Transcription
So I just hit 16 years in the stock market, and I thought, let me put a video together here today, taking you through everything I can think of as stock market advice on things I learned over the past 16 years. So we have 85 points to go through in this video here today. Yes, you heard me right, 85 points. It's a beast of a video. I don't want to waste any time. Let's get straight into this, folks. We've got a lot to get into in this video. All I ask from you guys is, if you enjoy this video here today, you appreciate me sharing my 16 years of knowledge with you, hit that thumbs up button and make sure you're subscribed to the channel. That's all I ask from you.
Okay, first one up here. Focus long term. This is so much harder than it looks. A lot of times, you hear people, if you're learning about the market, "Focus long term." It's so much more difficult than people really think it is. And the reason being is, you, you have all these different things that can come out of nowhere: recession, you know, a 100-year health event, like there's so many things that can transpire, a country invading another country, that it gets people very worried in the short term, and they get distracted. I, I know people personally that were selling stocks in March of 2020, right, because they were very scared. The government was shutting down the worldwide economy. They thought the market was going to be down for years and years to go in the future. Obviously, that wasn't true, right? There's plenty of people that were selling stocks in the great financial crisis. We go through every single scenario, there's always people that are selling. So just, you know, try to, try to look out a little bit further out, 5, 10, 15, 20 years in the future. It's harder than it looks, but trust me, it ends up paying off way better. And, uh, a lot of times, you think you're doing a smarter decision by selling in the short term, and a lot of times, it's going to cost you a lot of money.
Okay, second thing is, stay diversified. Always hold usually about 10 to 20 stocks in your portfolio. The number one way I've seen people really get destroyed in the stock market is they get too heavily invested into just one stock. Make sure you're diversified. There's a lot of great companies out there. There's thousands of stocks in the stock market. You believe me, you're going to be able to find plenty. So stay diversified. 10 to 20 stocks is going to treat you very well over the long term.
Third thing is, invest at least twice a month. Many times, people don't have their income and expenses in a right alignment, so they're not able to invest consistently. You want to be able to invest at least twice a month, so you're always ready to buy. It gives you something to look forward to, you know, every week or every other week, "Oh, I get to buy stocks this week." It's a very motivating feeling. And then when you work your job, or you, you have a business, you're running your business, whatever, right? It's a very motivating feeling like knowing, "Hey, I have extra here after my bills, after my expenses, things like that, right, to go ahead and invest in the market." So always put your income and expenses in a place where you can invest at least twice a month.
Fourth thing, start with a business model, then financials. So whenever you're looking into a stock as an investment, always start with the business model first. What is this company actually doing? What are they trying to do in the future? And then focus on the financials. Warren Buffett always says, "Always start with a company first, then worry about financials and valuation." And the reason being, if the financials and valuation look great, it can influence you in a negative way to actually invest in a company that maybe the business model isn't all good.
That leads us into the fifth point. After the company checks out, you really like the, the business model, what the company has going forward in future years, you really like the financials, then look at the valuation. Make sure the valuation matches up. You've got to look at a stock and in frame of, "If I'm buying a stock here today, is a stock likely to be priced a lot higher in the future because it's at a cheaper valuation?" Okay? If you are paying a very high premium for a stock, the stock has to grow so immensely in terms of their revenue and their net income to end up eventually paying you out over time, right? And you don't want to count on stock market bubbles to bail you out or something like that, right?
Sixth thing is, stay away from unprofitable companies, especially when first starting out in the market. A lot of times, unprofitable companies attract a lot of newer investors, and it's because many times those companies can be higher growth. But when you're newer to the stock market, trust me, unprofitable companies are going to lead you, uh, to a pretty bad place overall. Those companies can be up and down. You know, some of them make it through, and it's an incredible opportunity. Some go under, and that's just the, you know, facts around that.
Seventh thing is, when buying a non-profitable company, keep position sizing small. So there's going to be sometimes when you do end up buying an unprofitable company. I promise you, it happens to almost everybody. So when that does happen, just keep your position sizing small. And remember, it's a speculative stock. If you're buying a stock that does not make money on their bottom line, their, their net income is negative, it's speculative. You've got to keep position sizing small. That way, in case that company doesn't work out, they go bankrupt, something like that, you lose a small amount, not a large amount of money.
Eighth thing is, don't feel bad for buying a speculative stock if the sizing is small. A lot of times, people, you know, say, "Oh, if you ever buy a speculative stock like, you need to feel bad." No, I own a couple speculative stocks in my portfolio. That's just fine. I keep position sizing small in them, and if they work out, it's going to be absolutely phenomenal. If they don't, it is what it is.
Ninth thing is, if a speculative stock, it does hit for you, when I say hit, like it becomes a 5x, 10x, 15x, 20x opportunity over a 2, 3, 4, 5-year span, don't get addicted to that feeling and then think, you know, you're, you're invincible and you can just go into the next one and next one super heavy. Even in the future, whenever you're buying speculative stocks, always keep sizing small, even if you had a success before in one or two of these stocks, because believe me, you know, eventually one of those stocks won't work out, and it can be a huge loss for you.
Tenth, study all great business models and find out what made them great. So the great news is, we live in the internet age. You can find out anything you want to find out on all these different companies. So go back throughout history, learn about the old business models, what made them have an incredible, uh, around that business, what made them such an amazing business model.
Eleventh, study current dominant businesses to find out what makes them great. Why does Microsoft have a $3 trillion plus valuation on it? Oh, well, here's their business model, and here's what makes it special. Why does Nvidia have this valuation on it? Why is Apple? What makes Meta so special? Study those business models, understand, "Oh, this is why they have net margins here, they have profit margins here, their business model is hard to compete with because of XYZ reason." Study those companies.
That leads us into the 12th point. The more you study business models, the more it will help you identify great future business models. This is why studying old business models and current business models that are great is so important, because then all that study is going to allow you to see opportunities in the future. And with, like, let's say, a smaller market cap company or a mid-cap company, and you see it has the telltale signs of becoming a giant over time because you, you've studied past business models and you're like, "Oh my gosh, this has this, this, this, this is what XYZ company had, and that ended up growing them into this sort of market cap."
