, you said it.

This is a human story. I mean, we want to acknowledge that. And until we learn more, we can't really, really put the pieces together here. But at the end of the day, this really is just, it's a human story. And that's something we all should feel. All right. Let's move on to another story. Bitcoin.

It's back in the news, Jason. And I know, I know you're not a crypto guy. But I wanted to, this is big enough that I think it's worth talking about on the show. and it's something where I'm going to eat a little humble pie. I remember back in, so back in 2018, and I was working on a radio show for a financial planning firm in Cincinnati, and I saw this article in CNBC,

and there are these analysts giving $100,000 price predictions for Bitcoin. And I was like, this is clickbait. This is so, like, this is so stupid. How could you possibly think this? You know what? They were right. I was wrong. There is a tremendous demand for digital gold.

So far, Michael Saylor of MicroStrategy has been right. I've been a little bit wrong about this. How surprised were you to see Bitcoin hitting $100,000 for a coin? Well, if you're looking for someone to saddle up society there right there and eat some Humplify with you, I will gladly do it. Because clearly, you're right, I've never been the biggest crypto guy in the world. I mean, to me, I've said many times early days, it just felt like an easy way to get burned. Clearly, I was wrong in the case of Bitcoin, at least. And I also got to stress, I am okay with that.

I never participated, and I likely never will, because it's just, it's a greater leap of faith than I ever care to take. I just still don't fully understand why it exists, I guess, for lack of a better phrase. But with that said, congratulations to those who have. have done well with it. I mean, that's investing. We leave great ideas on the table all the time for whatever reason. Either you don't get it, you don't have, you don't want to take that, that sort of level of risk, or you just straight up disagree with the thesis, whatever it may be. I mean, it's kind of like that Warren Buffett, you know, it's a no-called strikes game, right? You don't have to swing at every pitch. And so I think that's important for investors,

remember. I mean, it's just, we miss things all the time. Got a lot of money, you know, you only have so much money to spread around to so many ideas. And in this case, it seems like to this point, at least Bitcoin has worked that very well for a lot of folks. And this is also a time where I'm reminding myself, where I feel my lizard brain going, where it's like, oh, everybody's in on crypto. Is this something I should get excited about? And while it hasn't really been a big part of my investing style, what I'm reminded of is, no, the time to get excited about it is when everyone's down and out on it. When you see the certified financial planners dunking on crypto, when the CEOs of crypto, was trying to convince everybody to get back in, that would have been the time

to get excited about it. Now that everyone's at the party, you might be, might be buying high and selling low. I don't know. Let's talk about the rise, though. Politics are a definite part of this story. And the incoming Trump administration has discussed adding crypto to the nation's reserve fund. If you've listened to Mark Andreessen, he was recently on the Joe Rogan experience. He's talked about the optimism from a lot of crypto entrepreneurs that doing business in this is going to be easier because a lot of them over the past few years have been debanked. And you've also seen over the past few years more adoption in terms of ETFs. People can buy Bitcoin through an exchange traded fund.

When you're looking at this recent rise, this tremendous spike, anything else to explain it or anything else you're noticing? Well, I think there are a couple of things. I mean, certainly in regard to sort of the ease or it's becoming easier to transact or at least to deal with buying and selling Bitcoin, that has absolutely gotten better through the years. We're seeing more platforms facilitating that process. And so I think that alone probably brings more people into the fold. And I think that's one thing that really does add to the value of Bitcoin and crypto at large.

It's just you have more people that are willing to participate. And so that's likely a very good thing. Now, I do agree the political angle here. I mean, you get the former commissioner of the SEC, Paul Atkins, I mean, he's going to be the chair of the SEC with his incoming administration. And I think that's generally seen as pro-crypto, pro-Bitcoin and whatnot. And so if we see some more certainty, some more regulation, at least understanding more the rules within this particular game, so to speak, then it becomes a little bit more

understandable for investors. And I think we've talked about through the years, it's just the big debate through the years with Bitcoin and crypto in general is just, what purpose does it ultimately serve, right? Is it a store of value? Is it a medium of exchange? It certainly seems more the former than the latter today. And then I think you can also,

we can point to Jay Powell's recent comments there as well. And he just recently was saying that, you know, Bitcoin is not a challenge for traditional currencies like the US dollar. So he's kind of pushing back on, listen, this isn't really a medium of exchange, but that it is a competitor to gold, right? It's kind of like digital gold. So it does seem like it's served better, at least as a store of value to this point. It's obviously more volatile. But with that said, I mean, the price is the

