Chris Abbott (1035 Capital Management): Comstock (LODE), SkyX Platform (SKYX), Mobilicom (MOB), Research Frontiers (REFR)

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The Matimco team spends their time learning about great businesses and investments, working with exceptional investors around the world in order to support generations of MIT innovators. Chris Abbott, 1035 Capital Management. Before we hit record, I told you that it feels like each year when we do a podcast, it's always year-end Thanksgiving or Christmas. Usually I'm at my wife's grandparents' house in their basement recording our podcast. Here I am in my own home and looking forward to the Christmas season, maybe taking the day before or after or after or trying to decompress. But before then, I wanted to get you on diving to some ideas. You always present honestly the most dumpster diving, terrible looking ideas that fascinate me. I think we kick it off with the one idea that's probably the most popular when I say popular. I mean in my little small Fin Twit circle here. That's Comstock, ticker symbol, LOE. What's the, for those that haven't heard of the name, what's the 30,000-foot view and what's changed about the business or situation that makes it attractive today if it still is? Well, first of all, I'll say thank you for having me back to value I by appreciating a winter guest apparently. That's good. Comstock, I'm happy to hear that's become a popular name amongst the Fin Twit crew. That's one I really like. I think set up extremely well going into 2026. We should expect to see their first commercial scale solar recycling plant come online, end of Q1 beginning of Q2 something like that. Then they've guided to somewhere between 25 and 40,000 tons of panels next year. The beauty of that being that facility breaks even around 25,000 pounds. So implying that that should be a casual positive facility. And by next year we'll have pulled out the biolium assets as a result of a separation maybe I should step back and talk about that. But it'll give you a very clean view of the profitability of the actual metals recycling aka solar panel recycling business. And I think that's. That should be a big catalyst for the company because it'll help people understand just how profitable that business is and for reference. It's one of the most interesting businesses I've ever seen. You get paid $500 a ton to take solar waste from utilities and other users of it. Which for them is considered hazardous waste in a lot of states. So it's not like you can just go throw it out into the ocean or throw it into the dump and call it a day. You've got to do something with it. And what's beautiful about Comstock and their metals recycling businesses, they're the only ones that can recycle 100% of the panel and eliminate that liability for the utilities. As a result, the utilities will pay them $500 a ton when those panels show up at the door. They then run it through their proprietary process to recycle the panel, cost them about $150 a ton. And then they get about $250 a ton for what they call the aluminum and then they call it glass pearls and silver fines. So the silver fines is basically a silver silica mix that they sell for the value of the silver. There's other stuff in there that defend the future they could pull out with the action to increase that value and then they sell the aluminum obviously for aluminum and then the glass pearls into various glass uses. So there I didn't know that there was an aluminum play in there. I thought I always thought it was just kind of like a silver thing, but aluminum to me is interesting because as a copper substitute and with the demand that coppers getting and the attention coppers getting, I think aluminum is kind of sleeping metal giant potentially for 26. Well, there's also copper in there too for what it's worth. Well, there you go. Yeah, it's not. You get about two thirds of an ounce of silver per panel. So there's a fair amount of silver and you may have noticed that the silver price is going up dramatically. At last, I looked at it as like $64 an ounce when they said that the silver value or the those 250 bits for the recycled part. So you get 500 upfront, cost you 150 to do it. Then you sell the recycled bits for $250. So that's a lot of the silver. Well, as much as I am fond of carado, I think there's a long legacy at the company of them raising a lot of money and doing it in. Less than ideal ways, think converts things like that. I understand that the company has to raise money the way they can get it. And at that time, that was the way they could get it. But I think what's really important and a lot of a lot of investors have overlooked. I forget exactly when they did it, but they did a raise with Titan partners recently. They brought in 30 million dollars. And that cleaned up all the legacy. Let's call them. More toxic raises that were on the balance sheet. There's no more debt. And they now have the cash funding to get them to the first recycling facility online. And as I said earlier, that I believe will show you the actual. Fundamental earnings power of the business. And that you can you can really start to replicate this. They're talking about having three of these out there in the next few years. At 100,000 tons. That's 70 million dollars in revenue easily per facility. And maybe 40 to 50 million in EBITDA. So. If you can have three of these out by 2027. This is looking pretty good for this company. But the problem is for a long time. Forado has been very optimistic. And he's needed to raise money in, let's say, less than ideal ways. That came to a close with the Titan partner steel. And I think that's what people are missing. And it's a little bit. Off the beaten path for let's say institutional folder. So I think it's still pretty dominated by retail. And they don't I don't think they really appreciate the value of bringing in. Long term institutional holders, which they did through the Titan partner. And that really cleans up the capital. So it's it's it's to me that's the inflection point that we should look at. And I think that becomes very clear once you see the metals online. Now the question is how early the people frontman it given the value of silver is going up. They are going to be pulling out a lot of silver. I believe carado is said that. By the time they get the second facility online, they're the biggest silver producer in the lower 48. And the third is the biggest silver producer in North America. Yeah, I mean that's that's that's compelling. And then you look at the you look at the market cap and it's 180 million bucks. So. And we haven't even talked about the biolium business. So or is that the latest by what is biolium? I mean, I've. I've never even heard of that. - Yeah, biolium is a really interesting business as well that it's a little bit nuanced, but let's call it roughly, they own 75% of. Through, they have invested in this company, it takes waste wood and turns it into sustainable aviation fuel, renewable diesel, green gas, lane, et cetera. And what's really unique about them is they figure out a way to use the lignans and the wood, okay? And there's kind of an old saying in, I guess, chemistry, that you can make anything with lignans except for money. Okay? So that's not exactly a good precursor, however, with their partnership with a company called Rent Fuel, who they just brought the IP and biolium just a couple of weeks ago. They've figured out a way to stabilize these lignans and then turn them into oil. That allows them to, for ease of conversation, effectively double the amount of yield that they can get per one ton of dry wood. So everyone else is in like the 70, 75 gallons per ton range. Comstock is in the 135, 140, pushing 150. Okay, and that's because they can use the entirety of the log for other little wood, I should say, not just logs. The entirety of the wood. Now, what they recently did is they bought a company called Hexus, which has a purpose grown biocrop. And it's a cross between corn and bamboo. The first thing I hear from people is like, "Oh, isn't that invasive?" Well, no, this isn't. It needs to be grown in a lab. There's a term for it now for getting it, but long story short, it can't propagate itself. But it is a perennial. So you plant it once in the growth for 20 years. And in Minnesota, they have 20 feet of growth per year. Using this grass that they just brought into the IP of biolium, they can now do about 100 acres, or per acre, they can do about 100 gallons of fuel versus corn at two and soybeans at 10. So they've brought together the entire system from growing the feedstock