Palantir [Stock Geekout Ep 2 – 8 May 2021]

So join us as we take on different positions to explore this company beyond the news cycle and sensationalization. For reference sake, this episode was recorded on 8th of May 2021 and released early to our community members. Our discussion today is solely for education and entertainment purposes only. It does not serve as any form of advice or recommendation. Thank you for loving what we do and empowering us financially to do more for you. So Coconuts, let’s geekout.

The company for today is an extremely popular company, popular in the news cycle. A lot of people have been talking about it and even within our community, people are asking about the company. The company is Palantir, founded by this a little bit crazy guy…. at least, at least I feel it’s a little bit crazy.

So today, Chris is with us today to talk about Palantir and I want to hear about your thoughts about this company. Where do you see this thing? What did they actually do? Maybe you can share with us a little bit more about it. 

Chris: Sure, thanks. So first of all, the big picture is the idea of when I do my monthly stock case study, the idea is really as you have mentioned, to dive into the fundamentals and really to teach and to share. So it’s definitely not a stock recommendation. 

Reggie: Important, must put it out there. 

Chris: Yes, yes. Very important. So Palantir is a very interesting company and it’s been in the news lately. I think Cathie Wood have been into it also if I’m not wrong, and is a company that we think that it’s new and it’s fast growing, but did you know that Palantir has been around since 2003?

Reggie: It’s like older than Facebook. It’s pre-Facebook. 

Chris: Yeah, it’s been around for about 18 years now and the idea is really… their focus is on providing companies, not our small companies or even medium-sized, is to provide companies with more than $500 million in annual revenue, solutions to manage large disparate data to gain insight and drive operational outcomes. So I’m sure you you would agree that into this age, it’s not about the lack of information, is that there’s too much information, right? 

Reggie: Yes, it’s just too many. I can’t keep up. 

Chris: Yes, it’s just too many information out there and Palantir is a company that is providing solution on how to make use of this information better. So in 2008 and around the time of the financial crisis, 2008, they released their software focusing on providing solutions for government intelligence and defense sectors. The software is called Gotham, like the Batman Gotham. 

Reggie: Just based on naming, you can know how eccentric the founder is. We will go into that later.

Chris: Yeah, definitely. So it’s very, very interesting. Then 8 years later, they came up with another software, also focusing on the same mission on how to make use of all this data. But it’s called Foundry. Foundry… the goal is to become the data operating system for companies and industries. So far we’ve understood that Palantir has two main focus now: Gotham, founded in 2008 for governments, Foundry, founded in 2016, which is mainly for commercial customers. 

Reggie: Yeah. Big company. 

Chris: Yep. As for its IPO, they have about 135 customers with revenue roughly split between commercial and government customers. Can you take a guess? Which revenue growth is faster now? Is it from the government Gotham, or from the commercial Foundry? 

Reggie: I definitely think its the commercial side. There are only so many governments and I think they’re really in a lot of them. 

Chris: Yup. So there are indeed only so many governments. 

Reggie: Yeah, and so many government that requires something like that at this point in time.

Chris: Yes, and did you also know that in 2020, Palantir said that they helped 10 national governments to respond to Covid-19. So that shows another application for Palantir’s use cases for its softwares. So you’re right. The commercial side is indeed growing much faster because really, the idea for Foundry is for them to be… this is their goal, for them to be the data operating system for companies and industries. 

Reggie: Yeah. Can you give us a little bit of context as to what is the current situation with a lot of these big enterprises? How are they managing their data and what kind of software arrangements are they having? Why would they need a platform like Foundry in that sense? 

Chris: Yeah. So I think a lot of these companies are still managing their data. I’m not sure exactly how are they managing their data in all the companies, but overall I think companies are usually managing the data in-house. Maybe using a more traditional system, systems that require traditional updates. When you need to update it, you go and update it… as compared to what Palantir is providing, which is a continuously updated system and a system where it is even suitable for mission critical information regarding national security. They call it the Level Five system. 

Reggie: Level Five, Gotham, Foundry. We are seeing a theme here. How do you call these things? 

Chris: This system helps them to continuously update their information without having downtime and they can even deliver platform upgrades without human intervention, regardless of the environment. This system is called Apollo.

So i think how it’s different than the traditional way of how these entities manage their information is that for Palantir, in terms of the upgrades, in terms of the platform upgrades, they don’t have any user downtime. This system of upgrading called Apollo, which is behind Gotham and Foundry, it is even configured to decide what to upgrade, when to do it and how to do it. It is built to be able to work in an environment that traditional software as a service company finds it hard to work at. 

