The U.S. stock market has proven to be one of the best ways for the average person to build long-term, lasting wealth. Over the last 10 years alone, the S&P 500 is up over 250% on a total return basis.
In the modern era, the U.S. stock market has trounced the returns earned in the housing market and it has crushed simply holding cash.
Unfortunately, a recent Gallup poll indicates that barely over half of Americans have any money invested in stocks.
At the Motley Fool, our goal is to make the world smarter, happier, and richer, and we can't think of a better way to do that than to help would-be investors get started.
That's why we're going live on our YouTube channel! Our team is going to walk investors through the checklist of items they need to do before they buy their first stock and give viewers two great starter stocks for their watch list.
A transcript will be added after the broadcast.
Chris Hill: Hey, everyone! Thanks for watching! I'm Chris Hill, coming to you from Fool Global Headquarters in Alexandria, Virginia, joined by senior analysts Jason Moser and Ron Gross. Thanks for being here, guys!
Ron Gross: Always a pleasure!
Hill: We're going to be taking your questions about all kinds of stocks. But first, we're going to be talking about one of the questions we get most often here at The Motley Fool: "How do I get started investing?" We're going to be talking about things to do to get ready to invest. The guys will each have a starter stock to recommend. And if you're looking for even more detail in print form, we've got you covered. You can go to fool.com/start. We have an investing starter kit with a lot more details and five additional stocks to check out. It’s free. You can find it at fool.com/start.
Ron, let me start with you. A recent Gallup poll, barely 50% of Americans are investing in stocks.
Gross: That's not good.
Hill: It's a little disappointing --
Gross: [laughs] It's a shame, really.
Hill: -- not just because of what we do for a living. Let's start with how people get there. First thing right out of the gate is, you've got to get your personal finances in order.
Gross: For sure. You have to get your financial house in order. Two big things come to mind when I think about that. You don't have to think of a 100-thing checklist. First one is, build up an emergency fund. If things get bad -- and that means different things to different people, but, let's say, if you lose your job, or whatever -- you don't have to turn to the liquidation of stocks to pay your essential expenses. Not your luxuries, your essential expenses. We typically say, build up an emergency fund of three to six months. Now, six months can sound a little bit daunting; and, quite frankly, I think it is. It's hard for a lot of people to save six months' worth of essential expenses. So, start with three. Build up over time towards six, if you can. You will read some financial press that even says a year would be best; but, again, that's pretty difficult, to save after-tax money to that extent. But, get yourself an emergency fund before you start to commit money to the stock market.
Second of all, pay down high-interest card debt. If you're paying 15% to 20% on a credit card -- let's say you have one that's 18% -- it may not feel this way, but every dollar you pay back of that 18% credit card debt, you're actually earning an 18% rate of return, a rate of return that is likely higher than you'll earn in the stock market. So, by far, that is the best thing you can do for your financial health, is to get rid of that high-interest credit card debt before you put money into the stock market.
Hill: Yeah. If I told you, "Here's a stock, and I guarantee you're going to get an 18% return every year," you're interested.
Gross: I'm in!
Hill: Jason, for a lot of people, once they've taken care of the things that Ron touched on, a great first step, particularly if your employer offers this type of vehicle, a 401(k) plan.
Jason Moser: Yeah. To my mind, this is the easy first step. Investing is as easy or as difficult as you want to make it. I think, in a lot of cases, people want to go from zero to 60. And really, you know the old saying, you have to learn to walk before you can learn to run. If you invest really well, eventually you start dancing because life is just really good. With that all said, starting out with something like a 401(k) or a retirement plan with your employer is very easy to do, because they do the work for you. I think today, most employers now are starting to take this approach of, "We're going to go ahead and opt everyone in and force you to opt out." I want to see more of that because I think it's very easy for employees to say, "You know, I'm just not making enough money, I can't afford to put this money into a 401(k). I need that cash on a bi-weekly basis to pay my bills," or whatever. Honestly, you can't afford to not do a 401(k) plan or any kind of retirement plan. And if you go ahead and just get that money going out on a bi-weekly basis, or however often you get paid, it's just gone. Once it's out of your hands, it's out of your hands, and you figure out how to adjust your living expenses accordingly. And, in most cases, an employer is going to give you a match, whether it's 2%, 3%, 5%, whatever that may be. If you do not take advantage of that, it's not like you are leaving free money on the table; you are, in fact, leaving free money on the table.
