⚠️ URGENT: Cathie Wood’s Stock Market Warning for 2022

00:00
kathy wood just released an article on
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arkhamvest's website where she issued an
00:03
urgent warning to investors in it she
00:05
claims that innovation stocks weren't
00:07
ever in a bubble that popped and in fact
00:09
they're now in deep value territory this
00:11
goes against a lot of the narrative that
00:13
we're seeing in the mainstream media
00:14
outlets today and she provides a lot of
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data and interesting arguments to back
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up that claim she covers everything from
00:20
investing in innovation to fear and
00:22
greed in the investors this article even
00:25
has robots in it so in this episode i'm
00:27
going to walk you through this extended
00:29
article and add context where i think it
00:31
adds a little value there are a lot of
00:33
awesome investing insights in here so
00:35
timestamps are enabled for your
00:37
convenience it's definitely worth your
00:39
time to listen to this all the way
00:40
through because kathy would lays out all
00:42
the pieces of the puzzle and then shows
00:44
you how they all fit together so grab a
00:47
drink throw on your money making pants
00:48
and let's get right into it wait do
00:51
people still wear pants the article
00:53
begins innovation stocks are not in a
00:56
bubble we believe that they are in deep
00:58
value territory throughout my investing
01:00
career during times when disruptive
01:01
innovation strategies have fallen out of
01:03
favor my primary concern has revolved
01:05
around our clients perhaps influenced by
01:07
negative headlines in the media and by
01:09
the inherent volatility of our strategy
01:11
some clients have sold near the bottoms
01:13
of market cycles turning what otherwise
01:16
would have been temporary losses into
01:18
permanent losses our primary message is
01:20
that innovation solves problems and is
01:22
expected to transform human lives at an
01:25
accelerated rate during the next 5 to 10
01:27
years we also reiterate that we take
01:30
advantage of volatility during
01:31
corrections and concentrate our
01:33
portfolios during our highest conviction
01:35
stocks year to date our inflows have
01:37
outweighed our outflows significantly
01:40
suggesting that on balance investors
01:42
understand our active management
01:44
investment process and long-term
01:45
investment time horizon
01:47
benjamin graham is the father of value
01:49
investing and mentor to warren buffett
01:52
he famously said that in the short run
01:53
the market is like a voting machine but
01:55
in the long run it's a weighing machine
01:57
that means in the near term a stock
01:59
price is influenced by everything else
02:01
going on in the world like the pandemic
02:03
fiscal policy politics and so on in the
02:06
long term though a stock reflects the
02:08
underlying performance of the business i
02:10
think that we all get that up here but
02:12
by actively trading companies that they
02:14
deeply understand over the long term arc
02:16
invest can take advantage of the
02:17
mistakes that other investors are making
02:20
in the short term to make even bigger
02:22
gains this is something that passively
02:24
managed indexes like the s p 500 can't
02:26
really match if they only rebalance four
02:29
times a year volatility is as much an
02:32
opportunity as it is a risk and arc
02:34
invest is taking advantage of that
02:36
that's something that we really need to
02:37
come to grips with right here let's keep
02:40
reading and see how much of a difference
02:41
in performance this active long-term
02:43
investing style can actually make
02:45
historically and according to our
02:47
research this concentration of our
02:49
portfolios during corrections has led to
02:51
significant absolute performance and
02:53
relative outperformance as the market
02:55
rebounds according to our current
02:57
estimates our more concentrated flagship
02:59
strategy today could deliver a 40
03:02
compound annual rate of return during
03:04
the next five years only one other time
03:06
in ark's history at the end of 2018 has
03:09
the five-year return projection been
03:11
that high after correcting for nearly 11
03:13
months innovation stocks seem to have
03:15
entered deep value territory their
03:17
valuations a fraction of peak levels in
03:20
our view the coronavirus crisis
03:22
initiated a rip and replace cycle in the
03:24
1.5 trillion dollar enterprise
03:26
communication space the first major
03:29
product replacement cycle since the
03:30
emergence of the internet roughly 30
03:32
years ago we do not believe that this
03:34
shift was temporary stimulated by stay
03:37
at home this transformation has shifted
03:39
to stay connected in a hybrid work world
03:41
and stay competitive kathy wood provides
03:43
some very interesting data on zoom
03:46
docusign and telodoc comparing their
03:48
revenue and ebitda between when their
