Transcription
In today's video, I want to discuss why I don't own Micron stock and what my thoughts on Micron are today. Then I also want to share my overall thoughts on the market and the market cycle that we're currently in. Then we're going to be going through Meta's recent AGM announcements because there was some new announcements yesterday. And then we are going to top off the video by looking at Snowflake's earnings report because it seems like this is kind of changing the narrative on SAS. This is going to be another action-packed video where we discuss a lot of different topics. So let's just hop right into it and get started by talking about Micron stock.
All right. So if we take a quick look here at Micron stock chart, we can see that it has gone absolutely vertical. And just back here in April of 2025, it was $69 per share. So the stock is up roughly 13x just over the past year. And it has produced some massive gains. And I think that this is probably why I am continuing to get asked my opinion on the stock. Now what's interesting about Micron is even after a 1300% run the stock is still trading for under a 10 forward price to earnings ratio and this is causing a lot of people to think that the stock is looking very cheap because it is growing so much.
So let's take a look at some of Micron's metrics now and we can see that its revenue is absolutely exploding with roughly $24 billion of revenue reported just in its last quarter. This is the same story for Micron's earnings and they produced about $13.8 billion in earnings just in the last quarter alone. And Micron's earnings are absolutely spiking. And I think that this is also why a lot of people are asking me about Micron stock because its revenue and its earnings are going nuts. And it seems like people are believing that this is going to continue in the future and they're starting to price the stock as if this level of earnings and growth is sustainable.
However, if we take a look at Micron's long-term track record of earnings, you can see that this business has historically been very, very cyclical. If we zoom in all the way back to the tech bubble, you can see that earnings were absolutely spiking and then they went negative in 2002 to about 2003. And these cycles have happened many, many times before where Micron's earnings start to spike and then they decline and the business can actually start to produce negative earnings. And the most recent time this happened was back in 2023.
So what I want to show you now is Micron's historical earnings and price to earnings ratio. And once again, let's take a look all the way back here in 2001. Because when Micron's earnings were spiking, it was trading for roughly a 13 price to earnings ratio. Then in 2010, when Micron's earnings were spiking again, it was trading for roughly a five price to earnings ratio. Then in 2015, during the next earnings spike, Micron was trading for a price to earnings ratio of roughly 7.6. Then in 2018, when Micron's earnings were spiking all the way up to $15 billion, it was trading for a price to earnings ratio of only three. Then let's zoom out to even the most recent spike right here, which was in 2022. Earnings spiked back up to about $10 billion and the price to earnings ratio was down at 7. And now in this most recent spike, it's once again trading for a forward price to earnings ratio of under 10.
Now what we can get from these charts is historically when Micron's earnings were spiking rapidly, its price to earnings ratio was also low and many times it was trading for a PE of under 10. But the theory today is that this time is different and this cycle is not going to be the same as previous cycles where every single other time that Micron's earnings have historically spiked, this time the earnings are not going to decline over the next few years, which makes the stock look very cheap and like a buy. But when we take a look at Micron's earnings history, I am just not so sure because every single time that this company has seen its earnings start to spike rapidly, it has been cyclical and then the earnings start to drop significantly over the next few years. And it does seem like we are in this massive super cycle of earnings that could continue over the next year or so. But I think that the bottlenecks will eventually work themselves out and this will prove to be another massive cycle for Micron.
So next I want to read you a passage from chapter 7 of The Intelligent Investor where Benjamin Graham wrote, "But in considering individual companies a special factor of opposite import must sometimes be taken into account. Companies that are inherently speculative because of widely varying earnings tend to sell both at relatively high price and relatively low multipliers in their good years and conversely at low prices and high multipliers in their bad years."
What Benjamin Graham is describing here is a cyclical business and cyclical businesses ironically look their cheapest and have the lowest price multiples when their profits are exploding. And conversely, they're actually their cheapest when their price multiples are high and they are at the bottom of their cycles. Peter Lynch also described this in One Up on Wall Street where he said that ironically cyclical businesses are their most expensive when their price multiples are low. So the fact that Micron's earnings are absolutely exploding right now and this is causing the stock to look cheap on a forward price to earnings ratio basis is actually a signal that it could be looking expensive because this is how cyclical companies work.
So basically for investors who are buying Micron right now, one, you're either straight up gambling and you're trying to benefit from all of the hype in the market, which is a fair play. You just have to understand that you are speculating and kind of gambling. Or two, you have to have faith that something has changed and this is no longer a cyclical stock and the business is going to see sustained profits over the longer term, which I personally just don't have faith in.
