5 Small Canadian Stocks & 10 Sector-Specific ETFs

[00:00:00] The Canadian Investor podcast.

[00:00:18] Welcome into the show.

[00:00:19] My name is Braden Dennis, as always joined by the astute, Mr. Simon Belanger.

[00:00:26] Good sir.

[00:00:27] We have some fire today, I think.

[00:00:30] This is like encapsulates the Monday episode extremely well.

[00:00:34] You are going to talk about some ETFs and some thematic sector style ETFs.

[00:00:40] And then I am going to talk about some small caps and particularly Canadian small caps

[00:00:47] and some rocks that I'm trying to turn over.

[00:00:49] But it's good to be on there with you.

[00:00:52] Yeah, yeah.

[00:00:53] It's good to be back.

[00:00:54] Well, it's good for you to be back to your home base in Toronto.

[00:00:58] For one more hour.

[00:01:00] Yeah, for one more hour.

[00:01:02] And for me, I mean, finally feeling less congested.

[00:01:04] So I feel like I'm a brand new man.

[00:01:07] The boys are back.

[00:01:08] Yeah, I'm off, dude.

[00:01:10] I'm going to have some really good content for the podcast, I think, for the next

[00:01:15] episode.

[00:01:16] I'm going to be writing notes like crazy.

[00:01:17] I'm going to this event with a bunch of investors in the middle of nowhere America.

[00:01:23] Very famous successful investors that are going to be there.

[00:01:26] And I'm just going to be a sponge and kind of do like best of next week on the pod for

[00:01:33] from the event because there's some shooters as well as I'm meeting Chris Pronger.

[00:01:37] He reached out.

[00:01:39] Isn't that right?

[00:01:40] Like the the hockey player.

[00:01:42] Why did he reach out?

[00:01:45] I don't know.

[00:01:46] He's going to be there.

[00:01:47] And I'm pumped to meet him because he was one of my favorite defensemen, like

[00:01:50] literally of all time.

[00:01:51] That guy could lay a body check like no other.

[00:01:55] But I heard he's pretty big.

[00:01:57] He's a pretty big guy.

[00:01:58] He's a big lad.

[00:01:59] He's a big lad and he's into investing now.

[00:02:01] That's his thing. Like he ran his fund.

[00:02:03] Yeah, that's his thing.

[00:02:03] That's really cool.

[00:02:04] OK, we'll get him on the show after.

[00:02:06] Yeah, I thought he still worked in the NHL.

[00:02:08] But hey, if you want to get him on the show, I think that people would love

[00:02:11] to hear that.

[00:02:11] That'd be a good collaboration.

[00:02:13] All right, Simon, kick us off here with the first segment of the day,

[00:02:16] talking ETFs.

[00:02:18] Yeah. So the reason I decided to do this is just because I wanted to provide

[00:02:24] some ETFs for people because we talk a lot about index, broad-based index funds,

[00:02:28] obviously in the ETF form.

[00:02:30] And I think a lot of people, I think they end up choosing that.

[00:02:34] I have some myself.

[00:02:35] I think it's a great option.

[00:02:36] But one of the issues that I think we haven't talked enough about these kind

[00:02:41] of ETFs is that they tend to be heavily weighted in certain sectors.

[00:02:46] And that will vary, right?

[00:02:47] If you look at the S&P 500 sector breakdown or the S&P TSX,

[00:02:52] you actually have very different concentrations.

[00:02:57] So we've talked about that a little bit in the past.

[00:02:59] But if you have the S&P 500, you're looking at information technology, 29 percent,

[00:03:05] financial 13 percent, health care 12 percent, consumer discretionary 10 percent,

[00:03:10] and communication services 9 percent.

[00:03:13] And you can even make the case that if you start looking at communication

[00:03:17] information technology, I mean, a lot of companies in the communications,

[00:03:21] which I think Google falls into, you could make a case they're actually more

[00:03:26] of a tech company.

[00:03:27] But you have these either high single digits or double digit sectors.

[00:03:32] And then you go to the bottom and you have materials, which includes minor,

[00:03:36] which is 2.4 percent, utilities 2.3 percent, real estate 2.2 percent.

[00:03:42] So you can really see that it's market cap weighted,

[00:03:47] which creates this when there's some massive company in specific sectors,

[00:03:51] you end up having a lot more concentration.

[00:03:54] And no matter how careful you are, you can really neither predict nor control

[00:03:59] the futures. Right.

[00:04:00] So you must diversify.

[00:04:03] And that's something that John Templeton said.

[00:04:05] John Templeton was a pioneer in investing, especially when it came to

[00:04:09] emerging markets.

[00:04:10] I encourage people to read up more on him.

[00:04:12] Very fascinating.

[00:04:14] And one of his kind of claim to fame was the Templeton Growth Fund,

[00:04:18] average over 15 percent annual returns from its inception in 1954.

[00:04:24] And going back, though, to the S&P 500 sector weighting, again,

[00:04:29] you're clearly underweight and overweight sectors.

[00:04:31] And that's where the diversification takes a bit of a hit, at least when you

[00:04:35] look at it on a sector basis.

[00:04:38] And then if we compare, you know, the Kini, our good old TSX,

[00:04:42] I mean, it's a similar situation, but with different sectors.

[00:04:46] And of course, you know, Braden, we've been pretty vocal about that.

[00:04:49] Financials and energy, the top two sectors, 30 percent for financials

[00:04:54] and 19 percent for energy.

[00:04:56] And then you go right to the bottom and you have, again, real estate

[00:04:59] quite small at 2.2 percent.

[00:05:01] And then health care, which is essentially inexistent.

[00:05:05] I think Bosch is probably the only company that comes to mind in health

[00:05:10] care listed on the TSX.

[00:05:12] Yeah, it's very small.

[00:05:13] And you know what also gets thrown in there with pharmaceuticals is all the

[00:05:17] cannabis companies as well.

[00:05:18] So there's there's issues with just sector, you know, having to put square

[00:05:24] pegs and round holes generally anyways is one of the issues you run into.

[00:05:28] But yeah, those get lumped in there, by the way, on the TSX.

[00:05:32] Yeah, exactly.

[00:05:33] And I think it's very common for investor to know also certain sectors

[00:05:38] of companies well over other sectors.

[00:05:40] Right. Like, I mean, Buffett has been pretty clear

[00:05:42] that technology, I mean, he does have some exposure, but he tends to have

[00:05:46] very, you know, just a few bets.

