Hey, everybody, this is Phil Town. And this is Daniel Town. Welcome to the invested podcast. You guys know what we do. We do our best to try to figure out how to help you be a better investor by helping ourselves understand ever better the whole process of Warren Buffett style investing, which is me learning investing and helping Daniel learn investing. We've been doing this for a while.
Yeah, and what I can tell you from personal experience and from investing, what is that? Nine figures, amounts of money. This stuff works. It absolutely works. And it is sort of happenstance that we decided to create a podcast around this whole idea because I think mostly people who know how to do investing don't spend a lot of time telling other people how to do what they do.
But we're here doing it and it's become a really cool way for my daughter and I to spend time together. I love doing that with you, Danielle. I like this little intro to everybody who's never. It's been with us for eight years and they already know all this stuff. All right. Well, that's up with that.
Well, it's Thanksgiving. We are almost Thanksgiving week in the US, which is a lovely time to all get together. And hopefully people are getting together with people they love or having a beautiful day all alone. Whatever makes you happy and floats your boat.
And we were just having a chat before we started about a friend of mine who's coming to visit from the US to Zurich for a couple days before her meeting that she has in Europe. And I randomly said, oh, this is the company that she works for. And you immediately said, oh, is it public? I was like,
I have literally never thought about that because she's worked there for a long time and it just has been in the background. It's not. Well, describe it first. You described it a little bit and intrigued me. So should I say what the company is? I have zero information about this company to the point where I forgot the name of it. So don't listen to me on anything as though I actually know anything about this company besides what is on the internet.
Yeah, so it's this medical, it's like this company that makes medical products for blood draws and blood donations in particular. Like they make like the bags that hold your blood when you give blood.
And I think they make a lot of the other things that go along with that. So they sell worldwide. And obviously what they do is very important. And I think they have no idea about this, but I think they kind of have no competition or they have
small company competition. That's what triggered my interest. Yeah, I never really. Yeah. But I mean, I think it's like at least the leader in its field from what I've heard. So it's called Terumo T E R U M O and it's a Japanese company that has offices in the US and Europe. And that's what they do.
I just love by the way how there's like, there's always a company behind everything that we use. And we don't think about that at all. Like it has never occurred to me to sit there and that I've been sitting in the doctor's office a lot and I've
not given blood. I've had a lot of blood taken. I've never given a second thought to who makes the little hose that my blood goes into, but somebody makes that. Somebody does. And that somebody is probably the best in its field. And they've cornered the market and everybody trusts that. Like, fascinating. Yeah. Yeah. Fascinating. And so
You know, a couple of things really trigger me because everybody works for somebody, right? So I don't constantly go, well, are you public? I actually do because I think it's fun, but rarely is there like, it's always like a new thing. Like, oh, here's this new company I'm working for.
Yeah. Interesting. Let's find out about it. But it didn't really, this I've been saying on this podcast now for months, like talking to people, friends, family, when you're at these events can lead to surprising things that have never poked out before.
And it just makes it really fun. So yeah, I had never, it's just always sort of, she's worked there a long time. It's always sort of been there. And it was from before I started learning investing. So it didn't pop up for me. The crazy thing is,
is I wonder how much your friend actually knows about her own company. Not picking on Herb, just that in general when I talk to people about their companies, they don't think of their companies as an investment. It's what they work. It's what the company does. It's all of that, but not
Is this something that's going to grow long term? And if I owned a piece of it, I would be improving my financial position. Do you think that's really true now, though? I mean, I can see that being true.
Well, I have to say I haven't. But it's been a while since I've been chatting with people about who they work for. So now it's so normal to get stock in a startup or like join a company and have some sort of combined compensation plan. I feel like it's much more talked about than it used to be for sure. I remember your grandfather who worked for Standard Oil and Standard Oil is public.
showed me they're listing in the newspaper one day. We're talking about back in Stabin about 1960 maybe. And here's this really, really horrible looking page of quotations
in, you know, three eights of a stock share kind of are three eights of a penny rather. And it's just like, oh, man, what is this? You know, and, and my dad never was an investor and he didn't really know anything other than standard. Well, I had a stock and he probably had some interest in it just from his retirement plan or something enough to show me. But that was it. So he was watching it.
Yeah, but he didn't know anything about why the company would be priced where it was priced. It had no idea at all. To be fair, that's because at that time it was really hard to get that information as a sole person in your hands. Was it not? No, it's not like today. Did you have to go to the library and all that? Yeah, or you don't ask for it. Oh, I walked uphill both ways kind of story.
