The Canadian Investor - The GameStop Saga - WSB vs. Wall Street

Episode Date: February 1, 2021

We just couldn’t avoid talking about what is making business news around the world. In the episode, we give our thoughts on Wall Street Bets vs. the big hedge funds and how it’s playing out with GameStop. We also discuss a few big tech companies that recently released their year end results. Tickers of stocks discussed: GME, MSFT, AAPL, FB, TFII.TO, AMC, CGX.TO Want to send us a question? Check out our Anchor.fm link in the description below and leave us a voice message! Getstockmarket.com Candian Investor Pod Twitter: @cdn_investing Simon’s twitter: @Fiat_Iceberg Braden’s twitter: @BradoCapital --- Send in a voice message: https://anchor.fm/the-canadian-investor/messageSee omnystudio.com/listener for privacy information.

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It has felt like eternity since we recorded the last podcast because of how insane this week in the stock market has been. It is stealing all the headlines and this is absolutely nuts. Like Simone, I don't know what your sentiment is right now, but i've been talking to people who have been in this business for 50 years and they have said that this is the weirdest mix of entertainment and wtf that they've ever seen and uh you know i'm'm going to be honest with you. I am having a lot of fun with it. But I'm curious on your sentiment right now. Yeah, I guess I'm seeing it in a similar fashion.

I'm just happy I don't own shares of GameStop, I'll be honest. Although my wallet probably disagrees with me right now. But it's just kind of an interesting experiment to look at on the sidelines and just to see what uh what's happening but um yeah do you want to give people a bit of a breakdown what happened with the game stop this uh this week and we can go back and forth yeah sure so this episode i was preparing like a deep dive and I was going to talk about some Constellation software letters from Mark Leonard. But honestly, it just doesn't feel right right now to talk about real fundamentals when there's this going on. So I'll save that for another time because the Mark Leonard Constellation software president's letters,

although he doesn't do them anymore, they're awesome And I encourage people to go read them on their website. Uh, but okay. So let's, let's talk about the story so far, because this is developed like by the hour at this point. And every day is like a crazy new, like the plot thickens. And to be honest, I'm enjoying it more than I probably should, but it's quite fun. Okay, so let's talk about the story so far. Simon, you can vouch for me

that I've been talking about Wall Street Bets since day one of this podcast, no? Yeah, yeah, yeah. You've definitely mentioned it to me more than once uh even when we've we've text you've mentioned it and it definitely brought got brought up on my radar i never thought they could have the influence that they did with gamestop i think personally there was a multitude of factors that led to what we saw this weekend we'll go a bit more into detail for on those factors too yes okay so i've been vocal that like okay i'll be honest i did not think that

wall street bets was capable of performing such a huge short squeeze but i believe that they needed to be taken care like considered as potentially to just be able to pump and dump whatever they feel like it. When the Fed is printing money, giving them checks commission trades are zero and you can buy fractional shares. So there's no, there's no friction for them.

They have all the tools to be able to do this. And okay, so let's, let's start from the beginning. So if you go to episode six of this podcast, we talk about how GameStop has been a melting ice cube. The business top line has been down. They're dealing with everyone downloading games directly, like direct to consumer from their console and not going to traditional brick and mortar retail. They actually did have a net cash position. So we mentioned that they were not going to be going bankrupt anytime soon. But you know,

this is probably a melting ice cube type business. Okay, so that's where we start. Now, obviously this business, if you look at their net cash position and a console cycle coming up, there were a few activists that have been in the name for a little over a year now saying that the narrative on it being the blockbuster for video games is overstated.

And as much as I agree with that, I just want nothing to do with a melting ice cube. Even if there is deep value there, it's really hard to time, and it's difficult. It's difficult to pull off. So now enter WallStreetBets, who have, this is not new. They've been trying to pump stocks since their inception on Reddit. It's just now that there's millions of them and they've added over a million users in the last

24 hours on this Reddit, like people joining in. So they picked GameStop and a couple other names, the good old BlackBerry too and AMC, but it started with GameStop engineering a short squeeze against Melvin Capital. So Melvin Capital, a large hedge fund that was very heavily short GameStop, which is a very heavily shorted business. There was more than 100% of shares in the float that were shorted. So this is what is referred to as a naked short. Now, like any short seller, if the stock price goes up, they get squeezed and have to buy back the shares at a higher price than what they borrowed and sold, a.k.a. short selling for. And this is what happens when they get caught in a squeeze because they were wrong about their short thesis or the market is just not agreeing with them. or the market is just not agreeing with them. Now, the squeeze gets amplified so much in this situation when it has this virality effect too.

