At Telescope Investing, we believe that individual investors have an advantage over the professionals – they don’t have to answer to anyone but themselves, and can more easily invest for the long-term without the need to ‘beat their benchmark’ every quarter or year. Thinking long-term helps minimise excessive trading, which often results in lower returns, whether it’s from trading fees, buy-sell spreads, high short-term capital gains taxes, or more likely missed gains.
In this week’s pod, we answer some listener questions on portfolio management and talk about how we approach starting, adding, trimming and sometimes exiting a position.
If you enjoyed this episode, please subscribe to the Telescope Investing podcast at Spotify, or on your podcast platform of choice
Transcript
Luke: Hi, this is Luke.
Albert: And this is Albert.
Luke: Today is Monday the 3rd of May.
Albert: Welcome to the Telescope Investing podcast.
Intro
Luke: Albert, previously, we talked about how we pick stocks and how we manage ourselves and our emotions when investing, but we haven’t really gotten into the technicalities of running a portfolio. Like how do you really decide when to start a position, top up, reduce, or sell a position entirely?
Albert: I guess this is portfolio management and you might think this is the purview of professional fund managers, but we think the individual investor has a massive advantage over the professionals because they don’t have to answer to anybody but themselves. There’s no quarterly reports, no comparison to the index or other funds, and there’s no other investors wanting their money back.
Luke: I was asked a question the other day by one of our subscribers, Azirat, and he asked whether we manage other people’s money or whether that’s something we’d consider doing. And my answer was that we don’t and actually, that model just doesn’t work for all the reasons you said. When you’re managing someone else’s money, you’re accountable and you’ve got to show results.
It’s almost impossible to really, truly take a long-term view, particularly when month to month, most of the time you do nothing. And so if nothing else, the person who’s invested with you would say, what are you doing for your money? You’re just sitting there on the sidelines. You’re not actually taking any action, but taking no action is almost always the right thing to do.
Albert: I think the number of people that can do it are few and far between, and I’m not surprised that most fund managers underperform the index.
Luke: So for this week’s episode, we thought we’d pick up some questions from our subscribers. We’ve received quite a few things on email and on Twitter, all around the topic of how do you manage and how do you run a portfolio successfully.
Price anchoring
Albert: That sounds good, Luke. I’ll start off with a question from one of our listeners, Reuben, who says price anchoring: rightly or wrongly, I can’t sell at a loss. I’d rather sit it out and see what happens even if it means going to zero than to sell and realize the loss. Over time, the losers will get diluted by the winners. What do you think about that, Luke?
Luke: It’s really hard. Isn’t it? I struggle with price anchoring all the time as well. I think everybody does. It’s impossible to not be at least cognizant of whether you are ahead or behind on your position, but you’ve got to put it aside. As we know and as Reuben’s saying in his question, it is irrelevant, the price you bought at.
I think the main thing is you need to know why you bought a stock. You’ve got to have a thesis. Even if your thesis is YOLO, I’m just buying this for the hell of it. You’ve got to know why you bought it.
Albert: Yeah, I have the same problem as well. I also find it very difficult to sell at a loss, but unless you really believe that the stock is going to zero, or you need the money, holding may not be a bad idea. Companies often recover whether it’s from new management, new innovations, or just plain luck. For example, I’m sure long-time GameStop bagholders, I’m sorry, I mean shareholders probably couldn’t believe their luck when the market gave them an unbelievable price to get out.
Luke: Yeah, it’s interesting. They got in for totally the wrong reasons and got rewarded for it. So my guess is everyone who’s bought Dogecoin, right? They’re just chasing a quick buck. They’ve done brilliantly but this is the lottery fallacy, and there must be thousands of other investors who are chasing similar wild bets in the past that haven’t done so well.
Albert: But having said that, if you’ve done your research and you really don’t believe the company will outperform the market, then it’s best to cut your losses and move on.
Luke: So let’s bring it round to Reuben’s question. How do you avoid price anchoring?
Albert: I currently have this problem with one of my stocks, TripAdvisor, which is 30% below what I bought at, and I was hoping that the surge in travel from pent-up demand will get the stock back to even. I think I accept now that I will probably have to sell this at a loss if I want to exit this position anytime soon.
Luke: So I guess you had a thesis that you thought the imminent end of the pandemic would help TripAdvisor recover and that’s not playing out.
Albert: I don’t really believe in the long-term future of TripAdvisor, and I think the money is best invested in other stocks.
