Where Money Goes to Die

which would be the best month on record. Financials are in the midst of their best month since two thousand and nine. The Russell two thousand, or small caps is also on track for its best month in history. Up but still. Our guest says the news of a vaccine does not change anything about the types of companies he owns. The fund he manages is in the nine percentile year to date according to Bloomberg data and over the last year,

three years, and five years. So he'll explain why, and as always, we will close out the episode with our tradition or gimmick, if you would prefer to call it, the craziest thing I saw in markets this week. Uh, sorry, you came prepared. I trust I did come prepared. I'd argue, though, it's not a gimmick, Mike, it's a tradition. This is a real, true tradition tradition, just like mashed potatoes and turkey on exactly are you a turkey? Something tells me

you're like a vegetarian or something. No, Thanksgiving is my favorite meal of the air, Mike. I do have a vegan brother, which is maybe why you think that, But no Thanksgiving. I could eat Thanksgiving dinner every single night of the year. I could see you. I have a daughter who is a newly minted vegetarian. So it's a little challenging this year because I noticed that even my vegetable dishes have meat in them, like the bacon bacon.

It's a tough one. But anyway, as you said, this week's guest really uh phenomenal performance from the Investco Global Focused Strategy Fund. As you mentioned, Sarah up pretty six, closing it on a fifty percent year today gain for that fund, top one percentile of similar funds. His name is Randy Dishman. Randy, welcome to the show. Thanks glad to be here, So, Randy, I you know, I'm looking at the holdings of your fund and a lot of

sort of Internet big tech. I think what this year sort of got shorthanded is some of the stay at home names, which I know is not what you had in mind when you you probably picked them out. But talk to us about this whole buzz in the markets, about a rotation out of sort of the big growth, the real high flying stocks that we've seen over the last few years, the facebooks and Googles of the world,

and into more value oriented stocks and small caps. Is this keeping you up at night, this rotation or do you do you think it's just a flash in the pen. No, it's not keeping me up at night. I mean, I've been something in Oppenheimer Now invest Go for twenty years and it's not the first time I've seen this kind of thing. But you know, everyone's getting excited about maybe the end of COVID because of a vaccine. But the truth is the economy has been substantially better than most

people realize. And even if we do get back out of our houses, which seems kind of strange right now, it's not going to change the structural trends that were started, the ones that I've been looking at years ago. They've got really nothing to do with COVID. And we'll continue long after we stopped talking about COVID, Brandy, I want to circle back a little bit. You spoke with one of my colleagues, Bill Donna Hiary because also Mike and I, she's a crazy Things correspondent we like to color on

this show. But you spoke earlier this year, and I wanted to read a quote from the story that she wrote from your conversation, and you said, I've heard bubble used to describe it. That's laughably incorrect. I've heard popular momentum trade laughably incorrect. And then you went on to say, people look at tech and they see what they think are high valuations, but they don't fully understand what's going

on structurally. Can you walk us through what that structural change actually is and how that maybe has been affected or or unaffected um from what we've seen and experience in ding COVID. Sure, So you know, I look at the world and try to figure out what's changing structurally and and the difference. I mean, to be a good investor, you really have to understand the difference between cyclical and structural because people talk about growth and value all the

time and that's the current narrative. But you know, if the underlying phenomenon is structural, structural doesn't separate the world into growth and value. That's what cyclical does. But if if the underlying phenomenon is structural, structural separates the world into winners and losers, and losers go bankrupt. You know, for instance, e commerce, the rise of e commerce and

the move to digital is not cyclical. It's not like you and I are gonna use Amazon for three years and to go, hey, you know what, that was pretty cool, Let's go back to the store for the next three years. Cyclical is you know, I wear blue things my wardrobe this year and orange things next year. I mean, we all know the difference, but as an investor, you have to really look to see what that difference is. You know, you can't really have a discussion about valuation without an

understanding of what's going on. And the fundamentals of the move to the cloud and the fundamentals of e commerce are off the chart phenomenal more than justify the valuation. And when these growth rates continue for another couple of years, the valuation gets swamped. I would say most of what I owned today is fairly attractive on a two and

three year basis, which is all I care about. You know, ready, Is it possible though, that the sort of trends we've seen this year have pulled forward some of the returns of the sort of internet and growth stocks, and that they could be sort of infra sort of middling weaker returns in one or even the rest of it this year. And and um, you know, I don't know whether you agree with that or not, But if so, would that sort of cause you to to adjust your portfolio at all?