all the way to refining and getting to sustain the liatation fuel, renewable diesel, et cetera, all under this hood called biolium of which comms dot-ones, 60, 5, 70, 75%, it's a little bit fuzzy. I'm not gonna necessarily go into why that is, but it's to do with, they own it in a preferred older arrangement. And they also just used Texas, or shares to buy this Texas asset. So it's a little bit fuzzy to me exactly what that ownership is, but somewhere between 65 and 75% would be my guess, and then management owns 20% of it. But that's the other asset there, and one other comment, they've actually raised capital from marathon and assets at a $700 million valuation for biolium. And then they got a private round raise above a billion. So that asset, let's say 65% that comms dot-ones implied value of 650 million, again to your point, market cap of 158, or whatever you said earlier. So it's a lot of value underneath the hood of comms dot-ones, that people really don't realize. And I think that's why it's starting to gain attention is the more you look into it, you're like, wow, there's a lot there. - So is there some sort of catalyst besides going from, let's say mostly retail awareness to more, we'll call it an air quotes professional, institutional, and with, you know, you can make some of the parts argument here with that fuel. So then what's like, is there some sort of unlock happening? Like how do we go from trading sideways for two years to, you know, going up towards fair value? - So I live in Missouri, and there's a, it's called the Show Me State, and I call this a Show Me Stock, okay? - So because of the years of, let's say, promises and big opportunities, I think a lot of people don't really believe it. Now I think what ends up happening is you start to see the earnings flow through the balance sheet, and all of a sudden people will believe it. Now I would also argue the catalyst for the inflection from retail to institutional is already happened. It was that tight in partner's range. You brought in some real institutions, and you got rid of a lot of the toxic stuff that they would stay away from otherwise. So I mean, I think we're already starting to see that flow into institutions. The stock price hasn't necessarily caught up, but we've had brief points where we've got into the floors and it's kind of gone, and then it's fallen back. You know, it's kind of in my opinion, I can't say it like definitely, but it's coming in my opinion. - Yeah. Well, yeah, I mean, you're incentivized for it to come right. - And for the closer, obviously, I own it, you know. - Yeah. - So, and I do help, I've kind of transitioned a little bit to more of a constructivist attitude where I try to help these people out with various connections. So like, obviously, biolim is looking for places to put facilities. I know various other companies, some of them are looking for people to put facilities on there. So I help them out with kind of a left-wing, right-hand kind of connection. So that being said, I am incentivized for the store, so I'll hold a disclosure. - I mean, there's also, you know, you're not the only person that is bullish on this. And I don't want to put words in their mouth, but I wonder, I feel like Uso Cap has written about them or something. - I'm not sure if Jerome has, but I do know Jerome, and I do talk to him about the constructivist. - Yes. - Maybe that's what it was. So yeah, either way, this is an idea where multiple people have kind of tuned me to it. So always good to get an update. But the other thing I want to go through is the reason why I like talking to you, there's always new ideas that I have not heard of. And one of them is SkyX. So ticker symbol, SKYX. SkyX platforms. Looked at the weekly chart. I actually like it a lot. It's just kind of gone sideways against since 2023, forming a nice base. And I have no idea what the company does other than installations of light fixtures and ceiling fans, which sounds super boring. Looks like they went public around in 22, it like $12 or $10. I wonder if this was, no, this wasn't a SPAC 'cause it opened at 14. But yeah, so it opened at 14, and it's down to two. So down about 85% of them inside PO left for dead. What's to like about this ceiling fan manufacturer? - Okay. Well, so to me, this is like one of my most exciting, so we just talked about my two biggest holding for SkyX and Concy. So this is one of the most exciting companies to me for 2026. And actually today they just announced a product that hit Target. So they actually now have five products that just hit Target for the first time. So that's super exciting. We'll get into why later, but let me give you kind of the reason why it's interesting. And so much more than a ceiling fan and lighting manufacturer installation. Like that's the worst description ever of what this company is. So it's so funny. It's really a technology company. It's a technology play that happens to install and make lights. Okay, so giving you kind of the backstory of it, I've been involved in it for a while. So I'm pretty familiar with it. And again, constructivist model. So I do try to help these guys out. So pull the squarer. That being said, they are, they've got this, the way I would compare it is, like you know your GFCI in your bathroom, right? That little plug where you press the button, test whatever. So that's a mandated standard. You have to have that in wet locations in your house. Okay, so you don't shock yourself and die. Okay, that's the idea. So what SkyX has come up with is a unique GFCI for lights. It's called a weight supported ceiling receptacle. Okay, WCSR is the generic current. It's called the Sky plug directionally. So I see your ceiling fan over your head there. - Yes. - Did you happen to install that ceiling fan or was it there when you got there? - No, dude, I am the opposite of handy. I wanna get better, but the SkyX, my friend, is perfect for you because you can take that ceiling fan behind you and replace it in about 60 seconds. Okay, and it is the easiest install you'll ever see. I wish I had the video at my hand. I don't know if you can do that, but like it is literally the easiest thing in the world. It is like plugging in your computer into the wall. Just like it's an outlet to plug in your computer into the wall. If you go back in time, historically there wasn't an outlet, right, and you used to have to wire them in, just like you have to wire in your ceiling fan or any other light, okay? And then someone came up with this great idea, well, what if we just plugged it out? Okay, that's what SkyX has created for lights, not just ceiling fans, but all light, a way to plug them in in a very quick and effortless way. And if you go to YouTube, there's a lot of shorts, and it'll have primarily females changing out their lights in 60 seconds, 90 seconds. And it's a live demonstration of them being able to uninstall the existing light and install the new light in no time flat. That's the beauty of this interchangeable plug in place system that they have. Now, you kind of put it out there, okay, it starts at 14 and goes down to two bucks for a dollar and stayed there, and it's now starting to peak. Why, in my opinion, it took SkyX a few years to get all of the various products, because if you have a good thing to plug into, now you need people to make the lights, right? You need people to make the fixtures, you don't wanna make all those fixtures yourself. So one of the things that I think Ronnie, who is the founder and chairman of the company, did that was really quite. brilliant is he went out and bought this company to be a stock primarily called Bellamy and they own 60 lighting websites okay and what that is is distribution all the lighting guys they like to come on to the distribution and they go hey would you sell our our lights on your platform and running goes of course I'd love to sell your lights on our platform just hey offer it with Skyflug so now you start to build out your assortment you don't actually have to build those lights and the other beauty of the website business is he calls it to that Michael Dell model I guess it's called that but they reference it like that but effectively he sells the light on his website he gets the cash today and then he doesn't pay his manufacturer for 30 to 45 days so every sale is short term financing form which is such a brilliant model okay it's so lovely from me as a finance guy now he does burn a little bit of cash still every quarter but he's been guiding to cashable positive you know this quarter next quarter something like that so we're kind of at the edge and part of that