🤖 Claude Code Shakes Up Cybersecurity – Anthropic’s new security tool found 500+ undetected flaws in open-source projects, wiping $10-15B off cybersecurity stocks. Luke breaks down why he’s NOT selling $CRWD or $PANW — and what event would actually validate the thesis.
📊 Investing Rules from @TheProfInvestor – insider buying vs selling signals, why boring companies make the best investments, how to explain the bear case in two sentences, and why making money on quantum computing doesn’t make you a good investor.
🛒 Zero-Click Commerce – AI agents are about to kill traditional online shopping. Luke introduces “agentic commerce” — where AI doesn’t just find products, it buys them for you. Shopify is building the rails for this future while BigCommerce and Wix scramble to keep up. Is $SHOP about to reclaim its moat? Plus: why switching costs matter more than ever (the Duolingo vs Shopify thought experiment). $SHOP $WIX $CMRC $DUOL
🎓 Options University – weekly Office Hours open for options learners.
🔬 Safari Stock: Nektar Therapeutics – Krzysztof takes us on safari with a high-risk, high-reward clinical-stage biotech company. $NKTR
Segments:
00:00 Cold Open
02:20 Options University Update & Weekly Office Hours
06:37 Claude Code Deep Dive — Building a $10K+/Month App in a Day
09:30 The SaaS Disruption vs Cybersecurity Thesis
11:23 Claude Code Rattles Cybersecurity Stocks $CRWD $PANW $ZS
19:23 Google’s $400B Revenue Milestone — AI Efficiency Is Real $GOOGL
21:50 Investing Wisdom from TheProfInvestor
23:10 Insider Buying vs Selling — What Really Matters
25:09 The Power of Boring Companies
30:09 Can You Explain the Bear Case in Two Sentences?
32:18 Process Matters — Why You Only Get 10 Real Decisions In An Investing Career
33:53 The E-Commerce Platform Wars — $SHOP vs $CMRC vs $WIX
37:13 Agentic Commerce Explained — Shopping Without Shopping
43:34 The AI Dividing Line — Which Companies Survive?
45:03 Duolingo vs Shopify — A Switching Costs Thought Experiment $SHOP $DUOL
49:00 Safari Stock: Nektar Therapeutics $NKTR
01:02:43 Closing Thoughts
WSW – E121 – Video –
[00:00:00] Krys: If your mind is not sound, you will make for a terrible investor
[00:00:04] Krys: if you have yourself grounded in not just proper investing principles, but in, in understanding yourself, knowing how you behave in certain stressful situations,
[00:00:15] Luke: because the AI knows so much about you, it would literally just be buying stuff for you. you won’t even have to think about it
[00:00:21] Krys: When something works, do more of it. When it doesn’t stop doing it, sound simple. Most can’t do it. This, this is straight out of behavioral, the behavioral psych
[00:00:33] Luke: at some point some comp, like a major company is gonna have a major breach or failure or ransomware or something will happen and it’ll be tied very directly to their adoption of AI instead of like robust cybersecurity.
[00:00:49] Luke: And I think it’ll be something like that, that’s gonna be like the wake up call for the companies that perhaps went a bit too far down that path
[00:00:56] ​
[00:00:56]
[00:01:08] Luke: Welcome to the Deep Investing Jungle with your host Luke the Badger, Hallard and Christophe the monkey. This week clawed Code Rattles cybersecurity. What has George Kurtz got to say about it? Plus the rise of zero click Commerce. Christophe has got a ton of investing wisdom for us straight from the Prof investor.
[00:01:31] Luke: Plus he’s taken us on safari with Nectar Therapeutics.
[00:01:35] Krys: Badge one. You’re still alive. Thanks. Thanks. There were, there were avalanches like that killed people. And you’re all nonchalant every time. I said, don’t die. And you’re like, yeah, yeah, yeah. And then next thing I know, three hours later I get news like nine skiers dead, 10 minutes from where you are.
[00:01:54] Luke: Yeah, now it’s pretty sad actually. Yeah. Yeah. I hit hit, it’s hit the, the community in the sort of area I’m in. Um, but yeah, not pretty, but I foot like, you know, skiing and particularly back country skiing is a dangerous sport and so stuff does happen.
[00:02:08] Krys: Yeah. Don’t let stuff happen to you, please. Because then what will happen to our podcast that’s gonna degenerate into like, like day trading using, using five minute charts.
[00:02:20] Luke: It’ll be like all options and all like biotech madness. So yeah. You know, maybe there’s definitely an
[00:02:27] Krys: be a disaster.
[00:02:28] Luke: Yeah.
[00:02:29] Krys: Yeah. It’ll be complete disaster. So don’t die. That’s, that’s, that’s, that’s the basic point. Uh, I have spent, um. All of last week, as you know, uh, post releasing Options University into the wild. I’ve returned to the developer’s dungeon, just continuing plug away at all the, you know, issues that come up when something is live.
[00:02:56] Krys: Uh, thanks to a few of our intrepid Patreons who have been going through the course and telling me what’s great and what’s not working. I’ve been able to fix quite a bunch of stuff. I also did a major restructuring, which broke a bunch of links temporarily got that fixed. Uh, but all in all, it’s progressing I think quite nicely.
[00:03:16] Krys: There’s a working mobile app now that’s, uh, basically a duplicate of the desktop that I was quite satisfied at having been able to pour over. Uh, so on my end badge, I’ve been between, you know, my usual teaching duties and, and then using every spare moment in the developer’s lab. It’s been, it’s been.
[00:03:40] Krys: Quite a, quite a, uh, intense past week.
[00:03:44] Luke: It is pretty, like what you’ve bought is really good. I, uh, I, I tested it on Android for you, or at least I clicked through a bunch of screens. Seems to work. So thank you for looking after us. Wiser Android owners with your app.
[00:03:56] Krys: Awesome. Very good. Uh, I guess public announcement, public service announcement is that in order to support people who are ready to learn about options and how to, to add that toolkit to their portfolios, both in terms of the aggressive leverage that it, it enables, but also as risk management and to prepare for volatile times and potentially big market downtrends, I decided that for now, I’m going to show up for Office Hours weekly. Uh, definitely on Friday afternoons, 1:00 PM uh. I’m sorry, 2:00 PM Austin, and then probably also on Saturday afternoons, depending on, on scheduling. But if you are interested, then, then, you know, open up the course, start start learning things and I’m there to support you and to answer questions. And all of this can be coordinated on our Patreon at, uh, patreon.com.
[00:04:57] Krys: Wall Street Wildlife.
[00:04:58] Luke: Awesome. Is it our office hours a Paton exclusive or can anyone join up?
