🚨Badger has gone wild and the law tries to reign him in — with what success? Monkey, meanwhile, studies political theory and comes to the conclusion that nuanced political conversations require carefully defining the terms — and who has time for that? We reap what we sow.
⏳Is Badger a true long-term investor? Luke analyzes his long-term holdings and finds his average holding period to be 3.5 years, with a few outliers, including Enphase $ENPH and SolarEdge $SEDG. We discuss the costs and benefits of taking the long view.
⚡️Renewable energy sources are set to eclipse power generated by coal for the first time ever. Is nuclear fusion still too science-fiction? Monkey continues pounding the table for Eos $EOSE supported by claims about battery storage becoming a burgeoning trillion dollar industry.
❄️Is Snowflake $SNOW Too Hard to Understand and a Dodo set for extinction? Monkey shares his story from being a Bull to disappointment to kicking the company into the “Too Hard Pile” which is a useful investing structure. Badger wants to put Airbnb $ABNB in the same bucket but Monkey calls it the broken thesis — we discuss the difference.
💔We read a listener comment making the case for Badger’s compassion and grace — with a chilling and devastating conclusion. (you can tell who wrote the episode blurb this week – 🙄)
🍌Monkey teases a few upcoming new buys for the King of the Jungle Portfolio challenge — Round 1 — which ain’t over till its over.
Sources mentioned:
https://www.economist.com/business/2024/09/01/clean-energys-next-trillion-dollar-business
Segments:
[00:00:00] Introduction
[00:03:56] Luke got a Speeding Fine
[00:07:00] Are We Really Long Term Investors?
[00:15:49] The Inexorable Rise of Renewables
[00:20:41] But Are Renewables Investable Right Now?
[00:29:30] Listener Shout Outs
[00:34:38] Is Snowflake in the “Too Hard Pile”, and what is the Too Hard Pile anyway?
[00:56:29] King of the Jungle Portfolio Update
WSW E43
[00:00:00] Introduction
[00:00:02] Luke: On today’s Wall Street Wildlife, we talk about long term investing. We dig into a topic we said we’d talk about last week and we didn’t quite get to because there was so much on the docket. But we are definitely this week going to talk about the inexorable rise of renewables and whether the sector is investable.
And also, Snowflake is suddenly in Krzysztof’s too hard bucket. So we’re going to dig into why that might be. Bit of a worry for me because I’m also a Snowflake shareholder.
Today is Monday, the 2nd of September.
[00:00:33] Krzysztof: and you, no doubt, have been up to no good because it was the weekend. Let me guess,
[00:00:39] Luke: know it would be very tame, very tame. Oh, actually I did go to my brother’s 50th birthday party, which is superb fun. horse Racing with a Ministry of Sound afterparty, and I was betting extensively on the horses. I did not see a frickin Horse or a four legged thing anywhere that day.
It was mostly the dance floor and the booze, but still nice to go to the races. Yeah. And then, uh, yeah, and I just did some gardening and some regular at home stuff on Sunday. What have you been getting up to?
[00:01:05] Krzysztof: right? You’re, I keep calling you a man of mystery. The man who’s capable of going to a horse race, not seeing a single horse, but ending up on the dance floor. You live a charmed life. Whereas I somehow I ended up talking for four or five hours at night to a really learned political theory expert that I know through my other life as a philosopher and pontificator.
And it really, I mean, this guy is Just so fun to talk to, but probably the most expert in politics of anybody I know. And it’s striking, when you actually talk to someone that spent, devoted their lives to, you know, reading, all of the things and knows what they’re talking about in regard to politics versus what we get 99. 9 percent of the time which is people mouthing off based on you know their latest thoughts and feelings and it’s like a whole nother universe it’s like opening a portal to oh my god there’s substance here so it was a late night Thought about Marx and capitalism.
And
[00:02:19] Luke: Did he have any key insights that our listeners might take away?
[00:02:23] Krzysztof: yeah, the surprising thing is. I don’t know how to say this without, reducing an incredibly complex thing, which is actually, that’s one of the key insights to, to be honest. If you want to talk about these topics, you need at least three hours to properly define terms, to not jump to immediate conclusions. And that’s what nobody is willing to do.
And that’s why we have this cluster beep. of a situation because people are talking past each other. So when you talk to an expert, he’s like, okay, slow down. This is what I mean by this term, right? In this case, like liberal, what does it mean to be liberal? Well, it used to mean one thing in 1750, but then it meant something else in the 1800s.
Now it means something else entirely. And who the hell knows what term you’re using unless you slow down. So that’s, that’s worth saying that’s enough.
[00:03:17] Luke: I won’t say why, but you’ve got me reading a book at the moment and I’ve had to, I’ve got a physical copy of the book as opposed to it being digital as I usually go. And normally if there’s like a term I don’t understand, I just like click and then Google explains this thing to me. So I’ve had to be going off separately to understand what this morning, what neoliberalism is, because that’s been coming up in the book and I’m like, I don’t actually know what this means.
So I think I now do.
[00:03:39] Krzysztof: Yeah. And that’s a really important term, especially in our political moment right now, and it will understanding that term will infect investing outcomes. So I can’t wait for you to explain to us what it means,
[00:03:54] Luke: I’ll go and refresh that, uh, once more.
[00:03:56] Luke got a Speeding Fine
[00:03:56] Luke: Anyway, maybe I was caught up in some neoliberalism of my own. Uh, I’ve got a speeding fine, Krzysztof. For the first time in bloody a decade, I’ve got a bloody speeding fine
[00:04:06] Krzysztof: which is shocking. It is absolutely shocking. I would have put the odds of you getting a speeding fine or like, uh, the, the regularity of it, like approximately once a month.
[00:04:19] Luke: had, in the UK, we get something called points. If you get 12 points That’s like you’ve won, you’ve won the big prize, which is a ban for like six months. I once got to 11 points. I was at 11 points for a couple of years, but that definitely calmed me down. In fact, it was that like gaggle of nearly 12 points that switched me from cars to motorbikes and then started my, you know, my career as a motorcyclist.
[00:04:43] Krzysztof: Wait, but, but, hold on, but what rationale does a man getting speeding tickets turn to motorcycles to slow down?
[00:04:51] Luke: because back in those days, you had to start on like a weedy little, you know, No bike with more than a 125cc engine. So I had like a little 125 to pass my test. I think, oh yeah, that will like slow me down. That did, but obviously, you know, there were subsequent bikes that had like 10 times the capacity. Um, but yeah, I was just, you know, I’ll try to be a safe, smart, progressive rider.