is for the announcement that they made today for this thing they called the the Turbo fan heater which is a fan and a space heater in one so it's a really neat product I think especially for like three seasons rooms bedrooms places where you want to heat at specific time so you don't have to speak your whole house you can hear the specific rooms so SkyEx puts this plug together and then what I really like is Ronnie is an exceptionally well frankly he's probably a genius I would say almost certainly he is a genius but he's got exceptional foresight and what he saw is that the world is going smart so he said how can we turn these plugs into a smart asset okay so now he's got smart plug so you want that light behind you to be smart great have a smart plug then he has this thing called a smart platform which connects all of the various smart devices you have in your home links them through his hub okay and then allows you to run it all through one device one app on your phone okay all of anything Samsung Apple all of it connects to this through the smart hub okay and the beauty of it is it also has a Wi-Fi repeater it has a smoke alarm it has all sorts of different functions right in the base of your life as a result you have a smart home in your house in hours versus days or weeks if you want a smart home and you can do it with a couple of thousand dollars instead of tens of thousands of dollars if you were to go through a Dutron or a control for some other traditional smart home manufacturer okay it's a fantastic methodology to get there however where this becomes extremely valuable is that's so much data and this is what people are missing is he's basically becoming the Google or the router of the home every single smart thing touches his piece of information which is now data that he can anonymize and so so this becomes a recurring revenue model into the future on light so it's a beautiful beautiful model and yet you look at it and you go oh he'll install lights that's boring yeah no no it's so much more than that and I could go on and on about it but I'll leave it at that that's the base business model is he's got this innovative light and I should also say it's one vote away from becoming a mandated standard so just like your GFCI this is right now it's in 10 paragraphs of the code book so it's already out there if they get one more vote approval this becomes a mandated standard and it goes into every single house in America and actually there's like 35 countries that'll follow that standard across the across the world so this blows up at that point the first thing I think of when hearing that is like we've got we installed a Google home product recently and whenever I see kind of these like smart home connections I always think of okay well you've got the Amazon Prime you've got Google you've got all these kind of massive technology companies trying to get into the home and and trying to connect everything so what's is is there any defensibility here I mean is it is are there patents is it you know yeah he's got like I think it's over a hundred patents now but he's also got all of the different certifications and in fact Google tried to get some of these certifications for nest and fail okay so he's got like getting any see men into ten codes in the any see handbook took him 13 14 years okay so it's a long long process and then he's also got like you well certification and a lot of like there's a whole bunch of different things you also need and I can't list them all but like antsy neema there's a whole blue of certifications you need and even Google themselves have tried to get these and fail okay so it's not easy to do this and he's spent a decade building this groundwork that people don't really like if this was phase three biotech he always says he's got like ten phase three biotech approvals that people don't understand what they're worth and that's kind of one of the one of the issues here but what I always say is he's built such a moat such a strong groundwork that ultimately you will see it and I think 2026 is the year you see it why because he's launched this kind of novel product the fan heat or all in one that's starting to hit the big box stores I think that well I know that can be as high as large a product so you get like 20 30 thousand units of that sold this thing is nicely catchable positive okay you get a hundred thousand units of it you're growing your revenue 20 30% at your highest market product anything anything we just got in the target with by the way so Home Depot is almost certainly coming several others are almost certainly coming a hundred thousand is a very low bar okay so that's just one product he's got so many other products that are coming out and then on top of that you recently just did a demonstration with Marriott for a floor of a hotel and Marriott Lance Schaener is one of their Lance Schaener is one of Marriott's biggest franchisees he's one of Sky Ex's big investors okay on the most recent call they came out and said hey expect a large and that are expected an announcement in our home builder section soon or sorry our hotel section soon okay that leads me to believe I think there's got to be something coming with Marriott soon where Marriott starts to use this and you look into it Marriott has 10,000 hotels roughly across the world that they need to renovate every seven years so let's say one seven for that footprint gets renovated every year each of those hotels have let's say thousands of lights rough number and on average you probably get about a hundred dollars per extra you can start to do the math where a hundred million dollar business becomes a two three hundred four hundred million dollar business in the not two distant future and I think you see that inflection begin in 2026 not only because of the fans that have come out but because I think you're very close to a big announcement with a major hotel chain if you get Marriott how long is it till a hotel and etc etc come right so and the beauty of it is and what people don't understand is like for a hill or a Marriott why would they want to do this maybe I'm telling too much about myself here a little bit of personal information but I played ice hockey my whole life okay and some of those guys break guys had a great time but not all the nice system the brightest oftentimes I would see these guys run down the hallway and they smash the exit signs right to jump up they smash the anxiety break the exit sign or you the emergency lights etc not saying I can don't this this is bad behavior don't do it children but I've seen it and apparently this is quite a big problem for hotels every year these things get broken all the time and they have to hire an electrician to come in and rewire put in a new one and on top of that every year they have to test them in order to test them to take them off and they have to rewire them higher an electrician with the sky plug you plug it in you took it out took the thirty-seven not even so so the amount of time that they can save by using the sky plug system is a measurable and that's why they like it and same with home builders and we're starting to see more and more home builder announcements and they recently won a smart city it's a multi-billion dollar project in Miami they're expecting more than 500,000 units that probably really gets going in late twenty six twenty seven something like that but you can see that they're building the groundwork to millions of units and you're talking about millions of units at a hundred dollars and remember they own all the patents on the female side of the plug and the male side of the plug so they own both sides anything that plugs into this they will either make themselves or they will license it and is this something you kind of mentioned that there but is this something that electricians because you wrapped it into home builders is this something electricians could adopt just you know as they're building out and they're doing their thing and because on one hand you could kind of see it as bearish for electricians where they can't you know wire home traditionally where maybe that's that's a lot more money for them instead of just plugs but like what's what's what's the angle to sell into to sell with the electricians to get them on your side well first thing I'd say is they do they maybe it was like eight months ago nine months ago now they they signed a partnership with I think it's JIT electric which is one of the biggest electric distributors so they really like it and the reason why they like it is you wire the house the same the piece that changes is in the junction