[00:05:03] Krys: Yeah, so for the way I envision it is I do not want to create a toxic sludge of, you know, strangers and, you know, God knows who might show up. Uh, and so in the end, it will be for Paton subscribers, but for now I’m welcoming all, all Beasties who are curious about options and or somewhere in their journey where they could use a little support.
[00:05:33] Luke: Great
[00:05:34] Krys: I think that’s the right thing to do. Right. Just not exclude anyone at, at the start and then kind of tighten in the fence as we go.
[00:05:43] Luke: Yeah. How, you know, you reminded me actually we got our first, I didn’t see it ’cause you were on top of it. We got our first like scammer or troll on the Patreon. A some free
[00:05:53] Krys: We’ve made it.
[00:05:54] Luke: Yeah, so we, that’s it. We’ve made it like, you know, once you start getting attacked by bots Yeah, you are, you’re legit. ’cause you know you’ve got enough scale.
[00:06:02] Luke: What was this person doing? They were like trying to give away a MacBook or something.
[00:06:06] Krys: Yeah. Yeah. You know, uh, monkey immediately took out his phone and started, I was like, I want, I need, I need a MacBook only to, to end up, you know, at, at an Unsavory OnlyFans page. I was like, Hey, wait a second. Wait a second. Oh. So badge you. Uh, you too have been. Getting deeper into the Claude coating world and everything.
[00:06:37] Krys: It’s enabled. Obviously we have beaver running who also got I think a lobotomy over the last two days, uh, when I wasn’t looking. Uh, tell us about your shenanigans.
[00:06:48] Luke: Yeah. So yeah, like you got me playing with anti-gravity. Um, and I’ve kind of switched over to clawed code in the last few days just because I’m finding it a bit easier to use. Frankly, I’m, I’m a bit befuddled by anti-gravity. I’m on someone’s ski season with a bunch of friends and one of them has a very successful online business around like, coaching mental health care. Um, like wellbeing. And she’d been thinking for some time about building an app. So we were like chewing the fat over like a glass of wine a few days ago.
[00:07:22] Luke: And I’m like, well, I’m doing this like. Ag agentic development stuff, like, let’s see if we can throw something together. And in like a day, literally yesterday with Claude Code and I have now like jumped on the bandwagon and bought a a Claude Code Max subscription just so I could play with it properly.
[00:07:38] Luke: Like we built, we built a very solid prototype of an app that she thinks she could scale pretty easily to like a five figure per month income. So like that’s a lot of return on investment for like a hundred dollar, um, like coding subscription.
[00:07:56] Krys: Yeah. Co. Completely agree. Uh, I’m fascinated by this, you know, because of my work in the therapeutic world, also in, in the Zen world, and I’m also sort of blueprinting something in the background that kind of ties in a little bit with investing knowhow because it, I, I, I wasn’t expecting to go on this tangent, but you and I would agree, right, that fundamentally. If your mind is not sound, you will make for a terrible investor
[00:08:29] Krys: if you have yourself grounded in not just proper investing principles, but in, in understanding yourself, knowing how you behave in certain stressful situations, you will avoid some of the more catastrophic errors. So these two worlds are not actually, you know, far apart.
[00:08:49] Krys: I mean there’s degrees and stuff, but I’m looking forward to developing this more Also.
[00:08:54] Luke: Yeah. Like, so we were chatting over dinner last night ’cause a couple of the other guys in the house were like, oh, what have you guys been like jabbering about in the corner? So we showed them like what we built and like my comment over dinner last night was like, you know, this technology, none of this stuff is the roadblock.
[00:09:10] Luke: Now. The roadblock is just having a good idea and like having a vision as to what this, you know, what this thing you want to create should do. The value it should add. And if you’ve got a good idea, uh, you know, my buddy has already got an established business. She’s got like very significant reach on Instagram.
[00:09:30] Luke: Um, so she’s already got like this marketing engine like set up, so she thinks she could scale this thing really quickly. But you know, you and your options university, there’s a ton of people out there who are gonna wanna learn at some point in their investing career how to use options responsibly. Um, and you know, you’ve been able to build a resource that’s gonna help them do that.
[00:09:51] Luke: So there’s potentially big audience for kind of any idea really.
[00:09:55] Krys: Yeah, it really feels, I mean, you know, uh, it feels, this is trite to say, but I was shocked at the moment when, maybe it was early November, if I think back when you could feel there was the new you, you know what it was actually thinking out loud. As we were, you and I were playing with say, image generators now for over a year, you know, designing Wall Street wildlife logos and coming up with avatars.
[00:10:27] Krys: But, you know, anytime you, you want a text in the slide, it would come out all garbled. And then something happened early November, right? Where all of a sudden that became, that problem was fixed. So November, December, January, end of February, so it’s now been, what, four months that I’ve been doing Nothing but this stuff.
[00:10:49] Krys: And it does seem like floodgate to your point. It’s now just about putting your head down and working as long as you have an idea. But everything seems possible.
[00:11:00] Krys: It’s exciting, exhausting, and exciting.
[00:11:03] Luke: You know, we’re gonna, we’ve got a few top topics on the docket for today’s conversation that do, like, sit in this space. I wonder if we just jump into the first one because,
[00:11:12] Krys: do it.
[00:11:14] Luke: like I’ve, I’ve, I’ve been rattling on for probably a year now about the impact of, of, um, AI on technology companies.
[00:11:23] Luke: And now we’re, you know, we’re seeing like the SAS apocalypse, but I’ve always said for quite a long time reasons why I feel cyber security. We’ll be immune from this. Well, like right now, it ain’t immune from this like a whole bunch of, um, like cybersecurity leaders, like CrowdStrike, Palo Alto Networks, Zscaler and their peers.
[00:11:47] Luke: They’re all getting like sold off. And the news that triggered that was literally just a blog post from Anthropic, CEO Dario Am Modi a few days ago. Oh, talking about clawed code security, which is now, um, like scanning GitHub repositories like code that’s out in the wild looking for flaws, defects, exploits in open source projects.
[00:12:16] Luke: So suddenly like the, the cybersecurity world, like when, you know, holy Christ, there’s like, ’cause there are companies that do specifically that, and those companies just got wiped out by. You know, like a native capability of clawed code. Um, I still, I’m gonna say I still do not fear for my cybersecurity stocks I do not fear for my cybersecurity stocks. Even though you can see like Palo Alto Networks and CrowdStrike, both good chunky parts of my portfolio, they have both sold off pretty hard . Like nearly 35% in the last two or three months.