13th, learn to love listening to conference calls. Conference calls are the best. Okay? They're going to teach you so much about companies. They're going to let you know what's going on with business models, what's going on with the economy, everything like that. Learn to love listening to conference calls. They're not there to entertain you. Sometimes people say, "Oh, you know, the CFO is so boring, they talk so boring, they're putting me to sleep." Listen, man, it's not there for your entertainment. This isn't Netflix, this isn't TikTok, okay? You're not going to the movies, this is not a sporting event. This is money, okay? And when you're talking about money, it's not always exciting. Okay? Guess what? Netflix makes so much dang money. You know how they make so much dang money? Because they're willing to have a whole lot of boring meetings about stuff all the time. Guess what? You know, the, the NFL team, they're making plenty of money. You know why? Because they have a lot of boring meetings discussing what player is good, what player is not good, how much we should charge for tickets. It's money is not there to entertain you. It's there to provide so then you can live the life you want to live, right? Live in whatever type of house you want, drive the sort of cars you want, go to, have your kids go to whatever school you want, right? Uh, all those sorts of things, where you want to travel, your healthcare, all that stuff, right? It's not there to entertain you. Learn to love listening to conference calls.
Listen to conference calls of companies you own twice. Very valuable. And the reason being is, you're going to lose your focus sometimes in a conference call, something's going to happen, whatever, right? In the conference call is going by, going by, or maybe you just didn't hear something correctly. Always listen to conference calls twice. You're going to learn something new the second time you listen to a conference call that you didn't pick up on the first time, and that's going to enlighten you more about your company. Would you rather be more educated on the companies you own or less educated? Look at it from that perspective, and it begins to change your mindset.
15. Leverage your time with conference calls and do this by listening to conference calls at 1.5x speed or 2x speed. That way you can listen to more conference calls, right? And so, and then you can, you can build up kind of a, a tolerance for being able to keep focus at 1.5x speed, 2x speed. It's going to help you out immensely, right? At the end of the day, it's a numbers game. The more conference calls you listen to, the more you're going to be more educated on so many more business models, right? I listen to probably 50 to 100 conference calls every single earning season.
16. GVD: Growth, Value, Dividends. Don't be a one-trick pony. It will cost you. You want to buy growth stocks, value stocks, and dividend stocks. Remember, you're probably going to have a portfolio, let's say 10 to 20 stocks. You need to be an overall great investor. And so, an overall great investor is somebody that knows how to value growth stocks, value stocks, and dividend stocks, right? Because here's the problem: sometimes in the stock market, you're going to get a stock market that's very overvalued when it comes to growth stocks. And so, if you don't know how to properly identify value stocks and dividend stocks, if you're getting a great deal, then you're going to miss all those opportunities. You're probably going to be buying growth stocks at horrible valuations, and you could be stuck in a situation where for 3 or 5 years, those stocks hardly move for you, right? You don't want to be stuck in that. Other time periods, you're going to be in a situation where maybe the market's very risk-off, and let's say value stocks and dividend stocks are doing phenomenal at that time, and maybe growth stocks are going through a very bad time. If you don't know how to identify great growth stocks, then you're going to miss out in a world of buying, right? Think about 2022 was a great example. Value and dividend stocks held up very well in 2022, but you know what didn't? Growth stocks. So that was a time period when, if you knew how to identify growth stocks, you were able to get tons of the best tech companies in the world and growth companies in the world at 50, 60, and 70% discounts, some even 80% discounts in extraordinary times. GVD.
17. Growth stocks are the best in a risk-on market, but are the worst in a risk-off market. This is something to keep in mind, man. You know, this is very addictive in terms of just looking at it. You let's say you're in a really risk-on market, and let's say the Nasdaq's going up 15, 20% a year, 25% a year, you can start looking at your portfolio like, "What am I in these value and dividend stocks? These growth stocks are going up so much." Remember, the market doesn't stay in crazy risk-on forever. Eventually, it flips, right? And that plays out. And so, just keep in mind, growth stocks are also going to do the worst for you when you go into a risk-off environment. Risk-off environment could be a recession type scenario, it could be a high inflation cycle where the Fed, Federal Reserve, is raising interest rates, and that's going to put you in a bad, bad position.
18. Value and dividend stocks are so disappointing in risk-on markets and so rewarding in risk-off markets. And the reason value and dividend stocks is they hold up usually much better. You see growth stocks falling 50, 60, 70, 80%. Well, dividend stocks and value stocks in a risk-off market might only fall 20 or 30%, and you're still able to collect that dividend money every 3 months, which is very nice. Keep in mind, if stocks are all going down, the one thing you want more of is what? Money, so you can invest more money, because there's tons of deals out there, right? And so, if those dividends are coming into you every month, every 3 months, then you're able to buy stocks in a crashing market, right, with extra money outside of just your income money.
19. Focus on your gains, uh, focus on your gains, your, your portfolio you're building, not others. This is not a game of keeping up with the Joneses. Everybody has different, different amounts of money, right? I have a very different amount of money that I have in the market. This is a public account, right, about $2.3 million roughly in that, plus my other portfolios. It's a very different amount of money than I had 15 years ago, I can tell you that. Very different amount of money than I had 10 years ago, or even 5 years ago, for that matter. And so, I can't, you know, you don't want to be in a situation where you're looking at somebody else's portfolio and then you feel bad about yourself because somebody else is at a lot bigger number. Because there's always going to be somebody at a bigger number, like, right? Like, like, you know, you could have the yacht, and there's always going to be somebody with the bigger yacht. You can have the private plane, there's always going to be somebody with a bigger private plane. You could have the, you know, super nice Ferrari, there's always going to be somebody with an even more expensive Ferrari out there. So don't play the game of keeping up with the Joneses. Focus on your portfolio, what you're building out. Do that, okay?
20. You are buying ownership in an actual company, not just a stock symbol. So important. Remember, you're buying literal ownership of a company. So let's say you're buying Apple stock, you're literally becoming part owner of Apple. Don't just view it in terms of, "Own this ticker symbol and it goes up and down and up and down every day." No, no, no. You're owning an actual company. You need to look at it a little bit differently, right? Warren Buffett always says, "Look at it similar to if somebody was looking at at farmland." And if you were thinking about buying farmland, right, you would look at it from the context and kind of a standpoint of, "What are these crops going to yield over the next several years? What are the weather patterns in this particular area? Like, what is the risk to this farmland? Right? What, what will this yield me over time?" Like, you're going to think very long term. You're not going to be thinking about how much you can get for the crops that are that are growing over the next week. No. And the same thing if you bought a McDonald's franchise or something like that, you'd think about like, "How much is going to produce you over the next several years?" If you bought a real estate investment property, that's what you'd be thinking about with stock market investing. Because the market's open every day, and prices are going up and down and up and down, right? And there's all this talk about this and that, people end up starting to look at it from a stock symbol perspective. You're buying an actual company here. Remember this, folks. It is so, so vitally important.