[00:05:49] Obviously, Apple turned out pretty well for him, but he's had some

[00:05:52] misses with IBM in the past.

[00:05:54] And I think there's a lot of investors that just feel that certain

[00:05:58] sectors are beyond their circle of competence or they just don't have

[00:06:02] time to learn about it, to be able to pick the individual companies

[00:06:06] that would make sense.

[00:06:08] So I think it's where sector ETFs makes start making a whole lot of sense.

[00:06:13] And, I mean, I'll be very honest myself, like when it comes to

[00:06:16] pharmaceutical, I mean, I'm way outside of my circle of competence.

[00:06:21] And I'll be honest, I just don't have the time to invest to actually,

[00:06:25] you know, learn about the sector because it's quite complicated.

[00:06:28] I don't know about you, Braden.

[00:06:30] You have like certain sectors that you have, like, you know, they're

[00:06:32] kind of beyond your circle of competence.

[00:06:35] Yeah, there's a couple of businesses that I love in the life sciences

[00:06:40] space, they're kind of like the picks and shovels of science, if you will.

[00:06:44] Edwards Life Sciences, Boston Life Sciences, Thermo Fisher.

[00:06:48] These are those three names together are probably worth like

[00:06:52] 400 billion in market cap.

[00:06:53] So they're some of the largest companies in the world.

[00:06:56] But I basically don't understand them enough to own them individually.

[00:07:02] I think that's probably the most prime example of how I play it is

[00:07:07] in those types of businesses where, you know, there's a secular trend behind them.

[00:07:10] Cyber security has been another one that I've thought of as well.

[00:07:13] So those two come to mind.

[00:07:15] Yeah, and even some like one that I've been learning more and more about

[00:07:18] is the semiconductor space.

[00:07:20] And even though I think I've learned a whole lot and I'm more

[00:07:22] comfortable in this space, I mean, I've only scratched the surface,

[00:07:26] but I am interested in that and I am putting the time, but I'm just

[00:07:29] trying to extrapolate right to other sectors where I'm like, wow,

[00:07:32] like, where would I find that time?

[00:07:34] Literally, it would have to not sleep for, you know, months on end

[00:07:37] to be able to research that.

[00:07:39] So I'll start off with the top sectors from the S&P 500 here,

[00:07:43] and I'll give mostly Canadian options, but a few US ones

[00:07:48] just because sometimes I found that the Canadian options

[00:07:51] fell a little bit short.

[00:07:52] I'll do half of the sectors today, because if not, I would go on for too long.

[00:07:56] And Braden has a really interesting segment on some smaller companies as well.

[00:08:01] And then next week, I'll finish up with the smaller,

[00:08:04] let's say less represented sector of the S&P 500.

[00:08:07] I just went with the S&P 500, but they're the same sectors for the S&P TSX.

[00:08:12] So keep that in mind.

[00:08:13] It's just in which order I wanted to do them.

[00:08:15] That's how I decided to do it.

[00:08:17] So if I start off here, I'll have the information technology,

[00:08:21] obviously the largest sector, like I mentioned earlier.

[00:08:24] There's three options here.

[00:08:26] The first one, the US one is VGT, the Vanguard Information Technology TF.

[00:08:30] The reason why I like this one, it's 100% tech.

[00:08:34] And why I'm mentioning that is a lot of people tend to think

[00:08:37] that NASDAQ is 100% tech.

[00:08:41] I was just about to say this. Yes, exactly.

[00:08:44] I mean, so typically it is very dominant tech for sure.

[00:08:49] Exactly. But it's not 100% tech.

[00:08:52] I think usually, I mean, in the past,

[00:08:53] see, I think it's kind of hovered around like 50 to 60% tech.

[00:08:57] That's kind of, I think the ratio and just for people to understand,

[00:09:01] like Lululemon is listed on the NASDAQ.

[00:09:03] Yep. Starbucks.

[00:09:04] Starbucks. So you have a ton of companies that are not tech.

[00:09:08] So it does provide good exposure, but that's why the Vanguard here,

[00:09:12] you know, is a good option.

[00:09:14] And I decided just to also give people the top five old things.

[00:09:17] So you'll know the names, Apple, Microsoft, Nvidia, Broadcom, SelfForce.

[00:09:22] And those five old things are 51% of the ETF.

[00:09:26] And I want to mention this because some of these ETFs are very concentrated

[00:09:30] and it's something to keep in mind, because oftentimes you'll have to decide

[00:09:34] whether you want a bit higher fees, less concentration or lower fees,

[00:09:38] more concentration. The second one is TC,

[00:09:41] the TD Global Technology Leaders Index ETF, 0.39% fees.

[00:09:47] Again, similar name, Microsoft, Apple, Nvidia, Apple, Amazon.

[00:09:51] And this one, it's 49% of the holding for the top five.

[00:09:55] And Zed and QSD, BMO NASDAQ 100 Equity Index ETF, 0.39%.

[00:10:01] And again, Microsoft, Apple, Nvidia, Amazon, Broadcom.

[00:10:05] This one, the top five is 33%.

[00:10:07] So this is a NASDAQ one.

[00:10:09] But the one thing I do like is it's a bit less top heavy,

[00:10:13] but less tech where the TC is around 75% tech.

[00:10:17] So you get a bit more exposure to that if that's what you're looking to get

[00:10:20] for your diversification.

[00:10:23] Anything you want to add before I go to the financials?

[00:10:26] I think it's really important for people to

[00:10:30] when they use ETFs, which, by the way, are fantastic instruments

[00:10:35] for most self-directed investors.

[00:10:37] I think you and I have been very vocal about that.

[00:10:40] But to look beyond the title of the ETF,

[00:10:43] because the title of the ETF and its description are basically marketing talk.

[00:10:49] That is, how can we get the most amount of assets under management

[00:10:54] so we can make the most amount of money?

[00:10:56] And doing research on them is so easy.

[00:10:59] It gets super simple.

[00:11:00] You go on the fund, you go on the prospectus

[00:11:03] and you'll see what's in it, what the fees are

[00:11:06] and like what it's actually tracking is not always what the title

[00:11:10] says it's tracking.

[00:11:12] And it's so easy to do the research like it's it's so simple.

[00:11:15] So that's just one quick caveat.

[00:11:18] I see a lot of people own ETFs because of the title of it,

[00:11:20] thinking that they're covering some sort of thematic idea.

[00:11:23] And they own basically the S&P 500 in disguise.