[00:12:53] Luke: I don’t fear for them. And George Kurtz CrowdStrike, CEO, posted, I think a pertinent tweet just yesterday. like he’s Kurtz was basically saying, it’s kind of an off the cuff remark. Can AI replace cybersecurity platforms? Um. And then, you know, he just asked a small question to Claude when Claude said, you know, no, I can’t do this.
[00:13:15] Luke: I can’t replace CrowdStrike. That’s not the point. But I think the point of George’s post is like his last paragraph, if you want to create ai, you need GPUs. If you want to deploy ai, you need security. That’s not hallucination. It’s a fact. Like, you know, you could be out there building the options university and I’m building some like therapeutic app for my mate.
[00:13:38] Luke: Um, if you wanna deploy these things safely, you need to have security built in. You know, these are not like mission critical bits of software. You know, it’s not like you’ll be doing real options trading in the options university. It’s more like learning and journaling and things like that. But, um, um, but, but you know, if you are, if you’re, if we’re sort of vibe coding stuff that’s not enterprise grade software.
[00:14:05] Luke: Um, and enterprises, you know, banks and big institutions that have real customer data and could end up in like the courts of law, if something bad goes wrong with that data, um, they gotta take this stuff seriously. They can’t, uh, they can’t just kind of outsource it to like a bunch of vibe coding engineers.
[00:14:25] Krys: I really like this point. This is the, you know, this sounds similar badge to what you were saying about Google, uh, some months ago. There’s the panic about them losing all the ad spending, but your understanding reframed it as an opportunity rather than a, a existential threat. I would love to get back into a company like CrowdStrike
[00:14:50] Krys: at these lower valuations, and I think I’m, I’m, I’m buying your argument.
[00:14:56] Krys: You know, what’s making it a little more convincing to me, it’s the enterprise grade stuff. The deep roots embedded in the company. You just can’t add a superficial maybe for like, put it this way, maybe its for like solo, you know, for small teams, right? Small, old pop mom and pop shops. Okay. Why go with CrowdStrike when you, you, your thing is gonna be pretty darn good,
[00:15:23] Luke: Right.
[00:15:23] Krys: but the moment you get into conglomerates, no way.
[00:15:27] Krys: Right? Same, same thesis I have actually for UiPath at the moment, you know, that stock is, is beaten down. Same existential threat, but the thesis there is for yeah. Companies that have deep embeddedness who need orchestration. You’re not, your little local things just ain’t gonna cut it.
[00:15:49] Krys: question for you then. What do you think? When do you what and when do you think might we have proof of, say, survivorship for these cybersecurity companies? Is it gonna be on the, on the next earnings call or two earnings call? Call from now where? See, actually as I, as I say that, I’m gonna correct myself.
[00:16:18] Krys: Correct. We know like the earnings potential is still gonna be strong. That’s not the issue. Right? It there Adobe and you know the other ones that we think are Bear, we’re bearish on their numbers, are still going in the right direction. It’s just that we’re saying the market’s going to discount future cash flows.
[00:16:39] Krys: What, three years from now, two years from now? When do you think it’ll be, I don’t know how to say, safer, to know what the outcome of this will be.
[00:16:48] Luke: I think in this, here’s like a, is like an analogy. Do you remember, was it Klarna or some company? They said, oh, we’re like, we’re getting rid of all of our call center operatives, thousands of people and we’re replacing them with ai. And then like a few months later, I think that was kind of unwound and they kind of rehired everybody or at least you know, their plan got waylaid.
[00:17:10] Luke: I think it’s gonna be something like that because like companies are using sort of these, these hyper modern development techniques now much more. And getting efficiencies and everything else. Um, and at some point some comp, like a major company is gonna have a major breach or failure or ransomware or something will happen and it’ll be tied very directly to their adoption of AI instead of like robust cybersecurity.
[00:17:42] Luke: And I think it’ll be something like that, that’s gonna be like the wake up call for the companies that perhaps went a bit too far down that path and, you know, frankly tried to save money. ’cause that’s, you know, that is the responsibility of the board of a company is to, you know, maximize shareholder value by, uh, you know, increasing revenues and decreasing costs and investing in the right things.
[00:18:04] Luke: If a company goes a bit too far with like a bit of a punchy CTO, like technology officer who goes, oh, you know, we can uh, we can build all of this like safety and security stuff with AI and then they suffer the consequences, then that’s probably. The, the thing that will cause, uh, our cybersecurity stocks to rebound.
[00:18:23] Luke: I dunno when that’ll happen, but it, it will happen for sure.
[00:18:26] Krys: Yeah, interesting. So maybe a task I’m going to assign to myself is if I layer the technicals onto the thesis, you know, the technicals are continuing to be in a downward sell off. Timing this well would be, will prove lucrative, like timing, the, you know, the trying to time, the, the inflection point, if you’re right, which I, I think you are, uh, in this moment it seems like patience, more patience is warranted.
[00:18:57] Krys: Like I wouldn’t go too heavy yet. Uh, and meanwhile, and I, I mean, I don’t know if you have a position already then, then it might be a good opportunity to dollar cost average, assuming that there’s obviously lower that it could go. so I mean to, yeah, to, to be determined, but I’ll definitely talk about that a little more.
[00:19:18] Krys: But I have these companies like Z Scale and CrowdStrike High on my watch list.
[00:19:23] Luke: Yeah, great. And, and, and I mean we are, I’m a massive bull on ai. I’m just kind of pointing out why I think this one little niche cybersecurity is gonna be AI resistant, but at the same time, like we are now seeing real numbers from the hyperscalers, from big companies that tell us like, this stuff is real and it’s making a huge difference to the industry.
[00:19:47] Luke: Like, you know, only at the start of this month, couple of weeks ago, alphabet, um, they’re now doing four over $400 billion in revenue. So that’s massive. Um, and at the same time, their costs to serve Gemini, like their AI platform are, are down 78. Um, year over year in model optimizations, and at the same time, their cloud backlog is more than doubled to $240 billion.
[00:20:17] Luke: Like they did this, uh, code red, uh, when chat GPT were, seemed to be like stealing market share. And there was this, you know, all this narrative around search is dead. Um, like one of the founders stepped back in, like they have responded effectively. This stuff is real.
[00:20:34] Krys: Yeah. And that, and that reminds me too, that from my portfolio’s position, the more I see all of this, the more I realize that those fundamental layers on which drive ai, namely electrons, and also you could add water to that, you know, those very basic requirements. And obviously in EOS batteries, I can’t, I can’t foresee a world where that bottleneck is resolved anytime soon. Right. I mean, because this is just starting, so I guess a note to our listeners, if you have not yet done your due diligence about Iron and Cipher, uh, and eos and well, I also have two little smaller market cap data center plays in my King of the Jungle portfolio, Digi Power X and Solana. Risky. But you know, if the thesis is correct, then this is just starting.
