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[SPEAKER_02]: On radio, on YouTube, streaming live on investtalk.com and for our podcast subscribers, this is Invest Talk.

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[SPEAKER_02]: Independent Thinking, shared success.

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[SPEAKER_02]: Invest Talk is made possible by KPP Financial, a registered investment advisor firm serving clients throughout the United States.

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[SPEAKER_02]: Here is KPP Financial Portfolio Manager, Luke Guerrero.

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[SPEAKER_01]: new fellow investors and welcome to the Friday April 24th, 2026 edition of Invest Talk.

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[SPEAKER_01]: Now we made it through yet another week, hopefully you have a relaxing weekend planned.

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[SPEAKER_01]: but we're not quite there yet.

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[SPEAKER_01]: We still have some work to do.

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[SPEAKER_01]: And speaking of work to do, speaking of learning, it is time once again for one of our most popular special events, another in Vestalk Wellve webinar.

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[SPEAKER_01]: As always, it'll be happening online.

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[SPEAKER_01]: This particular one on May 6th at 1 PM Pacific time.

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[SPEAKER_01]: So it's less than two weeks away.

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[SPEAKER_01]: It is as always free, and we will focus on the topic.

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[SPEAKER_01]: Think a lot of people are dealing with right now and have been dealing with for some time.

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[SPEAKER_01]: That topic is inflation.

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[SPEAKER_01]: How to protect your portfolio from inflation, where to allocate what to overweight and how to find value will discuss all those things, as well as answer your live questions.

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[SPEAKER_01]: So, if you want to be one of the attendees, mark your calendar for Wednesday, May 6th, at 1pm, register now at investtalk.com.

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[SPEAKER_01]: Now, just a bit, we'll talk about today's market performance and run down those show topics.

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[SPEAKER_01]: But let's dive right in and tackle our first caller question now.

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[SPEAKER_07]: Hey, guys.

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[SPEAKER_07]: Previously, I had heard about from the show.

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[SPEAKER_07]: Somebody called asking about ADP, the peeral company.

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[SPEAKER_07]: What I'm curious to know about is this a similar situation with Intuit, because I into you, is it going to be a similar situation

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[SPEAKER_07]: AI is going to affect them a lot, especially for example, into it that being said it's been in a downtrend coming down from $800 to now, lingering at $4.00.

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[SPEAKER_07]: What is your thought on this company from strictly a long-term purposes?

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[SPEAKER_07]: Thank you.

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[SPEAKER_07]: I'll be listening to the show.

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[SPEAKER_01]: Well, into it, to your I&TU is the Northern California-based FinTech platform, best known for TurboTax, QuickBooks, MailChimp, and into it enterprise suite as well.

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[SPEAKER_01]: This caller mentioned it's been on quite a downtrend at one point trading near or above $800 per share.

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[SPEAKER_01]: Now, trading at $395 per share down $40.23 per cent year to date down 35.6% over the past 52 weeks.

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[SPEAKER_01]: Now, there was reason quarterly revenue.

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[SPEAKER_01]: It was solid at beat by 2.3%, there was 17% year over year growth in revenue, earnings per share, beat by 34%, came in at 4.15 versus an estimate of $3.10.

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[SPEAKER_01]: They repurchased nearly a billion dollars worth of stock in Q2, it's the 15th consecutive year of dividend growth.

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[SPEAKER_01]: They have $3 billion of cash.

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[SPEAKER_01]: And for a company that is fairly large, about $100 billion, they have very little debt just over $6 billion.

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[SPEAKER_01]: In terms of revenue guidance, they guided to 12 to 13% growth, guided gap operating income growth to 17 to 19%.

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[SPEAKER_01]: Fundamentally, there's really nothing wrong with this company.

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[SPEAKER_01]: In fact, the IRS even permanently,

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[SPEAKER_01]: You know, got rid of their direct file taxes, and which is a direct competitor to turbo taxes, consumer segment.

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[SPEAKER_01]: Yet, nonetheless, into it is now testing a historical price support zone.

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[SPEAKER_01]: So what's going on here?

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[SPEAKER_01]: Well, again, fundamentally, there's nothing wrong.

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[SPEAKER_01]: Solid revenue growth, solid earnings beat, net margins at 21.6%, but AI agents, the fear that these large language model companies could displace, both tax prep and small business but keeping simultaneously,

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[SPEAKER_01]: has led to a lot of fear that into its core franchises are under attack right this is i'll say it once again a sell off driven by convergence of regulatory and a disruption fears not really deteriorating fundamentals so we've disconnected and this is about as wide as we've seen that disconnect in any large cap software company

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[SPEAKER_01]: And when you have this type of disconnect that is devoid from any fundamental reasoning, I'm not sure that even good earnings on May 21st could stem what has been an incredible slide that has brought it from 35, 36 times price to 4 looking earnings to 15.

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[SPEAKER_01]: I think that in the long term, people are underestimating.

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[SPEAKER_01]: The benefits of TurboTax, for example, right?

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[SPEAKER_01]: The benefit is not that they're repairing your taxes.

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[SPEAKER_01]: That's easy.

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[SPEAKER_01]: The benefit is audit defense.

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[SPEAKER_01]: The benefit is the lines of expertise in case you get audited.

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[SPEAKER_01]: That is not something that is automated away.

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[SPEAKER_01]: And so in the long run, I think a lot of these software companies that are beaten down, have been beaten down to an extent that is unjustified.

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[SPEAKER_01]: I like into it for medium to long term growth, but is it going to turn in a meaningful way in the near term?

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[SPEAKER_01]: It is at a support level, if I were to enter here, I'd be a bit cautious.

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[SPEAKER_01]: That is into its Tigger, I-N-T-U.

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[SPEAKER_01]: Thanks for the call.

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[SPEAKER_01]: As always, we got a lot to talk about over the next 45 minutes, including our main focus point, which is about prediction markets and their rise.

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[SPEAKER_01]: And how they're coming to Wall Street.

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[SPEAKER_01]: In fact, Citadel securities is reportedly exploring prediction markets as trading scales up.

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[SPEAKER_01]: Development that could fundamentally change how financial markets incorporate real world event probabilities into prices.

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[SPEAKER_01]: So we'll examine what prediction markets are, how they work, and what their mainstream adoption might mean for you.

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[SPEAKER_01]: We also have an update on the job market, and more specifically, how most Americans think it's going to get worse.

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[SPEAKER_01]: Also, touch on words from a pioneer in the quant industry, his warning about handing over trading to AI.