box rather than wiring the light directly you wired into the plug and then from that point on you can easily easily click in click out a light as fast as you want the lighting manufacturers like it because they think it speeds up the pace of lighting turnover okay the electricians like it because frankly it's not really where they make their money right yeah okay they might come out and they might do a $250 light install for you but like they would rather wire your whole house and the beauty of it is is if you have this simple system you can go higher your laborer that might cost you 10 or 15 bucks. You're still going to charge 200 I bet. But you're only going to charge, you're going to have a laborer go do it in 20 minutes. And instead of doing one an hour, he can do three or four. So yeah, I think the electricians, once they understand what's going on, they'll like it. The big pushback I get is, well, how much does the plug cost versus a regular, you know, wiring it? What's the difference in cost? And what I like that Ronnie has done. So like on retail level, there's a cost there for sure. But what he's done for commercial and at what I really like, I think it's a good idea is he's basically said, hey, use our plug by the lights from us. We'll rebate you the price of the plug. So we effectively give you the price of the plug off on the lights. They get both sides of the business. They get the plug and then they get the light. It's a brilliant model. And then from the home builder side, they like it or the commercial side. They like it because they don't pay anything extra for the plug effectively. They get the lights from the same manufacturer, not manufacturer necessarily, because not necessarily all the lights come from SkyX, but the same company brings in the lights and installs them. It only takes them 10 seconds. And they cut out kind of like an extra middleman in the system, right? So for them, it's very attractive. Once you understand that on a commercial scale, these are basically being given away at a rebate level. And the beauty of that is, once you've then installed those plugs, you own that building for as long as a building is there. Right? So every one of those new lights that you sell in, three, five years down the road, that's a SkyX product or at least a licensed product. It's a wonderful recurring revenue light business, which people don't understand. Not to mention, hey, could you sell fire monitoring as well, a monthly monitoring service or something with that, because in the base, you have a fire alarm. Could you do the same thing with CO? Could you do the same thing with Spotify for music, like the whole thing? So it's a very interesting recurring revenue tech play that people misunderstand as a foreign lighting play. And that's why I'm so excited about it, because I think 2026 is the year that people start to understand, because you start to see the high volume, high volume use cases show up with home builders and with the hotel guys. And you see the full product equipment, which is really just starting to come on now. So Ronnie, he's a founder, executive chairman. What did he do before this? Like, like, what is his background? How much stock does he own? Like, how much is there a lot of insider ownership here? Yeah, there's a fair amount. What I would say is rough numbers don't quote me on it, because this is going to be general strokes. I think Ronnie owns somewhere in the 15 to 20% range. Okay. And it's through, I think, a holding company. If you go through, you'll see there's like a holding company that he owns. So it's about 15 to 20%. Maybe it's like, let's say 15. I'll be about 15%. And then management and key insiders, I believe on another 10 or 15% and then I think there's a lot of very long term holders. So it's a lot of people have been with him for a long time. This business has been around for a long time prior to being public. So I'd say he's built a good base of long term holders. And I've noticed kind of as I've been involved, whenever he's raised money, it's almost always within type. It's always management. It's almost always, you know, a lands trainer or an al-wice or someone who's on the board that has a little bit of capital access to it. They're the ones putting in the money. So I think he's done a fantastic job of when he needs capital. He goes to strategic people, places the shares and good hands. Yeah, because I'm just looking at their April pitch deck. And in Q4 last year, they raised 11 million in equity preferred at $2. But interesting, no warrants. And it was led, like you said, by the Mariette Hotel chain. And then it also the company's president put in 500K, the Co-CEO Lenny put in 250, another Co-CEO John Campy put in 250. So almost always if he look into the deals that he does, the investors or the investors are either close holders or in fact the management team. And I would also say when that preferred was initially written, the shares were trading at 85 cents and they put in a $2 convert. So now that's quite the premium. And what does that say that the Mariette guys, however long ago, that was a year and a half ago now, I forget. But he's put in a premium. And now a year later, the warrants, the two. That's interesting. So the premium with no warrants. What does he know that we don't know, right? And, you know, I'll put it like that. Yeah. So, okay. So you've got a 230, you know, call it 237 million dollar stock, call it 240 today. If this thing works, you know, the way that you think it will over the next, let's just look at 18 to 24 months out. Where do you think a real, a normalized kind of earnings power and then market cap should be for this company? Well, I'll put, I'll do it like this. Like, this is kind of my framework that I think about is if you have a thousand Home Depot stores, okay, I think you actually have 2000 bucks. I'm not that good at math. So I'll do the easy math. A thousand Home Depot stores and he gets wholesale about 250 bucks for one of these fans that you just released. One product, just the fan, okay. If you can sell one of those weeks, you know, you're doing, I think it's like 20 million dollars a year. Two, you know, the math starts to add up very, very quickly. And I don't think, I think you can probably do three to five a week at a Home Depot. Now we've added Target. I haven't found the math on how many targets that are there. So that's one product. It's totally ignoring what if he does get a Marriott deal or some other hotel deal, right? What if he does get into Home Depot or Costco, having a forbidder? Who the hell knows? And it's loads, right? Yeah. The optionality here is so big. Like, we are at the very, very beginning of the inflection in my opinion. So like, I could see in 12, 18 months, I could see a 300 million dollar run rate business. That's nicely cashable positive, okay? You look out 24, you look out five years, I could see a billion dollar business yet. Okay, so it's a very big business. And I'm not really including any C mandate. If you get any C mandate, this thing goes insane. Because then you're, you're literally building millions of houses a year in the US. Each house on average has, let's say, 30 lights. That's 30 million units just for the new builds, just in the US. At on average, what's called a hundred dollars, right? Like, it gets so big, so quick, totally ignoring the smart home play, totally ignoring the recurring revenue plays, totally ignoring the data, totally ignoring their individual products. Like, it's just there's so much here. That could grow. So I think you're literally 300 million in the next 18 months, this kind of where I I think you could get there a lot of it driven by the fans and some of these partnerships as they grow out. And of course, you got 500,000 units at least going into the Miami smart cities starting in 2027. Looks like I don't know how many analysts are on this, but I'm just on Coiffin. Looks like they've got sales growth next year, 28% get to 118 million and then 12% on top of that in 27 to get to call it 132. So a little bit less than two times sales for this business a couple years out. I mean, do those growth numbers seem low to you? Like, you expect them to kind of smash that growth, you know, 132 million by 27 and then try one million in EBITDA. I do think that they will, I do think that they'll smash those revenue numbers, but I think it depends on how quickly they can ramp certain things. So like, I understand why an analyst who's going out there and writing it out and saying, hey, this is what I think they're going to do. You're not going to give them the credit that I would give them