Building A Defensive Tech Portfolio With Beth Kindig (Tech Insider Network) (2023)

Building A Defensive Tech Portfolio With Beth Kindig (Tech Insider Network) (1)

Editor's Note: This is the transcript version of the previously recorded show. Due to time and audio constraints, the transcription may not be perfect.

We encourage you to listen to the podcast embedded above or on the go via Apple Podcasts or Spotify.

Click here to watch the full webinar on Seeking Alpha!

This episode was recorded on March 14th, 2023.

Daniel Snyder: Welcome back to Investing Experts Podcast. Today, we have a special episode that is excerpt from our most recent webinar with Beth Kindig and Knox Ridley. Together they run Tech Insider Network on Seeking Alpha.

They share their insights on creating a defensive tech portfolio for these extremely volatile markets - and Knox dives into the hedging strategy they have developed for their fund that has doubled the returns of the NASDAQ since it’s inception.

If you want to access the full webinar - including the Q&A segment - click on the link in the podcast description.

We hope you enjoy!

Beth Kindig: Thanks, Daniel. Actually, we are also overweight tech. We're a 100% all tech portfolio, which is actually quite advanced. We’re audited, and I'm going to go into some of the audited results halfway through the presentation. You can look for our official press release over the next two weeks, but I'd love to drop some hints about where we performed. We performed pretty, pretty good actually, apples-to-apples compared to all other tech portfolios. So we'll save that for the middle of the presentation.

And regarding whether tech will outperform this year? I agree with both of you, the people who said yes and no. There are going to be some stocks that I think will continue to lead the market. There actually were some tech stocks that lead the market last year. It just got buried by all of those that failed to put up gains.

So we want to look at what 2022 did. What it signals for 2023. I'm going to call it the new macro, and I want to drill into why as tech investors we need to do a 180 degree pivot. You need to completely change everything you knew about tech investing over the past 10 to 12 years.

And I'm going to keep it very, very simple because I feel like when you get too deep, which is important as well, that key elements are missed. And I want to make sure you walk away with one or two of the most important elements to building a defensible portfolio in technology this year.

So I'm going to go ahead and share my screen. Okay, great. So, like I said, this is an incredibly important topic, and I'll actually just turn off my video, and I'll come back on at the end. So I'd like to discuss why basically having a defensible tech portfolio is not an oxymoron that this can actually be achieved defensible tech. And like I said, 2022, very frustrating year, but it actually provided some very important clues about how to build a tech portfolio moving forward.

We want to embrace 2022 as a teacher for the next few years. I won't go too deep into it what happened on Silicon Valley Bank (SIVB)? But I will say that it signals a slower recovery for high-growth tech companies. I would have thought maybe tech would have a recovery by 2024. What we are seeing with Silicon Valley Bank, likely some tech companies defaulting would put this out even more.

However, what I say high-growth tech companies leading, most people confuse that and think I'm saying all tech, which is not what I'm saying. High-growth tech is characteristics include over 40% revenue growth with very weak bottom lines. That's going to be a much slower recovery, we need the private markets to participate in that high growth, if high growth is going to lead again, work pool with high growth not leading because we've actually gutted our portfolio and we reorganized it entirely starting in May last year.

And again, our audited results, which official press release will be on two weeks, shows evidence of how hard we worked on that pivot, and I want to give you some clues as to what that pivot was and some stocks that I think will do really well.

So when we look at 2022, what happened? Well, as you know, inflation went up, rates went up to control inflation. The dollar went up, which is a bit unusual during high inflation. But ultimately, tech assets, they're long duration assets. You're buying a stake in future cash flows and future earnings.

So this particular industry, because there's not usually cash flows, or earnings is very, very sensitive to higher inflation and higher rates. So as a result, cost of borrowing went up, cash not rerated and tech fell out of favor for the most part.