Gross: And don't forget, the 401(k) is designed to take in pre-tax money, so you get out of the taxes right up front. You get that benefit. Then, if you get a match, you get that benefit. And then, your money continues to grow until you're ready for retirement on a tax deferred basis. It's a beautiful thing.
Moser: The example that we use a lot when it comes to working here at The Motley Fool, or if we do a Fool School seminar, whatever that may be, it really does boil down to patience and timeline. We talk about looking down decades from now. That's the idea behind a 401(k). And there's a little math drill that we like to do with folks. I'm going to make sure I read this off my computer so I don't mess it up. We give people a choice. Would you rather have a one penny, and then every day for the course of a month, you double the value of that penny -- so, the first day you have one, the next day you have two, the next day you have four, then eight? Would you rather have that over the course of a month, or would you rather that I give you $100,000 every day for the course of three months? Most people hear the $100,000 every day and they think, "Of course that's what I want to go with." The math is simple, if they earn $100,000 every day for a month, they're going to have basically $3 million. If you choose the penny option -- and this is the power of compounding -- you end up with $5.37 million dollars --
Gross: I'll take that one. I want that one.
Moser: Yeah, see? So, the purpose of that drill is to show people how powerful compounding can be. And it's really not until the last five or six days of the month where that hockey stick really takes off. But it's pretty impressive to think about it. If you think about it over the course of a lifetime, that is the power of compounding. If you participate in a 401(k) or retirement plan, that's the kind of power we're talking about there, which is why it's so important to do.
Gross: I'll just add, if you don't have the ability to invest in a 401(k), don't be afraid to open up a Roth IRA, which allows you to put in after-tax money, but still allows it to grow tax-deferred for years and years and years. I think you can put away around $6,000 a year currently on an annual basis, up to the amount of your gross earnings. You can't put away more than you've earned in any given year. But, it's another great way to save for retirement.
Moser: And you can go through payroll at your work, have them automatically set that up through your paycheck so you don't have to do any of the heavy lifting there. It just automatically gets transferred over every time you get paid.
Hill: Alright, let's get to stocks. Ron, where should people begin looking when they're thinking about finding stocks and building out their own portfolio?
Gross: I would be remiss if I didn't mention that we have a wonderful Motley Fool service here called Stock Advisor, which is a great place to find the beginning stocks that you're going to start with. But I'm not here to plug Stock Advisor, so let's put that aside. I like to read, whether it's reading financial press like the Wall Street Journal, or just reading on the internet in general, news. You come across so many companies, so many services, when you do that, that you'll probably find something that interests you. But perhaps even more important is, when you're out there just living your life, take in the experience. When you're in a store, see if you like the products they're offering. When you're in a restaurant, see if both the experience and the food are good. When you have a service, whether it's a carwash or a doctor or any kind of healthcare or a computer service, did that really meet your needs?
If you look around long enough, you'll find a company that both interests you and that you respect. Then you can do a little bit more digging, and that can often lead to companies that you'll start to invest in and be proud to invest in, because don't forget, you literally are a part owner in these companies once you invest in their common stock. It’s a really good feeling to be proud of the companies you own.
Hill: It's a great reminder that so many of the products and services that we use and interact with every day, so many of the things in our home, the coffee that you've got in front of you, these are produced by publicly traded companies.
Gross: For sure.
Hill: I think this last point, Jason, is particularly important. It's always important to have a good mindset as an investor. But certainly, you think of the last couple of weeks, and the headline at the end of the day is the Dow down 500 points or whatever like that. So, focusing on your temperament, and figuring out what kind of stomach you have for this, that's almost an underrated portion of investing in the stock market.
Moser: I think it's extremely underrated. I think it's one of the things that we work on the most here with our members and prospective members and our clients, helping them deal with the emotional rollercoaster that is investing. I'm trying to think about this -- for me, it feels easy to deal with at this point. Granted, I'm a little bit older, a little bit wiser. But you know what it really all goes back to? My dad got me on the golf course back when I was like five years old -- I've been playing golf for basically all my life. That is as mentally taxing a game as you'll find. Maybe that's where I figured out how to deal with the emotions and keep everything in check. But, I think with investing, as with anything else in life, when you're trying to keep a level head and keep from letting your emotions get the best of you, it really does boil down to just having a few things that you can fall back on. Maybe Charlie Munger would call those mental models. I don't know. A few things that I look at as easy ways for investors to take the emotions out of it.