[00:11:27] Yeah, and I think that's a great point.

[00:11:28] I mean, even the NASDAQ, right?

[00:11:30] If a lot of people think it's just tech, it's not.

[00:11:33] And you'll see this.

[00:11:34] Some of the names are going to justify what you just said.

[00:11:38] Word for word, basically.

[00:11:39] So you have the financials.

[00:11:42] The vegan ETF didn't make it into your list.

[00:11:44] No, sorry, I did not.

[00:11:45] So the financial IYF, it's the I shares US financial ETF.

[00:11:51] So 40, 0.40 percent management fees of 40 basis point.

[00:11:57] So the top names here are Berkshire, JP Morgan, Bank of America,

[00:12:00] Wells Fargo, Goldman Sachs and the top five names are at percent 34 percent.

[00:12:05] It's an interesting name here.

[00:12:07] It's well diversified, so it covers a lot of name in the US banking sector.

[00:12:12] Over 150 holdings in Canada.

[00:12:14] It's a bit more limited.

[00:12:16] So I do like the ZEB, which is the BMO equal weighted bank, CTF.

[00:12:22] The fees are 28 basis points or 0.28 percent.

[00:12:27] It's really just a big six equal weighted.

[00:12:29] The one thing, though, I think it would be great to see from BMO,

[00:12:33] for example, if they had another one or modified this one.

[00:12:36] It would just be to include other banks in Canada, some of the smaller banks,

[00:12:41] even if you decide to do a slightly less weighting.

[00:12:44] It's just like the big six.

[00:12:45] OK, I mean, you can all just go out right and purchase them.

[00:12:48] But I guess the advantage here is, you know, auto balances

[00:12:52] so you don't have to constantly trade if you want to keep them equal weighted.

[00:12:57] So those are the two options.

[00:12:59] Anything you want to add here?

[00:13:00] No, nothing to add there.

[00:13:02] I think Canadians are already usually just typically so overweight.

[00:13:06] These these names that

[00:13:11] I caution people to not everyone, of course, if you're listening or not.

[00:13:16] Like, of course, but typically Canadians are so I mean,

[00:13:19] look at the sector breakdown on TSX.

[00:13:21] We have 30 percent financials and roughly 20 percent energy.

[00:13:25] So you're about you get halfway exactly basically with just oil, gas and banks.

[00:13:32] So it's really important to look beyond those sectors

[00:13:38] if you do have the Canadian home bias.

[00:13:40] And when I say Canadian home bias, I don't mean they're listed on the TSX.

[00:13:44] I mean, where they actually do business as well.

[00:13:47] I think that both of those things matter.

[00:13:50] And Canadian banks are, you know, you can tell me TD

[00:13:54] can tell me RBC all you want.

[00:13:56] But the reality is they all have at least 50 percent

[00:13:59] of their revenues coming from Canada, and some of them closer to 100 percent.

[00:14:04] So just keep that in mind for sure.

[00:14:07] So for health care, this one I find pretty interesting.

[00:14:10] So there's two of them that I was able to find that I found interesting.

[00:14:14] The first one is IXJ, the I shares global health care ETF.

[00:14:19] You'd probably be able to find some lower fees.

[00:14:22] One this one is zero point six five percent,

[00:14:25] mainly because this one is a global one.

[00:14:27] I thought this was interesting because it gives you even more coverage

[00:14:30] because there are some big massive companies in Europe, for example,

[00:14:34] that you wouldn't get if you focus on the US health care market.

[00:14:38] So the top five holdings here, Eli Lilly, United Health,

[00:14:41] Novo Nordis, Johnson, Johnson and Merck.

[00:14:44] And the top five holding are twenty four point seven three percent.

[00:14:48] So actually pretty, you know, not too top heavy compared to what we've seen so far.

[00:14:53] The second one is ZUH listed in Toronto on the Canadian Stock Exchange.

[00:14:59] BMO equal weighted US health care hedge ETF.

[00:15:02] So it's hedged to Canadian dollar.

[00:15:04] And that's the case.

[00:15:05] You'll see the hedge version quite a bit available.

[00:15:08] Personally, I try to stay away from the hedge version

[00:15:12] because you tend you'll pay some fees for that and it tends to underperform.

[00:15:16] But sometimes it's the only option.

[00:15:19] So keep that in mind.

[00:15:20] And the top four top five names for this one is Moderna,

[00:15:23] Natera, Mettler, Toledo, Rasmund and Amgen.

[00:15:28] And the top five names are actually eight point seven percent

[00:15:31] because it's equal weighted.

[00:15:33] It's not exactly equal weighted, but it's very close.

[00:15:36] It's in the, you know, one point five to two percent range

[00:15:40] for each of the names.

[00:15:41] So something something to look at for people.

[00:15:43] But this is still pretty broad in terms of exposure for health care.

[00:15:47] Yeah, this is this is where these these get interesting for me is

[00:15:52] it's not realistic really for me to be an expert in this field.

[00:15:57] I mean, I certainly can't.

[00:16:00] Sorry, let me rephrase.

[00:16:01] It's not realistic for me to have the willingness to want to learn.

[00:16:05] Yeah, because I've been saying that I've been saying

[00:16:07] that I've been wanting to for 10 years.

[00:16:09] Right. Like, it's not that I don't think I ever could get

[00:16:13] to a position where I want to.

[00:16:14] I have to be honest with myself on my willingness to learn and to dive in.

[00:16:19] Like back to your Buffett point there, he's like he talked about this

[00:16:22] on the Cheryl meeting two weeks ago.

[00:16:24] He goes, I know the iPhone is probably the greatest product ever made.

[00:16:29] And I'm paraphrasing here.

[00:16:31] And I don't know what the heck is going on inside of it.

[00:16:34] I don't understand any of the tech.

[00:16:35] Like, you know, I'm in my 90s.

[00:16:37] There's no chance for me.

[00:16:39] But I know how it affects like he's really good at knowing

[00:16:44] consumer staples and, you know, consumer behavior.

[00:16:48] And he knows how the iPhone affects consumer behavior.

[00:16:50] And so there's your circle of competence.

[00:16:53] And then there's also like your circle of willingness to learn.

[00:16:55] And I think that those are, you know, go hand in hand.

[00:16:59] Yeah, the best test for the iPhone is you just walk on the sidewalk

[00:17:02] in a big city and, you know, you'll probably just look

[00:17:06] and you'll probably have to dodge a few people because they're

[00:17:09] like completely spaced out typing on their phone and walking.