But anyway, this is in the bloody Tesla going to, uh, Plymouth. I knew the guy on this gantry way with his gun. I knew he got me as I went past him anyway. So, uh, I’m very much hoping that, Avon and Somerset police take mercy on my 86 miles an hour in a 70. and they, uh, they give me a speed awareness course.
I’ll definitely be happy to take one of those. Let’s see. Let’s see what prize arrives in the post in the next couple of days.
[00:05:43] Krzysztof: You know, 86, I said, that’s not that bad. I thought we were going to get something like that. You
[00:05:50] Luke: Yeah, I wasn’t trying to get anywhere in a hurry, I was just getting to my destination anyway.
Dumb loop.
[00:05:56] Krzysztof: That was me. If I was the cop pulling you over and you showed me some tears, I would have let you go.
[00:06:03] Luke: I did once get out of a speeding fine on the motorcycle, coming home at like 2am from the city and playing like a poker game on a Tuesday night, and there’s a section of road that’s just like fields as I was coming home, and I was doing like 40 something, and it’s actually a 30, I was doing like 45. Got pulled over by some guy in the bushes and he asked me, you know, like very pointedly about that.
Like, am I aware of the speed, da dah, dah. I was very, didn’t try and talk myself out of it, no, is I just accepted the, uh, the situation. I was very contrite and apologetic and uh, I was quite thoughtful and when I, I think I won him over when he is like, you know, where are you going at this time of night?
Said, I’ve just come from a poker game, and, uh, he looked bemused and we chatted about the poker game a little bit. I think he might have been a poker player, and then he let me off with a slap on the wrists and a telling off. So, thank you, officer.
[00:06:56] Krzysztof: Uh, last thing I’d ever want to see is a sad badger, so,
[00:07:00] Are We Really Long Term Investors?
[00:07:00] Luke: well, maybe I should be a sad badger because I’ve been calling myself a long term investor for really the last 20 years.
And it’s only recently that I’ve managed to pull together some data that either supports or undermines this. So I thought I’d take you through it. And I’ve got a question for you at the end. Am I actually a long term investor? Now, do you know what an average holding period is?
[00:07:23] Krzysztof: just in general, or yours?
[00:07:25] Luke: Do you know what it means? Or do you even know how you would calculate one? Because it turns out it’s a damn sight more complicated than you might think.
[00:07:32] Krzysztof: Yeah, who’s, who’s compiling the data? Yeah, talk me through it. I don’t know. The
[00:07:36] Luke: Yeah, so if you want to work out what the average holding period in your own portfolio is, you have to match up your buys and your sales and say, how long did I own that many units of stock? So let’s say for example, something like, I don’t know, Google. I’ve bought that. Four or five times over the years, I don’t think I sold it, but I might have sold a little bit and then re bought a little bit, but you’ve got this mess of transactions and I’ve still got like a big chunk of it now.
How do I work out what my average holding period is? So I spent ages trying to build a complex spreadsheet to figure this out and then I went screw it, actually this is just proving to be a nightmare and I’m not smart enough with spreadsheets to do this. unlike, by the way, BooBooKitty on the 7investing discord, who seemingly has built such a complex network of multiple spreadsheets, he’s basically like rebuilt Morningstar in Excel, I think. Anyway, my Excel skills, or my Google Sheets skills, are far inferior to, uh, to his, but. I do have ChatGPT.
So what I was able to do was just export all of my transactions. I got ChatGPT to work it out for me and I checked it was right. And I’m pretty confident that it’s on the nose. So when I match up all my buys and sells, ChatGPT tells me that the average holding period in my portfolio is 3. 7 years. So on average, when I buy a stock, I hold it for about three and a half years.
Some stuff obviously I’ve got much longer. Some stuff, and it’s quite interesting which ones, and I’ll share a couple of them, I’ve held for much shorter. And so I thought this might be a, uh, interesting thing to dig into.
[00:09:10] Krzysztof: That, I think, puts you squarely in the long term camp, obviously. I mean, I don’t think it’s Any doubt, but three and a half years seems, it actually seems satisfying, like a satisfying number. Anytime I ever talk to people about investing, I immediately use the three to five years. Like you buy something and it’s three to five. so far you haven’t said anything that, that surprises me really.
[00:09:33] Luke: I expected it to be much longer. Like my longest hold is Intuitive Surgical, the first company I ever bought and I haven’t sold a single share. So it seems I’ve owned that for 17. 8 years now. Because I was doing some investing before that, but it was all indexes.
That was the first actual stock in the single company investment I bought. I’ve got a couple of short ones as well that are quite interesting. So my three shortest holds. Solar edge at 339 days, Illumina at 378 days, and Enphase at 388 days. So two of those three are solar energy stocks, Enphase and solar edge and that, so that, that really surprised me and that it’s true.
That’s definitely the case. I’m surprised I’ve only held my solar stocks for less than a year each, and I don’t own either of those today.
[00:10:23] Krzysztof: so that is interesting in your context. However, in the investing world. A year is not considered short term by any stretch. I mean, everything’s relative, but some people when they say short term, they’re talking about weeks, you know, even
I would say.
[00:10:40] Luke: who calls themself a long-term investor.
[00:10:43] Krzysztof: Yeah.
[00:10:44] Luke: is definitely not long term either. I guess you, you’ve nailed it, right? Cause three to five years, cause you need to, if you’re a long term investor, like I, my sort of pride of my profession is build an investment thesis, give it years to play out, like might take three, three to five years for the thesis to play out and then, you know, monitor it along the way.
I’ve clearly given up on these two. in around a year. So I’ve barely given them a chance to prosper.
[00:11:08] Krzysztof: yeah. So this is interesting. This point is interesting. When I hear you say that it’s a little bit of the, you like a good carpenter, you measure twice, you cut once. Right, so if you do the right amount of work. Uh, it’s only some, like, horror thing either something goes horribly wrong with fraud, or, the company blows up in some unexpected way, right?
[00:11:30] Luke: Yeah, good, good observation. And I’m pretty sure I screwed up with Enphase because I didn’t really think clearly enough about the impact of a high rate inflationary environment when I picked that stock and bought it in my own portfolio. And the environment bit the stock. I mean, essentially what the company does is it sells solar systems and power batteries to homeowners and small businesses. And it’s like homeowners that need to take out loans typically to buy their solar installation. It’s like a high capex project might cost you like twenty, thirty, forty thousand dollars.
You’re probably not going to pay cash for that. You might need a loan to do that. Some home improvement grant or something. And in a high rate environment, like, money is expensive. So people were spending less, uh, on improving their house in that way, because it’s kind of discretionary. You don’t need to stick solo on.