And Melvin Capital has lost billions of dollars now. And this is where today gets even more interesting. this is where today gets even more interesting. You wake up and Robinhood, where all these Wall Street bettors use as their brokerage platform, have just been told, you cannot buy the shares, but you can sell them.

So what does this really mean, right? And then now everyone's digging it up and Citadel and Melvin, which owns Melvin Capital, has been in the pockets of Robinhood from the beginning. They pay Robinhood a big chunk of their total revenue pie for data on inflows. And so they are attached at the hip because they have true business interests together. And this is what's really, really kind of concerning is people are now wondering what the free market really looks like. And there's this now like occupy wall street movement behind it which i think people are getting a little too cringy with it you know like

like you know like fighting for the little guy and all this stuff okay like sure you're just trying to make some money uh that's fine like people have definitely gone a little too sentimental on the whole thing. But this is happening. And it's happening right now. And I just can't even wait until the market opens the next day to figure out when do these brokerage platforms let these people buy GameStop again? What happens? And I just... It could go bananas.

And it's really interesting to watch them. Yeah, and I think we have to put, like explain to people a bit more about shorting. So just to build up on what Braden said, I know we have some beginners listening to this. So just a concrete example of what shorting and the purpose of it. So you buy a share at $10. Your goal is to you borrow the share from someone. I'll say I borrow it from Braden. I give him the shares trading for $10. I borrow one share

from him. And then if the share falls falls to eight dollars I can buy back that share for eight dollars and pocket the two dollar profit in between the downside is much greater because if the share as we saw with GameStop keeps going up to you know 20 50 100 200 well you know you're losing that amount of money so yes if it goes it goes down to $8, you make $2. But if it goes up to $200, then you're losing $190. So that's why technically your losses are unlimited. And I always thought it was funny when people said it was unlimited. But I guess now I see a bit more in concrete what it is.

see a bit more in concrete what it is. And specific to GameStop, it's really important to understand that there was a perfect storm building up for that. So yes, you had Wall Street bets all acting all at once, buying those shares, making the price increase. And then that price increase led to short seller having to cover their positions to avoid any more losses. short seller having to cover their positions to avoid any more losses. But what really started the whole thing, in my opinion, is the fact that GameStop was a small cap stock. So there's no way they would be able to do that with a large cap stock because they just don't have enough resources pulled together to really affect it. And again, on GameStop, with the hedge funds that bet on shorting it, I think it kind of shows how stupid they are. I'll be right honest with it, because when we did the podcast, our own assessment was that, yes, it's not looking good long term, but they're also not going bankrupt anytime soon. soon and a hedge fund that would have seen that and dug into the financials and the thesis for GameStop yes Braden and I did not like that stock whatsoever because we're long-term investor

but shorting it especially when there's so many shorts already on it is to me really reckless and I'll be honest like I'm kind of happy that they got what they they wanted um as a whole shorting is not necessarily bad they can really uncover some really bad businesses and some frauds but sometimes like this um i mean you know you get you play with fire you get burned that's uh that's kind of the way i see it it is it is reckless right like how? Like how is someone allowed to be short that much of the share float? Like it doesn't make any sense, right? This is the problem. And it's completely reckless.

Like someone, like Michael Burry, like the big short guy, has been long this thing since late 2019 because he thinks that there's extremely deep value in this and even if it is you know a company with losing revenue every year like their growth is either stalled or gonna eventually decline to zero like its terminal value is probably a zero but that doesn't mean you short something that has a net cash position and in like it's just it's it's completely reckless so i i i can't believe what's happened so far and i'm just curious what's going to happen next because you mentioned a good part about the the market cap is it has to have a small base for these Wall Street bettors to really pump the thing. of about the bigger picture and that hedge funds have been using market manipulation for so long

that now it's like, who gets to decide who gets to manipulate the market? So now everyone's kind of pointing fingers at each other and who's the real market manipulator. But at the end of the day some people will make a boatload of cash and already have and some people will still be standing when the music stops and it's not going to be good so just be aware of that if you want to get in on the fun do not bet the house you know you gotta be careful like this this doesn't end well in almost every single outcome i can think of so just be aware of that yeah and like on top of what braden said is in my opinion if you're looking to get in on that kind of fun just understand that you're essentially gambling so that's that's what it is it's fine if you want to do it but the other thing i would say do not do this kind of stuff in a registered

account because the cra will most likely come after you because the day state that those accounts should not be used for trading so you may think you've made a nice penny but then you may have a pretty nasty surprise for the cra so keep that in. If you're looking to do this kind of day trading, make sure that you do it in a non-registered account. And to go on top of what I said. That being said, though, Simon, I want to chime in there. That being said, if you buy GameStop and you sell it and you tripled your money in a few days,