(Video) Metaverse and Technology Trends w/ Beth Kindig (MI144)

However, with that said, if tech fell out of favor, what happened here? Why did these stocks perform so well? If you look at these stocks, these stocks don't look anything like the leaders from 2010 to 2020. Our - the leaders from 2010 to 2020 look entirely different. So this is what I mean by a 180 degree change in your thinking. You've got to embrace the leaders of 2022, form a thread, why did they perform well and do the same with your own portfolio?

That's assuming we don't have any major macro changes. I don't think we're going to have substantial macro changes this year to where the clouds clear and rates come down drastically to where cash would now be rerated on the downward to where it's easier to get cash. I think we're very far away from that. So I'm assuming macro doesn't change.

Super Micro (SMCI). Let's look at Super Micro. Why was Super Micro the #1 tech stock in 2022? Can you guess looking at this, what happened in January? Well, its operating margin greatly increased. Super Micro did have really strong top line growth around 40%. That often goes hand in hand with a strong operating margin.

But as you'll see the thread here, continues to be margins, margins, margins. It may seem very, very simple. Cool. I'll just build my portfolio with companies that have strong margins. But the problem is that that's an entirely big switch from all of the tech darlings over the last 10 years. So people have had a really hard time adjusting.

Here's Enphase (ENPH). What happened with Enphase? Well, let's see. It was roughly April that they started to have really strong bottom line growth. Not only were they growing on an adjusted basis, but the key winning ingredient was that they were growing on a GAAP basis. That is something that a lot of tech companies cannot do, as you know, stock-based compensation is the black sheep of 2022 in terms of line items.

And in general, Enphase matches pretty closely to Super Micro on what happened to those margins, which was they continued to expand while most tech companies were struggling in this area.

If you guys want to put in the chat, I'm just really curious if you guys happen to know what the #1 cloud stock was in 2022. See if I can get any guesses. I'm getting Oracle (ORCL), NVIDIA (NVDA), Amazon (AMZN), Salesforce (CRM), AWS, ANET (ANET), Zscaler (ZS), Snowflake (SNOW). This is probably going to blow your minds. It was Box (BOX).

Box actually outperformed. It was positive around 20% last year. And if you look at Snowflake, which is certainly a darling of the last few years, I think you can see why. Look at that net income, it has been consistent to slightly growing where this is on a GAAP basis again, with stock-based compensation being the black sheep and really weighing on Snowflake among other things.

But it's really easy now to look back and say, oh, Box was the #1 cloud stocks. Snowflake struggled quite a bit despite guys like Warren Buffett investing in it. Why is that? Quick glance. One of them has a strong bottom line and the other one does not. And to a large degree, Snowflake does not.

So again, it goes back to how simple is this because Snowflake has been pushed so hard in the press. And, like, there it has such a brand, a loyal brand following that if it was simple, most of us would have gone into this and said, the margins simply don't fit the new macro.

I'm not going to invest in Snowflake. I'm going to take a look at something like Box, but switching our thinking has been above and beyond the hardest part of being a tech investor in 2022. And like I said, we really dug in hard and switched our thinking in May. And by August, we started to see very strong results in our portfolio because of changing entirely our thinking. And we had to really do the best for our members who ended up way better than anyone that had invested blindly in something like ARK (ARKK).

So what's to watch in 2023? I continue to say NVIDIA is a good one to watch in 2023. I will tell you though that this is - I want to give you guys a case study of how our service works. So, basically, NVIDIA was probably the #1 most contrarian call of 2022. If you go back into a time machine back to August when it missed, roughly $2.5 billion on its earnings report, this is I mean, a $2.5 billion miss on revenue was shocking to say the least, and it was based on crypto mining.

Many people questioned if NVIDIA would ever be able to absorb the cryptomining fall off from the Ethereum’s merge to proof of stake. Why were we so bullish and Knox actually bought on the day that NVIDIA bottom, which was October 8. Well, a couple of things.

One is I happen to follow NVIDIA's product very closely. And I knew the H100 and RTX 40 were timed perfectly to absorb that cryptomining fall off. But let's say that you weren't spending as many time - as much time on NVIDIA as I do. I've written 27 premium articles on this stock. It is up a 100% from the October bottom, and it's to date the #1 performing S&P 500 stock, up about 65%.