And, uh, the company suffered. Maybe it’s coming out of that now, if rates do come down. Later this month. But anyway, I’m, I’m still on the sidelines of this one now.
[00:12:35] Krzysztof: I smell a contradiction here, because, I was gonna bring this up, The rate, call it a mistake, happened to have, it just happened to have occurred at the beginning of your holding period. But we know that rates go in cycles and that they’re going, they’re on their way down. so it doesn’t make sense to me based on your explanation that that because nothing else has really changed about the company, it seems to me like you’re saying you picked a poor time, but if you actually had a long term investment sentiment about this, you would just say, okay, well, the stock declined because of the poor timing, but it’s going to rebound as the rates drop, as you just yourself said.
So I don’t know if this was This seems to me like a little bit of short term thinking rather than long term thinking.
[00:13:29] Luke: That’s a good challenge. I think there were other reasons as well, I sold that one mid June this year, and I, in my notes I said, poor results, lack of confidence in management. That’s kind of damning. And a Republican leadership may inhibit Inflation Reduction Act. So if the Republicans get in November, it’s probably not going to help that sector.
And at the time, inflation wasn’t looking like it was gonna be coming down. You know, we’ve moved on a little bit in the last couple of months, so maybe the ship has turned, maybe we’re now seeing much higher confidence of rates are gonna drop. yeah, essentially I’d lost faith in management and I felt like probably there was more bad news on the horizon.
So newer me as an investor is trying to be a bit more ruthless in terms of cutting the weeds rather than. sitting on somewhat broken investments and like waiting for them to turn around.
[00:14:27] Krzysztof: Yeah, maybe this is one of those times where you don’t want to be rigid about long term versus short term because those are meant to be guidelines. Obviously, you’re a long term investor. Obviously, that’s the main principle you draw from. Even if technically you might have violated that in this case. You provide pretty decent reasons for getting out of the position and you could always buy back if some of those things go away, right?
because we start getting cute. I mean, one of the mistakes I’ve made repeatedly is like, you know, trying to be too smart for our own good, but then one of the ways we do that is by being too rigid in how we identify. So, I don’t blame you for selling. I’m merely saying, I I think it’s a little bit out of line with your, with the rest of your philosophy and that unless it was the, I mean, I followed this company a little bit too, and I never lost trust of management.
So I don’t know what you’re referring to. It certainly wasn’t fraud or anything.
[00:15:21] Luke: No, I seem to remember. Listening to one of the earnings calls a couple of months ago and feeling like the CEO who’s Badri something Badri Kottamandu, something like that. And it just sounded like a litany of excuses. It didn’t sound like strong leadership that really had a handle on the company. So yeah, maybe, maybe some soft things as well as some hard things that really made me think like, I don’t, I don’t trust this company with my dollars anymore.
[00:15:49] The Inexorable Rise of Renewables
[00:15:49] Luke: Just kind of a shame. And maybe like our next topic on today’s episode might turn me around on that a little bit, because we are going to dig into energy and renewables.
[00:15:59] Krzysztof: Yeah, let’s talk about that. I found the chart that showed that renewable energy is, surpassing coal energy for the very first time. And to me that, you know, for the very first time, that’s a big deal. That’s a inflection point and all that. so you then took that chart and ran with it. What else do you have to say about that?
[00:16:21] Luke: Yeah, like we’ll pop the chart up on here. And as you can see in these forecasts from the International Energy Agency, they’re forecasting renewables as. a supply of total global energy production to be exceeding coal in 2025, based on current trajectory. And I found some other supporting evidence that seems to back that up.
and this other graph shows that, uh, in 2023, the world installed an additional 428 gigawatts of solar capacity specifically, so like solar as one part of the renewables picture, and that was like nearly double the prior year’s installation. So like solar is compounding very fast and becoming a significant part of that energy generation equation.
I think this is great, and it takes a lot of the politics out of energy. Because it can, like fracking and environment and climate change, like they’ve become incredibly politically charged topics. And really this just boils it down to pure economics. Like solar is winning because it is now the cheapest form of power generation. and when paired with an always on source, like nuclear, something like that. Like this is a cheap, reliable way of supplying your energy grid. So I think this is the right way for renewables to win. To win on cost, rather than just like, we’re going to save the planet and be like these green eco warriors.
[00:17:55] Krzysztof: Indeed. Now I’m going to torture you a little bit. It’s been a little, it’s usually the badger torturing poor monkey, but I’m going to, I’m going to flip the script. can you give our listeners, uh, uh, A bookcase for EOSE energy based on what you just said.
[00:18:13] Luke: Well, that little shit, Cohen, your portfolio, no chance, buddy. That’s, uh, that’s all yours.
[00:18:18] Krzysztof: You really can’t, you can’t even, you have no, no idea how, how, what we were just talking about segues into, my beloved role.
[00:18:28] Luke: I know you’re, go on. I will, I will turn, I will, I will, uh, withdraw the veto on talking about EOS for the next one minute. You may not talk about it for the next month on the podcast, but go on then. Tell us, tell us again why you’re in EOS, Paul.
[00:18:41] Krzysztof: Okay, well, this is in, in a broad sense, the, Economist wrote a feature last week, I think, , titled Clean Energy’s Next Trillion Dollar Business. Grid scale batteries are taking off at last, is the subheading. Now that’s not EOSE specific, but obviously EOSE is a battery company that is, the whole point is to take all this, this influx of renewable energy and help utilities store it so that everything runs better.
I found a post on LinkedIn that said the following in response to this clean energy is the next trillion dollar business. This fellow is, his name is Alessandro Blasi. Uh, and he wrote, first were renewables, then came electric vehicles. And now it is time for batteries. There is no energy technology growing faster than battery storage with numerous providers by IEA’s work on future of batteries being simply astonishing.
And the race for a multi trillion dollar business has started. So I think to me, you know, I’ve said this multiple times. I mean, there’s the problems with EOSE as a small company and all the shenanigans they had to deal with, but I think I was really right. And maybe a little early, because I started looking into this, uh, two years ago, a year and a half, yeah, almost two years ago.
Uh, I knew or I sensed that the next huge investing opportunity is exactly in this sector and it’s all sort of coming true. So, um, I think that for any investor listening to our podcast, you are at the earliest of stages of what I think is a massive inspiration. And there will be many companies that succeed in this industry, EOSE obviously being my favorite horse at the moment, but things like Enphase and other renewables are certainly other horses you could look more deeply into.
[00:20:41] But Are Renewables Investable Right Now?