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[SPEAKER_01]: And should we have time at the end of the show we'll touch on industry regulators and their warning for private credit investors?

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[SPEAKER_01]: We also have some voice bank calls ready to play, some questions that came in from the comment section of the investor community YouTube channel, and hopefully some live calls throughout the show.

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[SPEAKER_01]: Head it in New Break.

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[SPEAKER_01]: It's a quick one.

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[SPEAKER_01]: Please remember you can call any time.

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[SPEAKER_01]: Leave your questions on the Invest Talk Voice Bank.

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[SPEAKER_01]: In fact, if you're listening via our live stream or on AM1220 in the Bay Area, pick up that phone and dial 888-99 chart.

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[SPEAKER_03]: Serious investors are certain to have finance and investment questions.

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[SPEAKER_03]: Wanted to get your take on WW Granger.

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[SPEAKER_03]: And the best person to ask your question in the right way is you.

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[SPEAKER_04]: I was wondering, from your standpoint, if they're a downside in buying fractional shares versus whole shares.

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[SPEAKER_03]: And 24, 7 rain or shine, Justin Klein and Luke Guerrero stand ready to provide their unbiased answers.

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[SPEAKER_00]: The issue, though, is really over the last decade or so.

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[SPEAKER_00]: It's never maintained this level of profitability for a longer time.

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[SPEAKER_01]: The modities are incredibly volatile, so when the going is good, take some profit.

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[SPEAKER_03]: Your participation makes an invest talk better.

08:41.169 --> 08:43.672
[SPEAKER_03]: My name is Mike, I'm calling him from Orange County, California.

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[SPEAKER_03]: This is Lewis, calling from Bolivia.

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[SPEAKER_03]: Let's go talk to Chris and me.

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[SPEAKER_03]: So don't forget to call, Invest Talk.

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[SPEAKER_03]: First off, great show.

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[SPEAKER_03]: I went a lot for you, too.

09:05.026 --> 09:10.935
[SPEAKER_03]: In the early days, in Vestock was Jerry Klein and Steve Peasley.

09:11.416 --> 09:16.904
[SPEAKER_03]: Now the torch has been passed and a new generation of hosts is on the job.

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[SPEAKER_03]: Justin Klein and Luke Guerrero.

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[SPEAKER_03]: So when you've got finance and investment questions, don't forget to call in Vestock.

09:27.421 --> 09:29.464
[SPEAKER_03]: 888-99-Chart.

09:32.161 --> 09:41.682
[SPEAKER_01]: U.S. stocks finished mostly higher to end the week, the S&P 500 and Nasdaq both set fresh record closes.

09:42.243 --> 09:49.680
[SPEAKER_01]: Nasdaq surge 1.6% S&P gained a tenth of a percent, Russell 2000 added 40 basis points.

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[SPEAKER_01]: The Dow finished the opposite direction, dipping about 10 basis points on the day, overall stocks ended just off of their best levels of this session.

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[SPEAKER_01]: Now, the market continues to seek to move on from the Iran conflict.

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[SPEAKER_01]: Thus far, the ceasefire is holding, and headlines today noted Pakistan may announce a resumption of talks as early as this Friday, with Iran sending a delegation and President Trump reportedly dispatching Kushner and Whitkoff to Pakistan this weekend.

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[SPEAKER_01]: crude oil fell one and a half percent on the session on the latest ceasefire headlines, though still posted a 14% gain for the week.

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[SPEAKER_01]: A reminder, the oil picture is very far from resolved.

10:34.193 --> 10:58.159
[SPEAKER_01]: The bigger story right now that was earnings and the Q1 season is delivering Intel was the latest standout rallying sharply on strong results and better guidance driven by their AI-related CPU demand, as well as their improving 18A yields, as a P came in better than feared with positive takeaways on cloud backlog growth proctor and gamble beat on volume upside and reaffirm their guidance.

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[SPEAKER_01]: And the related infrastructure built out, they have been the highest pro-filernings tailwinds reinforced today by Meta's agreement to deploy Amazon's Graviton processors at scale and Google's planned $10 billion investment in Anthropoc with up to $30 billion more potentially to follow.

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[SPEAKER_01]: Some guys were the stand-out on the day extending their street to a record 18th consecutive sessions higher, software, memory, China tech, networking, cruise lines and airlines also out performed, and video dams on led the mag 7 hospitals biotech oil majors and banks under performed.

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[SPEAKER_01]: On the legal front, U.S. Attorney Piero said she's closing the Fed Chair Powell probe, though she's turning the investigation over to the Inspector General, leaving the door open to reopen a criminal investigation later.

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[SPEAKER_01]: The final April Michigan sentiment was revised up from the preliminary reading and came in ahead of consensus, though still a record low, inflation expectations take lower on both the one and five to ten year horizons.

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[SPEAKER_01]: The bonsai treasuries were mostly firmer with both steepening, tough to talk sometimes, and yields down four to five at basis points at the front end, the dollar slip two tenths of a percent gold and silver both edged higher.

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[SPEAKER_01]: Looking ahead to next week, it is a pretty packed week, April FOMC division, decision lands on Wednesday, broadly expected to be a hold, alongside durable goods, consumer confidence, PC and ISM manufacturing, big tech earnings will also continue to roll in.

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[SPEAKER_01]: Let's shift gears back to the Invest talk voice bank for a fresh question now.

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[SPEAKER_09]: Hi, I have a question regarding the overall asset allocation,

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[SPEAKER_09]: So I know you guys are big on having a diversified balance portfolio, but seeing as a most people have the bulk of their assets in either the stock market, via 401k, and 529s, and IRAs, and etc.

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[SPEAKER_09]: Or, and or real estate, what are your thoughts on alternative assets and how much of the overall portfolio

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[SPEAKER_09]: assets outside of real estate and stock market.

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[SPEAKER_09]: So, for example, called or Bitcoin or whatever else, curious to hear your thoughts.

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[SPEAKER_09]: Thanks.

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[SPEAKER_01]: That's a great question.

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[SPEAKER_01]: You know, there is no perfect number of how much you should have allocated because everybody's situation is different.

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[SPEAKER_01]: But assets outside of equities, fixed income, real estate,

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[SPEAKER_01]: are a critical part of anybody's acid allocation.

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[SPEAKER_01]: Why?

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[SPEAKER_01]: Because returns for different asset classes are driven by different things.

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[SPEAKER_01]: You can say okay in an inflationary environment.

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[SPEAKER_01]: Maybe we have a situation where gold is going out perform.