Or you just kind of the guy that would buy and hold and sort of just bear, you know, bear through those those weaker quarters if they if they are in store for us. Well, you use the word growth stock. I believe you didn't say tech. So you asked me about growth stocks? Correct, Well, maybe answer growth and for tech? Okay, sure, So so the people that know me know that in general, I hate labels like that. You know, a growth stock is what something that has a high pe something that's growing.

I don't really know, you know, if you're talking about morning Star, you're talking about very quantitative metrics on what a growth stock is. If you're talking about what most people think about, they're thinking about high growth. You know, I don't buy anything because of the label. I buy

things that you know. Let me put it this way, Every great investment ever made in history, regardless of what you called it, growth value, large, small, domestic, international, started with one thing in common, buying something for less than it's worth. And so that's all that matters. You pay something, you get something in return. And so I look at companies and figure out what the fundamentals warrant. And you know, to your point, perhaps some demand has been pulled forward

in certain areas. But when I was talking to two c e o s about the cloud six months ago, eight months ago, they were talking about it as well, it's a nice to have, but it's not a must have, and so we'll get there over the next five or seven years. When I was talking to c e O s in the depths of COVID, their response was quite different. It was if I don't get to the cloud tomorrow, I don't have a business in a year. And so it pulled forward some demand. But this is structural, it's

not cyclical. It's going to continue. It was happening before COVID started, it was happening during COVID, and it's going to continue to happen after COVID. Those are the kinds of investments I look for. So with that said, has and everything we've been through this year, I mean, granted not over yet. Has this at all changed your view on companies that have the most leeway for structural growth

going forwards? Have you made tweaks to your portfolios? Is there something that you've seen as a true change at all, whether that means adding um new companies or industries and detracting from others or the opposite, anything at all. In a lot of ways, not really, you know, I was one part of being a good investor is to be fully prepared to act with conviction when the market makes mistakes.

And so much of this job is you know, most people that have been doing this a long time and doing it well read five six hours a day, over over decades, and so you know you're going to be prepared when the market makes mistakes. Back in March, the market made some fairly large mistakes, some of the biggest I've seen in my career, and I was able to take advantage of those. In many cases it was things

that I already owned. In a few cases, I was able to add some companies that I had wanted to own at a better price for a long time, and the market mistakenly threw everything out at once, and I was able to do that. And so I haven't really changed much in terms of the names and the composition of the fund, which is not not unusual for me in times of stress. Though I was very active in

adding to the opportunities that I saw ready. I was reading one of your blog posts and you sort of laid out some of the main themes that you've talked about, you know, the move to the cloud, the rise of e commerce, diagnostics and research. One ball point you haven't here. I found really interesting and also it cracked me up a little bit. Let me just read a little bit from this post. You're talking about the electronification of money, and you say, but you're right basically that you expect

that to continue. And you say, why ever, look at money under a microscope, don't it's discussing I guess in the in a in a newly germ germophobic world, that that that's a trend to accelerate. But yeah, so I'm looking at it through some of the big holdings, the top holdings in the focus fund. I see PayPal. That's kind of an obvious expression of that theme. Is there

anything else that we're not saying? You know, I think I'm only looking at the top holdings though, But are there other sort of holdings that that expressed that theme of the electronification of money? And if and if you allow me to turn this into a three part question, he usually asks amount taking it easy? Does cryptocurrencies play any role in that thinking? And given that theme is

is one of your top teams? I'm I was kind of surprised not to see Square in the portfolio, although maybe it's down lower in the in the lower waitings. But if it's not in the portfolio, something about square you don't like? And again about the crypto, what's what you're thinking on crypto? Okay? So, so when it comes to the electronification of money, I don't think people see

it for what it is. One. It started in the nineteen fifties with the rise of the first credit cards, and back then, to get a credit card meant basically you didn't need one, you had to be wealthy to get a credit card. Uh, and it was a true convenience right. And then in the eighties, about the time I was coming out of college, you could get a credit card, but socially, what it implied was you couldn't afford what you were buying if you if you used it.