price. And so for folks who have put their money in Bitcoin through the years, they've clearly seen a very an acceptable return to that investment. Yeah, take a coin market cap with a grain of salt. Bitcoin is now worth $2 trillion. You mentioned the payments platform and you mentioned the store of value. So I think it's pretty agreed upon that Bitcoin is pretty bad, is a payments platform. It doesn't really compare to the Visa network where the Bitcoin blocks take minutes to transact. You don't want to sit at the counter for 10 minutes to see if your payment goes through. And it's believers like that its supply is limited, is that store of value as a hedge against inflation. I'm going to try to bring this over more into your world, Jason, into the stock investing universe. I want to see if there's

any, you know, not commonalities, but let's take some of these concepts. Store of value, maybe a controlled share count, companies that are offering a really disciplined, controlled share count, and something where you expect its goods and services to provide value for decades. Are there any companies that you think about when you think of that store of value, share count, discipline, long-lasting service or goods? Yeah, I think there are a number of ways to look at it in, and I think the sort of the broadest way you could look at it. I mean, if you're looking to sort of hedge against inflation, you can never really go wrong with just investing in the broader S&P, right? I mean, the S&P, it's very tech-heavy nature. I mean,

generally speaking, businesses that gain from inflation, that do well in inflation, or businesses that don't require a ton of capital. And so you see the S&P obviously is very, very highly concentrated with technology, business communications companies. And I think that accounts for close to a third of third of the index today as it stands. But that makes sense to me if you're looking to kind of take sort of a lower risk way to kind of hedge, so to speak. I think another way you can look, and this is an interesting one. I know Maddie Argus-Singer would love this. You can look to REIT's Real Estate Investment Trust.

I think real estate generally does a pretty good job of keeping up with inflation. And so we look at Prologis. That's one that we like a lot here at the Model Leafhole. It's been recommended in a number of our services. And what I own personally, a company that's very focused on investing in warehouse side of real estate, as well as the burgeoning data center side. And you get that really hefty dividend every quarter as well, which is nice. And then I think, you know, look to companies you feel like have some pricing power

or that they're maybe less exposed to discretionary spending. So think about things people need. They're kind of not optional. One that stands out to me, there is insurance. Insurance is always an interesting one to me. You don't really have the option there. I mean, you got to pay for that insurance, whether it's your car insurance, whether it's your business insurance, whatever it may be.

So companies like Markell, I think, and Kinsell Capital in the specialty space. And then the one that stands out there, we probably see the commercials all the time, progressive insurance, right? You got to pay that car insurance, Ricky. Yes, I understand that I have to pay that car insurance. I'm not exactly happy to do that. And it's worth noting all three of those companies have outperformed the market over the last three years in what I think we all would consider to be a very high inflationary time. Well, I'm happy to be an owner of Prologis. I'm happy to be an owner of Kinsel.

Let's move on to a company that reported I'm a little less happy to be an owner of. And that's Chewy. The pet retailer reported yesterday, it's boosting its earnings. Its sales are up a little bit. But here's what I can't get over. this business, Jason, is not adding any new customers. And I think that was forgivable when a bunch of people adopted pets over the pandemic, then interest waned. But now, I mean, we're about five years from 2020. How are you not adding more customers?

I mean, I own shares. And my thesis was that chewy, you know, chewy customers love the business. There's so much customer love for chewy. And more folks would be coming in after that pandemic hangover. So you're the patient long-term investor. I'm trying to be a patient, long-term investor. should I be patient here? Well, I feel like you probably should be.

I don't personally own shares of Chewy. My daughters do own shares of Chewy. And with a household here of three dogs and a cat, Chewy gets a lot of our money every month, every two weeks, really. But you're right. I think on the one hand, it is a concern that customer growth has stalled. Now, let's be fair and admit that they pulled a lot of customer growth forward over the last few years.

So that accelerated a little bit abnormally. So hopefully what we will see here and what management is guiding towards, at least, is that they should see modest customer growth year over year by the end of this year, which that's at least encouraging. But you're right. If you can't find ways to expand your customer base, then you're going to have to find ways to get those customers that you do have to spend more. So you'll look at those sales per active customer.