I'm not advising that this is what's going to happen or legitimate investing strategy i don't think the cra is coming after you like you got to be making like high frequency trades like tons do you want to risk it that was my question because catch a radar yeah and they're what they write on when it comes to the tfsc and rsp is really i mean it leaves a lot for interpretation. And yeah, they might not come for you. And that's by design, right? Yeah, exactly.

They may not come for you, but they might as well. And you're really, you're playing that gray area. So you might get away with it, but I would be very careful because they can pretty much enforce it however they want. So as soon as there's some inkling of day trading on there, you have to be careful. Just know what you're getting into. If you do buy it, you sell it quickly.

I mean, just be aware that they may come back and say that they consider that trading. Oh, God, this is great. This is great. This is great. We have usually such a set Google Doc that we go off of for stuff to talk about and useful investing advice. And now we're talking about straight stonks. I love it. As do-it-yourself investors, we want to keep our fees low. That's why Simone and I have been using Questrade as our online broker for so many years now. Questrade is Canada's number one rated online broker by MoneySense, and with them, you can buy all North American ETFs, not just a few select

ones, all commission-free, so that you can choose the ETFs that you want. And they charge no annual RRSP or TFSA account fees. They have an award-winning customer service team with real people that are ready to help if you have questions along the way. As a customer myself, I've been impressed with Questrade's customer service. Whenever I call or email, every support rep is very knowledgeable and they get exactly what I need done quickly. Switch for free today and keep more of your money. Visit questrade.com for details. That is questrade.com. Let's switch gears before we go back into the GameStop saga.

Real businesses have reported earnings in the last 24 hours and more to come. It's earnings season for Q4, so 2020 results coming out. Apple, Microsoft, Facebook, MasterCard in terms of the mega tech, the mega caps, all reported in the last 24 hours. And whoa, some monster quarters from some big tech firms. Microsoft's report was one of the best reports I've ever seen. Stocks up 5%. Apple had a great report. Facebook had a great report, but Zuck has warned about their ongoing battle with Apple and how it's going to pick up. So those stocks have done nothing or are trading lower. On bonkers growth, like the cloud business for Microsoft is up 50% in revs.

For trillion in market cap companies, I can't believe, it's a little bit unbelievable how they're pulling off these growth numbers. And one of my bold predictions was that these big tech firms would become like value stocks in 2021 as they enter like extreme profitability and they're just like boring for the retail guy. And that's what we're seeing, right? Like these blowout quarters a year or two ago, stocks would be huge based on like my interpretation of the report.

So did you notice anything that, you know, kind of the environment we're working in right now that just no one cares about Microsoft's unbelievable Q4? Yeah, they really had a great quarter. Their cloud business has just increased. I think it's on fire. I can't remember the exact percentage. 50% revs.

Okay, there you go. And I think their total increase in revenue was 17% or 18%, just going off on memory. But those aren't sexy stocks, right? And to me, I'm not saying it's 1999 again, but there's definitely some aspects of the stock market right now where I kind of scratch my head. I kind of scratched my head. You know, GameStop aside, there are a lot of stocks that really look like they're being pumped by all this fresh money coming in. You have companies that are not really great and they're going up for whatever reason. And you have companies that are losing money that have no end in sight, no path to profitability that are still going up and up. But having said that, I think there's still some value plays. The big tech companies, I think,

offer a decent value right now. Let's we'll say relatively compared to the market. But there's other things. I mean, one of the things I've been buying recently, I've said it before, for me, it's been Brookfield Infrastructure Partners. And they're a bit more, they've gone up recently, but also the data reads. The data reads were when the markets were going way, way up, they were kind of staying flat or going down a little bit. So I scooped up a lot of shares of Digital Realty Trust and also Equinix. You bought some Equinix as well? Yeah, I actually started a pretty good man yeah my position is actually pretty decent now because