Yeah, you'd have to ask for it. And it would take a couple of weeks before information would come. And moreover, you have to know what to ask for. So the level of financial education in terms of investing that people had back then was probably worse than it is today, just because the internet has made so much of the financial information visible and free. You could really get at it quickly.
But in general, I think most people don't really know enough about investing to know how to look at their company as an investment, even if they think about it a little bit. At least I think that might be still true. I thought it might be interesting to just take a
You want to dive into this one real quick and just now I'm interested and I'm curious Well, I was gonna say what triggered me was that oh These guys don't have any competition your your thought that they might not have any real competition That was really interesting immediately. I am all ears when I hear that because of course I'm looking for big moat You know wide moat wonderful businesses who are defined
I mean, in a perfect world, like, yeah, we just don't have any competition. Yeah. It's funny because that would perk me up too, but somehow it's always been true for a long for many years. So I've never given her a second thought. It's just so weird how stuff just kind of like.
It's there and it grows weeds and you don't see it anymore because it's just part of the furniture. There's a lot of stuff. It can be like that for sure. Yeah. So you hear something like that, you personally hear something like that and you do what? I said, what's the name of the company and is it public?
Yeah, which I didn't know. And I forgot the name. So I googled blood medical device, something or other, and it came up. No way. I figured out the name. Yeah, so they are big. And yeah, it was the first one. And clicked on it. And then what? Are we hiding the name? No, no, I said the name Terumo.
Okay, Turumo. All right, and then what? So I go over to Turumo online, and I just put in Google Turumo, T-E-R-U-M-O, and hit go. And it came up with a link to this Turumo company.
So then I'm on their main web page, and there's a list of things across the top that are items I can click on. And one of them is about Turumo. And so I clicked on that. And then there's a list of stuff you can go from there. And I see the thing that says who we are, but you're okay, why not? Why not just go right there? So I'm on the who we are page. Now, remember, Danielle said something like, what did you say that they do?
Again, they make the equipment that you use for blood donation. Right on. The equipment they use for blood donation. Okay, now listen to what they say. They do. Ooh. Turumo. They're TSE, which means the Tokyo Stock Exchange. And the Tokyo Stock Exchange doesn't use names, it uses numbers. So they are Tokyo Stock Exchange, colon, four, five, four, three, if you're interested.
They say, is a global leader in medical technology and has been committed to contributing to society through healthcare for 100 years. All right. Global leader in medical technology. Whoa, way bigger industry.
Yeah, okay, based in Tokyo and operating globally, Turumo employs more than 30,000 associates worldwide to provide, and here we go, this is what they say they do. Innovative medical solutions, that's what we do. Innovative medical solutions, so you couldn't be broader than that in the medical... Thanks for that information. Yeah, that's really deeply informative. In more than 160 countries and regions,
The company started as a Japanese, now they're going to actually get in and help us understand a little bit. The company started as a Japanese thermometer manufacturer 100 years ago and has been supporting healthcare ever since. Now it's extensive business portfolio ranges from vascular intervention and cardiocurgical solutions.
blood transfusion and cell therapy technology to medical products essential for daily clinical practice, such as transfusion systems, diabetes care, peritoneal dialysis treatments,
Taruma will further strive to be a value to patients, medical professionals, and society at large. So that's how they describe themselves. And that's a lot bigger than we make medical bags, sort of. Wait, wait, wait, wait bigger.
way way way way way way way way which doesn't surprise me because of course my information is limited I couldn't remember the name sure so now we have a sense of a very substantial player and I'm still intrigued by the idea that they have no competition
Now I'm starting to think, oh, yes, they do. Oh, yes, I do. Everybody does. A lot of a lot of people. Maybe in like that one little area of like the bags, nobody else does that. But everywhere else, there's plenty of stem cell competition.
I'm curious because you went straight to the website, but that's because I explained what they did very poorly and limitedly and you needed to figure it out. What I did was Google,
once I figured out the name, Tarumo stock, because you asked me if it was public and I didn't know. So that's how I tried to find out. And it popped up on the Japanese stock on the Tokyo Stock Exchange. So I knew two things, it's public and it's Japanese. And then Google gave me some very basic info here, like it's market cap and volume and PE ratio and
That's that. Okay. So here I am staring at this chart. I'm going to add one more thing. And that is, I just Googled this as well, Turumo stock. And I got a little more information that you may not have gotten out of Switzerland. And that is that Turumo has an ADR in the US stock markets. Oh, I wasn't looking. But yeah, I mean, that's what popped up for you.