So considering it was incredibly contrarian to say NVIDIA would be a great stock, let's say, you didn't know that about the product. You didn't get our free analysis and also our $99 a year newsletter analysis, which was very crystal clear that we were going to hold NVIDIA at a high allocation with great stock trades.

You could also just take a look at the bottom line. What's going on here with NVIDIA's bottom line is that it bottomed in July of 2022 and into the foreseeable future, which is February of 2025. I'm using tools from Seeking Alpha. NVIDIA looks like it's on the up and up, it's basically expanding its bottom line.

What's interesting is that NVIDIA is not simply a strong bottom line, but it has negative revenue right now. This is why it was such an incredibly contrarian call is that its revenue is somewhere like negative 20%, somewhere in that region. So going into the most recent earnings report, a lot of people were shorting the stock because it had rallied so much off the bottom and rallied so much here today.

What they were failing to see is that the bottom line, not only is improving and rebounding, but is rebounding into the foreseeable future, which would signal that a lot of its risk around this gaming issue is starting to evaporate and be absorbed. So those are the kinds of clues to look for moving into 2023.

And this is exactly why given a pretty nice breather, which is why we actively manage our positions. We never say to people buy NVIDIA without giving you extremely good information on how to actively manage the position. That means Knox may be taking gains any day now because it has performed so incredibly well. And just like he bought at the bottom in October, chances are because we watch this stock so well. We're going to be buying around the next bottom as well for 2023.

So it's that active management that's super important. I'm certainly not saying blindly by NVIDIA. I'm saying with some finesse, NVIDIA should continue to perform reasonably well given the fact that its bottom line has bottoms. Again, we think that NVIDIA is topping. It's likely that Knox takes gains any day now. That aside, NVIDIA on the longer trajectory, is looking really good compared to most companies right now. And the shorts going into the last earnings report we're negating the fact that the bottom line and margins are what's in the driver's seat right now. Again, it's simple, but not easy because the revenue growth is negative.

So it's really easy to get wrapped up in the fact that this company might be overvalued. Its valuation is very high. There's this change in story with cryptomining, et cetera. But I'm trying to give you guys some tools as to what to watch for and why we continue to think on the longer-term, let's say, December of 2023, NVIDIA will have performed reasonably well compared to other mega cap tech stocks, and it's because of this EPS.

This one is a little higher risk, but I'll throw out there that I think Netflix (NFLX). I believe Knox can - when he comes on, will let us know, but I believe it bottomed sometime last summer of 2022. The thing people are missing is that this company is expanding its free cash flow margin. It was about $1 billion in 2022. They're guiding for $3 billion in free cash flow in 2023.

Those are the kinds of signals you're looking for this year for defensible tech stock. It's much more defensible given everything that just happened with Silicon Valley Bank, given the fact that there's high interest rates when you're sitting on not only some cash, but you're growing your free cash flow margin win, very few companies can do that right now. It's not only an expanding margin, that we have to take into account, it's how few companies are capable of that.

So to some extent, even though it's, to some extent, I would almost say that 2023, if you're thinking positive, I'm a positive figure, is easier than the other markets because there's so few companies to actually focus on. I think it's reasonable to have a 10 position, tech - all tech portfolio, if you're a 100% like us, maybe even 12, somewhere in there. I would get rid of the idea that there are going to be 20 or 30 great tech stocks this year.

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I think that there's only a handful or two that can actually show us that they're ready for the new macro per the parameters that were set in 2022 and the companies that performed well in 2022.

So I'll just end with a couple of mistakes that I think tech investors make. The first is that assuming all tech companies will survive. If I were to guess and just pull one thing about me is, I got my start in the private markets in the start-up world in 2010. And I truly saw what it looks like when 90% go out of business.

I know that people who were the founders of those companies. I know how big of a deal those companies were. They were on every stage in Silicon Valley. They had tens of millions of users on their mobile app, et cetera. Like I saw that their chances of success were perceived to be quite high. And in reality, they were not able to succeed at all.

