⚠ Badger’s Brush with a Scam! Luke narrowly avoids a sophisticated Twitter account takeover scam. Learn how the phishing attack worked and how to protect yourself from falling for similar traps
🚗 Autonomous Ambitions: Real Talk or PR Spin? This self-driving company CEO claims self-driving cars won’t be commercially viable for at least a decade. Is this a realistic projection or just an attempt to keep the human drivers from panicking? Badger and Monkey break it down
💊 Meme Stock or Real Growth? Luke takes us on a deep dive into a telehealth company offering weight loss drugs, hair loss treatments, and more. They’ve turned profitable, but is the hype justified?
🛰 Mapping the World from Space! Monkey explores a company imaging the Earth daily to combat deforestation, fight illegal fishing, and aid emergency response. But does it have a defensible moat?
📈 Should You Hold or Fold This AI Leader? At 116 times gross profit, is this company a robust growth story or an inflated bubble waiting to burst? Krzysztof and Luke debate the risks and rewards!
Segments:
00:00 Preview
02:24 Introduction
06:15 Badger Got Scammed!
11:16 Should Monkey Buy More of This Space Company?
25:59 Transmedics Short Report and Market Reactions $TMDX
31:31 AI Valuation – A “Robust Bubble”??
40:58 Autonomous Vehicle Commercialisation
50:06 Stock Safari: Space Economy
56:03 Stock Safari: A Telehealth Contender
01:04:31 Conclusion and Community Shoutouts
WSW – E68 SCAMS UBER $HIMS $PL
[00:00:00] Luke: I wake up early, I woke up at 6am.
[00:00:01] nothing really happened. But nearly clicked this authorize button that would have basically had my Twitter taken over and I’m like, hang on, why does Calendly need to connect with my X? So for me to get a meeting?
[00:00:13] Krzysztof: So here in Austin, I’ve seen driverless Waymo cars now. And the first time it is holy shit, there’s nobody in that vehicle that’s on the roads now that I’ve seen it say 20 times, don’t think twice.
[00:00:29] Luke: So this week I took a look at. It’s almost like meme stock fever, hims and hers health with ticker hims, H I M S
[00:00:39] I think it’s an interesting company. The financials are actually pretty good. Like they’ve just flipped into being like proper net income, positive.
[00:00:47] Krzysztof: the space industry is still relatively in its infancy. If the thesis is that we could basically do things we’ve never been able to do as a species from space, then obviously that becomes one of the, if not the most important new markets ever
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[00:02:24] Luke: Hello and welcome to the latest Wall Street Wildlife with Krzysztof and Luke, a banger of an episode today with a ton of topics. Uber’s maneuvers in autonomous vehicles. Can we believe what the CEO is saying? Badger nearly got scammed. I’ll tell you all about that. Monkey wants some advice on his AST space mobile position.
[00:02:47] The transmedic short report got shorted and I ain’t selling Palantir, even at 120 times gross profit. I’m gonna tell you why. Plus, we go on stock safari with weight loss drugs and Google Maps for planet Earth.
[00:03:05] Krzysztof: Badger, were you out partying last night?
[00:03:07] Luke: Oh, can you hear it? I’m, I’m sick. I’m sick. There’s two of us in the house are sick and yeah. Okay. The two of us were partying quite hard about a week ago, dancing on tables in our ski boots. And yeah, we’re both sick. We’re actually, we, so we’re cooking for everybody tonight and we went to the pharmacy today and we both bought like a box, each of these likes.
[00:03:34] Like day nurse, night nurse kind of capsules, you just glug the thing. And I’m in the kitchen. I’m like mixing them up and I pour them out. I give the old one to Christine. She’s sick. And we both drink them. We look at them. We’re like, did we just drink the day one or the night one? And I’ve randomly pulled like two things out.
[00:03:49] I think we both rank our night version. So, if I start like dropping off on the podcast, let me know. Shout at me,
[00:03:57] Krzysztof: not only can I hear it, I could see it. You look a little bit more rakish than usual. So it’s strange to be, , all of a sudden the representative of what it means to be. Clean cut and debonair. That’s usually your job, but look, that’s the thing about life. Listeners, you just never know which side of the, what, windshield you’re going to be the bug or the windshield, right?
[00:04:25] That’s the thing anyway.
[00:04:27] Luke: you’re looking
[00:04:28] Krzysztof: you’re alive.
[00:04:29] Luke: You’re looking bug like and I’m looking windshield like right now.
[00:04:32] Krzysztof: Yeah. I feel fresh as a daisy. Okay. yeah, all kinds of fun stuff going on out there, in the world. One thing that’s not on our agenda, but I just thought I’d mention right off the bat because I’ve realized it’s one of your portfolio holdings. Did you see? This is a weird thing. Nvidia released its own investment holdings.
[00:04:56] Did you see this?
[00:04:57] Luke: Oh yeah, I did a year ago and I saw, you mentioned it. I hadn’t read it, but yeah, go on, carry on. I know what you’re gonna
[00:05:04] Krzysztof: So there’s that, right? I know this because they just bought a significant position in one of my King of the Jungle stocks. They also revealed that they had a position in Nanox. And I’m like, what the hell is Nvidia doing investing in, in. a, potential shitco, not yet established digital imaging x ray company. in other words, when they revealed that they have a position in Nubius, that makes sense, because that’s an AI company that, In video works with and it just makes all the sense in the world, but it’s just sometimes the things you learn in this industry are mind boggling. anyway, side note.
[00:05:52] Luke: yeah, cool. I think we saw that like a year and a half ago, and as a consequence, Nanox jumped up. I was a Nanox shareholder at the time. It didn’t make a lot of sense, I agree. they do imaging, maybe there’s Something AI ish in there, but anyway, I’m no longer a Nanox shareholder, but I did see it popped up again.
[00:06:11] Krzysztof: All right on. So you were what? Nearly scammed? Tell
[00:06:16] Luke: yeah. Yeah. Yeah.
[00:06:18] Krzysztof: us. Yeah, give us the it’s sad. It’s sad. I hate the thought of, of seeing my poor innocent badger being taken advantage of. Let me Adam. What happened?
[00:06:31] Luke: nothing really happened. but I, it was, just nearly, clicked this authorize button that would have basically had my Twitter taken over. and I’ve posted a tweet that’s done some numbers and I think I might have saved a few other people because they said a couple of people popped up on my thread and said, Oh, I got this email as well.