[00:17:14] Every time I I'm not usually that guy, but, you know,

[00:17:18] yeah, something's pressing.

[00:17:19] You know, you're sending a fire off a text.

[00:17:21] I like that is one of the most embarrassing things

[00:17:24] because I rush people who do that.

[00:17:25] And then I caught myself almost walking into someone there

[00:17:28] the other day with my phone.

[00:17:29] I'm like, damn, that's that's I've actually had to like tell people

[00:17:32] like stop at intersections because they were going and there was an incoming car

[00:17:37] and they thought it was their time to go.

[00:17:40] You know, I'd like to think I saved their lives.

[00:17:41] Probably not.

[00:17:42] I'm assuming they would have realized last minute, but I've had

[00:17:45] it's happened to me more than once.

[00:17:46] Yeah. Crossing the street. That's no good.

[00:17:48] Yeah. And so the next sector here is consumer discretionary.

[00:17:52] This one interesting one, especially one that we have some exposure

[00:17:56] in Canada, but I think it's still quite limited.

[00:17:59] The first one is VCR.

[00:18:01] For those of you who are a bit older like me,

[00:18:03] you'll know what the VCR is, but it's

[00:18:06] they don't think it has anything to do with that.

[00:18:08] It's the Vanguard Consumer Discretionary Index in TF

[00:18:12] 10 basis point fees, extremely low.

[00:18:14] The problem here is some of the names.

[00:18:17] So you have Amazon, Tesla, Home Depot, McDonald, Lowe's.

[00:18:21] You know, I think you can make a case, especially in Amazon and Tesla, that,

[00:18:25] you know, they could be in other categories.

[00:18:27] But, you know, I think you can also make a case for consumer discretionary.

[00:18:32] The total for these five holding is 47 percent.

[00:18:36] So again, it's quite heavy, especially on Amazon here.

[00:18:39] Amazon is 24 percent alone.

[00:18:42] So, yes, the fees are low and Brayden and I were talking about that

[00:18:44] as before we started recording a lot of these names.

[00:18:47] You'll notice it's almost a trade off sometimes between the low fees

[00:18:51] and paying slightly higher fees, but having something a little less concentrated.

[00:18:55] So that's something you'll have to figure it out

[00:18:57] if you're interested in some of these ETFs.

[00:19:00] The second one, the Canadian listed one is XCD.

[00:19:03] It's the iShares S&P Global Consumer Discretionary Index.

[00:19:07] It's hedged as well.

[00:19:08] This one is higher in fees at 66 basis points.

[00:19:11] There's Amazon, Tesla, Home Depot, Toyota, LVMH.

[00:19:15] I actually like the mix a bit more of the top names here.

[00:19:18] And the top names are 31 percent.

[00:19:20] So more diversification and just things that you wouldn't necessarily get

[00:19:25] access to if you have or as much access to if you had something

[00:19:29] like the S&P 500 index fund.

[00:19:32] Yeah, there's so much overlap.

[00:19:34] I find the heavy weighting in Amazon is interesting.

[00:19:37] The LVMH, that's where I'm like, yeah, that's that's that makes sense.

[00:19:41] That's to me where this makes a lot of sense.

[00:19:44] Yeah. And these name are also a lot of these names will also be in the S&P 500,

[00:19:48] but they'll be way very much smaller weighting because the bigger caps

[00:19:53] are so dominant.

[00:19:54] And then the last category that I have on for today is communication services,

[00:19:59] which this one tends to overlap a lot with tech.

[00:20:02] So keep that in mind.

[00:20:03] The first one is US listed Vox Vanguard Communication Services,

[00:20:07] ETF 10 basis points again.

[00:20:10] So it's Google, it's Meta, it's Verizon, Disney, Comcast and Google.

[00:20:14] Obviously, it's Alphabet, their name and the top the weighting for these top

[00:20:18] five names is 54 percent.

[00:20:20] So it's pretty massive.

[00:20:22] Obviously, the big issue with this one is that you have Meta and Alphabet

[00:20:28] are 45 percent of the fund altogether, which kind of I mean,

[00:20:33] first, you can kind of make the case that it's they could also fit in tech.

[00:20:37] These two names, I think there's a case to be made and 45 percent.

[00:20:42] I mean, it is pretty heavy just for these name.

[00:20:44] The second one is a bit more diversified as a Canadian listed one.

[00:20:48] So it's ComCOMM and that's the BMO Global Communications Index,

[00:20:53] ETF 40 basis points.

[00:20:55] And you have here Meta, Alphabet, Apple, Netflix and Disney actually

[00:20:59] like this one a bit more aside from the fees because the top five names are 37

[00:21:05] percent. So a bit better diversified.

[00:21:07] And I like to see in those top five names, names like Netflix and Disney,

[00:21:11] because I think that fits a little better in the communication theme.

[00:21:15] But there's also, you know, that some of the big telecos in the US are a

[00:21:19] bit further down the list.

[00:21:20] I think that these have had kind of less and less importance in my

[00:21:25] mind as the large caps, these trillion dollar gorillas get larger and larger

[00:21:31] and more diversified within themselves.

[00:21:33] Like trying to put Amazon into a bucket, which is like, you know, a lot of their

[00:21:38] operating income is cloud computing.

[00:21:41] And then, you know, the other half of the business is e-commerce.

[00:21:45] It's really hard to put them in a bucket and they're so big.

[00:21:49] And so it becomes a bit of a gray area on how you actually bucket these things

[00:21:53] together. Whereas really clear like health care or

[00:22:01] cyber security. I'm just trying to think of some that are like really more kind

[00:22:04] of narrow that you can't there's really not as much controversy around what

[00:22:08] can be in it. Like Eli Lilly is a health care company.

[00:22:12] Novo Nordisk is a health care company.

[00:22:14] It's not also a communications, also a tech, also consumer discussion.

[00:22:18] Also, you know, like, well, that's where it gets a bit broken.

[00:22:21] Even Amazon, right. You can make a case that they also sell a good portion of

[00:22:27] non discretionary items as well.

[00:22:29] Right. It's you know, it's not to the same extent, but I think you're

[00:22:34] absolutely right. And next week when I do the last sectors, those will be more

[00:22:39] make a lot more sense, especially to that there that the big underweights of

[00:22:44] the S&P 500.

[00:22:46] And I think those will typically be where most people will be underweight.