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[SPEAKER_01]: But that's not always the case.

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[SPEAKER_01]: In energy-driven inflationary environments where rates are moving marginally higher, gold is not a good

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[SPEAKER_01]: There are certain times when equities are better hedges against inflation.

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[SPEAKER_01]: There are certain periods where equities and fixed income move in a correlated way and stagflationary environments.

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[SPEAKER_01]: And so the idea here is mixing these different asset classes that have different correlations to each other and it lowers your overall risk profile of your portfolio.

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[SPEAKER_01]: Because nobody knows.

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[SPEAKER_01]: what the future is going to look like.

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[SPEAKER_01]: Nobody knows what the best performing asset class is going to be.

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[SPEAKER_01]: And we all have ideas based on what is happening in the world of the themes that are going to drive returns going forward, but you won't can never be certain.

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[SPEAKER_01]: And so yes, having an allocation to gold, which frankly, I think having a 10% or more allocation to gold is really important in times such as this with dollar to basement with the lack of

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[SPEAKER_01]: Demain for U.S. dollar-denominated assets and what that's done for dollar assets, having an allocation, I'll be at small to cryptocurrency, having an allocation to traditional alternative investments.

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[SPEAKER_01]: The benefits of that are not just about returns, but over our risk level as well.

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[SPEAKER_01]: Great question.

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[SPEAKER_01]: Thanks for the call.

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[SPEAKER_01]: Move it into yet another break.

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[SPEAKER_01]: When we come back we'll talk about my main focus point on prediction markets, but we got plenty more to do beyond that.

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[SPEAKER_01]: We got more answers to your finance and investment questions and more topics that matter.

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[SPEAKER_01]: Why are you listening?

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[SPEAKER_01]: If you got a question, burning in your mind, pick up that vote and dial 8-8-99 chart.

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[SPEAKER_03]: You've got finance and investment questions, and Luke Rero is ready to provide his unbiased answers.

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[SPEAKER_03]: Call now or any time, 888-99 chart.

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[SPEAKER_01]: 888-99 chart is the number I hope to hear from some of you before we head off for the weekend.

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[SPEAKER_01]: But until we do, let's talk a little bit about Citadel securities, one of the most powerful trading firms in the world with 65 billion with a B assets under management, it is publicly exploring prediction markets.

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[SPEAKER_01]: President Jim S. Pazito said last week that event contracts are interesting to us, and that there's a sound industrial logic for institutional clients to use these contracts to hedge against various risks.

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[SPEAKER_01]: He said if the market ramps and scales said it will certainly consider getting involved.

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[SPEAKER_01]: And this is a landmark signal.

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[SPEAKER_01]: When a firm like Citadel starts talking about a market this way, it usually means the opportunity is real and it's not just hype.

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[SPEAKER_01]: Prediction markets let you buy and sell contracts that pay out based on whether a real-world event happens.

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[SPEAKER_01]: Contract might ask, well, the Fed cut rates by September, will oil exceed $120 by June, will there be a ceasefire in Iran by May 15th?

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[SPEAKER_01]: You buy the contract at the price that reflects the market's probability.

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[SPEAKER_01]: If you buy a yes contract at $0.40, the event happens, you get paid $1.

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[SPEAKER_01]: If it doesn't, you'll lose $0.40.

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[SPEAKER_01]: The price of this contract at any given moment,

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[SPEAKER_01]: Essentially represents the crowds' real-time probability estimate, and this is fundamentally different from traditional financial markets.

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[SPEAKER_01]: When you buy a stock, you're buying ownership in a company's future cash flows.

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[SPEAKER_01]: When you buy a prediction market contract, you're buying a binary bet on a discrete event.

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[SPEAKER_01]: There's no underlying asset, no dividend, no earnings.

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[SPEAKER_01]: The entire value comes from the outcome of the event itself.

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[SPEAKER_01]: What's changed to bring Wall Street to the table?

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[SPEAKER_01]: Infrastructure.

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[SPEAKER_01]: Until recently these markets were retail-oriented platforms with clunky settlement-limited institutional access.

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[SPEAKER_01]: And that's shifting fast.

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[SPEAKER_01]: Calshy received regulatory approval for its affiliate to operate as a future commission merchant.

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[SPEAKER_01]: That's the first step towards offering margin trading to institutional clients.

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[SPEAKER_01]: CalShe also partnered with FIS a major financial infrastructure firm to launch a post-traid clearing solution that lets institutional brokers, clear prediction market contracts through their existing back office systems.

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[SPEAKER_01]: That's the kind of plumbing that Wall Street requires before things start to scale.

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[SPEAKER_01]: And the numbers, if you dig in, they're pretty staggering.

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[SPEAKER_01]: Prediction markets generated, 51 billion in trading volume in 2025, calcium polymarket have already executed a combined 60 billion so far this year.

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[SPEAKER_01]: The highest grizzling weakened history was April 6 to 11 with 6.5 billion in volume.

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[SPEAKER_01]: Bernstein projects the sector could reach 240 billion in annual volume this year and 1 trillion.

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[SPEAKER_01]: By 2030, with an 80% compound annual growth rate over the next five years.

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[SPEAKER_01]: Bank of America, agrees.

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[SPEAKER_01]: And the regulatory picture has shifted dramatically as well.

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[SPEAKER_01]: The CFTC, which was once a legal adversary of these markets, has done a complete about face under the Trump administration.

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[SPEAKER_01]: In January, the CFTC and SEC held a joint summit on modernizing the regulatory framework.

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[SPEAKER_01]: In March, the CFTC issued staff guidance to prediction market operators and launched an advanced notice that proposed rulemaking.

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[SPEAKER_01]: But, they're still tension, with the states.

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[SPEAKER_01]: Ohio proposed a $5 million fine against Calshy alleging its sports event contracts violates state bed and loss.

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[SPEAKER_01]: Multiple states have sued the legal question, where does a derivatives contract end and a gambling bet begin?

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[SPEAKER_01]: Hasn't been settled by the Supreme Court?

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[SPEAKER_01]: Until it is, prediction markets operate in a dual reality.

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[SPEAKER_01]: Fedually legitimized by the CFTC, but resisted by state level for sports related contracts.

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[SPEAKER_01]: Now, Citadel is explicitly avoiding sports betting.

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[SPEAKER_01]: Esposita said the firm's interest is strictly an economic and political advance, interest rate decisions, regulatory outcomes, geopolitical risks.

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[SPEAKER_01]: 226 midterm elections are a near-term catalyst certainly, institutional clients, managing portfolios or billions they need tools to hedge against policy outcomes.