Reggie: Yes, yes, and I want to add on that in a sense that I have… did a short stint in the enterprise software space and my experience is enterprise software is a rag tag patchwork. It’s like a… 

Chris: What do you mean? 

Reggie: A company comes to you and they have a certain problem that they’re trying to solve or they’re trying to build some sort of enterprise software. Then they gives you a list. So there’ll be all these kind of enterprise software advisor or advisory companies and they will go and visit… what are the problems. “Oh you got a problem ABCDEFG. Maybe you want to automate your paperwork. You want to have an e-signatory. You want to attach your POS (Point of Sale) to a frontline, back-end, direct email push… multiple features that you want to have. So that will be all your feature lists, all the problems that you want to solve. 

What happens is these advisory companies will then go and find solutions of there that are already available and then they will buy all these solutions and whatever that’s not available, they will hard code it, or they will outsource to hard code it. So it becomes like a Frankenstein enterprise ecosystem at the back. There’s a lot of patchwork that’s going on and they don’t work with each other, the different parts of the softwares. They are not built by one platform. So they are everywhere in that sense. 

It makes it extremely hard for the company to have their data really sync up in a way that can give them more insights and with more ease, because everybody wants to guard their own side of the software. 

Chris: Exactly. 

Reggie: And also like what you just said, it’s about the update downtime. Apolo allows… somehow, I don’t know how they do it, but they allow you to… yeah. These are amazing. So they allow you to constantly have updates without really updating, whereas in a traditional enterprise software arrangement, you have to go in and have downtime and just to transit from one enterprise software setup to another one, it can take six months, it can take five years. It’s crazy. But these guys are… you know, I don’t know how they do it, but yes. 

Chris: Yeah. I think this is a sign of a potential… a competitive advantage and a potential differentiation that might be able to separate Palantir as compared to other companies that are also in this market because of this ability in terms of the security and the execution, and also there’s a fundamental need to manage data. 

For example, one of the US commercial customers is PGNE (Pacific Gas and Electric Company). PGNE is a utility company. They collect 8 to 10 billion data points every day and these 8 to 10 billion data points every day, Palantir is helping to manage that in order to enhance their safety and grid reliability. 

Reggie: The California guys. 

Chris: Yes, yes. 

Reggie: Electrical problems.

Chris: Yeah, exactly. You might have seen PGNE quite recently in the news. 

Reggie: Yeah a lot of news. 

Chris: So I think there’s a real need for what Palantir is doing and I think it’s interesting to see what they will do in the future. 

Reggie: Yeah, definitely. Definitely. But are we on the grounds that they are solving a real problem and they are quite revolutionary, but both of us as investors and not experts in the field, don’t actually know what goes into that thing?

Chris: What goes into that thing? You mean the software. 

Reggie: Like the software itself. You know what I mean? It’s kinda like investing in, let’s say Blackberry QNX ecosystem. You know it’s very secure… industry standards, they are meeting it and they are getting a lot of adopters, but you don’t exactly know what it is. You know what I’m saying? 

Chris: Yeah, I know what you are saying. I think security is a very important aspect for Palantir because if they are not secure, the US government will not want to engage them and give them so many projects. In fact, I think their security is really one of the areas that they’re focusing on because they are also working towards to become the first software as a service company in what they call DoD (Department of Defense) Impact Level 6 for classified secret national security systems and basically…. 

Reggie: Bro you gotta speak human. 

Chris: Okay, so basically, if you are in Dropbox and Google Drive, these clouds are what we call… normally it’s called the public cloud domain where it’s not as secured as in the private cloud domain. Or if you have a hard disk and you put in all your data in the hard disk, it is definitely more secure than you put it in the cloud. 

What Palantir is doing with this Apollo cloud is that this cloud are separate from the public domain. So I think it’s not like they are having a black box where we don’t know what they’re doing. We know roughly what they’re doing, but of course we don’t know how they are doing it.

Reggie: Yes. 

Chris: It’s a company that really still have a lot of founders’ control. I think their founders still have nearly 50% of the total voting power.

Reggie: Why is it important to you? Why is it important that the founder must have control, specifically for a company like that?