And so through my whole life, I've watched the social attitudes change around a credit card and the late nineties and early two thousands, and I think, you know you can identify with this is you would use a credit card. There was no social stigma around you couldn't afford what you were buying, but you still only used it for large purchases. And nowadays the social attitude is it's back

to being a true convenience. People will now go into a convenience store by a bottle of water and a back of potato chips on a credit card and think nothing of it. But ten years ago you wouldn't have done that. And so it's become a convenience item in your life. You don't have to carry money. Covide comes along and just reminds you that money is one of the is one of the biggest common touch points in your life. Money is filthy. We just got lucky on

that one. But social attitudes around credit cards have been changing literally for sixty years, and we're still only about penetrated globally in terms of all purchases. You asked about you know, so I own MasterCard as part of that, and I have for quite a while. But you asked about crypto. I've looked at crypto, and for the life of me, I can't figure out what purposes What is it that you want to do with crypto that you

can't already do. The one thing I can do with crypto that I can't already do is hide, And you know, hiding suggests something to me that I might not want to be part of as an investor. I'll leave it at that. And you asked about Square as well. Square. I looked at Square. I knew Square had a great product. This is years ago. I knew Square had a nice business model. I knew it would take the long tail, and I made a mistake in not buying it. I

thought the valuation was a bit rich. I thought there was little technology in its platform that it could hold onto from a from the standpoint of advantage, And turns out the first mover advantage was enough and so I missed it. Sorry. I think he's the first one to answer every part of a multi pronged question like that. That was pretty good. I think I might agree with that too. Congratulations, you deserve a pad on the back.

I want to I want to run through a couple more of your top holdings though, Randy, and then kind of dig a little bit deeper into this idea of the rotation that a lot of sell side strategists are at least calling for us. So if I look at some of your top holdings on all your funds fact sheet, Facebook, Twilio, Salesforce, Service now, CrowdStrike, i'd say usually when I get and it's been often lately, sell side strategist notes are just

filled with this idea of a rotation. I won't even use style or I won't use these descriptions or boxes, but just this idea that companies that have performed very well recently over the last couple of years, they're going to start underperforming areas of the market that just haven't

performed quite as well. What is it, though, about the way that you see the world in a in a structural way that you maybe don't believe that a bank or an energy company is all of a sudden going to truly, for a long term period, start to outrun say these five companies that I just listed, Well, you know the boxes that you're that you're not talking about

but talking about. I remember stepping up in front of a room full of people twelve thirteen years ago when I first launched the fund, and I put those boxes up and I said, this is where money goes to die. And I stand by where I said thirteen years ago. Um, the world doesn't work that way, and allocating that way has never made any sense to me. It's a great way to own too much, too many things, and to lock in under performance. But but anyway, you know, cyclicals

will rebound. I mean, you're already seeing it now. But that doesn't change the fundamentals. I'm talking about the different between price action and fundamentals. It's not surprising to me that some of these things are rebounding because many of them were priced for bankruptcy. But at the end of the day, you know, take energy. Energy is going against the trend. I mean, there's no doubt in my mind that electric cars are going to continue to take percent

of the fleet. Transportation is twenty plus percent of the energy uses in this country. GDP continues to be less energy intensive globally. It's not a place I would want to invest money under the best of circumstances. This is certainly not the best of circumstances. Might you get a bounce, Sure, you're already getting it, But you know, that's a trading kind of mindset that I think makes it very difficult

to be a really great long term investor. Some of the other things financials financials to me, the money center banks, particularly things like JP Morgan c Group, Bank of America, Wells Fargo, I think Post DoD Frank Their balance sheets are so gold plated that it's very difficult to lose money in those in those banks at these prices. I'm not saying it won't be dead money for a few years, but I find that situation interesting as an investor, and

so I'll set those off to the side. Most of the other cyclical value type rotation things that you're talking about, I think are a waste of time. I think you might get a good short term trade in those things, but short term trading is a very difficult way to make real money, and whatever rotation is happening is definitely not changing the trends that I'm invested in right now. M You know, Renny, one thing I wanted to ask you.