[00:20:41] Luke: Yeah, I don’t want to turn this into a politics conversation, but I do think, you Like, the future in that sector is going to be dictated to some extent by whichever party gets into power in November. So I’m probably not going to be getting back into renewables as an investment myself until I kind of say which way the wind blows.
And you know, even if that’s like the Republicans taking power, it’d be just nice to see what their new policies say specifically about renewables, because now it’s like economically unarguable that this is the right way to proceed. So maybe they just kind of get behind that anyway, because it’s like, it’s a superior form of power generation.
[00:21:21] Krzysztof: Yeah. And you know what? I also think there’s a little bit more of a gray area. in the political sector because of there’s so much that is now more bipartisan, including all the energy needed for AI and data storage stuff. But take this as an example. I know from listening Musk’s, uh, banter in recent shift toward the right, how he’s now a Trump supporter, but Trump was on a record for hating electric vehicles.
But of course, these two guys are talking, you know, talking in the shadows, as it were. And Musk said publicly, you know, Tesla will be just fine under Trump. and it’s one of those things where, maybe it’s like too, big a wave to fully turn off. And yes, maybe it won’t be as accelerated, but I don’t think this particular industry will suffer regardless of who takes office.
[00:22:15] Luke: Let’s, let’s, let’s then pivot to the question I posed in the intro was, which was like, renewables are coming, but is this investable? And I, I think we probably have to take Tesla off out of the conversation because I kind of agree with you. Tesla are probably going to do just great, whichever way the political winds blow for next year, but the rest of the renewable sector could suffer.
And if I think back to why I got out of solar edge. And maybe to a lesser extent, why I got out of Enphase, because like Tesla’s, Tesla energy is becoming like a bigger, energy is becoming a bigger part of the Tesla thesis. Maybe this stuff is commoditized, right? Really? It’s just like, okay, you’ve got like an app, which has got like a brand on it, but essentially you’ve just got like solar panels on your roof, you’ve got an inverter or maybe they’re slightly different technologies, but at the end of the day, you know, you just want to power like your oven and your air con and your PC, right? You don’t really care electrons or electrons. You don’t care how you got them, whether they’re Tesla branded electrons or, Enphase branded electrons.
So it’s just like the cheapest and most reliable system that’s going to win. And like Tesla has just got a knack of. delivering vertically integrated solutions that are just better than the competition, cheaper than the competition. Like they’ve proven that with cars and Musk has proven that with space and, uh, in a number of other domains, maybe not digging holes in the ground, so maybe my fear as well with Enphase and SolarEdge was like Tesla are going to come along and gobble them up as their energy, sector becomes bigger.
[00:23:51] Krzysztof: Yeah, that’s a fair argument. one reason I’m not worried at all about EOSE is scale I think EOSE right now, were it to be running in full capacity, even with the future projected lines, two, three, and four, they would still only be able to capture something like 4 percent of the total need.
And so it’s like, even if, if demand was cut in half somehow, it wouldn’t even matter. So we shall see, but I think the summary for me is we’re, we’re at an inflection point and there are many companies positioned to take immense advantage of this inflection point and it’s good for the planet and it’s good for global warming and it’s just a sector in the industry and something to really pay attention to.
[00:24:44] Luke: And I think we should touch on briefly nuclear. It’s a small part of the energy equation if I pop that graph back up.
Like today, nuclear is about 3, 000 terawatts of our total energy supply. But today, like that’s almost all of that 3, 000 terawatts is like big legacy nuclear reactors, actually mostly in China because they’re building so many of them so fast.
and there’s an investment that I’ve also sold in the last few months, which is a company called NuScale Power, and they were one of the only public companies developing Small modular reactors, SMRs, and actually SMR was their ticker. I’ve got out of that just because they run like a horrible cash burn.
It’s still a long, long time until they really bring their technology to commercial scale, which is probably now it pushed out a little bit. It’s probably now going to be like the early 2030s. When I was looking at that investment, when I bought them, It was looking like 2028, 2029. It pushed out for various reasons, eventually lost one of their key customers.
And, the whole nuclear equation is going to change, I think, in the 2040s when fusion power becomes commercially viable. And, like, I don’t want to turn this into a science fiction segment, like, fusion is going to take us to a post scarcity society. Like today, even with the tremendous advances in renewables, like power still costs money.
At some point, though, in the, in the next 30 years, let’s say, we’ll have essentially limitless free energy. And, you know, we’re going to need that to power, like, the incredible size data centers. That we’re going to need to run, like, the AI of the 2050s, and everything else. So, like, we’ll all be getting our power for free almost everywhere in the world, certainly in the developed world.
and that’s going to be enabled by probably by Fusion.
[00:26:42] Krzysztof: By then, you and I will be nothing but digital avatars. Yeah,
[00:26:52] Luke: that virtual monkey brain.
but what am I, what am I waffling about? Like to bring that together. Like if you, if you’ve got these companies still trying to Create small modular reactors, which is like an iteration, a very sensible iteration on fission, which is like the way nuclear power works today, but they’re just much smaller mini reactors, as opposed to these giant 20 year projects it takes to build.
Those companies only have like, probably at most a 20 year window to make money. And then they’re going to be legacy technology. So, if you are really long term investor and you’re taking like a 40, 50 year view, maybe this sector is uninvestable just because the whole thing is going to change so dramatically once we have the advent of stable controlled fusion that we can scale out commercially that everything else is going to fall by the wayside.
Yeah.
[00:27:51] Krzysztof: right, and there’s the tension in maximizing investing returns. If you’re a long term investor, eventually, if you’re right, you, you will be, I mean, if your thesis plays out, you’ll be right. Uh, but there’s that cost Uh, the cost of waiting, but on the other hand, you make most of your money. If you’re one of the first and in an industry where you could buy it for pennies and it ends up being a massive win, I typically make mistakes by being too early.
And so I’m trying to, based on everything you said. I would rather at this point wait for the science fiction aspects to become a little bit more grounded before making an investment in the sector like this. Whereas with the battery stuff, that’s now physically happening. So, big difference.
[00:28:42] Luke: Hey, look, I would never argue with anybody who’s got a thesis that’s going to play out in, say, over a 20 year period. and like all, any thesis around energy is still going to be intact over the next 20 years, but at some point we are going to see a news article that really tips us over and we, like, the first lab that’s actually generating net power for infusion.
And as soon as we see a news like that, and it’s maybe been, uh, recreated by a few other labs, then it’s just an engineering problem at that point to get us to, um, to commercial scale. And the nature of growth investments is, like, they’re going to get hit hard as soon as the market decides, yes, this is the future.
