In this episode of Industry Focus: Tech, Dylan Lewis is joined by Motley Fool analyst Joey Solitro to take some listener questions and provide quick takes on three companies in the tech space. They talk about what's driving the huge growth in payment companies' stocks, a mobile gaming company with a title that's taken the industry by storm, and a company with a very interesting take on cloud technologies. And Joey Solitro describes his quick-search tips on uncovering insider ownership of foreign companies.
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This video was recorded on September 4, 2020.
Dylan Lewis: It's Friday, Sept. 4, and we're tackling some listener questions in the tech space. I'm your host Dylan Lewis, and to get some good answers, I've got Joey Solitro joining me. Joey, how are you doing?
Joey Solitro: I'm doing good. Pleasure to be back and hang out with you.
Lewis: Yeah, I mean, you, on multiple occasions, have talked about how you like doing some stock flash rounds. You know, running through giving some thoughts, a little bit quicker than some of the deep dives that we've done in the past, to be able to cover a little bit more ground. We're going to have you do that on today's show, because we have a bunch of listener questions about some stocks. And we can't get them all in full episodes. So, we're going to do, maybe like three or four minutes on each of these and then we're going to tackle a question about gauging foreign management and inside ownership.
So, a lot of questions coming in here, we're going to try to do what we can in a short amount of time and cover these as well as we can, but I'm excited.
Solitro: I'm excited, too. Let's do it.
Lewis: All right. Our first question comes from Alap and I hope I'm saying that correctly. Alap asks, "Can you do a deep dive on Square (NYSE:SQ), why has it completely exploded over the last few months?" And, Joey, I mean, to say completely exploded, and put some numbers to that. Square is up 140% year to date and about 300% since late March. Those are some big numbers.
Solitro: Square, PayPal (NASDAQ:PYPL), those have both been absolute monsters this year. And as the pandemic has unfolded, digital payments and the companies that enable these have really taken off, because where Square also has the point-of-sales terminals in a lot of these restaurants and they could have faced a major headwind from this, that shift to e-commerce and the need for the Cash App becoming more relevant in our society. And then the acquisition of Weebly, a long time ago, that enables people to build e-commerce websites. Now, I wish they would have kept the Caviar service, which is kind of like enabling food delivery services from restaurants, because that would have seen some explosive growth much like Uber Eats, but with people kind of seeing money as being dirty now and they don't want anything being handed from one person to another, it's just they're in that sweet spot that I always like to talk about when it comes to COVID with the e-commerce and digital payment trends. So, yeah, we've seen that stock absolutely take off and there's no telling where this one could go.
Lewis: I think investors here are probably finally being rewarded for their patience, if you wound up buying Square at some other points over the last couple of years, you might be a little disappointed. You know, there was that period where they just had explosive growth in 2017-2018, and then, the stock just kind of hung out for a while. And I think looking at COVID, a lot of people would have said, OK, wow! This is going to really devastate a lot of the core places where their readers are being used, farmers markets, retail, that's going to decimate a lot of that activity. And the stock sold off dramatically as COVID concerns really started to ramp up.
The Cash App story has just been incredible, though. That has been one of those things that blossomed out of everything that we're dealing with and became a real strength for this business. I'm going to borrow from a Wall Street Journal article here, "Thanks in part to Square's making it easy for individuals to accept their stimulus checks and unemployment benefits in the Cash App, the amount of money stored there reached $1.7 billion in the second quarter, 3.5X more than the same period last year." Basically, the same movement that we saw with the stock itself, Joey, 3.5X.
Solitro: That Cash App is just something special. And you know, Square, I've had a long history with this one, I bought this years ago, I want to say three years ago in the $30s, and I had a massive gainer. And when COVID struck, this actually went to the point where it bottomed and I was back in the red on my position. So, it just shows just how wild of a ride this stock has been even for me over the last couple of years, but now they've really come into their element. And I mean, not to say COVID [laughs] was good in any way, but for certain businesses, especially those operating in the e-commerce or digital payment space, this is basically their time to shine. And both Square and PayPal have been absolutely knocking out of the park in terms of execution.
Lewis: Yeah, I think their execution has been fantastic, and they're actually probably going to wind up emerging from this a much stronger business than they were pre-COVID, and because they focus so much on the Cash App, they've been able to deliver a great experience for people and build out this other really important part of their business. We know that retail is going to come back at some point, we know that these interactions are going to come back at some point, and when it does, not only will they have that core business that so many people associate with Square, but they're also going to have the Cash App as a very dominant story, and I think that that's really compelling.