So the reason that I am staying out of Micron stock and I'm not looking to enter it here is because I am skeptical that its earnings will be sustained over the longer term. And if they do eventually start to come down and that does prove to be another cycle, then in hindsight the stock could actually look very, very expensive here. Now ultimately, I don't know if this is a super cycle, when the cycle is going to end, or if the cycle has truly stopped and something has actually changed. And that's why I'm also staying out of it. I don't need to be right or wrong on Micron stock. What I need to be right or wrong on is the stocks that I'm actually going to buy and be invested in. But those are the reasons why I'm not invested in Micron because historically this has been a very, very cyclical business with very cyclical profits. And based on what I've read in The Intelligent Investor and what I've read from Peter Lynch and One Up on Wall Street, which by the way, these guys are legendary investors who have lived through multiple market cycles. And I think that they're extremely wise when it comes to investing. And they have actually written that you just want to be a little bit skeptical and conservative when you're looking at these types of cyclical businesses when they seem to be trading cheap. This has happened before. The cycle today is obviously much, much larger than what we have seen before, but it does seem to be another cycle, at least in my opinion. So no one knows where the top is and you just got to know that yes, the stock does look cheap, but the earnings could take a turn for the worst very, very quickly and then Micron could look extremely expensive in hindsight.
All right, so now let's move on to the overall market and what I believe is continuing to fuel it because I have been thinking about this quite a bit and I think that I have some interesting thoughts to at least share and have a discussion on. So what seems to be fueling the market is what I am going to start calling the hyperscaler stimulus package. For those of you who were around during the market in 2020 and 2021 when COVID was going on, you know that the government was providing a lot of stimulus to the market and people were getting money from the government. The government was printing trillions of dollars and that was acting as a massive stimulus package for the economy and for the stock market. Now, what's kind of been happening is the exact same thing, but this time it's from hyperscalers spending trillions of dollars from their operating cash flows. This trillions of dollars is flowing back in throughout the economy, and every single company that has exposure to this hyperscaler stimulus package is seeing their earnings and their revenues absolutely skyrocket. This is also causing earnings throughout the S&P 500 to see significant momentum. I was actually reading that the S&P 500's earnings per share came in well above expectations this quarter because companies like Dell, Micron, AMD, uh SanDisk, and those types of companies are seeing their earnings explode because there are bottlenecks and the hyperscalers are just spending so much money to build out data centers and the AI infrastructure.
But when you look at where the money is actually coming from that is causing earnings and revenues to explode, it's from a handful of companies and them spending money on building out again AI infrastructure. What this also means is that many stocks are rallying based on the spending decisions of a handful of businesses and I do not think that this level of spending is sustainable and I also don't think that the growth rates to the spending can continue forever. For example, the capital expenditures from the hyperscalers are now starting to hit their operating cash flow limits. So spending growth from here will have to come from debt or from organically increased operating cash flows. The limits of organic cash flows funding the AI buildout has largely been hit. Now also, I don't think that these companies can or want to be spending 100% of their cash flows on capex forever. At some point, investors will want returns on all of this. That means that eventually, and nobody really knows when for sure, but eventually spending will have to get pulled back. And when this happens, everything that is currently benefiting from the growth of spending will see a strong headwind.
So I think that projecting out growth in many of these different businesses for the long term is actually risky because that growth would also mean that hyperscalers will continue increasing their spend exponentially for years to come. I also think that this is why Nvidia stock isn't rallying as much as the rest of the market even after ridiculously good results. The revenue from Nvidia comes from hyperscaler spending and it has to slow down eventually. So the durability of revenue and cash flows is questionable over the longer term and personally I think that the cycle will end eventually and again, when it does, I don't know what these companies' profits are going to look like and that is largely why I am staying out of the semiconductor industry, especially while these stocks are at all-time highs and seeing record profits and growth. I just don't know when this cycle will end. And it really seems to me like it's being fueled by the decisions of a handful of companies and a handful of people. And that's why I am avoiding this sector, especially now. And instead, I am trying to focus on the businesses that I think have much more durable cash flows over the longer term and ironically have also been left behind by the market today. So that's really my long explanation as to why I'm not interested in Micron, why I think that this will prove to be a cycle over the longer term and maybe why many of the businesses seeing rallies in the market today don't actually have as sustainable of cash flows as maybe the market is thinking today. I just think that it is looking a little bit risky. So I am choosing to focus on the areas of the market where I think there is much more durability in the profits and businesses are trading for lower multiples. That's my thoughts on the market today. So let me know what you think down in the comment section below. And do you agree that this will prove to be cyclical over the longer term?