[00:06:52] hopefully these, actors, bad actors aren’t being too successful, but essentially it’s quite a cunning scam. I suppose it preys on, our desire as podcasters to get engagement and get like a wider reach. I had some journalist called max, something pop up on my Twitter in the DMS and say, Hey Luke, we’re doing a piece for tech crunch, which is like.
[00:07:13] A Twitter account and it’s like a, it’s a journalist organization with 10 million followers. So it’s like a, pretty huge account and they’re like, we’re doing a piece. We might be interested in your take on some aspect. Can we meet to chat about it? So I’m like, yeah, okay, that’d be great. Why not?
[00:07:28] like the next day the guy sends me, what he says is a calendly link. I don’t know if you’ve used calendly before, like you send a link to someone, they can see all your free time and you pick a slot. So I click the calendar and it’s I woke up at I wake up early, I woke up at 6am.
[00:07:42] So I’m, my first hour of my day is just like a combination of like doom scrolling and trying to be somewhat productive. So like the first thing I do is, Oh, I got a message from this max guy. And I click the Calendly link and it’s it comes up with what looks like a very legitimate, authorized Calendly to connect with your X.
[00:08:02] And I nearly hit the button and I’m like, hang on, why does Calendly need to connect with my X? So for me to get a meeting? So I’m like, I’ll have some coffee and I’ll figure out what’s going on here. Yeah. So it’s an account takeover scam. If I click that button, they’ve created, I assume, or they’ve bought like a fake.
[00:08:18] Like they’ve created like their own app, which will, which claims to be calendly. There is no real calendly integration with X. They’ve made this up, but it looks legit. And then if I click the authorize, you would have the ability to like change certain details on my Twitter account. And I assume the first thing they would do is change the email address and change the phone number, and then I’m, I’m out of business for a chunk of time.
[00:08:42] They probably did this successfully to that Max guy. And then, about you, I’m always getting like crypto scams. They probably then have like my verified account with like 15, 000 followers and they’ll use that to crypto scam a bunch of people and at the same time try and pretend that Luke is the journalist trying to lure a bunch of other people into this tech crunch pyramid scam nonsense.
[00:09:05] Yeah.
[00:09:05] Krzysztof: I’m glad you didn’t actually fall in the ditch, but you know what? This makes me think. Our future. so right now, it’s even astonishing all the people from the older generations that get scammed by something as to us obvious as, like the obvious phishing scams, right? The numbers of people, innocent, older people, usually that have taken into it, taken by it.
[00:09:33] Can you imagine? the sophistication of this stuff like 10 years from now.
[00:09:39] Luke: Yeah. Yeah.
[00:09:40] Krzysztof: I don’t mean to be fear mongering, but I think it’s going to be a whole different world. that’s why, yeah, maybe to your point, cybersecurity stuff and the company that I recently did a deep dive on rubric, how to get your stuff back is going to be as important.
[00:09:57] it won’t be a question maybe of. If, but when you get taken by one of these, really imagine getting a sophisticated email that actually looks exactly like. It should.
[00:10:09] Luke: Or like a video call from you. And it’s, I think I’m talking to Krzysztof, like we’re not far away from there to do that convincingly.
[00:10:17] Krzysztof: Yeah. I’m like, look, I’m, I’m lost in Kenya. It can send me five, 5 million in diamonds. And you’re like, right away, buddy. Right away. See, that’s loyal. I feel you. Okay.
[00:10:33] Luke: yeah, It’s scary stuff. Anyway. I signed off that Twitter with, be careful out there folks. Be careful out there. Like it’s so it’s becoming cheaper and cheaper to target accounts. Like previously, these guys would go after like bigger accounts because they cost them some resources to try and execute a scam like this.
[00:10:53] But now it’s cost almost nothing, but they can do this stuff with highly targeted phishing attacks for like almost no money for like cents. So, that means they’re going to continue to do it and they’re just going to attack even more people.
[00:11:06] Krzysztof: Yeah. Scary stuff. I did retweet that. So I remember you posting it. Yes,
[00:11:14] Luke: All right. You want some advice with your ASTS stock position? What’s happening?
[00:11:21] Krzysztof: I do. I do. So the backdrop here initially I wanted to take this question to our Patreon community because it’s, lively and we have some good people there and we share our trades on the Dolphin tier, so on and so forth. I thought, instead of making a decision like I usually do, what if I engage the community?
[00:11:42] But in this case, I thought I wanted to talk to, the expert in the room, my, my buddy Badger, to help me think this through a little bit. So this is a genuine question. It’s not like a setup or like I’ve decided. I’m curious how you maybe would frame this or what you would want me to consider more of or whatever.
[00:12:04] Here’s the, here’s the context. I am now increasingly bullish on ASTS. , I haven’t felt as I do more and more research on this. I haven’t felt this way since, EOS when it was at 70 cents. and I know knowing yourself as an investor is when I’ve made errors in the past, at least in the recent past, it’s when I became over exuberant in a particular position so that portfolio management got away from me. and, but, to argue against myself, I love a concentrated portfolio. There are many benefits. to a concentrated portfolio when you really, know your stuff. So going to say to you that I think ASTS really might become one of these generational companies and not too long from now. I still haven’t done the deep dive. So you have to take me on faith in a way, cause this isn’t the time to do the deep dive on that.
[00:13:17] Just assume that I believe that and that sort of by. Even like end of 25 into 26 a year from now, like the switch will actually go on and God only knows what might happen if successful. And I think the probabilities are high. I’m thinking, okay, right now, ASTS is my second largest position in King of the Jungle.
[00:13:45] I’ve got, EOS, I’m just looking at the numbers, sorry, I don’t have percentages in front of me, but my EOS shares are worth 1, 700, and I swore I wouldn’t sell a single one, so I’m gonna buy by that resolution. and then number two are my ASTS shares, worth 644. And then beneath that are my relay shares worth 500 below that are my iris energy shares at 338 and the market is closed today.
[00:14:15] Those are my top four and right beneath that is Nebbius with worth 90. So there’s a big drop off. So I basically have four large positions in underneath Nebbius. I have transmedics, which I believe in. And then we get into the smaller positions, Calumet, Tesla. Avita, Nintendo, basically like starter, they’re all I want these in my portfolio, but I haven’t really gotten into them. Here was my thinking, I’m like, damn, how do I get me more ASTS shares?
