Episode 16: Earnings Palooza And Portfolio Battle

Hey guys and welcome to episode 16 of Shunz Bulpod with Drowsey and Bear. As always, you can hit us up on Twitter at investing underscore bear and at Drowsey investor and you can hit us up actually. I hit correct you. Investing underscore bear is probably a faker. If you want to get scammed by a Twitter account. Oh, wait. No, sorry. I thought you said underscore investing bear. I'm an idiot. Go ahead, you had it right. You said investing underscore bear, right? For those who have been asking for behind the scenes, look at how bear and I are kind of on the outside, outside of podcasting. This is a great optic into us. Anyways, you can hit us up at our Twitter accounts. I'll just leave it like that or you can reach us at Shunz Bulpod 2025 Gmail. Yeah, we're just basically an old Mary couple. What is it with men and asking for directions? It's been about nine days since we started for me today. Now, it's been about nine days since our last podcast, which might as well have been 15 years in investing. There's a global conflict going on. There's oil at 90 every stock is kind of acting berserk. The indices are not far off all time highs and some of our stocks are actually starting to respond. This is just a deluge of information going on. Yeah, it seems like the news is coming fast and furious and multiple times a day. It's been one of those weeks where within a given day, the market will be down one and a half percent. It's only down a half percent. I'm talking about like that as a P500 or something. It's just this up and down, up and down, up and down throughout the day. After two months of basically the indices moving higher or at least somewhat green and many of our single stocks, and I'm thinking the SaaS stocks, I'm thinking the cybersecurity just absolutely getting slaughtered. We've seen a little bit of a reversal over the last week or two of some of these stocks who put up some good earnings, which I guess to foreshadow will go into a lot of different earnings of company shortly. I think we're starting to see some reversal where some of our individual stocks are outperforming the indices, which is really nice to see. I was just getting used to seeing red every day and I've actually seen a little bit of green my portfolio recently, which is really a nice touch. I think green looks good on me. No doubt. No doubt. Yeah. I mean, for an individual investor, we've been talking, you just got to keep looking at those earnings and keep focused on are the companies producing and sort of let all the anxiety and the quick movements in the market sort of filter their way out of your thinking. Because I think now more than ever, it's easy for the individual investor, the retail investor to just get absolutely confused and be quick triggered into making a move, which maybe right, selling trade desks at 100 was definitely the right move and not buying it at 29 when what's his face just bought like a billion dollars worth of its stock. But at the same time, moving out of some of these long term winners like in video or these potential hundred backers is really just detrimental to your growth. No. I mean, really great points and it all comes back to fundamentals, earnings, what's the company's reporting. And as a way of foreshadowing again or maybe transitioning, so talking about the recent earnings reports, you actually had a pretty good earnings season in video, crushed it. I mean, regardless of the markets, like almost non-response and axon crushed it and the market like that. So that's going well. And then a lot of the other ones will get too later. But I mean, for sure, you know, your top companies, I think you had a tweet on this. I mean, they all did well. And, you know, most of the companies I follow did well. They didn't all get treated well by the market afterward. But most of the most part of it was business as usual. And it seems like the AI narrative, the doomsday narrative that we talked about in our stoplight session, our red light from last week has kind of filtered out. I think people are realizing that even if AI is going to fundamentally change our workflows, which I fundamentally think so too, it's going to take a little bit and these companies aren't going to go to zero right away. And in fact, some of these companies being forced to make changes now ahead of the curve might actually find long-term growth and changes in beyond the front end of changing and find some sort of footing quicker than some of these companies that are more entrenched in their ways. I also still, if there was a polymarket, I would still short humanity long AI investing. But that's kind of a more of a play by me. And going back, yeah, the companies are crushing it. Even companies that people are leaving for dead are mostly doing okay. So with that, let's transition. So for folks, we're going to do rapid fire earnings. This is going to be kind of an earnings pollusa by us. We're going to hit a bunch of companies kind of quickly to give you a general sense of what we're doing and what we're thinking. And hopefully it helps you and definitely let us know if there are other companies we should be watching about other companies we should be focusing on or investing in or doing deep dives. We're definitely open to all of those. So with that bear, why don't we start? And we got to start with Nvidia, right? I mean, 78% of your portfolio now is out in the zone. I think my family is my wife, my kids, and my Nvidia shares. So the earnings were excellent. The numbers are just video game numbers. The growth, the revenue, the margins, the guidance just above everyone's wildest expectations. And I really took particular note, if you saw, Jensen a couple days ago basically said you can't keep my stock down much longer, which any other company CEO says that and instantly all the bros on Fin Twitter are