The first one we talk about is, always diversify. Make sure you have enough holdings in your portfolio that you don't have any one that's keeping you up at night. A simple drill that I do with my daughters, they're 13 and 14 now, and they both have portfolios with about 12 or 13 different holdings -- every time they buy a stock, that's it. They can't buy that stock again. The next one has to be a new one. And it's all about promoting diversification in the portfolio, and making sure they spread that money around.
I'll go back to what Ron was talking about -- staying engaged with the world around you. Information is power. Knowledge is power. And if you can do that, not only understanding the products and the services that we encounter every day, but understanding a little bit what makes those headlines that we read tick. I'm not talking about understanding the interest rate policy or anything like that, but understanding the general basics of how the economy works, so that you can see financial news and digest it, to ascertain whether it really matters or whether it's really just a headline.
And then, another way to help keep a level head is to keep a blog or a journal if you're into that kind of thing. Being able to look back over history, to find out what you were thinking when you made a certain decision, and does that thing you were thinking still hold today? If not, do you need to change something?
But really, I do think it all goes back to diversification first and foremost. And that's where that 401(k) and fund investing can really help.
Gross: I'll just add that for folks at the beginning of their investing journey, this ability to compound your return, that one penny turning into two pennies, is your best friend. It's the most exciting part of how investing journeys turn into wealth. And the most important part of the compounding equation is time. And the best way you can give yourself the gift of that time is to not trade in and out of companies, not try to time the market. Stay invested. Let compounding work for you as it has for all those other investors over the last 100, 200 years.
Moser: I'm glad you mentioned that. It takes me to something I was thinking about before we started today. In investing, you have to accept the irrational. It doesn't always make sense. A good example here, you go back to 2008. You look at Google. At the time, it was Google. It's Alphabet now. During the year 2008, from January through December, Google's revenue grew 31%. By any measure, that is a great year. Their stock fell about 50%. Now, I can't tell you exactly why that happened. I think it had something to do with the timeframe and what was going on then. But with a business that on the surface, the fundamentals are doing very well, the stock seems to be in the tank, it didn't make a whole heck of a lot of sense. But that was one little year out of a longer timeline. We talk about that longer timeline, that's a good example of why it matters. If you bought shares of Google during that time, you're feeling pretty good about it. And if you held on to your shares of Google through that difficult time, obviously you came out on the other end OK. So, oftentimes with investing, you have to be able to accept the irrational.
Hill: We're going to get to your questions in just one moment. But first, as promised, a stock from each of you for people who are looking to start a portfolio. Ron Gross, what do you have?
Gross: 17 years ago, this stock was the stock I first purchased for both of my children. And it's still a wonderful stock that can be a starter stock for new investors today. That is Disney, owner of the world's most valuable media brands, whether it's the Disney Studios or Pixar, Marvel, the Disney parks, ESPN. So many great things. They have so many avenues of growth, so many avenues to generate revenue and cash flow. They're recently integrating the 21st Century Fox acquisition. I think that's going to be exciting. We have the coming launch of Disney+, which I think is going to be a great addition for them to grow. They pay a dividend. It's been increased every year over the last 10 years, so you not only will get appreciation, but you'll get a nice little dividend payment as well. A wonderful starter stock.
Hill: Jason, what about you?
Moser: New season of Dancing with the Stars.
Gross: Oh, Sean Spicer! No comment!
Moser: That's Disney, come on! In line with what Ron's saying there, one of the first stocks we got my daughters, Nike. It is, to me, one of the quintessential first stocks to buy. And I think one of the main reasons is, it's just very easy to understand what they do. And we see that Nike swoosh everywhere. In its simplest form, Nike is just selling stuff to people. And they happen to focus on a very big and resilient market in sporting goods and apparel and equipment. But when you look at the actual business, somewhere in the neighborhood of $130 billion market cap today. It's a big company, but it still has a lot of room to grow when you look at that global market opportunity. It is a global company. More than half of their revenue comes from outside of North America. They pay a dividend, and that will continue. It's financially very healthy. Something we can all relate to. And, they are innovating, bringing more technology into the fray, relating to this new-fangled tech retail world that we're all trying to figure out here. I think this has been a great business for a long time, and I think it's going to be a great business for decades to come.