Handling volatility
Luke: Let’s pick up another question from our subscriber Jules-de-la-Jules. We’ve heard from Jules a couple of times now, but this week he asks, how do we handle the short-term volatility when fundamentals don’t change? It can be pretty tough.
Albert: All we can say is that you do get used to the volatility, or you can just stop looking at your portfolio and checking stock prices every day.
Luke: It’s hard, isn’t it though? We’re both addicted to it as well.
Albert: Actually, you say that, but I think over the last few weeks, I’ve looked at my portfolio less and less because it didn’t feel there was any point in doing so. I wasn’t going to sell and all it was doing was just making me miserable.
Luke: Yeah, I agree it’s tough, and it’s just going to prompt emotions that are unhelpful. And clearly Jules knows the answer to this, right? The answer’s in his question when he says, when the fundamentals don’t change, that’s the answer. Don’t look at the stock price, look at what the company’s doing.
I definitely try and check in whenever there’s a quarterly report and we’re right in the middle of earnings season right now. So it’s usually an interesting call to listen to, or someone’s written a great write-up, and I’ll use that to assess whether my thesis is playing out and feels intact.
Albert: Just to give an example, I remember buying Twilio, which we covered last week, back in 2019 and a few months afterwards, the WeWork IPO imploded. And when that happened, many recent IPO stocks dropped including Twilio and suddenly, I was down around 30% from when I bought it. Obviously, this wasn’t great to see, but you have to ask yourself, what does WeWork imploding have to do with Twilio? And the answer is absolutely nothing. The company just got on with its business and the stock’s more than tripled since then. And I know this is cherry-picking, but the point is that stocks go up and down for many reasons and some of them don’t even make sense.
Luke: When a price does fluctuate hard, it is an opportunity just to challenge your thesis maybe. Just check in perhaps, and maybe try and read some opinions on it. Perhaps use a paid service or go and find an expert on Substack or Twitter. And just try and remind yourself of the reasons why you’re holding this position. I think the main thing is don’t do anything in a hurry. Don’t make a snap reaction into selling or adding. Try and be thoughtful about your trades.
Albert: But also in general, you shouldn’t be putting any money in the stock market that you may need in the next five years. And if possible, have a rainy day fund that covers living expenses for six months or longer depending on your situation. You never want to be forced to sell.
Luke: Ultimately though, if the thesis has changed, then sell. If there’s been a serious misstep by the company or the total addressable market is contracting or they’ve lost a key member of the leadership team. You know, if there’s some reason why you are invested and that reason is no longer true, then maybe is time to get out.
Overhyped stocks
Albert: Well, let’s move on to the next question for one of our subscribers, Stock Amok. He says, “Hey Luke, I appreciate your good work on the podcast.” Obviously only you does good work on the podcast.
Luke: I’m sure he puts up with you, Albert.
Albert: He continues, “How do you separate the stocks that are hyped because they are great companies from the stocks that are just overhyped on Twitter because they are sexy?”
Luke: I know this isn’t particularly helpful, but I guess the longer you’ve been investing, the easier it is to tune out the noise. For example, there’s so much pumping of crypto on Twitter, it’s difficult to ignore and not feel like you’re missing out.
Albert: You’re right, Luke. Sometimes when you go on Twitter, it’s just too much information at any one time and it makes you want to act. But the way I treat Twitter is that I use it to find new companies and for news, but I would never buy a stock or any investment just because someone is pumping it on Twitter, no matter who they are. You don’t know what their agenda is. I always do my own research to find out what the company does, the management team, and their competitive advantages. How much research depends on the company. With smaller, lesser-known companies requiring more research.
But if I like what I see, I might start a position say 0.5 or 1% of my portfolio and then add to it over time as I find out more information. I think having skin in the game is helpful to maintain interest and to spur further research. Yeah, you don’t want to be stuck in a situation where you are not doing anything, constantly analyzing, waiting for the right time to invest.
Luke: That comment on skin in the game is bang on. I do really enjoy getting an initial position quite early. I heard quite recently that the guys at 7investing, who are a great research team, they do the same thing with a getting a skin-in-the-game trade. They buy a hundred dollars worth of a stock. Now I don’t how big their portfolio is, but that does seem like a very small number. It’s got to be a meaningful number because it’s got to prompt you to do the research and do the homework before you top it up to a full position, however big that is for you.