for like, I expect that they'll add additional box stores. Right? You're not going to necessarily give them the credit for like, oh, they won't marry out. And now 100 marry outs that you're going to be on. They're not building that into their models. I think that they are going to win that based on what I'm hearing from management and like the last calls they've done. So like, I think there's, that's the difference. I think we're at the inflection, whereas they're kind of going, okay, it's going to keep you in good. Maybe it's a little bit better and then it's going to taper off because, you know, that's what we do as analysts is, we're only really starting for 12, 18 months and then we go, it's going to be slower after that. I don't, I disagree with that. I think it's actually we're at the inflection that where we actually see accelerating growth rates for the next few years. And looking at their balance sheet, they've got 8 million in cash, 37 million in total debt. Is that actual debt or is that, let's say, primarily, primarily, I'm not, they've got like, okay, so they've got like 19 million leases and that's 4 million in long term debt. Yeah, and that's convertibles. And again, close big holders. So like, they recently just extended all that debt and basically everyone that extended it, they added another five years, who was the same interest rate. And most, I think, I think they all added to their debt. They said, "Alright, we'll give you another two or three million bucks." So like, again, very friendly holders, they're not going to be a problem. Let's lay it like in my opinion because it's like guys that have been there since they're very between. Yeah. Okay, so then knowing that in order for them to scale and build out and achieve those targets, it's going to take some working capital. Do you think they have enough cash to do that? Well, will they need to raise like chair counts gone up from was it 50? 58 million in 2019 to 113 so you know they've been serial share issuers. I know there's some you know insiders participating but what's the what's the runway there? I Think he's if he is back gets the cash will positive in Q1 right let's say give him a little bit of leeway It diminishes vastly the reason to do the share issuance right and when you're unfortunately when you're assuring shares of a dollar or two dollars You know it doesn't take you don't need to raise a lot of money for it to be a problem Now if I'm right that we're an inflection. I don't think that there's as much of a need to raise capital going forward But what I would say is I've noticed he's not necessarily He's not opposed to raising capital especially if it helps him bring strategic sim So like notice that all the raises are with strategics right? So like if that is a way for him to bring in people. I think he'll use it in that manner Do I think he needs to go raise capital tomorrow? No, I don't and remember how the the online business which is the majority The revenue works right now right the online business is the majority of the revenue How it works is he gets the cash today doesn't pay for it for 45 days. So you always always always has this Negative credit balance basically short-term short-term accounts payable do And I think a lot of people take that as I go. It's real debt It's a kind of as long as sales don't totally fall apart. There's always cash coming in the payment And if you and haven't forbid you grow right like and it starts to compound itself really nicely right That's interesting. It's again like I said I like the chart I Think it's a fascinating business. I'm very confident on this one. Well, I shouldn't say that but I'm excited for this one in 2026 That's how so okay, so when you say when you say super excited How do you then position size for something like that knowing that you've got to you know have some humility that you could be wrong How do you position size? Well? So it's working for me. All right, so it's grown to be bigger than I would have bought it. So I had You know last time one of the names we talked about is a company like ASPI at that time I bought comms.ks P.I. and and sky x to roughly 10% positions. Okay, so ASPI Good quite well. I've taken a lot off pull back actually looks attractive again I'll throw that out there to people ASPI quite attractive here in my opinion Really quickly sidebar go back to our other conversations to learn what they're doing But that being said I bought to all of those to a 10% position and and you know, they've all gone up a fair bit So they're bigger the other ones. I haven't I've added to I haven't taken anything off so it's Quite large at this point. Yeah, however. I'm also It's a name I've been around for a long time and I think they've laid the foundation required for this to take off And I'm I'm pretty confident in it could I be wrong? Yes, but I'm also up like you know 80 90 100% on it So I've got some So then how do you know when to trim a position that you really like? That's up a lot versus hold because you're still confident in the thesis right because you could argue that ASPI You shouldn't have sold maybe shouldn't have trimmed because if it if it looks attractive here Why not just hold and then add so like and and and and again right like I'm speaking about this to kind of red team your process like how do you how do you decide when to when to do the two? Well, the thing I'd say really Brandon and anyone listening is selling is the hardest part. Yeah, there is no Hey, this is the right time. This is the right answer And I've spent a large portion of my career on how to sell and there still is no right time or not right answer But I do have a process that I follow It's kind of like I'd call it semi-surpriority of how I do it now Have I been known to override my process and then we'll go to it later. Yes So I try to stick to it this closes like and in the case of what happened primarily with ASPI is I bought that stock in the ones and it grew to be And the pens just seems right and I got out of it in like 9 10 kind of rate. Okay, and maybe nine And really the reason to sell that was it had gotten so big and the volatility was too high Like I still believe the stock has got a lot of room to run But the volatility became so big and the the stocks was such a big portfolio position At that point it would go into big 40 percent of my portfolio And that's just too much So I had to take some off and hindsight being 2020 kind of glad I did because it's full back now. It's in my favor Uh, but I can't it looks correct of here I think it's I think it's really also. I mean look I'm not afraid of big big positions and my buddy I think the the fun manager that takes the cake for large positions was my friend Matt Pearson at at At his fund where he put I don't even think this is joke he put a hundred percent of his fund in MP materials Wow, good for him As long as it was relatively early, but yeah Wow So was he he he got in early wrote it up wrote it all the way back down and then wrote it all the way back up. I was just I hope he got out the second time For his own personal sanity. Oh my gosh. Yeah. Yeah, so that level of volatility is too much even for me So I couldn't do that, but uh, you know, I do have a large portion of my name and kind of my portfolio and kind of the top 10 minutes Like a very large portion like 70 80 percent So another another name I want to talk about and I literally just going through like your latest tweets And I think this is a great way to kind of find ideas is M-O-B which is Mobility calm, I believe if that's yeah, that's the right one. So this one again looks pretty interesting Robotics play and again you probably tell me oh, it's something completely different But I'm just reading the description. It's a robotics autonomous drones play 62 million dollar market cap I like the theme and obviously the thematic. I like the charts kind of pulled back You know kind of from 11 bucks down to six and a half Again, never heard of this company. So what's the what's the thesis here? What's what's to be excited about? Uh I'll kind of caveat this one saying I do still own it. I still like I think it's got a lot of a lot of Upside opportunity. I think I think there's potential here a ton of potential. I will caveat and say I originally bought this at like 13 million market cap and it had 10 million in cash. So that pieces a little bit different. That's amazing So okay, so okay, okay, so then let's let's do this. Let's backtrack all the way to when you first bought it Like how did you find it and then what was you know like what gave you the conviction to buy it then and then we can