Hill: Alright, we're going to get to your questions. Again, you can go to fool.com/start if you're looking for more details on everything we've been talking about -- including, by the way, five additional stocks, if you're looking to start a portfolio. And, hey, if you like the videos, please think about giving us a thumbs up. We appreciate it. It helps us do more of these videos. It helps other people find the videos as well.
Let's get to the questions that are coming in. Ron, I'll go to you first. Jim is asking, "I'm sitting on good gains with Berkshire Hathaway. Should I be thinking of selling since Warren Buffett may be retiring soon?"
Gross: Great question! I'm actually more high on Berkshire Hathaway now than I have been in a very long time. It's actually my largest shareholder, truth be told. I think everything is going really well. It's obviously a holding company filled with wonderful businesses. It's more than 50% insurance, but it's got railroads and energy and retail and manufacturing. Yes, Warren Buffett will not be at the helm forever. But he's put in a structure that I think will work going forward with Ted and Todd taking over the investing duties. Two great operators likely to either share duties, or one be CEO to handle the operating companies. I think they're going to be in great shape. The stock is only trading at 1.3X book value. Book value, another term for net worth. 1.3X the company's book value, which is actually right around the price that Warren Buffett himself says he would be interested in buying stock back of Berkshire Hathaway. So, I think it's a wonderful time to not only hold it, but actually buy it.
Hill: Don asks, "I see a lot of stocks with high share prices. If I do buy, I can only buy a few shares. With $500 to $1,000 to work with, should I be focusing on low-priced stocks?" That’s a great question, one we get a lot because, let's face it, on a gut level, more seems like better. It's always more exciting when you own 100 shares of a company rather than just a couple of shares.
Moser: It does feel that way. I would encourage you to not think that way, though, Don. Look more at the value of the actual share that you're buying. What's worth more -- one $500 share or 10 $50 shares? The math tells you they really should be the same. It's more about the fundamentals of the business behind the share. I know that we've run into a time here recently where a lot of these great businesses see it more as a badge of honor that they have this really high share price, whether it's Markel or Booking Holdings or Amazon or Alphabet, you name it. All of these companies have these stock prices that are really going through the roof there. And it can make it difficult to buy those shares if you're working on limited funds there.
The nice thing is, we are in a period of time now where you are able to buy fractional shares. That's one way to go about it. But I would focus more on the actual business at hand. Don't let the share price fool you. A $500 share price could in theory be very cheap, depending on the fundamentals of the business.
Hill: Alright, we've got a question here from Chris, who asks, "Is it best to cut my losses on a stock that's lost more than 10% over several months? Or should I wait and hold since I don't want to take a loss?" Another gut feeling I think we can all identify with. Nobody likes to take a loss.
Gross: Yeah. Chris, that's a very fair question. My answer would be, whether you currently have a gain or a loss on a stock at the current moment should be completely irrelevant. The only thing that matters is the future, and your loss is a result of the past. So, you have to make a decision about what you think are the prospects of this company going forward. If you're favorable, then absolutely hold. If you're negative, by all means, there's no need to hold onto a company that you're negative on or don't want to own anymore, or don't agree with, or don't like their products, or think management is shady, whatever you don't like about it. But don't let the loss get into your head. It's one of those behavioral finance things that can grab a person and make them make decisions that are not appropriate.
Hill: Goes back to temperament.
Moser: Yeah. Don’t let the loss sway your emotions there. Don't be negative because of the loss. Hold the loss independent, and just assess the business. I think in most cases, when you're talking about just a few months, I don't know that that's a long enough time to really change your opinion on the business, unless something very unique is happening.
Hill: Scott asks, "Are ETFs a good place for new investors to put money? Do you guys have any good ETFs to get people started?" Exchange traded funds. I think people are probably familiar with stocks and mutual funds. ETFs, little bit of a different vehicle.