Albert: When it comes to doing your research, we have our investing lenses that we use to analyze companies, but I think you will develop your own methods as you spend more time on your investments. Treat Twitter as a source of stock ideas, one of many sources that may include newsletters, these stock recommendation services as you mentioned, Luke, or even just your day-to-day life.
Luke: I think you can use some tools for anti-research as well. Like if a stock is being pumped on WallStreetBets, for example, that’s often going to push the price way ahead of where it should be. There’s a really great tool I check in on from time to time called Quiver Quantitative, and they’ve got some great dashboards that look at things like trading by senators, what’s happening on WallStreetBets and Twitter, and loads of other macro sources that tell you a little bit about the news around stocks. It’s an interesting way of spotting when a stock might be turning into a meme stock.
Helpful skills
Albert: Let’s move on, Luke, and another question is what other skills can help with investing? What do you think, Luke? What has helped you with your investing skills?
Luke: Can I be controversial with this answer then and throw in something that typically isn’t a skill you would associate with investing, but actually, there are so many fundamental skills in the game of poker that, actually, it’s become a really strong part of my own investing arsenal.
Now I’ve been playing poker for a long time, 30 plus years, tens of thousands of hours at the table, and so I’ve got significant history to lean on, but this has taught me all about managing a bankroll. In investing terms, that’s like keeping track of your investible assets. Poker helps with making probability-based decisions, weighing up different factors and trying to come to an unemotional decision about the future.
It also helps you just get much more comfortable with volatility and risk. If you’re playing poker for a long time, you can go on bad runs, sometimes months at a time, where just the cards seem to be falling against you, and you literally cannot win a pot. I’ve had this several times in my poker career where I’ve gone months at a time and it’s just been pain after pain, but you just got to stick it out because you know it’s just randomness, right? It’s going to end at some point. And so that helps you become comfortable with volatility, and I find myself leaning on that skill when we have times like the big market downturn last year.
Albert: It’s funny you mentioned poker, actually. I listened to that episode of the Value Hive podcast, the one with Mads Christensen where he talks about Sea and Gravity, and in that podcast, he has the same view of poker as you do. He thinks that playing poker has improved his investing process. But my view is that poker skills aside, investing is not the same as gambling. The stock market may go up and down, but over time it goes up. Anyone who’s been to a casino knows it’s the opposite with gambling. When you go to the casino, your bankroll usually goes down over time.
Luke: I think poker’s different to sitting at the roulette table. If you’re a strong player, you can make a profit, and there are many people who treat this as their occupation. And I think poker does teach you valuable skills. I didn’t mention it before, but also patience, managing your emotions, particularly when things are going against you, and also knowing yourself better. But I agree with your challenge, it’s very fair. Investing is not the same as gambling.
Albert: I’ve played poker myself, Luke, as you know. I do agree with you that poker does develop some skills that are very useful for investing. Another useful skill is just domain knowledge, knowing more about the sector can really help build conviction in the companies that you are investing in.
Luke: Yeah, I think any investor can lean on their own domain knowledge. Maybe it’s the industry they work in, maybe it’s a hobby they have, maybe they’ve got close friends who just know a lot about that space. If you’ve got access to that kind of insider knowledge, just not the same as insider trading, you can really make effective decisions ahead of the market.
Albert: You’re right, Luke. I think in one of our earlier episodes, I said that I don’t invest in apparel stocks. Well, one of the reasons is that I don’t know anything about it really. I don’t really know how the industry works. I don’t know the major players. But if you work in that industry and you have that knowledge, that might give you an edge when it comes to investing in those companies.
When to add to or trim a position
Luke: Let’s pick up a pair of questions that are pretty complementary. When should you add to a position? And then, when should you trim a position? Let’s start with add. When do you add to an existing position you have, Albert?
Albert: I’ll start by saying that one thing that we don’t do is use technical analysis, which is akin to astrology to us. I don’t want to trash the method completely because there appears to be some analysts out there using this and providing investing advice, and I have to admit that I don’t really know much about technical analysis. Anyway, what’s your view on technical analysis, Luke?