I mean, the market caps alone, just to kind of give you a sense of where this could go, you know, Square is still about a $65 billion business, even after this crazy run, PayPal over $200 billion. So, I think there's a pretty [laughs] big growth ramp here. This is one of those companies that's not going away anytime soon, it's definitely a snap test business, right? People are going to notice if Square disappears, that's been such a big part of the thesis, but now they've got a really good second line there with the Cash App.
Solitro: Yeah, and it's almost like that's what they needed to really become that dominant player with millennials and Gen-Z. And it's amazing because Venmo on PayPal, I feel like those had the spotlight for so long, but my brother-in-law, Albert, actually introduced me to the Cash App, and then out of nowhere everybody was using it. And you know, he's the GM of a bar in Tallahassee, and he was saying almost everything, every payment at the door, everything is just down from the Cash App, and that's what he was explaining. So, you could see it exploding within the college culture and from there it just kind of spurred, and you see that network effect take off. So, I definitely think the Cash App has been what's, kind of, spurred the Square story, but then everything else that they built along the way has really taken off and I think people are finally no longer questioning whether Jack Dorsey can run two companies.
Lewis: Yeah. And I think part of the reason why Square was in this, like, no man's land for a little while as a stock, and was that Sarah Friar was such a big part of the story with that business for a long time, and her leaving to go over to Nextdoor left a pretty big vacancy. You know, it's hard to be the CEO of two companies at the same time, especially two big businesses. And I think Sarah Friar was pretty involved in the day-to-day for Square. So, it doesn't surprise me that they had to retool a little bit to handle her absence. It seems like they've enjoyed some tailwinds and they've managed to figure things out, though.
Solitro: Yeah, same situation as, you know, Sarah Friar leaving from Square going on Nextdoor, you had Adam Bain, who is supposed to be the next CEO of Twitter, then he ends up leaving going somewhere else. You know, everybody is kind of waiting to unseat Jack Dorsey, but Jack's executing right now. So, I mean, he's the guy that I want running the companies right now until he proves otherwise.
Lewis: Yeah, and you threw out PayPal, and we often looked at all of these different spaces, Joey, and we say, OK, well, like, who's the winner here? And I think Jason Moser has done a great job talking about this on the Monday show, but it's OK to look at a space like digital payments and say, I think there are going to be a couple of people who wind up getting a pretty sizable portion of this market. You know, if you'd put equal money into PayPal and Square, you'd be doing quite well. You don't have to pick one winner and be right here.
Solitro: Yeah, I love the processors or the people that just kind of like facilitate the movement. Where I know that Square and PayPal both have, like, the capital sides where they're lending or doing pay and installments now. But I like the Visa, Mastercard, PayPal, Square. I don't think you have to pick one of them. You could, if you were trying to build something more diversified. But yeah, anything involves that has that massive footprint within the digital payment space, I don't think you're going to go wrong, especially as we continue to see this increased digitization across the world and we shift more toward digital payments. And yeah, the wind is at their backs, that's for sure.
Lewis: Yeah. I don't think we should get too used to the returns that we've seen over the [laughs] last, you know, eight months or a year or so, but I do think there's plenty of green space ahead of this business. I'm a shareholder and I look at this business and just say like, it's going to be here in 10 years, I think it's going to be very hard for someone to unseat where they are in the market, people like using the product, the Cash App gives them another insulation from competition, a lot of things going right, just right-size your expectations, realize that it's not going to be going bonkers forever. [laughs]
Solitro: Yeah, I feel like with the rally we've seen in the market from the March lows, if you're sitting on massive gains in these companies, they might not do anything for the next two years. And that's where I continue to tell people, if this trades sideways for a while, don't get bored of your holdings, then you just got to look at the compound annual growth rate against the market, because, yeah, if a stock returns 300% then does nothing for two years, you're still, if you look at the compound over those three years, it's still a massive winner. So, don't let a "underperformance" over the next couple of years deter you from holding on to these monsters for the long term.
Lewis: And that's maybe what happened. You know, when we're looking at mid- to late-2018 through early 2020 with this company. You know, the valuation got very big, very fast, and very often the business fundamentals have to come in there and back things up. And with what we're seeing in terms of valuation stretching out in software and really anything digital, I wouldn't be shocked if that happens again.
