Yet Another Value Podcast - Random Ramblings August 2024: crazy start to August, due diligence trips, seeing management teams

Episode Date: August 14, 2024

Welcome to the August 2024 edition of Andrew's Random Ramblings on the Yet Another Value Podcast. Once a month, Andrew will share thoughts on a few topics - this episode includes: crazy start to August in the stock market, due diligence trips, and forming relationships with management teams Chapters: [0:00] Introduction to Andrew's Random Ramblings + Episode sponsor: Tegus [3:04] Topics: crazy start to August in the stock market, due diligence trips, forming relationships with management teams [3:51] Crazy start to August in the stock market [10:11] Due diligence trips [17:30] Due diligence-ing people, seeing management teams Today's sponsor: Tegus If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need. What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips. The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else. To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

This episode is brought to you by Teegas, the future of investment research. If you follow my newsletters, you know that Teegas is one of the things I use most often. Almost every post I have has some clip from an expert call or some quote from a management transcript that I've got off BMSEC that, you know, it's because of Teegas that I've got access to all of that. It's revolutionized how I get up to speed on new industries and companies. I've been a happy subscriber of it for over three years now. And I tell you, I use probably every day.

I'm logging on to TIGS to look at an expert call transcript, and I certainly know. I mean, my BMSCC, I'm glad that it's unlimited because I am looking at BMSEC all the time. I'm looking at my Google Chrome right now, and I have 30 tabs open, and I'd say 18 of them are from BMSECC. So between TIGUS and BAMSCC, I am a very devoted user here. Look, it's one platform where you can dive into expert call transcripts, management checks, panel calls, and detailed financial data. No more fragmented data sources or endless searching.

Tegas brings everything together, giving you a crystal clear view of the industries and companies that matter most. If you're ready to supercharge your research, visit tigis.com slash value. That's Tegus.com slash value. Trust me, once you've experienced Tegis, you won't go back to your old way of doing research. All right. Hello, and welcome to the yet another value podcast. I'm your host, Andrew Walker. If you like this podcast, would mean a lot if you could rate, subscribe, review wherever you're watching or listening to it. With me today, I'm happy to have on my guest.

myself. It's my kind of monthly random ramblings where I'm just going to ramble for maybe 20 minutes or so about a few things on my mind. So thank you all to listening. I'll hop into my thanks in a second. But let me start this podcast the way I do every podcast, whether I'm the guest or, you know, it doesn't matter if it's the president, a huge hedge fund manager, a kid from college off the street pitching a stock, start this podcast the same way. Nothing on this podcast is investing advice. Please consult a financial advisor, do your own diligence. But nothing on this podcast has ever invested in advice. That's always true, but particularly true today because I'm rambling, right?

I'm just talking about some stuff. I might have a lot of times I feel like I have no clue what I'm talking about on anything. So just keep all of that in mind, do your own work and self-financial advisor. Let me start this rambling podcast the same way I do every rambling podcast. Look, I start every podcast by saying, please rate, subscribe, review wherever you're watching and I listen to it. I kind of start the ramblings off with an extra pitch. But I just want to say one of the reasons I'm continuing to do these. I believe this is my fourth one is because the response, the radio,

the reviews, the comments from all of you have been overwhelmingly positive. Maybe there's, you know, if it's negative people, I'm having a sample bias where if it's negative people just aren't watching it. But I really appreciate it. It means a lot to me. So please keep them coming. I just want to thank everybody for that. Second way I want to start this podcast is one of my best friends, Logan. It did his birthday today. He claims to be one of the most avidist listeners. I think he's listened to every episode-ish. So just want to say thank you to him. Happy birthday to him. And I'm looking forward to going to grabbing some burgers with him later. We'll see if he listens to the podcast because he will hear that if he does.