All right, let's now move on and discuss Meta because they just had their AGM yesterday and they also had some pretty large announcements that caused the stock to see an initial spike. It did sell off a little bit more today, but I want to let you know what those announcements were and what I think about them. So, the first major announcement is that Meta launched Instagram, Facebook, and WhatsApp subscriptions, and they are planning on rolling out more AI subscription plans. In this article, it says, "On Wednesday, the social networking giant announced it's now rolling out its new consumer subscription plans globally for its flagship apps, Instagram, Facebook, and WhatsApp, and beginning tests of new subscriptions for businesses, creators, and Meta AI users. For a few dollars a month, consumers subscribing to Instagram Plus for $3.99 per month, Facebook Plus, which is also $3.99, or WhatsApp Plus, which is $2.99, will gain access to extra features like profile customization, super reactions, and story insights, among other things." And this subscription of $3.99 per month seems like it is Meta's lowest tier subscription that pretty much anyone should be able to afford. And again, it will give you extra features and some more insights into your Instagram stories and whatnot.
Then they talked about their AI plans. And here this says, "Meta says it will begin testing even more subscription plans, which is where things start to get confusing. For Meta AI users, it will test two plans. Meta1 Plus, which is basically $8 per month, and Meta1 Premium, which is $20 per month with the same features, but the premium plan unlocks more capacity on higher compute queries. Then they also announced a Meta1 Advanced plan for $50 per month which will include the Essentials plans benefits as well as the ability to be featured in the Facebook feed, appear higher in Facebook and Instagram search results. Gain attention with bold follow buttons on reels and automatically send follow invitations to people who engage with your content. It can also help creators and businesses drive people to their websites or shops through links in Instagram posts and Instagram reels. These plans, not surprisingly, include better analytics, including deeper competitive insights on Instagram and custom audience insights on Facebook."
Now, I think that this is actually very bullish for Meta's business, because it's no longer a user acquisition story, Meta's overall cash flows and revenue growth. It is now, how can Meta monetize its massive user base of over 3.5 billion people? They are very clearly doing this through increasing their advertising efficiencies and directing more advertising dollars to their platform. But now they're starting to monetize their actual users through providing them with more features and more insights if they pay a subscription. And the subscriptions range from very small to pretty expensive up to $50 per month. I think that $50 per month subscription is probably going to be more for businesses and large creators so they can get those deep analytics and insights on all of their posts and whatnot. I do actually think that a lot of businesses and creators would pay for that. But even if a small portion of Meta's 3.5 billion globally installed user base pays for any of the subscriptions, then this could be billions of annual recurring revenue for Meta's business. And this would further diversify their business away from advertising. I think that Meta's advertising business is very attractive. It's highly profitable. It's worth a significant amount of money. But I also think that Meta trades for a discount relative to its other magnificent seven peers specifically because it is a pure play on digital advertising. It is not a very well-diversified business like Google, Amazon, or Microsoft. So by Meta continuing to diversify their revenue streams and their cash flow streams, I think that they could see some multiple expansion, especially if these subscriptions turn out to be successful and a significant amount of people end up paying for them. I think it's going to be very high margin revenue and overall I think it's a great thing for the business and as a shareholder, I am happy to see it.
So now let's go back to my screenshots and I want to read you some of the AGM highlights that I found and I thought were interesting. So this first one says, "The trend over the last few years seems clear that we're seeing increasing returns on our ability to improve engagement and value for advertisers. This gives us confidence in continuing to invest heavily. We're building agents focused on helping entrepreneurs and businesses across the world grow, reach new customers, and serve existing customers better. As of April, weekly conversations with our business AIs has grown 10x since the start of the year. I believe that the future will see a massive increase in entrepreneurship. Our business AIs are currently free for most businesses on our messaging apps. But as we make more progress, we expect that we will also work towards establishing a longer-term monetization model as well."