going to say, I don't want them talking about my stock. What is a CEO talking about a stock that's never a good sign? Meanwhile, Jensen just casually does it and he's not wrong. The price target across the board, there was one by a company I've never heard of, but price target at $375 today, which is pretty much double a men's home of the largest company in the world. So that's why the metrics are all going in the right direction. This company is operating fully is just still in the midst of a massive build out. And I think all the narratives, like if you go back to our podcast earlier this year, no sorry, late last year, it was all about, is this build out going to continue? Is this going to continue to last? And you know, John Ratonti and some of these early episodes was like, I don't think you have any idea how great this build out is going to be. And he was going from the fundamental electricity and building and construction angle, which is true. And I think this is just exceeded our understanding and the markets understanding. And these guidance and cap ex numbers are crazy. Now, yes, before people tweet at us, like yes, cap ex, which is capital expenditures could slow down by these hyper scalers, but it's not right now. And Nvidia and Broadcom and all these other places are telling us it's not anytime soon. Yeah, I mean, I have to, I think I heard an amazing quote from Howard Marx. The last couple of days, and he was actually quoting somebody else. I can't even remember who. And, but it was basically like, if, if you think, I think he's quoting Walter, Walter Krunkite, and I haven't looked at sub to CV was correct, he said, I think Walter Krunkite said that if you think you know what's going on, you don't, or if you think you, you, you want, if you're not confused, I think was the quote, then you don't know what's going on. If you're not. If you're not confused or, you know, starting to feel like you're left behind by all this AI stuff, if you, if you're not, you know, questioning your predictions a little bit, like, you don't know what's going on. So anybody that wants to tweet at us, I will fight you on that one. If you, if you want to get into a Twitter spat, like the guy, I'm not going to do it chamathed and donate to your college fund for your kids or whatever, but if you just want a good argument, come at me about the uncertainty of the future. This was on our one of our spotlight sessions too, you know, like you just don't know. And look, I'm, I'm eating crow here too. I mean, Nvidia was doing like 25 billion at the beginning of like 2024 per quarter. And then that got up to like 40 billion and, you know, in September across 50 billion, this, it was almost 70 billion in December, the December quarter. Like the guy did for 78 billion. So it's going to be 80. It's like, yeah, it has to do. Do you know where this stops? Because I don't and granted, yeah, I would guess that it's nearing the top. I would guess that Amazon and Microsoft and meta and, you know, whoever Amazon, I think I already said Amazon, but whoever else, they can't keep doubling their, their catbacks every year. They just can't afford to do it. Is it going to go backwards to John or Thauncy's point? You know, like what if we just stay at this level, 78, you know, 80 billion dollars a quarter for the next five or 10 years, Nvidia is going to have more earnings coming in than any company has ever dared to dream, you know? margins are so much better than the rest of the Mag 7, even the likes of Microsoft, who's always been had incredibly inviable margins. I mean, they're just going to print cash for the next however many years, and I don't know how many years that's going to be, or if it's all priced in, but it's hard to believe. You know, they could just start paying a ridiculously huge dividend or something. So I would guess Nvidia goes higher from here. And I mean, I think so too. And we've talked about laws of large numbers. I don't know if this is a double or triple or a 10x. And I really, I mean, obviously, I'd bet against maybe a 10x, but I wouldn't bet my life on it. We really just don't know. And you know, this is truly fun with numbers, but I was goofing around to see what country GDP is equal to Nvidia's yearly revenue. And for fun with numbers, Nvidia's yearly revenue, this is not their market cap, which is much larger, but they're earning the estimated GDP total of hungry every year, which is crazy. And of course, their market, you know, their market cap of four trillion or whatever is equal to three top trees. GDF, right? They're putting up a hungry every year. And they're putting up, you know, a country a little bit smaller, perhaps every quarter. They're just incredible. So still top holding for me. Let's move on next, next on the list. Did you know I was going to say that by the way that I think they're going higher? Because I mean, I feel like this is why you know that we're not, you know, just jerking everybody around. Because you own it in like half your portfolio. And I don't even have shares in the individual. I do have a large position in this, 500, but I mean, this is, we just, we just think this is interesting. And what I really do, I really do think it's going higher. And I know you obviously, you better think that I'm betting heavily on it. Yeah. What I've said, I would have said, you would have said sideways. I am a little surprised you're saying going higher now. How much I have been saying sideways for a while. And I've been, and you've been raised right the last six months, right? If you bought, I mean, August of, I think this is true. Let me do a quick. I was wrong. And then I was right. And then, you know, hopefully now I'll be right by saying they're going to, they're going to go higher. If you bought in, let's say July of last year, you'd be up 10%. July, August, you'd be up five to 10%. So almost 10 months of