Yeah, it actually has a US dollar designated US dollar price. And it can be traded on the US stock markets.
doesn't say which market specifically, but that really doesn't matter that much. Your US broker will be happy to handle that. And so when I see that, I just click on Max to see what's the longest range that these guys have been in ADR in the US market. So it goes clear back to- This is Max on the chart of trading. Yep, excellent chart of trading. It'd be great someday if we evolve our
our broadcast and we can put up slides like that. That'd be neat. But it doesn't really work for podcasts. No, they do it at the all in podcast, which is once a week. Now, those guys are billionaires, but besides that somehow you magically get pictures on your audio. No, no, you watch the podcast on YouTube.
Which is where Joe Rogan is. It is also where we are, by the way. Yeah, we do do the youtubing. We do record ourselves. Unfortunately, instead of just looking at us, you could actually see. I was anti, but we decided to do it. I don't know. Do you have something I thought about a few times? Do you think our content is different when we video ourselves and put that out? Or do you think it's exactly the same? I think it's the same.
Yeah, I think it's the same. Now, if we started putting up charts and graphs, it might change us to more of a charting and graphing sort of might get into that a little more. But for this very moment, let me describe to you listeners as you're puttering along toward work in traffic that this thing listed in 2009, early 2009 at $4 and is now at $19. So we're talking about
What is that 15 16 17 years 16 wait? I can't do the math 15 years So 15 years and they have doubled and doubled again and a little bit more So two doubles in 15 years and using the rule of 72. This is what I'm doing in my head I'm thinking out loud. I would go. Okay. Well, they went from
What is it, $4 and some change? I guess it's important to know. Yeah, right around $4, $4.20, up to $20. So it went from basically $4 to $20. That's four to eight, eight to 16 and another quarter of a double. So two and a quarter doubles into 15 years. So 2.5 and a 15 is six, right?
So they basically have doubled every six years in terms of their stock price, which produces a stock return that they've gotten so far of about 12% a year. So all of that that I just did is just in my head with Rule of 72, which we've talked about. I don't explain the Rule of 72 in a while. Gosh, I don't know. Probably not. Should I explain it? Do you feel like it?
Yeah, I hope I can do it, right? I use it, but I don't know if I can say what it is. When I was in the Army as a lieutenant, the joke about lieutenants was I are one, but I can't spell it. That kind of thing. I feel like that about the rule of 72. I can use it, but I don't know if I can. It's hard to spell. That is true.
So the way it works is that you figure out how, start with the way I just did. You have a price of $4 and it went over a period of time to $20. So you don't worry about how much time yet. You just go, how many times did four double? So you can't just divide four into 20 and get five. That's not doubling. Four doubling means it goes from four to eight.
And then it has to double, which is eight to 16. And then it can't double again, because I had to put you at 32, and it's only at 20. So that's where a quarter of a double comes in. The next double would be $16. So it's 22. How does that relate to 72? Right. So it's two and a quarter doubles.
over a period of 15 years. Okay. Two and a quarter doubles over 15 years. So what that means is that they're just divide 2.5 into 15 and it tells you how many years for each incremental double. Okay, sure. You with me so far? Yeah. Okay. So now I know how long it took to double once.
That's what I'm driving for. So if this was $4 and 15 years later, it was $8. It doubled once. If it was $4 and 15 years later, it was $16. It doubled twice. You see? So what I need to know is how many years it doubled. It took to double. So now I know it took six. I feel like I'm
Almost something because you haven't said 72 yet. Coming up. All right. So let's this. I don't want to be sure you understand where I'm getting this number six. So if four went to eight in 15 years, how many years did it take to double once? If four went to eight in 15 years, it took 15 years to exactly. And if four went to 16 in 15 years, how many years did it take to double once?