Luke: I’m with you; I don’t use it. It seems like it’s a lot of hard work for not a lot of reward. It’s like trying to edge out a few pennies on a stock price, and it’s tough. I guess you’re there looking at graphs and you’re trying to predict the unpredictable. I don’t believe it works, honestly. I think it is a bit like the lottery fallacy we mentioned earlier. Some people will be successful and you’ll hear about them, and some people will crash and burn and then they’ll just disappear off the radar. But even if it was a, to use a poker term, plus EV move to be able to do effective technical analysis, it’s hard work and the rewards are small because you’re getting out of a position when it’s moved up a few points and long term investing is very different. You know, we do our research and we monitor the companies in our portfolio, but we make that buy decision and then we sit back, potentially for years, and we let the story play out. We’re looking for investments where we’re making 10 times on our money, not one or 2%.
Albert: Okay, but when do you add to a position? I guess the short answer is when you can. If you believe that your stocks will outperform over the long term, you will want to add to them over time. Obviously, this needs to be balanced with the need to have a sufficiently diversified portfolio to match your risk tolerance.
Luke: So how big is your portfolio today?
Albert: Well, in my US portfolio, I have around 36 stocks, but the top ten make up around 70% of the portfolio value. I wouldn’t say it’s highly concentrated, but it’s not even least distributed because, in general, I want to have my highest conviction ideas take up the largest positions in my portfolio.
Luke: That reminds me of a great quote I read just this morning, actually: don’t borrow conviction ever. You can’t lean on someone else’s research. It’s just going to get you into big trouble. You have to do the work yourself.
Albert: So how do you approach adding to a position, Luke?
Luke: Right. So let’s just go through the journey of a company in my portfolio. If I see something I like the look of and I want to get a starter position, I usually get in for about half a percent, maximum 1%, and that prompts me to do the work. And then I’ll go read a bunch of reports, maybe try and watch some videos, maybe interviews with the CEO. I will dive into a number of the paid services I use, like 7investing and The Motley Fool, to help me with my research, and I’ll try and understand the company better.
And the point where I feel like I’ve built conviction, which might take a few days, might take a few weeks, maybe a few months. This thing’s been sitting on my to-do list though, and I feel ready to add then I’ll increase that usually to 2% from wherever it is. And I generally won’t go much higher than 2% as my first third is how I consider it. And I’ll keep it as a 2% position for at least a couple of months. I’ll try and watch another quarter, I’ll try and read another set of reports, and just see if my understanding of the company feels robust. And if it does, I’ll take a second third, increasing my position to 4%.
Now it might have grown or it might have shrunk in the meantime, so maybe I’m buying a bit more or a bit less than that 2%, but I’ll take it to 4% for my second third. And then the same thing. Maybe I’ll go a year or two, but if I really feel this is something that deserves a place in my top 10 and it’s a core position for me, then I’ll buy it up to 6%. I generally won’t pay to take a position over 6%, but if you look at my portfolio on Twitter, I’ve got Shopify, right? That’s some 16% of my portfolio. It grew its way there and if I wasn’t trimming it on the way up, it’d probably be more than 50% of my portfolio.
Albert: What you’re describing, Luke, sounds very much like dollar-cost averaging where you’re splitting your purchase over time so you’re not stuck buying a stock at a high point.
Luke: I guess it smooths out the volatility in the portfolio if you’re buying your positions incrementally.
Albert: Yeah, I do the same thing, Luke. When I start a position, I usually start with a half or 1%, and over time as I build higher conviction in that stock, I’ll add to it. For example, last year I started a position in Sea. As I find out more about it and read the news and see what’s happening, my conviction in this company is getting higher so I’ll just add to it, even though the stock price has gone up significantly.
Luke: So I guess I mentioned trimming when it came to Shopify. Let’s talk a bit more about that though. When should you reduce a position? Generally, we don’t sell. As long-term investors, we’re buying and holding maybe for the 20-plus year timeframe. But there are times when it does make sense to reduce a position that you still believe in.
Albert: One reason I trim is when that position becomes in value outsized relative to the portfolio. For example, I get a bit nervous when any single position starts approaching 20% of the portfolio value. And I know this number’s different for everybody. I’ve heard numbers ranging from 10% up to 50%, but for me is 20%.
Luke: I think a good guide rail is if it’s keeping you awake at night, like if you wake up in the morning and the first thing in your mind is, wow, what’s happening to that stock because it’s driving so much of my wealth. I think that’s a point where you need to take a bit of money off the table and cut that position down. So it minimizes the volatility of your overall portfolio.