flat. But then of course, you know, if you had bought in certain times in September or October, you'd be down, right? Or whenever that was correct. Yeah. It peaked in October, right? You'd be down 12%. Yeah. And if you bought in April at the tariff tantrum, you'd be up 85%. So yeah, a little fuzzy with numbers, but it's been sideways pretty much for nine months. See, to me, this is more predictable. I don't know. I need to move on because this is supposed to be like, you know, quick earnings. This is half my family. We're talking about this as all family. But I say the olive garden of stock talks. But I think in general, you know, like, this is easier to sort of add and trim, you know, because you know, when when the tariff tantrum happened, everybody and their brother knew it was under a lot of human rights. But I mean, everything else kind of was too. So that was the problem. But, but I had a position in the individual stock in addition to my S&P holdings. So anyway, don't want to get off on my, you know, trading theories and stuff. But I definitely think that this is one that makes a lot of sense the way Nvidia trades. And, you know, like some people are super, you know, think, think it's, it's getting very cheap. You know, I think, again, I'm going to fight you on. We don't know what the future holds, you know, but I definitely think it is on the, it is on the less expensive side of, of, you know, that's hedge language that you can learn to expect from. I know I said, like, talking head. And I'm really just trying to say, you know, like, I think people have maybe too hard takes one way or another. You can really kind of understand what the market is doing. Yep. Totally. Okay. Moving on. Axon. You're going to talk to about them a little on the spot. Yeah. I'll talk a little bit beyond. And then actually we got a couple of requests for bear to talk about axon and why he is a shareholder. So I'm going to turn it around on you and asek. Axon earnings or excellent. I, there were, they beat expectations. They raised guidance. They gave a forecast for three years of 25% growth, which, you know, this will be the, remember the stat, but 10th, 11th quarter of 25 plus growth. They gave really good insight into their AI growth, which is a key driver for them. They talked about international growth. It really delivered almost everything I was hoping for minus a few key announcements on commercial and enterprise as well as international expansion. But maybe they'll come later. I was pleasantly surprised and the stock is doing really well for the first time in months. So bear, what was your take? I mean, I pretty much agree with your entire take. And, you know, I don't even really have that much to add other than, you know, for me, this is, I hate to always feel like I'm saying the same thing that I always say about everything. But like another, another great opportunity to feel like this company, and I'm going to say the same thing about Mercado Libre and C-limited. But like, and this is what I did with Amazon last year, right? It's like when you have a company that you feel rock solid about for the long term, right? You have no long term worries, really, you know, Amazon. I would put AXON pretty much in that category. I would put Mercado Libre and C-limited pretty much in that category. You can, you don't have to always own it in, you know, a huge position unless you're drowsy who's me. Unless you're the roaring kitty of AXON. But for those of us that aren't the roaring kitty of AXON, like I have, I have added two AXON when it was falling, when it was down in the 400s I was adding. Since it's come back up, I've, I've trimmed everything I could trim at a gain. And it's, you know, no longer, you know, it's, it's, it's falling back down to a smaller position. So, I just, I think it's a great company. I think it's pretty dearly valued. And so it's a small position. That's that, I mean, that's pretty much the take. And I feel that way about a lot of things. You know, one thing I've been thinking a lot about lately is where we're going to find, you know, our next big winners and where we're going to find Alpha. And this is not where I would look personally. That's why it's a small position. You know, they're forward, you know, roughly what, what you could expect from their forward earnings. I mean, just kind of like multiplying their, uh, this year's earnings by 30, you know, if they are up 30% next year, you know, it's like a 65 PE forward PE. So that's, that's not a cheap stock by any, there's no way that's cheap unless, you know, unless they start, you know, their margin goes, goes out like crazy, which they're not talking about doing. So, you know, it's just an, you know, and in drowsy's nodding his head. So this is, you know, it's an expensive stock, but it's a really good company. It is. Yeah. And to me, that equals small position to drowsy, that just equals, you know, whole, yeah, doing nothing. Yeah. It checks out the underlying company. And, and we're taping this on Friday, March six, by the way, but, um, if you had bought one month ago, today, you're up 44% if you had bought right before earnings, you're up 36%. So in two, and just under two weeks. So, I mean, I get it. It's a great pop, especially when everything else was kind of dying slowly or transitioning to kind of a stockpicker market. Um, it was a good, it was a good quarter. Yeah, no change for me. I'm not adding selling. I have just hold and tight. Um, and yeah, and I really, you know, this is pie in the sky, but two weeks from now, six weeks from now, I really hope they deliver some of these enterprise customer names and deals. They need, they need some, um, what's the word I'm looking for? They need some good jujus, some good vibe out there by promoting like, hey, we just signed Walmart to this long-term deal or, you know, we'll finally release the name of our