[00:21:42] Luke: Well, should we, uh, I’ve got, I’ve got some more AI stuff to talk about, but maybe we should kind of break from that topic for a little bit. You’ve got some investing wisdom for us.
[00:21:50] Krys: Have I ever badge? Uh, I, one of the ways I like using X the most is finding other. Investors who have a good strong track record. And I came across the prof investor on X and this guy is quite similar to what I’m trying to do. He has both a long term portfolio that he more or less doesn’t touch. And then there are the Googles and Amazons and Teslas and he’s simultaneously using the charts and doing shorter term momentum stuff in a whole different portfolio.
[00:22:31] Krys: And I think that’s the proper structure. I talk about this all the time, as long as you don’t confuse yourself and he comes out with regular, I think, good investing insights and wisdom and this list that if, uh, that we’re going to share I thought there’s a bunch of ideas here that we could go through and see whether we agree, disagree. Uh, how we would, how we would amend them. We don’t have to go through all of them, but there’s there, there, there’s plenty here. So, uh, just one by one, you know, to refresh your memories about good investing hygiene.
[00:23:04] Krys: When insiders buy, you pay attention. What do you think of that badge
[00:23:11] Luke: I think it’s a signal, like I think people. Perhaps and put too much focus on insider transactions. And I typically ignore insider selling ’cause we’re all human. You know, you need money, you wanna buy your next mega yacht or move house or pay it for a divorce, right? There’s good reasons why you might sell stock.
[00:23:32] Luke: You’re right. When insiders buy that is more impactful. Like they’re putting more of their wealth into the company. But at the same time, like I’m not a fan of like, you know, like if someone’s like a billionaire and they buy, you know, $10 million of stock, that’s just not relevant to me. Like, that’s not me.
[00:23:52] Krys: to me it’s an, it’s an important signal. Um, and it’s not the end all and be all, but I really like when that happens. When stock gets below 200 week, uh, moving average, you avoid and that, that is, you know, straight from the, uh, technical world. And all that means really is that over the last 200 usually days. There’s an average at which the stock traded. And if your current stock is below that average, that means the sellers are winning. And so they’re selling for a reason. And so if they’re selling for a reason and you are buying, uh, from my experience, it’s usually out of an idea that, well, now it is, uh, really cheap and um, I’m getting a really good deal.
[00:24:48] Krys: But more often than not, what you see unfortunately is that that momentum just continues. It, it both in, in both directions. The down continued to go down and the up continued to go up. So it’s kind of a simple heuristic to check this one number. Are you going with the trend or against it? And if you’re going against it, you, you know, you should know why. You know, similar, uh, in alignment to that is when he says if it’s down 50% in the bull market, there’s a reason and it’s not opportunity. And I think that too is a very common mistake. You know, we, we, we could look at a bunch of scorecards where we know the market is near all time highs, but the stocks are down 20%, 30%, 60%. Well, how, how is that if the market’s, if, if the market is gallivanting and you’re picking stocks that are losing to the market so badly, what’s the reason for that?
[00:25:57] Luke: Yeah. Like often stocks are down for a reason and you know, if a stock is up, if the whole market is up, like more often than not in the short term, like stocks typically just kind of move with the market unless there’s some real, like narrative breaking thing has happened. Um, but if a stock is down like by half in a market where most of its peers are rising, like there’s probably a reason why it’s broken.
[00:26:22] Luke: And I think to lean on stuff you, you’ve been saying very clearly. Like it’s a, or you can be a contrarian. Like if we go back to your, you know, words of like two years ago, um, in some ways the only, the only way to like generate alpha is to be a contrarian, but you’ve gotta know why you’re being contrarian.
[00:26:41] Luke: You know, you’ve gotta know why that stock is down. And you’ve gotta, you’ve gotta believe, you know, truly that you are smarter than the market because like it’s selling off for a reason.
[00:26:51] Krys: Which by the way is, uh, maybe this is counter to what I said in previous episodes is still doable. It to, to exhibit A. We just talked about your thesis around Google. In no way a company that is under anybody’s radar. You just had a very clear understanding of what was happening and that contradicted what even a majority of the talking heads were saying, right?
[00:27:20] Krys: And you were, by the way, I remember our conversations around this. You were not wishy-washy about it. You were pretty, pretty confident. Of course you could have been wrong, theoretically, right? You weren’t wrong, but you could have been, but you were contrarian and it didn’t take some secret corner of the internet to get to that view simultaneously.
[00:27:41] Krys: In biotech, that opportunity exists all the time because few analysts are actually understanding whatever bio mechanism that only scientists truly know. So that’s an area of alpha that comes up repeatedly. And also in small caps, usually because the, it’s easier to be a contrarian ’cause nobody really knows about the company yet until they’ve done their research. Uh, I really like this one badge. You can’t explain the thesis in two sentences. You don’t have one. You have fomo,
[00:28:17] Luke: yeah, that’s good. And, and they gotta be, they gotta be like simple. Explain it like I’m five sentences. You can’t have like two sentences of biotech gobbledygook, right? You got, I I, my, my test, my version of this is like, can I explain it to my mom? And if I can do that, then like, I understand the company.
[00:28:35] Krys: Yeah. And it’s kind of shocking how few people could actually do this. I mean, in simplicity lies deep understanding. But I would venture, I’m sorry to say, I would venture more than half of of all people who own companies probably could not explain their ownership beyond some, some like, well, so and so liked it, or.
[00:29:01] Krys: You know, it’s up, or I mean, metrics that have nothing to do with that deep understanding of this is why this business will be successful over time. And, and yeah, it’s, it’s an easy fix, but, um, human nature. Right. Let’s do one more,
[00:29:20] Luke: and actually just on that, right, here’s like an actionable thing for listeners. Just go read through your portfolio and just go down the list, like top to bottom and say, you know, what is, what are the two sentences? What is like the. If you’re explaining this to someone who didn’t understand what the company was, and you know, if you can’t explain it, be honest with yourself, then probably shouldn’t own it.
[00:29:42] Luke: Or at least go figure it out.
[00:29:43] Krys: right? Go, go figure out what your, the business you own does.
[00:29:49] Krys: and I, and you know, uh, something that can come out of that exercise too is your thesis might reveal itself to be. Thin and you might actually realize that you don’t believe what you don’t believe. It’s, it’s strong enough to own. So
[00:30:09] Luke: Well that’s, that’s actually, that’s a great point ’cause there’s a counter to this as well, like really. If you’re gonna go the next step, not only should you be able to explain what the business does in two sentences, you should be able to explain what the bear case is. You know, what could go wrong.