fast forward after that point to where it is today this and then the potential value still left I wouldn't call it conviction, but uh, so I had a friend that actually is in the drone space Past along to me is like hey, you might like these guys. They're kind of up your alley right? That's kind of how we put it towards me And I met the CEO I spoke with him a few times orin uh and Like you I said, hey, this is the right space And he's doing cyber security for drones and robotics and at that time He only burns like some million and a half a year So you got nine itch 10 million in cash your market cap is 13 million dollars and I'm going What's the worst that could happen? Was based so I wouldn't call I could I wouldn't call that conviction uh, but I would say that this was a Prime of opportunity, so it was me and I saw like you know, this is a good space I'd made some money in red cat and you Mac on that first initial pump from like very low to high uh and I was looking for other places Met orin liked what he was doing and basically What I see here is he's got I don't know first movers the right term, but let's say early mover early adopter advantage on these cyber security protocols Uh, and I think it's a really good idea So his mar his business is unique. It's like sell hard and hardware aka like cyber secure hardware And then once you're on the platform go back and try to sell them cyber security software for the whole drone So you get like 60 70 percent margins on the hardware and then you try to upsell them with 99 percent margin cyber security software I like that. That's a good that's a good model right yeah, and I think and I can get it a very very inexpensive valuation. Why it's an Israeli company. It was an ADR Came public in a silly way like through a reverse merger with an Australian company, which is what you've never heard of Uh, so it was a very odd story But I thought you know, this is unique technology in a good place And there were one of you companies at the time that had Been approved on the blue UAS list And if you know what's going on in drones, we're basically getting rid of non domestic or friendly Nation drones as of I think it's the end of 2026 So They've got this flight controller on the blue UAS list. That means they're likely to win more products in the future in my you know monkey brain. So uh That's how I bought it. That's how I started and then the more I looked into it I was like, you know, these guys are really well positioned and in fact they're competing For some large orders on earlier products, but large orders nonetheless for them Uh, one with a company called teledon clear for a you a couple U.S. army Uh, products one of which I just tweeted the other day Mobile com hasn't said it yet, but we're one a big Production order. So this is going to be massive for mobile economy. It's multiple millions of dollars a year And they've got three or four other programs that they're fitting on with the same customer So for a company of this size that burns $1,000,000,000 a year. I don't even think it's two minutes. It's really past. It doesn't take much to drop to the bottom line for this to become quite interesting, especially with the margins that they're putting up. They've also got a very late stage program in Israel, which is where Orrin was originally from. Then I think they ultimately will win there as well. And now that they're on this whole blue UIS thing, new customers are coming to them left and right. So I think they're getting more and more adoption and ultimately they're one of the few players, if not the only in these small drone cyber security. And especially based off the new new new video chip for robotics, they are the first mover there. So it's just a really unique space. No one knows about the company, to the point. And it's pretty early in their company's lifecycle. And they've now, they're really cashed up again. They've got-- I think they're up to like 15 or 20 million in cash again. So they've taken out most of the warrants that were out there. They've only got 13 million shares, I believe it is. And another million or two million warrants. So it's a pretty clean capital structure, no debt. 17 million in cash, 16 million in cash. Not much burn. I think there's-- I think the room here. Now it's not 13 million EV or a market cap and you're spending 10 million-- I think I've got 10 million in cash. But it's still very attractive in my opinion. Yeah. Yeah, no. I mean, anytime I could find something that fits within the thematic that we're interested in, I want to explore, especially something on the smaller side, maybe a little bit unknown, but congrats on that trade. That's pretty good. That's a pretty good return. Well, Brandon, you've got to follow me on my sub-stack. Hi, I actually put it out on sub-stack. I think it was a buck 50 or something like that, buck 75. So that was out there for everyone. And then so when you originally have that, you mentioned this not necessarily conviction, but just you like the asymmetry. What's the position size in there? Like, obviously, it's probably not the 10% that you have for the big confidence. But is this still like 3 to 5? I actually ramped that up pretty quickly. It got to like 5% or 6% really quickly. Because I just love the asymmetry of the bet. Not that I had huge conviction. This was definitely the greatest cybersecurity company. The world, although I really like Warren, I think he's doing great things. It's just a little bit beyond my technical scope. So that's where my certainty lacks. I don't have the technical chops for that. But the asymmetry was so attractive. I was like, this is probably going to work. Got it. All right. I'm going to move down the list. There's another one, R-E-F-R. I'm so glad you came to this one because man, talk about asymmetry. I think this one is good. Research frontiers. Yeah. 47 million dollar market cap. 26 million shares float. Again, this looks-- I feel like you kind of like these tech, complex businesses that have some sort of complexity about them. So again, what's this idea here? Well, I give you-- here's what I do. For my small microcap, I have kind of two names I look for, or two types of names. I have what I call a "collectic value" A.K. there's a total misunderstanding of what's going on. That's like a construct, right? It's not necessarily cheap on a price to book value. But if you really figure out what's going on there, there's a lot there. And then I like disruptive growth at a reasonable price. A.K. I like growth names, but I'm too cheap to pay for them. So that usually leaves me in a position where I'm kind of early in finding new disruptive things. Like SkyX, I've been there for a while. I was kind of early. But I think, again, 26, I think is a big year for them. So it's kind of my model is to look for these kind of things. Now, to research frontiers, why I like them? And I'm really excited about research frontiers, actually. I think, again, we've got a very good 26 in my opinion coming there. And what they do is this is an old technology. It's been out there for a long time. Like 20, 30 years, the company's been out there for a long time, 20, 30 years. Like, it's not. And it's been a disaster. OK, so like the shareholders don't care about it. It's left for dead. No one writes on this thing. No one cares. That's a nice setup for a guy like me if there's something asymmetric. And in my opinion, right now, there is something asymmetric happening here. And what it is is-- well, first, I'll say what the company's technology is. The company has this technology. It's called SPB. And what that does is, for ease of conversation, things shade on demand. So it's electronic tinting of windows. And unlike other versions of electrochromatic windows or window tinting, this actually blocks out 99.5% of the light as well as the UV and heat transition. So they put it into cars. And they use it in their sunroof. So that's one of the main initial applications. So it was in Mercedes. It's in McLaren currently. It's in Ferrari currently. And it's in a car called the Cadillac Celesteak, which is like a hand-built Cadillac. OK. I actually have a pin-- I'm not pinned, but I have a tweet out there on it-- on the Cadillac Celesteak roof. And it's super cool. You can change the tint by quadrant. So you can make this one black. This one is clearer. It's a neat technology. But you put it onto the sunroof, and it cools the car by up to 18 degrees, just by having this tinted sunroof on. And what that's really nice for is for automotive manufacturers it saves you fuel economies. Why? Because you can use a smaller AC unit, smaller