03:49
stock prices peaked and what their
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prices are today teledoc is arkanvas's
03:54
second biggest position overall and zoom
03:56
is their fourth biggest these positions
03:58
are both well over a billion dollars
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each if you combine arkhanvest's
04:02
actively managed funds let's dive into
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this data for a second zoom is down at
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68 percent from its peak and teledoc is
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down 70
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the last time these stocks were as cheap
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as they are today was in june of last
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year for zoom and january of last year
04:16
for teledoc last time zoom was this
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cheap its annual revenue was 60 percent
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smaller 6-0 and last time teledoc was
04:23
this cheap its annual revenue was almost
04:25
three times smaller it was also a
04:28
completely different company since it
04:29
hadn't yet acquired lavongo if we look
04:32
at their ebitda we can see the same
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trend zoom's ebitda is over fifty
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percent bigger and teledox is over
04:38
thirty percent bigger than the last time
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these stocks were this exact same price
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also think about this rip and replace
04:44
idea in our own lives comment below or
04:46
tweet me at ticker symbol u did your
04:48
workplace change any software or
04:50
hardware technologies when everyone
04:52
shifted from in person to work from home
04:55
did you begin using any new kinds of
04:56
services in your daily life or changed
04:58
the way that you shop at all over the
05:00
last two years is there anything you're
05:02
using way less now that you used before
05:04
the pandemic began are you going to
05:06
change back or stick with these things
05:08
moving forward i'm excited to hear your
05:10
thoughts let's keep reading has
05:12
inflation derailed disruptive innovation
05:15
since mid-february of 2021 many
05:17
broad-based market indices have scaled
05:19
to record highs and in the process
05:21
rotated away from growth stocks towards
05:23
value and defensive stocks including the
05:25
fangs facebook apple amazon netflix and
05:28
google chief among the reasons for this
05:30
rotation are fears that inflation is not
05:32
a short-term problem related to supply
05:35
chain bottlenecks but the result of
05:36
excessive monetary and fiscal policy
05:38
responses to the coronavirus and its
05:41
variants federal reserve chairman jerome
05:43
powell suggested that inflation might
05:45
not be transitory after all
05:47
turbocharging the rotation towards value
05:49
stocks and giving investors more reasons
05:51
for tax while selling in the innovation
05:54
space as the year winds down are quant
05:56
strategies and algorithms exacerbating
05:58
inflation fears by some estimates
06:00
algorithmic trading accounts for roughly
06:02
70
06:04
of all trading in the u.s 7-0 and even
06:07
higher percentages during periods of
06:09
heightened volatility last year as the
06:11
equity market responded to the ugly
06:13
reality of the coronavirus during march
06:15
and april quant and algorithmically
06:17
driven strategies seemed to cease
06:19
simplistically on two variables level of
06:21
cash on company balance sheets and rate
06:23
of cash burn and in just a few weeks
06:26
they crushed many stocks by 50 to 75
06:28
percent momentum followers and market
06:31
commentators embraced this obvious trade
06:33
but they were wrong many of those stocks
06:35
were in the genomic space they're
06:37
underlying technologies critical to
06:39
tackling the coronavirus genomic
06:41
sequencing synthetic biology mrna
06:43
technology machine learning and
06:45
molecular diagnostics testing among
06:47
others against conventional wisdom
06:50
buying those stocks was the right move
06:52
at times this year as inflation and
06:53
interest rates flared quants and
06:55
algorithms again seem to dominate the
06:57
trading activity once again market
06:59
commentators investors strategists high
07:02
frequency traders and others followed
07:04
the influencers warning against mistakes
07:07
made during the tech and telecom bubble
07:09
what i'm recommending to the cnbc
07:11
investment club i say buy some ford now
07:14
that sells it 10 times earnings and by
07:15
the way they make and sell a lot of cars
07:18
and they make a lot of money so one of
07:20
the best things you can do as an
07:21
investor is to understand what world
07:23
events actually affect the company
07:25