Chris: You look at Berkshire Hathaway. Even though Warren Buffett don’t have 50%, he has a substantial voting power. Then you look at Grab. Anthony, the CEO, even though he has very little shares, but he will have the majority voting power. It’s important for some companies to have that. Even Facebook, right? Mark Zuckerberg has lots of voting power. 

It’s important so that if you believe in the CEO and if your belief in his execution, past execution, then it’s a very good thing. Because it will allow the company to be more nimble, flexible and execute better instead of… if the CEO don’t have much power, then they’ll have to negotiate with the boards here and there and things will definitely move slower and it will not be as stable in my view. 

Reggie: Okay, cool. 

Chris: Palantir founders and companies… they know that what they’re doing is a business in which they need to be aligned with a vision to support Western liberal democracy and strategic alliance. I read this in… 

Reggie: Wow, political guys yeah?

Chris: Yeah. I read this in a website or from one of their reports and I mean, if you think about it, it makes sense, right? Because there are so many business with the US gonverment. They cannot suddenly do something that goes against the interest of their customers. 

Reggie: Which also means that they have no intention of working with China.

Chris: I think not at all, not at all. Yeah. A hundred percent no, because it’s basically against their company’s vision and it’s against what they do fundamentally. 

Reggie: Yeah, yeah. Fair. So who are these founders? You want to introduce us a little bit to the founders? They sound like some crazy guys.

Chris: The CEO of the company is called Alexander Karp. He co-founded Palantir with Stephen Cohen. Stephen Cohen is now the company president and secretary, while the chairman for Palantir since 2003 is this famous guy, I think you’ll know him. Have you heard of Peter Thiel? 

Reggie: Oh yeah. I know, I know. My friend. 

Chris: Yes. 

Reggie: He’s everywhere. 

Chris: Yeah, he’s everywhere. He’s one of the early investors, the first outside investor of Facebook… basically quite an astute investor. So these three are the guys that is more or less running Palantir. So far, I think for the past 18 years, I think they’ve done okay. But if you look at it even right now, their metrics, I compared it to competitors whom I view as competitors like Tyler Technologies, Everbridge, JFrog, SolarWinds, these kinds of companies… even when comparing to these kind of companies, I think Palantir’s metrics, numbers, quantitative aspects, are really still not in… what I’ll say optimal position because their earnings seems to be still negative. 

Of course, if you look at their return on equities, it’s also very horrible. As of the latest data that I got, it’s around -334.5%. I think this was their latest annual report data, now might have been better. I haven’t checked on that. But as you can see, it’s a company with high gross margins, 65.02% of gross margins, which is really high. But again, if you look at its net profit margins, it’s very bad, -126.01%.

Reggie: Where’s the money going then? If the margins are so high, that means they are making money. But then where are they spending it? 

Chris: Yeah, I think they’re spending it a lot on operating expenses. Because if you look at their operating expenses to revenue, it’s 126.7%, which means that they are spending more in terms of operating expenses as compared to revenue.

Reggie: Yeah. For every dollar, they are spending $1.23 in that sense. 

Chris: Exactly, on maybe manpower, marketing and things like that. But I think they are investing in the future because their revenue growth is really high. When we look at companies like these, one of the thing that we must try to understand is that are they in any danger of going bankrupt because they are burning so much cash, right?

So one of the things that I like to look at is do they have enough cash to pay off all of its long-term debt? For Palantir, they have about… from the latest annual data that I’ve got, they have about 10.16 times as many cash as its long-term debt. 

Reggie: That’s a lot of cash sitting around. 

Chris: Yeah, that’s a lot of cash so they’re in no danger of going bankrupt any time soon because for every $1 of long-term debt, they have $10.16 of cash. 

Reggie: Nice. Why do you put these guys as their competitors… like SolarWinds, JFrog? If Palantir was so interesting and so sexy, so revolutionary, why does the company have all these competitors? 

Chris: Well, it might be a bias if someone loves Palantir so much that they would say that there’s no competitors. Because if you look at it from a second level point of view, confirm got competitors. It’s just… is it very direct or is it currently indirect? [indiscernible] really potential competitors because they are like the same kind of resources and skill sets.

I mean, SolarWinds is already a provider of IT and infrastructure management. For SolarWinds, they do provide network management, system management, database management and they generate majority of its revenue from the US. SolarWinds… I think was recently hacked as well if you remember, I think few months back. 

Reggie: Oh my god, yeah. And that’s a very big no no with enterprise software companies. 