[00:22:50] So I think they'll be really interesting to look at.

[00:22:52] But it was a fun exercise to do for sure.

[00:22:55] More into industrials and stuff as well.

[00:22:57] Yeah. Yeah. Industrial materials, energy, real estate, literally like they've

[00:23:03] been smashed. Obviously, they haven't performed as well.

[00:23:06] But again, I'll go back to that quote, right.

[00:23:09] I don't know what the future holds.

[00:23:10] You don't know what the future holds.

[00:23:12] And that's where I think it does make sense to diversify a bit more to,

[00:23:17] you know, I'm big about hedging again because I just don't know what the

[00:23:21] future will bring.

[00:23:22] And I think diversification does help that.

[00:23:25] I got a crystal ball.

[00:23:26] I'm selling it on Amazon.

[00:23:28] You're shaking it.

[00:23:29] Yeah. If you're interested, I'll send you a link.

[00:23:32] All right. Let's move on to the last segment of the day, which was we

[00:23:36] haven't talked much about Berkshire Hathaway's annual shareholder meeting

[00:23:40] other than touched on a little bit this episode already.

[00:23:43] There was one question from the audience that I thought was fantastic.

[00:23:46] Of course, this was the first meeting that, you know, Buffett was up there

[00:23:50] without Charlie Munger in, you know, however many years they've been doing

[00:23:54] this. And there was a question from a guy from Thailand who came to the

[00:23:59] meeting down to Omaha, Nebraska.

[00:24:01] And he asked, you know, I'll summarize it quickly, which was

[00:24:05] basically, Buffett, you've mentioned that if you had a small sum, you

[00:24:09] could compound at 50 percent per year.

[00:24:12] What would you do today with less than a million dollars?

[00:24:16] And so I'll read a quote and then I'll get into some small names that I think

[00:24:20] are pretty interesting. All right, quote.

[00:24:23] And that's actually what impressed Charlie when I met him, because I knew

[00:24:26] all the details of all these little companies on the West Coast, what he

[00:24:31] thought I would have never heard of.

[00:24:33] But I knew about the Los Angeles Athletic Club or whatever it might be.

[00:24:37] And he thought he was the only one who knew about that.

[00:24:40] And that became an instant point of connection between us.

[00:24:43] So to answer your question, I would try and know about everything small

[00:24:48] and I would find something.

[00:24:51] And with a million dollars, you could earn 50 percent a year.

[00:24:53] But you have to be in love with the subject.

[00:24:56] You can't just be in love with money.

[00:24:58] You really got to find it just like other people in other fields because

[00:25:02] they love looking for them.

[00:25:03] A biologist looks for something because they want to find something and

[00:25:07] that's built in. End quote.

[00:25:09] Awesome. Brilliant passage as he has a way with words, as always.

[00:25:14] I cleaned it up a little bit and moved some hominids.

[00:25:16] But that's a long way to say passion.

[00:25:20] Passion and small and look for small companies because you're not going to

[00:25:24] compound 50 percent a year owning the big companies.

[00:25:28] It just doesn't work like the math doesn't work.

[00:25:32] And it's not to say that you can't get a really fantastic satisfactory

[00:25:35] return with large companies. You can, of course.

[00:25:38] And you have been over the last 15 years.

[00:25:42] But we're talking about exceptional returns here.

[00:25:45] We're talking about the Hall of Fame, Buffett returns.

[00:25:48] So and he said to round this out, I've had the look of meeting a lot of

[00:25:53] unbelievably smart people in the area who have done some unbelievably dumb

[00:25:57] things in other areas.

[00:25:58] And so he goes on to basically say, you got to love the game, whatever,

[00:26:03] whether it's bridge chess or finding securities that are undervalued.

[00:26:08] But it sounds to me like you're on the right track.

[00:26:10] I mean, anyone who will come across the annual the world to this annual

[00:26:13] meeting has got something on their minds other than bridge or chess and quote.

[00:26:18] So on that same note, Simone, I went to the Finchette screener and I tried

[00:26:23] to find five Canadian names that I've never heard of ever.

[00:26:28] And all of them are just basically between two hundred million in market

[00:26:33] cap and around one billion on the TSX on the highest end.

[00:26:37] So phase drives not in there.

[00:26:38] OK, now shoot.

[00:26:41] OK, let me run rerun the screen so that the highest one is one and a

[00:26:46] half billion in market cap.

[00:26:47] The rest are around like eight hundred million in market cap.

[00:26:50] So disclaimer, none of this is advice.

[00:26:53] These are companies I found out about 47 minutes ago.

[00:26:57] I know absolutely zero to be able to be in a position to own them.

[00:27:01] The point of this segment is to show you how you can turn over rocks fairly quickly.

[00:27:08] And it's helpful to myself even to remind myself, like you can find some

[00:27:11] of these smaller names fairly quickly using a little bit of digging, a

[00:27:14] little bit of research, a little bit of a lot of bit of reading of their

[00:27:18] filings and their reports and using a screener tool that's 100 percent

[00:27:23] free on Finchette is a good example of like starting your process.

[00:27:26] It is not the end of the process.

[00:27:28] It is a good way to start.

[00:27:29] So these are all trading on the TSX from large to smallest.

[00:27:33] And I think I size aside, I think I like that.

[00:27:37] I like the ones that are bigger just because as you get smaller,

[00:27:41] I don't really understand why you don't know.

[00:27:45] You know, there's a reason they're not trading at high multiples.

[00:27:48] You know, that's to say the least.

[00:27:50] So from largest to smallest, MDA space ticker MDA is one and a half

[00:27:55] billion in market cap.

[00:27:56] They design, manufacture and service robotics used in space and satellites.

[00:28:03] So the space equipment is very automated.

[00:28:07] A lot of robotics in there.

[00:28:09] And then additionally, they provide satellite imagery services.

[00:28:12] I assume this is like a recurring revenue segment largely to government

[00:28:17] agencies could be very interesting to look at this name because that

[00:28:21] it's combination of hardware and software together.

[00:28:24] Growth has been solid.

[00:28:26] Margins are nice and they are consistently profitable and growing

[00:28:29] that that top and bottom line.

[00:28:31] There are some analysts that cover the name and revenue moving

[00:28:35] forward is very, very good.

[00:28:37] Next pass on systems ticker PSI.

[00:28:41] Interesting name here at Central Intelligence Platform for

[00:28:44] monitoring drilling rigs.