versus which ones are only affecting the
07:27
stock price inflation hurts
07:28
long-duration assets because today's
07:31
money is going to be worth a lot less in
07:33
the future while aggressive growth
07:34
stocks are sacrificing profits today and
07:37
thus earnings per share to grow faster
07:39
later down the line that mismatch also
07:41
causes growth stocks to suffer when
07:43
interest rates rise to combat inflation
07:46
even worse it's also the end of the year
07:48
so people tend to tax loss harvest
07:50
meaning they tend to sell stocks at a
07:52
loss to offset their gains in order to
07:54
free up some cash while getting to pay
07:56
less taxes for the year obviously things
07:58
like bonds becoming more attractive
08:00
investments and it being the month of
08:02
december have no meaningful long-term
08:04
impacts on these growth companies for
08:06
example it's not three times harder for
08:08
teledoc to grow now because of these
08:10
things even though its stock price has
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crumbled to a third of its all-time high
08:14
here's another example remember when
08:16
tesla's stock went on a massive 800
08:19
rally last year alone remember how
08:21
stupid some analysts and commentators
08:23
and influencers looked when they kept
08:25
raising their price targets by one
08:26
hundred dollars at a time while ark
08:28
invest price target was fourteen hundred
08:30
dollars per share post split and
08:32
everyone kept calling them crazy i've
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made episode after episode covering
08:36
tesla's major innovations and how the
08:38
market kept punishing them simply
08:40
because they don't see the bigger
08:41
picture i've put all of my tesla content
08:44
in one convenient playlist for you i'll
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link it in the top right hand corner of
08:47
your screen right now and in the
08:49
description below as well well this is
08:51
the exact same thing only with a
08:53
negative sign commentators and
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influencers are trying to create a
08:57
narrative that follows the prices of
08:59
growth stocks downwards so they sound
09:01
smart when people look at them in
09:02
hindsight instead we need to admit that
09:04
simple robots looking at just two or
09:06
three numbers are responsible for more
09:08
than two-thirds of all trades on the
09:10
markets today the robots currently think
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that these are clearly stay-at-home
09:14
stocks and that the pandemic is over or
09:16
that these stocks are too young and too
09:18
highly valued just like in the dot-com
09:20
bubble that's what we're seeing in the
09:22
market so that's what the mainstream
09:24
stock commentators are latching onto by
09:26
the way as kathy wood pointed out these
09:28
are the same trading robots and
09:29
commentators that decided to sell
09:31
genomic stocks during the coronavirus
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the same genomics companies that are
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helping fight the exact pandemic that
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panicked the market in the first place
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the thing is these market robots and
09:41
narrative chasers are messing with the
09:43
short-term voting machine not the
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long-term weighing machine as a result
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they're causing a huge inefficiency in
09:50
the market and where there's
09:51
inefficiency there's opportunity let's
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keep reading and see how kathy wood
09:55
thinks all this will play out over time
09:57
in ark's view these pavlovian responses
09:59
will prove just as wrong as those in the
10:01
early days of the coronavirus crisis
10:03
they are backwards looking and do not
10:05
recognize that companies investing
10:07
aggressively today are sacrificing
10:09
short-term profitability for an
10:10
important reason to capitalize on an
10:12
innovation age the likes of which the
10:14
world has never witnessed the new age is
10:17
thanks to five major innovation
10:18
platforms evolving today dna sequencing
10:21
robotics energy storage artificial
10:24
intelligence and blockchain technology
10:26
yet if arcs research is correct
10:28
companies myopically focused on
10:29
short-term profitability have not
10:31
invested enough to capitalize on the
10:33
explosive growth opportunities
10:35
associated with the five innovation
10:37
platforms that have been germinating
10:39
since their seeds were planted in the 20
10:41
years that ended in the tech and telecom
10:43
bubble instead many are likely to suffer
10:45
from creative destruction even the fangs
10:48
could be in harm's way as the
10:49
convergence of blockchain technology and
10:51
artificial intelligence in the so-called