Chris: Exactly. 

Reggie: Yeah. The moment you are hacked, it’s like “oh bye, you’re not good enough.” 

Chris: Exactly. If Palantir is hacked… trust me, the share will tank like there’s no tomorrow, because as we said just now, they’re focused on security, right? They’re focused on really having a good security system because they’re managing all this sensitive data, especially for government and also even for companies, but especially for governments. So yeah. Even SolarWinds is still a potential competitor because they do have all these resources already. 

JFrog, on the other hand, they provide end to end hybrid universal platform to achieve continuous software release management, which means that it also have the resource to continuously deliver software updates across system. And also, they have majority of their revenue from the US and it’s basically a company that’s still in a similar industry as Palantir. JFrog can also continuously deliver software updates, like what we talked about just now with Apollo. So if you think about it, it’s not unique just to Palantir. JFrog also can do it.

Everbridge Inc is a software company that also provides software applications and help organizations to respond to critical issues to keep people safe and businesses running. It mentioned during public safety threats like active shooter situations or terrorist attacks, they have software as a service platform to help its customers to aggregate and assess threat data, locate people at risk and let the responders know on how to assist them and to automate the execution. So if you look at, this is also something that… quite the same as what Palantir is doing, right? 

Reggie: Yes.

Chris: So that’s Everbridge. The last one, I also compared it to Tyler Technologies… that is, I would say the more mature one out of the rest. The margins are not so high, but the EPS (Earnings Per Share) has been growing consistently and it’s a more predictable kind of company, I guess? Because it also provides a full suite of software solution and services that addresses the needs of cities, counties, schools, courts, and other local government entities.

This is also a company that provides for government, so also roughly around the same target market as Palantir and definitely a potential threat. So if you look at all these, then we naturally link towards the kind of the relativity in terms of these valuations. If you look at the relativity in terms of valuation, It’s hard to know if a company is… if it’s negative earnings, we cannot use price to earnings ratio and if it’s negative free cash flow, it can be quite subjective if we use a discounted cash flow. 

Reggie: I think it’s still very early to observe any kind of profitability in terms of the DCF (Discounted Cash Flow) structure, the DCF valuation method. 

Chris: Exactly. 

Reggie: So you will have a lot of assumptions, which makes you a bit weird in terms of how reliable your valuation process is.

Chris: Exactly, exactly. For this kind of companies, normally people look at maybe price to sales or maybe enterprise value to revenue. So what I like to look at for this case is perhaps enterprise value to revenue. Why enterprise value to revenue and not price to sales or price to revenues? Because when we look at the enterprise value, we are looking at the total value of the company, including debt. So if you look at just the price, it’s not a good comparison if you compare all these companies with different companies. Some have more debt, some have more equity. 

For these five companies, SolarWinds have a debt to equity ratio of about 0.6 while Everbridge have a debt to equity ratio of 1.75, while Tyler has no long-term debt, zero. It’s a bit like… the debt to equity ratio range is a bit high. So enterprise value is most suitable because you’re looking at the company from the total value, from its debt and also from its equity. So can you guess who has the highest EV (Enterprise Value) to revenue. 

Reggie: I’m expecting Palantir by now? Based on what you are saying, confirm must be this guy.

Chris: Yeah, exactly. Palantir, based on May 2nd, its EV to revenue is at about 38.95. So it has about close to 39 times its revenue, followed by JFrog at 28.43, Everbridge at 18.31, Tyler at 14.57 and the lowest is the company that was recently hacked, SolarWinds at 6.726. 

Reggie: Essentially, the denominator of evaluation that you’re evaluating with is revenue. Are we seeing top line revenue grow really fast for Palantir? Is it outgrowing the other guys?

Chris: I would say that it’s likely yes and usually this kind of revenue growth will be kind of linked to the premium that you can see in the market in terms of the price to sales and in terms of the EV to revenue.

In 2020, their evenue grew by 47%. That’s very high and of course it’s still in a high growth stage. Right now, I think if you look at the details, Palantir’s growth in terms of its commercial US customers, it increased by 107% in terms of revenue in 2020. 

Reggie: Wow, that’s crazy. 

Chris: Yeah. [indiscernible] it’s coming from a lower base, but I think investing is all about margin of safety and I think there are some risk to these in terms of potentially rising interest rates in the future which will make all these growth companies… valuations will likely be more frothy. Because with higher interest rate, there’s higher discount rate and the valuation for this growth company will naturally be lower.