The Global Focus Fund, as its name implies, it is a global fund, pretty decent allocation to China about ten. I'm curious how all of the tensions between the US and China over the recent years if they affected you're you're buying it all? You know, were you were you restrained on sort of looking at Chinese stocks because of that? Were you know, under a Biden administration, would you be inclined to look a little harder in China? Or does it? Does it not really matter that the whole trade war

and geopolitical situation to you? I appreciate that question. I get that question a lot, and my short answer would be total waste of time to even think about it. I've been through many elections as an investor, I've been through many pretty severe macro phenomenon and I've not yet seen the one that mattered to long term outcomes. China, to me, I recognized fifteen years ago is a phenomenon that I'm unlikely to see again in my lifetime. A country at that scale coming out into the modern world

from emerging two developed. There are other countries that will do that. There aren't any other countries left that will do it at that scale. And you know the advantage that China had, you think about something like Amazon. For Amazon to become Amazon, it had competitors, thousands of competitors that had a one year head start. They had the best real estate, They had four generations of customer relations that they could use against you. Amazon had to bankrupt

twenty thousand different companies just to become Amazon. Ali Baba was competing with nothing Ali Baba. You know, there was no organized retail in China prior, and so Ali Baba could become Ali Baba quite quickly. I knew that China would happen faster than the analogs people look to in the United States, and so it was just a matter of going there, figuring out who the winners were, what advantages were necessary to win obviously, and then finding them

and it wasn't really that difficult. I continue to be impressed by what they're able to do and how relevant they are globally. Most of the political noise is just that noise, and it doesn't really affect the outcol So another question that maybe fits into this bucket. Ali Baba also one of your top holdings the regulatory front. There's been a lot of talk lately about regulation over in China for big tech companies. Also here in the US, uh,

Facebook being one of your top holdings. Of of course, there's a lot of talk about Facebook and other big tech companies facing antitrust concerns here in the US. Does that at all concern you know? And it's not for lack of thinking about it and for lack of looking One of the best things you've du to Facebook from an investment point of view would be to break it up. Most people don't really look at and understand Instagram for

what it is. Instagram is one of the best e commerce and advertising assets ever created and will definitely at some point be as big as core Facebook, and could even be bigger because of the e commerce aspect of

it digital advertising. You know. One of the things that people aren't looking at when they talk about the recovery post COVID is they talk about the rotation back into brick and mortar retail and airlines and carnival cruises and things like that things that have historically through the cycle been terrible investments and this time won't be any different. But all of that comes with advertising and digital continues to take share. And one of the things that COVID

did induce was trial. If you were someone who weren't advertizing primarily on digital, you had no choice during COVID but to do that. And every time I've seen advertisers adopt digital, they don't go back. Their return on investment for every digital dollar spent is so much greater than everything else they could they could do with that dollar, they don't go back. And so Facebook, Instagram, Google are all natural beneficiaries of a return to a more normalized environment. Ready,

what are your themes you talk about is diagnostics and research? Um, I'm curious, what's uh what you're seeing there that's exciting and where do you see that space going? I mean, um, this is obviously a trend that predates COVID, got quite a shot in the arm from COVID. But where do you see you know, what's exciting you in that space? Any any stocks we don't know about, um? And and where do you see that going in the future? Well, you know, diagnostics is something that me and my and

colleague internally, we're talking about seventeen eighteen years ago. I met Aluminium, one of my larger holdings, for the first time in two thousand and three and sat on a banker's box in the parking lot of the building that the founder was in the process of moving into. He told me, he told me the advantage that he had, how things were going to play out for the company,

and everything that he said was absolutely correct. You know, the rise of point of care diagnostics has been going on for twenty five years, and so you know, I owned two foundational platform assets in Ilumina and Thermo Fisher that if you're doing research and development in the healthcare space, you're highly likely and and this is globally, you're highly likely to be a customer of one or both of

those companies. Uh. They are the de facto standards in diagnostics research and in research automation, and so the things that have started years ago. You know, imagine and if you're old enough, remember what it was like to get a test twenty years ago. You can wait three weeks for a result and the doctor's office couldn't do it. Nowadays, you can get the test done at your doctor's office and you can have many times results before you can

make it through the parking lot. Uh. That's where medicine is going. That's where diagnostics is going. And those two assets are critical and taking it there that you know it used to be they were necessary, but they weren't leading it there. Now they're driving and h that's where it's headed and it's going to play out over the next ten fifteen years. Uh. And there's no way to avoid those two, those two companies. It really is amazing. And UH. Rewinding a little bit to your point on

e commerce and Instagram. I have a bit of a crazy story before we get to sharing our crazy things. Uh. Just the other day, so I'm in Michigan for the holiday. We ran into a golf store and I just got a puppy, Randy, and we are joking around. They have all those animal heads that you can stick on your driver as a cover, and we're joking around. We needed to get one that looked like our our puppy for the golf clubs. And next thing I knew a couple hours later, I went on Instagram and what did I get?