[00:29:23] Krzysztof: Indeed. that sounds like a wrap, yes?
[00:29:25] Luke: Uh, I think so, yes, I think so.
[00:29:27] Krzysztof: I wanted to talk about Snowflake.
[00:29:30] Listener Shout Outs
[00:29:30] Luke: Actually, before we do, I do want to remind our listeners to give us a like and a subscribe and go drop us a comment. And we do read all the comments, and there’s one very interesting one from someone who seems to be firmly in Team Monkey. Shall I, uh, shall I pick up what Emma Taylor had to say about our episode 41?
Now a quick reminder, episode 31, we closed with a bit of a debate about the King of the Jungle portfolio, which we’re going to touch on at the end of today’s episode and see where we’re at and who will be winning. And so it. Um, Emma says, for what it’s worth, I vote for you, Badger, giving Monkey a two week grace period. Essentially, uh, give you an extra couple of two weeks so that your next set of Coherus quarterly results can come in and your thesis can hopefully play out and you might be able to win the contest as your Like half your portfolio is in damn Coherus.
Emma makes a convincing argument. She says, the reasons you might want to do this, look at it as a gesture of confidence in your Wall Street wildlife portfolio. But I am confident, Emma, in my portfolio. And two, you may have to ask Monkey for the same kindness in the future. That don’t wash with me, mate.
Oh, and. Look at it as a behavioural follow up to your stand against the compassionless Disney in the world.
[00:30:51] Krzysztof: huh.
[00:30:52] Luke: Sorry Emma, this is, this is, I’m a poker player that’s falling on hard ears. We made a bet. Krzysztof could buy the extra two weeks if it’s gonna cost him.
[00:31:03] Krzysztof: You see, you see what I’m dealing with here, listeners? Cold blooded claws and zero compassion. But, don’t worry, things aren’t looking great. At the moment, but I still have one more ace up my sleeve, which, uh, I’m not, I don’t know if I want to reveal, but I don’t think it’s over till it’s over, which by the way, the deadline you said is, uh, I mean the first round, what did we say?
Is it October 31st? Is that the marker?
[00:31:34] Luke: Why not? I think it’s October 20 something, but we’ll call it October 31st, Halloween, yep. Let’s
call that the deadline.
[00:31:41] Krzysztof: right. We start technically a few days before the month, right? But to make it, but our ads are the first of every month, right?
[00:31:48] Luke: Sure. Yeah. Okay. Yep. Yep.
[00:31:50] Krzysztof: So market value at the end of October 31st is the is the finale. Okay.
[00:31:58] Luke: It’ll be a hollow victory if you take the lead in like the final few days of October, but I’ll give you that. I’ll give you
[00:32:04] Krzysztof: Oh,
[00:32:05] Luke: ha ha.
[00:32:09] Krzysztof: Emma. I’m sorry. I’m sorry that you’re poignant and beautiful and wise and compassionate and ethical and moral argument. fell on deaf ears.
[00:32:22] Luke: I’m compassionate, other than when it comes to betting and gambling. You’ve got no compassion for me there. Anyway, uh, if you’re enjoying the pod, go like and subscribe, hit those buttons, and do send us a comment. We do read every single one. The best place to find us is on the Twitters. I’m at 7LukeHallard.
[00:32:40] Krzysztof: I am at 7 Flying Platypus. We also have a wallstreetwildlife. com website where you could find all the links to all the shows and YouTubes and the Up to the Date King of the Jungle portfolio and a PDF about the 10 principles that we abide by.
[00:33:00] Luke: Give us a comment on any of those and you’ll definitely get a shout out. And if you give us a five star review and a comment on Apple or Spotify, we’ll be especially grateful.
[00:33:08] Krzysztof: And also, If you don’t mind sharing our podcast with a friend that is already an investor or might want to become an investor, our whole intention is to be investor beginner friendly. And to no question is too naive or too silly for us to consider. So I think we make a good team in, in helping on board folks to begin their investing journeys.
So if you have not thought about who you might share the episode with, it might change their financial lives for the better, we hope.
[00:33:44] Luke: Let’s hope so. let us know if you, if you would like us to do this, because I did get a request from a buddy. Uh, he said he was going to share one of the episodes of the podcast with his daughter, and he’s trying to get interested in investing. And so made me think we haven’t really done a podcast.
and investing for your kids discussion for quite some time. I think we may have done that on a previous podcast many years ago, and maybe even to do a one off bonus episode that is specifically for your kids. Maybe we have to dress up in monkey and badger outfits for that one. Try and make it a bit more fun and, uh, and reflect on some kind of kid friendly companies and talk about What it means to be an investor.
So if you’d like that, like give us a comment specifically and let us know. And if there’s enough momentum for that and you think that I’d land and you’d something you might find useful. Well, if we get enough calls for it, we’ll definitely do it.
[00:34:34] Krzysztof: Absolutely. Okay, back to the investing world.
[00:34:38] Is Snowflake in the “Too Hard Pile”, and what is the Too Hard Pile anyway?
[00:34:38] Krzysztof: I would like to riff a little bit on Snowflake. You’re familiar with the company because you’re an owner,
I am not, but this is one of the companies I recommended for 7investing. So, uh, over a year and change ago. So at one point, I would say I felt pretty confident in, My understanding of it and the investing thesis, uh, why I thought it was going to beat the market for a long time.
I also remember feeling when I was a shareholder, being very, very bullish on this company. I thought this was one of the best ideas. that I had for all kinds of reasons, but the main one being, uh, something like, you know, the world is moving towards information and that information needs to be stored somewhere.
So the company that has the most, say, sophisticated and ground up place for that information where you could then do with that information, that’s the next generation platform. And that was going to be Snowflake. It did not hurt my investment thesis to find out that Warren Buffett himself, who never invests in software companies, broke his rule and made an exception for Snowflake. Fast forward to today, I am honestly, I want to go on a record and say this was one of the most, um, disappointing investments of my career. The share price is down. From below, where was at the IPO price valuation was always an issue. The latest earnings reports compressed valuation further, even though the numbers.
on their own were good, but that’s besides the point. This is one of these companies where today when I read up about it and I try to follow the story, the best I could say is I don’t understand it anymore. I no longer have the capacity to truly say, separate, say, fact from fiction. And if I read a bull case, I’m like, Oh yeah, sure.