[00:30:24] Luke: ’cause you’ve gotta understand that too, right? And face into the reality that you might have it wrong. ’cause you’re not gonna be right every time.
[00:30:30] Krys: That’s right, and we talked about this in the last week’s episode, which I thought was a great episode. You should listen to it. When we did the portfolio review, it’s easy to say, I own this company like Adobe because it’s a powerful software and my friends still use it, and so and so forth, and completely avoid the elephant in the room that. Yes. And people still used film cameras once digital cameras showed up, but that, that didn’t end well for the film cameras. Let’s do one more. When something works, do more of it. When it doesn’t stop doing it, sound simple. Most can’t do it. This, this is straight out of behavioral, the behavioral psych. Uh, and you know, speaking for myself, I’ve, you know, well, you and I both, but we’ve, because we’ve made all the errors there are to make across the, the decades, it is a little bit frustrating that even sometimes if you recognize I’ve made an error in this particular way to generally change your habitual default is takes practice, it takes training, it takes repeated. Repeated, uh, I dunno. Um, reps using a tool, like a trading journal, which by the way as you know, I’ve built, made a core functionality in my Options University course because it forces you to slow down and say, I made this trade, it did not work. Here’s why I didn’t have enough of a thesis, or I was going against the trend, or whatever.
[00:32:18] Luke: and it’s particularly hard as an investor because, you know, I, I always draw parallels to between investing in the game of poker, but in the game of poker, like you get to make a lot of decisions. Let’s say you are. Playing online. You know, you might, in a session of maybe four or five hours, you might have like a hundred quite meaningful decisions.
[00:32:38] Luke: And if you’re paying live over the course of say, a five hour session, you might get like three or four quite meaningful decisions that really like define your night well over like an in investing career of like, say 20 years. I don’t know, maybe I’ve made like 10 really impactful decisions over that time and the rest is kind of noise.
[00:33:02] Luke: I dunno which are the big decisions ahead of time. So because there’s such, there’s so few opportunities to actually judge whether you’re making good decisions or not. And it takes so long to know whether your thesis was right or not. Like it’s critical to reflect, to have a process, you know, have a journal and be honest with yourself if you, you know, if you make, if you made like a ton of money on some.
[00:33:30] Luke: Random shit co. If you’ve made a load of money on quantum computing, I’m gonna stick the boot in. Again, I love getting into this sector. If you’ve made a ton of money on quantum computing, like great, well done. But, uh, in my view, that does not make you a successful long-term investor. Like, uh, yeah, you’re jumping on like the latest meme trend without really understanding it.
[00:33:53] Krys: All right. Badge? Uh, yeah. Check out the prof. Investor. He’s a good follow. Across the different styles in the market. So hope that’s, that’s useful. Can we get back, uh, to the world of ai, you, you wanna tell us a little bit about what’s happening with Shopify and Commerce and the e-commerce PLA platform wars?
[00:34:18] Krys: What are you seeing out there?
[00:34:19] Luke: I think I can link this into what we are just saying actually, interestingly, um, because. Like Shopify was one of my material decisions. I, I started the position in 2 20 16, I think maybe late 2015, and I was an owner through to 20, 23 or four. Um, and that was like the engine of my portfolio that generated most the large, large majority of my investment returns and drove my like, you know, market beating compound annual growth rate for that seven or eight years.
[00:34:57] Luke: But I got outta Shopify. Um, when they kind of flip flopped on logistics, if you don’t know who Shopify are, they’re like, um, think of a bit like an Amazon, uh, where, you know, most of the shopping you do online these days, you may or may not know it, but there’s like, Shopify is powering a ton of it and they power like a ton of brands.
[00:35:19] Luke: And for a long time they did battle with Amazon. As they’re, you know, trying to be like the sort of independent they call themselves, like the Rebel Alliance e-commerce platform for people who didn’t wanna give like the masses data to Bezos institution and potentially suffer the consequences. And then they flip flopped quite a bit in the mid 2020s where they were investing in logistics, trying to compete with Amazon.
[00:35:47] Luke: And I think, uh, the CEO Toby Luki just realized like, it’s impossible to compete with Amazon. They just
[00:35:53] Krys: By logistics you mean actually building, uh, physical things, right? Like they, they started, right? Yeah.
[00:35:59] Luke: Exactly. Exactly. So they do everything else. They still provide like a logistics capability, but they just don’t have that logistics in-house. Now they kind of, you know, they wrap their logistics around. You know, like FedEx and DHL and they negotiate really good deals with these logistics companies. And actually they even use like Amazon Logistics as well.
[00:36:21] Luke: Um, but they don’t try and do it themselves. And so I kind of came to the view, well, do they really have a moat anymore? And I was looking at them compared to like tiny, tiny companies, but doing the same thing like big Commerce, Wix. There’s a whole bunch of other like smaller platforms where you can basically build, you know, your storefront.
[00:36:45] Luke: You could have like online sales, manage your inventory, maybe do like invoicing and do your accounts and all that, you know, all the stuff you need to run a business. Um, it seemed to me that there were a whole bunch of options, not just Shopify, and I was like, maybe this is just commoditized. Maybe they don’t really have an advantage well in now in the age of AI getting in the way of everything and disrupting everything.
[00:37:13] Luke: That could still be true, but maybe it’s not. So Shopify is back on my radar and actually kudos to my brother Matt, who owned Shopify throughout, didn’t sell it and is like still a Shopify shareholder. So Matt, you might have it right, even though I sold out. I’m glad you stuck around. So have you, are you familiar with this term, agentic commerce?
[00:37:37] Luke: Agentic storefronts? Do you know what this is all about?
[00:37:39] Krys: No, tell me.
[00:37:41] Luke: It’s kind of my Google thesis actually from last year, which was like, if you wanna buy something, let’s say today, you know, you wanna buy a pair of trainers or a new hat, you know, you might go to, it probably goes to like Amazon if it’s like a commodity type thing or you know, if you’ve got a particular brand you want, you go to that brand’s website or you Google it and um, and that’s like our, that’s been the way we’ve done e-commerce for the last.
[00:38:07] Luke: What, 20 years or so post like the.com boom of like, and the crash of like the e-commerce kind of fake out, but now it is real. Obviously that’s like an old story. Well, my kind of Google thesis, why Search isn’t dead and Google isn’t dead a year ago, was they’ve got all this data on you. They know much more about you than you know about yourself.