So I understand the difference between that perception of how many tech companies will make it through a tough economic cycle versus how many actually do. I've seen that firsthand. And I can tell you that it's a shockingly low amount that can make it through.

We all kind of know that, like most of us were alive or at least have some understanding of the dot com boom and bust cycle and how many of those made it. Yes. There was an Amazon out of that. Yes. There was a Google, but there were thousands of casualties.

I've seen the mobile boom and bust. There were millions of mobile apps. And only a handful make the top 10 and could be viable businesses on the public markets. That's 10 out of millions. I've seen the gaming bus. Zynga is a great example of this. It was a darling that no longer gets any airtime. I think they're still operating, but on very thin ground. Zynga was supposed to be the next big company. Zynga is one of hundreds of gaming companies that went out of business around 2014 because gaming hype cycle was over.

So I just want to let you know that if you look at the cloud, I'm going to pick on cloud, actually. I think cloud is the one of the weakest areas in tech right now, which is probably shocking for most people to hear because it's treated us so very well over the last 10 years. I've been pushing hard on this thesis publicly since December we got out of all of our cloud.

And I said, basically, the deceleration we're seeing from Q4 to Q1 is not fire that I would want to play with. That's not something that that is showing us that something really strange or what I should say important is going on that's out of character for cloud. Cloud has never decelerated the way that it did from the Q4 to Q1 guidance. We're starting to get some of those earnings reports in and a lot of them missed. And that was easy - easier than you might think to predict if you will go back and look at his historically what the Q4 to Q1 guides should have been. The deceleration was simply way too steep and this is all on our premium site.

And so we got completely out of cloud. We're going to wait this one out. I think you could get lucky. You might have gotten lucky and pick Cloudflare, but - which was a pretty decent report. But on the way, there's just so many landmines. The reason I want to pick on Cloud is because Cloud has not gone through period of consolidation. It's the next one in line. The hype cycle was alive and well.

And the problem is that most of these companies are not cash efficient. They have very weak bottom lines and they have not made it through a period where the economy is weak and cash is hard to come by. They've never faced that since really they came to market, which was 2010 or later.

So be careful of that and look for consolidation, which means the cloud companies are so beaten up and so cheap, the bigger ones come in and acquire them. This is really what happened with the gaming bust I talked about. Ultimately, that's what happened in mobile, too. You saw Instagram get bought. You saw a couple of them get bought. WhatsApp, but most of them didn't make it.

And just keep in mind that the public markets are an exit strategy for VCs. It does not matter to them. If they put a cloud company on the market that later fails, they've gotten their exit. So it's a couple of different courses that aren't necessarily aligned is that the private markets will make out handsomely if they just simply put high-growth market, high-growth companies on the market. And it's our job as public investors to determine if this company can make it through a recession or any a period of economic contraction that we're going through right now, which would be marked by higher rates.

So just to conclude and let Knox take over, you're looking for gross margins that are flat to expanding, operating margins that are flat to expanding and net profits that are flat to expanding, expanding more desirable than flat. Again, this may seem very simple, but it's not because while going back to that cloud example, if it was simple, we would all be investors in Box.

Box would be everywhere in the news. It would be all over Twitter. Instead, it's Snowflake that is. And Snowflake has been, if you look at it over the last year or so, pretty disappointing. And the reason why is because this is not as easy as it seems to give up whatever attraction or draw we had to previous stocks and to say, hey, I was wrong, like, this stock isn't going to do well in the current macro and the new macro.

I need to go find the stock that's going to do well in the new macro, and it won't look anything like the stocks that did well in the last 10 years. And hopefully, what I presented really makes that extremely clear that your portfolio, in my opinion, a defensible successful portfolio today, does not look anything like the tech portfolio from 2010 to 2020.

So with that, I will hand it over to Knox.