Moser: We had a question on this morning's MarketFoolery that was very much geared towards this. A gentleman is getting ready to become an uncle, and he wanted to get some investing going for his niece or nephew, and, what's a great place to start? I just believe with all of my heart that if you're getting started, one of the best vehicles can be an ETF, and an ETF that follows the S&P 500 index fund. To give you a ticker there, VOO. That is the Vanguard 500 Index there. It is built to mimic the S&P 500. And when we're talking about investing, and we talk about these long stretches of time, being a part of that index is a ticket up over the course of five, 10, 15, 20 years. When you look at any stretch of history there, you will see over those long periods of time, that S&P 500 index does very well. And I think that an ETF that mimics the S&P 500 index is a great place to get started.
Gross: Yeah. ETFs typically give you instant diversification, just like a mutual fund; however, they trade like a stock, one of the benefits of ETFs is that they trade like a stock. There's an ETF for every strategy you could imagine, every sector you could imagine. I think for beginning investors, stay away from some of those more esoteric ones. Stick with the S&P 500, the S&P 500 SPDRs. SPY is another one that will mimic the S&P 500. If you want some exposure to small companies, small capitalization companies, I like the IWM, which is the iShare Russell 2000 ETF. Between that, small-cap, the S&P 500, larger cap, you'll have a nicely diversified portfolio with really not that much work.
Hill: Tom asked, "What are the key fundamentals you look at when evaluating a stock?" I think there are fundamentals that we look at that are the same regardless of the industry, but then, there are others that are pretty industry-specific.
Gross: For me, the first thing is to understand the business, understand how the business either makes money, generates cash flow now, or will in the future if it's not there yet. You have to like the service or product, I think, first. Second of all, like the management team that is driving this company and will determine the future. And then we can look at some other financial metrics. Revenue, growth, margins, how profitable is it, is that profit growing or declining? And once you look at those things I just mentioned right there, you'll have a pretty good picture of how a company is and whether you want to invest in it.
Moser: Yeah. I tend to think quality of the business first, price of the stock second. So, for me, it's about, like Ron said, understand what the business does. Do you use those products or services? Do you like them? If you don't use them, do you know people who do? How does the business make money? Is it a business that has a competitive advantage? Are there switching costs or proprietary technology? Something that gives it an edge over the other businesses out there in its field. And then, does it have a management team that's running the show that you can trust? Is this a smart management team with a track record of making good decisions? And if you come to the decision that this is a quality business, then you start looking through the financials, seeing the growth prospects there. How are cash flows? Look through the income statement. What kind of profitability is there? And, come to an idea of the valuation of the stock. But quality of the business always comes first.
Hill: Several people are asking, "Is The Motley Fool still bullish on Stitch Fix? It's had a rough couple of months."
Moser: Well, I will say, from my perspective, I don't have a public opinion on Stitch Fix. It's not a stock that I've recommended, and I don't maintain a conviction on it here at The Fool. I think it's an interesting business, but there are some concerns for me personally in the retail space that are keeping me from being able to fully embrace this one.
Gross: I also do not follow it. But as far as The Motley Fool, it remains an official recommendation of The Motley Fool.
Hill: Tim asks, "How can you avoid burning all your money on commissions when you only invest around $200 per paycheck?" Great question! Goes to something that I think we've touched on a little bit here today, which is that you always want to keep an eye on the fees. You always want to factor that in.
Gross: For sure. If you're spending 10% on a transaction fee, that stock has to go up 10% just for you to break even. You have to be careful. We typically caution investors to keep expenses, commissions, at 2% or less. I really think 1%, quite frankly, is the way to go. If you pay a $5 commission on a stock, you really should only be investing $500 at a time or more. If you're investing $200 a paycheck, maybe wait for two or three paychecks before you buy a stock. There are some brokerages where you can get free trades. That's something to always look into. I encourage people to shop around for low commission rates. But still, commissions have come down so far over the years. To pay $4 or $5 per trade is relatively reasonable. So, just be careful. $500 or more, I think, makes good sense.
Moser: One other thing to note is, if you do have a retirement plan that you're contributing to at work, a lot of times there'll be a self-directed option, where the money that's going into that plan, you can then say, "I want to invest it in individual stocks." And they'll connect you to a brokerage. For example, we do that here, it connects through TD Ameritrade. You're paying a very modest commission there. But because you're having a fairly reliable flow of cash coming in in the form of your paycheck and what you're contributing every paycheck, that's another way to not worry so much about the commissions, and maybe have a little bit more money to invest at any given point in time.