[00:28:46] So if you run like a drilling operation, they're going to record

[00:28:50] every piece of data in real time across all your drilling operations.

[00:28:54] You know, across many different locations you might drill as well

[00:28:57] and centralize it in one place.

[00:28:59] The reason I brought it up and I think it needs a second look here

[00:29:02] is there might be an interesting thing here because revenues have

[00:29:06] been very cyclical over the time of public company.

[00:29:10] It hasn't been good.

[00:29:11] It's been basically flat.

[00:29:13] But around 2020 they started transitioning to what looks like

[00:29:16] recurring revenue when I map out with the quarterly revenues.

[00:29:20] Q1 2020, the business changed dramatically in terms of like

[00:29:25] how the financials look.

[00:29:27] It's a lot more steady.

[00:29:28] It looks more like a software company and prior it looks more

[00:29:33] like a hardware company.

[00:29:34] So I think that they've really kind of found something interesting.

[00:29:38] Really?

[00:29:39] Yeah, you have it on the screen there really basically since early 2020.

[00:29:44] So this is where there's usually things that are misunderstood by

[00:29:49] the market.

[00:29:49] And I need to do a lot more digging.

[00:29:51] But this kind of transition in the business is really one that

[00:29:56] needs to be taken a look at because when companies are small and

[00:29:59] they're on the TSX, they're not well understood or well

[00:30:03] discovered by a good portion of the market.

[00:30:06] Basically only they're unconstrained from large funds.

[00:30:09] So you're trying to look for some kind of special situation here.

[00:30:13] Any thoughts on MDA space or pass on systems?

[00:30:18] MDA and PSI tickers?

[00:30:21] No, not really.

[00:30:22] I'm just listening and kind of thinking all this in.

[00:30:24] But no, definitely agree.

[00:30:26] Right.

[00:30:26] When you're looking at smaller companies, you're only competing

[00:30:30] against individual investors for the most part or small cap funds.

[00:30:36] And that's it.

[00:30:38] Other funds, they just can't do it because they literally would.

[00:30:42] The flow of companies is just not large enough.

[00:30:44] Right.

[00:30:44] If you invest 100 million in a company like this, you'll make the stock

[00:30:50] move way, way up as you purchase your position and then same thing

[00:30:54] might happen if you want to exit it is you'll put some downward pressure.

[00:30:58] So it gets really hard for any type of larger funds or individual

[00:31:04] investors that would have some substantial amount of money

[00:31:06] to put some money in here.

[00:31:08] Yeah.

[00:31:08] Not to mention a lot of financial planners and small family offices

[00:31:13] that manage high net worth individuals.

[00:31:17] They'll have arbitrary constraints even for them too, like nothing below

[00:31:20] 10 billion or something because that can be correlated to risk.

[00:31:24] So there are real constraints like you mentioned and then also arbitrary

[00:31:29] constraints on why people just don't own any of this stuff.

[00:31:34] All right.

[00:31:35] Third on the list, we got five in total.

[00:31:37] Bird Construction.

[00:31:38] This is a contractor that's been in Canada for over a hundred years.

[00:31:41] It looks like they started in 1920.

[00:31:44] They've been winning some big deals lately.

[00:31:46] Backlog has grown extensively and the stock has been a bit of a

[00:31:49] monster in the last five-ish years.

[00:31:52] So they're doing something right.

[00:31:54] The thing I want to look at that needs to be discovered when I see

[00:31:58] something like this is was there a new management team came in and like

[00:32:03] late, what is that like, like 2018?

[00:32:05] Something happened.

[00:32:07] The business started growing.

[00:32:08] They got some government stimulus or something.

[00:32:11] They started winning government contracts.

[00:32:13] They got, they were on some sort of, you know, list to be able to do

[00:32:18] this work or a supremely good manager came in.

[00:32:22] I'm not sure.

[00:32:23] So these are the types of questions that I want to understand.

[00:32:27] All right.

[00:32:27] Next is Coveo ticker CVO.

[00:32:30] This is a software company on the TSX provides search for businesses,

[00:32:34] which AI is really good at.

[00:32:35] So it says they use AI for that.

[00:32:37] It's for instance, so like without the buzzwords.

[00:32:41] So if you have like a huge library of documents, unstructured data,

[00:32:46] structured data and tables and table format and stuff like that, you'll

[00:32:51] have this huge repository of information, but it's really hard to

[00:32:54] search and using a combination of AI and elastic search.

[00:32:58] And that's exactly like what FinChat is.

[00:33:01] You use that in the combination at less than a billion in market cap.

[00:33:05] It could be interesting for them helping large enterprises do this.

[00:33:11] I do wonder if companies will be figuring out how to do this in house

[00:33:15] with the new technology available.

[00:33:17] I don't know, but growth has been fantastic.

[00:33:20] It's nice and steady.

[00:33:21] It certainly looks like an enterprise software company.

[00:33:24] Margins are quite nice.

[00:33:25] And so maybe something here, analysts that do cover the name have basically

[00:33:32] every metric up into the right for the foreseeable future, like a nice

[00:33:35] B2B enterprise software company does.

[00:33:37] But I would be curious on if this is going to be a sustainable technology

[00:33:45] moving forward, or if there's going to be people that can do it in house.

[00:33:47] I'm not sure.

[00:33:48] So these are things that want to know.

[00:33:50] Last up, Kits Eyecare, ticker K-I-T-S.

[00:33:54] This is just 200 million in market cap, the smallest name on this list.

[00:33:58] It's been rolling up online e-commerce store for eyeglasses

[00:34:02] and primarily contact lenses.

[00:34:06] So they operate kits.com, kits.ca, optycontacts.com and contactsexpress.ca.

[00:34:13] When I used to wear contacts, I used contactsexpress.ca all the time.

[00:34:18] It's so funny.

[00:34:19] I'm doing my research this morning.

[00:34:21] I'm like, oh, that website is the cheapest and fastest way I could get

[00:34:25] contacts, and I looked at all these different sites.

[00:34:27] So from my experience, it was really solid.

[00:34:31] Gross margins have been expanding really, really nicely, which is good

[00:34:34] to see for these kind of products.

[00:34:36] But I don't know what's going to give for the rest of the cost structure

[00:34:39] for this to look appealing.

[00:34:40] That's kind of where I left it based on my my research today.

[00:34:44] Top line looks great, gross profits growing with with growing margins.

[00:34:48] But the operating expense like costs do not seem to be getting better over time.