It took, what, seven years? Seven and a half. Seven and a half, right? Sure. I've got the, yeah. Okay. So that's where we get to six. It doubled two and a quarter times in 15 years. I divide that into 15 and I get six. Six years. Six years. Yeah. Now I can use the rule of 72.
to determine what the growth rate is as a percentage annual compounded growth rate. And I do that like basic division here. Okay. Finally, we get to the point. Now we get to the point six into 72.
six years into 72, because 72 is a magic number in some way. It's a magic number. It's a magic number. So six goes into 72 12 times. Six times 12 is 72. 12. It's a nice little fact to know off the top of your head. All right. So six in the 72 is 12, 12 what? 12% per year.
for six years growing is the way that means. 12% per year will double whatever you started with in six years. Did you say you learned that in the army? No, I learned how to spell lieutenant in the army. So we're just just about as hard as figuring out rule of 72. I thought you were saying that taught you the rule of 72. And then they were like, it's just as hard as spelling, lieutenant, you can do it.
You could do it. No, but close. I'm telling you that. So there it is. There's the rule of 72. Now we know we've got something that grew its stock price over that 15-year period of time by 12% per year. Now that's not really all that impressive when you think about it. That's about what the stock market did anyway without any help.
But if we look- That's an interesting thing to say, okay. Yeah, so basically it's going right along with the stock market. But if we look at its chart one more time, and this is where I wish I had in front of you guys, we see that by almost the end of the year 2021, so post COVID, the end of the COVID thing, this thing was priced, and think about what COVID was, big medical emergency, right? Yeah. All right, these guys are in the medical business. Yeah.
Okay, so they crushed it and their stock was at $25 a share in 2021, which was not 15 years from the time they started, it was only what? That would be 12 years. And it's not at 20, it's at 25. So if we went from four to 25, that's four to eight, eight to 16,
And it's not a quarter anymore, it's a half. It's almost to 32, better than a half. So we almost got to three doubles, and we almost got there in 12 years. So if we were to really loosely do this math, three doubles in 12 years, three into 12 is four. Now we're doubling every four years. Four into 72 is 18% compounded.
So okay. So what I'm looking at now, I guess what I'm saying is they were crushing it and growing like a weed. They work, but, but are they? Cause this is, this is something that you see in charts a lot. So what I, what I'm looking at, which is, I'm assuming the same chart, except just in, um, in a yen is that it's price was almost what it is now in 2021 as you're saying. That was hard.
I don't know, mine's showing pretty much roughly the same. And then it goes down, bounces around below that peak, and then back up to where we are now, which is again, higher or whatever you say. 20 bucks, right. So in a way, you could say the last three years have been zero growth.
zero less than zero. Yeah. So if you bought the stock in September of 2021, you would be running 20% loss at this point. That's much that it's well above the peak in 2021. This has the peak as roughly 2700 yen. And then the peak is now is 3000 yen. Wow.
Well, there's an arbitrage opportunity right there because the ADR is in dollars and it shows up. And to be fair, this happened to me before with these Google charts. They're not that great. So they're not very detailed. So it totally could be. We'll see. We'll see if that. What I want to just say there about arbitrage means that if in the Japanese stock market, pricing this in yen is, oh, you may have a currency issue going on here as well.
But anyway, what I was going to say is that the market should be pricing this the same the year round because they're all looking at the same asset. But the difference can be the currency. In other words, if the currency is falling against the dollar or something like that, that shouldn't shouldn't change in at all.
I would be very curious that it wasn't the same market. I would not rely on these Google charts full stop. I've done that before and gotten burned because they're just wrong sometimes. Not that they're wrong wrong, but they're showing information that isn't complete. I love playing with charts, too, though, Danielle. We haven't really talked about it all that much, but I'm just looking at this chart of growth prior to COVID.
and then they had this COVID explosion. And now it's like they're back on the same trajectory. Yeah, exactly. So that's my question. Okay. So what I see is a company that had, let's, you can argue with this word, an artificial rise. And then it fell back to pretty much where it should have been and everybody overcorrected. And now it's coming back.
And so what I see actually like if you were to just even out all the little squiggles is pretty steady growth actually. Yeah. Yeah. Straight since 2005.
Yeah. So I totally agree. And when you figure out the growth. Yeah, exactly. So when you figure out the growth rate, that's my question. Do you is like, do you say, okay, well, this little bit, it went nowhere. So I'm just not going to count that. Or this little bit, it went nowhere. That's very important. These years happened. Of course I count that.