Solitro: Yeah, it's kind of like, yeah, they grow into their valuations, where they got ahead of themselves and then they see this explosive growth, and then it's like, wait a second, those valuations weren't all that out-of-hand. And then you see that premium multiple placed back on those shares. So, yeah, it's been a wild ride and I don't expect it to change anytime soon. But yeah, for these high-growth, best-in-class, gold standard-type services, they're worth paying up for.
Lewis: All right. For our second question, Joey, going from a household name to maybe one that people aren't as familiar with. John wrote in, "Hey, just listening to the deep dive you guys did on Sea Limited (NYSE:SE), would love to hear something similar for Gravity (NASDAQ:GRVY)," which was alluded to as a possibility in the podcast itself. So, Joe, this is you basically planting the seeds for you to come on and discuss the company again. This is one you followed for a bit.
Solitro: So, Gravity is one that's much like Sea Limited, where when I first got to The Fool here in March 2019 that I would just annoy people about nonstop. I'd just be like, oh, do you know Sea Limited? Do you know Sea Limited? And finally, it catches on. And Gravity is one, you know, since the $30s or $40s per share, now it's up in the $90s, last I checked. And it's still very small in terms of market cap, but it's one that I see in the gaming space that has absolutely taken certain markets by storm. So, their game essentially, at Gravity, is called Ragnarok, it's one of the multiplayer action games. And it's just one of those immersive environments when gamers get in there. It originated in Korea and it's just quickly expanding in Asia, so I see the explosive number of gamers coming to that platform and you kind of see, OK, this isn't just a one hit wonder, where the game is going to come out and then they need a new one, it's more like Free Fire which Sea Limited owns or like a Call of Duty; one of those franchises that has staying power and can, kind of, you know they just need to introduce new features or enter new markets to really spur that growth.
So, it's been a beautiful thing to see them, kind of, come into their own. And where you say, yeah, I've kind of planted the seed on a previous episode, I think bringing this up, we kind of got to give a hat tip to all of our Swedish investors where on Twitter, I got to say, the Swedish investing environment, it seems like everybody owns Gravity, because the number of requests I get to bring it to you and get it onto a show or do a deep dive has been quite incredible.
Lewis: I think one of my favorite things about doing the show is seeing @MFIndustryFocus tagged on Twitter in foreign languages; it's so fun. And in Swedish actually happens quite a bit. But to realize the reach that we have and that people in other countries are listening to the show and just we're not just talking to U.S. investors, and we're not just looking at U.S. companies, and so it's natural that the conversation would expand, but I get a kick out of that. I think it's super-fun. We have to drop some stuff into Google Translate, because we are not bilingual as it turns out, Joey. But it's a fun feature of the fintech community.
For the U.S. investors that are a little bit less familiar, Gravity is a $500 million company. You alluded to the fact that it's still pretty small on a market cap basis. We've seen a lot of really big winners come out of the online gaming space, because this franchise model is so bankable once you have that lightning in a bottle.
Solitro: Yeah, you see that network effect, you really only need one gamer to come on or one very popular live streamer, whether it's Twitch or one of these other big platforms. As soon as someone gets on there, then you get all these viewers, you get more players. And, yeah, you see every game wants to become that franchise, just like every Disney movie they want to really take off. Like, you look at Frozen, they thought that was just going to be a good movie, it's turned into this multibillion-dollar franchise that now has, like, its own part of a Disney Park. So, every game just wants to be launched and become that immersive environment where they can just continue to add new features. The next Fortnite, the next Free Fire, and Ragnarok is definitely becoming that.
So, yeah, when I'm looking at this market cap of $500 million -- and I don't own shares yet myself, it's one that I've watched, I remember seeing the stock, like, in the $10s and $20s. And always thinking like, I want to watch this one take off. But you know, with companies like this, being a $500 million company among an industry worth hundreds of billions, I know that I have plenty of time, so I'm basically, you know, just waiting for my right time to strike or when my portfolio demands it. My focus has been elsewhere, but if Ragnarok continues to deliver, then it's going to maintain a spot on my radar.