All right, three things on the list for the random ramblings that I want to talk about. The first is I am taping this August 10th, and I want to talk about just the crazy start to August that the stock market and markets of general is pad. The second thing I want to talk about is I went on a big due diligence trip this week. I just want to talk about due diligence trips and some thoughts on them and some of the perils of due diligence and kind of going and sampling a product yourself. And then the third thing I want to wrap up with these kind of due diligence managers and other people informing relationships with company management teams

because on both the due diligence of the product and of the management front, you know, there are upsides, downsides, risk, opportunities, all that. And I just want to talk about them because I don't hear them talk about a lot. So let's jump into the first topic this week. I am taping this August 10th. You know, I think most of my listeners are probably value investors. They probably tend to take a little bit of a long. longer term focus. I think most investors say, hey, I try not to pay attention to day to day

noise. It would be kind of tough not to pay attention to the day to day noise. You know, I set my wife on Monday. The front page of CNN, New York Times, all this is markets are crashing, you know, markets are melting down. I think the Russell was down 3% on Friday, August 2nd, and another 3 or 4% on Monday, August 5th. It might have touched like down 5% or 6% at the bottom on Monday. And again, try not to pay attention to noise, but when those are big drops. These are like kind of, you know, pretty far out there sanded deviation drops and to have them back to back to back days is pretty crazy. It felt wild. It felt weird. And I wanted to talk about them. You know, look, the V. Oh, just one more. The VIX touched about 65, I believe, at the peak on Monday.

And 65 on the VIX is pretty like rare territory. You know, I think you're talking about when has the VIX touch 65. It's like, hey, it touched it during the global financial crisis. It touched it when the U.S. got downgraded its credit rating. It touched it during COVID. and then it touched it this time, you know? And I will tell you, I think the assentable cause of all of this sell-off was, A, Japan raised interest rates a little bit, and that unwound a lot of carry trades where people were kind of barring the yen at zero and investing in a bunch of other stuff. And then B, on Friday, U.S. jobless claims came in a little softer than expected.

And, like, you know, 65 on the Bix. I know 20 years from now, you can still probably say the global financial crisis, and people will know what you're talking about. 20 years from now, you can probably say COVID, and people are going to know what you're talking about. 20 years from now, I have a feeling that you're not going to be able to say, oh, that random early August where, you know, Japan raised interest rates a few basis points and jobless claims came in a little soft.

I doubt people are going to know what you're talking about. So, you know, the VIX at 65, it was just weird. But I'll see you, the whole market just felt really weird. Again, the VIX is at 65. So you're at fear and vol levels that are very, very rarely touch. You know, you're talking like once a decade pretty much if you listen to those stats I just gave you. So you're talking about once a decade levels of fear, but, you know, the Russell is still kind of up on the year. The S&P 500 is, you know, it's down a little bit from its peaks, but it's still

way up on the year, way up on a three-year basis. You know, it's hard to look and say, hey, you've got these fear levels. You've got all this crisis. It feels like you've got to bring crisis. You've got people going on CNBC and saying, we need to do emergency basis, emergency rate cuts now. Like, hey, the stock marks up a little bit this year. It's just weird. It's tough to associate. Um, you know, just speaking of this year to date, like the Russell 2000, which I kind of benchmark myself to, uh, the IWM is the ETF there. I'll try to pull up a, I'll try to put a wide chart chart chart up on the podcast for people who look on YouTube. But the chart of it year to date looks really crazy. You know, it's kind of like from the start of the year until the end of June, it's like basically flat and pretty much a flat line. And then right at the start of July, it jumps up 10%. It looks like a short squeeze almost on the chart. And then right at the start of the start of the And then it holds that 10% until right at the start of August where it goes straight down and basically gives all of that back. It just looks like a short squeeze candidate.

And you're talking about the entire market. It's weird. You know, it all feels very strange. And I'm almost of two minds. You know, when I was talking on the casino podcast, like, look, one of the things I always worry about, and I think I worry about this in general, and I'm probably not as good as I should be, is are you investing in a okay to good opportunity and you're precluding yourself and tying your capital up versus the prospects of having like a lot of cash

available for a great opportunity. And when I say VIC-65, mark it down, you know, three, four percent to a couple days in a row, like you're probably starting to think, oh, like we're in recession, we're in panic territory, like it's time to deploy cash. That might be the case. But, you know, again, the Russell's still up here to date. But then I would zoom out and say, hey, the Russell is actually down 7% over the past three years, seven percent down over three years. Like, that's a lot of time to be down. You know, you think

you're investing in the Russell. Like the American economy's done pretty well over the past three years. You're investing in smaller cap companies. So, you know, on the one hand, I'd say you've got panic. On the other hand, I'd say we're up here today. It's hard to say there's panic. On the other other hand, I'd say, hey, you know, the smaller cap companies have stalled out to been down over the past three years. They do feel pretty beaten down even after like a nice July where you had that little me and catch up, that little quick catch up where people are like, oh, it's what value investors have always talked about. It's just a weird market.