An advertisement for cloning your dogs for a driver Head, and I was like, okay, coincidence or not, but that is a little bit too specific. And I'm just gonna say these driver dog Head clones were honestly a little bit too creepy, Like it looks like your actual dog sitting on top of your golf club. That's a little crazy, all right now. But what did you shoot, sir? That's the real question. What what did I? Oh, I didn't, I didn't actually golf. We just want to pick out

some shoes. You just like the fashion you just like. I know. I'm not. I'm not. I'm not that good. Don't don't worry. I don't get to play that often in New York City. Um, but but I do enjoy it. I like the Michigan reference. There, I know now why you booked Randy another another Michigan U M b A there, we'll all allow it. Hey, you guys have the same football helmets as my Delaware Blue hens, so I will I will allow. I will allow the Michigan love to some degree. I don't think either of us want to

openly speak about Michigan football at this point in time. Mike, alright, well, no basketball season, so it's gonna be a lot. I'm excited, all right, anyway, I think that is our segue. If I'm not mistaken, You're not all right, stand clear of the craziest things we saw in markets this week. You know, I'll kick it off from once. I'll kick it off.

Two crazy things I wanted to bring up, Sarah. One was this last week we as you wrote about Tesla getting added to the SMP five finally, So naturally you would assume that would cause a rally, a little bit of a pop in Tesla. It's amazing to me is the short covering rally it caused in all these Tesla like companies like Blink Charging fuel cell Energy. I don't know how to pronounce this one. A row I row

stickers at a y r. Oh. They're all up like in the hundreds of percent since Tesla was added, and the thinking is that it just caused a massive cover I think the Biden presidency is somewhat bullish for for green energy as well. Uh so that's one of them. But here's my real crazy thing. British airways. Have you ever flown on British air Lovely airline and there I've never flown first class on them, but apparently their first

class services is to die for. They've had so few flights that they're just selling off all the year from first class. So you can buy like the champagne flutes, the fine china, the slippers. You can even buy those heated boxes that they bring your meals around it, which I kind of want one of them. The heated the heated but it keeps it warm. Yeah, yeah, there's the things that keep the So in the spirit of prices, right, Sarah,

what and Rerandy? What would you guys pay for a British Air first class blanket counts just not talking the meal box or the flute, just just you could buy a British Air says you can buy it all and recreate the first class experience in your living room when you're stuck at home, which which I don't know. I don't know if anybody in the world will do that. Someone is found to do that, though, I I guess, but I'd pay zero. I've done too many miles in

British AIRLA first class globally, so no novelty there. You're not looking to experience. I mean, if you're bringing this up for prices, right, it's got to be something that's a bit ridiculous, and you wouldn't normally pay for a blanket. I'm gonna go, I'll go three hundred. I wouldn't. I wouldn't pay three hundred dollars for a blanket, but you never know. I'm gonna buy one and resell to you only nine pounds for for the British Air blanket. See

you checked me again. I was thinking that it's got to be something ridiculous if if you're bringing it on the show, you can get the slippers for ten pounds, which is probably which I think you can pretty much walk off a flight with them normally. Right, they don't. I don't think they don't think they frisk you free your slippers when you're getting light. So all right, Randy, what how about you? Have you seen anything crazy this week?

You know? A colleague, me and a colleague, one of one of my analysts, were just talking about a data point that I I'm surprised people aren't talking more about existing home sales, one of one of the best leading indicators of spending because of the multiplier you know effect, when people buy a house at a fifteen year high, the highest since two thousand and five, and not only the highest since two thousand and five, but double the

peak in two thousand and five. Now, if you have been around as long as I have, you remember two thousand and five was a crazy housing market. People were knocking down million dollar houses and building two million dollar houses. You had taxi drivers owning three properties in Florida. It was really an off the hook housing market. Existing home

sales are twice that peak right now, so so ready. Obviously, I mean the low mortgage rates are a big part of that, right, and maybe a bottleneck of of uh, you know, purchases that didn't go through during the pandemic. Or is it people moving out of the cities? What do you what do you think is driving all this other than obviously the low rates, Well, part of it's definitely COVID related. Um. And what my analyst thinks, and and I think he's right, is, uh, there might be

a new trend towards de urbanization. You know, I remember thinking twenty years ago and looking at data twenty years ago that jobs were moving to the cities, people were moving to the cities. Uh, and you could see urbanization in the numbers. I think you are now starting to see signs and it's totally trade by COVID of d urbanization. Uh. Now, granted it's technologically enabled. Look at what we're doing right now.