largest enterprise customer and it rhymes with shmamas on and just something. I want, I want to see a little pizzazz in that part of the business, but overall, it was a great quarter and I'm glad you're still a shareholder else. We can be friends and I'm glad I'm still holding. Fair enough. Well, since I already sort of teased Mercado Libre and see limited, you want me to go go there and do it. So I think the story with these two is fairly similar. They've never had good margins. You know, the margins are always there. They're almost target like, you know, they're, they're a little bit better because there's so much, you know, digital mojo there and and shop of fire. And shop of fire's, and I've never been as fat as like, you know, it's not, it's not in video. It's not even Microsoft. So there is some like, you just can't expect crazy margins in retail, but I think Mercado Libre and see limited have that under control. You'd kind of be a little conspiracy, 10 foil haddy to think that they don't like they can do this. They've been doing this for a long time. See limited went through some troubles, but like the last few years they've been crushing it. And just because these companies are choosing to have, you know, low-ish net margins and, you know, see limited even said there's is going to be about flat this year. Nobody wants to hear that. I think Mercado Libre said some things at least led investors in similar directions. I'm kind of getting confused at this point. So you have to bear with me. But in general, the margins aren't great on these companies. But look at the growth, the revenue. Just to put this in respect, I mean, this is, these are not small caps. Okay. These Mercado Libre, I mean, smaller cap than I would think, you know, a 90, you know, something billion dollar company, they have $29 billion of revenue in the last 12 months. See how many Mercado Libre has $29 billion of revenue in the last 12 months. So, you know, that's about what that's a crowd strike. Just, I know we'll get the crowd strike. Crowd strike is $110 billion company. And the revenue is like four point something of that. Yeah. Correct. I think they're guiding for five or six billion. Yeah. Correct. So, you know, again, like wild difference in size and like how long they've been doing this, how long they've been crushing this, they're still growing faster than crowd strike. That's insane. They grew 45% year over year. And maybe there were currency effects. I didn't really even look into it to be honest, because I'm just so not worried about the growth here and see limited growth 38% year over year and this past quarter. So, I mean, that's amazing growth. You know, sometimes, you know, I don't know people are US centric, but like when you, when you look out, when you think about these markets, which, you know, amazingly Mercado Libre says they're still, they still feel like they're early, you know, it's just like, I don't know. I mean, I'm not going to question them, you know, they've been doing this for a long time and they're still growing at this rate. They're still crushing it. So, and they keep coming up with good stuff, you know, like they're making customers happy. They're just, I just can't see, you know, like, they've been fighting off or they've been, there's been fears that they would need to fight off Amazon for like a decade now, you know, they're doing great. So like you just, to me, to worry about these companies or to sell them off is either really just short-sighted or, you know, you're just, you're coming up with worries, you know, and if you do that, it's really hard to invest in individual companies. So, to, to kind of draw this out a bit, Mercado Libre underlying growth is incredible. Margians hopefully stabilized and probably going in the right direction and expanding a little bit at some point and the stock is down 21% since all time high. It has done nothing but go down over the last several months. We know who else has said margins and pre cash flows not supposed to grow much this year. The hyperscalers, Amazon, you know, like, so, I mean, this is just like, there's nothing wrong with reinvesting into a great business for great growth. You know, I don't know if the hyperscalers are going to be growing it, you know, 20% plus or anything like that. But these companies are growing, like, near 40% or higher, you know, it's just, it's wild. And yeah, that can't last forever. But I mean, they're not going to drop to single-digit growth or even below 20% growth anytime soon. And we're talking probably a few years. So, I mean, I just think these companies are still building their amazing businesses into even more amazing businesses. What's the, for Mercado Libre in particular? So, Baron, I own both. I think Barrier you still own both. But what's the forward valuation for Mercado Libre? What's the price to earnings to compare to what we just talked about Axon or Nvidia even? Much cheaper. So, actually, I have a question about this and I'll throw it out there. Maybe somebody will respond with an answer. But for Mercado Libre, last I looked, it was about $57 of earnings expected. So, that would put the PE just over 30. So, a lot lower than X on. For growing at 40%. Yeah. For C-limited, based on what I saw last, the PE is like 25. But what I saw for the E-the earnings, it looked a little high to me, you know, because they're going, they have, the last few quarters, they've had 60-something cents roughly on average per quarter. So, what's that? Like a little over like between two and two dollars and two fifty, right? Something like, let's say two fifty. Well, I saw a 360-7 and I'm like, yes, I could see it expanding a little even though they say it's not, but probably not from two fifty to three fifty plus. So, I'm a little, that's a little, you know, question mark for me. But even if you put it at like three dollars, that may