i just kept scooping up a little bit every uh every couple of weeks the price was staying still going down um but all that to say that there is some value to be found but um don't get me wrong there's also a lot of euphoria in the markets and i think gamestop's a bit of an example of that obviously yeah yeah gamestonk is how we should refer to it so this brings up a good point right because i'm looking at this as there are some great results coming out from great companies. And if there is a disconnect between real business results, business fundamentals, and the price, this is when we have opportunity. And that's always been the case for opportunity. And there could be lots of opportunity this year to buy great businesses. lots of opportunity this year to buy great businesses. And I saw a tweet today that made me laugh a lot is that just remember that Warren Buffett is in his office room with no screens reading a book right now. Like, I just love that. Like I can picture him just reading just lost in a good book right now in his office

um and hasn't obviously i'm sure he has an idea of what's going on but just the guy is so unfazed and i can just picture it and it's we can all learn a lesson from that that scene right there just buffett reading a book right now and not worrying about everything that just that kills me uh okay so i have some news because i hold these these stocks i did say in my bold predictions that canadian industrials tfi would have a huge year uh tFI is already up 33% year-to-date. Most of these moves happening, they bought UPS Freight for $800 million. UPS Freight did $3 billion in REVs last year,

in revenue last year. That's pretty decent value on a sales multiple, so we'll see how they integrate that. I heard an interview with Alain Bedard, the CEO, a good French-Canadian guy. And they are value creators and they're good integrators. And this seems like a pretty good deal. And it's a huge one in terms of the actual revenue base for TFI to add $3 billion in revs. So that's interesting to see how that unfolds.

WSP, the engineering firm, just made two acquisitions yesterday. They bought KW Mission Critical Engineering, 175 employees out of New York, and they also bought TK1SC. I'm not sure if that is supposed to stand for something that I don't know about, but that's a 240-employee firm. Both firms do civil engineering, data centers, healthcare,

and they're both operating out of the U.S. So these companies both making the critical, I mean, they're serial acquirers, and they are continuing to acquire so if you have a serial acquirer that's not making moves then it's not doing its job so i i like to see that okay let's let's go back let's see real business news what are we doing simon let's go back to game stonk because you brought up a good point hey it's a real business let's not uh you know sure sure it's a real but it but its price is

disconnected from the business i knew what you were saying but i had to be a bit of a smart yeah i like that i like that okay so you brought up a good point right take this one away because i have something to add to it too. But the Robinhood free concept, right? Tell me what you were saying about that before. Yeah, so the Robinhood, I mean, we've heard for years now that Robinhood has free stock purchases, free trades. It also has fractional shares and so on. And a lot of big brokerages in the states have followed suit But it's always important to remember that there's really nothing that's free

So yes Robin Hood may look free Facebook may look free But these platforms they monetize your information in one form or another. So you have to really keep that in mind. And we were just talking about that just before the episode started. And when Brayden was mentioning, I think, one of the squeeze at Melvin Capital, right? So when they're using, you were saying like they're using Robinhood's data somehow. Anyways, you can elaborate citadel citadel is and citadel owns melvin capital there you go them at two almost three billion dollar lifeline was it tuesday or yesterday these days are blending together and on this story but

uh so yeah there's a there's a, right? But this stuff is monetizable even if you're not paying for the trades. As do-it-yourself investors, we want to keep our fees low. That's why Simone and I have been using Questrade as our online broker for so many years now. Questrade is Canada's number one rated online broker by MoneySense. And with them, you can buy all North American ETFs, not just a few select

ones, all commission free so that you can choose the ETFs that you want. And they charge no annual RRSP or TFSA account fees. They have an award winning customer service team with real people that are ready to help if you have questions along the way. As a customer myself, I've been impressed with Questrade's customer service. Whenever I call or email, every support rep is very knowledgeable and they get exactly what I need done quickly. Switch for free today and keep more of your money. Visit questrade.com for details. That is questrade.com. So it goes back to that Silicon Valley concept, right? If the product is free,

you are the product. It's a classic Silicon Valley tech business model that has had so much success in the last couple decades. If the product is free, you are the product. Your data is the product. Your attention in the attention economy is the product. And so let's not forget where inflows of cash are going to Robinhood from. There's a conflict happening here. Some of it looks like some pretty hefty white-collar crime,