Gross: One other little trick is, if you own companies that pay dividends, you can click the little box and say, "Reinvest my dividends," rather than take them in cash, and over time, each quarter that company pays dividends, you'll buy little fractional shares quarter after quarter after quarter without paying any commission. That actually can add up nicely over time.
Hill: Raj asks, "Can you guys talk a little bit about valuation? Some Motley Fool recommendations like The Trade Desk seem really pricey, and that can be intimidating." Another great question. By the way, the reverse is also true. There are stocks that look cheap, and actually, when you look at the business, and you run the valuation, they're actually secretly expensive.
Gross: Yeah. We could do a whole years' worth of live specials on valuation, so I'll just say in a nutshell, theoretically -- and I actually believe it, so it's not really theoretically -- the value of any asset is the value of its future cash flows discounted back to the present. So, when you look at a company, whether it's generating cash flow now or you expect it to in the future, you have to think about how much those cash flows will be, and how fast that will grow. Does that make sense relative to where the stock price is today? It's no different than if you owned a little business yourself, and somebody offered to buy that business from you for $1 million. You would have to look at, what cash flows would I get if I hang onto this business over time? Is that $1 million worth it to me to take right now? Or am I better off holding onto the stock and just letting the cash flows earn and putting them in my pocket? No difference between a private company or a public company.
Moser: Very difficult to get by, especially in today's day and age, where it seems like any company can get out there and maintain this astronomical valuation, while at the same time generating no profits whatsoever, Chris. There are a lot of good businesses out there that are on their way to profitability. I think it's worth trying to understand what that path to profitability is if it's not profitable. Make sure, though, that regardless, your portfolio isn't devoted to just all of those types of companies. That's why I think diversification really helps. You can have five or six or seven of those highflyers that, maybe they're not profitable today, but there's some promise there, and you can offset that volatility or that stomach-churning valuation with some more staid performers out there with long track records of profits and dividends and creating shareholder value.
Hill: Several people asking about gold. Should we invest in gold? Or should we stay away? Where are you when it comes to gold, Ron.
Gross: Here's the thing: gold doesn't do anything. A very small fraction of gold is used for jewelry. Otherwise, we dig it out of the ground, and we put it into vaults.
Moser: Gold just had its feelings hurt.
Gross: Since it doesn't do anything, it doesn't generate any cash flow. And since it doesn't generate any cash flow, I have no idea how to value it. If I have no idea how to value it, I have no idea what a good price is to pay for it and what's a bad price to pay for it.
Hill: You just ask the guy at the jewelry shop.
Gross: [laughs] So, therefore, I don't mess with gold. Having said that, it is a good hedge against inflation. It always has been, I assume it always will be. If we ever had hyperinflation, gold will probably be a good investment. But because to me, it's more of like a black box, there's nothing I can do with it.
Moser: It's a hedge. It's not a bad hedge. I just, I don't own it. I still can't quite figure out how it's worth whatever it's worth at any given point in time. Maybe that's a risk that I'm taking in my life. But for me, gold just doesn't hold a place in my investment philosophy.
Hill: Alright, last question before we wrap up. A question from Linda, who asks, "Do you recommend beginners start investing through their banks or through a lower-commission one like Robinhood or Questrade? Thanks, really enjoyed the livecast." Thank you for watching, Linda! We really appreciate it. Appreciate the comment. And this goes to the point you were making earlier, Ron. It's not just the TD Ameritrades and the Schwab's of the world who are coming out and lowering commissions and offering incentives like free trades. We're starting to see these startup companies like Robinhood and Questrade.
Gross: The competition is pretty severe. That's actually good for consumers. That's why we've seen commissions come down over time. The ones that cost a little bit more offer you a little bit more, whether it's a more robust website or better research, better information around tax time. The ones that are cheaper don't offer as much. I think it's good to compare. There's plenty of websites, including fool.com, who can match up side by side a lot of these companies, and you can just see what you're getting for the price you're paying.
Hill: Alright, Ron Gross, Jason Moser, guys, thanks for being there!
Gross: Thank you, Chris!
Hill: Thank you again for watching! Thank you for subscribing to our channel! If you haven't subscribed, please go ahead and click the subscribe button so you don't miss any future episodes when we go for live Q&As. Thanks for giving us a thumbs up! And, again, check out fool.com/start for our investing starter kit. It's free. Everything we covered and so much more, including five additional starter stocks. Thanks again for watching! And Fool on!