[00:14:47] One option, actually, I’m going to let you do a little more of the talking, but basically I’m thinking to myself, I want more ASTS shares. Should I sell some of these smaller positions like Transmedics? Like Calumet, like Aveda Medical, not because I made any mistakes, not because I don’t believe in their, them being worth a lot more, but because I really, want more ASTS right now.
[00:15:17] Luke: Okay, so this is a portfolio where you’re adding new money and it’s, as we record, it’s the 17th of February. So you only got to wait, what, 12 days. So you’ve got some new money coming in. You did, maybe you framed the question somewhat misleadingly though, because you said, I’ve got four large positions.
[00:15:36] You haven’t, you’ve got one fricking huge position EOS. And then you’ve got a few other little things, right? How much do you say EOS is? Must be like, must be about half the portfolio,
[00:15:48] Krzysztof: oh shit, I’m sorry, I also forgot Chainlink. you know what, give, me one second, I’m gonna, it’s silly for me not to give you the actual percentages. I’m gonna give them to you right now. What, meantime, while this is, pulling up here, what’s your definition, what’s your own personal definition of a, call it, substantial position,
[00:16:13] Luke: 5%.
[00:16:15] Krzysztof: five percent, right?
[00:16:17] Luke: But I’m not Mr. Concentration and I’m like, Mr. I’m at the end of my life now.
[00:16:22] Krzysztof: Yeah, you keep, yeah, if you keep up your parting ways, yeah, you are, so right, so that is, I knew that’s one of the things that, there’s no one perfect solution for these questions, but still, like maybe you’re saying what, five percent.
[00:16:39] Luke: For me, I understand you’re, offering a different, plus also this is the king of the jungle portfolio, which is not your real money portfolio, where you’ll operate a different strategy.
[00:16:48] Krzysztof: Yeah, but you know for our audience and I think for the this project that we’re doing together, I’m treating The King of the Jungle, since its inception as though I’m doing my very best to do my very best. So yes, it’s less in terms of money, but in terms of I think mindset, it’s identical.
[00:17:09] So the facts are that EOS is at 43%. Huge. ASTS is at 16. Relay is at 12, Iris is at 8, and Chainlink is at 8. And all the other ones are 2 and below.
[00:17:27] Luke: So my, my, my position stands, like that EOS position is really ridiculous. and if you want to find new money, To me, that’s like an easy trim. but maybe, obviously this is your strategy and you have to ask yourself the question to try and get to the answer that you think is right. If it is right.
[00:17:45] So this is so ethical, you can’t make it a tangible numbers question, but you have to try and determine for yourself, I think like your view of the risk based return of each of those companies. And then say to yourself, am I so confident in the risk versus return conversation for EOS that it deserves to be like four times bigger than the next thing pretty much in my portfolio?
[00:18:11] Krzysztof: I’ve done that, and I think that is my conclusion. not least because, the charts that you see the life cycle of a company is at the very bottom of the hockey stick curve. And so I don’t want to go on and on about, but I think in general, when you have what I see is all of the tailwinds lining up.
[00:18:33] And you have a stock that is still relatively undiscovered. Those are like the fattest pitches you ever get in the market. so yes, I could trim EOS, but I said I wouldn’t all, I, don’t know, this is stupid. I said, I wouldn’t out of principle because those have always been my biggest mistakes in investing.
[00:18:58] You’ve not sold a single share of intuitive surgical for the same kind of, call it, I don’t know, meta reason
[00:19:07] Luke: Yeah.
[00:19:08] Krzysztof: I’m approaching it. Let’s take. So let’s take, this not so much as a portfolio rebalancing problem. I’m saying to you, I want to keep my EOS position huge. It’s more about selling some of the companies.
[00:19:31] I think are going to be great, fine, great slash very good, like transmedics, I think, in 10 years will might be worth a whole lot, but they’re not going to be worth a whole lot like next year, potentially the way ASTS might be. So I’m thinking like that. This is like an opportunity that the window isn’t forever. And,
[00:19:57] Luke: Did you not feel like 11 percent of your portfolio is enough or whatever that percentage was?
[00:20:03] Krzysztof: it’s at 16.
[00:20:05] Luke: 16. That’s substantial in my books, obviously not in yours.
[00:20:11] Krzysztof: I would agree a six. Yes. 16 percent is a substantial position in the portfolio. and yet I want it to be bigger,
[00:20:18] Luke: Okay. it’s only mechanically, there’s only so many things you can do, right? Either add new money and you’re limited by the rules of the game where say you can only add 200 bucks a month, or you can sell something and then you either sell. you’re big, a small piece of your big position, or you sell a whole lot of small positions and, for me, it’s self evident that this is a portfolio rebalancing opportunity and, but yeah, but if you want to stick to your guns and not, if you’re literally excluding EOS and say, I’m not touching that.
[00:20:53] then, yeah, you have to sell the other stuff. If you really believe that ASTS deserves to have a bigger than 16 percent allocation, but I think 16 percent is substantial. and if you don’t believe in those small companies that strongly, then yeah, you’re answering your own question, sell them and roll the money into relay into ASTS.
[00:21:13] Krzysztof: You know what? I think this is a different slightly issue. This is, I think, where your strategy big time differs from mine. You legitimately do not really care about college short term events. And by that, like months ish.
[00:21:35] Luke: 100 percent correct.
[00:21:36] Krzysztof: Whereas I, for example, I’m looking at just, I was, so I was looking at this portfolio. I was looking, what could, where could I get some extra cash? Aveda Medical just had their earnings. Shares went up 25%. Like they were decent, but they’re, they were having some cash issues. So I doubt the market bids them up much more in the next three months. There’s 41 bucks in there. So it, for the purposes of our project, call it, that’s two shares of ASTS. ASTS has all kinds of catalysts coming basically daily now, like the rhythm at which they’re announcing stuff is insane. So I’m thinking to myself, why hold on to Avita Medical without any obvious catalyst in the next three months, simply because I already have it versus saying, you know what? I bought it.
[00:22:35] I bought it for a good reason. I believe in it, but it doesn’t excite me the way ASTS does. So there’s 40 bucks to sell that and reallocate, but that’s short term ish, right?
[00:22:47] Luke: It is short termish. I don’t know. I’m the wrong guy to ask this question to. Yeah.
[00:22:53] Krzysztof: cause
[00:22:54] Luke: But you reject all my answers because you’re like, no, those are the wrong answers because you’re doing it like, because you’re you, i. e. a sensible investor. Whereas I’m me, i. e. a fricking gambler. help me figure out how best to gamble 16 percent is a lot.