Next up here, number 21. Wall Street. This is a Wall Street section here, 21 through 25. Wall Street's playing a different game than you understand that and be okay with that. Wall Street's playing a game of fees. They're trying to collect as much they can in fees. They're taking a percentage of assets on their management, AUM. They could also be taking a percentage of, uh, you know, whatever they're getting for gains on positions. They're playing a very short-term game. They're in and out of stocks. They're trying to play the game of keeping their clients happy. "Oh yeah, you know, we're out of the market right now because the market's doing bad." "Oh yeah, yeah, we're super risk-on right now, we own a lot of growth stocks." Those are doing well. They're just in it kind of for a perspective and keep those billionaire clients, those multi-millionaire clients around so they keep investing their money with them. They're playing a different game than you. You're focused on what you're focused on, your account building over time, getting the numbers bigger and bigger. These guys are focused on how much can they make in fees, because that's how they actually make the money, right?
22. Wall Street, it's a herd mentality. These folks follow each other around. I've been watching CNBC and Bloomberg since basically I got in the market, 15, 16 years ago, right? And I can tell you, these Wall Streeters, herd mentality with these folks, they all follow each other around. Next thing you know, if the market's going down, they all want to go risk-off, right? And it leads to very super-sized moves either side. If suddenly in a situation where the market's going up and up and up, next thing you know, it's only bright skies, they all move together. It seems like it's incredible.
23. Most people on Wall Street have no clue how to properly build a portfolio. That's very important. You understand that, because so many times, people can put in a lot of faith into these Wall Streeters, right? These Wall Streeters, a lot of them don't even run their own portfolios. A lot of them don't even know how to invest their own money. You remember one of these folks went to college, they got a Bachelor's degree, Master's degree, right, in something finance-related, then they enter the job market. And the, you got to understand on Wall Street, not everybody's a hedge fund manager running money. Like most of the positions, the far majority of the positions on Wall Street have nothing to do with running money and actually how to run a portfolio. And if you look at a lot of these Wall Streeters and ask them how they're invested, a lot of them just invest in like the S&P 500 or something like that. They don't actually know how to do that. So don't put too much faith in these Wall Streeters, trust me on that, right? You, you know, these folks don't even run their own dang portfolios for a lot of them.
Next thing, 24. Wall Street wants you to think you're too dumb to invest, so you'll buy their funds and ETFs. And that's just what it is, right? They cause volatility, the VIX can go crazy, get you to freak out, get you to think you're not smart enough to beat the S&P 500, you're not smart enough to do this, you're going to lose money, right? And the reason they do it is, let's just be honest, they make money. They make way more money off you if you're buying into their funds and ETFs, right? I can tell you, Wall Street would make way more money off me. I mean, heck, Fidelity doesn't even charge me fees when I go to buy and sell stocks, right? But if think about if I was invested into Wall Street funds or ETFs, they're collecting all those percentages of assets under management. And when you account for how much money I have in the market nowadays, oh my gosh, would they be making a lot of money off me every year? They would love it if I said, "You know what? I'm not stock picking anymore. I'm moving my money into this ETF or this fund," because they're going to start making a whole lot of money off that.
25. Wall Street's enemy is the S&P 500. And the reason being is, it's a very famous thing that's known in the market is a lot of times these Wall Streeters cannot even keep up with the S&P 500, which is hard to fathom. Because you think about the S&P 500 is an index that only goes up 7 or 8% a year. And you think about how many great companies go up 20% a year on average, 30%, 40%, 50%, some even more than that. And yet, Wall Street has trouble even keeping up with the S&P 500. That is their true enemy.
26. A great CEO can make a company bad, like can also completely ruin a company, and it could make a company great. The CEO is so important for a company. You got to put a lot of faith and a lot of research into the CEO of a company. It is extremely important because I've seen it before where they can ruin a company. I've seen it before where they can take a company and do amazing things with it. Elf is a great example of that. Their CEO, Tarang, I mean, since he got brought into the company, what he's done is simply amazing. He's run that company so well. Another great example is Lisa Su. Look at Lisa Su since she got hired to AMD as a CEO back and around, it was around 2015 or so, and look what's happened in that company. Look what's happened with the stock price. Great CEOs can make or break a company in a massive way.
27. Recurring revenue business models are magical. They are the holy grail of the stock market. And the reason being is, those recurring revenue business models, they're so much easier to essentially run models on projections. These businesses have very stable money coming in constantly. So they, they're able to plan their dividends, their share buybacks, and be very predictable for investors over time. And they love that. They can, they know a certain amount of money is coming in, so they can reinvest in the business. They're able to keep their expense profiles in check in a massive way. When you're dealing with other companies that maybe are a little more cyclical, that go through these big boom and bust cycles, those are always going to trade at very low valuations, P metrics, and things like that. Think about housing companies, for instance, housing stocks, right? Great example of that. Think about automobile companies. And the reason being is, as business models are so up and down, you can't, it's hard to plan and predict like how you're going to hire your employees, how you're going to do buybacks, dividends, how you're going to really run your business. These recurring. And that's why SAS-related companies, software as a service, those companies are always have the biggest premiums on it because people are looking at them, they're like, "These business models are magical."
28. A great balance sheet gets companies through tough times and lets you sleep well at night. A great balance sheet, you want companies that are cash-loaded, low on debt. And that way, if recessions happen, inflation cycles happen, Fed hiking cycles, those sorts of things, those companies are positioned very well. Let's say the Fed's raising interest rates massively. Well, if you got a great balance sheet company that has a bunch of cash, they're going to start making a ton of interest income. If they're very low on debt during a raising cycle, right, guess what? They're not going to have to pay nearly as much in interest. So their interest expense is going to be very low or non-existent if they have no debt, right? And allows you to sleep well at night because you're not worried about bankruptcy or something like that.
29. You want companies that have revenue up and to the right on a trailing 12-month basis. If you look at a chart of revenue, you want to be up and to the right over time when it comes to revenue. And in the same exact thing on a trailing 12-month basis. Trailing 12-month basis is just a fancy way of saying the past 12 months, okay? You want companies to have net income up and to the right on a trailing 12-month basis as well. It's a very good sign.