10:54
metaverse attempts to destroy the roles
10:56
of centralized data aggregators ceding
10:58
economic power to creators and consumers
11:01
so there are two parts to this section
11:03
that we need to talk about first the
11:04
companies and then the investors for the
11:06
companies i don't think being on the
11:08
right side of change is an all or
11:10
nothing idea like almost everything else
11:12
it's a spectrum for example facebook
11:15
completely rebranded to meta platforms
11:17
to focus on the metaverse maybe they
11:19
won't win the day there but what if they
11:21
keep dominating the markets for virtual
11:23
reality goggles what if apple creates
11:25
the best dapp store for distributed
11:27
applications just like it has with its
11:29
app store for current cloud-based mobile
11:31
applications or what if they create the
11:33
best iphone or some sort of pocket
11:35
computer for browsing a decentralized
11:37
internet i'm not saying the fangs will
11:39
be the biggest winners of the metaverse
11:41
or whatever the next generation of the
11:43
internet will be but what i am saying is
11:45
that they have enough money and
11:46
connections and infrastructure and
11:48
know-how to choose how to make the most
11:50
money as the world keeps changing i
11:53
wouldn't bet too hard against the fangs
11:55
as for kathy wood's views on
11:56
institutional investors being backward
11:58
looking short-term oriented and focused
12:00
on beating arbitrary benchmarks i
12:02
completely agree i say buy some ford
12:06
especially if you include those trading
12:07
algorithms and robots in that statement
12:10
what's interesting about this focus on
12:11
beating the s p 500 is that it's making
12:14
less and less sense over time think
12:16
about it tesla is the seventh biggest
12:18
holding in the s p 500 and in the nasdaq
12:20
right now it wasn't even in these
12:22
indices just a couple of years ago in
12:24
fact the average amount of time a
12:26
company stays in the s p 500 is getting
12:29
shorter and shorter each decade by the
12:31
time many of us are looking to retire
12:33
the s p 500 could look a lot closer to
12:35
an actively traded fund than we think
12:38
when that happens people who run back to
12:40
the safety of these indices will be
12:41
called copycats and morons because these
12:44
indices will constantly be pulling the
12:46
rug out from under them think about how
12:48
dumb it is for these big institutional
12:49
investors today to slam companies like
12:52
tesla and facebook then put all their
12:54
money into an index where tesla and
12:56
facebook are both top 10 positions also
12:58
think about the kinds of companies that
13:00
make up these funds in general airline
13:02
companies big banks legacy energy
13:04
companies the exact kinds of value traps
13:07
that are about to get disrupted and drag
13:09
the indices down until they eventually
13:11
get kicked out of the index which
13:13
companies do you want to be holding over
13:15
the next 10 years these legacy companies
13:17
i just mentioned or the companies like
13:19
tesla which inevitably get added to the
13:21
index and immediately claim a top 10
13:23
spot think about it why are we comparing
13:26
our performance to these shifting
13:27
indexes at all
13:29
anyway let's keep reading other markets
13:31
are not corroborating fears of inflation
13:33
perhaps oddly we've been encouraged this
13:36
year by the talk of a bubble in the
13:37
public equity markets as valuations
13:39
associated with disruptive innovation
13:41
have collapsed why
13:43
because other markets are not
13:45
corroborating the fear that inflation is
13:47
here to stay
13:48
broad-based public market indexes for
13:50
example are near record highs their
13:52
valuations at levels not seen since the
13:54
tech and telecom bubble
13:56
in the early 80s as inflation ravaged
13:58
the u.s economy the trailing 12-month
14:00
price-to-earnings ratio of the s p 500
14:03
collapsed to a low of roughly 6.8
14:05
roughly a quarter of the level in place
14:07
today which market has it wrong the
14:10
stocks associated with disruptive
14:12
innovation or broad-based public equity
14:14
indices likewise private equity market
14:16
valuations are near record highs thanks
14:19
to successive up rounds in the latest
14:21
example new bank started this year with
14:23
a funding round at a 25 billion
14:26
valuation and went public this month 60
14:29
percent higher at more than 40 billion
14:31
dollars meanwhile shares of mercado
14:33
libre a well-managed competitive
14:36
e-commerce and fintech stock growing at
14:38
nearly the same rate have been cut in
14:40
half in our view the wall of worry built
14:43
on the back of high multiple stocks
14:44
bodes well for equities in the
14:46
innovation space the strongest bull
14:48
markets do climb a wall of worry a fact
14:51
that those making comparisons to the
14:52
tech and telecom bubble seemed to forget
14:55
no wall of worry existed or tested the
14:58
equity market in 1999.