Albert: Well, that’s happened recently for me, Luke. Late last year, because of the incredible run that Tesla had, it became the largest position in my portfolio. It was approaching around 18% of the portfolio value, and I just didn’t feel comfortable with that. I just felt that the stock price had gone up too much and it wasn’t justified, and it was actually keeping me awake. I was actually worrying about it for days and in the end, I decided to trim it, and it’s now back down to about 10% of the portfolio. My largest position now is Shopify at 13% and I feel comfortable with that.
I guess the quick way to answer this question, Luke, is that you should trim your position when the position size in your portfolio no longer matches your conviction level. I know that’s a bit of a vague answer, but I think that’s probably what most people do. If your largest position is in a stock that you don’t feel has good prospects, then you’re probably likely to trim it.
When to sell
Luke: Well, should we talk about exiting a position entirely? So we’re not trimming now, we’re selling out something completely. There are times when it makes sense to do that too.
Albert: I guess the main reason why you would exit a stock completely is that you no longer believe in that company. The thesis has changed and you no longer believe that this is a solid long-term investment. Has this happened to you recently, Luke?
Luke: Yeah, I guess so. It’s too early to know whether I made the right decision, but I exited my Stitch Fix position last year. I think I made the decision to sell after experiencing the product myself and just starting to think it wasn’t really living up to the promise as I kind of lost faith in the company. I had the sell on my to-do list, but like I said earlier, I don’t like to do anything quickly, and I think I got pretty lucky. Stitch Fix turned in a decent set of results and the share price took a real charge, almost doubled over the course of a month or two towards the end of last year. So that just felt like the right time to trigger that sell and get out.
Albert: Yeah, I remember you telling me that you actually used the Stitch Fix service and you didn’t think it really suited you and you didn’t really believe in the company after that.
Luke: Yeah, exactly. It’s definitely good to be a customer of the companies you’ve invested in to understand them better. Other times when you might exit a position completely though?
Albert: When I was thinking about this question, I was thinking that another reason why you might exit a position completely is that when the company’s purpose in your portfolio is taken by other companies that you have higher conviction in.
Luke: Yeah, that’s interesting. Can you break it down for me?
Albert: I think I can answer this using an example. Late last year because certain stocks have done so well, I realized that over 40% of my portfolio was in e-commerce and I wanted to balance that out by increasing my allocation to other megatrends. I was looking through my e-commerce stocks and I decided to sell Costco. You may not associate Costco with e-commerce, but it’s actually the 9th or 10th largest in the US in e-commerce sales, but it’s way behind Amazon. I still believe that Costco will do well over the long term, but I have Shopify, Amazon, MercadoLibre, Sea, and JD.com. All of which I believe will grow faster than Costco so Costco got the chop.
Luke: Yeah, it doesn’t seem like an unreasonable decision at all.
Albert: Yeah, do I really need six companies in the e-commerce space? And I want to invest in several megatrends and it doesn’t really make sense to have too many of those stocks in a single megatrend.
Luke: And I think it is good to do that kind of diversification analysis of your own portfolio. We do drive our investment decisions around trends, and we’ve got about 12 trends that we are tracking. I think maybe five or six of those trends are in this year’s model portfolio. It is helpful to study your own percentage allocation to each megatrend. And if you find you’re overcommitted to one trend, maybe you’re a bit overexposed to impacts if that trend doesn’t play out the way you hope.
Finding investments
Albert: One question we get asked quite often is how do you begin initial analysis of a company and what triggers you to open that position?
Luke: Yeah, I think the main thing is if it’s in a sector we’re interested in aligned to one of our megatrends. And when I was thinking about this question the other day, I was thinking about how do I spot new investment ideas. You mentioned Twitter earlier in this episode, and that’s definitely a great source to spot new ideas based on other people’s great due diligence and insight, but actually, also just see opportunities in the world around me, kind of walking around and observing what’s going on.
Two companies I’m really interested in at the moment. You might have heard of Oatly, the oat milk company from Scandinavia, and they’ve announced plans to IPO later this year. I really liked their product and I remember looking at them as a possible investment just after I tried the product for the first time. I’ll just pick up another quick example as well. There’s this really great product in the UK. I think the company is called This and like their headline product is This Isn’t Bacon. It’s basically like a, I don’t know, facon product. It is amazing; it smells like bacon; it cooks like bacon; the whole house stinks of bacon after you’ve cooked it; it tastes damn good; the texture’s great, but it’s made of plant-based protein. It’s unbelievable.
Albert: Are you sure it’s just not bacon?