[00:34:53] So I don't know what's got to give for a company like this for that,

[00:34:57] for there to be some sort of catalyst on that.

[00:34:59] That's that would be one of the things I'd like to understand.

[00:35:02] Yeah, exactly.

[00:35:03] And I think it's just I don't know how easy it is to get in that market

[00:35:07] in terms of competition.

[00:35:08] But the other one that comes to mind is clearly that CA.

[00:35:11] And I did a quick Google search and the from what I could find

[00:35:15] because they're private company, it's like around 47 US

[00:35:19] in online sales they've done.

[00:35:21] So they're not, you know, they're not small.

[00:35:24] So I just I just don't see if there is like a big moat there to be had.

[00:35:29] So that would be my my biggest concern with this kind of company.

[00:35:33] Yeah, there there's not really a moat with a lot of these e-commerce companies.

[00:35:39] What you're hoping to do is you have basically high CAC,

[00:35:43] high cost of acquiring a customer.

[00:35:45] So you have like large marketing spend.

[00:35:47] And then with these types of recurring purchases,

[00:35:52] then you cash flow each customer after that.

[00:35:56] So that's basically the it's the same business model as pet

[00:35:59] online pet supply stuff.

[00:36:01] High, very, very high cost to acquire the customer online,

[00:36:05] whether that's through digital advertising channels or offline marketing.

[00:36:10] But the hope is that, you know, you have a good experience

[00:36:13] when you buy your dog food and keep buying your dog food online.

[00:36:16] And then you enter on a subscription.

[00:36:18] Contact lenses are the exact same thing, right?

[00:36:21] Like whether you're on dailies, monthlies or whatever,

[00:36:23] you need to keep buying them unless you have like corrective surgery.

[00:36:27] You are basically a buyer for life.

[00:36:30] So that's the business model.

[00:36:31] Yeah, I mean, I use a competitor, so maybe I'll compare prices

[00:36:34] because I'm not I'm not loyal when it comes to this kind of stuff.

[00:36:39] So I would basically the way I'd see it is I probably have two accounts

[00:36:44] and then whenever I'm ready to purchase, I'll just compare the price

[00:36:47] because I wear daily contacts and, you know, they're very common brand.

[00:36:52] I know they're they're available everywhere.

[00:36:54] So for me, it just comes down to price at that point.

[00:36:56] It's like AccuView. That's the one I used to wear.

[00:36:59] Yeah, yeah. That's our Aqua Daily.

[00:37:01] I think something like that is, yeah, some like it's is that it's what I wear

[00:37:05] basically, so I wear dailies because anything else I just find

[00:37:09] or they're not comfortable and I'm not lucky in terms of eye surgery.

[00:37:13] My vision has not been stable, so I can't really be eligible for that anyway.

[00:37:18] So I just Googled AccuView dailies just to see what comes up

[00:37:22] first on the server on the search engine results page for Google.

[00:37:26] The top sponsored one is clearly that company you mentioned.

[00:37:30] Yeah, they're they're bidding the highest amount to be at the top there.

[00:37:34] And then a company called Vision Pros, which is, you know, second.

[00:37:39] And then the last kits.ca does come up as the first

[00:37:43] the first search results.

[00:37:44] So that asset comes up as the first search result of non sponsored.

[00:37:48] And then the actual brand is next.

[00:37:51] And third is Context Express.

[00:37:52] That's yeah, for this cost.

[00:37:55] Yeah. So they have two of the four highest

[00:37:58] on the search engine after the sponsored.

[00:38:01] Give me the best price and I'll use you.

[00:38:03] That's all I have to say.

[00:38:05] That's the problem with these businesses, right?

[00:38:07] Like it's well, especially right now, right?

[00:38:10] A lot of people are getting squeezed and maybe three, four or five years ago.

[00:38:15] People like just, you know, whatever is most convenient.

[00:38:18] You've used the service before you reorder your last order.

[00:38:21] It's super quick. That's fine.

[00:38:23] But now that people are trying to save money, I think

[00:38:26] I think a lot of people will take the extra, you know, 15, 20 minutes

[00:38:31] to load in the prescription and, you know, try a new site.

[00:38:36] You know, provided I'm sure the site uses like PayPal or something like that.

[00:38:39] It's not that painful to create a new account.

[00:38:42] I just feel like there is more of a motivation right now for people

[00:38:45] to definitely be more conscious of the price when they order these kind of things.

[00:38:51] To round this out, my most interesting idea, my takeaway from this is

[00:38:55] I want to learn more about this space company, ticker MDA.

[00:38:59] They're out of Brampton, Ontario.

[00:39:01] They have a backlog currently of three point three billion dollars worth of work

[00:39:06] because they just won a huge contract.

[00:39:08] So their their their backlog grew one hundred and seventy percent

[00:39:11] quarter over quarter with this new contract that they won.

[00:39:15] Very profitable.

[00:39:17] And I'm going to listen to the call here, but it looks like they want

[00:39:20] contract from the Canadian Space Agency until 2030

[00:39:24] and the Sky Guardian remotely piloted aircraft systems

[00:39:29] for the Canadian Armed Forces.

[00:39:32] Whatever that means, so really interesting name here.

[00:39:35] This is one that I'm going to be looking at more.

[00:39:37] And I think you could be looking at big tailwinds for that

[00:39:40] without knowing the company too well, just that, you know,

[00:39:43] you just think about what's happening with the geopolitical space,

[00:39:47] anything related to military or space defense, anything like that.

[00:39:51] I think there's going to be increased spending.

[00:39:53] I think even the Canadian government announced they were increasing

[00:39:56] spending into the military as a percentage of GDP.

[00:39:59] Even the US, I think, has been pressuring allies to in NATO

[00:40:03] to spend a higher percentage.

[00:40:05] So these kind of companies are the one that would be likely benefactors.

[00:40:10] And then obviously, when you think of Canada, people tend to realize,

[00:40:13] but we have a large neighbor kind of to the north, right?

[00:40:17] In terms of the Arctic, I mean, it's essentially, you know,

[00:40:21] share not shared, but very close to Russia.

[00:40:24] So that's always been something that I know is top of mind

[00:40:28] for the Canadian military.

[00:40:30] So these kind of companies could have some huge tailwinds

[00:40:33] for this kind of spending.

[00:40:35] Yeah. And especially with I need to understand their business more clearly.

[00:40:40] But yeah, yeah.

[00:40:41] With a big caveat.