31. Margins. Gross margin is very important, right? And this takes your revenue minus your cost of goods sold. And so you really want to look at at companies like, ideally, 50% plus. 50% plus gross margins are going to usually keep you in a very good place. Under 50%, you're running more of a risk. Under 30%, you're even running a bigger risk. Net margins, very important. You net margins, like after all the expenses are taken out with the company, taxes, all that stuff, what is left at the end, right? You want a net margin of 10% plus, ideally, right? That's a very good thing. Or you want to be buying into a company that their net margins are increasing, increasing, you believe they're going to get 10% plus. Companies that are very special will have net margins of over 25%. There's several stocks out there I can think of that have actually net margins even over 30%.
33. Wall Street is obsessed with margins. Keep that in mind. If they see margins going down on a quarter-over-quarter basis, they're not going to like that. If they see margins going up, they're going to want to buy that stock left and right. They're obsessed with margins.
34. If margins ever go down, find out why. You can find that out in the conference calls. You can find that out in the quarterly reports. Why did margins go down? You don't want to just buy a stock blind, like, "Why did these margins go down? I don't know." Like, find out why. Same thing if margins ever go up for a company. You see it, like, let's say their gross margin went from 25% to 30% to 35% to 40%. Why is that going on? Why is that happening? Is that sustainable? Are they just in some sort of freakish cycle right now that's benefiting their business? Find out. Research is so important.
Listen, 36. Very important. Companies that have customers that love their product or service are usually successful. Think about it. If I ran, I don't know, let's say I had a barbecue restaurant, and everybody that comes into my company, my restaurant, they absolutely love the ribs, they love everything I have there, right? They think the prices are good. There's a good probability I'm going to be able to stay in business a long time, right? It's very rare that companies go out of business that have a phenomenal product or service. Always pay attention to what the customers are saying about the product and service, whether that's a B2C company or B2B. You, it's better because I can tell you, once there's something a better option out there, right? Let's say I, I run a barbecue restaurant and, uh, let's say my, my quality is not very good, but I'm the only barbecue restaurant in town. So people are like, "Hmm, their ribs aren't very good, but I'm really craving ribs tonight, I'm going to go there." Okay? As soon as another barbecue restaurant opens up anywhere near me, my business is done because everybody doesn't like my product. And as long as that other company has a better product, right, people are going to be like, "Let's go over there. Like, we're not going to that place anymore."
37. Companies that have loyal customers due to competitive advantage have pricing power. So anytime you're dealing with any sort of business model, right, that has something that makes it special as far as pricing goes, then they have pricing power over time. So, uh, I spoke to you about Elf earlier. They've been a really good company that's had, uh, I mean, just a competitive advantage because the, the pricing of their product is usually much lower than their competition. So they're able to, if they want to raise price, because let's say, say Elf sells something at $5, their competitors might be selling the same, same product at $10 or $15. So, uh, Elf can go up to $6, $7, $8, and still be a much more affordable product. That's what we call true pricing power in the market.
38. Companies that seem to have a monopoly or at risk of destroying themselves. Steve Jobs spoke about this many times in the past. Some phenomenal different interviews out there with Steve Jobs, and what he would always say is, if you get a company that has a monopoly market share, the great product, people get driven out of the company, and sales and marketing people are all that end up driving the company moving forward, and then that starts the downfall of a company, essentially. So be, be aware that if you're dealing with a company that kind of has a monopoly in the market, be aware that likely over time, that that actual monopoly market share is going to go away because competition is going to come in the market. And then this company's not going to be set up well enough to fight off those guys. And also, remember, companies are always coming in to disrupt monopolies, especially in the United States of America, because this is a land of entrepreneurship, right? And so, you always have companies coming in to knock off the other guy, right? Because there's a lot of money up for grabs here. And so, you got a company that might not want to, might not want to, you know, potentially hurt their business model, so they're not willing to take the next steps necessary to disrupt their business model, which really might need to be done. So a competitor comes in, a new competitor comes in, starts taking market share, starts eating away at their business, and slowly that cookie crumbles.
39. Stocks are like music. No one's staying at the top. A truly great company can be a top dog company for maybe 15 to 25 years, and then they are replaced. No top stock. Like when I was born in 1989, look at what all the biggest market cap companies were back in 1989 when I was born. Look at them today. None of them are up there. None of them are up there anymore, okay? And so, just keep in mind, the biggest companies you're seeing today, right, these companies that you think could never be beat, just be aware that 30, 35, 40 years from now, these companies are likely not going to be the top companies. Now, keep in mind, that doesn't mean they're bankrupt or they are going to be non-existent. It's just, believe me, there's going to be business models that are that are born over this next, that are already probably born and might be born over the next 10, 15, 20 years, that will become the new top companies that maybe are 10 trillion, 20 trillion, $50 trillion market caps, whatever it is in the future. So keep that in mind.
40. Trying to get friends and family into investing is a waste of time, sadly. And it really is. I, I remember working at Quick Trip back in the day as a manager in my early 20s, and I tried to get so many people and talk to them about investing because I was making a lot of money, money in the market, and just trying to get a lot of people to focus on investing. And I just ended up spinning my wheels pretty much almost all the time, and it was a waste of time. So just understand, like, you know, if you have friends or family members that are really into the market, that's awesome, but it's very rare, very rare. And so, just keep in mind, unfortunately, you're going to waste a lot of time.
41. Stock market can be a lonely place. Don't get desperate for a community. Look for like-minded investors who are focused on finding great companies and investing long-term. And I remember, you know, before I was on YouTube, right, because I was an investor in the market for like seven, eight years before I ever started making YouTube. I didn't start making YouTube till, till 2000, what was that, uh, 2016. And remember, I got started in the market like end of 2008. And so, here we are in a situation where I would look at these different communities, I would just find, "Oh my gosh, it's like impossible to find real long-term investors, more Warren Buffett type philosophies, focus on finding great companies in the future." Very difficult. And so, the great thing is, when I got on YouTube, I was able to obviously form this community on my channel, and then I was able to start my private stock group over time, create that Discord community with like-minded investors who are focused on finding great companies and focused on long-term, and those sorts of things. And I can tell you, that is, it is the best feeling when you find a truly great community and you're part of that, because now you guys can talk about investing all the time. You can talk about what the next great opportunity is in the market, the next great stock. It's phenomenal. But if you get in the wrong community, like let's say you're a long-term investor like myself, you're focused on building your wealth over the next 5, 10, 15 years, right, finding great companies to invest in, and you're in some day trading community or some community where everybody's just kind of like clowns and they're like, not very focused, and they're just, it, it's going to, it's going to make you probably worse at what you do. You want to be around really people that have the same mentality you are focused like you're focused, right?