Knox Ridley: Thanks, Beth. So I'm going to talk a little bit about our philosophy and how we approach tech investing. We want to hold a stock for years. I mean, we would prefer to hold the stock indefinitely. However, that's just not reality. Even though we want to hold the position for a very long time, we don't consider ourselves a long-term buy and hold portfolio. That philosophy has been treated very well for the last 12 to 13 years. And we believe that that strategy will not do as well in the following 10 to 12 years.

And so we want to kind of shift our portfolio a little bit based off of that perspective. We do believe in active managing - of active management and tools that we use in order to actively manage our portfolio, along with the fundamental analysis that Beth talked about is that we have an automated hedging signal, which I’ll talk about. We go through periods of raising cash and we rotate our portfolio based off some of the metrics that Beth was talking about when we noticed them popping up, but also based off of kind of a top-down macro approach.

So I'll go into a little bit of that right now. Beth next slide. So how we utilize macro analysis and broad market analysis? I probably track anywhere between 30 to 40 markets ranging from every major U. S. market, most sectors, key stocks like Caterpillar (CAT), FedEx (FDX), every European market, the Japanese market, Canadian markets, bonds, commodities, energy futures.

And the reason why I'm doing this is because there's always a market leading the one you're tracking, always. And when you start looking at it from a holistic approach, it's almost like playing 5D chess. And just to give you an example of what I'm talking going into late January, early February, we were seeing warning signs across the board, especially in financials.

Financials in the Canadian TSX (SPTSX), which tends to lead the U.S. markets, we're throwing off a really clear bear pinnit, and then they gave this topping pattern that was quite a warning. To follow-up, the FANG- with the FANGs, Google was leading all FANGs in 2023, both up and down, and it gave a very strong signal that it was - that the uptrend has reversed and it's ready to go down.

And so based off that information, it seemed apparent to me that we were putting in some kind of a topping pattern and we raised quite a bit of cash. We've been raising cash, but we kind of final finalize our cash raised around that time. And the narrative that followed, which seemed pretty apparent to me, was that the super core inflation, which the Fed is talking about, has barely budged and that the non-services segment of our economy, which accounts for about 86% of our GDP, was still expanding.

In light of all the activity the Fed has done, we're still seeing strong expansion within the – within our economy and with that expansion comes increased inflation. So we knew that the terminal rate was going to have to go up, which wasn't been priced into the market. And sure enough, that was a narrative that triggered this topping pattern that we saw. And so that's one example of how we use broad market analysis, and we provide this on a weekly basis with all of our members on a Monday report.

The other thing that we do is we look from a very top-down approach, and this is a new several - this has been Ray Dalio really and has perfected this analysis, and it's just now made into the retail space. But looking at the economy based off of quadrants or grids, based off of economic growth and inflation.

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And so in 2020, we saw low inflation, high economic growth, and in that quadrant in that grid. When you're there, you tend to see excessive risk being taken, high beta outperforms. And then whenever we shift over into high growth and high inflation, we tend to see mega cap tech outperform or mega cap growth outperform and high beta starts to underperform, which is exactly what we saw in 2021. And then when you go into high inflation and low growth, that's when tech gets obliterated.

So and you can see we've been kind of rotating in this grid in a clockwise fashion. And so we will use this information to help position our portfolio. So that's just an example kind of how we look at tech investing there.

Next slide. We do not believe in buy and hold, and 2022 was the greatest example of that. So we do raise cash. We do raise - rotate our portfolio, but we also implement a, what, an automated hedge signal. And this was developed by one of our members who was a machine learning engineer and just a very, very sharp guy over about a period of six to eight months, he developed a strategy for us and started a company called WealthUmbrella.

And it uses about six to seven metrics in order to basically signal when you have periods of high risk and low risk. And it's in that chart as green as buy and red as sell. And so we will use this in order to automate a hedge, and we'll hedge our portfolio up to a 100%. We're actually a 100% hedged right now. And we have been since early February. And we go into that with our members if you're doing a - we're a 100% tech, so the hedge that we use is not appropriate for someone who say 25% tech.