That could happen. But then I read a bear case and I’m like, Oh yeah, that, that doesn’t sound good. And I’m left in this position where, because I’m not an expert on inside and the tech company working on these problems, I have no effing idea, honestly. And I wanted to, to, underscore this by reading to you a little bit of a blurb from somebody named, Parmad Gosavi. This was published, I think it was on LinkedIn. And he said, uh, this is an unpopular point of view on Snowflake. In my humble opinion, Snowflake has two problems. Structural, Snowflake should have followed the same playbook as Salesforce by buying up adjacent businesses to support the main cause, but, Frank Slootman did not do this.
he did not essentially Missed the platform opportunity, says, says this fellow. And, quote, he might have misjudged Snowflake from his experience at ServiceNow, which is a true sticky platform. Snowflake should have acquired Confluent and, Grafana Labs and Altion, a company I don’t know, to name a few.
Also should have aggressively consolidated the modern data stack. to box out Databricks, cheaper alternatives, so on and so forth. I fear it is too late now. So that’s, bear case one, structural problem. Two, tactical. He says Databricks is competing with a cheaper data lake and multiple query engine options.
Also, currently customers want generative AI solutions and with the legacy of structured data, Snowflake is not the first place customers look for AI. Okay. All I’m saying here. Is that all of that sounds thought out and, uh, it doesn’t sound trolly to me. It sound like, sounds like it’s backed up by somebody who’s, who knows what they’re talking about.
But the problem is I am not that someone. And I don’t know how, I want to turn this over to you because In situations like this, I want to believe, but how can I know for sure? You know, like the, the whole claim that Databricks is a better, I’ve heard this from multiple angles, by the way, including people who work for Microsoft and saw this happening, but I’m not on the inside.
So how do I evaluate these claims? Unless I, you know, took weeks of my life and somehow, you know, took crash courses in this kind of stuff and learned this technology. But even then it’s changing so fast that I’m like, how could I keep up with this?
[00:39:25] Luke: Okay, it’s interesting. As you were talking, I just popped it up on finchat.io, just have a look at some of the numbers and remind myself, like, yeah, absolutely there’s, here’s the, uh, can you see my cursor as you can? Okay. So we can see, like, the valuation has collapsed really in the last.
Year or so. Now to your question of, do you need to be an expert in the company to be an investor in it? I firmly think the answer to that is no, you don’t. Like I’m invested in a whole range of technologies, like mostly tech companies, and I’m not a practitioner in any of those things, but I think I have a decent handle on What the customers need, and like, at least whether the product is in demand.
And I’ve, my due diligence is out of date on Snowflake. And I think I said to you pre recording, like across everything in my portfolio, this is probably certainly in the group of the ones I understand the least. And I seem to remember. I remember seeing your, your 7investing pitch for it. And I think it was a combination of that plus a news headline I read around the time that they’d formed a strong partnership with NVIDIA and it seemed that the partnership seemed to make sense.
NVIDIA is like the engine and data is like the oil. And then you get these incredible results at the back end. So that partnership made a ton of sense to me. I think those. Those two or three things at a time turn me into a buyer, but it’s a small position.
I’ve only bought it once. I’ve not added to this. Like it’s something I’ll often buy a one or a one or 2 percent position in something without knowing a huge amount about it and then building my due diligence. Now, the reason I say though, you don’t need to be an absolute expert in the technology. Like you don’t have to become a data scientist to invest in AI is I think as an investor, you can start to see some things in the numbers that are concerning.
So, I’m going to fess up and say I haven’t looked at this stuff for Snowflake for at least 6 months, but just looking at it right now, like, I’m alarmed by the money, how much they’re spending on OPEX, so if you can see these numbers, Like, okay, if their revenue, uh, in the prior full year was 2. 8 billion and they spent 1.
7 billion on SG& A, like sales. and so that’s like not a good story, right? Essentially you’re having to buy revenue. You’re spending more than half of your revenue buying more revenue. That isn’t a story that says to me, like a company has a great in demand product. that customers are just kind of lapping up and buying more and more of.
You’re actually out there having to sell it quite hard. So that’s a big concern. And like, there’s probably a bunch of other stuff in there. I won’t try and do like a deep analysis of this live on the podcast. But um, like this is, you’ve, you’ve at least reminded me that this is one I definitely need to take a closer look at myself.
[00:42:28] Krzysztof: I want to push back against what you said. Not that what you said, I think I disagree with. I actually thought, looked at, I did look at, I did look at the, the numbers from the last quarter. I thought they were actually good, but it’s all relative to the valuation. We have to remember, we also know that they have a badass competitor in Databricks.
that appears from my, you know, minimal understanding or uncomfortable understanding seems to be a legitimate competitor. So this is not one of those situations where, I mean, this is, this is, uh, you know, the edge of where the future, so you have to invest, I think, full throttle. My point for this segment is a little bit different. I’m saying that even if the numbers are, say, good or bad, and we could, you know, do, play some financing games, the bigger problem is that with technology changing as fast as it is, I will never know the moment a technology like this becomes obsolete until it’s too late. So it’s not about necessarily, I think it’s a little different from saying I have to know the company inside and out. I don’t think anybody knows really, like, what’s going on on the insides of Databricks and Snowflake unless they’re professionals at it.
Because it’s too friggin hard and convoluted and complicated and ever evolving. So, I go back to, like, something like Kodak, right? Big company. sells film, then all of a sudden digital comes along and Kodak becomes extinct. That’s easy for me to sort of understand and sort of predict in a way. Once I sniff out, there’s a something called digital cameras.
I’m like, Oh, with this stuff, how would I know is, is the point I’m making?
[00:44:15] Luke: I think the numbers can tell you, like you, like we don’t know much about Databricks finances because it’s a private company. So you’re not going to get like a quarterly earnings report to do a comparison, but if they are eating market share from Snowflake. Well, you’re going to see that in the forecasts and in the actual revenues that Snowflake is making.
And maybe we are seeing that because revenue is slowing materially from like over a hundred percent growth just two years ago down to 36 percent growth
[00:44:47] Krzysztof: Yeah. That’s also love. That’s also the law of large numbers and it’s a bigger company. And I mean, all of those SAS players, right? All of them went through a similar growth curve as Snowflake.
[00:44:58] Luke: But if you take, if you take your position literally, right, you’d, you’d almost never invest in anything. Like there are, what, what could you truly say, you know, to such a deep level that, Well, the things you just said about Snowflake are not true. Like, say EOS, right? you couldn’t, like, ramp up an EOS production line.
You’re not buying EOS batteries personally. you could probably talk about the chemistry based on, like, an article or two you’ve read, but could you really, like, get into the detail of how those things are put together?