42. Wealth can be a lonely place. It's awesome, but it can sometimes be sad. Not everybody can go on that vacation. And this is one of the few downers of wealth and money. And as you climb the ranks, you know, you're going to be able to do certain things that friends and family members can't do. And the only way you could be able to, they could be able to do it is if you would be willing to pay for them, right? So let's say you want to go on some elaborate vacation to Europe, something like that, right? Okay, that's, that's great. Um, can your friends and family afford that? Right? If you want them to go with you, they may not be able to go with you, right? And you're going to find there's so many time, so many things, "Hey, let's go to this restaurant." You want to go to a super expensive restaurant, like a lot of your friends and family might not be able to afford that. So as you climb the wealth, it kind of gets a little bit lonelier and lonelier because there's certain things that only you can do unless you pay for everybody. And so, just understand that's part of the process. And the more wealth you have, right, you know, just the more it is. I mean, you want to go out and ride Ferraris, you know, with, you know, your friend or your family member, like they better be ballers because they might not have money to to have a Ferrari, right? So this is just something to keep in mind.
43. Money will bring out the worst and the best in a person, right? It exposes everybody for what they are. And I know, you know, myself, with the first time I got money, and then the second time I got money, like I got to see what my flaws were. I got to see what my good things were, like what are my good qualities versus my bad qualities, and those sorts of things. It's very valuable to see that. And money really exposes that, uh, for, for kind of what, what you really are. If, if you're somebody that loves to give back to charity, you love to help people out, money is going to help expose that in a very good way, right? And you're going to be able to do those sorts of things. If you're extremely narcissistic and you look down upon people, believe me, once you get money, you're going to start to do that, right? And so, you know, with myself, I've always tried to keep myself as humble as possible, which is more difficult. I can tell you, with money, especially when you started from the mud and you got to a certain level, it's very, very difficult. But I always try to just humble myself. If I ever go out anywhere, I hold the door for people. Like, you know, if I go anywhere, I'm likely, I'll be honest, I'm likely the richest person at that particular place. I don't care. I don't want anybody to know I'm the richest person in that place. If you look at the way I dress when I go out, I'll dress in like athletic shorts and like a basic t-shirt. Like, mm-hmm, a lot of times I won't even wear my watches out, anything like that. Um, and I, I love to just, you know, hold the door for everybody. Even if they don't say thank you, man, they make sure if somebody holds a door for you, make sure you say thank you, okay? That's the only thing that rubs me the wrong way sometimes. Like, come on, man, just a little thanks would be nice.
44. Sell long-term gains rather than short. The reason being is your, your tax is going to be taxed very differently. And the more money you have, the more it matters. If you're selling for short-term gains, you're going to be taxed as your normal tax rate. Long-term gains are usually going to be taxed around 15%. It's a huge advantage for you. Additionally, if you're selling for long-term, you're holding for long-term, you're holding for a minimum of a year, which is a good sign as a long-term investor. You don't really want to be selling for many short-term gains. You want to try to limit the amount of times you sell for a short-term gain as much as possible.
45. Pay a good CPA to do your taxes. Listen, one of the best return on investments you will ever get outside of investing in yourself, right, and taking your knowledge up to a higher level, is paying a CPA to do your taxes. It's one of the best ROIs you'll ever get. More than likely, whatever you pay the CPA to do your taxes, I don't know, $200 bucks, $300 bucks, $500 bucks, whatever it is, they're going to likely save you more in your taxes than whatever you're spending on them. That's great. And then it's a peace of mind. If you have a really good CPA who's in with the IRS very well, it loves you to have a peace of mind. You don't have to worry about, you know, worried about an audit and all those sorts of things. You have somebody that has your back, that's a professional at this, that did your taxes for you and signed, signed off on that. That's huge.
46. Stay away from margin. Margin will call your name after you've had a lot of success in the market. You start thinking about, "Oh, I want to invest debt money because I can invest even more money, right? I got $100,000 in my portfolio, man. If I invest on margin, I could invest another $50,000, $100,000, right, and get even a better return." Stay away from margin. It is no bueno. No bueno. You're going to have to pay massive interest in terms of your margin loan over time. And ultimately, in a, when the market starts going the other way, next thing you know, you could be set up in margin calls. It can get ugly quickly. Stay away from margin. The, you have time on your side. There's plenty of money to be made here. You don't need to mess with that, okay? And I wish I could tell myself back, tell myself that to the 24, 25-year-old Jeremy, because I could tell you back then, I got into margin. It cost me immensely, and I lost a lot of money quickly. I had margin calls. I wish I could talk to myself back then. And the reason I got into it, I had a lot of success in the market year after year after year. And so I started saying, "Why shouldn't I invest on margin?" Like, it's, you know, I, I'm making so much money. Next thing you know, I'm paying all these margin fees. Next thing you know, market takes a turn. Next thing you know, I got margin calls coming. It was a mess quickly. Stay away from margin, okay?
47. Time in the market beats timing the market. Listen, people all the time try to get in this game of like thinking, "Oh, I'm going to time out the market perfectly. Oh, I'm going to sell out all my stocks. I want to buy them back." No. Stay away from that. There's a reason every great investor tells you this. Trust me, as somebody that's been in this game 16 years, it's the truth. Time in the market beats timing the market.
48. If you're scared, let's say you're, you're scared, which sometimes happens in the market, you're like, "Man, valuations are extremely high in the market. Uh, you know, I'm really worried about this, whatever." Okay. If you're scared, build cash a little bit more. So let's say you invest $2,000 a month, and you're really scared, you really think something bad is going to happen. Okay, you could say, "Okay, I'm going to invest $1,000 a month instead of $2,000 a month," and you put $1,000 in a savings account, high-yield savings account, or something like that, and let that money kind of sit and build for a while. If you're scared, do that. But the, the whole game of like, "I'm going to sell out my $2.2 million portfolio because the market might go down tomorrow, next week, next year, whatever." No, no, no. Stay away from that. Just build cash if you're scared.