15:00
this time around the wall of worry has
15:02
scaled to enormous heights so this is a
15:04
great section and i only have a few
15:06
quick notes here mercado libre ticker
15:08
symbol m-e-l-i is currently arc invest's
15:11
49th biggest position overall it's also
15:14
the seventh biggest holding in my 100
15:16
000 portfolio which is trying to compete
15:18
directly with rk so if you're interested
15:21
in learning all about this awesome
15:22
ecommerce and fintech company and why
15:25
kathy wood called it out specifically i
15:27
made a detailed deep dive episode on it
15:29
earlier this year i'll link that in the
15:31
top right hand corner of your screen
15:32
right now and in the description below
15:34
as well let's read through how kathy
15:36
wood puts everything we've talked about
15:38
together to tell a very different and
15:40
much more compelling story of what's
15:42
actually going on with growth stocks
15:44
could the risk be deflation i started my
15:47
career while in college in the late 70s
15:49
when inflation was soaring i am
15:51
sensitized to the possibility that i
15:53
could be wrong on inflation that said my
15:56
conviction is growing that the bigger
15:58
surprise to the markets will be price
15:59
deflation according to wright's law our
16:02
research shows that costs associated
16:03
with every cumulative doubling in the
16:05
number of whole human genomes sequenced
16:08
with long read technologies will drop 28
16:10
percent and those associated with short
16:12
reads will drop 40 percent meanwhile
16:14
every cumulative doubling in the number
16:16
of industrial robots and batteries
16:18
produced will drive costs down 50
16:21
and 28 respectively moreover artificial
16:24
intelligence training costs are
16:25
declining at a rate of 60 per year
16:27
provocatively these platforms are
16:29
converging the convergence between and
16:31
among robotics energy storage and
16:34
artificial intelligence will create
16:35
autonomous taxis and significant growth
16:38
potential by 2030 autonomous taxi
16:40
networks could scale from no revenue
16:42
today to 9 to 10 trillion dollars
16:45
globally which when combined with the
16:46
productivity uplift from time freed up
16:49
from behind the wheel could total more
16:50
than 20 trillion dollars for perspective
16:53
u.s gdp today is roughly 21 trillion
16:56
dollars in other words good deflation
16:58
could result in outsized growth rates
17:00
for those companies positioned on the
17:02
right side of change subject to much
17:04
more debate is the cyclical case for
17:07
deflation as businesses were shutting
17:09
down in early 2020 some consumers turned
17:11
around and used the government stimulus
17:13
payments to hoard goods boosting the
17:15
level of inventories in their homes and
17:17
garages exacerbating some supply chain
17:20
issues consumers started holiday
17:22
shopping earlier this year out of fear
17:24
that shelves would be empty pushing the
17:26
cpi inflation rate to 6.8 percent in
17:29
november of 2021 at the same time the
17:32
u.s consumer saving rate dropped below 8
17:34
percent the range in place before the
17:36
coronavirus crisis leaving less room for
17:39
future consumption and hoarding as a
17:41
result consumption growth is likely to
17:43
slow significantly during the next three
17:45
to six months just as supply chain
17:47
bottlenecks are clearing potentially
17:49
saddling businesses with excess
17:51
inventories if we're correct during the
17:53
next three to six months the market is
17:55
likely to focus more on the risk of
17:57
recession in the u.s the serious
17:59
slowdown in the chinese and emerging
18:01
market economies and potentially a
18:03
surprising drop in inflation
18:06
typically during a slowdown the adoption
18:08
of new technologies accelerates as
18:10
concerned businesses and consumers are
18:12
more willing to change behavior many of
18:15
the technology leaders to which they
18:16
turn now seem to be in deep value
18:19
territory innovation stocks are not in a
18:22
bubble we believe they are in deep value
18:24
territory during the late 90s equity
18:27
investors ignored value stocks in favor
18:29
of growth stocks particularly those in
18:31
the tech telecom and biotech spaces the
18:34
internet and its network effects seemed
18:35
miraculous enough so that investors
18:38
chased the dream volatility on the
18:40
upside was a beautiful thing
18:42
unfortunately too much capital chased
18:44
too few opportunities the technologies
18:47
were prohibitively expensive and not
18:49
ready for prime time the cost to
18:51
sequence the first whole human genome at
18:53
the time for example was
18:55
billion or more tech and telecom
18:58
companies like cisco oracle hewitt
19:00
packard intel and worldcom were not the
19:02
companies that later would create the
19:04
cloud software as a service or
19:06
artificial intelligence chips yet their
19:08
stocks hit exorbitant valuations again
19:11
investors were chasing the dream often
19:13
with eyeballs as the only valuation
19:15
metric value managers believe that
19:17
valuing companies by the number of
19:19
potential eyeballs they might serve
19:21
globally in 10 years would not end well