It's a weird market. I guess everyone says that about every market. Maybe I'm a market prognosticator. I hate to sound like that, but it's weird. I tell you, this earning season has been one of the weirdest I've seen. I follow a lot of cyclical companies and industrials, and you'll see cyclical companies, and they'll come out and they'll say, hey, you know, the market was a little soft, but we're doing great.

We're managing our expenses. We're taking chair. We're doing great. and the stock will be up 10%. And you'll be like, yeah, like, I'm a genius. Look at this. This company's doing great. And then you zoom out and you're like, oh, yeah, but the stock's down 50% over the past six months.

So you kind of feel like that famous meme where it's the guy spraying champagne on the podium and then you zoom out and he's in third place or seven place or something, you know, when you're up 10% and in the past earnings beat, but the stock's down 50% over the past three months or something. Or, you know, I've seen some companies they beat. The stock gets killed. Some companies they miss. The stock goes straight up. I understand earnings like a beat or a miss is not the only thing that drives valuation. But I, you know, a lot of these, if you had shown me the results ahead of time and told me to guess which way the stock had gone, I, I'd be broke right now because I would have guessed wrong like every time. So yeah, that's just my thoughts on this week.

Look, I, again, I think the, I think everything's fine. I think it's probably more opportunity than panic. I think if you, most people who tell you, oh, this is the start of something bad or, oh, this is the start of a bull. Like most people have probably had the same views for months. You know, I know some people who've been bearish since early 2023 who say, look at this. This is the start of a panic. And, you know, it's like, hey, they'll say, I called it.

This is 30s of panic. It's like, you've been saying that for two years. Some of you people have been saying it for 10 years, you know. So I don't know. But I did just want to share some thoughts on this week. And I'm happy to talk about it more offline. Let's turn to the second thing I want to talk about, due diligence trips. So I spent more of the more of this,

week than I wanted to because there were some storms in New York, so I ended up spending about 36 hours trying to get back to New York, which was not fun. But I was on due diligence trip this week, and I was visiting some regional casinos. And the headliner one that I was kind of visiting is a monarch casino out in Black Hawk, Colorado. Beautiful, beautiful. It was a really fun trip, really interesting. That casino is unbelievable. But I wanted to talk about research trips because this kind of follows up on the thing I did last month where I talked about loving or hating a product that you're investing in him, right? Like I mentioned loving energy drinks and I've actually got my energy drink right here. I'm holding up for the people who are on YouTube.

I love energy drink. So whenever I look at an energy drink company, I find them kind of easy to do diligence, but I always worry, do I want to invest in this company because it's an opportunity or do I, because it's an opportunity or do I want to invest in this company because it's an opportunity? Or do I want to invest in this company because I love the product? Because sometimes loving the product, you can, like, see an opportunity that's not really there. So I wanted to talk about due diligence, right? One of the things I worry about due diligence and going to visit a company or going to, you know, I know people when they invest in a restaurant chain, they'll be, it's a 200 store restaurant chain. They'll be like, I went and visited 100 of the stores, right?

And I think that's great. It's great to get a feel for the product. It's great to get it. But I do worry that you bring kind of the same biases I talked about with loving or hating the product into it. I'll give one example. A few years ago, I'm looking at a lower end hotel chain, you know, kind of bordering on motels in Europe. And I talked to an investor. I was like, you know, we were sharing thoughts.

And he was like, I stayed at the, I stayed at one or two of these. The bed was hard. It was a terrible product. Maybe it was an American chain. I can't remember. The bed was hard. It was a terrible product. Like the continental breakfast was shit.

I thought I would, I thought I'd get sick just from eating it and all the sort of stuff. And so we talked and then it talked a little bit more. And I was like, hey, hey, you know, what your normal travel experience like? He was basically like, oh, yeah, you know, four seasons was a low end hotel for him basically, right? Like this guy was traveling in big, big style, like used to spending 800,000 bucks a night on a hotel room. And as he said it, I was kind of thinking to my head like, hey, I don't know if the products is bad as you're saying or if you're just not used to this lower end. Like, right? If you said, hey, I'm going to stay at a, you know, $40 per night hotel room and I'm getting the same experience. I'm getting at $1,000 a night for season.