49. Never go over 30% cash, regardless. I don't care if you think you're the smartest person in the world and you think you got the next great financial crisis on your hands here. Never go over 30% because 99% probability you're wrong. And so don't go over 30% cash. No, no, no. I don't care how smart you think you are.
50. Learn how to hedge if you're higher net worth. That way you can protect in those sort of downside markets with a small amount of money. Goes a long way when hedging properly, folks.
51. One to two-year leaps on call options look great, but you can lose money often. And I found a lot of companies I've bought over time, and I'm like, "Oh man, this company looks so good. Like, maybe I should buy one-year, two-year out leaps." Sometimes it works. A lot of times it doesn't. Remember, a lot of the call options end up going worthless over time. And even if you think a company's really undervalued, and you're like, "This company's going to go up so much over the next 12, 18 months, whatever, right?" What happens if a market crash happens, a major correction in the market? That can send your stock down even a lot lower. And remember, there's, there's, you know, at the end of the day, stocks can go down too. And so, next thing you know, your leaps, they end up expiring worthless, and you're like, "Oh my gosh, like, I should have just bought the stock straight up because at least you're still holding through that time." Leaps, next thing you know, you lose 80% of your value, 90% or 100% of your value, even if the company stock maybe just moved down 5, 10, 15%, right?
52. Invest with your brain, not with your brain, not your heart. Okay? Listen, there's a lot of companies that I wish they did well. Anytime I've ever invested with my heart over my brain, it usually ends poorly.
53. Invest with your brain, not with your ego. And this is something I've definitely had a fight over time where I'm just, I want to be right on a stock so bad.
And I'll go down with the ship, when really, I, I got to know, like, listen, man, there's an ego thing, and that's something I had to learn the hard way, right? It's better to look at it from a financial perspective, valuation perspective, look at the business model and say, "Is this really going right, or am I just trying to win this to win this?" Right? Sometimes you just got to take defeat. A smaller defeat in a battle is much better than losing a huge battle, right?
And so, sometimes you're going to buy a stock and it's not going to be a very good company. You're like, "Dang, this is really going bad." Sometimes you just got to sell for that loss, take that loss, move on, check your ego at the door. It is what it is. You're not going to win them all, like you're not going to win them all. It's fine. Like, it's just not realistic to win them all.
54. Pay attention to what you see in the real world. What you see in the real world can go a long way in the stock market.
55. Talk to people. Listen, there's, you know, everybody's out here. Don't talk to insiders of companies that are executives and try to get those numbers or things like that, but just talk to people in general. You want to know how the business model is doing, how they like the new management team, whatever. Talk to people.
56. Do you want to essentially beat Wall Street to the next big opportunities in the market? So, Wall Street, a lot of times, lags the next big opportunity in the market, right? And they're usually focused on the very top of the market. And the reason being is they're trying to play this game of the S&P 500 and chasing the S&P 500 around. And a lot of times they look at the top of the market, "Hey, what are the 20 biggest stocks I can play to kind of catch up to the market?" Those sorts of things, right? You want to beat big money to those opportunities. And so, a lot of times that can come in the form of mid-caps and small-cap stocks where you're able to find some of those, invest into those before Wall Street's paying attention to those business models, right? Because they're focused so much on the top of the market, the biggest stocks in the market. And then as those companies grow their revenues and net incomes, they're going to attract more and more big money attention over time, which is going to be very well, very good for you, and it's going to, uh, you know, ultimately have that stock perform tremendous over time.
57. Huge gains can come from all-sized companies, not just small ones. So, a good example is, imagine, you know, you looked at Apple many years ago and you said, "Apple's a hundred billion dollar market cap, there can't be much money to be made here, right?" Well, the stock's over 30X since that time, right? It's a three trillion plus market cap. And when it was 100 billion, it looked huge. It's like, "There's no money to be made here, right?" You could have looked at Nvidia when it was a $500 billion market cap and say, "Man, Nvidia can't grow any bigger than this. This is max." And they're a $3 trillion market cap, right? So, keep in mind, even in big companies, there still could be a lot of money to be made there. It's not like the only big opportunities in the market are from small caps and midcap stocks. They can come from big ones as well.
58. Look over your portfolio in depth each and every month. This is important, guys. You want to view your whole portfolio every single month. Really look at the position sizing you're at, look at your portfolio in total, say, "Are there other stocks I really want to own over these stocks?" And just make sure you're always comfortable with what you're looking at there.
59. In a strong risk-on market, focus your buying on value and dividend stocks. Here's why. Okay, if you're in a major risk-on market, what's everybody going to be buying? Growth stocks, left and right. They're all going to be buying growth stocks, growth stocks, growth stocks. Listen, that's not the opportunity. Then everybody's FOMO-ing into growth stocks. You want to then be focused on value stocks, dividend stocks. That's where likely the real opportunity is going to be. No one's going to be paying attention to those stocks. Those stocks are likely going to be lagging, underperforming the index immensely. And you'll have this long list of some of the best value companies, dividend companies to buy from, right when everybody's focused on growth stocks over here. Okay?
Now, additionally, additionally, in a strong risk-off market, so let's say you're in a correction market, a crash market, something like that, focus your buys on strong growth stocks. 2022 is a great example of this. Value stocks, dividend stocks were holding up very well. Guess where the opportunity was? Growth stocks, tech stocks. That's where the real opportunity was. So, you kind of want to look at this is where GVD comes into account, right? You really want to look at the market. Are we super risk-on? Okay, the market's flying high, the Nasdaq's, you know, going to all-time high after all-time high after all-time high. The more you see that play out, the more you got to say, "Where's the value in dividend stocks at?" Right? And the more you, you know, let's say the Nasdaq's doing horrible, growth stocks are doing horrible, that's more of the time you got to say, "Okay, I need to figure out where these growth stock opportunities are," because people are likely going to be positioning themselves in value stocks and dividend stocks at that time.
61. This is around the Fed. These next few, the Fed is always going to be a major topic in the market. Focus your attention on companies. The most of the time, worrying about the Fed is a waste of time, okay? Because the Fed doesn't even know what the Fed's going to do over the next six months, 12 months. You might, you know, be able to predict, and they might be able to predict what they're going to do over the next three months, but they don't even know where they're going to be at a year from now, just to be quite honest.