[00:45:28] Krzysztof: I don’t, um, that’s not what I’m saying. So this is good. I’m glad we’re clarifying this. Great point. And also it’s a little weird because EOSE might be the one company I know the most about. So it’s a little strange, but I could, I’ll take your point. with something like a battery, yes, I don’t need to know how the battery is made, but I have a confidence in understanding why zinc batteries are a step up from say lithium.
and I have a good sense of the overall demand and I have a good sense without the, the, the grains of, you know, things like demand and supply and, uh, why these things are needed. With Snowflake, I’m saying, Even if you show me all of the numbers I can’t literally understand without doing massive amounts of work that I feel like, are somehow but beyond the horizon of understanding.
if I put in an hour of my day to reading about battery chemistry, I will understand that even if I’m not a chemist. If I put in an hour, of my day trying to understand the difference between the data lake and the data warehouse and like something that some new AI transformational thingamabob that Databricks has, but Snowflake may or may not have, I will not have the confidence to say like, I get it.
Like on a kind of holistic level, it feels to me like a very different category. Maybe not to you.
[00:46:58] Luke: Yeah, no, I disagree. don’t ask me to explain Snowflakes technology to you, although I do know a bit from my old work days about, data warehouses and data lakes. But like, if we, if we take your definition, like in, I wouldn’t try and argue that I really understand any of the companies I own in my own portfolio.
Like there, there probably is a distinction between consumer facing companies. and non consumer facing companies. Like, so for example, you and I both own a Tesla. And so I think we can say with some confidence that we understand the business of Tesla, at least its automotive division, pretty well. Because we’re customers and they’ve had a bunch of our money and we see the software updates and we see how it’s getting better or worse and how the windscreen wipers still don’t work after, you know, a million iterations of software.
And then there’s, so that’s like a consumer facing thing and like, you know, Apple and Google and all these other companies to some extent fall into that category where we can make an effort to understand them. And then there’s everything else that’s really kind of business to business. Now, Snowflake’s a bit of a funny one because if you really wanted to, you could become a customer of Snowflake.
Like I, I signed up for CrowdStrike free, Falcon free trial. I installed it on my own PC last year and I played, actually used it and played with it for like a week because like part of the proposition of CrowdStrike was like it’s aimed at small to medium enterprises as well as big giants. And they’re trying to make it easy to turn on like world class security capabilities.
And after playing with it for a few days, I agreed that that was the case. They’ve done a great job of that. I had it operating. I sort of, I had a layman’s understanding of how this stuff was protecting my PC. You could, same thing with Snowflake, if you want to make that effort.
[00:48:46] Krzysztof: That is actually, I think, to my point, uh, counterintuitively. I am saying, to some extent, that a layman’s understanding, via avenues like the one you just spoke, is not enough in a sector in which Snowflake is playing, and that’s something that I cannot fix, unless I did either an obscene amount of work, which at one point I, during Snowflake’s initial, I did, you know, there’s a bunch of experts online and I, I did do it, but now with things changing so fast, even if I took the layman’s approach, I don’t think it would be enough is what I’m saying.
And that’s why to maybe land this plane, the too hard bucket, I think is a really important bucket for investors because once you’ve put in a lot of work to something, you know, there’s, there’s a little bit of a gravity and loss sunk cost fallacy. And I might convince myself, well, I’ve already invested so much time and effort into this. Then all of a sudden it starts feeling like it’s getting out of your, you know, grasp, but you, you feel still stuck in it somehow.
And I’m saying, if you have a too hard bucket, And you’re willing to say, okay, that’s the thesis change. It’s not that the company’s broken. It’s not that it won’t necessarily succeed, but I’m now relying on too much hearsay to make any reasonable call on it too hard, take that cash and redeploy it. And by the way, right, it’s not a binary, because it’s not like, to your point, right, it’s not like you will ever understand anything completely, but in the middle, I certainly don’t want to feel hopeless.
[00:50:25] Luke: Yeah, it probably comes down to, I think, I think, okay. I think we’re coming to a point of agreement and maybe a way to. Pin it down because every investor will be different. And I think the key thing is you have to understand the thesis and be able to revalidate the thesis every quarter, every year, whatever it might be.
If you can’t do that, you probably shouldn’t own the company. So if part of the thesis for Snowflake is it has best in class technology and therefore it will grow, but if you can’t validate that through some mechanism that satisfies you, then you probably don’t have a means to judge whether it’s a good or a bad investment.
But, and it’s going to sound a bit dumb, maybe, but maybe that isn’t the thesis for Snowflake. Maybe it doesn’t matter that they have best in class technology. Maybe what matters is they’re operating in a sector which is just growing so fast that everybody’s going to grow. And they, as a company that helps take like masses, big data and turn it into like actionable insights, if Databricks does it better.
Maybe that’s not a negative for Snowflake, it’s just another player. If, if, I know there could be other components to your thesis, but every, everyone, every investor’s gonna have their own thesis,
[00:51:41] Krzysztof: Right, absolutely, and my pushback in that case is I agree with it, but since Snowflake’s valuation is still very high, remember what happens, right? The way I’ve been operating over the first year of King of the Jungle is saying in a market that’s at all time highs, and the best of the best have extremely high valuations, then I want a large margin of safety in this moment.
If I can’t have that in Snowflake, and I’m confused about my own ability to tell what’s going on, then I’m putting myself, I think, in double jeopardy because little margin of safety and fog of Wars, so to
[00:52:24] Luke: so totally agree with that. And I, I, I’m a big fan of the too hard bucket. Like there’s so many incredible companies to invest in. If there’s a bit of gray around anything like me, Airbnb, a few weeks ago, like I, I basically, like a few hours before earnings dropped, I just decided based on my anecdotal experience, it was in my too hard bucket.
So I got out, just before earnings and it looks like I saved myself a scalping. So that can be powerful.
[00:52:51] Krzysztof: I, I, maybe this is too fine a comb. I don’t think that’s technically a too hard bucket. I think what you saw in the Airbnb was evidence that what, that you understood and pointed you in the direction of like, cause nobody could fully predict the future, right? So that’s not what I’m saying is too hard, I don’t think Airbnb is like hard to understand.
It’s just you, you put the data together and you interpret it as this is probably a losing investment, but that feels different from what I’m saying about Snowflake, right?
[00:53:24] Luke: I think sort of the same thing. The reason I, I do classify that as being in the too hard pile was more like my whole thesis was the world is increasingly gonna stay like remote working, work from home, and that whole thesis is in question, really, because the world seems to be going back to The office full time, pretty much.