Well, what I'm looking at is what is kind of the long-term growth of this business reflected in its stock price with the idea that the market in the long run is a weighing machine. It will put the price where the value is.
and it should put the growth rate where the growth rate is. In other words, the growth rate of the stock should not exceed the growth rate of the company's revenues and sales for the long term. It may for the short term, if there's bursts of growth, the stock will take off in anticipation of nothing could ever go wrong in the future. But in this case, we do see that this thing
What I do is I sort of draw a line through the peaks and the valleys. I just cut through them, looking to see if I can kind of get the trajectory right. And, oh man, we built some tools that helped do this that are just spectacular. I'll show them, they're not built yet. I'll show them to you here in a couple of months. And so that they will give you, and the tools will tell you what level of accurate predictability
that the chart is that you created. So in other words, if I played around with this stock, Terumo, on our tool set.
I would play around with it until I got an 85 or a 90 score on predictability, and it would give me that growth number. In this case, I'm pretty sure it would be a very high score, 90% plus, and it would be around 12%. The answer is, yeah, it can be a little more sophisticated than just drawing a line through the chart, but it doesn't have to be. On this company, this would be easy to do.
That's interesting because like back when we were really into the weeds of valuation, what you taught me about picking the growth rate was basically, remember our windage term? You got to have windage and which means like, you got to be ready for things to kind of go back and forth and you pick what seems pretty much right.
which obviously is a deeply subjective number. It is right. So what you're saying is like you're trying to basically get AI or a computer or some data around that windage number.
Yeah, around the windage number. Exactly what we're doing on there is, let's say we've got 15 years of data. Have you found that that's actually helpful? Like it actually gives you something different that you thought? Yeah, yeah, yeah. And it changed your mind about a growth rate? Yes. Oh, shoot, that's scary, isn't it? Because of the predictability quality that wasn't there before. So you can see 15 years of data on, let's say, earnings per share. And
This tool comes back and tells you that the reliability of that number, let's say it comes back at 10% a year, the reliability of that number is 40%. So it immediately tells you that there's so much variability in those numbers that 10% could be 7%, it could be 12%. It could be a lot of things and that putting it at 10% has a very low reliability.
So what you can do on this tool- Is it based on past consistency? No. It is based on an analysis of the scatter. Well, okay, you could say it's past consistency, sure. Because it's how scattered and volatile are these numbers? Yeah. In effect, right? Yeah. So you're looking at essentially volatility of internal numbers as opposed to a stock price. Yeah, that makes sense.
And so you try to take the, so what you do, subjectively take out the outliers. Just get rid of it. In other words, see if you're left with enough data points that you can get a reliability number.
And that reliability number is high enough that you could say, yes, this ballpark where they probably have been in this range. And you've really had this, you've run it and you've said, Oh, I really missed something on this chart. And we've been using this thing for months, actually over a year. But like, what kind of thing would you miss? Just getting the growth rate more realistic.
No, that's what I'm asking. How on earth would you miss something like that? So, so wrongly. When you're just looking at numbers, think about how hard it is to just see a number in your head relative to another string of numbers that are all in billions of dollars.
Oh, because you're using financial statements. It's not just one chart. Gotcha. Right. Right. So essentially we're charting things that nobody's charted and we're getting information that are really as good out of it. So I really like it. Has it been? Has it been good? Like as in, I guess you haven't had enough time, but the predictive factors have borne themselves out. They've
Well, again, we haven't had enough time. You give me 10 years, I can tell you. Yeah, exactly. For sure. Exactly. But they just feel like it's so much having that predictability quality to it gives us a lot of confidence that that's a better number than just some subjective number we're pulling out of the thin air. I'm so curious about this because it's maybe I'm off. But a sense that I've had from our discussions is that
Consistency is not necessarily the virtue that Wall Street thinks it is. That's true. That's true. So here you're saying, I'm basing my growth rate on consistency, which, you know, isn't something that you have never thought about. Like, sure, that's what that's what you do when you try to figure out a growth rate.
Right. So you're essentially saying, okay, in this big pile of numbers, do we have, let's say out of 15 numbers, do we have 10 of them that give us a pretty good line here? Right. Yeah, exactly. And we're pulling consistency out of a massive numbers, essentially. And that's basically what you do when you're looking at a chart without that sort of ability, you're saying, where would I put my line?
you know, and then what does that growth rate start to finish? And then you ask yourself whether that's sustainable. Okay, so I'm coming down with these guys, we're coming down to a 12% growth rate. Is that sustainable? Well, what industry are they in? Well, healthcare isn't going backwards. People are getting older like crazy. And the most they pay for healthcare is in the last two years of life. So yeah, this is going to be growing as an industry. And
I don't know beans about this company, except they seem to be doing well. And for that, I've got another couple charts. I'll show you a second. Well, we can talk about that next time. Okay. Are we there? Are we running out of time? This is so fun. No. Okay. Well, let's dive into this to room. Oh, you guys go take a look at it.