Now, in regard to the business itself and profitability, they are investing in the business. They're continuing to build out a distribution, for example. That takes time and it costs a lot of money. and they're also expanding into new countries, right? That international expansion building out the Canada presence there. So I think, you know, bottom line for me, this is still a very young business, and it's one that I think is going to require a lot of time

and a lot of capital to fully build out the distribution network. But I do, I like at the core, the market that they serve, right? They do one thing, and they do it really well. And I think look at something that stands out to me, And quarter after quarter, we look at those auto ship numbers. And we use that auto ship here. And it's terrific. Autoship customer sales, we're up 8.7% year over year to $2.3 billion.

That's 80% of net sales. So it's a good business. They're doing well. But it's a young business. And they're still investing in trying to become a mature and more established business. Yeah, I'll tell you the story that I'm reminding myself of as I look at this. And that's when Netflix lost. subscribers a couple of years ago.

And a lot of folks were willing to hit the panic button. But, you know, when you have smart leadership teams, when you have a product that customers love, sometimes they can figure it out. You mentioned that they do one thing really well. Chewy's also trying something new. They've launched vet care clinics. It's got six clinics open. And CEO Sumit Singh is hoping this will unlock a $25 billion total addressable market.

You're seeing big tech companies get into the healthcare space before. It's been a little tricky. What do you think of that move? Well, I think it's a sensible move, right? I mean, going back to that, they do one thing, one thing very well, and I'm kind of using pets. That's the one thing they do really well. So we probably shop at Chewy mostly for pet food and maybe pet medicines. I think getting into the vet side of the business makes sense, at least to attempt.

That said, it's also a very competitive space. They have a lot of strong competition out there. You look at a company like Mars. Mars owns Banfield. They acquired VCA a while. back. And so it is a difficult space, no question. But, you know, the flip side of that, they talked about this in the call net sales per active customer actually grew 4.2% from a year ago. And they credited the healthcare and specialty businesses as driving this increase. So I think it makes sense for

them to give this a shot because if they pull it off, it absolutely could take this business to the next level. Jason Mezzar, appreciate you being here. Thank you for your time and your insight. Thank you. Up next, we're going to look back on Black Friday and Cyber Monday with Motley Fool senior analyst Sandmeet Deo. He joined me for a look at two retailers, one with its foot firmly on the gas, and one turnaround story showing some green shoots. Holiday shopping season is well underway in San Mate. A couple of days ago, I checked in on Black Friday results in Cyber Monday with Bill Mann. Basically, the headline is that Shopify

is proving to be a winner where their sales are up about a quarter from last year, and also that shift from in-person store experience to online buying is continuing. Now, when I did that segment, I found a new wrinkle, and that was because of something that you sent me, is we looked at the overall in-store shopper traffic from a company called Sensermatic Solutions. And they found that that was down, foot traffic down about 8% compared to 2023. And then in from the top rope comes Simon Property Group, which operates a lot of class. A mall space. You can think of the nice, shiny floor is going on at a Simon Property Group mall.

I've been to a few of them. They say that over this past holiday weekend, traffic at their malls is up 7% year over year. When you're looking at these results, what comes to your mind is a stock analyst. Well, what do we believe? Ironically, we were just talking about this offline, you know? It's like with macro level data, it can be so conflicting, confusing sometimes. you always have to take a little bit of grain of salt for every bit of data that you find, like the ones that you found, you can find something contradictory.

So I saw a survey by the National Retail Federation that showed around $126 million, shopped in person over the Thanksgiving weekend, which was up $5 million from 2023. But online shoppers felt $10 million year of year. So I would have expected online traffic to be a lot stronger than foot traffic. But in terms of the data you presented in the Sensormatic Solutions data, you know, that is overall retail traffic across various types. of stores and locations while Simon is focused on their properties, their malls, their outlet stores and whatnot. So some of that discrepancy could indicate that mall traffic is actually

performing better than some of these other types of stores and locations. And specifically, Simon's properties might be performing even better than other malls. So, you know, CEO David Simon said popular brands throughout our portfolio reported double digit sales increases over the weekend compared to last year. So I think malls are doing well, specifically Simon. We're starting to hone in on some of these brands because I know you follow, especially some of these Ath leisure brands, people are going to this Class A mall space. They want to go where it's nice and where it's popping. What brands are doing well in that Class A type mall space like your Simon Property Group places? So you still have like the luxury brands like, you know,

Louis Vuitton, Gucci, Tiffing. They're all expanding their presence in like top tier malls. Simon doesn't really break down their brands that are performing well, but, you know, they on their shop Simon digital platform, which is relatively new, you know, companies like Adidas, American Eagle, Cole Hahn, Steve Madden, Todd's, they're doing quite well. You know, a big story, too, of late in terms of retail has been Abercrombie and Fitch. You know, they reported Comstale's increase of 16% in the third quarter of this year, you know, with growth like broadly across all geographic regions and multiple categories, a lot of strength in Hollister, which is in their teen market.