opposite at 31. So, these are much cheaper on a PE basis than something like X on for sure. Right. Yep. I mean, like pretty much unassailable. Like you're finding me sort of scratching my head going, what's wrong with Mercado Librarian C-Lavis? Like they seem fine to me. Yeah. And opportunity in the market. And I'm sure we'll touch on this and our portfolio updates. But this seems right for adding to, especially compared to Axon, which is popped in all, always high valuation and video, which is a bit of a heads scratcher, I suppose, too. And a little more back and forth on, is it properly valued or undervalued or overvalued? So, next, next on the list. I want to go to CrowdStrike. What a nice, almost boring, thank God boring earnings. I think this one, going into earnings, this was the one that I think everyone, I mean, it had fallen a lot, but everyone saw kind of the writing on the wall for this. And it's always been super pricey. And they needed to deliver a perfectly good quarter or blow it out, basically. And they, I think they met like the perfect good quarter. Wasn't great. I think they beat enough across the board. They had some good statements on forward growth and AI. Like they did just enough to not get slaughtered. And I was happy with that. I was thankful for that, basically. Yeah. Yeah. This is one that to me, has the stock, at least, has defied gravity for a long time. And, you know, I've kind of done making predictions about CrowdStrike. I do think, you know, like I would still trim here. Like it's still super expensive. Like it's the forward P is like 90. You know, we talked about axons being high at 65. This is like 90. You know, and that's assuming that they do everything that's expected, which I think they will. I think that, you know, like, again, this is like 20-something percent growth. This is not like a blow the doors off stock. So why is the PE anywhere near 90? Like if you told me that this PE was 40, I'd be like, that's a little pricey, but, you know, but, you know, it's not bad. But it would still be like less attractive than Mercado Libre and and see limited and, you know, Nvidia, you know, just on a on a price to growth type basis. I mean, so again, the growth is good. It's not great. The price is crazy to me. And, and underlying company too, and one other angle is just the AI fear. And I thought they handled it really well in the call, frankly, on showing how integral they are into the system, how any CTO out there would be insane to go with the cloud code, which is Claude's kind of security, right? Well, Claude's security, Claude code. So they could do kind of cyber security on their own, which is insane and putting, you know, your butt on the line by saying, actually, I cut CrowdStrike out to do a homegrown Claude derived security at this point is insane. So I, I am glad that narrative has died down because especially for the cyber security plays, the rubrics, the CrowdStrikes, the Z scalers, I just think they're pretty immune to that right now and hopefully for many years to come. So all in all, a good, a good quarter by CrowdStrike and I'm still holding it still 10% ish of my portfolio. So a large bare position of mine, but a minor Nvidia drowsy position of mine. So what's next to you? To list. By the way, CrowdStrike is actually still down some this year, even after the bounce back. I don't know how to structure this game, but I was going to see if, so I'll just tell you that this game. Yeah, I'll just tell you what I'm seeing. It was actually, you know what? I think my spread sheets, yeah, never mind. Let's move on. And you are right. It is down 5% on the year. It was only, yeah, it was only you per stop. It wasn't up. I'm just gonna look it up. Hang on one second. Okay. So it was up 34% last year. So I never mind. I thought it was actually up less than that last year. So that was going to be my like, maybe I am kind of right. But I mean, honestly, the stock is always surprised me. I did call it, I think, right before the tariff tantrum like in February of last year, I was like, this is way out right now. And I think it's probably below where I called it, you know, a year ago or whatever. But that's, you know, like, I'm not claiming a huge victory lap on that just because CrowdStrike is going sideways. I mean, I think it's still pretty impressive. It's as high as it is, you know, so again, not when I'm buying. But like, what, this is an interesting thing to me. It's like, I say the PE is 90. That's crazy. Do I expect it to fall the 40? Heck no. know, why would it? You know, I think the investors like this stock. I don't get it exactly, but I don't predict the future either. So, you know, so moving on. We'll talk about one of my new, I can't say it's a large position. It's about 4% right now, but figure, tech. What it's, I built it up pretty quick. So this is a super fascinating company. And, you know, I've say, I say built it up because when I first bought it, and I was like, I don't even know, like, I don't even think I understand like what this company does at all. And I'm still working on it, to be honest with you, but they, the, the, the, the keyword here is blockchain. They facilitate a platform. They have a, they have an exchange for loans via the blockchain. And I don't know that, I don't know enough about the blockchain to really super explain this well, but, but it's fascinating to me because it's like they, they, they're, they're on lender. They, they do loans, like Helox is mainly, but then they also do some first lean, which in my, you know, sort of simplistic mind, that's like a first mortgage and a second mortgage, right? So they, they started out with second mortgages. Now they do some first mortgages. They're doing some other products. They want to do auto loans. I think they're starting up with that. So all kinds of loans, but the, the key is not that they're a