but I don't know all the facts yet. So just something to consider there is with this free trading um they can do a lot more they the brokers can do a lot more to your account than people think i think that's what that's what people need to realize yeah and i wonder uh i really wonder what will come out of that with the sec i really don't know what direction they're going to take, but are they going to clamp down on Robinhood? Are they going to try to put some regulations? And I have no idea how they would go ahead and do that. But on these types of groups like Wall Street Bets, which a side note, did you see that they've gone private now? Invite only? Oh, they're back open now. Are

they back open? That was last night for like an hour or something okay i guess i i miss it it's ever changing i feel like we'll refresh it while we're doing the episode some new news here's the thing if you were here's the thing if we recorded tomorrow it would be different right it could be a different discussion yeah and i it's crazy i wonder what the sec will do um I feel like, I don't know, I have a feeling that they may clam down on Robinhood for this. I think the SEC, as a general rule, they don't want to disturb the free market.

I get that. It's, I don't know, it's hard to put some regulations on a bunch of traders just going together and trying to pump a stock but at the same time I'm not sure if they'll see Robinhood in a very good eye seeing them limit trading when it's not put in place by the SEC. The SEC can very well halt trading for a stock which will do it for all platform but halting trading also means that you can't buy or sell. But freezing just buying and allowing people to sell, to me, there's something just not right that feels with that. And I don't know.

Maybe they won't do anything, but I'm hoping that they'll step in and probably give Robinhood at least a significant fine. That's right. You're saying you can sell, but you can't buy the stock so what does that do to the price oh wait like obviously we know how that's that's obviously we know how that story goes so i think wealth simple kind of had a pretty smart PR moment today where they just came out and said, hey, we are not going to limit anyone's ability to buy or sell certain stocks that we decide.

That's not what we're about. And that we are making sure that the spread on market buys is within five percent which i think is great right this this is important stuff because if you go on and you buy something as volatile as gamestop that's you know moving up and down like 50 US dollars every few minutes. If you buy it at market price, you can get screwed over really, really quick. I mean, anyone buying the stock today should know that they could probably lose it all as well as they could triple it tomorrow. It's anyone's guess.

But I thought they had a pretty good PR moment there. We're just like, we are protecting people because the volatility is insane. But we're not going to, you know, decide who and what you can invest in. So they played that pretty well. Yeah, I mean, it's not their role to do so, in my opinion, be you know, you're you're a new investor, you want to put money in. Whether you want to trade or invest, that's up to you. It's your own money. The platform should not dictate that.

Remember when we talked about stop losses? That's probably the one time I would probably do that. If I were in GameStop right now, I'd probably put a stop loss at some point just to keep some of those profits. But I mean, if we have some listeners that were in on GameStop and I know you had someone messaging you saying that they didn't listen to our advice

and they went ahead and buy it, I think a year or so ago when we had that episode. But if you made some profits, good for you. It's great to make short-term profits, but just be careful thinking that this will be the case with these type of bets every time because you may get a big winner, but then you might get 20 losers

where you get basically wiped out or have some big losses. So just keep that in mind. There's a reason it's called wall street bets not wall street investing so i i think i honestly think like for the most part in 2020 there was all these new investors there's going to be more from this i honestly think that people who are getting into names like nokia amc gamestop like these like on the verge of bankruptcy i'm not saying like nokia's got stuff going with 5g and whatever and amc just shored up their balance sheet sure whatever but these like businesses that were thriving in 2004 with a lot of short interest are the ones that are thriving and i think most people like really know that they're just gambling and that they don't have some sort of expectation that

this is investing i could be totally dead wrong you're more optimistic than i am yeah i know i know i am i you i mean people like penny stocks how can you not know amc who's not even open is not thriving business yeah but people look at charts right and they'll see charts and they get all excited they see a stock at like five dollars or whatever the price is it's super cheap in dollar value not like business value and they see that they get excited they'll see a stock i've heard that i've read that on forums more than once and i've seen that quite a bit as someone will see a stock at two dollars and they're like oh it just needs to go to $4 and I'll double my money without looking at the market cap, the fundamentals of the company, what's going on.