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[SPEAKER_01]: Now as a leading indicator for stock and commodity prices, prediction markets have already proven useful.

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[SPEAKER_01]: During the Iran crisis, polymarket ceasefire, probability contracts, moved before and alongside traditional markets.

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[SPEAKER_01]: Oil-linked perpetual futures are hyper-liquid.

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[SPEAKER_01]: So I'll volume search from 339 million to 22.5 billion in a month.

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[SPEAKER_01]: These markets aggregate real-time information with participants who have skin in the game, which often produces more accurate forecasts than polls than pundit panels, or even option implied probabilities.

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[SPEAKER_01]: Retail investors, where you can already access prediction markets through platforms like CalSheWIT, is the FTC regulated and available to US residents for non-sports contracts.

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[SPEAKER_01]: Polymarkid operates offshore and is accessible to international users.

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[SPEAKER_01]: The contracts are typically binary, you're betting on an outcome with position sizes as small as $1.

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[SPEAKER_01]: The risk straightforward.

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[SPEAKER_01]: You can lose your entire stake, but you can't lose more than that since most platforms are fully collateralized.

21:44.182 --> 21:54.136
[SPEAKER_01]: The bottom line here, prediction markets are transitioning from a crypto adjacent curiosity to a legitimate asset class that the biggest names and finance are preparing to enter.

21:54.917 --> 22:02.848
[SPEAKER_01]: CFTC's writing rules, the infrastructure being built, Citadel is circling whether you ever trade a prediction market contract yourself.

22:03.487 --> 22:11.668
[SPEAKER_01]: Understanding what these markets are pricing can give you an informational edge on geopolitical and policy events that move traditional markets.

22:12.190 --> 22:16.180
[SPEAKER_01]: The wisdom of the crowd is about to get serious financial back.

22:18.353 --> 22:33.171
[SPEAKER_01]: Today's Friday, so I want to briefly mention the newest KPP premium news letter in the Insight section we discussed, energy markets, stock idea section we mentioned a pool, products distributor, and a global auto technology company, and then portfolio management we touched on goal based investing.

22:33.732 --> 22:40.800
[SPEAKER_01]: If you're interested in want to learn more, visit investalk.com to subscribe, for all subscribers you will get your newsletter on Saturday afternoon.

22:42.772 --> 22:48.205
[SPEAKER_01]: Alright, we're headed to New Break, but still to come plenty of answers to your finance and investment questions.

22:49.207 --> 22:54.520
[SPEAKER_01]: If you're listening live right now, pick up that phone and dial 88-99 chart.

23:08.303 --> 23:13.860
[SPEAKER_03]: The more you learn about how the market works, the better your chances for success.

23:14.582 --> 23:20.440
[SPEAKER_03]: So don't forget to call, in Vestark, 888-99 chart.

23:21.179 --> 23:22.541
[SPEAKER_05]: Hey, good afternoon, Luke and Justin.

23:22.561 --> 23:24.183
[SPEAKER_05]: This is Rob calling from Las Vegas.

23:24.703 --> 23:28.508
[SPEAKER_05]: I had a question on a five materials, a ticker symbol, a MAT.

23:29.489 --> 23:31.512
[SPEAKER_05]: Like the company, I'd like to hear analysis on it.

23:31.772 --> 23:34.275
[SPEAKER_05]: Also, I back in December, I picked it up.

23:34.396 --> 23:41.044
[SPEAKER_05]: My cost basis was about 267 and a couple of weeks ago, it really ran out about 89% in one day.

23:41.311 --> 23:48.541
[SPEAKER_05]: So I placed the trailing stop for half my positions at around 360 and I kept going up higher and higher and finally executed at around 3.82.

23:50.083 --> 23:53.928
[SPEAKER_05]: My question is, a pipe material is now reaching at all time highs.

23:54.108 --> 23:57.673
[SPEAKER_05]: I just wanted to know if you can find a better entry point for me.

23:58.133 --> 24:07.265
[SPEAKER_05]: And if this is a good strategy, the trailing stop when a stock has run up in such a great amount in one day or over a course of a couple of days.

24:07.325 --> 24:09.388
[SPEAKER_05]: So I'll be listening to your answer on the podcast.

24:09.408 --> 24:10.069
[SPEAKER_05]: Thank you.

24:12.327 --> 24:19.457
[SPEAKER_01]: Take a look at applied materials ticker A-Met, which is a name that we hold for clients in one of our strategies.

24:19.898 --> 24:25.206
[SPEAKER_01]: It is a Northern California-based semi-conductor capital equipment leader.

24:25.707 --> 24:36.883
[SPEAKER_01]: What they do is they design and they sell the deposition etch metrology and advanced packaging tools that chipmakers use to manufacture every generation of semi-conductor.

24:38.298 --> 24:40.640
[SPEAKER_01]: They hit eight all-time high recently.

24:40.680 --> 24:50.050
[SPEAKER_01]: Yet again, at $417 per share, they're at 62.28% here to date, up 177% over the past 72 weeks.

24:50.611 --> 24:53.954
[SPEAKER_01]: Up 29.36% over the past three months.

24:54.095 --> 25:03.284
[SPEAKER_01]: And what's really been driving this is, well, the board raised their quarterly dividend 15%.

25:03.745 --> 25:06.988
[SPEAKER_01]: That's something that we certainly like.

25:08.116 --> 25:27.373
[SPEAKER_01]: also urge the U.S. to crack down further on chip tool sales to China, and so that export control risk remains, I would say the single biggest overhang on this name that even though it's run up a lot, there are certainly some issues as well that you cannot ignore.

25:28.838 --> 25:33.222
[SPEAKER_01]: They guided for 20% plus semi-conductor equipment growth for 2026 and 2027.

25:33.282 --> 25:33.982
[SPEAKER_01]: A.I.

25:35.063 --> 25:36.665
[SPEAKER_01]: Capac from T.S.M.C.

25:36.725 --> 25:39.307
[SPEAKER_01]: from Samsung from Intel, these hyper-scalers.

25:39.367 --> 25:44.291
[SPEAKER_01]: It is driving multi-year demand for AMATS leading-end logic.

25:45.012 --> 25:47.214
[SPEAKER_01]: They're HPM and they're advanced packaging tools.

25:47.794 --> 25:50.156
[SPEAKER_01]: And you're seeing it at record margin levels.

25:51.197 --> 25:58.423
[SPEAKER_01]: As well, I mean, return an equity sitting at 35.5% net margin sitting projected

25:59.433 --> 26:02.701
[SPEAKER_01]: But, trying to store represents 30% of the revenue.