[00:38:29] Luke: They have one of the world’s greatest AI teams, like DeepMind and Gemini, dah, dah, dah, dah. I’ve said to this before, and they’re gonna bake advertising, which is like the crux of their business into ai. So if you, you know, if you’re having a conversation with Gemini. And you’ll maybe Gemini is like researching, I don’t know, like a, a brand, a new brand of bicycle.
[00:38:53] Luke: You’ve got like a bike behind you. Um, then the advert will get embedded into like the AI conversation because a particular brand of bicycle manufacturer will have said, okay, we wanna hyper target people like Christophe who are in the Austin area. Maybe it’s like a niche, you know, bespoke bike manufacturer.
[00:39:12] Luke: Um, and it’ll get embedded into like your AI journey. So ag agentic commerce is just like the final step in that. Not only is like the AI surfacing the advert as part of your conversation with it, it’s also making the purchase for you. And at the moment, this is, this is real and happening now, like, you know, chat, uh, OpenAI have started putting adverts into their search results.
[00:39:39] Luke: Um, brands are baking, like the ability to buy something through ai. But that’s like the very next step in this is you won’t even have to ask for it. Like the AI will just know so much about you. Stuff will just show up at your door and you’ll probably have the ability to go, oh no, that was a mistake.
[00:39:57] Luke: Like, return that, and you know, you’ll just like drop it back in the post box and it will go back to where it started. But because the AI knows so much about you, it would literally just be buying stuff for you. Um, you won’t even have to think about it. Like, so that’s like the, so to, in my mind, like the logical endpoint of this term, zero click commerce, basically like shopping without shopping Neo, there is no spoon.
[00:40:23] Krys: Shop. Right. Interesting. Um So what is Shopify’s moat in this case? Why can’t be a.
[00:40:34] Krys: Okay.
[00:40:34] Luke: So do, do you buy, I was giving you a chance, I’ve given you like a bit of breathing room to challenge what I just said, like is, it might be a bit dystopian, but does that seem like a reasonable trajectory for like shopping to go, commerce to go,
[00:40:51] Krys: Yeah.
[00:40:53] Luke: okay. Right. So if you buy that, that is the direction of travel now, looping back to Shopify maybe, maybe Shopify are set up to have a moat again and to win again. Um, and this is a little bit, you know, I haven’t fully baked these ideas yet. I’m just kind of kicking them around like they’re building. I hadn’t realized until recently, ’cause I started listening to their earnings calls again and I caught one a couple of weeks ago.
[00:41:23] Luke: Um, they’re the ones partnering with Alphabet and a couple of other industry leaders to actually build like the protocols and the infrastructure for agentic commerce. So they’re like defining the rails. And if I look at them compared to like a big commerce and a Wix, like they are much better positioned to succeed in a world of ag, agentic commerce.
[00:41:52] Luke: Because not only have they, you know, it might be a smaller thing that they’ve actually like, defined the protocols and they’ve built the stuff, they’ve built the railroads, but they do have like a ton more insight and data and they’ve already got millions of brands. I think that’s true. Um, but a lot of brands on their platform and you know, if one thing we know is true right?
[00:42:18] Luke: Is in the world of ai. Like it, ultimately everything gets commoditized. The thing that really has meaningful lasting value is data, is like the information, which is why like Reddit is a bit of a meme stock. ’cause they have a lot of proprietary information. ’cause people write a lot of shared on Reddit and that that doesn’t appear outta places.
[00:42:40] Luke: So Shopify do have a lot more data than some of these other competitors. I’m not comparing them to an Amazon here, but I am comparing them to like a Wix or a WooCommerce
[00:42:49] Krys: Yeah.
[00:42:51] Luke: and like, I’m not, I’m not saying like buy Shopify. I’m not jumping back into this myself right now because I think that’s probably reflected in the relative valuations of these companies.
[00:43:01] Luke: Like Shopify is a beast compared to these other minnows yeah. Shopify is a beast. Like it’s $160 billion. Enterprise values today. And the other guys are like, uh, you know, Wix is like a $4 billion company.
[00:43:15] Luke: Um, big Commerce is like a $260 million company. Like these, you can’t compare these in any way. But, um, um, but you know, maybe, maybe Shopify do have an in here to, uh, like have a material moat.
[00:43:33] Krys: I don’t know if this is the right question to ask badge, but right now I see like a dividing line between the companies that will be enabled and take advantage of the ai, uh, acceleration and those that will be destroyed by it. And for example, on my short. In my short bucket list as per last episode, I have companies like Adobe Duo Lingo and Fiverr. whereas you’re saying Shopify is, is in the other bucket potentially. And what I’m hearing, I’m trying to discern like why does one go into one bucket in the the other, the other, obviously Adobe is also a massively huge company, $108 billion. It seems something to do with network effects like that, that is it like that once you become big enough then the competition dies out.
[00:44:34] Krys: Whereas, I dunno, in the case of something like Duo lingo, uh, I mean it’s revenue is increasing, its users are increasing. Maybe it’s a different category problem that we’re trying to solve. Maybe Shopify has more of that infrastructure in place. Like what’s that? What, how do you understand the difference between the, the companies getting killed and those
[00:45:02] Luke: It’s like how how easy would it be to replace, so let’s say, I mean this is a kind of such a weird comparison, but let’s just say Duolingo versus Shopify and sort of think about like where they are today. So like, I’m a Duolingo user. I’m on like now coming up for 1200 days streak. Duolingo have never had any money from me.
[00:45:26] Luke: Like I’m a cheap ass. I’ve literally just used the free plan and I don’t even watch They screwed up. Like they screwed up. I don’t even watch the adverts anymore. I’ve realized I don’t have to watch the ads. I literally just do the lesson and I can just like scroll away from the app and I’ll preserve my streak.
[00:45:42] Luke: I dunno why I’m preserving this fricking streak, who cares? Um, but anyway, my point, my point is more
[00:45:48] Krys: You know, You know, sorry to interrupt you, but you know what Monkey’s one mission in Vegas is gonna be
[00:45:54] Luke: Hmm.
[00:45:54] Krys: in, in a month’s time. It’s, it’s to ply you with so many banana daiquiris that you will forget to turn on your, your du lingo streak it.
[00:46:05] Luke: You get streak freezes anyway, let’s not go there. Um, like my point, my main point was gonna be if someone show, if someone like gave me like a different app that was just a tiny bit better than Duolingo. And maybe a bit less annoying and I felt I was learning language from it, I would just switch over, right?