And I know there’s a topic we’re going to pick up in a future podcast around that, that you want to pick up on. so maybe that, like the social dynamics feels a bit too hard to me. I just don’t know which way the world’s going to go right now. And that was a core part of my Airbnb thesis, because it was all about long term stays, which is their competitive advantage.
[00:54:04] Krzysztof: But that’s why I would call that, if we’re being technical, a broken thesis
[00:54:10] Luke: Well, maybe, maybe, maybe not. Like, I just don’t know. That’s, that’s kind of the question I
[00:54:14] Krzysztof: yeah, well, of course, but we can’t know the future, but what’s at stake is that the thesis is in jeopardy. to me equals, possible broken thesis. But with Snowflake, the thesis might very well be in play. I just have no idea of evaluating anymore. Like, I can’t even make a reasonable guess at what I’m even talking about is the point.
Like, because I don’t understand the terms anymore. Like, they’ve evolved so quickly and like, I haven’t kept up in the sense. Anyhow, I think we’re sort of saying same ish things, but with a little bit.
[00:54:52] Luke: Yeah, that’s a good, good nuance there. And actually a good action for me, because I’m now going to go and properly review my own snowflake holding, having looked at the numbers just now.
[00:55:01] Krzysztof: take, take a look, tell us what you find that we could continue this conversation, uh, next week. I do want to say about this segment, one last thing. It’s not necessarily to my credit, but the journey I just mapped out for you, listeners, is going from a hyper bull, thinking really that this is one of the best companies that will be around for the next 10, 20 years.
Just their initial numbers were astounding. I knew it very well for quite a period of time, and to have arrived at this insight that now I don’t understand it, like I’m patting myself on the back, even though the conclusion is a disappointing one, one that I did not expect, and one in which basically I was proven wrong, and it ended up being a bad investment. But look, like, in the age of AI and technology and change, I don’t think this is going to be I think this kind of thing will be more and more common. So, put this in a like Possibility of outcomes,
[00:56:04] Luke: You’re absolutely right that probably technology more than anything, but really all companies, like the world is moving faster and faster at an increasing rate. And so if we’re going to be tech investors, like you do want Keep an eye on the thesis even more closely and even more diligently, because you could get a rug pull, and it could happen very quickly, and maybe that’s happening with Snowflake.
[00:56:27] Krzysztof: to be determined.
[00:56:29] King of the Jungle Portfolio Update
[00:56:29] Luke: on where we are with the King of the Jungle portfolio before we wrap up today?
[00:56:34] Krzysztof: Yes, I want to mention that, uh, we’re recording this on the, uh, second of the month. The market is closed today, but every month we top up our portfolios with another cool hundred bananas. I wanna, I wanna talk about this point again, because 100 per month is an amount we chose because it ought not to be overwhelming to anybody.
But lo and behold, it makes a difference. And lo and behold, I get excited because, because up to now I have not been leaving much cash in the account because I have good places to put it. But this month I have three, four new ideas buzzing around. A couple of which I think you’ll be surprised by, but I want to give you a little bit of a preview.
I want to, and see if you could guess, I want to add more to a company I already have in my portfolio.
[00:57:31] Luke: There’s only like two of those, right? Forgotten? Yeah.
[00:57:36] Krzysztof: Uh, I want to buy back a company I had sold earlier at a profit. And I want to invest in a company that has something like a 70 billion market cap, which is. Uh, well, I do own Tesla. I do own a couple of percentages in Tesla. So I suppose it wouldn’t be the first company, but I think you’ll be surprised at what this is once I pull the trigger.
[00:58:02] Luke: I wouldn’t try and take a guess, I don’t recognise half the weird ass tickers in the King of the Jungle spreadsheet for the stuff you’ve sold.
[00:58:09] Krzysztof: So anyway, it’s going to be a busy month for Monkey. What are you planning on doing with your new cool 100?
[00:58:15] Luke: Uh, no, nothing. Like, I’m pretty happy having a bit of a cash allocation. Uh, I think I’ve got, what have I, how many dollars have I actually got there? Like, 14 percent of whatever two and a half thousand dollars is. Anyway, a couple of hundred bucks, kicking around in cash. I haven’t got any Big ideas to chuck stuff into.
Maybe at some point I will add to an investment, because I do like to do that. I haven’t done that in the King of the Jungle so far. I think I’ve bought four, five, six, seven, eight, nine, ten, eleven. I’ve bought 12 things. So actually 12 to 15 is kind of like the shape of a good portfolio, I think. So I’m almost at my like target portfolio composition.
Maybe I’ll be, if anything, I might be tempted to add to Rocket Lab because I’ve only got 7 percent in that.
[00:59:03] Krzysztof: Okay, well, the gap, is back to, I think, it’s back to a contest given how concentrated I am. We’re, I think, about 300 apart. And so any good news from Coherus, which I think I will need till November, unfortunately, would potentially put me over the top. But there’s also, uh, uh, uh, another catalyst coming up ahead for EOSE.
And EOSE is already up 130%. in the King of the Jungle, and I think if that, if that hits, then we really would have a contest on our hands going through Halloween, so stay tuned. Folks on Team Monkey, do not despair. There’s always another day. There’s always hope.
[00:59:50] Luke: If, uh, if your EOS catalyst, I’ll say it again, is like the 30th , it’ll be a hollow victory because you squeezed those extra days out of me, but I’ll take it. Do you want to tell us what your, uh, your other companies you’re planning to add are? Are you going to save that? Is
[01:00:03] Krzysztof: I think I’m gonna save that. I, I need to do a bit more due diligence about the big one.
[01:00:09] Luke: it one we’ve talked about on the podcast?
[01:00:11] Krzysztof: No, this, this one is, uh, brand new.
[01:00:15] Luke: Okay. All right. Is it a biotech?
[01:00:17] Krzysztof: No,
[01:00:18] Luke: All right. Okay then. All right. Let’s see.
[01:00:21] Krzysztof: no, it’s a, it’s actually an ancient company.
[01:00:24] Luke: Ancient. Okay, all right, very good. We’ll look forward to hearing about those over the next couple of episodes. once again, do give us a like and subscribe, drop us a comment, give us a review on Apple or Spotify.
That would very much be appreciated. You can also find us at wallstreetwildlife. com where you can get our 10 laws of the investing jungle download. Drop us a comment, ask us a question and we will reply. And if it’s exciting enough, we’ll definitely give you a shout out on the show. Once again, best place to find us is on the Twitters.
I’m at 7LukeHallard.
[01:00:55] Krzysztof: I’m at seven flying platypus.
[01:00:57] Luke: Are you ready to become a beast of an investor? Your journey starts here.