26:02.781 --> 26:10.641
[SPEAKER_01]: So any additional export controls or Chinese retaliation, restricting tool service access they could remove.

26:11.279 --> 26:13.103
[SPEAKER_01]: revenue to the tune of $2 billion.

26:13.123 --> 26:15.588
[SPEAKER_01]: Regardless, we hold this for clients for a reason.

26:16.089 --> 26:21.761
[SPEAKER_01]: It is a best-in-class process equipment franchise attaining all-time highs on genuine AI driven demand.

26:22.382 --> 26:29.858
[SPEAKER_01]: That 20% growth-growth guide is actually credible, which is something you want, because missing guidance is certainly what drives price is lower.

26:30.960 --> 26:32.022
[SPEAKER_01]: But...

26:32.288 --> 26:35.793
[SPEAKER_01]: You are paying full price right here at a high valuation.

26:36.094 --> 26:36.514
[SPEAKER_01]: It's tough.

26:37.155 --> 26:38.017
[SPEAKER_01]: It's tough.

26:38.037 --> 26:42.283
[SPEAKER_01]: From what I gathered, it seemed like you didn't sell out of your full position, maybe, maybe you did.

26:43.545 --> 26:55.123
[SPEAKER_01]: Either way, when you know something is strong, momentum like this, but actually the fundamentals to back it up, these are the only types of names that I would think about buying into around 30 times price to forward looking earnings.

26:55.677 --> 27:04.374
[SPEAKER_01]: But reasonably speaking, I'd expect a pullback at some point back down to the 3.9400 level is probably where I'd start to try and enter a new position.

27:04.936 --> 27:07.380
[SPEAKER_01]: That is applied materials ink to your AM-80.

27:07.902 --> 27:09.966
[SPEAKER_01]: Thanks to the call.

27:09.986 --> 27:10.988
[SPEAKER_01]: Why don't we make it to an a row?

27:11.248 --> 27:12.150
[SPEAKER_08]: You're on invest talk.

27:12.417 --> 27:17.143
[SPEAKER_08]: Hello just in a loop, I'm calling today about booking holdings, ticker symbol BKNG.

27:17.383 --> 27:23.130
[SPEAKER_08]: This is another quality company I've had in my watch this for some time, and I think it would be a great ad for my portfolio long term.

27:23.350 --> 27:26.274
[SPEAKER_08]: So I like to add it while it's at the in this current range.

27:26.574 --> 27:33.362
[SPEAKER_08]: Please let me know if there are any industry and more macro economic risks, like the positive limit to implied, thank you.

27:34.658 --> 27:43.069
[SPEAKER_01]: Let's take a look at booking holdings, booking holdings is the parent company that owns several travel brands.

27:43.129 --> 27:45.833
[SPEAKER_01]: In fact, the world's largest online travel agency.

27:45.873 --> 27:50.339
[SPEAKER_01]: So they own price line, they own booking.com, they own kayak, they own open table.

27:50.899 --> 27:54.624
[SPEAKER_01]: And they operate across over 200 companies.

27:54.664 --> 27:57.448
[SPEAKER_01]: And it's been slowly transitioning away from this agency model.

27:57.468 --> 28:03.636
[SPEAKER_01]: They're wearing a higher margin, merchant payments model, via its connected trip strategy.

28:03.616 --> 28:10.907
[SPEAKER_01]: Now most recently they beat revenue by 3.9% it showed 16% growth year over year they beat earnings per share by 1.2%.

28:11.007 --> 28:21.722
[SPEAKER_01]: And the emerging model revenue grew about 27.4% year over year while connected trip transactions were up 30% year over year.

28:22.824 --> 28:32.678
[SPEAKER_01]: So their growth strategy certainly bearing

28:33.046 --> 28:43.922
[SPEAKER_01]: Down 15.85% year-to-date down about 11% over the past three months and still down over the past year down about 6.6%.

28:44.403 --> 28:52.354
[SPEAKER_01]: They did announce a hack on April 13 which did take a little hit to give them a bit of a reputational risk.

28:52.374 --> 28:56.961
[SPEAKER_01]: But the market actually didn't draw down much on that move.

28:58.105 --> 29:10.424
[SPEAKER_01]: One thing to note, actually earnings coming up, pretty soon, and anytime you have earnings within the next two weeks, it is just a bad idea to enter a position in a company while you're paying a volatility premium that kind of drifts away from the fundamentals of the company.

29:11.045 --> 29:16.933
[SPEAKER_01]: Now, this is kind of one of those boring businesses, right, it's a blue chip travel compounder.

29:16.974 --> 29:23.944
[SPEAKER_01]: They have a dominant global market share, they have massive free cash flows, both be 10 billion this year.

29:25.291 --> 29:28.736
[SPEAKER_01]: And they're trading about 20% off their peak heading into a pivotal Monday print.

29:30.178 --> 29:33.703
[SPEAKER_01]: Now the data breach, the softening consumer data.

29:33.763 --> 29:38.630
[SPEAKER_01]: Those are all a near-term watch items, but there's a lot of events coming up pretty soon.

29:39.351 --> 29:40.172
[SPEAKER_01]: FIFA World Cup.

29:41.014 --> 29:43.737
[SPEAKER_01]: People starting to plan for the Los Angeles Olympics.

29:44.378 --> 29:52.530
[SPEAKER_01]: And the shift to this new model away from the traditional agent model they had.

29:52.730 --> 29:55.975
[SPEAKER_01]: Very compelling, at 15.7 times price to four-looking earnings.

29:57.578 --> 29:58.640
[SPEAKER_01]: Seems like a lot upside to me.

29:59.822 --> 30:07.895
[SPEAKER_01]: That's booking holdings in, ticker, BK, and G. Thanks to the call.

30:07.915 --> 30:15.708
[SPEAKER_01]: Here's Friday, and January, on Fridays, we like to make some time to fit in a quick rundown of key benchmark numbers.

30:15.748 --> 30:18.332
[SPEAKER_01]: So let's talk about those right now.

30:18.903 --> 30:22.308
[SPEAKER_01]: To your treasure yield, it was at 3.78% today.

30:22.668 --> 30:24.090
[SPEAKER_01]: Two weeks ago, that number was 3.783.

30:24.110 --> 30:28.036
[SPEAKER_01]: 225 weeks back, it was 0.64.

30:28.056 --> 30:32.042
[SPEAKER_01]: 10-year was at 3.4.304 today.