So, the reason that I thought these passages were worth sharing with you is because the first passage is very clearly Mark Zuckerberg saying that he strongly believes Meta is getting a positive return on their capex and their spending because for years they have shown that their engagement in their advertising business is increasing and advertisers are willing to spend more and more money on Meta's platform. Meta is actually taking a significant amount of market share in the US and global online advertising spend. So they are attracting more and more advertising dollars to their platform, which personally I think suggests that advertisers are getting the best return on ad spend with Meta, which I also think suggests that Meta is doing advertising the best and their capex investing in advertising is paying off. So I do agree with Mark Zuckerberg that at least to me, it seems like their capex is paying off.
Then the next key point here is that their business AIs, which is mainly through WhatsApp, is up 10x. They're having 10x more conversations since the beginning of the year. Now, right now, they're not really monetizing this too much. They're not focusing on monetization. They're focusing on adoption and getting people using it. But over the long term, this is kind of Meta's trend is they launch a feature, they get it in billions of people's hands, and then they start to monetize the platform and add more features and whatnot and now start add subscriptions. So with WhatsApp, they're saying that their AI business conversation assistants and agents are having 10 times more conversations and they're converting into real revenue for customers. This, in my opinion, is very bullish because WhatsApp is just starting its monetization journey. And over the longer term, if businesses are seeing this as a useful product and tool, then they will probably be willing to pay for it because the return on that spend is probably pretty dang high. So, this is kind of like a hidden revenue generator for Meta right now. But, it is just another way that they are trying to monetize their multibillion user base across the globe. And I think that Meta is very slept on in the stock market right now. I think that the stock is quite freaking cheap. And I bought more shares after the AGM and after hearing that they were launching some subscriptions because I think that the stock is not really pricing in that much future growth as we're going to see here in a minute.
But first, before we get into my DCFs, I want to play you a quick clip from Dan Ives who is a pretty famous Wall Street analyst and I want to share with you what he had to say about Meta's subscriptions and the stock today.
"Star analyst Dan Ives here with us to react to a chart that we're going to show you right now which did get that midday pop reacting as if this is a major revenue opportunity. Is it?"
"Look, I think after all the capbacks that they're spending, I mean, this is a, I view it as almost a major step in the right direction because it comes down to three and a half billion users, how you going to monetize it? And I think the subscription, they've obviously played around with it. This is what investors want to see. Now it's about how do you monetize the user base and look, this is really, this is not the end step, it's just an interim step as they integrate more and more AI into that user base. That's going to be the monetization. I think that's something where the stock is not reflecting still. I think some of the revenue opportunities that we'll see over the coming years. Now you got 900 outperform. You mentioned investors want to see it. Do users want to see it? Are they going to be willing to pay it? We're only talking about what seems to be according to some of the reporting here, three to $4 a month for a sub for Insta, Facebook, and WhatsApp."
"Yeah, you start to get any sort of adoption, you you start to now look at revenues that could be up 2, three, 4%. And then so on as the adoption curve increases. So I think it's something that investors are not really factoring in that they were going to do something like this. I think from a timing perspective, it's maybe come earlier. It shows a confidence in terms of their ability to roll it out. And look, this is going to just be a continued narrative. Whether it's Microsoft, whether it's Meta, whether it's Apple, how you going to monetize AI? Chip companies have shown how they're going to monetize just like software."
"Yeah, but you're you're talking Okay, that's interesting how you say it. It reflects a confidence on their part to to do this. Some may look at this and suggest that it it shows they're, you know, late a little late to the the game on how they're going to monetize AI beyond their their core ad business. And you you just throwing a bunch of stuff at the wall and seeing what sticks because Zuckerberg apparently at this shareholder meeting also said or at least he opened the door for a cloud business. Is that a a moonshot or is that legit?"
"Look, I think cloud obviously that could be maybe a bit more of a moonshot, but to me it's okay, how do you slowly diversify away on the advertising? Advertising, they're that's going to continue to be obviously a bread and butter, but you look at what they're doing, it's going to continue to be diversification and I I view that as a positive because their install base is unmatched."
"Mhm. So as they monetize it, you know, part our bullishness in terms of, you know, where I talk about $900 and ultimately, you know, what could be higher, this is a key prove it year for Zuckerberg and Meta."
"It's a step in the right direction after obviously a quarter where it was all about capbacks and obviously that was a more of a dog ate the homework type of conference call."
"Well, let me ask you this cuz"
So Dan Ives said a few interesting things in this conversation and a lot of it is what I've already discussed here. He thinks that this is a great option for Meta's business because it is diversifying their revenue and cash flow streams. But he did also say that he thinks that even if adoption is small at the beginning, this could still boost Meta's revenue by 3 to 4%. Because they have such a massive user base.