And I've actually anecdotally heard a lot of like my daughter and her friend's interest in Hollister. Yeah. People love Abercrombie. People love Abercrombie and Fitch. And I'm hoping that we can have a story a little bit later that might emulate Abercrombie and Fitch, although you always want to be careful saying X is the next thing that's already done really well. One company I want to talk to you about, and this is one that's not really at malls as much, but it's a high demand Black Friday item, at least in my household.

and that's On Holdings. This is a premium brand that does really nice walking and running shoes. And over Black Friday, it discounted some of its popular shoes by 30 to 40%. And this is not an ad. We got two pairs. We got two pairs of On shoes in my house because we're like, they don't do it that often. The very popular on Cloud Vives are still full price at 140. They have like a slightly different version that I ended up buying for 100.

so we'll see how different they really are. And I had to get them in like a slightly off color because a lot of the sizes and colors that I wanted were sold out. But when you look at this like a super premium brand like on that's made a name for itself in terms of selling things at full price, what are you watching when you're seeing them discount some of their products over the holidays? Yeah, you know, so I'm okay with some of their discounting because it's a more targeted member exclusive approach.

They're doing it to clear out some old inventory. They're offering discounts to members only, so you have to sign up and become part of their member program to actually get the discounts. You know, they're boosting some sales during like seasonally slow times. And, you know, they want to try to expand their customer base a little bit to some of the more price-sensitive customers out there. But it's not a wholesale discounting strategy per se.

Okay. And so I've gotten two pairs of entrees. I was actually, when we first did a segment about on, I started looking into it more. and then I got some shoes. And I had to go like a half hour away to Dick's sporting goods to get the color and type that I wanted. And when I talked to the guy who's working the cash register at Dix,

he was saying, you know, I'm seeing a ton of these shoes flying off the shelves right now more than pretty much any other brand. And they're doing this at full price. The thing that's really driven On's growth, though, is direct to consumer sales. How has On sort of mastered this channel when, a lot of other apparel companies kind of need their own, you know, to partner with other shoe sellers like your foot lockers and your Dick's sporting goods a little bit more to drive that growth.

Yeah, you know, so on, you know, I've been seeing Ons everywhere. I haven't shopped for them myself. I've actually been curious to potentially buy some for myself or my family as well. But you've been curious about this for like eight months. I know. I haven't pulled. I have so many shoes. So I'm like, maybe it'll hold off.

But I'll do it one day. So, you know, they've kind of distilled. distinguish themselves as a premier footwear brand. You know, innovation is really the core. Every time I've seen on shoes, like online or on people's feet, they're pretty nice looking.

You know, some people don't love the great or whatever it's called on the sole. The ridges. The rocks get stuck into if you go anywhere that has any type of pebble. Yeah. Not the best for those, I'm sure. But,

you know, they've done a good job of strategically placing themselves. And like with premium wholesale partners, like Nordstroms and, you know, aligning that align with their premium brand image. You know, they're careful who they work with, ensuring their brand authenticity and like, you know, sophistication. And while they've shifted to these direct consumer,

they haven't completely abandoned wholesale. And wholesale is still outpacing direct consumer. You know, Nike, on the other hand, has undergone significant changes in wholesale strategy. Has it really balanced well between wholesale and DTC, you know, leaving some of their wholesale partners in the dust and kind of going too full in on DTC. So, you know, on will have to be careful not to lean in too heavily and negatively affect their dynamics with their wholesale partners. But they're doing a good job right now, balancing.

Yeah, because that's what Nike's now walking back from is really sort of going away from their companies like Footlocker that we're selling their shoes. And then Foot Locker then adjusts getting more brands in the door. And then Nike has to say, hey, remember. the good times, we'd love to come back and get some of those premium shelf placements. Ever since we've talked about On On the show, which has been about six, eight months, I look at the stock, I'm like, this is a really expensive stock. And then it's kept being a really expensive stock and an even more expensive stock. When you put your stock analyst hat back on, not the person who just owns too many shoes

and is not going to buy some ons, where are you at with the company? I mean, I'm still bullish on the company. I personally own it myself. I think it's going to continue to innovate, increase their brand awareness through different partnerships, different sports activities that come up, expand its apparel line, which it's still very early in. And they're impressing me with their ability to take share from companies like Nike and Adidas. You know, you can, when you listen to an on-earnings call and when you listen to Nike, you can, you know, while the numbers may not, we may not know the exact numbers, you can tell that they're

biting off a little bit from those bigger guys. So, you know, they have a play-to-win attitude, and I love it. I want to go to another retailer. We'll go back to the mall for a real mall retailer that might have a comeback brewing. You mentioned Abercrombie and Fitch earlier. And, you know, I don't want to say this is the next Abercrombie and Fitch, but I want to see if they have a legitimate turnaround brewing. And that's over at the Gap.