So it really determined is dependent on the beta of your portfolio. You want to match that beta. Our goal is to be market neutral whenever there's volatility. And since February portfolio has been basically flat to up, and we haven't lost a second of sleep over this. And we're using this automated signal. Really, as I would say, a backstop to - for two things: one, human emotion; and two, if my macro analysis is wrong. And so this automated hedge is really that backstop for us going forward.

And we also actively hold positions. This is just an example of how we actively manage NVIDIA. We were very - I don't see very, but it took us until about April to realize what was going on in the markets that this was not just a deep correction within a larger uptrend, but this was something much bigger.

And you can see that in how we approached our buying the dip scenarios with those 3% buys. But once we called on, we pretty much nail the video. I mean, we're selling at the tops, buying at the bottom. I mean, it was - I mean, we bought at the open on October 13th. It was October 13th, we bought it 108 [ph] and changed and then start of selling and buying.

As you can see, this is how we'll approach holding a position. And we've been pretty heavy sellers in this kind of 131, 140 region. We actually just sold our last tranche of NVIDIA today. And we're holding in a stellar large position, but we want to take gains when there's risk and we want to add back when there's less risk. And so by doing this, I believe our net Lawson in NVIDIA last year, which is our top position, was around 20%.

So we actually - this is just a great example of just how we'll actually approach this. And so how someone can use this with more of a buy and hold strategy is if we're not just going to say, hey, we like NVIDIA,, buy it when you can. We're going to talk to you about whenever it's getting choppy or whenever we want to buy it. And so you could follow along with us.

So anyway, next slide. And so two things we want to talk about. We put out a free block, and we'll actually put out some pretty timely analysis. From my perspective, I put out some broad market analysis. And mid to late October saying, this is more than just a bounce that expect a pretty large uptrend, which we got. And so we'll give some of this analysis out for free. Beth has provided some tremendous tech ideas for free as well. And we also manage, like Beth talked about a live active tech portfolio that has some crypto in it as well, and we basically invest in tech innovations, which there are some crypto coins, which are very innovative in the tech space.

And so you get to see what are our allocations are. We put out a Monday portfolio report, and we send out real-time trade alerts, text messages saying when we're actually making a move and what percentage that is. And so you get to see a live portfolio being managed in real-time based off all the information that we provided. And we also go through a pretty strenuous auditing process every year. It takes a couple of months to complete its pre-pricing.

And the reason that we're doing this is because we want to set ourselves at a higher bar than just trust us, we're good at what we do. Or just throwing out some random percentage number of how great we did on Twitter or something like that. We really want you to see how we're doing and what our audited performances it actually is. And this is a San Francisco-based accounting firm that does this force, and we've been working with them since we started. But we have - we now have three full years of audited returns.

And Beth, do we want to talk about that right now or the specifics?

Beth Kindig:

Yeah, sure. On that important to verify returns and risk management retail, we basically identified three reasons retail tends to not outperform institutions or hedge funds and our goal is to is to allow retail investors to close that gap.

The first one is what they - Ray Dalio calls man a machine or I like to call woman a machine, which is we attempted to close that gap with the automated hedge signal, which started to perform very well for us and our members.

The other one is real-time trade alerts. So this is risk management. It's just live risk management, which is incredibly advanced. So to tell people in the moment every stock trade you do is nearly unheard of in the retail space. And we do it because it allows people to have risk management institutions and funds, they lead with risk management. They don't just think they're going to be such a great stock picker that they're at a casino like Vegas. And they just pick the lucky number. Instead, what they do is they protect their money, their loss, they protect themselves from losing money first and foremost, which is Knox’s role. We have a full-time role that does that and does that very well.

The third is our verified returns, which we technically have four audits with the one that we're going to put out this month. And what I can tell you is that what we are since inception nearly doubled the NASDAQ. We will be one of the only all tech portfolios that are - can claim double the NASDAQ if not the only. We're checking on those other all tech portfolios, which are few and far between.