[00:23:10] If you can’t get excited about a 16 percent allocation, like going to the moon, whatever the catalyst is going to come in. Holy Christ. what do you want?
[00:23:20] Krzysztof: know, that’s a good question. That’s a great question. You know what I want? I think I do not agree with the gambling label in this instance, because, that term is just, it like it’s all up to luck, right? But I will say a position that’s about 25%. Up to 25 percent when, you know, properly, obviously properly understood and researched and all that feels like what some of the world’s best investors have done successfully, and you would not call them gamblers.
[00:23:59] Luke: Oh, but that could be just the. Like the long tail at what it’s like to survivorship bias. if you took a hundred investors and they all took say like 25 percent allocation portfolios, like four stocks in their portfolio, like one of those hundred would do really well and they would go on to write a book and, become a famous investor and they would be the legendary investor that succeeded with that.
[00:24:22] But you don’t hear about the other 99 who failed.
[00:24:26] Krzysztof: I think it’d be interesting to look into that, with the stats around that, that is. Because yeah, basically I’m proposing to you. Right now I’m tempted to have a portfolio of about call it six stocks Roughly right the main bets and i’m saying to you this doesn’t feel like gambling this feels like a very It’s certainly riskier, right? It’s certainly, there’s no question about that.
[00:24:55] Luke: All right. Maybe. Okay. You have just answered it then because if you want a portfolio of six stocks, that’s what? Herb. 16 percent allocation each, something like that. So you’ve got that now with ASTS, that’s now correctly sized in your portfolio to be one of your six,
[00:25:14] Krzysztof: Yeah, there’s merit to, there’s merit to looking at it that way. okay, let’s conclude this. your official advice to me is, what?
[00:25:26] Luke: be happy with your current allocation and celebrate when your catalysts come in and
[00:25:32] Krzysztof: Okay. there you heard it, animals. after this, episode releases, we’d love to hear your comments and feedback. on our Patreon to see whether you think Badger is, wise beyond his ears, whether Monkey is, nuts for thinking this way, or some somewhere in between. And
[00:25:57] Luke: let’s pick up a news item. I saw just an hour ago relating to one of the companies we were just chatting about trans medics. , so I think we’ve both got this in our portfolios, right? You own a little bit of trans medics. I definitely do.
[00:26:09] Krzysztof: yes, my put my King of the Jungle position is up 29%. Average cost of 55, now it’s 72. Love this company, know it quite well.
[00:26:20] Luke: Yeah. Great. I bought it six months ago and I haven’t got it in king of jungle. I got my real portfolio, but about six months ago I added to it. Unfortunately, my timing was really off cause I added to it, maybe a week before this really scrappy, 300 page short report came out and then it’s so I’m, I think I’m down on the position overall.
[00:26:39] Maybe it’s not horrendous, but I think I’m down. so the short report itself was. Like there was some skepticism cast upon it because it made these just such egregious kind of claims price target of 0. Like this company is fraudulent, scamming, dadadadada, I’m not going to give too much airtime to the claims.
[00:26:59] anyway, I haven’t seen the detail, but I saw just an hour ago before we hit the record button, Oppenheimer, who I think themselves are like, they do like short reports and they take like long and short positions. I think they’ve played both sides of the market like that. they’ve claimed that they’ve done their own research.
[00:27:16] They’ve spoken to a selection of surgeons and transplant hospitals and informed people in the market. I haven’t seen the detail and maybe I have to pay to read like the detailed Oppenheimer reports, but I’ve seen the press release and they say, that they, did not, their checks did not find any evidence supporting key allegations in the short report.
[00:27:39] so yeah, like the short report got shorted. I think we can probably ignore the majority of that and carry on carrying on as we are as long term investors.
[00:27:50] Krzysztof: Indeed, I drew I came to that conclusion pretty quickly, same conclusion. Two things that occur to me. one, this is where it really pays to follow a company for a long time because, the number of earnings calls I’ve listened to and management, conferences that I’ve heard, you begin to, yeah, have faith in management when it’s deserved.
[00:28:16] And professionals from, from ragtag. what’s it called ruffians, and trans medics is run by professionals. So it’s, harder to get scared out of stuff, but you know what else I realize? This is nuts. I’ve been thinking about this a lot. My qubit, my quantum, what’s it called?
[00:28:41] Quantum, computer incorporated, fraud SHIPCO short. I still have it.
[00:28:47] Luke: Oh yeah, you’re short. That’s right.
[00:28:48] Krzysztof: Yeah, I’m still short on it. I think I’m about break even now, right? But here’s the wild thing. It’s, as we’re talking about, it’s pretty clear, transmedics, you’re dealing with professional surgeons and, airlines and, hospitals.
[00:29:07] To pull off a fraud in that context for this many years, with actual people’s lives on the line, is so improbable, right? And yet, a big, giant, short report that’s so clearly, over the top, as you said, comes Along and the stock drops massively, right? Whereas quantum computer company has nothing, they have nothing. And yet, Even though people know this, the stock is not trading at zero where it really ought to be. we’re close to one or whatever, because they make no money and they have no product literally. So it’s one of these things where the market mechanism, that controls price. And it’s a unknown.
[00:29:59] You really don’t know who’s behind what and how much money is going to flow in, whether it’s legit. Or fake, and it always requires time to play out,
[00:30:12] Luke: And then none of these things exist in a vacuum, these short reports, like there is the company and its history and its valuation. And if a company is highly valued, or has rather, if a company has a high valuation, a short report is going to hurt it more than a company that’s perhaps read more reasonably priced.
[00:30:29] Yeah, so yeah, but you’re the key point you’re making is right though, that it takes time to become intimately familiar with. Just the way the story unfolds in a company, and that’s why I like to, take a position and then add to it slowly over time, not just dive in with both feet on day one, because, yeah, like you have to build your own conviction rather than just relying on what other folk are telling you.
[00:30:53] Krzysztof: Slow and steady usually wins the race. I really hope, my, my Qubit puts, they print, their April date. I wonder, at this point, I’m like, oh, it’s no longer up to fundamentals. It’s like, when do the market wizards behind the curtain want the stock to go down? So fingers crossed.