[00:40:42] Yeah, yeah. Well, clearly they're winning a bunch of defense contracts here,

[00:40:47] which is one thing.

[00:40:47] But when it comes to the monitoring tech from space,

[00:40:52] defensively, this is going to be huge,

[00:40:55] especially with the future of like these stealth drones

[00:40:58] that can do massive damage on a battlefield.

[00:41:02] There needs to be some sort of defense around monitoring

[00:41:06] that is just next level from what we have right now.

[00:41:10] And I think that that's kind of well understood by governments.

[00:41:13] So if these types of companies can can figure that out,

[00:41:17] they will be monster winners.

[00:41:19] And I don't like investing in defense.

[00:41:21] I don't like investing in war.

[00:41:23] But these I can get a little bit behind

[00:41:27] if they are around monitoring defense like that.

[00:41:31] That saves lives at the end of the day.

[00:41:33] And so I'd be interested in learning more.

[00:41:36] No, I think that one is definitely very interesting.

[00:41:38] Probably the top one as well for me.

[00:41:41] And it's about one and a half billion in market cap.

[00:41:43] And these things that trade on the CSX, you know,

[00:41:45] they're not small companies.

[00:41:46] They're billion dollar companies like, no, you know,

[00:41:48] you don't say to your buddy like, oh, you only run a billion dollar company.

[00:41:52] Like that's that's a small business.

[00:41:54] Yeah, just on the grand scheme of things of public companies.

[00:41:57] Like these are not on radars.

[00:41:58] Well, I mean, I mean, also, I think it just a good reminder

[00:42:02] that a billion, even though it's still a whole lot of money,

[00:42:05] is not what it used to be, right?

[00:42:07] Even 10, 15 years ago.

[00:42:09] I feel like back then, you know, when I was in my early 20s, late teens,

[00:42:13] you'd hear like a billion here or there.

[00:42:15] Like, I'd be like, wow, that's a massive amount of money.

[00:42:18] Now it's almost being programed as to like,

[00:42:21] you know, it's not that much money.

[00:42:22] It's just like a billion here and there.

[00:42:24] Like, I definitely see that.

[00:42:26] Like I even the way I react to announce

[00:42:29] to various announcement to the size of companies

[00:42:32] has changed over the last decade.

[00:42:34] So that that that inflation baby.

[00:42:36] And now we're talking.

[00:42:38] People are interacting with companies worth trillions of dollars now.

[00:42:42] Well, that's that's a reason, right?

[00:42:43] You hear the T word a lot more.

[00:42:46] Yeah, what's a billion?

[00:42:47] What's a billion when you have a couple of trillions here and there?

[00:42:51] Exactly. Thanks for listening to the pod, folks.

[00:42:53] We hope you appreciate that.

[00:42:55] Enjoy that someone's going to finish the rest of his sector breakdowns of ETF.

[00:43:00] So you did you did five, right?

[00:43:02] Yeah. So the last six, the last six sectors.

[00:43:04] OK, cool. And then, yeah, I hope you looked at that.

[00:43:09] The point of this segment is not for me to be like, go,

[00:43:11] go look at these five stocks.

[00:43:12] The point of me of it is it's actually really easy

[00:43:17] to use tools that are out there to find things that.

[00:43:22] Just like professionals just aren't really looking at.

[00:43:24] And I'm a little bit more motivated now because

[00:43:28] I think I've been looking at big companies

[00:43:32] so much lately because you screen for these small companies.

[00:43:36] And to be fair, like you have to screen for huge growth rates

[00:43:40] because Microsoft just grew 15 percent year over year

[00:43:44] with margin profile that none of these small companies can compete with.

[00:43:48] Like that you're competing with the bluest chip of all blue chips

[00:43:52] growing high, you know, high to mid double digit growth rates.

[00:43:57] The bar for excellence with these smaller companies just has to be so much higher

[00:44:01] and grow here. I think growth here is like for sure.

[00:44:04] Yeah, they just have so much more upside though than a Microsoft or big

[00:44:09] tag, not that they can't keep growing the big companies.

[00:44:12] But the problem is also you compare the growth with evaluation.

[00:44:15] Right. And that's where I think the risk level kind of

[00:44:19] I would make the case that in some

[00:44:22] you could probably make an argument that Microsoft is riskier

[00:44:25] than some of these companies for that same reason, that the valuation is

[00:44:29] so high and still implies a whole lot of growth where these small companies,

[00:44:33] you can probably get them at a much more discount.

[00:44:36] Clearly, they may not have the same moat.

[00:44:38] That's a trade off here.

[00:44:40] But I think you can you can probably make that argument

[00:44:42] for these smaller companies that they may actually be less risky in certain aspects.

[00:44:48] Yeah, in terms of just like forward or IRR.

[00:44:52] Yeah, exactly.

[00:44:53] But not not business, not strata.

[00:44:56] And you know what I'm saying?

[00:44:57] Just certain we just got to caveat that structurally.

[00:45:00] I mean, there's yeah, Microsoft's utility now.

[00:45:04] Microsoft going bankrupt, let's be honest, is not like, you know,

[00:45:07] it's very unlikely to happen anytime soon.

[00:45:10] Whereas a small cab, there is definitely a higher risk of that for sure.

[00:45:14] For sure. But yeah, I see what you're saying.

[00:45:16] Like around implied IRR move forward with the valuation.

[00:45:19] Yeah, gotcha.

[00:45:21] Thanks for listening, folks.

[00:45:22] We really appreciate you.

[00:45:23] Hopefully this was super helpful.

[00:45:25] We are here every single week.

[00:45:27] I'm going to next week, I'm going to recap

[00:45:30] lessons learned from a bunch of talks.

[00:45:31] And I'm just going to be a sponge this this coming week.

[00:45:34] Lots of really cool people I'm meeting.

[00:45:36] And I'm going to have to put in a shift on Mr.

[00:45:38] Chris Pronger to come on the show because he's got his second career now.

[00:45:43] It looks like with investing.

[00:45:44] So I'm excited to learn more.

[00:45:46] Maybe, you know, recap that or get them here on the show.

[00:45:49] See in a few days. Take care. Bye bye.

[00:45:51] The Canadian Investor podcast should not be construed as investment or financial advice.

[00:45:57] The host and guest featured may own securities or assets discussed on this podcast.

[00:46:03] Always do your own due diligence or consult with a financial professional

[00:46:07] before making any financial or investment decisions.