30:32.543 --> 30:33.764
[SPEAKER_01]: Two weeks back, that was 4.299.

30:34.726 --> 30:37.349
[SPEAKER_01]: And 222 weeks ago, it was 1.762.

30:38.691 --> 30:43.038
[SPEAKER_01]: Gold, 4728 per ounce, $54 less than two weeks ago.

30:44.019 --> 30:46.783
[SPEAKER_01]: But higher than 38 weeks ago, when it was 3348,

30:47.860 --> 30:49.863
[SPEAKER_01]: and 217 weeks ago when it was 1806.

30:50.044 --> 30:56.834
[SPEAKER_01]: Silver today was 75.95 per ounce that is 61 cents less than two weeks ago.

30:56.855 --> 31:00.821
[SPEAKER_01]: 115 weeks ago is 2280 and 215 weeks back.

31:00.841 --> 31:01.462
[SPEAKER_01]: It was 2394.

31:01.823 --> 31:08.333
[SPEAKER_01]: Oil 94.91 per barrel $3.72 less than two weeks ago.

31:09.916 --> 31:14.261
[SPEAKER_01]: Maybe three weeks back though, is 6779 and 125 weeks back.

31:14.321 --> 31:17.164
[SPEAKER_01]: It was 7430 and 224 weeks back.

31:17.204 --> 31:18.266
[SPEAKER_01]: It was 6662.

31:19.687 --> 31:25.474
[SPEAKER_01]: National average for a gallon of regular gasoline is 405, a 10 cent decrease compared with two weeks back.

31:26.215 --> 31:30.760
[SPEAKER_01]: 151 weeks ago, though, it was 356 and 199 weeks back.

31:30.800 --> 31:31.300
[SPEAKER_01]: It was 425.

31:32.762 --> 31:38.809
[SPEAKER_01]: In California, gases averaging 588 per gallon, a three cent decrease compared with two weeks back.

31:39.413 --> 31:43.058
[SPEAKER_01]: 128 weeks ago that number was 532 and 204 weeks back.

31:43.078 --> 31:43.799
[SPEAKER_01]: That was 587.

31:45.302 --> 31:51.911
[SPEAKER_01]: For comparison, no Oklahoma gas is averaging 346 per gallon today that is $2.42 less than gas in California.

31:54.495 --> 31:55.837
[SPEAKER_01]: Gotta take a drink of water real quick.

31:55.857 --> 31:56.578
[SPEAKER_01]: Been talking a lot.

32:00.035 --> 32:05.302
[SPEAKER_01]: All right, the University of Michigan consumer sentiment and next dropped to 49.8 in April.

32:05.382 --> 32:12.571
[SPEAKER_01]: That is the lowest reading in the 70 plus years, the university has been regularly pulling American consumers.

32:13.833 --> 32:23.325
[SPEAKER_01]: Lower, then during the 2008 financial crisis, lower, then the COVID pandemic, lower than when inflation peaked after Russia invaded the Ukraine.

32:24.470 --> 32:28.418
[SPEAKER_01]: And the decline, it hit every demographic.

32:28.999 --> 32:34.169
[SPEAKER_01]: All ages, all incomes, all education levels, all political affiliations.

32:35.712 --> 32:42.765
[SPEAKER_01]: Now the ceasefire announcement helped sentiment recover slightly from the preliminary reading of 47.6, but not enough to change the story.

32:44.939 --> 32:49.029
[SPEAKER_01]: The unemployment expectation component is particularly striking.

32:49.650 --> 32:55.103
[SPEAKER_01]: 64% of respondents think unemployment will be higher a year from now, or from 61% in March.

32:55.765 --> 33:00.957
[SPEAKER_01]: Never before has that share been this high without the economy experiencing recession.

33:00.937 --> 33:07.023
[SPEAKER_01]: In June 2022, when sentiment hit what was then a record low, only 32% expected higher unemployment.

33:07.744 --> 33:15.091
[SPEAKER_01]: So the quality of the pessimism, this change, people aren't just complaining about prices anymore, they are scared about their jobs.

33:16.913 --> 33:27.163
[SPEAKER_01]: You're ahead inflation expectations jumped to 4.7 from 3.8, the largest one-month increase since the

33:28.207 --> 33:35.843
[SPEAKER_01]: That climbed to 3.5%, the highest since October 2025 and well above the 2.3 to 3% range that prevailed pre-pandemic.

33:36.885 --> 33:42.777
[SPEAKER_01]: The Fed watches these closely and rising long-term expectations makes it nearly impossible for them to justify rate cuts.

33:43.398 --> 33:44.781
[SPEAKER_01]: And so here's the paradox.

33:46.297 --> 33:48.702
[SPEAKER_01]: The heart data says the economy is nowhere close to recession.

33:49.323 --> 33:52.710
[SPEAKER_01]: Retail sales were solid in March even after adjusting for higher gas prices.

33:53.171 --> 33:57.399
[SPEAKER_01]: Jobless claims are low at 277,000 the S&P is near record highs.

33:57.880 --> 34:00.425
[SPEAKER_01]: Employers added 170,000 jobs in March.

34:00.445 --> 34:02.449
[SPEAKER_01]: The unemployment rate is 4.3%.

34:04.268 --> 34:05.991
[SPEAKER_01]: But the disconnect isn't as clean as it looks.

34:06.893 --> 34:09.798
[SPEAKER_01]: Hiring has plunged to a six year low outside the pandemic.

34:10.298 --> 34:15.487
[SPEAKER_01]: Job openings are down 350,000 from a year ago, people who are looking for work keep striking out.

34:16.088 --> 34:20.556
[SPEAKER_01]: And that color's perceptions not just for job seekers, but for everyone around them.

34:21.295 --> 34:26.681
[SPEAKER_01]: A software developer and Denver describe seeing the same people who were laid off a year ago still looking for work on LinkedIn.

34:27.082 --> 34:33.389
[SPEAKER_01]: A single mother in Ohio has a stable job that watches her adult children struggle to find anything beyond fast food or warehouse work.

34:34.170 --> 34:40.137
[SPEAKER_01]: These stories don't show up in the headline and employment rate, but they shape how people feel about the economy.

34:42.380 --> 34:44.282
[SPEAKER_01]: And the old adage rings true.

34:45.342 --> 34:50.329
[SPEAKER_01]: A functioning and good air-quote economy just means money's flowing around.

34:50.569 --> 34:52.092
[SPEAKER_01]: It doesn't mean it's flowing to you.