I'd actually be like, hey, that's the bigger problem than if the beds are a little rough or something. And I think about that a lot. You know, a common refrain, I've talked about this before is sometimes I do think there can be investment opportunities in things that a lot of the investment world's based in New York. I'm based in New York. But things that New Yorkers don't like, right? Like the classic thing would be a domino's pizza. A lot of New Yorkers will hate on Domino's pizza because New York pizza is the best pizza in the world. And, you know, a lot of New Yorkers and investing people, they're healthier. They don't like fast food, all this type of stuff.

But if you say, oh, I hate Domino's pizza. I would never invest in it. You know, Domino's pizza might be the best performing stock over the past 15 or so years. And obviously, a lot of stuff, a lot of other stuff went into it. But for the past 15 years, you could have somebody who said that pizza is terrible. I would never invest in that. And that every time they would have been wrong. they would have been missing a huge opportunity because it wasn't for them.

So how does that apply to due diligence? No, I mentioned Monarch. And now Monarch Casino out in Blackheart, out in Blackhawk, I have no position in the stock, so I'll just let everyone know this. Basically, what they did is they built a $500 million casino. I would say the casino would be not the top, top end of Las Vegas casinos, but I would put it up against like pretty nice casinos in Vegas. They built this huge casino out.

It is the middle of nowhere. It's an hour outside Denver, the middle of nowhere, but there are lots of advantages. to it. But I went and I loved it, right? You get these great views and all this sort of stuff. And now, it's in the numbers, right? This 500 million was invested years ago. You can go look. It's been a huge success. But when I was there, I was kind of thinking, hey, you know, this one worked out great and they did a lot of market diligence, a lot of stuff. But I could imagine the reverse as well, right? If you built the four seasons, I mentioned at a hotel, if you built the four seasons out in the middle of the desert with nothing around it and you went and visited, you'd be like,

oh my God, this is incredible, right? Like, the beds are so soft. The service is incredible. They built this cheaper than any other four seasons ever been built because it's out in the middle of nowhere. Land is cheap, labor is cheap. Like, this is going to be a screaming success. And I promise you, you would be wrong because it's out in the middle of nowhere.

Four seasons travelers probably aren't going to go there unless there's a real reason, right? And I said in the middle of nowhere. So there's probably not a real reason. And it's just one thing I've thought about. Like, you go, you visit a product, you visit a company. If it's a really nice product, if it's a really nice product, if it's a a really nice place, you might be more positively inclined, but it can be tough to separate that away from, hey, like, just because I like it or I'm having a great time, is this going to be a good

investment? Is this going to be a good return? And, you know, it's difficult. I think a lot about people who like to put boots on the ground when they invest in real estate, when they invest in companies. And that's great. You should. But I do worry about, you know, I've never heard somebody say, hey, I went and visited this real estate property. It was a disaster. It does That would be a strong word, but it was terrible, right? Like, I was worried I was going to have my wallet taken from me when I was touring the place. Like, the building, you can tell they built it kind of cheaply. Like, it's in a bad neighborhood.

The infrastructure to get there isn't great. And they tell you all this, and they're like, it's a screaming buy. Like, I love it, right? Because they invested really cheaply, but they invested so cheaply, like, and they're going to get 25% IRAs because the economics are just so good or they figured something out. they're going to put, you know, the lowest end fast food chain you can get there. It's going to be on a triple net lease. It's going to do fantastic. It's going to be great.

And they, you know, they figure out a way you need to build something cheap there to make it work. And they figure out a way to build a debt the absolute cheapest because of that they're going to make. You never hear that, right? You hear people say, oh, I went and put boots on the ground. It's in a nice neighborhood. I think it's really well built. And that's, again, that's all great. But I do worry if you can't, if you can't look at something and say, this is bad, but they paid a terrible, they paid a, they paid a,

this is terrible price, which would be a great price because it's very cheap. It's just tough. So that's one of the things I worry about due diligence. You go, you visit a property. You can say, you can feel like you've done the work. You've put the thought in, oh, this property is great. I really like it. And I had a great time staying there.

And guess what? You could be wrong because it could be great, but you could have a great time because economics don't work. They're spending too much money. So just one thing I've spent a lot of time thinking of. I've spent a lot of time looking at regional casinos. I might do an episode. I might do a panel.