[00:31:13] Luke: yeah, you’re definitely in weeks. Let’s keep track of that one. Cause I’m intrigued. I didn’t take the same day, but I wasn’t quite intrigued by that. But
[00:31:21] Krzysztof: yeah, it’s fascinating. But, they have to report something within, before April. So I just Anyway,
[00:31:31] Luke: the market’s exuberant right now. and maybe this brings us onto something else I want to talk about. Like the market is still very bubbly. Like it’s very hard to find a bargain. And like the company I’m about to mention Palantir just has a ludicrous valuation. But I think there is like substance to crazy valuations sometimes.
[00:31:52] And then in the case of your qubit short, it’s just riding the fever of, there was like a mini like quantum computing bubble, which lasted for about three weeks. I think that probably clearly hasn’t fully popped yet. And when it does, it’s going to be pretty ugly. But this is like a market where people are just throwing money at junk, I think.
[00:32:14] Krzysztof: right. Yeah, although on qubit side there has been a divergence because there’s the real companies. I think there’s about three That have legit products and people that has stayed bubblish. But Qubit is actually drifting down and you could see that on the chart, it’s just market, call it manipulation.
[00:32:32] That’s upholding the price for now. tell me more about Palantir, because this is one of those fascinating market conundrums where it’s, I almost want to throw my hands up and say, This is a pure, what’s it called? It seems to me like you’re damned if you do, you’re damned if you don’t. On one hand, in the past we’ve learned the very hard way that There is about I don’t know how to say this other than price matters There is no such thing as like a company being worth an infinite amount of money No matter how amazing it is, right and at the same time when we use that same logic We sold our Nvidia shares too early because we’re you know We’re like this can’t possibly be sustainable at whatever trillion dollar market cap.
[00:33:21] So how are you, thinking about this insane valuation right now and whether or not to take the sensible value investor approach and sell it for those reasons, or say, Nope, not touching it no matter what.
[00:33:37] Luke: And it is an insane valuation. is an insane valuation. It’s currently 116 times gross profit. And that’s way higher really than it’s ever been in recent history. but, and I wanted, so I’ve owned this for not that long. I’ve owned this one for maybe eight or nine months.
[00:33:59] I bought it twice. I trimmed it and I said I was going to trim it again. And then we saw the deep seek news and you and I did a whole podcast on deep seek and like the crazy efficiencies that clearly are still to be had in inference and AI. And it just seems to me that, we’re only going to go in one direction here where this stuff gets cheaper and cheaper.
[00:34:23] And if we forget about like the problems that could cause in video, that’s going to create massive opportunity. For the companies that use AI or enable AI’s usage. And that’s Palantir. everything is on their side here in, in terms of where the world is going. And maybe this is confirmation bias.
[00:34:44] Like I saw a post on Twitter today, that there’s now like playing back to our, episode last week where we went quite deep on. Like the role of government and the doge and maybe, corruption that might be happening. We’ve now got four members of Congress, who’ve now are all Palantir shareholders, whereas none were previously.
[00:35:06] So like, they’re clearly hearing or seeing something related to probably. Like the military applications of this technology, and then the company just like they had a stellar report, very significant growth. I’ve got a couple of numbers here. Yeah. 36 percent year over year growth in us revenues.
[00:35:27] sorry, in overall revenue, 52 percent year over year growth in US revenue, and they’ve guided for another 31 percent year over year growth. So like you’d need decades of 31 percent year over year growth to justify 120 times gross profit. like I feel this, it might be a bubble evaluation, but I feel this bubble is pretty robust and it’s probably going to keep inflating for quite some time yet with all the kind of warmongering that’s still going on and probably isn’t going to quieten down.
[00:35:57] Krzysztof: I’m sorry. I’m gonna have to call you out here. Badger ’cause you just said a funny, a robust bubble
[00:36:06] Luke: Yeah. Yeah.
[00:36:09] Krzysztof: made of steel.
[00:36:10] Luke: Yeah.
[00:36:15] Krzysztof: I have this feeling of, fool me once, shame on me, fool me twice, shame on you with NVIDIA being the weird thing that complicates this and the AI, the next wave and all that. But I’m looking at the very handy clouded judgment chart that comes out that I get weekly. which ranks the most expensive, software as a service companies, and it’s shocking to me, but for example, CrowdStrike is the third most expensive company, we don’t need to go on.
[00:36:50] It’s an exquisite company, but, it’s 24 times the next 12 months revenue, 24, right? Second is CloudFlare at 29, And then you get to pound here and it’s 80.
[00:37:04] Luke: Yeah. Yeah.
[00:37:08] Krzysztof: So I’m going on a record here. I know you didn’t ask me officially. I’m the one that came seeking your advice today, but I am officially unofficially telling you, I think in terms of principle. It’s a mistake to not trim significantly at these levels that regardless of whatever you’re reading, I think will be fine.
[00:37:35] I think if this were me, I might keep 20%. I might split the difference this way. I might say, okay, maybe, the rapport was so great and all the things you mentioned. Sure. But I just couldn’t sleep well at night holding this at these levels.
[00:37:52]
[00:38:34] Luke: don’t have a big allocation to it. I have trimmed it. It’s about a 2 percent allocation in my portfolio. like it is a bubble, it is going to pop at some point. So really I should sell the whole thing I suppose, or at least trim it substantially. But I feel like. I feel like this bubble’s got legs, so it’s going to, it’s going to inflate for, some more, some of them come and I,
[00:38:56] Krzysztof: So, wait, who’s the gambler here?
[00:38:58] Luke: yeah, totally. Yeah. But I think it’s got, I think there’s some substance, which is, maybe my thesis here is like corruption and insider knowledge and, like a deteriorating geopolitical environment that is just going to favor companies like this.
[00:39:15] Plus all the AI in the commercial segment with stuff, but we’re more talking about the military stuff here. Yeah, it’s a bit of a gamble, , I don’t think a two, two, I’m happy to gamble with 2 percent positions. I wouldn’t let this get above 4%, let’s say,
[00:39:30] Krzysztof: I, wanna be on the record. I’m happy to be wrong for your sake. I hope this goes to five kazillion bananas.
[00:39:38] Luke: you were going to short it yourself. If you remember, you didn’t do
[00:39:41] Krzysztof: I did, I actually, I to, I, shorted it, then it dropped quickly, so I made money and. And I sold out because in hindsight, that short was being set up in theory for the longer as a longer insurance for my portfolio.
[00:39:58] So I’m lucky that I decided to just sell the same day I set it up because it just happened to drop that day. It, it would have been clearly a mistake to have held it. So I don’t know, love your any listeners. We’d love your own perspective on this. I’m on a record as saying this is a pretty close to obvious cell or major trim levels and badgers saying he’s happy to gamble because justifying it as a small position, which the logic of which I think is a little faulty because money is money.