lender. They're not just a bank. I mean, that's one thing they do. But having this trade on a blockchain, like, you can like move, these loans can be, can be bought and sold by, I guess, banks and institutions. Again, this is going to show my very, very limited knowledge, but they, but that's becoming a bigger, that's becoming a more interesting part of the business than the lending itself. It's almost like, I don't want to go too far afield for the comparison here, but you know how Apple have started out as a gaming, they had little gaming businesses. They got really good at doing advertising for these gaming and then they divested the gaming business, you know, so they could, so their ads for gaming could be their main business. And I'm kind of thinking that's, that's the playbook. I don't know if it'll work that way exactly, but it's the playbook for figure, which is super interesting to me. I mean, their growth rates are insane. I'll throw out a couple numbers again, still wrapping my head around this. They're loan marketplace volume, which I think is again, the, the, I get confused about the marketplace versus the loans that they themselves issue and then put on, you know, but I think the volume is probably everything. So again, sorry, I don't have more clarity on this. I'm still getting up to speed on this company. 2.7 billion in the past quarter, a year ago is 1.2 billion in the fourth quarter. So like that's 125% ish growth. I think they said 131. So these are, these are round numbers. I mean, that's insane. They have their first lean business has gone from 144 million in that previous year quarter to 506 million. So that's like way more than several hundred percent growth. They've got a, a coin of some kind. I still quite understand why LDS that's just like growing like a low fellow kids. They have a coin of some sort. I had, I had a, I don't know if it's a coin. I even know how to, how to describe what it is, but they put a post on sales, sales board about how fast this is growing. So it's just the numbers are going off the charts. What's the ticker? So this is a good thing to know. It's, it's F I G R. Thank you. If you'll remember F I G is, um, Figma is, which is a completely different company. It's a one. Yeah. It's a SaaS company. It's the one that ran from Red Light. I feel like $30 to like 120 and then came all the way back over the next nine months or whatever. So I'm not super interested in Figma, but, but, but figure is quite interesting. And like I said, I'm just kind of building it up. It hasn't really, the stock really hasn't gone. It did, it did dip after earnings. It went all the way down to like 25 bucks or so. And now it's back up to a little over 30. So it's, it's been an interesting one to build up. And I've had, I kind of like these sort of market lulls or certainly, you know, for this stock, it has been, it's down 25% on the year. So there's been plenty of opportunities lately for me to sort of build up, you know, even 4% a 4% position is not like a giant position, but it takes, it takes me a while to like really want to put any money into these things because I, you know, you can tell how little I understand about this already. But, but believe me, that's more than I understood a week ago. So make sense. Next one. I think we said we talk Astero labs in Credo. Do you want to, do you want me to sort of frame it or do you want to go? Yeah. No, no, why don't, why don't you frame it? I'm, I'm long both Astero labs in a more sizable position, but just started Credo as well. Yeah. I'm, I started out with Astero two, you know, before I got into Credo. In fact, Credo, I said a few question marks, like I think it's based in the Bermuda or. Right. Yeah. It's what I'm the BPR was telling us about. Yeah. But um, the, so Astero labs was always, they were always both growing like crazy fast, you know, triple digit growth. And Astero just seemed like they had their duck Centaurro a little bit more their, their, management seemed to be better communicators and still do to be honest. But Astero, their growth is, you know, come down to like massive, but, but like reasonable, I guess, I don't know. I mean, they grew 92% last quarter. So I don't even, then that may be still unreasonable, but it's, it's not triple digits quite. And, you know, Credo grew 202% here. I mean, and both of these are companies that support AI data center infrastructure. Yeah. Yeah. They're both, you know, very similar. You know, one of the things that I don't really understand about their products is, you know, they're largely have been historically based on copper, like copper connectors, I guess. There's a lot, there's like, there's chips and software. I'm like, thinking, is this like a copper connector? Like, you can, you know, you put in the back of your TV and you run to the BCR, you know, just the money years on top to try to get the signal. Yeah. It's definitely more complicated than that. But copper is sort of what their products have historically been. And like, this is how fast things change in the market these days. Apparently, like last week, optical instead of copper, it was the new hotness and all these optical stocks were going up like, um, Luminum and, anyway, a bunch of, and so Broadcom reported what is it yesterday or the day before yesterday. And basically said, oh, we're still doing copper in a big way. In fact, you want copper if blah, blah, whatever. And then yesterday, credo's up 12%. Or what, you know, so it's just, this is how fast things are moving. And so I don't know, I don't know what the answer to that is, but I think both of these copies numbers are insane. And it's kind of like in video. It's like, I don't, how long is this going to go on? I mean, I'm not willing to call it now and sell all my shares just because the market is not in love with these two companies right now. So just for reference, a