Reggie: Okay, okay. Let us dig a little bit deeper into the reason behind the growth. Why is it growing so fast? Are we seeing a lot of marketing going into it or are we seeing products superiority, so that’s why there’s fast adoption? What is going on in your view?

Chris: Yeah, I think I would say it’s a combination of factors in my view. First of all, as I’ve shared just now, they spend more in terms of operating expense than their revenue. So if you pump something and then you pump even more than your revenue for your operating means you really want to grow, right? There’s that factor, and of course I think in terms of the commercial side of the business, of course they are targeting a minimum $500 million in revenue kind of companies. 

But I think they have barely touched the surface. If I’m not wrong, I’ve read somewhere that they’ve only gotten about 20+ of these customers where potentially there are like 300 of these customers. So the total market size is definitely huge and I think in terms of what they have is potentially scalable because if you think about it, normally these consulting firms, when they do this kind of enterprise system, they do it on a custom basis so it’s quite costly. 

But for Palantir, you either use Gotham for government or Foundry for commercial, and then they basically use this same system but to different kinds of businesses. So potentially, it is a much more scalable than the normal kind of consulting firms.

Reggie: Okay. That’s interesting. Are they too young to have some moats? Where are they on this… moats kind of thing in your view? 

Chris: Yeah, so I think that’s a very good question. I think they do have some signs of potential moat in terms of its branding. Because if you have something that’s secure and something that the US government use a lot, your brand will be viewed more favourably, right? 

Reggie: Especially in this space, yes. 

Chris: Yeah, especially in this space. There might be some moat also in terms of the switching costs. Once you are signed in contract of one year, three years, five years, you already use their platform. If you want to switch all your data out, might be harder. 

Reggie: Very hard, very hard. It’s not like small operations like ours, 5-6 men team. If we want to change some sort of software, just change lor. I’m sure for a lot of people that were in the big companies, they know that when companies decide to change these kinds of systems, it’s going to be like long long effort to that. Very high cost of switching. 

Chris: Yah, so could potentially be high cost for switching and also there might be some… I don’t know, in the future. Right now, they’re spending a lot for the operating expenses, but once they got all these customers, there could be some like economies of scale and because they are using either Gotham or Foundry with the backend being Apollo. There might be some savings there and it could all translate potentially to free cash flow and a bottom line. 

But of course it’s still in the early stage and we are like “oh, I know this is such a good company”, but we don’t know what will happen. The certainty factor I would say is not that strong, I would say. I wouldn’t say that is something that is as certain as maybe like Coca Cola or maybe like Costco. And also, if you think about it, this is a company that has customers that spend millions, right? So it’s not a company that have thousands or tens of thousands, or even hundreds and hundreds of customers. Palantir is a company where they don’t have much customers, but each customers is like $5 million, $10 million. So there might be some potential customer concentration risk in the future. So that could be something to think about. 

Reggie: They are in the apex of software, essentially. So only a bunch of people can afford something like that. So yeah, concentration risk is a very real thing. Yeah, that’s true. I think that’s kinda what we understand, right? It’s not all about the sexy news and the media circuit… some of these things make it sound like they’re the only one. That’s what marketing is about and when you really get down, actually they have competitors and there are all these other software guys that are also trying to play this game and maybe it’s interesting to see what are the other stuff, right?

Chris: Yeah, because investing is not that simple. I think in the recent Berkshire Hathaway annual general meeting, Warren talk about like the fact that… hey, there’s more to investing than “oh, this is a sexy name” or “this is the future of this industry”, because even though the industry has a certain… like maybe 5G is the future or Internet of Things, but it can be hard to predict exactly which specific company will reap most of the rewards from this emerging market. We need to look deeper and understand the company more before we invest. 

Reggie: Okay. So what are some of the headwinds and tailwinds you see in this sector of enterprise software where Palantir is playing in? 

Chris: You know, digitalization is going to be a long-term tailwind and there will definitely be more data moving into the cloud, especially with the convergence between what we normally know as something that we do offline are starting to all go online. There’ll be more data online. 

Reggie: Yeah, there will be no more NTUC queue, just saying. Everybody’s going to buy online. 