34:53.714 --> 34:59.062
[SPEAKER_01]: The risk is, obviously, that feelings become facts.

35:00.283 --> 35:01.886
[SPEAKER_01]: A family feeling skittish about the future.

35:02.286 --> 35:04.229
[SPEAKER_01]: They might delay buying a house or starting a business.

35:04.950 --> 35:06.432
[SPEAKER_01]: A company might pause hiring.

35:07.013 --> 35:13.442
[SPEAKER_01]: For enough people hold back those individual decisions,

35:14.654 --> 35:19.361
[SPEAKER_01]: It happened after the liberation day tariff shot, consumer pullback preceded the data deterioration.

35:21.063 --> 35:22.825
[SPEAKER_01]: But sentiment of behavior, they don't always align.

35:24.047 --> 35:31.698
[SPEAKER_01]: In June 2022, sentiment hit what was then, a record low, and consumer spending, what did it do?

35:32.479 --> 35:33.160
[SPEAKER_01]: It kept growing.

35:36.445 --> 35:40.290
[SPEAKER_01]: People kept buying, even though they said they felt terrible.

35:40.895 --> 35:48.462
[SPEAKER_01]: Now, whether that pattern repeats depends on primarily whether the labor market holds.

35:49.463 --> 35:55.689
[SPEAKER_01]: Right now, the low higher, low fire equilibrium is keeping people in their jobs, but it's not creating any new ones.

35:56.750 --> 36:08.742
[SPEAKER_01]: If that tips, if the layoffs that economists have been warning could follow the oil shock finally materialize, the sentiment data will have been the early warning, not the false alarm.

36:10.679 --> 36:10.939
[SPEAKER_01]: Exactly.

36:10.959 --> 36:15.027
[SPEAKER_01]: We got plenty of time to answer one more question from A to 8.99 chart.

36:15.648 --> 36:17.010
[SPEAKER_06]: Hi, this is Nuzel from Atlanta.

36:17.290 --> 36:17.992
[SPEAKER_06]: I love your show.

36:18.352 --> 36:22.299
[SPEAKER_06]: I have a question for you regarding this stock ticker AMD.

36:22.319 --> 36:29.832
[SPEAKER_06]: It's been on a fair for the last couple of weeks, as as so many other air-related sucks.

36:30.714 --> 36:35.522
[SPEAKER_06]: How do you see this stock moving in the next coming weeks and months?

36:35.924 --> 36:38.815
[SPEAKER_06]: will you see a resistance level and a support level?

36:39.357 --> 36:42.027
[SPEAKER_06]: Is there a good entry point worth to drop in the future?

36:42.509 --> 36:43.713
[SPEAKER_06]: I'll listen in on the podcast.

36:44.035 --> 36:44.938
[SPEAKER_06]: Thanks for your experience.

36:46.606 --> 36:58.423
[SPEAKER_01]: AMD certainly has been on a tear up 13.91% today alone up 62.41% year-to-date up 260% over the past 52 weeks.

36:59.104 --> 37:04.131
[SPEAKER_01]: It is the $497 billion semiconductor giant.

37:04.692 --> 37:13.525
[SPEAKER_01]: They do server CPUs, they do instinct AI accelerator GPUs, they compete with Nvidia for that, they do those rising consumer laptop CPUs,

37:13.505 --> 37:15.567
[SPEAKER_01]: as well as ship creation.

37:16.148 --> 37:21.133
[SPEAKER_01]: And they saw revenue grow in Q42025 by 34% year over year.

37:22.515 --> 37:24.116
[SPEAKER_01]: Beating their consensus by 6%.

37:24.477 --> 37:29.382
[SPEAKER_01]: They saw earnings per share at 153.

37:30.623 --> 37:34.507
[SPEAKER_01]: Beating the 132 estimate by 16% their data segment.

37:35.128 --> 37:37.430
[SPEAKER_01]: Data center segments, I have that 10 times fast.

37:38.391 --> 37:38.972
[SPEAKER_01]: Revenue.

37:40.150 --> 37:44.776
[SPEAKER_01]: And a record 5.4 billion, up nearly 40%, you're over year.

37:46.197 --> 37:48.821
[SPEAKER_01]: And they guided over 30% growth.

37:49.522 --> 37:51.144
[SPEAKER_01]: Non-gab growth margins at 55%.

37:54.428 --> 37:58.433
[SPEAKER_01]: Ludicrous, ludicrous numbers, net margin projected to double from 12.3 to 23.3.

37:58.733 --> 38:02.918
[SPEAKER_01]: Return on equity doubling from 7.1 to 15.9.

38:06.577 --> 38:09.502
[SPEAKER_01]: Now, why is it been doing well, particularly lately?

38:09.582 --> 38:14.611
[SPEAKER_01]: Well, I mean, the stock did shed nearly 28% from its late 2020-85 peak to early March.

38:14.631 --> 38:21.042
[SPEAKER_01]: It was pressured by China export restrictions and broad semi-anxiety, but it's recovered 37% since then.

38:21.263 --> 38:23.286
[SPEAKER_01]: April 16th, TSM C earnings.

38:23.266 --> 38:36.874
[SPEAKER_01]: 41% Q1 sales growth and 32% Q2 guidance acted as a direct demand confirmation for AMD's AI accelerator pipeline and triggered this most recent leg up then to top of that you have it intel doing well.

38:37.977 --> 38:42.085
[SPEAKER_01]: So you can understand when investors are bullish on this, they're bullish on the

38:42.672 --> 38:52.045
[SPEAKER_01]: Six gigawatt open-air GPU deployment that starts in the second half of this year of Oracle's 50,000 GPU Helios Super Cluster that's supposed to be Q3 of this year.

38:52.786 --> 38:56.230
[SPEAKER_01]: Mehta and the amount of spending they have done through AMD.

38:58.113 --> 39:05.423
[SPEAKER_01]: But just like any other chip company, you have to worry about Chinese export controls.

39:07.732 --> 39:10.798
[SPEAKER_01]: I think these are the most compelling and video alternative in AI Accelerators.

39:10.898 --> 39:21.159
[SPEAKER_01]: They have a record data center revenue, they have that 41% server CPU share, and they have credible roadmap towards GPU growth by these committed hyperscaler orders.

39:21.179 --> 39:27.753
[SPEAKER_01]: A lot of execution risk in the coming months, but either way, it's up for a reason.

39:27.773 --> 39:28.474
[SPEAKER_01]: Thanks for the call.

39:29.348 --> 39:30.050
[SPEAKER_01]: This is Vestock.