stair labs down 28% year today and credo's down 23% year to date. And this is after they had both already kind of come back to earth in late 2025. So I actually own more credo now, but I think they're both reasonable. I mean, I just, it's credo's just growing that much faster. And also, even after, um, both stocks have come down, a stair labs is not exactly what I would call cheap. It is because it's growing at 92%. But, you know, the PE is, the forward PE is like close to 50. So it's, you know, it's in the axon range of things, but growing way, way faster. So it's, it's, it's fine. I'm not worried about them. I just think credo is just insane. Credo, okay, again, 202% growth. Their forward PE is like 30, 35 maybe. I mean, I mean, I mean, even maybe not even for let me put in their, um, trailing P. I guess for me, like, I'm intrigued by both companies, but I just, for me to have such a high position, I feel like I should know what the underlying company does. And I have read the description of, listen to the conference calls of both of these. And I'm still not sure I know exactly like at a very hands-on level, what exactly they're doing. So both are small positions for me. And, and, you know, I see some folks have really huge stair lab positions or credo. And that's awesome. I just don't know if I'll ever get there. Yeah. I'm kind of with you. I mean, I just, this is not, these are not two companies that I feel like I have my head around enough to make them like 20% position of 15 or 10. I mean, they're both very fascinating and both have a lot going for them, but I'm just not quite. I guess, you know, like the fact that these are hardware products that are, people are talking about what's what's going to be next, you know, is it going to be copper? Is it going to be optical? Is Nvidia just going to like, obviate the need for all of this stuff and just do it themselves and create some newfangled thing that's, you know, just I just use a Bluetooth or so. This is the lack of knowledge I have about this. And so it's interesting kind of like reading this tape box and beta tracks and-- Is it going to be beta max or the-- CD, CD ROMs, yeah. 8 track. I mean, it's interesting sometimes learning about this, but then I just get to a point where I'm like, sort of like getting a job at this company. I'm not going to know-- I'm not going to really be able to understand what they do exactly. And because this is not-- I don't think these products that they have are going to be around 100 years from now. They're constantly making new products and the new products, both Credo and Astero Labs from what I understand, also are working on optical. So it's like they're not out of that. It's just not their bread and butter yet. And so the stocks are trading on what their bread and butter is, and the market has been punishing that. And then bread comes out and says, maybe don't punish that. And so now I feel like there's lots of shots on goal for these companies. Yep. Including the ones that they've been crushing it with. Already. So-- True? Any-- What else do we talk? Anything else on the list? I think we should-- I think we've gone pretty long on earnings. And I like it. This is a fun format for me. But we probably need to do our portfolios pretty quick and wrap it up, huh? OK. Yeah. OK. Let's transition. Unless you had another company. I didn't want to cut you out. Now, I mean, we talked about some of the hyper scalars. I think they all looked fine. Microsoft still is intriguing me just on being crushed the most. And the company is doing really well. And it's Microsoft. But no, let's go into portfolio reviews. And I am going to toss the ball to you because I don't know your number so that I can get excited and hopefully triple you. So why don't you start? Well, again, not a good time to triple me because I am down 7% here today. So if you triple me, you're down 21%. You're the best. So that's how it works. Well, yeah. You're beating me. I'm down 8.5%. And for all the fans out there that are team bear, you can do all the rafter and the sound alarm go off and the fireworks, you're winning again. Well, if Nvidia just has one good day, then you're right. Your video is down 5% today. So today is-- since we've been talking, which maybe is why we need to pump it up more, it's gone down an additional $5. So it's down 2.5% since we started talking. But keep going. You're down 7%. Yeah. So I'll just run down. I haven't spent much time talking about position sizes lately. Rubric is-- well, actually, I should say my S&P 500 position, 27% of the portfolio. So that's sort of-- and I've talked about how that is-- I don't want to have a 50% cash position. I don't want to have 20% in all my favorite stocks. So this is what I'm doing instead. So 27% VLO. Rubric is just under 9%. Guess what else is over 8%. I think I already told you this. But Mercado Libre-- I have built that up. I have built that up since they have fallen all the way back down below $1800 a share, currently. I just-- again, it's hard to have too many. Concerns here. Hinge Health is next at about 7%. And then I've got Credo and Apploven between 5% and 6% Figure at 4%. I think I said C-limited's a little over 3%. Stereolabs is a little under 3%. And then I've got double digit positions at 2% or less. I won't go through all of those. Some of them are very new. And they're 0.2%. What do you call that? Starter or even radar stock? Yeah, correct. I'm just keeping an eye on it. But yeah, no. And so 16% cash for the record. I really kind of might tweet this out because I kind of feel good about how the portfolio is structured. I'm not crazy zoned in to one or two particular companies. Yeah, I do have my favorites. And they're heavily allocated. I mean, I think a 9% position. It's a lot these days. And yet, I'm trying out a lot of new stuff, which feels good. I mean, it feels like I can't just continue