I might do something on them at some point because I think they're really interesting. You know, I've been thinking a lot about my, the podcast with Jacob Rubin on Caesars, which got a great response. But, you know, I think people look at casinos and they worry about cyclicality. They worry about recession. And all of those are definitely worries. But I think they actually, I think there's a lot of other stuff going on there and a lot of interesting stuff there. So that's my thought on due diligence to trips. Let's turn to due diligence team people and due diligence managers. And I'll start, there's this famous email when Valiant was blowing up, where Bill Ackman sends the CEO of Valiant, Mike Pearson, he sends them an email that says, hey, Mike,

is there any fraud going on here? Right. And that is a famous email because you ask someone if there's any fraud going on there. If they're a fraudster, they're going to say no. And if there's no fraud on, they're going to say no, but you're always going to get a no, right? So it's famous email because you laugh. And I understand what was happening, right? You have a big investment. it's blowing up, people are claiming it's a fraud, like it's tough. You send the manager an email. You want to know what's going on. You want to talk to them. Poor wording, I get it, but there's a reason it's a famous email, right?

But I think about that sometimes because people love to mock them for it. And again, I get it. But one of the hardest things in this business is similar to the due diligence. You want to build, when you take a big position in a company and, you know, you're doing it for a reason other than I'm investing in Twitter because I think Elon Musk is going to lose the lawsuit. Though even there, you'd want relationship with lawyers who you talk. But a lot of this business can be relationships. You take a position in company. You want to build a relationship with management. They report earnings. You want to follow up call with them. You want to talk to them.

You want to hear how things are going. You want to hear their vision. You want to hear the things that it's not that it's MNPI, but you know, there are things that they're not going to say on an earnings call, but they will say that they will say on a call with you. And some of that is, again, it's not MNPI, but they're not going to talk about all of their strategy on an earnings call, Whereas if you get on, they'll, they might talk strategy that, you know, they just don't have time to talk about or they might talk about a lot of things or you might have a question on numbers that you can get answered on the call that you can get answered on the call that they just didn't have, again, time to get to on their needs call. So you want to build the relationship with management. You really want a good relationship with them. You know, there are sometimes where you can have a management team and they say, hey, we're considering this project.

And as an investor, you know, you own enough in the company. And I'm not talking activist enough, but if you have a significant stake and you've built a relationship with the management team, hopefully you could at least call them and say, hey, you know, company, you're thinking about spending $20 million on this project. Let's walk through your assumptions here. And I've definitely had times where I've talked to companies and been like, hey, you're thinking about doing next. Let's walk through it. And I'm skeptical and they bring me around to their way of thinking. Or I'm skeptical and maybe I can bring them away around to my way of thinking, right? Like, hey, you're going to spend $20 million.

I don't think you're going to get a good return on that. I think the money would be better spent going after this project or the money would be better spent returning to shareholders. And I'll tell you, I've had less success convincing them. But I've at least had them listen and I have had some people change their strategy because of what I'm telling them. So those relationships are important, but it's tough because they can become a crutch, right? I'll talk to an investor or I've had it happen to myself where company comes out, earnings are terrible. And you talk to the investment team and they'll say, oh, well, I talk to the management team and they said, XYZ, it's fine.

Don't worry about it. And you'd be like, what are you talking about? Like, this is a disaster. I remember one friend who had a pretty big position in a pretty big tech company. And the tech company came in. And the big worry with this company was always, hey, the management team, their capital allocation is terrible and the fact they always overspend on acquisition. And this is on Tuesday.

Him and I talked Monday. And the stock was kind of getting weak. He had the management team come in, and it wasn't weak on like any MNPR rumors or anything, but the stock was weak. And he was getting ready to double his position. And he had the management team come in and talk to them. And they were like, look, we are laser focused on capital allocation. We are absolutely laser focused. Do not worry.

We're not going to do a big acquisition. We're not going to do a bad acquisition. Like, we've gotten the memo. We know our last 10 acquisitions. We've spent a billion dollars each and we've written off 500 million on each of them. But don't worry. Like those days are behind us. We're ready.