39:30.130 --> 39:30.671
[SPEAKER_01]: I'm Lou Greer.

39:30.711 --> 39:36.003
[SPEAKER_01]: We have one goal here to help you achieve your financial freedom, and our work continues after our final break.

39:36.123 --> 39:42.818
[SPEAKER_01]: So if you got that burning question on your mind, pick up that phone, dial 8 at 8, 99 chart.

39:53.969 --> 40:01.600
[SPEAKER_03]: Invest talk is here to help, and when you download the free Invest Talk podcasts, don't forget to rate and review.

40:02.301 --> 40:06.226
[SPEAKER_03]: The phone lines are open, 88899 chart.

40:09.931 --> 40:14.998
[SPEAKER_01]: Martin Lewis is not your typical AI skeptic.

40:16.328 --> 40:27.161
[SPEAKER_01]: He co-founded AHL in 1987, which is one of the pioneering quantitative hedge funds that provided computer-driven trading, and proved it could work.

40:28.783 --> 40:33.849
[SPEAKER_01]: He's now co-founder and president of aspect capital which manages nine billion dollars.

40:34.910 --> 40:45.863
[SPEAKER_01]: When someone with 40 years of experience building trading algorithms says the industry has gone too far with AI, it's worth listening.

40:46.096 --> 40:53.548
[SPEAKER_01]: He told the financial times that he won't put his name on or his company's reputation on something where he has no idea why it took these positions.

40:54.249 --> 40:56.713
[SPEAKER_01]: He needs a hypothesis he can hook his hat on.

40:57.494 --> 41:02.742
[SPEAKER_01]: If he's investing his own money, he wants to know what the model is doing and why.

41:04.425 --> 41:09.252
[SPEAKER_01]: This is a direct challenge to the approach taken by some of the biggest names in quant investing.

41:09.620 --> 41:14.349
[SPEAKER_01]: Cliff asks founder of AQR acknowledged last year that his fund is surrendering more to the machines.

41:15.090 --> 41:22.645
[SPEAKER_01]: Latching on to patterns that his researchers sometimes cannot explain, and using machine learning to decide position sizing.

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[SPEAKER_01]: Ask this admitted it's easier to justify when performance is good and certainly harder to win it isn't.

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[SPEAKER_01]: odds are, it will be a little harder to explain in a bad period, he said.

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[SPEAKER_01]: The tension here goes to the heart of how AI is being used in financial markets.

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[SPEAKER_01]: And it's relevant for every listener who owns a fund and ETF or any product managed by algorithms.

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[SPEAKER_01]: Quantitative investing has traditionally been grounded in research.

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[SPEAKER_01]: You identify a market pattern, momentum, meaner version, value, develop a hypothesis for why it exists, test it against historical data, then build a system to trade it.

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[SPEAKER_01]: The Y matters because it gives you confidence that the pattern will persist.

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[SPEAKER_01]: If you know that momentum works because of investor hurting behavior, you can assess whether the behavioral pattern is likely to continue, but machine learning flips that process.

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[SPEAKER_01]: Instead of starting with the hypothesis, you feed the model data and let it find patterns on its own.

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[SPEAKER_01]: Some of these patterns may reflect real persistent market dynamics, but others could be statistical noise.

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[SPEAKER_01]: Relationships that existed at historical data but won't repeat.

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[SPEAKER_01]: Model can't tell you which is which and neither can the researchers using it.

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[SPEAKER_01]: Luke's concern is that when you deploy these black box models at scale, managing billions of dollars of client capital, and you can't explain why the model is taking a position, you've introduced a risk that is very difficult to manage.

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[SPEAKER_01]: In a drawdown, you don't know whether the model is wrong because the market has changed or right because the market is temporarily irrational.

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[SPEAKER_01]: The distinction is everything, it determines whether you should add to a position or cut it.

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[SPEAKER_01]: The practical implication is that we're seeing the quant industry split into two camps.

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[SPEAKER_01]: One camp, the AQR camp, and a growing number of hedge funds, it's embracing AI driven trading with less human oversight, better that the superior pattern recognition of machine learning will produce better risk adjusted returns over time.

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[SPEAKER_01]: The other camp, represented by aspect in firms like it, insists that humans must remain in the loop and that every trade needs a logical foundation.

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[SPEAKER_01]: For retail investors, this matters because the funds in ETFs you own increasingly rely on algorithmic decisions.

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[SPEAKER_01]: If you're in a quant fund, it's worth understanding whether the models are explainable or black boxes.

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[SPEAKER_01]: Luke is right that the track record of unexplained AI models, in finance, is too short to know Bill perform in a genuine crisis, one with correlation breaks, historical pattern fails.

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[SPEAKER_01]: The models that survived 2008, 2020, and the tariff chaos of 2025 were built with human understandable logic.

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[SPEAKER_01]: Whether the new generation of AI driven models will pass a similar test, certainly an open question.

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[SPEAKER_01]: Now, we did emphasize that AI has enormous value in supporting research and I agree, organizing data, running tests, summarizing findings, the danger isn't using AI in investing.

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[SPEAKER_01]: It's outsourcing the thinking to AI.

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[SPEAKER_01]: You still want researchers to be thinking about what is going on in actually researching.

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[SPEAKER_01]: Rather than saying, here's some data figured out for me.

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[SPEAKER_01]: And a market where $86 billion in systematic buying can move prices in five days understanding who or what is making the decisions has never mattered more.

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[SPEAKER_01]: That does it for another week of Invest Talk, Justin and I thank you for listening and encourage you to tell your friends and family members about our free podcast downloads, which you can of course find at iTunes and Spotify while you're at it, head over to YouTube, search Invest Talk with two T's and check out our YouTube specific content, including past webinars, our deeper-focused video series, and that'll be where we're hosting our latest Invest Talk

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[SPEAKER_01]: Lastly, today's show made you think about your personal financial circumstances and you just want to have a check-up.

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[SPEAKER_01]: Just like you'd go to the doctor.

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[SPEAKER_01]: You don't want to go to the doctor when things are bad.

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[SPEAKER_01]: You want to go when things are going well and just make sure everything is okay.

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[SPEAKER_01]: If you need a second pair of eyes, head over to investalk.com and schedule a free portfolio review, just in a night talk to people just like yourselves, each and every day.

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[SPEAKER_01]: Independent Digging?

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[SPEAKER_01]: Shared Success.

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[SPEAKER_01]: This is Invest Talk.

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[SPEAKER_01]: Enjoy your weekend.

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