And I'll give you a hint. Go to their website. They've got financial data charted on there. And I think if you look at it, you'll see, wow, these guys are fairly impressive recently. Cool. Yeah. Who knows? Maybe this random thought turns into something. I doubt that they're on sale because you came up with a number right away, which was a PE ratio of what? Google gave it to me. Let's see.
I think it was 38, it went away. It's up in the 30s somewhere. And you'll remember that if that... Here it is, yeah, 38. Okay, if we feel like that is a pretty accurate PE ratio, if the market's being rational, then historically that would indicate a growth rate of about 19% per year.
But they're not growing at 19% per year. They had a burst where they grew at 19% per year. But now they're slowing down. Maybe they can return to that. The market seems to think so. It's remembering the growth rate from 2009 to 2021, which was 18% a year, justifying a 36 PE. All right. The market's a little more enthusiastic, 38 PE, but close enough.
But now they seem to be growing at a much slower rate. So that would be an important thing to know. But what I'm gathering from that right away is they're very unlikely to be on sale in a big bull market. Everything's booming. And these guys don't seem to be the exception. So I'm thinking there's no real rush here to jump in and figure this all out because we're not going to be buying this anytime soon.
That's always a nice feeling. Yeah. We got time to dig into this a little bit. I hate that moment of panic when I discover a company and I'm like, this might be on sale. Oh my God. Right. I got a rush. And trust me, we just did this.
One of the guys came in with this company and said, I really think this is on sale. It's only gone public 18 months ago, but they have a long track record as a private company. And they are paralleling another public company and we can extrapolate from that one. You did some fairly sophisticated analysis, but we were plotting along in our way, right? Like we're pulling a wagon in some 50 year job to get across the country. So we're just slugging away.
And here, what should have happened on hindsight is he should have gone on a plane and gone out there. As soon as you realize this is probably way on sale and underappreciated, get on a plane and get out there because there's things you need to see on the ground that you absolutely have to look at. What is there? I can't say, because I don't want to talk about this company. No, no, but I mean, it might go back down again. I want to buy it. When you say get out there, get out where the headquarters? Yeah, get out to the headquarters, get out where they do business. Okay.
get out there and take a look at it, talk to people, talk to competitors, right? Doing that work has to happen. He didn't do it quickly enough. And two months after he started the research, the company doubled. And you just go, oh, man, we had this was a good amount of time, I will say.
There's plenty of time. There was time to do it. Yeah. Yeah. He learned. He learned a good lesson from that one. If it looks like it might be on fire, it's probably on fire treated like it is. And that fire is going to go out. I don't think he's slow. The slow movements are going to exist anymore in this market where people are paying attention, where information is fast. I don't think it's going to be these old stories of like, I discovered, you know, this oil company and
Three years later, I bought it. And then 50 years later, it didn't mean he's like, that's just, it's just not happening anymore. I think you're absolutely right. It's not happening anymore, except in the oil field business. Seems to be happening there still, like an example would be Oxi, Occidental Petroleum Buffett bought it at 58 two years ago.
58, 59, he's been buying it, buying it. He owns 30% of the company now. Big, big position in the company and it's selling for $50 right now.
two years later. So, you know, sometimes they just don't go anywhere because that's tied to the price of oil and oil came down. Anyway, because that's my imagination of an old. I know it's so cute. In 1935, being like, whoa, which is that? On the other hand, that story about my dad was standard oil. One of the things that turned me off about, I was looking at this when I was 12. By the time I was 14, the price was exactly where it was when I was 12.
I was like, why would anybody do this? I figured that out. Even as a young kid, you never told me that. Yep. Crazy. All right, honey. Thanks, everybody. Yep. Time to go play. See you.
Hi guys, thanks for listening to Invested. If you enjoyed this episode and you want more information or to listen to additional episodes, visit our website at www.investedpodcast.com and sign up for my virtual workshop right there. Spots are definitely limited for this event. I'm not kidding. They really are. They sell out very quickly. So everything discussed on this podcast, by the way, is either my opinion or it's Danielle's opinion.
And I'm really important. It's not to be taken as investing advice because I am not your financial advisor nor have I considered you a personal situation as your fiduciary. So remember that. You're on your own here. This podcast is for your entertainment and education only and I really hope you enjoyed it.