62. The Fed is not good at forecasting. They're only good at looking at current data. Anytime the Fed says anything about there's not going to be a recession or anything like that, just don't, don't buy that. The reason being is they, they, they don't have a clue. They don't know how to forecast. They can't forecast. They, they, they're forced to just look at the current data. The current data is not going to tell you where we're going over the next 12 months, 18 months.
63. Fed lowering rates doesn't always mean great things for investors. A lot of times, because the Fed lowers rates and the cost of capital goes down immensely, right? People look at that, they say, "This means great things for stocks." I can point you out back at many time periods in the past, especially over the past 20, 30 years, where the Fed starts lowering rates, it did not mean good things for investors. So, don't automatically assume that just because a Fed is lowering rates, like you're going to go through a huge boom in the market over the next year or two when they are lowering rates.
Additionally, if the Fed's raising rates, it doesn't always mean doom for investors. 2022 is a great example of this, right? The Fed's raising rates, raising rates, they're raising rates at the fastest clip in, in, in history, like literally history. They, like they never raised rates that fast on a percentage basis in the history of the Federal Reserve, right? And so they're raising, raising, raising, going crazy with it, right? Like the fastest rate, like cycle in. And investors flooding out of stocks. Did it mean the stock market was going to do bad over the next two years? No. 2023, great year for investors. 2024, ultimately pretty dang good year for investors, right? And so, keep that in mind as well.
65. Inflation hurts some companies while it helps others. If you're a company that you, you have very high prices on your product, right? In times of where people get tight on money, they start paying attention to price heavily, which usually happens in an inflation cycle. Those companies can be hurt. Meanwhile, other ones that can benefit or companies that are known as like cheaper. So, for instance, after the big huge bunch of inflation we've gone through, guess what company that has really prospered after the huge amount of inflation we saw in '22, '23? Walmart. Walmart stock's been kind of reaching all-time high after all-time high because Walmart's known as price conscious, right? If people think about Walmart, they think about, "I'm going to get the best price there." So, after people have been sliced and diced by inflation, they think, "I'm going to go, I'm going to go to Walmart, I'm going to get the best deals, right?" So, keep that in mind. It hurts some, it helps others.
66. Deflation generally hurts everybody. Deflation is usually a bad across the board. Usually don't want to be in a deflation time, or pretty much everybody is negatively affected by that.
67. Treat every dollar you invest like it's your last dollar. Listen, I, back in the day, I learned poker. I live in Vegas, right? And I learned to play poker. And there's always a great saying in poker. Let's say you're playing, um, a tournament or a cash game or something like that, right? A lot of times, let's say you go there with $500 and you're down to your last $50. It's been a rough night, right? You got your money taken, you can't hit any hands, and you're just, you know, flooding money out. Don't just waste that last $50. A lot of times people will just like, you know, throw it in like a, "It's only $50, I got laugh." So, no, no, no. And so the same mentality you need to approach the stock market with. It doesn't matter what the amount of money is you're investing. Always focus on it like it's your last amount of money. Don't just throw it out there. Listen, that, that small amount of money could end up being a lot of money over the next five years, 10 years, 20 years, 30 years. Very important you keep that in mind, okay?
68. It's a game of risk reward, not just risk, not just reward. Every time you buy a stock, there's a probability it's going to go down, a probability it's going to go up, right? A probability it's going to flatline over time. Keep in mind all that. Too many times people get focused on just the risk of the market and just on on the reward of the market. Don't play that game. It's a game of risk reward.
69. There's a series of potential outcomes in the economy and with companies. Don't just get like, focused on one potential outcome because this is like a big game of chess. And if you ever learn how to play chess, right? There's a lot of outcomes, there's a lot of probabilities. What your, what if your opponent does this? How are you going to react to that? There's so many different moves your opponent could make at a particular time and so many different, uh, things that you could do, right? Listen, said don't just get one, one thought process on, "It's only going to happen this way." Because there's immense amount of ways. And then will also keep you away from trying to time the market because you're going to start to realize, "Oh my gosh, there's so many things, so many different various factors at play here."
70. There's no cure for Perma Bears, unfortunately. Perma Bears are stuck there. These are people that are always negative. They always look at the glass half empty. They always have negative things to say. It doesn't matter. The best economic data could be coming out. They're going to say it's a crash. The crash could be going on. They say, "Don't buy because it's a crash going on." Right? These folks are broken. They're broken. And unless they completely change their mentality, they're always going to stay broken. Perma Bears, there's no cure for those folks.
71. Perma Bears are or Perma Bulls, they're annoying, uh, people that only see the positive in everything. Those people can get annoying over time because remember, there's a range of outcomes here and some are negative, and we have to take those into account. So, to just be oblivious to all the potential bad things that could play out for a company that you know, that can get a little annoying, and it's usually a bad decision as well.
72. If you're too on the bullish side, so you're too over here, listen to more Perma Bears. I think it can be valuable to you. And additionally, if you're too on the bear side, listen to more Perma Bulls because they can help educate you a little bit on the, the positive upsides, right? And the Perma Bears are always going to be there to educate you on what could go wrong, right? This go wrong. So, just understand where you're at and then try to listen to more commentary. If you're super bullish all the time and all you're listening to is super bullish people, you can ultimately become a Perma. Right? If you already lean heavy to the bear side and all you're listening to is Perma Bears about how everything's going to end, boy, you're going to end up being a Perma Perma Bear, and that's not, there's no blind up.
74. If you buy a company and it does better than you imagine, hold that company tight. I've had many companies I've bought over time that these companies did way better than I ever anticipated, and I sold those stocks as the stocks went up and up and up, and I regret it. Listen, if a company's tearing it up for you, like these revenues are way better than I thought they were going to be, the net income, the margins, hold those babies tight. It's a special company, you got a special management team, a special business model there. Hold it tight, okay?
75. Sell stocks when the stock is overvalued and you're like, "This stock is not going to make me any money likely over the next few years because it's way overvalued," or if the company's a bad company, which sometimes you're going to buy bad stocks, right? Or if you need money for another extraordinary opportunity in the market, like let's say you own a stock, it's done pretty decent over time, you're like, "I find another stock like this stock has way more upside and less downside risk." Sometimes you got to move money to an extraordinary opportunity, and that could be a reason to sell.