[00:40:36] It ought to be allocated in, the best ways, from one, one wave in one way of investing. So let’s see how it unfolds.
[00:40:45] Luke: Yeah. Valuation matters, but sometimes, it doesn’t matter because sometimes it’s not the story is so strong. I suppose it is that like sometimes the story is so strong. Like valuation be damned. and I’m doing this one very consciously with that in mind.
[00:41:03] Krzysztof: Okay,
[00:41:04] Luke: Okay.
[00:41:05] Krzysztof: shall we do a little stock safari and roll out our two, two new, what’s it called?
[00:41:14] Luke: Hang on, we’re taking a break because you’re fumbling. , should we do the Uber? I’ve got like a news item on Uber and then we can do the safaris and then we’ll close.
[00:41:21] Yeah. Let’s just do that one. And then we’ll go into safari and then we’ll close it. Cool. So anyway, let’s move on from my terrible judgment and maybe talk about, someone else’s maybe. Deliberately this lead misleading statements they might have made.
[00:41:37] So Uber’s CEO, Dara Kaurashara, I’m going to try and pronounce that again. We’ll just call him Dara. So they published an investor letter quite recently and it caught my eye because they, the CEO made a number of statements in that letter. That I’m not sure he believes in, and I wonder why he might have been positioning this the way he did.
[00:42:02] so they had a stellar set of results recently and it is on my radar, as a company that I might want to own one day in the future. and then they had a whole section in the report in the letter about their views on autonomous vehicles. And I’m just going to bullet point summary, a couple of statements.
[00:42:22] So I’d like your views on what you think. So essentially, the headline here is they believe robo taxis that will, they’ll be real, but it’s going to be a long time before they’re commercially viable. And they believe there is a big window for a decade long, potentially window for humans to co like human taxi drivers to coexist alongside autonomous vehicles.
[00:42:52] And let me give you that, the justification, I’m just going to summarize it. They claim that during periods of high demand, like rush hours and special events, humans can provide like surge capacity to meet the market demand. They believe that, there’s more geographic flexibility when you’ve got humans as part of the network, maybe to drive vehicles to locations that are perhaps more difficult for autonomous vehicles.
[00:43:22] They believe that, although autonomous vehicles are going to lower costs in the long run, they are so expensive. Also requiring like ongoing maintenance and humans are just more flexible and cost effective in periods of like low demand. and then the last point they made was customer preference.
[00:43:40] Some customers might still prefer to have a human in the car as opposed to just being driven around by a robot. And so like some other stuff as well, some blah, blah, blah. Their view was for a long period of time, the right answer is a hybrid network of both human drivers and autonomous drivers.
[00:43:59] What do you think?
[00:44:01] Krzysztof: , make sense to me on the surface, there’s the whole early adopters, middle adopters, late adopters. I’m sure nobody, some, many people won’t be courageous enough to get into a car with no driver, for some time. I don’t disagree, none of that seems absurd to me, but maybe from the investment standpoint. I’m thinking, why would I invest in a company where I guess maybe the writing is on the wall somehow, that even if it’s not today, maybe if it’s not tomorrow, it’s gonna,
[00:44:37] Luke: I agree with, I I don’t know what you’re saying, but that’s actually a different point I wanted to talk about because I think you and I disagree about that. I think there could be a space for someone like Uber. And we had that conversation a couple of episodes ago, but if we put, so rather than just revisiting whether Uber is a good investment or not, let me, share my thoughts because when I read this, I was actually highly skeptical and I was wondering why they would go to such lengths to make these kinds of statements.
[00:45:03] Because it’s probably, I think what you’re right to say. Like what their points make sense, but maybe the, point I would challenge is like the window, the time within which that might be true. Yeah. Okay. So some people might want to have a human in the car, but culturally we’re going to very quickly like blast through that point and it ought to be so normal to have an autonomous vehicle.
[00:45:26] Like why the hell do you want some other guy sat there with you rather have like your privacy to make a call or do whatever you want to do and that’s far like vastly preferable to having a stranger in the car with you driving you from A to B and I think we’ll make that cultural transition really quickly because obviously these things are going to have to be safe to even be on the road right
[00:45:45] Krzysztof: yes. And you know what, let me say one thing about this. There is this effect that humans have where it takes multiple instances of being exposed to something. So here in Austin, I’ve seen driverless Waymo cars now. And the first time it is holy shit, there’s nobody in that vehicle that’s on the roads now that I’ve seen it say 20 times, don’t think twice. And so you’re right. I see, yes, it seems almost right. It seems prophetic, but not in the right way.
[00:46:20] Luke: and I think you can probably apply the same argument to most of these points like maybe they’re true but probably only for a very small amount of time like the geography one. Yeah, sure, okay. Maybe when Waymo is the only game in town, you can only do certain like geo fenced areas. But once there’s a bunch of different, guys on the road, like Tesla, then I’m assuming they’ll be able to do a far more robust kind of A to B network.
[00:46:48] I wonder why they went to such lengths. And I wonder if it is to maybe appease their, their fleet of human drivers. Because I guess Uber’s customer. Isn’t like you and me, like the guys who are riding the cars, their customers are really. The drivers of the cars, because they’re the guys that kind of work, not work for, they are uber provide the platform and then those guys, those drivers, uber drivers are paying uber essentially because they’re doing work and giving uber like a cut of the.
[00:47:20] Of each ride. And so that is a bit in the same way as like Airbnb’s customers are like hosts, not guests, primarily. And they have to focus on like looking after the host community because that’s how you win. I do wonder a little bit, Uber’s end game. They’re just, they’re dancing around it.
[00:47:37] their end game from day one has always been, I think, about autonomous vehicles are going to come and when they do, like we want to own every journey. And this whole having to have a messy, squishy human in the front seat. I felt that’s always been like a temporary thing. But you need it right now and you can’t be too, upfront about that because if you piss off all of your drivers, they might start striking or who knows what.
[00:48:02] So anyway, just a kind of random observation there.
[00:48:05] Krzysztof: Yes, and, maybe let, me make one more. It is with shocking, astonishing speed that Elon Musk has infiltrated into the center of the United States government. Just talked about a bunch of this in, in, in some ways, but the extent of it, I think, has nobody, I don’t think anybody could have predicted this.