When we talk about the Gap, we're also talking about Old Navy, Banana Republic, and Athleta. And when you look at their, a few things have happened. Number one is that they got a new CEO in Richard Dixon. This was last year. Last August, he comes in from Mattel, where he had sort of reinvented Barbie for Mattel and given it sort of a brand upgrade. Obviously, the movie had later come from that.

I don't know exactly what his involvement is with that. But he was at Mattel. He was working on Barbie for a good number of years. He goes into the gap, and now he's been there for more than a year. When you look at these brands, Gap, old, Navy, Banana Republic, Athleta, and you look at the comp sales since he's been there.

None of them are shooting the lights out, but three out of the four have gotten better since he's been there. And, you know, a lot of that reinviguration, I think, can be, is due to that new CEO, Richard Dixon. So what is he doing since he's come in to try and transform gap in their brands? You know, I might be aging myself here, but when I think of mall retailer, I thought, I always think the gap as the mall retailer. That was a big draw going to them all when I was younger.

You know, he's doing a few things. You know, one is a big part of his strategy is reducing the product assortment. You know, it had gotten cluttered, it had gotten complex. There's just too much. You know, in this day and age, we just have too much sometimes. So he wants to make a more focused, kind of compelling selection of merchandise, which will improve the customer experience and also in extreme line, you know, the operations and the costs.

another thing he's doing is revamping the marketing strategy, you know, making it more relevant to his consumers, you know, embracing digital marketing, e-commerce, kind of engaged that younger demographic who we've seen with Abercrombie and Fitch are the ones buying a lot of these clothes and are very excited. They still go to the mall, you know, and buy. One of the other things he's doing, too, is just getting back the identity of each of those brands that you listed, you know, Gap has its own unique identity, Banana Republic, Old Navy, getting back to the the core roots of what those brands were and each having like a reason for people to want to go to those actual brands. Yeah. And when we talk about retail, this is an incredibly difficult business.

Small retail is really, really tough. Gap is also, it's been a cyclically, historically a cyclical stock. When you look at this turnaround story that's maybe starting to brew, do you think it's deserving this company of a spot on retail investors' radars? Yeah, you know, I think it actually is, you know, riding a retail turnaround story, can be difficult. Consumer perceptions of a brand can change quickly, especially in this day of social media. Luckily, the gap is not trading at a price that's almost at like a bankruptcy valuation. And, you know, it's trading at about 12 to 13 times forward earnings, not terribly low, but not, you know, premium price or even like richly value. But I think it's worth keeping an eye on because, you know,

I'm seeing more, you know, as I look at more like social media trends, TikTok comments and chatters of customers, you know, being surprised and delighted by gap and people even telling, telling you, hey, you should check out the gap. It's gotten a lot better. Don't fall asleep on the gap. You know, if this kind of continues and there's more social media chatter, people are going, it results in sales and kind of like that cool factor. It could be something that grows. You know, I'd like to see it be more consistently sustainable and profitable with that. And can it expand internationally, which Abercrombie has done, can it extend. and establish kind of a significant digital presence.

And, you know, are there threats like fast fashion that they are still fighting off? So still a lot there, but it's definitely worth keeping on the radar. Yeah. And I think my big question is I've put this stock onto my watch list. I don't own it currently at the time of this recording is what can Dixon do about Old Navy? Because that is a massive channel for the gap. And I think that's one that's going to be pretty tough to turn. Send me, Dale.

Appreciate you being here. Thank you for your time. Thank you, Ricky. As always, people on the program may have interests in the stocks they talk about, and the Motley Fool may have formal recommendations for or against. So we buy ourselves stocks based solely on what you hear. All personal finance content follows Motleyful editorial standards and are not approved by advertisers. The Motley Fool only picks products that we personally recommend to friends like you.

I'm Ricky Mulvey. Thanks for listening. We'll be back tomorrow.