compressor, but if you get better fuel economies. So it gets in the track to a thing, especially on EVs and hybrids where they're trying to really stretch fuel economy. The problem has been notice the manufacturers. I just named McLaren, the Ferrari Cadillac, the lesser extent. And we're savings, right? But these are luxury cars. The problem has been with this technology. It's very expensive relative to the other similar competing technologies. So what's interesting, though, is Joe, who's the CEO here, has been saying that we were challenged by a customer. In this case, I think it's a car manufacturer. To get their cost to the competing companies cost. And he said that they were successful in that. So one of the big hurdles for these guys is the cost of manufacturer is relatively too high. It works better than everyone else's, but it's a little expensive. He's implying that they've been able to get the cost down. And the way they're able to get the cost down is they work with a company called Gauzie, which is also public. It's a smart class manufacturer. They work with Gauzie to get greater volume to manufacture this, the better manufacturing volume they have, better they can purchase this electronic electronic coated plastic that they use. Anyways, they drive down the cost. It's good. And what I think that does is it creates a flywheel effect for research around here, where you see it get on to more and more cars, and you start to move from high end into, let's say, luxury, then to mass market, and so on. And what's beautiful for research frontiers, it's another one of these companies that has almost no burn. They burn about $1 million a year, a million in a quarter a year, and it's a licensing model. So it's a 99% 100% margin business. Every new car sold drops to the bottom line. If they sell 1,000 more cars, they're breaking. So it doesn't take much for these guys to pork. What he said is he's got an American win, maybe two European wins in an Asian win coming in the next 18 months. Now the problem is he doesn't control the timing. He's kind of the last to know because he's the licenser. But he's got a bunch of car wins coming in automotive. And one of them is around $50 to $60 million in revenue. That's what he said publicly. Now he gets 10% of that in licensing. I'll be conservative and say, let's face it, he gets maybe, I don't know, 3, 4, 5 million from that one company. He's now nicely cashable positive. Yes. He's got a few more coming down the pipe in the next few months as well. Things look very well on the automotive business. I like that. In addition, though, he has another licensee that has come up with a way to basically put the film in a commercial building window retrofit. So they put the glass film in and you can install it in six groups. Everything is self-contained. So there's a little solar panel in the frames. And now you've got smart windows for commercial buildings. Why does that matter? Again, I'll go back to the previous statement about the cars. You can control the amount of heat and light transmission through this window. What is that? Do it lowers the operating cost for these buildings. As a result, you save a lot of money by doing this. But also, now you have a second pane. So you've effectively created double pane or triple pane windows, helping insulation factor. So for the building owner, this is going to lower your operating cost quite dramatically. And you can also get rid of shades and things like that, because now you can tint. What's really interesting is there's some government programs to upgrade windows for the government buildings. Because there's a lot of windows and government buildings. And the licensee that's doing this that's company called AIT is very plugged into that world. And they're out there saying, hey, we think we can do tens of millions of dollars of sales in the first year and double or triple it for the next few years. We just did this one application of which, again, research front peers, it's 10% of us. So you've got two new end markets growing in 2026. Not new automotive is existing. But growing an automotive and then a new end market and a new business, what I like about that is commercial buildings. That'll be much faster to get into versus the automotive cycle, which is much longer and more uncertain. So now you've got two shots on goal. And you could easily be doing $5 or $10 million. in revenue that you want to in this year next year. And you drop that down at 99% margin. You're at 25, 30 cents a share on a stock of $50. Yeah, I mean, take your multiple, but it's more than $50, let's say, like that. So is it too premature to call this like an expel kind of type of play? That's a great-- and I think that's exactly the right reference. I think this technology is there. The technology is mature. You need to find that way to bring down the manufacturing cost. He's out there saying, hey, we did it. We did it with one of these manufacturers. I think it's an American one that's chris and fern. But I think it's an American manufacturer. I'll say they already have Cadillac. So if I were a betting man, I'd say they probably maybe got some more Cadillacs. But that's me or maybe another GM. The other opportunity is Corvette is using a competing technology for their-- they have a new roof option that's tinted. And they're using a competing technology. And unfortunately, or fortunately, in this case, for research frontiers, that manufacturer is having delivery issues. They're not able to get them out there. And that's another GM product. So could it be that research frontiers comes on as a second source supply there, maybe? So maybe that's the opportunity. Again, another interesting idea, just to add to the reading list as I go through and do my Christmas time, like, OK, what company should I want to learn about? This is fascinating. So let me add this. Yes, that's the kind of names I like to do. And I like to go get involved in and try to help them out, as much as they can. My friend called me a constructivist, because I'm too nice to be an activist. But that being said, this is the kind of names I like to look for. Are these companies pretty receptive to that? I mean, I guess the only reason I said that is, is a lot of your names, when you look like when you enter them, like, the stock's pretty beaten down. Like, returns aren't there. So it's not like they have a lot of room to say, oh, well, you don't know so and so. It's like, well, your stock's down like 90% less three years. So it does give you a better leverage or a better negotiating position, for sure, to start from. I agree with you on that front. And also they're tiny, right? And like, one of the things I find with these companies is you don't know what you don't know. And a lot of these companies, like, they aren't overly experienced being in the public markets. They don't have great public market knowledge. They don't understand what are-- OK, maybe they know what retail investors are looking for, but they don't necessarily know what it takes to get into the investor-- the institutional investor class. And ultimately, that's what you want. Is you want to break out a retail into institutional-- sorry to say that to retail investors. But that's how you see the stocks go from micro to small to mid to large, is you get a broader group of investors with bigger pockets. So a lot of these micros don't necessarily understand what that takes. So you can help them with that. And then, of course, what do you and I do for a living, Bren? And when you go out there and we look for little weird companies, and you don't know, so maybe you didn't know that there was a company over here that could help you solve a problem. Yeah, kind of. So quite honestly, they're almost always receptive as long as you go out or go towards it with-- it's a win win. Let's set up a win win scenario. I don't want to take advantage of you guys, but if I can help you win, then let's all win together. Not too many people are like, go fuck yourself. When you say that, you know. Yeah. Has that been the biggest change in your process over the last two to three years? Were now you're being more active? And is that something that you envision that you would do? Yes, it is definitely my biggest per change in my process to be more active and trying to actually help these people. And let's say, engineer my success in some way, right? Like if I can-- if I know something that's going to help you, why am I not ensuring that my success-- or at least trying to ensure my success, what's that? So that has definitely been my biggest transition. And to your question of, did I expect