Lewis: I think one of the compelling parts of this stock too, and this company is, relatively reasonable valuation given everything we just said about the tech space. So, $240 million in sales on a trailing 12-month basis, and they're doing that at 33% gross margins. It's actually profitable, $26 million in income during that time. That's 2X sales and 20X earnings, Joey; that doesn't sound like a software company to me.
Solitro: And see, and that's where I come across a lot of these smaller names. And I remember when Gravity, I think it was, like, $36 or something like that. I pass it on to another gaming analyst, and I'm like, this might be too small for services right now, but I want you to watch it. And that's kind of one of my specialties, I like to find these smaller companies, even like an Ontrak that we've talked about before, where I'm looking at the growth rates and I'm saying, wait, this is only 4X sales when you've got other competitors in this space that are trading 20X, 30X sales, like, why not this one? So, then you see Gravity with just as good a growth as any other gaming company, and it's profitable. And you see, you know, it's a relatively small company with the wind at its back, and you're like, so why can't this trade at a premium multiple like these other names? And those are the situations that I love to invest in and get behind. So, I'm glad it's finally to a respectable "market cap" that we can actually bring it up on the show.
Lewis: So, you mentioned growth, and I think that is one of the, kind of, curious elements of this business. Stock is near all-time highs. You look back over the last five years and it has been very bumpy, and that's because the growth trajectory of this [laughs] business has changed pretty crazily in a short period of time. There have been periods where they've had triple-digit year-over-year growth in the last two or three years. Over the past couple of quarters, we're seeing some numbers that are coming in negative in single-digit growth, how are you making sense of all that?
Solitro: And that's what's kind of kept me away from this stock. So, when I first came across it, yes, it was posting triple-digit growth. And then out of nowhere it's showing negative growth, and so I'm like, OK, maybe this game isn't as popular. And then it just reaccelerates, it's like having a child driving a car, like, you see it just absolutely accelerate and then come to a screeching halt. So, that's when this kind of confused me, so that's where I've slowly just, kind of, like quarter-by-quarter followed the story. I'm like, OK, so it's entering this market, OK, it's a top download in this market. And trying to piece together the story to really get a strong feel for it. Which much like I did with Sea Limited, where I had bought a small stake on its IPO day, and then it was a very bumpy ride from there. And then you kind of see, OK, they're delivering in this unit. Okay, now they're expanding within this unit. And you can kind of see as not only, like, the unit economics come into play, but you see that they're actually delivering on their plan.
So, Gravity, as they're entering all these new markets, as the game has continued to attract new users, it has begun to deliver on their plan, but it's still one that I want to see management really execute for a little bit longer and keep that growth over 30% consistently for a couple of years or even see like that acceleration where maybe the game becomes top three in every market that it's in or something, some sort of big partnership that really forces my hand.
Lewis: Yeah, and this gets into the challenges of investing in businesses that operate primarily outside of our core market, right? We are not as aware of this business because they're looking primarily at Japan, Thailand, Philippines, Indonesia, Malaysia, Singapore. So, we just mentioned the love that we have for our foreign listeners. If anyone is familiar with this business, familiar with this game, we'd love to get a better sense of, kind of, what it looks like on your end, because we have to, unfortunately, just kind of put together what we think it looks like and kind of take a triangulation of analyst estimates, what we read in the news, what we're seeing in terms of the rankings, and make sense of it that way.
Solitro: Yeah. And any other companies that come across. I know Shopify, one of The Motley Fool biggest winners over the last five, six years came from, I don't know if it's Tom or David Gardner, you know, talking to Canadian investors and getting a feel for the most exciting growth companies in their markets. So, any company that seems to be taking shares, really absolutely taking off, yeah, tweet it at me, tweet it at Dylan, tweet it at Motley Fool Industry Focus, you know, kind of bring it to our radar and then we can monitor it from there. Because trust me, if you tweet about a ticker that I don't know, because I know thousands of companies, so if you send me something that I don't know, you're going to immediately get my attention.
Lewis: That could be a fun game in the future, [laughs] whether or not Joey knows the company. We can see if we can work that into some programming.
Solitro: We always joked about having like -- there used to be a show on ESPN called, Stump the Schwab, where you try to stump the genius in sports. It's like, yeah, try to stump me with this ticker, I'd love to.
Lewis: @MFIndustryFocus, if you want to tag the show in that. Joey, you are @JoeySolitro?
Solitro: Yes, Sir.