[00:46:24] Luke: There’s no switching cost from Duolingo apart from the streak, which I, I kind of don’t really care about. And I almost use as like a bragging metric as to why it’s such a bad company. ’cause I, well I dunno that that’s a bit counterintuitive anyway, whatever. Um, there’s no switching costs and something like a Shopify, the switching costs are quite high.
[00:46:46] Luke: They’re not saying they’re insurmountable, but they’re quite high. If you are like Nike or one of these other brands and you’ve partnered deeply with Shopify to manage your inventory and your storefront and everything else, like it’s pretty deeply plugged into your business. And yeah, sure you could vibe, code and build, um, like your own e-commerce platform or switch over to like a Wix or a WooCommerce, but it’s gonna be harder to do that.
[00:47:14] Luke: There might be some customer impact. Um. And, and you know, there we are bearing in mind who is the customer of these companies. Like the customer of Shopify is not the end, like the buyer, like me buying a pair of trainers online. The customer is the brand that has like integrated their backend.
[00:47:33] Krys: So, yeah, so something about deep, deep integr integration into ecosystems versus a more surfacey level service that’s being provided that in the end can become white labeled
[00:47:49] Luke: and there’s a, yeah, like there is a, I I would say go back and listen to that episode that you and I did over a year ago with Matt Cochran. Uh, when we talked about moats, like there is a, like the other aspect of Moat Shopify has is. Is, like I said, the data, right? You know, if you are, you may not know it, but probably a decent percentage of the stuff you buy online is powered by Shopify and they know that that’s Christophe under every transaction, even though you don’t know it’s Shopify behind all these transactions.
[00:48:21] Luke: And if you bought like a new bike, then uh, your Shopify are gonna act to, you know, use that information and possibly like, sell you a bicycle helmet and you know, like some inner tubes and whatever other stuff you might want as a bicycle owner. Um, and they have that information like Adobe and Duolingo, they don’t have those levers, right?
[00:48:46] Luke: You start making, you know, you’ve like our, like our Patreon who gave us his portfolio to review and my colleagues are using Adobe. Well, if someone gave them like a better version of PowerPoint or PDF or their company said, okay, you know, we’re gonna. We’ve got these, like, you know, we’re gonna move to off Google Suite rather than Microsoft office or whatever.
[00:49:07] Luke: Like just switch over, who cares? Right. You know, it’s not like you have all this embedded stuff and you have to, you know, you might have to, you might have to rebuild your slide decks, but it’s not, that’s not really a serious moat.
[00:49:18] Krys: Which do you buy first and why? That’s a maybe we leave that as an open question. Value. I mean, obviously valuation comes, comes into play big time, but I’m still not quite clear for myself given, uh, the strength I see of owning the physical in infrastructure that is now insurmountable, why I would buy something like Shopify ahead of Amazon.
[00:49:45] Luke: I, I certainly wouldn’t like a hundred percent. Uh, Matt, Matt Cochran and I used to kind of do battle when we were both at seven investing years ago, and he was the Amazon Bull. And I was the Shopify bull, but he was right. Unequivocably. Amazon is the stronger, the better investment.
[00:50:02] Krys: All right. Thank, thanks. Badge. Do you wanna take a hard pivot to biotech?
[00:50:08] Luke: Yeah, you’ve been, uh, you’ve, you’ve made a beautiful infographic for us. I’m keen to understand what this is all about.
[00:50:15] Krys: I have one, one task for myself, badge, which is to not use any jargon because biotechs are notorious for even in their own slide decks. Every other word is an an acronym and nobody outside the field can understand what the hell any of it is. So I’m going to use deliberately generic words to try to just give you the big picture here. And I think because I’m, I’m quite deep in, into this at the moment, if our listeners, Patreon’s YouTubers would like a actual deep dive from us. Then I think I’m prepared to do one. And that would be, you know, on the, like, going over 15 slides in a much more sophisticated way.
[00:51:04] Krys: Uh, so let us know in the Patreons and in the YouTube comments if that would be something you’d want. But here’s the big picture. Uh, nectar is a promising Dr. Uh, a a, a promising biotech, not a promising biotech. They have currently in development a promising drug called res peg. What’s it solve? A lot of people badge have issues with skin inflammation. It’s actually, according to many estimates, a truly, truly enormous market we’re talking about, I think hun, up to a hundred million people, or, I mean, it’s just whatever the actual number, it’s a lot. And there’s a huge amount of money at stake. Within that whole market segment, there’s essentially the first line of drugs that doctors prescribe. The problem is it’s not that effective or it’s not that effective for about 50% of people, and the longer they’re on it, the, the, the more the skin condition comes back. Res SEG has a profile right now in phase two of testing, phase three being the final. That has basically chef’s kiss numbers in terms of safety and in terms of efficacy. After that first line has proven, ine effective. So this is a misunderstanding. They’re not going after, say that first line, they’re going after the 50% that the first line doesn’t quite work. Because it’s such a massive, massive market. Maybe one of the, I don’t know if it’s the, but potentially one of the biggest drugs, uh, uh, market, uh, biggest drug markets possible.
[00:53:07] Krys: This is, this is a huge opportunity and so recently data came back and proved that for now at, at this phase, this particular drug would wipe the slate clean for all the competitors in that second line. And the stock basically rallied quite a bit on this news that itself would be worth investing in.
[00:53:33] Krys: We’ve got a timeline of about next six months, a year in which more of the data will show up. And if it continues at what we have now, it’s gonna be it gangbuster drug that’s step. Step two in this thesis badge is that there’s also built into this a basic call option in that this drug also works for people with, uh, a disease that makes them lose their hair in spots in the TAM for being effective in that market would be something around a billion dollars in revenue, uh, for that indication. Now, here’s the curious thing. In December, data came back and it was for simplicity’s sake, slightly subpar, but turns out the reason it was slightly subpar was that some people in the trials should not have been in the trials. So it was kind of statistically wonky. That’s part one and part two is it turns out for hair to regrow.
[00:54:44] Krys: It takes weeks for the drug to work on the inflammation cells, the t regulatory cells. And it’s basically not that. You take the pill and then three days later you have hair grown out of your head. It’s gonna take weeks and weeks for your system to realign. The, the, the trials basically cut off right at the inflection point where the hair growth would have started growing the market had a tizzy sold off the stock by 30 something percent based on these slightly underwhelming data.
[00:55:18] Krys: Anybody that knows what they’re talking about says that’s foolishness. Let the drug work longer.
[00:55:25] Luke: Quick, quick, quick, sort of sidebar, like why did they have such a flawed trial design?
[00:55:30] Krys: good question. Um, why the people that shouldn’t have been invited into it, I mean, who knows? That might have been bureaucratic bureaucrat error. Uh, that’s the best explanation as far as why the cutoff for that date. Maybe a basic misunderstanding that, I mean, the market, you know, in these issues of biotech reacts, reacts on the fir algos, right?