They just look at that and in their mind, it's easier to get a double from a two to four than a $100 company or a $100 share company that may have tremendous growth prospect and could easily double in a few years in their mind they just see the pure double of a small number versus a big number and i've seen that a lot on various forums on reddits that's why i i mean i think a lot of people know that it's more gambling with this kind of stuff but unfortunately unfortunately, I mean, I'm afraid that some people will lose their shirt and money that they should not have been putting, that they couldn't afford to lose. Yeah. Well, we are on the Canadian Investor Pod.

So listeners of this podcast know what we're about. We're a couple of compounder bros that like good businesses that have terminal values much higher than the current state. Hot old baby. Yeah, we've been talking about hold for years, man. We've been holding the line on great businesses. We're real contrarians out here now yeah i know we feel like

dinosaurs compared to what's going on a couple of boomers in the stock market now yeah um okay so like looping back around on this right is if you want to do if you want to join the fun, you just can't resist. I am seeing all kinds of people betting money. They have no business betting. Like no business betting. I'm seeing it. I know it. I have friends, and I know their situation.

They have absolutely no business doing this. So don't do that. Like, be careful, honestly. And if you don't have an emergency fund, do not pile into AMC stock. Like, seriously, this is nuts. But if you really want to, you can't lose something. You can't go in expecting that the last few days of nutty performance are going to continue.

Because the math of compounding, if you just magically doubled your money every day, you'd be a trillionaire in no time. And obviously that's not happening. So let's peel back the expectations, take a deep breath, and listen to the last 50-odd episodes of the TCI podcast. You'll be locked and loaded. Yeah, and if you're going to think about AMC, go for Cineplex instead. At least go for the Canadian place.

Yeah, at least pump the Canadian one. Cineplex, oh God. It's not doing good. I haven't even thought of looking that up. Oh, it's not good. It's not good. It's a $670 million market cap, roughly, and it's down 10% today. It's, I mean, it's been on a, it's down like 70% since its peak of last year around this time.

It's not looking good. Oh, my God. It's down 80% since 2017. of last year around this time. It's not looking good. Oh, my God. It's down 80% since 2017. More than that, yeah. Yeah, exactly, since 2017. I was just looking at one year. 91% if we go back to October. So it's up 121% since October.

And I was kidding. I'm not advising buying stocks. No, of course. But Simon has a dividend yield of 17%. Really? I don't even see it. They must have cut it recently. I don't even see it on there. They probably cut it.

But the point being here is don't go for risky high-yield dividend stocks like Cineplex because you might lose your hat, and that's not very fun. Okay, we might have to have like an emergency episode next week if this gets more nuts, but let's leave it there. If you want to invest with your long-term portfolio with good data. Everything the opposite of what we've been talking about. Getstockmarket.com. You can go on there and use my software that is very powerful for long-term investors.

Is it going to be useful for your GameStop trade? No, absolutely not. Is it going to be useful for your GameStop trade? No, absolutely not. Is it going to be good for determining what companies have good balance sheets and which companies are growing fast with the screener? Yes, that might be a little bit more useful for you. I might have to start doing deep dives on some businesses from 2003, like maybe Blockbuster. What do you think, Simon? Good luck with that we got it we get i'm kidding we got to find the most outrageous 2000 and company that thrived in the early 2000s

and go deep that there has to be a like a tech play of some sort that's still alive but just threading water i'm sure we could find something. Is MySpace publicly traded? I saw Sears. I saw Sears had a bit of a day today, too. Oh, my God, yeah. I'm not sure. I know one Sierra Wireless one that's been around for a while. It's traded on the TSX, too.

Oh, God. You just never know anymore. Anyways, that does it for this week, guys. If you're having fun with it like I am, Reddit r slash WallStreetBets is good entertainment. They are a vulgar group. I will advise you. They got kicked off Discord.

Did you see that? Discord banned them. Yeah, I saw that. Because of the language used? Yeah. They call themselves very derogatory terms. They're very self-degrading, this

group. But it's some good memes in there. So, I mean, if you want to have some entertainment, go there. That does it for this if you want to have some entertainment, go there. That does it for this week, guys. We will see you next week. Let's keep it to good investments next week.

What do you think, Simon? Definitely. Yeah, I think we'll get back to normal and maybe pitch in an emergency episode if there is more craziness. No more memes. All right, guys. See you next week. Bye-bye. The Canadian investor is not to be taken

as investment advice braden or simone may own securities mentioned on this podcast always make sure to do your own research and due diligence before making investment decisions