Lewis: All right. Well, there you go. We have two more questions; we're going to try to hit them relatively quickly. Shantanu asks, "Hey, guys, there's something that caught my eye recently. I work as a software engineer and use/build cloud technologies every day. Nutanix is bringing a very interesting take on the cloud, it is not something entirely new, but is a niche market compared to the actual Infrastructure-as-a-Service service that AWS, Azure, etc., offer. Would love to get your opinion and see if it looks like a good business to invest in."
Now I did an S-1 show on Nutanix with Evan Niu years ago when this company went public. I admittedly have not followed it super-closely since then, but this is definitely one of those in-the-weeds tech stocks, Joey.
Solitro: Yeah, Nutanix has been a wild ride since its IPO. I remember when it came public, it was hot out of the gates, it crashed down into the low-teens and then just absolutely took off. Now, what they've been doing is, they've been converting to a 100% subscription-based business. And it has not been the smoothest of transitions. You've seen this company pull all the way back to its, you know, IPO lows. And they finally delivered on that. And you kind of see why they're doing that, not only for the recurring revenues, because that's what investors really love right now. But their gross margins from, I think, it was like the 60% are now pushing to 80%. So, you can really get a feel for that path to profitability for these guys.
Now, as they've begun executing on their plan, and COVID should really be a tailwind for them, because hyper-converged infrastructure, they have an entire part on their website where it's like, hey, we help enable the work-from-home environment, and make it quicker and more efficient. However, then you see this last earnings release. Yeah, they're getting an investment; I think it's from Bain Capital, like, +$700 million, but then the CEO puts in a transition plan where I would think as soon as this hard-fought battle is finally coming to an end, and you're ready to just absolutely go into growth mode and deliver on that plan that you've had in place for years, now you're saying you want somebody else to lead the company. So, it was weird. And then we saw the stock, kind of, rage on that news.
It's one that I've been watching closely, I'd say it's one of the top 20 on my watchlist that I've been looking to initiate a position and actually grow it in, because I used to own it, but sold it as things kind of got dicey. But it is the best at what they do when it comes to hyper-converged infrastructure. There's VMware and some other players, but Nutanix is by far the best, especially when I talk to different software engineers in the space that actually use these types of products. So, I believe, in the long-term, they will be a very successful company, but it's not something that I'm itching to buy just yet.
Lewis: To unpack what they do a little bit, just because I realize some people might not be familiar with this business, I'm going to borrow from their site: "Nutanix software unifies private, public, and distributed clouds and empowers IT to deliver applications and data that power their businesses. Nutanix solutions are built on the industry's most popular hyper-converged infrastructure," which you mentioned before, Joey, "A complete, 100% software-defined stack that integrates compute, virtualization, storage, networking, and security to power any application at any scale."
Even having done a pretty in-depth show on them a couple of years ago, my big summary with this was, it's a little outside of my wheelhouse and I don't think I have an edge in the space, so I stayed on the sidelines. We have seen, historically, and there are some Software-as-a-Service companies that have gone through exactly the type of transformation you're talking about. If you are a believer in a business and you see them going through this awkward phase, where it's kind of like growing your hair out, you know, it looks really good when it short, and it looks really good when it's long, if you're trying to go from one to the other, you wind up with this period where things look kind of ugly, that can actually be a great time to buy shares, because the numbers look a lot worse before they look better. And ultimately, they should be moving to a model that's better long term, it's just going to be a little ugly while they get there.
Solitro: Exactly. And that's where I even like to defer to, you know, G2 Crowd, [G2.com] Gartner, Forrester, these different research outlets that kind of show me, hey, what's the pulse of this certain type of software and who are the leaders in it? And if you bring up hyper-converged infrastructure, Nutanix is always the absolute top, like, no one is even close to where they are. It's incredible to see just how loved they are at what they do, but to see just how badly the stock has performed and how the growth rates have been impacted by this move to a subscription-based business.
Now, I think it will get much better now that like this transition is coming to a close and we'll likely see the topline reaccelerated. And that would be beautiful if they can get into the mid-$20s and high-$20s and even back into the $30s or something like that, but it remains to be seen. And I want to see them execute over the next couple of quarters and I want to see that reacceleration take place, and then put my money to work. It's almost like, you know, watch that horse start winning the race and then throw your money at it.