Like, we see the vision. we're here. And he said they came out and this was at like noon. They had that meeting. The management team said that and he told his trader like, okay, let's, you know, we're going to double our position over the next five days and they started buying chairs. And the market closed that day. And at 401, the company came out with like the biggest and worst acquisition they'd ever done. And he called the management team. He's like, what the hell? Like I've known you guys for three years. You guys literally came in my office and lied to me just now. And they were kind of like, hey, man, like we, A, we didn't lie. Like we said we're not going to do any.

big, bad acquisitions. We think this is a great acquisition, but what would you like us to do? Right? Like, we can't give you MNPI. We can't say, hey, actually, we're going to go buy this company, right? Like, it's obviously market moving. But I just think about that example all the time because, you know, you form these relationships with managers and it's tough. You hope they're good relationships, but the management teams, they can't give you MNPI. You know, a lot of times when I've had a management team and they've said something and then maybe the opposite it's happened or something bad's happened, I'll go back and I'll think about it. And I'll realize, like, it wasn't the management team telling me something.

It was the management team kind of nodding their head and saying, of course, we'll consider that when I was presenting a lot of opportunities. If you listen to this podcast, you know, I can talk and ramble a lot. So maybe I'll be like, you guys, like, you need to buy back shares. You need to do this. You need to do these ass. And they'll be like, yes, of course. Of course.

That all makes sense. But they're not actually confirming or they're just kind of going along with them saying. So it's tough. But I guess, you know, it gets more tough. as you build these relationships with management teams because as much as you'd like to think we're friends, like a management team, again, go back to my friend who had

that group lots to them, they will stab you in the back with a knife and maybe they'll pitch it to you, you know, everybody rationalizes. We didn't think we were stabbing you back in the knife. We thought we were creating huge value for all our shareholders, so we're doing this. And yeah, I think about that all the time. And again, as it relates to

due diligence, like, the more you like a manager and the more you trust them on a personal level, hopefully you're right. Hopefully it works out great, but the more likely you are to kind of get stabbed in the back or the more like, you know, you're just, you're just kind of more at risk. So it's tough. Again, I talk to investors and a lot of times the way investors kind of have big investments go against them is they'll have a great relationship with management team and the stock

will keep going down and they'll be like, don't worry, I talk to the management team. Things are turning around. They've got a great handle on it and turns out things aren't turning around. They don't have a great handle on it. And again, that might not even be lying. It might be the management team actually thinks they've got a great handle on it. And, you know, there are some businesses that just, if you're selling horse buggies and cars come along, like the horse buggy business is probably going to be pretty tough. So sometimes it doesn't work.

You know, I think there were some great executives over at some tech companies that got displaced by Google or that got displaced by an Apple. Like, I'm sure there were. So stuff. Anyway, I have been rambling for a lot. Those are my three rambles. Look, I might, I wasn't playing an understanding. doing one this weekend. I was probably planning to do one like two weeks from now to stick to my schedule. I might come back with another two weeks from now or I might not do another rambling until

September. We'll see how it goes. But this has been a, you know, between the markets, the due diligence. I had a lot of stuff. I really enjoyed doing these. I had a lot of stuff I wanted to get off my chest and chat about. So I thought to get out there. As always, you can reach out to me. I'm very easy to get a hold of Twitter, the blog, wherever you want. If there's anything, you want to swap thoughts, Anything you want me to ramble on in the future, reach out, but really appreciate you listening and looking forward to talk to you guys next month. And Logan, looking forward to burgers later. This episode is brought to you by Teegis, the future of investment research.

Look, if you've been reading my newsletters, you know how often I rely on Teague's for my research. I probably read one or two expert calls a day, you know, probably average seven a week off of Teagueis. They've got the largest transcript library in the world with over 75% of the private market transcripts. Whether you're curious about AI, biotech, or any niche market, TIGAS has the insights you need. What sets TIGUS apart is its all-in-one-one-pack platform. It's packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegas, everything is right

at your fingertips. The best part? The insights you get are from the very people-shaping the industries you're interested in. You'll find perspective from insiders and executives that you can't it anywhere else. To see Teegas in action and understand why it's one of my go-to resources, visit tegis.com slash value. That's T-E-G-U-S dot com slash value. Trust me, once you try Tegas, you'll never look back. A quick disclaimer. Nothing on this podcast should be considered an investment advice. Guests or the hosts may have positions in any of the stocks mentioned during this podcast. Please do your own work and consult a financial advisor. Thanks.