We could be anywhere doing this and I can do my job from anywhere, but it might be spreading a bit more broadly in the economy. And you know that comes with positives and negatives, sir. That means that means suburban dads like me are the coolest right now? Is that right? It does. Yeah, it's exactly what it means.

That's right, That's what I thought. Yeah, yeah, obviously I also wanted to ask you, Randy, after Mike brought up the bit on Tesla and the electric vehicle market, because you are always looking for structural growers in almost companies

of the future. What what's your vision there? Well, I looked at Tesla and again, so back in two thousand and four, I was co managing a global fund with one of my senior colleagues and we were talking about electric vehicles back then, uh, you know, sixteen years ago, and we went around the world and looked at everything that had to do with any electric vehicle, every battery company everywhere, the electric power training, every component wherever you

could find someone that had any input into electric vehicles. We looked at it and evaluated it because I only invested in what I consider to be advantaged companies, and so you have to be able to find the advantage. There's actually very little advantage to be had in the electric power training. It's mostly there's not a lot of intellectual property there. But Tesla obviously a great design, obviously

a good company in terms of its product. What I didn't like about Tesla was the corporate governance when when the management team bailed out the solar company using Tesla shareholder money. You know, I've got to get three things right. I've got to get is the company worth owning ever? Right? And that's about advantage. And then I've got to get at what prices it worth owning? Right? And then the third thing I've got to get right is are the

people running this company running it for shareholders? Uh? That's where Tesla failed for me, and I chose not to buy Tesla. Some things just have to go up without you. But I do believe electric vehicles are going to continue to take share of the overall fleet. All right, Sarah, what do you got alright? So in honor of Thanksgiving. I wanted to do something that was food related. And they'll say this has come from this past weekend. But did you see this story about this big coco trade

from her? She So I'm just going to read you the top. I'm gonna read you to the top of this story. It just says one of America's top chocolate makers is up ending the New York coco market. Hershe is taking the unusual unusual step of directly sourcing a large amount of cocoa through the Ice Futures US Exchange instead of buying beans in the physical market. And then it goes on to say the massive trade has set December delivery futures to a record meum over the next contract.

And supposedly this purchase was so large that they required special permission from the exchange. If you look at this chart, it really is just i mean pun intended off the charts. Uh it's it's it's pretty crazy. It is as an amazing story. My favorite part of that story is apparently there's like uh opeque type of cartel for for cocoa, which which I was not aware of. I mean, like personally, I'd rather be part of the chocolate cartel than the

oil cartel, but right right. They also said chocolate demand had been reduced during COVID. I don't see that at all. I would have thought it went through the roof people stress. They're not They're not at our households. Mike, Yeah, so I don't know, Randy, I don't know if you've ever dabbled in cocoa futures. That's that seems like a perilous market to me only as a consumer. As an investor, I think that's the right good side to be on.

Plenty of chocolate these days. Uh, alright, Well, we're gonna have to leave it there. We wanna wish a very happy Thanksgiving to all. Know it's past, but we really hope that you could enjoy it even in a year as strange As and Randy Dishman, thank you so much for joining the podcast this week. It was a blast. Thanks for having me what goes up? We'll be back next week. Until then, you can find us on the Bloomberg Terminal website and app, or wherever you get your podcasts.

We'd love it if you took the time to rate and review the show on Apple Podcasts so more listeners can find US and you can find us on Twitter, follow me at Sarah pont Sec, Mike is that Reaganonymous, and you can also follow Bloomberg Podcasts at podcasts. Also thank you to Charlie Pellett of Bloomberg Radio and the voice of the New York City Subway system. What Goes Up is produced by Jordan Gospore. The head of Bloomberg podcast is Francesca Levie. Thanks for listening, See you next time.