Lewis: And this is a classic case of looking beyond the numbers on a stock, right? If you were looking at the income statement and you're saying, you know, what the heck happened, they went from a 100% year-over-year growth to 70% to 37% and now they're in the single-digits, like, what's going on with this business, this would look really unappealing without the context that they're going through a transformation in how they run their business and how they build their customers. So, always good to get the context. Can't just look at the screeners, screeners are a good way to start the conversation, but you need the background.
Solitro: And see, and that's where I know I get a lot of crap for being Mr. IPO, and buying a lot of IPOs, but I follow so many stories, I'd say, from when they're born into the market. So, as these companies are born, I like to read through the S-1 or F-1, and I know here's where they've been, here's where they are when they come public. And I'm watching each quarter. So, I saw Nutanix as it just was in absolute growth mode and then I saw, like, the whole story play out. So, that's why I think it's always important to follow as many companies as you can and learn as much as you can about it, because, yeah, if I were looking at Nutanix just to prepare for the show, I'd be like, why are we talking about this crap? But knowing what I know from the beginning and where it is now, I can kind of say, like, yeah these guys were crushing it, they're transitioning, they could crush it again, this isn't something just to completely write off. So, you're spot-on with that.
Lewis: All right, three pretty quick stock breakdowns. I think we did a good job with that, Joe. Before we wrap up the show though, we have a general investing question, and this is an awesome one, so I'm really glad this one came in. It comes from Travis, Travis asks, "Hey, guys, just wondering where I can find insider ownership for foreign companies? Many don't seem to have a proxy per se, and I haven't found the answer with Google searches. I think I'm missing something, could you guys help?"
And, Joey, you did a little background sleuthing on this one. What do you got for us?
Solitro: Yeah, so this can be tricky, but the thing is, if they're listed on a U.S. exchange, we're going to have some SEC filings. So, it's called the Form 20-F; that's what you want to bring up. And I always have, like, small tricks, even when I'm going through an S-1, like, I'll hit "CTRL-F" and I'll look for certain words. I'll look at the initial pictures where they've shown revenue growth and all that, then I'll jump to, OK, what do they say their total addressable market is, let's see what the last three months, six months, a year look like and all that.
So, when you bring up that Form 20-F, what you're going to want to go to is there's a part where they talk about all the directors and what they do. And you know, it's going to be down into like the hundreds [laughs] ...
Lewis: And for people that haven't looked at this paperwork before, there are probably +500 pages in a 20-F.
Solitro: Yeah. And luckily, it's all, it's kind of like a template and then the companies have to fill it in themselves. So, you can search the words "terms of directors," and that's where they're going to list all the employees, like, the number of employees all that. And then there's a part where it's called "share ownership." And if you go down a little bit further, you're going to see beneficial ownership, and that's where you're going to see directors and executive officers.
So, like, I have Sea Limited that I had pulled up just for this example. And I see they have, like, 12 directors and executive officers. Here's their class A. ordinary shares. Their percentage of total voting power held. And then you can see even principal shareholders, like, other entities or VC firms, anything like that. So, Form 20-F, terms of directors, and then the share ownership section, and that's going to give you everything you need.
Lewis: I can't overstate enough the importance of the CTRL-F function when it comes to going through prospectuses and really any financial documents, it makes things so much easier. I would love to have the time to read through everything, but the reality is we have to skip around a little bit to make sure we focus on the right stuff.
Solitro: It took a while to perfect my process, but I know exactly which words I want. Because, yeah, you get all the generic language, we are an emerging growth company, which means X, Y, and Z, and it's like all the same language, which is all just the legal jargon that they have to include. But if you know the right terms, it's almost like, you know, plugging in your checklist. OK, here's the important stuff, and then you really get a well-rounded view of what the company is and what they do and how they're doing it.
Lewis: Well, I think that's going to do it for this mailbag episode, Joe. Thanks so much for hopping on.
Solitro: Thanks so much for having me. Until next time.
Lewis: Until next time. And we plugged it multiple times on the show, but if you want us to talk about anything, @MFIndustryFocus, he is @JoeySolitro, I am @WilyLewis, you can always shoot us an email @IndustryFocus as well. We love getting show ideas, we love getting your questions. And we also love getting stock ideas. I mean, you know, shoot some stuff our way, these roundups are super fun for us to do, we can even make some themes out of them if we get enough of them. I like the idea of possibly stumping Joey at some point in the future.
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