19:23
and they were right the day of reckoning
19:25
took longer than expected but on march
19:27
10 2000 the bubble burst and value
19:30
stocks took off ravaged by the tech and
19:32
telecom bust in 2000 to 2003 and then
19:35
again by the financial meltdown in 2008
19:37
and 2009 investors especially
19:40
institutional investors are much more
19:42
risk averse today volatility has become
19:44
a bad word because every spike in the
19:47
volatility index or the vix since 2000
19:50
has been associated with a bear market
19:52
instead of surfacing and researching
19:54
exciting investment opportunities in the
19:56
burgeoning innovation space investors
19:58
seem to be hugging their benchmarks and
20:00
looking to the past for future success
20:02
benchmarks guide investors to companies
20:05
that have already enjoyed considerable
20:07
success broad-based equity benchmarks
20:10
could be in harm's way because of
20:12
disruptive innovation because the global
20:14
economy is undergoing the largest
20:16
technological transformation in history
20:18
most benchmarks could be in harm's way
20:21
unlike many innovation related stocks
20:23
equity benchmarks are selling at record
20:25
high prices and near record high
20:28
valuations as a result we believe tried
20:30
and true investment strategies will
20:32
disappoint during the next five to ten
20:34
years as dna sequencing robotics energy
20:37
storage artificial intelligence and
20:39
blockchain technologies scale and
20:41
converge in other words if our research
20:43
is correct and i believe that our
20:44
research on innovation is the best in
20:46
the financial world then our strategies
20:48
will triple to quintuple in value over
20:50
the next five years yet as this year
20:53
winds to a close investors seem to be
20:55
interested in playing it safe and moving
20:57
closer to the benchmarks that in our
21:00
view are unlikely to generate even
21:02
average returns during the next 10 years
21:04
we will not let benchmarks and tracking
21:06
errors hold our strategies hostage to
21:08
the existing world order the coronavirus
21:11
crisis permanently changed the way the
21:13
world works catapulting consumers and
21:15
businesses into the digital age much
21:18
faster and deeper than otherwise would
21:20
have been the case dismissing innovation
21:22
strategies as stay at home glosses over
21:24
a crucial point innovation solves
21:26
problems in a way that consumers and
21:28
businesses adopt with relief enthusiasm
21:30
and delight critical to investment
21:32
success we'll be moving to the right
21:34
side of change avoiding industries and
21:36
companies caught in the crosshairs of
21:38
creative destruction i say buy some ford
21:41
and embracing those on the leading edge
21:43
of disruptive innovation so there you
21:45
have it i love this article because it's
21:47
an investment directly into the investor
21:50
it's a well-rounded master class
21:51
explaining what moves the market and
21:53
what we should be watching out for how
21:55
investors always need to create this
21:56
narrative for the price action they're
21:58
seeing when it's really determined by
22:00
robots who only consider one or two
22:02
variables understanding how inflation
22:04
interest rates and the yield curve are
22:06
revealing the market's fight to safety
22:08
instead of a bubble that everyone claims
22:10
that growth stocks are in looking at how
22:12
these same growth companies have thrived
22:14
over the last year or two while their
22:16
stocks have been getting absolutely
22:17
decimated simply because big
22:19
institutions are harvesting losses for
22:21
taxes or because the federal reserve
22:23
changed their mind on something that
22:24
they've gotten wrong before time and
22:26
time again understanding that the
22:28
indexes are slow to reflect this new
22:30
normal and when they do shift they shift
22:32
in big ways like adding tesla which
22:34
immediately became a top position in
22:36
every index that it entered at the same
22:39
time these indexes are so slow to change
22:41
that they're starting to fill up with
22:42
value traps so looking to them for
22:44
safety could be a huge mistake over the
22:46
next five to ten years if they don't
22:48
purge those losers fast enough and
22:51
finally the need to do your own research
22:53
and build your own convictions in the
22:54
stocks that you hold instead of
22:56
following the masses so that you're
22:58
buying the best companies in the world
22:59
when they're on sale instead of dumping
23:01
them at the bottom that's why it's so
23:03
important to invest in the investor the
23:06
person doing the buying the selling and
23:08
the holding that's you and if you enjoy
23:10
this type of market commentary consider
23:12
liking this video and subscribing to the
23:14
channel with all notifications turned on
23:17
that way you'll be the first to know
23:18
when i come out with new content like
23:20
this regardless of how the youtube robot
23:22
tunes its algorithm either way stay long
23:25
stay strong and thanks for watching
23:27
until next time this is ticker symbol
23:29
you my name is alex reminding you that
23:32
the best investment you can make
23:34
is in you