[00:55:55] Krys: The algos C data came in 2% below threshold cell, whereas all the scientists know, well, we’re giving you the data at the this time point, but we really need to look another, let’s say 20 weeks out. So it’s kind of knee jerk stuff. And so this is why when you combine both of these indications, you have best in class in one and misunderstood results in another.
[00:56:27] Krys: And together the, this could be massive billions of dollars of revenue if tra trajectory continues. Well, lo and behold, badge. At the moment, even with the, with the bounce from the latest results that were really good, this is only trading at an enterprise value of 1.5 billion. Why do I talk about enterprise value?
[00:56:49] Krys: Because they also have 760 million in cash. So it, it’s really, really safe, uh, with about 140 million per year in cash burn. So we’re gonna get through all of the next phases and clinical studies, no problem, no dilution. It’s cash rich. And so these are the kinds of situations that I absolutely love, where I have a very clear reason why it’s undervalued.
[00:57:16] Krys: Catalysts coming up cash rich. And the data is the data. This will be a superior product. And so Monkey is really, really interested in, in starting position in this. Um, let us know if you want. To go into the deeper weeds with the actual names of the, of the diseases and how this stuff works. But did that satisfy kind of the big picture without getting into too many of the acronyms?
[00:57:45] Luke: Yeah, it’s good. I feel like I’ve got like the, the two sentence understanding of what the company is. Um, I’d like to hear more. I stay away from biotech, um, and I wouldn’t, it’s not the kind of stuff I’d have in my main portfolio, but you, your hit rate with some of these, like, like micro cap and small cap companies is pretty astounding to be quite honest.
[00:58:07] Luke: Um, that’s how you generated like a 370% return in last year’s King of the Jungle challenge. So, yeah, I mean, this has got, based on, based on what you’ve said, this has got all the markers of like another potential like Christophe knocking it out of the park.
[00:58:25] Krys: Yeah, and you know what badge, uh, in the end it ends up being all about the data and you know, so forth. But I will say this, in this moment of the market volatility and instability. One path to go back to what we were talking about earlier in the episode, I might say, okay, I have extra bananas. Maybe I want to open a position in CrowdStrike again. Uh, yes, but also I love it when an entire sector has been out of favor for a long time and evaluations are just stupid cheap. So that that margin of safety is just much higher. I think in general it’s hard to generalize, but in general, in biotech right now than in all these other ai, you know, God only knows what’s gonna happen in that world.
[00:59:18] Krys: So sector wise, I love being able to confident confidently invest in, in a company that, that the is just not loved temporarily
[00:59:31] Krys: by, in biotech.
[00:59:32] Luke: yeah, so like using some of my nascent options University knowledge from the attending the last two cohorts, presumably this is like a highly volatile stock, so we probably want to be selling options rather than buying options.
[00:59:46] Luke: And I guess it’s, there’s a date on this because, and you want a date with options, you know, you want to know something’s gonna happen. You have like a catalyst, which is perhaps when you think the, um, like the real results post-trial might come in and the market might like realign back to the actual results if you believe they’re delayed.
[01:00:05] Luke: And I guess if you are bullish on this, uh, you want to be selling puts, have I gone down a completely wrong direction with that?
[01:00:14] Krys: Uh, no, there are though. This does take, uh, this would end up being a a long options lesson. I would, I would, I would put seven asterisks. Next to a couple of the things you said. One of the most sort of, uh, difficult ways to use options is with biotech. Because remember, in biotech, the results are sort of binary.
[01:00:44] Krys: If, let’s say the data comes in in six months and the drug is obviously best in class, that stock could jump a hundred, i, I don’t know, 80%, 90%, 140%, like overnight. If you sold options on that, you’re, you’re, you’re screwed. biotech is
[01:01:10] Krys: more.
[01:01:11] Luke: selling if you’re selling puts though, is that not a bullish thing
[01:01:13] Krys: Oh, if you sold puts right, you would gain that premium because it never dropped below the price, but you’re not really gaining all of the massive wins from that binary outcome.
[01:01:29] Krys: So I would not actually think of selling options in this case. In, in cases like this, you would more or less bet on the catalyst making good. Um, honestly, that that’s the most direct path, but it’s dangerous. And so you would have to earmark enough safety to say, okay, if it goes to zero, it’s fine, or you date them quite far away.
[01:01:58] Luke: Uh, okay. Alright, so this, so this is then part of the options university that I haven’t got to yet. ’cause I’ve stuck at the absolute beginner level of just like. Buy or sell a call or put, and nothing more complex than that, but you’ve got what, 50 plus different 99 different trading strategies. So presumably there is some combination of things where you buy something and sell something else and then you’re gonna get the upside and like mitigate the downside.
[01:02:27] Luke: Is that the, is that the real answer?
[01:02:29] Krys: Yeah, that’s right. The, the lesson here is you need to, you need to buckle, buckle in and start and start getting yourself ated using the Wall Street Wildlife University. There’s lots of ways to play this. Yeah.
[01:02:43] Luke: Great. Well anyway, not financial advice. Certainly do not try and follow my options, strategies ’cause I haven’t got a fricking clue. And if you do wanna know more about Nectar Therapeutics, then drop us a message on the Patreon or on the YouTubes or on the exes. And Christoph is doing the work for his own portfolio.
[01:03:01] Luke: But maybe he’ll be kind enough to give us a deep dive on a future episode.
[01:03:06] Krys: Awesome badge. Uh, does this, uh, this takes us home, right? Uh,
[01:03:11] Luke: Pretty
[01:03:12] Krys: we wanna,
[01:03:13] Luke: I mean,
[01:03:14] Krys: you wanna mention our partners fiscal ai?
[01:03:17] Luke: no, you did such a beautiful job last week. You did it.
[01:03:19] Krys: So, yeah, let’s thank, uh, fiscal ai, our essential stock research platform. Luke and I use this every day. It’s where we go to start our research process, honestly. Uh, and they have all the data from 20 years collected all kinds of KPIs, all kinds of customizations, earning call transcripts, research reports.
[01:03:42] Krys: Use our fiscal.ai/wildlife code for two free weeks of Fiscal Pro, no credit card needed, and a 15% discount if you upgrade. That’s fiscal.ai/wildlife. You are not a serious investor without it. Are you badge a serious investor?
[01:04:04] Luke: I am a serious investor. Christophe, are you a beast of an investor?
[01:04:08] Krys: My journey started here a long time ago.
[01:04:12] ​