it? No, not really. What ended up happening and how I kind of-- I would say fell into it is-- there's quite a terrible mark in 22, 23, 24 for microcaps. And I was looking at these companies and like, Constructing one of them. And I was like, there's so much here. There's real value. SkyX is another one. There's so much here. There's real value here. What can we do to help other people understand that there's real value here? And in some cases, maybe it's selling off on used assets. Maybe it's trying to get people I'm working with to use their products, things like that. How can we get people to understand that there is real value here? I've gone through the numbers. I see that this thing isn't going away. How can I do it? And so I just started doing it. And there's this kind of meme saying, you can just start doing things. And I just started doing it. And that's where I ended up. Yeah. That's awesome. And as we look towards next year, right in the last two weeks of 25, anything about your process, whether it's position sizing, trade management, idea generation, anything that you want to change or anything you want to improve on as you head into next year? Well, I always want to improve my selling. One of the things that I think other people do better than I do, frankly, is I think there's other people that sell better than I do. As much as I've spent enough time on it, still have the best at it. That's something I'm always trying to improve on. Part of it is I do so much work and I get very involved in these companies, right? And then you know too much. I'm not even going to say you fall in love, but you know too much. And then you're like, oh no, no, it'll be fine because. And then kind of justify it. Instead of where I think a lot of technical traders beat me is like, that's chart said down. So, no question. Yeah. And I think part of that even becomes more challenging as you take on a constructivist role because it's like, hey, I'm coming in. I'm helping you out. And then to, you know, some time later, if you want to change your mind and if you want to be flexible, you know, there's probably that's like, oh, I can't just sell because I owe it to these guys because I help them and I'm like nurturing them. And it's some like weird sort of quasi personal relationship that happens. I guess that's certainly possible, but maybe I don't feel like I don't really feel that. Like if I've helped you and you're here now, like you have, I think you've mentioned that you've had young child. So like I'll say it like that's like, you want to see your kid grow. And, you know, be successful adult, right? Like, I want to see these companies grow and become successful companies. And like if I can help them when they're young and they carry on without me, like I'm more than happy to see them flourish and just kind of let them go and do the next one because the beauty of it is small and microcapped. There is no shortage of small and interesting opportunities that are available. And one of the things I do really that helps my process is I talk to a lot of people like yourself and I just bounce ideas off and like it's amazing. It's amazing what the high mind can come up with for ideas. And one thing that I've been asking different fund managers and friends is their daily process. Like in an ideal day, say there's no kind of emergencies or whatever, how would you construct your day from start to finish? What would you focus on? What would you spend your time on? How much would you go from reading to, you know, new ideas and the people that I've asked have pretty much all said, I just read all day and I'm like, man, I guess that's just the answer. It's just to keep reading. So interested to hear what you think. Honestly, that's pretty much what I was going to say. I was going to say I probably spent 60 or 70% of my day reading. Now I'm also doing more like client facing stuff. So I got to do that kind of stuff. Although admittedly, I'd like to spend like 80 or 90% of my day reading. That's what I used to do when I was an analyst. I just read all day and that the people would ask, what do you do if I just read constantly? Always reading something. I spend a lot of time meeting with management teams. So maybe an average, we come to them like 5 to 10 management team meetings, right of various types. So that's where I spend a lot of my time is kind of talking to management teams, looking for new ideas, reading. I typically my day starts though. What happens is a portfolio overnight right in the last 24 hours. What happens? Make sure there is no emergencies. That's where I start my day. I almost always have stuff I had to do from yesterday and get done because you know, they never ends. So I then kind of put out any fires I have like business wise. And then I usually have a nice block in the middle of the day where I'm kind of new ideas. I'm talking to people about different ideas, whatever it is we're working on. And then you know, next thing you know it's the clothes, so I always go back to the market for the end of the clothes and start again the next day basically. That's kind of how it goes. But yeah, a lot of the day is spent reading and looking for new ideas. That's always kind of my, it's what I find most exciting. So it's like, it's not hard for me to be like, man, I got to go look for new ideas. And then the other thing I would say is again on my sub stack, I kind of put out a preview of it. But every week I have automated various different things I look for across the stock market. And I put it out every week. You guys can anyone that wants to go to my sub stack yet, unloved and under follow. Pretty appropriate. And you can see kind of an quantitative work I'm doing. I'm looking for what's going on in this sector, what sector's hot right now. Within that, which stocks are doing good, which stocks are getting big estimate revisions. Let's go look at that. So I'm always kind of screening in that way too. So that's what I'd say. That's my process. Always looking for names. Yeah. I love it. I think we can, I think we can end it there Chris. I appreciate you coming on. I guess I will run this back next winter as it's as we do. Sounds good. I'll see you next. Thanks. Yeah, press the the year in bus of luck. in 26 and again I always appreciate your ideas and I think you're a great follow on Twitter. So where can where can people go to find out more about you outside of the Twitter X universe? So of course there's 1035 capital is my ex, 1035 underscore capital is my ex and then I've got my sub stack. I'm loved and under followed. Feel free to go there and then I also have my own website is 1035 capital you can see it over my head here. Feel free to follow me. You know, feel free to reach out. Always happy to talk names of people so no hesitation. I'm happy to talk as you know Brandon and I'll say to you I appreciate the invite and thank you for the access to your audience and the nod on the Twitter following. Yeah and then I don't remember your answer from last time. So I'm going to ask you the question again. If you could have dinner with one person from the past or the present who would it be and why? I don't remember my answer last time. So it'll probably be the same. Maybe it'll be different in those. You know, I'm somewhat fascinated. This is such a weird thing to say but I'm somewhat fascinated with ancient Egypt. Maybe a lot of people are but there's a gentleman named Petri. He was like the first person to really look at Egypt with an engineering kind of eye and Flinders Petri's his name. I would love to pack a Flinders Petri. So there you go. I've never I've never had you spell his name. Honestly, I don't know. I think it's FL YNDRS and then PET RIE but Flinders Petri is like one of the first guys to go into Egypt and do a lot of studies and found a lot of really fascinating things and man that's got to be a fun conversation. Dude's got a hell of a beard. Yes he does. Yes he does. In 1953, diet in 1942. Yeah. That's crazy. I'm like just what he what he saw through through his life but wow that's. Wait tell you I'll say one other thing for you. There's this thing that he found. There's many things he found but you found these things called granite phases. All right and they're like these unbelievably precise phases made out of like hard stones granite. Some God forsaken time in the past that this is a rather unique mystery and it's my fascination and why I love to talk to him. Awesome. All right Chris so thanks so much man. Have a have a have a great rest of your Merry Christmas. Happy holidays and we will talk soon. Likewise. Have a good one, Brandon. See you.