[00:48:26] Where is Elon’s, home base? Austin, Texas. He has now, seemingly, at this moment, capacity to do, for better or worse, whatever he wants. For all of Musk’s, futuristic claims, like by whatever year we’re gonna be on Mars, he’s now, what, the latest one has been Austin will be the first city.
[00:48:53] to have driverless cars by June of this year. That’s only four months away. in most circumstances, I think we’ve been on the record saying bullshit, but now I don’t know why not. if he owns the country, what’s the mayor going to say when the Tesla factory is in Austin and I’m sure provides, the, kinds of, Tax dollars that Tesla brings Austin, like who’s going to say no to him.
[00:49:27] about Uber’s claims.
[00:49:29] Luke: you’re right. And if we really just pinpoint about it, like he is, I guess he essentially has the ability to defund and fire. The head of the vehicle safety testing organizations and things like that, right? So they’re all probably living in fear of him. Obviously, that would be a very clear conflict of interest that could blow up very, badly in Tesla’s face when people start dying.
[00:49:53] Because people will start dying once we have autonomous vehicles, because like people die every day in normal vehicles. It’s just that’s the nature of transport, right? Unfortunately. He has the ability to Be influential in very inappropriate ways.
[00:50:08] Krzysztof: good observation. I remain skeptical on Uber for lots of reasons.
[00:50:12] Luke: Yeah. Yeah. It’s all, it’s on my, it’s on my long list. I don’t think I’m considering buying it anytime soon, but it’s on my, I got an eye on it anyway, should we talk about two stocks in our safari segment, but maybe we are thinking about buying
[00:50:23] Krzysztof: Yes, we should. Should I start with, Planet Labs since it’s tickers PL very, close to Palantir.
[00:50:32] Luke: PL. Yep.
[00:50:34] Krzysztof: P. L. this is yeah, very cursory level stuff. But the reason I decided to look into this one badger is because of my new obsession with A. S. T. S. And as I’m learning all things about the space economy, the first conclusion I came to is my God, futurist possibilities.
[00:50:56] Of what a kind of holistic view of the planet will allow humans to do is staggering and, I want to share a slide, that shows market size of industries by comparison in 2024 and it shows the fast food industry at 789 billion, the beauty and personal care industry at 652 billion, And then space industry as of now is 596 billion, which is the smallest of those three.
[00:51:31] Now that’s a random comparison, but it’s to make the point. That the space industry is still relatively in its infancy. If the thesis is that we could basically do things we’ve never been able to do as a species from space, then obviously that becomes one of the, if not the most important new markets ever compared to say, putting on your makeup.
[00:51:55] That’s call it relatively expendable. , if the space market is still tiny, relatively speaking, then a bunch of companies will benefit from all the news cases. And space labs mission is to image the whole world every day to. allow its customers to see the changes taking place on planet earth and make some of those changes actionable to their own whatever commercial interests.
[00:52:31] Let me give you three concrete examples because that might seem a little abstract. By the way, as you’ll see, this is a interesting 50 50 company that has obvious commercial interest and also a lot of call it socially ethical, conscious for conscious investors, conscious capital investors.
[00:52:53] You might want to look into this eco sensitive type of thing. for example. In Brazil, deforestation is a big problem, but from the ground, you can’t really see exactly where it’s happening and how quickly and who’s doing it. But you can see that very easily with Planet Labs imaging, another wonderful use case when the LA fires were burning everything to the ground, emergency crews didn’t necessarily know where to go and what buildings needed rescuing.
[00:53:27] You could see all of that. And Planet Labs was communicating with emergency crews almost in real time, that gap between when the image is taken and when it’s put to use is now shortening as the technology improves, especially with the latest models, which will have in the video chips and basically, continue to improve over time.
[00:53:50] Another fascinating example. In the oceans, huge, the biggest, things we have on the planet, geographically speaking, there’s a bunch of illegal activities, pirates and illegal fishing and all kinds of things that you can’t really see unless you have a subscription to one of these services, and then you could easily see where the illegal tankers are and so forth.
[00:54:14] really fascinating use cases, and I’m sure many that haven’t really even come to mind yet. So that’s the sort of narrative, I heard it talked about as a queryable Earth, what Google did for indexing human stuff. Here we’re indexing the planet as a whole from space and figuring out what to do with that info.
[00:54:39] I’m not impressed by their finances. They’re growing something like 11%, I think, but they’re still losing money net operating margins they’re negative. in this environment, that’s good. But if the market turns, watch out. And I think I want to add that my critique, the most obvious one to me, as an investor in ASTS, as somebody looking into, the competition between ASTS and Starlink, much bigger companies, this, I’m thinking like, what’s going to prevent one of those behemoths from not too long from now.
[00:55:27] Adding these kind of imaging capacities to their own fleet. So in other words, what’s the moat here? It’s here Now will it be gone tomorrow? So fascinating company really interesting, but I don’t think I’ll be making any Purchases at this moment.
[00:55:48] Luke: All right. Pretty good. Interesting. That’s good to hear another space stock anyway, because it is a sector we’re both interested in, like I’m a space X or rocket lab shareholder and you’ve got ASTS, so yeah. Interesting, one in the portfolio.
[00:56:03] Krzysztof: Yeah, cool for any listeners check out their Investing earnings call they have some really fascinating pictures it’s really cool looking.
[00:56:14] Luke: okay. Should I say about a stock I also think is interesting, but I won’t also won’t be investing in, but for very different reasons. so this week I took a look at. It’s almost like meme stock fever, hims and hers health with ticker hims, H I M S you heard of this one?
[00:56:34] Krzysztof: I have. Some, yeah, definitely has cultish vibes.
[00:56:39] Luke: Yeah. Let me, yeah, let me summarize what their main products are and then maybe you can tell us which of their three products interested you. this one caught my radar because you, you pulled my leg last week because my last two safari stocks, I did sausage rolls and then I did like cultured meat.
[00:57:01] most of me and this week I’m combating them like, bad food with a company that has a range of weight loss drugs. So they have their own, versions of what versions of they sell, like GLP ones, like semaglutide. So these are things like a Zen pick and we go via like another one of those drugs.
[00:57:23] and, him selling them actually. Almost kind of bargain prices compared to some of the other manufacturers and online pharmacies. So they’re doing like good growth and they don’t break out their segments. But it seems like that’s actually quite a big significant part of their revenue right now.