Now, another thing that we haven't covered yet is in the AGM, Mark Zuckerberg was asked point blank if Meta is planning on building out a cloud to compete with Azure, Google Cloud, and AWS. Then Mark Zuckerberg basically said, "Yeah, we could do that at any point and they get asked literally daily if they can sell compute to their customers because everyone needs compute right now." So he was basically saying that Meta could stand up a cloud business whenever they want and they would have customers on day one. Then he also said that this is one of the reasons why they are so confident in investing so much money into building out their data center capacity because in the worst case scenario, if they do overbuild their data center capacity and they don't need it internally, then they could sell it to customers. And the fact that they're not selling their data center capacity to third parties, I think is actually bullish because it suggests that they are still capacity constrained and they are still getting a high ROI on that spend internally.
Which actually leads me nicely to the next conversation that I want to have, which is actually surrounding a conversation that I had in my Discord recently that it's arguable that Meta's business is seeing the most tangible benefits from their capex spend because their growth is accelerating and that growth is coming completely from internal usage and internal business is getting better. To put that another way, their revenue is accelerating because their capex is improving their advertising business, which is allowing them to charge higher prices for their ads and show more ads that are more engaged with users. And I think that this is a clear indicator that Meta's capex is benefiting the internal business.
Now when you have Amazon, Google Cloud, and Azure, their capex is to build data center capacity for third parties to come and use. Now to put that another way, their capex is relying on other businesses adopting AI and adopting the cloud and them selling that compute again to a third party. And a lot of that revenue growth is actually coming from Anthropic and what's the other one? OpenAI. And these are two money-losing businesses. Like yes, they're generating a significant amount of money, but long-term there's a debate around if these models are going to be more commoditized, if they're all going to kind of catch up with each other, and also what the business model of these businesses looks like again over the longer term. Are they actually going to be able to become profitable? So the fact that Amazon, Google, and Azure are all seeing so much growth from the demand of unprofitable businesses does put up questions on how durable that growth is as well over the longer term. But Meta doesn't necessarily have that because again, their growth is coming from their internal business getting better and their services getting better. I do understand that, you know, the revenue comes from third parties. Obviously, pretty much every business does and the third parties are based on advertising, but I think it's an interesting conversation and thought to have because I think again, there is an argument that Meta's capex is actually paying off the most and they are getting the most internal benefits from AI. So, yeah, that's something that I wanted to share with you because I thought it was an interesting thought that we had in my Discord community.
Now, the last thing that I want to do is run a quick DCF on Meta to show you why I think that the stock is still looking cheap and why I am continuing to buy shares in the market. So, in my DCF that I have saved here, I use Meta's operating cash flow. And over the next 3 years, I'm saying that they will continue to grow operating cash flow by about 15% annually and trade for at least 13 times operating cash flow. And in this DCF, we get a 15.5% compounded annual growth rate to the share price, a $732 fair value, and a future stock price of $968 per share. Now, why I think that this DCF is arguably conservative and maybe pessimistic is because if we take a look at Meta's historical price to operating cash flow, the median over the past decade has been 17.45. It's currently trading for about 12.6ish. So, a 13 price to operating cash flow in the DCF is well below Meta's historical averages. If we even bring this metric back up to 15, which is still below Meta's long-term averages, then we get a 21% compounded annual growth rate. But this DCF does factor in some multiple expansion and Meta's business continuing to grow by about 15% annually. But even on the more conservative multiple of 13, I think that Meta could still produce some pretty strong returns over the next few years. And ultimately, I think that the stock is undervalued and looking cheap today.
So those are the new updates that I have to share on Meta after their subscription announcement and after their AGM and also why I am continuing to buy Meta actively in the market and I even purchased some more shares today. I think that Meta stock is looking cheap. But as always, let me know what you think down in the comment section below.
So now let's hop into the last topic that I want to discuss very quickly, which is Snowflake's earnings report. Because after they reported earnings, the software sector has been rallying hard. And it does kind of seem like the bottom for software might be finally in. I don't know. I'm kind of skeptical. I don't necessarily want to call it yet because I've been burned so much in software already, but it seems and feels like the sentiment towards software is changing. So, let's take a quick look at Snowflake's earnings results.