Chris: Exactly. You know, supermarkets and then… also going to the doctor. Now, there’s telehealth. If it’s not urgent, you can just do it through teleconference, through video calls. Maybe for your diabetic management or things like that, you can potentially use a software to track it. The whole point is that more data are going up into the cloud and Palantir knows that. There are big datas and the idea is really about how to manage those data, to come up with some sort of actionable things that companies or governments can do. So I think the tailwind into the future is very strong because Covid-19 has really accelerated the move to digitalization for all industries. 

Reggie: Yeah. Look at what we are doing, right? 

Chris: Exactly. 

Reggie: Remotely recording this. 

Chris: Exactly, and it’s awesome. 

Reggie: Yeah. So all in all, I think you’ve shared a lot of good stuff. What is your outlook for this company in terms of… what do you think is the best case that can happen to them? Because they’re in a really young stage, right? It’s a lot… it’s very hard to talk about their financials or do they have a lot of cash and all those kinds of things because they’re so young. Their business are not even really… young in the sense that I think they’ve spent a lot of time developing their products. 

They started in 2003. A bunch of crazy scientists developed a very rigorous product in that sense and they took a lot of time but young as a business. A product is not a business. So they’re very young as a business. So where do you think this company can go in terms of what’s the best case? What’s the worst case? What do you see? 

Chris: I think the worst case is really… right now, they are one of the top dog or the top of mind in terms of really having a secure platform that could manage data well for government and for companies. But if there’s suddenly a competitor that are also as good in terms of the security, in terms of the platform and the [indiscernible], we are just talking about as good… if it’s even better then it is even worse. Then I think their growth rate is going to slow down and the premium that the market is assuming for Palantir at an EV to revenue of maybe 30 to 40 might not be relevant anymore if the company’s growth slows down and then the stock price will naturally crash. 

But of course the bull case is that if they can continue the high revenue growth rate for Gotham and Foundry for years to come, then their premium in the market as compared to competitors might be more justified and if that’s the case, then perhaps as they grow consistently, the market will naturally… in terms of the price would likely adjust to it as well in terms of price appreciation. But of course, there’s the bull case..

Reggie: Clearly, I’m not sensing a bull here. 

Chris: I think for any companies in the market, we have to try to approach it with a balance of mind and what we call it equanimity. But ultimately, whatever happens, my principle is margin of safety. So we try to be as rational as we can and we try to be as business-like as we can. Even though it’s a great company, we try to put in some safety net just in case we are wrong.

Reggie: Yes, yes yes. I love it… because exactly for companies at this stage where they are super early and it’s very growth… not super early in a sense that they are a startup. They’re not, but they’re very early in the broader business environment and in such a stage, a lot of things can happen and we want to essentially price in a lot of safety if we are investing in something like that. But yeah. Cathie Wood is in it, but it doesn’t matter, doesn’t matter. Don’t just follow the girl. 

Chris: Yeah, yeah. Don’t just follow because investing is a very personal endeavour because only if we understand what we are investing, then we can sleep well at night and grow with it over the long run. 

Reggie: Cool. I know you are very big on that. So yeah, I think we’ve covered a lot of things about Palantir from the model, what they’re trying to do, what is their current valuation, who are their competitors? That’s great. Is there any other thing you want to add for us today?

Chris: Yeah. In conclusion, Palantir is a company that in my view have shown a certain kind of competitive advantage in terms of its execution, in terms of security, in terms of having the kind of platform and software that is applicable in terms of the use cases for not only government entities, but also commercial companies like PGNE. Seems their founders and their management has a good grip on the company and likely they do have a certain idea on how the company will grow into the future. 

But I would say that the valuation does not offer huge margin of safety. But definitely, it’s a company that I’m watching very closely and if the price is attractive enough, I might consider to initiate a position in it. 

Reggie: Nice. Love it, love it. Yeah, and let’s continue to have more discussions about margin of safety in another podcast. 

Chris: Yes, awesome. 

Reggie: Thank you. Thank you, Chris. Love it. See ya. 

Chris: You are welcome. Thanks.

Reggie: So I hope you learnt something useful today, and definitely recognize that investing is a personal decision. We are not giving you any recommendations here but are always happy to geek out with you about different, interesting companies and trends for the future. This series definitely has a lot more depth and terms.

So head over to TFC Stock Geekout under the topics taps on the members backend to have a great discussion about this company. Share your opinions, disagree, debate an idea to strengthen your investment thesis and become a better investor on this journey with us. If you have any other interesting companies you would love us to share, drop ideas under feedback and suggestion and the topics tab or through our socials. Meanwhile, remember to stay invested.