If you had invested with ARK versus IO fund from the day we started our portfolio, you would have to make back a 173% in order to close the gap on the lead we have over ARK right now. And this is what the new audit that's coming out. We did a negative. We're just having our lawyer look over the press release for business wire, which is why I'm not giving you the exact number.

But I believe that our returns put us in the top 10% of all tech portfolios across the board. We crushed Morgan Stanley's (MS) inception, which happens to be the money manager manages over a $130 billion assets under management. So when you compare performance, we're hanging with the good old boys is how I like to put it. But the - mainly the fellows who have a lot of billions, tens of billions, some hundreds of billions of asset under management that have some mutual fund or what not that specializes in tech with that portfolio, that specializes in tech, we are the - we are greatly outperforming them. That doesn't mean we didn't end negative last year. It just means on an apples-to-apples basis, we outperformed our peers and our competitors.

So that's a big deal. And we invest heavily in this. So across the board, we invest over $40,000 a year in real-time trade alerts and the audit. So we place our number right around a $130,000 that we put into accountability for retail, which I don't know any other team that has invested quite like that.

I like to joke that it could have bought two Model Y Teslas (TSLA) or I could have traveled the world for a year or I could have bought a yacht and sailed the bay. But instead, we wanted to put our best foot forward, show people in real-time how to do risk management and it made us better investors.

We started to - Knox can talk more about this, but he started to really work closely with Vincent from the WealthUmbrella to hedge the portfolio. In August, I encouraged Knox to put two positions at the very top of our portfolio that ended up 30% from the point that he was buying them. So in August, I really got my head on straight around how to build a defensible tech portfolio, which is some of what I showed you today. And I started to question everything that I had everything that I had relied on in the past because of that new macro and the forces it put on us. And a lot of it was because of the accountability we have.

If you're in real-time, we don't get to just sit back and say, whoops, we didn't do well. We have to really everyday put on our boots, go out there, and make it happen. And because it's in real-time, it changes the amount of pressure you have on yourself. It greatly increases the pressure. If it's skiing, it's double diamond advanced skiing. This is not your buddy hill, this is not your intermediate, this is an all tech portfolio managed in real-time, hedged up to a 100% and hanging with the big boys in Wall Street.

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So that's really kind of how we've set out, and it's not easy. And our numbers have been very supportive of us, which thank you for that if you're on the call. And they allowed us a couple months to get turn this thing around and we did. And I think when our audit comes out in about two weeks, the business wire press release that you'll see the evidence of that.

Cool. I think that's our presentation. Knox, do you have anything to add?

Knox Ridley: No. That's it.

Beth Kindig: So what we offer is a premium newsletter, which starts at $99 a year. We also have a full service at $799 a year. So around, like, some of the information we gave you on NVIDIA and how to actively manage it, Knox drops in once a month on the premium newsletter. He's there every day on the premium side, the $799 a year.

I'm providing unique deep dives. So, for instance, a deep dive that's coming out soon is on Google's (GOOGL) antitrust lawsuit in September. Whatever the outcome is, we're going to be ready. It's the biggest antitrust lawsuit since Microsoft. Those are the kinds of unique deep dives. A lot of people will talk to you about chatbots right now and things like that, but there's nothing more important to Google that it's antitrust lawsuit. So those are the kinds of unique deep dives we do.

Real-time trade alerts, I think I got three today already from Knox. And hedging, which again is very advanced, but it's something that Knox holds webinars on. He held out Q&A on that yesterday, and we also put out a free analysis. So if you're still wanting to do some research on our team, just know that our free analysis, I believe, is pretty top tier as well. We don't short anyone there. We go full force and give you usually two or three pretty actionable stock tips a year through the free side. So anyways, I hope that was helpful.

Daniel Snyder: Just a reminder, anything you hear on this podcast should not be considered investment advice. At times, myself or the guest might own positions in the securities mentioned, but this is for entertainment purposes only, and you should seek advice from a licensed professional before investing.

And if you're enjoying the show, do us a favor and leave a rating or review on your favorite podcasting app, or leave a comment on our show notes page. We love the feedback in interacting with the best investing audience in the world.

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