All right, so as always, I have a few screenshots that I want to share. And we can see that Snowflake's revenue came in at $1.39 billion, up 33% year-over-year, which is very strong growth. Net revenue retention was also 126%. So on a per customer basis, customers are continuing to spend more and more money on Snowflake's platform. And if they were being disrupted by AI, then why would customers want to continue spending more money on the platform if they're building their own solution or using their own solution? This kind of breaks the AI disruption thesis right there. Then we can see that Snowflake has 813 of the global 2,000 Forbes customers and then the remaining performance obligations came in at $9.21 billion, up 38% year-over-year. So the business all around is seeing very strong demand.
Then they said, "Snowflake delivered a milestone quarter with product revenue of $1.33 billion, up 34% year-over-year, marking the strongest sequential dollar growth in our history. AI continues to be a powerful tailwind for Snowflake. AI continues to accelerate our core data platform business as customers move to Snowflake with increasing urgency. We are raising our full-year product revenue guidance." So, it sounds like artificial intelligence is a tailwind for Snowflake and it's actually causing an increase in demand and usage of their business.
Then, they also updated their full-year guidance to $5.84 billion, representing 31% year-over-year growth, and they have an adjusted free cash flow margin projection of 23%. Now, this works out to Snowflake producing about $1.3 billion of free cash flow for 2026. And here we can see their market cap is $87.7 billion today. So, if we go $87.7 billion divided by $1.3 in free cash flow this year, that puts them at about 67.5 times free cash flow for this year. So, personally, I still think that Snowflake stock is very, very expensive and I'm not necessarily interested in it at this price, but I do still appreciate Snowflake coming out and kind of changing the narrative on software overall. And, you know, showing the market that not all software is dead.
And what I have been saying on my channel for quite some time is I believe the software companies that have a significant amount of proprietary data and workflows will be the software companies that benefit from artificial intelligence. So the companies that I have been buying in the software selloff are the Constellation Software family of stocks because they have a significant amount of proprietary data on their customers and they build the workflows and really the software backbone for their customers. You cannot easily replicate that massive reservoir of data that they have. And if anything, Constellation Software is actually the business that can benefit the most from artificial intelligence relative to their competitors because they have the customer relationships already. Their customers work with them for AI adoption and they have all of this massive repository of data on workflows and whatnot that they can leverage and use to create AI features and overall improve the efficiencies of their customers and their lives. However, with that being said, every single software stock in the market got sold off together. It was a sell first, ask questions later type of environment. And what I have been saying on my channel for months now is this is providing opportunities in the software industry and in the software sector because not every business is going to be disrupted. There's actually going to be businesses that benefit and leverage artificial intelligence. Now, that's not across the board. There are going to be some companies that see disruption or headwinds from AI, but it's not every software company. So, while the software stocks were down, I tried to identify the companies that I thought were the most resilient, had very strong management teams, were very shareholder aligned, and were also selling for what I thought were very cheap prices. And I used it as an opportunity to continue increasing my allocation to those businesses and buying more.
Now, it seems like the narrative is finally changing with more and more software companies reporting that they're not being disrupted. Fundamentals are continuing to grow. And at least based on what I have seen so far, almost every single software company that I follow and pay attention to and it's on my watch list is still growing. Like none of them really are seeing that much disruption from AI, if any at all. So, I think it's just a matter of time. And maybe we're there, but I I've always just thought that it's a matter of time until the sentiment shifts and then the market is like, "Oh, wow. These businesses are still growing above 20%. They're very capital light. They're producing a a ridiculous amount of free cash flow and their multiples are also very low. Maybe we should get back in." Maybe that's happened now. We'll see. I I'm very reluctant to call the bottom because I've been burned so many times now. But it feels and seems like the sentiment is shifting. So, only time will tell. But in the meantime, I do still think that there are a lot of cheap software stocks in the market, and I have been actively buying more of the Constellation family of stocks like Constellation, Topicus, and Signity over in Poland.
But with all that being said, that is going to wrap up today's video. If you did enjoy this video and you found it helpful, then please remember to leave a like on it. And if you're new here and you want to stick around and see more content like this, then please consider subscribing to my channel as well. Also, if you want to get access to my Discord community, my portfolio, dozens of Patreon only content, and hours and hours of more content from me, then consider checking out my Patreon or my website. I'll leave links in the description and in the comment section. My members have been loving it, and I think that you will, too. It's also a great way to stay on top of the market and find more value through the community. But with all that being said, thank you so much for tuning in. As always, I truly do appreciate it and I hope to see you again in my next.