Luke: Definitely not bacon. It’s This Isn’t Bacon. Well, actually they’re a private company, just two guys and a small team around them, so I got on LinkedIn and I messaged the CEO and founder and it turned out I just missed their funding round. I do a little bit of venture capital, not big time compared to my main portfolio, but I definitely missed the boat there. I’ll be enjoying their fake bacon sandwiches for years to come yet. Every time I take a bite, there’s that bitter taste of defeat as I realize I could have been a part owner of this fantastic company.
Albert: I hadn’t heard of facon, which is a great name by the way, but I have heard of Oatly. I don’t know if this is too much information, but oat milk goes straight through me.
Luke: So you won’t be jumping on the IPO bandwagon when they launch later in the year?
Albert: I’m not against buying the stock, but I won’t be using their products.
Changing your mind
Luke: I think we’ve got time for one more question, Albert. Let’s pick this one from the list. Do we monitor as trends play out? What themes have we recently changed our mind about and why?
Albert: I guess one example that we’ve used before in a previous episode is that we invested in 3D printing quite early on, and I think over time we realized that the promises of 3D printing just weren’t playing out, at least not in the timeframe that we thought they would play out. Even now, I don’t really have a high conviction in 3D printing. I have one 3D printing stock but it’s not a huge position in my portfolio.
Luke: Yeah, I think you’re right. We got caught up in the hype and when we talked about those Gartner hype cycles a few weeks ago, we were definitely investing in 3D printing way too early.
I mentioned Oatly and This Isn’t Bacon just now. We do both have Beyond Meat in our portfolios. We really hoped to invest in plant-based meat for the 2021 model portfolio, but we just struggled. There are so few solid companies that are public at the moment. It’s still the territory of venture capitalists.
Just as we close out the question of monitoring trends and things we’ve changed our mind on, I saw a really great quote on Twitter this morning: the ability to course correct is a superpower. It really is. It’s something I strive to be better at all the time. I think I would benefit from being able to emotionally disengage from some of the companies I’m very close to. Companies like Teladoc might be a bit unhealthy, my level of conviction with them. Perhaps I do need to be a bit better at course correcting.
Albert: I don’t believe I’m tied to any particular stock in the way that you describe, Luke. I think I could sell literally any stock in my portfolio given the right reasons. I just don’t have that kind of attachment to a company.
Luke: You’re fickle, Albert. You’ve got to really believe in your investments, surely.
Albert: Luke, if you could see my average holding period, you will realize how ridiculous that comment is. I think my average holding period is almost a decade.
Luke: That’s great. That’s really good. I need to calculate that for myself sometime. I have no idea what it is. I’m hoping it’s a big number.
Albert: Actually, I did a quick check recently and one of my worst performing stocks is Vodafone in the UK, and I’ve held that for 15 years and it’s basically breaking even. How rubbish is that?
Luke: I bloody hate Vodafone. I get a number of services from them, but every time I have to contact their customer service for something, it’s basically, give up your life for a day, trying to deal with them.
Albert: Well, try being a Vodafone shareholder and seeing zero returns for 15 years.
Luke: You need to course correct, Albert. You need that superpower.
Albert: Well, that was great, Luke. We had some great questions from our subscribers. I really enjoyed going through some of these questions.
Luke: Yeah, me too. It was good to have a chance to maybe take a break from the deep dive analysis of stocks and just kind of stand back and chat a little bit less formally about how we think about managing a portfolio. Hopefully, that was useful.
Wrap
Albert: And before we go, we would like to wish happy birthdays to some of our friends, Brian, Pierre, and Doos, all based in Hong Kong.
Luke: Happy birthday, gents. I guess like earning season, right? Every quarter we seem to get these bunches of birthdays all at the same time.
Albert: Yeah, for some reason, a lot of our friends have birthdays in April and May. It’s kind of strange.
Luke: Well, that’s all for this week. Thanks for listening.
Albert: If there’s a future topic you’d like us to cover, you can message us at Twitter. I’m @AlbertTelescope.
Luke: And I’m @LukeTelescope, or you can email us at feedback@telescopeinvesting.com.
Albert: And if you enjoyed this episode, you can find more content at our website, telescopeinvesting.com, where you can leave us a comment or a review.
Luke: And if this is your first time tuning in, perhaps consider subscribing to the website so you’re the first to hear about new articles and episodes as they drop.
Albert: Thanks, Luke.
Luke: Thanks, Albert.