to double down on Mercadily Bray and C-limited. And last year was Amazon. And do that only. I mean, I think that's a great thing to do. But I also want to find some real growth. And I think the figure texts of the world are kind of exciting in that way. I mean, I think that's great. I like how you've taken advantage of some of the downfalls. I like that you're trying a bunch of new stocks. I'm intrigued by you tweeting it out and seeing some of these small growths and see where they go. I'm intrigued by figure. You'd mentioned this a couple weeks ago. And I've been looking into it. Nothing serious. And I haven't taken a starter or anything. But it's interesting. So I'm intrigued by that. That's definitely a radar stock for me. For me, again, I'm down-- what was it? 8, about 8.5%. Invidia, and I made zero moves in the last probably 30 days or so. Invidia is still at 39%, which is a lot. Axons at 17% crowd strike is my number three at about 11%. Amazon at 8%, 8% in Mercado Libre at 7%. I have a bunch of other positions. Microsoft, MasterCard, Google, and ZScaler in the 1% to 4% range. I have a host of four leaps still. So shift four payments, ticker four, delivered. And I guess we can talk about earnings just briefly. Delivered fine enough earnings. It seems to be going in the right direction as a company. But it's a messy story still. And I think they're not doing a good job at explaining the story, which is making it tougher to kind of shine through. I have C-limited. I have a stair labs. I have nebias still, but all very small positions. I think if I were to add to one, I'm still intrigued about adding to Mercado Libre for all the reasons you mentioned. It's one that its growth is not accelerating, but its growth is excellent and the stock is stuck. And that's usually a pretty good format. And as we've talked, it's-- it's a good bet. It's a risk reward is probably in your favor more so than other times. So I think if I were to try to build out a position and be somewhere in Mercado Libre a little bit and just sort of seeing what else happens. I'm glad axons on the right track, finally. Do you think of Mercado Libre versus C-limited? Do you see those as very different or-- You just are more familiar with Mercado Libre? Yeah, more familiar with Mercado Libre. And C-limited, I mean, two things that differentiate in my mind, which are not scientific at all. One, the baggage from C- and go all the way up in 2021 and 2020 when everyone just discovered it and it's the next Amazon of Southeast Asia. And oh my gosh, they're going to Brazil. And oh my gosh, they have Shopee and all of a sudden, it's massive stock. So baggage from buying very high up there. And I've bought down below where it is now, so I've kind of started to even it out a bit. And then two, just their gaming division is different than Mercado Libre. But I see the comparison, definitely with the Shopee and the e-commerce and some of their other financial mechanisms. So I get it. Just more familiar with Mercado Libre. And I thought C-limited's earnings were good. They're investing for the future. And that's what you want. I see all of that almost exactly the same. I never had the bad experience of buying C-limited when it was so expensive like five years ago or whatever. But I would diagnose that exactly the way you did. That was the problem. I don't know. They may have other problems in the business, but it was already set up for fail. It was almost an upstart way. It was set up for fail. I just based on valuation. And then to end on a good note for C-limited, I bought a small position. I will say small at over $300. Who's up there? Well. And it's now at 92. So as the BareFan Club continues, yeah, the drowsy one is getting smaller and smaller. Yeah, that was a whole lot. Well, I can see why that alone kind of makes it like-- am I really sure I want to load up here even if it turns out crazy? Yeah. But I mean, I do think it's an opportunity. I mean, it's even a little cheaper than Mercado Libre, especially if you believe the forward earnings estimate. I just don't know why they were ever-- they were actually higher than that. I said what, 360 something. I think I saw them over four before earnings. And then now the analysts are absorbing what they said. But I was always skeptical to begin with. So that's one reason I had a smaller position, just sort of not understanding what the analysts were thinking. But then the other thing I'm completely sympathetic to with you on is I just am more familiar with Mercado Libre. They seem very, very similar in almost every way. But I've known about Mercado Libre. for much longer. Yep, precisely. And, you know, the CEO and leadership team of Mercado Libre basically said we're going to make the Amazon of like literally playbook studied in the US. Like, it just is easier for me to understand and see that vision, even if C limited and whatever is the enforcedly is sort of along the same playbook as well. This isn't as much fun to be down, but it's definitely going in the right direction, just like in our companies are doing pretty well overall. I'm quite pleased by that. As someone who lived through 2022, it's not being down to get more. It's not the worst. It's the Homer Simpson. Yeah, Homer Simpson meme of it's the worst yet. Yeah. But the word yet. Yeah. So I think that's probably a good place to kind of wrap for this episode. We have a couple interesting episodes coming up. We're going to continue with our spotlight sessions and hopefully give you guys weekly updates. And then we have a few pretty interesting interviews that are going to probably drop later this month. So definitely stay tuned. And again, please reach out to Baron. I we love connecting with you all and learning from you and hearing about new stocks. And I think that's it. So I hope everyone has a good couple of weeks and we'll talk to you all next week.