76. Never fear recessions. Welcome recessions. Recessions are a time period where a lot of money can be made. People get so scared around recessions, so scared about a market crash. When are you going to get the best deals in the market you could ever find, right? If you're a long-term investor, is focused on growing your wealth over the next 5, 10, 15, 20, 30 years, when's the best time you can buy? During recessions, during corrections in the market, during crashes in the market. Don't fear those. I don't know why people fear those. Like, I, like if it's an ego thing, check your ego at the door, right? If it's just like, "Oh, if I log into my portfolio and it says $1.5 million instead of $2.2 million, I feel bad about myself." No, like, at the end of the day, you understand if you're able to buy at least twice a month, you're able to buy stocks at insanely cheap valuations that in a few years from now, you'll be able to look back and be like, "Thank goodness, thank goodness I was buying those stocks at those prices, right?" Never fear recession.
77. Don't think you know everything after your first year or two in the market. When you're in the stock market, you can obviously, you're going to learn a lot in your first year or two, and you're going to learn so much that some, some people, especially younger folks, they think they know everything after that first year or two. You got a lot to learn, even after a first year or two, okay? A lot to learn.
78. Be proud of the portfolio you're building. Always be proud of what you're building there.
79. Losing money will happen. Learn, learn from it, move on. This is life. Life, you're going to make mistakes. No one's ever ran through life and was perfect. Everybody makes mistakes. That's part of being a human. That's part of the human experience, right? We're going to make mistakes. We're going to screw up sometimes, and we need to learn from those things, and we need to move on. We can't dwell about them, right? And just keep thinking about them again, again, again. No, it's like, "Screwed up. Here's what I learned. Move on." And that's the stock market for you. There's going to be time periods when you buy stocks and they're going to go down, and you're going to lose money. It's, it's, it's guaranteed you're going to lose money sometimes. Like, there's no, there's nobody ever in the history of the stock market that's made money 100% of the time, and there never will be. Never. And so therefore, you got to understand it's part of the process. You're going to have to sell for losses sometimes. If you buy, like, if I go to buy 10 stocks, I'm of the understanding that two or three of those stocks probably aren't going to make me money. I might have to sell those for losses. That's part of the game. That's why I stay diversified. That's why you see me own 20-plus stocks across my different portfolios, right? Because I'm understanding this is a game of math. This is a math game.
80. Investing is a lifelong journey. Look at Charlie Munger. Look at Warren Buffett. Those guys, you know, obviously still focus on investing. Buffett's now 94 years old, man, still loves investing. And this is, this is one of the rare games that once you learn it, you can do it as long as you're here, which is really, really fun. Which can't be the same for, like, a sport. Like, you know, it might be a little bit hard to play basketball at 90 years old, but, you know what you can do? You can still read annual reports. You can still listen to conference calls at 90 years old, and that's pretty dang cool.
81. And remember, it's compounded. So, the knowledge you gain over time, it's phenomenal.
81. Reinvest all dividend money immediately. So, you're going to get paid out that dividend money, get that baby invested ASAP. So, let's say you, you know, I don't know, it's May, and you make $1,000 from dividends, right? Get paid out to your portfolio. Get that invested in, Bay. Get it invested out there. There's some great opportunities in the market. You can buy the same stocks you already owned that paid you out the dividends, or you can buy new stocks that are great opportunities. Reinvest that money immediately.
82. Don't take money out of your portfolio unless it's for two things. One is if it's for a down payment of a house. So, let's say, you know, you want a house to live in, and you need money for a down payment, you're like, "Dang, I need $50,000. I got $250 in my portfolio. I'm going to have to pull out $50,000." Okay, fair play, right? So, then your portfolio goes down to $200,000. Fair. Or let's say you want to buy a real estate investment property, you know, you're like, "I need $30,000 down payment for this real estate investment property." Okay, fair play. That's that. Or you're retired. So, if you're retired, right? Well, shoot, you're going to need to pull money out of your portfolio from time to time, more than likely. Or, or you need a down payment. Outside of that, try to never, ever take money out of your portfolio. Not to buy a car, not to, you know, build a pool in your backyard, none of that. Try to use, if anything, like income savings for that type of stuff. Focus this on down payment of a house or retired. And other than that, try to never take money out of your portfolio. Remember, like, this is a compounding game. The bigger the numbers are, woo, the more it helps and helps help. I mean, I could take, you know, I don't know, let's say there's a fancy Ferrari out there that, you know, here in Vegas, the $700,000, and I could go buy one of those right now and take $700,000 out of my portfolio, and then I'm down to 1.5 mil. You know, I'm just telling you, I could do that. But one, I'd have to take, pay taxes on that, so I need to sell even more. So that's something to keep in mind. But two, my money's not going to compound nearly as much now, right? So, there's, there's, there's a, that's why you want to try to avoid anything else other than these two.
83. International markets always trade cheap. A lot of times, international markets can, can investors can think like, "Oh, this market is so cheap. Oh, China stocks are so cheap. Oh, you know, uh, the Indian stock market is so cheap right now. Oh, the Japanese stock market is so cheap." Listen, international markets are always going to trade cheap, and they trade cheap for a multitude of reasons. We're not going to get that into this video. That's probably a 30-minute video in itself. But believe me, there's a lot of different reasons why international markets are always going to look cheap compared to US markets, and usually, it's always a trap. It's just usually always a trap.
84. If you ever see a company, you want to speak about traps, we can talk about traps. If you ever see a company that's trading under, under a 10 forward P/E, get suspicious. Get very suspicious. It's literally trading down there for a reason. Every once in a while, you can find a company that has a forward P/E under 10 and it's actually a great company, has a great future, and you're going to make a lot of money. But a lot of times, these companies are underperformers that are down there for a reason. There's some sort of systemic problem in their business model that's going to erode their competitive positioning over the next 5, 10, 15 years. So, just get suspicious if you ever find stocks that are under a 10 forward P/E.
85. Money to be made in all markets. This goes back to "Don't fear any markets." Listen, if the market's going up a bunch, your long positions should make you a ton of money. If the market's going down a bunch, if you have some puts on the market, right? You're hedged, you're going to make a bunch of money off that. Additionally, you're able to buy stocks at very cheap prices. Additionally, if you own dividend stocks, those are going to be paying your dividend money in a down market, right? If you, if you're talking about a kangaroo market that's up and down, up and down, great companies are still going to likely go up in a kangaroo market. That the market is not really going anywhere. Great stocks, right? Are likely going to still attract attention and value in position into those stocks. Additionally, in a kangaroo market, there's a lot of money to be made from dividends in that particular market. So, regardless of the market you're in, there's always money to be made. Always view it from that standpoint.
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