[00:57:40] They also have a whole range of hair loss treatments. And they have a whole bunch of what colloquially referred to on Reddit as boner pills, basically like sexual function stuff. So I think they’re three main segments, and, they’re quite interesting telehealth company really, and I’m quite, I’m not gonna invest in this one because I burnt my ass with Teladoc.
[00:58:08] And these aren’t really, it’s not a telehealth company, but they do, they have an interesting model. So you can buy some of these products from, say, Amazon and people who look at this stock, oh, it was like one, some part of the bear cases. hims is just going to get eaten up by Amazon. Because Amazon will be able to just destroy them on margins and just sell the same stuff cheaper.
[00:58:31] The HIMS model is a bit different because you can just buy things. but you could also have, , like a relationship with one of HIMS’s doctors, which are in this sort of network and they have medical practitioners all over the U S and, and then you have more like a, regular kind of doctor patient relationship, and then they
[00:58:51] prescribe whichever doses of whichever things and, maybe if you, fix your. Your weight and your hair loss, you might suddenly find you need to, sort out your, sexual function. Cause you might be getting a, bit more action when you’ve lost a bit
[00:59:06] Krzysztof: Get back to the game. Okay, let me get it. let me back at it, Roger.
[00:59:11] Luke: so anyway, I think it’s interesting company. I don’t like the sector, so I’m staying away from that, but the financials are actually pretty good. Like they’ve just flipped into being like properly net income, positive. I think maybe the last six months ago, they got, they’re well capitalized.
[00:59:27] They’ve got a bunch of cash. They seem to be quite early in their growth phase, but they’re growing subscribers at a good clip. They still only got 2 million customers and like the potential market for this stuff is quite big. I’d say at least what there’s 330 million Americans, right?
[00:59:44] There’s probably. a chunk more than two million that actually might want some of these kind of treatments, or at least consider them. And like just, and I said the word subscribers there, that’s key to the thesis. This is like a recurring revenue business model, because once you sign up, you’re paying every month or every quarter for whatever treatment.
[01:00:08] you’re going to keep taking those treatments for the rest of your life, potentially, if you want to keep the weight off. yeah, it’s a bit like, I’m not trying to say it’s like a software sassy company, but it is like a heavy recurring revenue company. So those are good business models.
[01:00:23] What do you think?
[01:00:24] Krzysztof: okay. On our Patreon, in our Patreon community, one of our members pointed us to a podcast episode about, what is it? GLP 1 drugs. I listened to it. glory of our Patreons. Praise me to you. Fascinating. Because it was a conversation with an expert in this field and the topic was, are these a kind of miracle drug category?
[01:00:55] Because they seem to be curing everything. Fascinating. Listen, hop over to our Patreon to, find that link in podcast. And it got me thinking, how, often do we get a drug that seems to. is helping people lose weight and, reducing Alzheimer’s, plaques by 11 percent and, so, many things.
[01:01:20] for that reason alone, it has my curiosity peaked. I don’t understand. I really don’t understand. I don’t trust cultish meme stocks in bio health because I know that industry requires expertise, and I don’t know what I don’t know.
[01:01:46] Luke: Yeah, I agree with that. And if we stay on like the weight loss, piece, like they had quite a con they made the news last week. Cause I had a pretty controversial super bowl ad. and I think that’s, I did watch the ad, it’s quite cool and it’s, a bit odd. Like it’s, you don’t, know it’s hymns until the end of the advert and you see these like very unhealthy Americans, unfortunately living a not very good lifestyle and the advert kind of points at a poor food and kind of medical culture in the US and then it ends with, Take these injections and fix everything. And there’s no like medical disclaimers. So I think there are some questions about whether it’s even legal for them to have put that out, but it was effective. Apparently like just post that ad traffic to their website was up 650%. So that obviously was probably a good investment of their marketing dollars.
[01:02:45] but yeah, you write this, these are drugs that The world probably needs more of, and if these guys can like help build the market and get them into people’s arms at a cheaper price, then like that in the round, that’s really good longterm. Cause if, however people lose a ton of weight, if they can.
[01:03:05] You’re then going to avoid all the horrific costs and health, issues that come from heart conditions and blood pressure and all the other stuff that kind of costs the government a fortune because people are unhealthy to start with.
[01:03:19] Krzysztof: In fact, that reminds me, one of the main ways this stuff works is it has something to do with regulating brain function that has to do with addictive behaviors, including eating, but also including drinking and including drinking. whatever you people can become addicted to. So I think the right, the market extremely exciting.
[01:03:44] I just don’t know if this is the company or, a lot more. I would need to do a lot more research on,
[01:03:49] Luke: I like it. I did enough due diligence on it for this to get to the point where as I said to a friend the other day, like this actually looks like a reasonable investment. Actually, valuation because it’s wild. like you can see here, like the market cap of the company is just literally like hockey sticked in just pretty much since the start of this year.
[01:04:11] And it’s now what, like a 12, nearly 13, yeah, 13 billion company. So there is like a lot of kind of culty meme y stuff just behind it right now. But even at this valuation, it doesn’t seem egregious. It is growing at a good rate and it’s got a long way to run, potentially. I’m just not touching it because it’s not my wheelhouse.
[01:04:32] Krzysztof: right. and in biotechs, we know that there’s some of the world’s most valuable companies. They could get to hundreds of billions. this could be one of those 10x companies where you want a small position
[01:04:47] Luke: So these guys don’t manufacture any of these drugs. They’re more like a marketplace for them. That probably wraps up our long schedule for today. Anything else? enjoy our discussion this week, Krzysztof?
[01:04:57] Krzysztof: No, you were intolerable. You gave me bad advice and of course I did. special shout out to our new Patreons, Vince. and Andrew H and all the dolphins that we have swimming in the jungle now as weird as that might be. Thank you for joining our community. You’re making it kick ass.
[01:05:23] Patreon.com/WallStreetWildlife. If you’d like to hop into the jungle with us, we’d love to have you.
[01:05:30] Luke: I want to say to our Patreons, we are working on the merch. We know that we announced it to you guys like two weeks ago and you haven’t seen, you haven’t seen anything just yet. We are working on it.
[01:05:40] Krzysztof: That’s right. Get to it, Badger.
[01:05:42] Luke: Yeah.
[01:05:44] I’m sick.
[01:05:45] I’m a sick man. Okay. Alrighty. This was Wall Street Wildlife. Are you ready to become a beast of an investor?
[01:05:55] Krzysztof: Your journey starts here.
