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- [00:02]
John
Hear that? That's me in Tokyo learning to make.
- [00:04]
Steve Bailey
Sushi from a master. How did I get here?
- [00:06]
John
I invested wisely.
- [00:08]
Steve Bailey
Now the only thing I worry about.
- [00:09]
John
Is using too much wasabi. Get where you're going with Spy, the world's most traded etf. Getting there starts here with State Street Investment Management.
- [00:18]
Steve Bailey
Before investing, consider the fund's investment objectives, risks, charges and expenses. Visit state street.comim for prospectus containing this and other information. Read it carefully. SPY Subject to risks similar to those of stocks, all ETFs are subject to risk, including possible loss of principal. Alps Distributors, Inc. Distributor.
- [00:33]
Anne Berry
For Friday, February 13th, it's Brew Markets Daily and I'm Anne Berry. Well, we love Love here at Brew Markets and wanted to find a way to celebrate Cupid through a markets lens. And to do that, we landed on Digging into Match. Well, it may be tough to believe, but the Online dating site Match.com was launched over 30 years ago, and since then it's expanded beyond that into a holding company. So it anchors the holding company MatchGR with a roster of brands including Hinge, Tinder, OkCupid and dozens more, with the company saying that one in three marriages begin on an app, including, by the way, our own producer John, who got hitched last year after finding Love Online. But the apps fall in and out of favor, along with shifts in demographics and social norms, not to mention swipe fatigue and skepticism over the insertion of AI into the matchmaking process. Well, shares of Match Group, but also competitor Bumble, have been down significantly from pandemic highs. So ahead of Valentine's Day weekend, we wanted to figure out what was going on and invited Match Group's chief financial officer, Steve Bailey, onto the show to give us a snapshot of what's new in online dating, which brands now resonate with young people and where Match is focusing its resources to attract jilted investors. Back to the stock. That conversation in just a moment, but first, a word from our sponsor, Charles Schwab. Trading at Schwab is powered by Ameritrade, bringing you an expanding library of education with even more ways to sharpen your trading skills. Access new online courses, insightful webcasts, articles, engaging videos and more, all curated just for traders.
- [02:07]
John
Plus guided learning paths with content designed to fit your unique interests and no sifting to find exactly what you need so you can spend your time learning to trade brilliantly. Learn more@schwab.com trading and now my conversation.
- [02:20]
Anne Berry
With Steve Bailey, the CFO at Match Group. Well, we are delighted to welcome from his Dallas Office where Match Group is headquartered. Steve Bailey, Chief Financial Officer at Match Group. Well, just to set the Stage here, Steve, Match.com is likely a familiar brand to our listeners in its own right, but give us some of the other brands that the Match Group owns because there's a lot more going on there than just Match. And the other very famous one, of course, which is Tinder.
- [02:48]
Steve Bailey
Right. We do have a great portfolio of brands. Tinder is of course the biggest, the biggest dating app in the world and the vast majority of the value of the company. But we also have another brand that's been hugely successful, which is Hinge, which is the fastest growing scale dating app in the world and has done phenomenally well. So I'd love to share more about that. And then we've got many other brands too. We're really segmented into four business units. Tinder, Hinge, which is evergreen and Emerging, which includes our more long standing brands like match.com, which you mentioned, and other more niche dating apps like our affinity brands, BLK for the black community, Chispa for the Hispanic community. And those are faster growing apps within the E and E business unit. And then we have another business unit, Match Group Asia, which has two brands in it, Pears, the largest dating app in Japan, and Azar, which is a one to one video chat app based in South Korea. So we've got a great portfolio.
- [03:53]
Anne Berry
Well, let's dig into the one that you said is one of the fastest growing within that portfolio, Steve, and that's Hinge. Talk to us about how that brand is positioned versus, for example, a Tinder which has sort of cemented its place in popular culture as the hookup app. You can tell me whether that's changing, but talk to us about how Hinge is different or similar to some of the others.
- [04:14]
Steve Bailey
Yeah, we rolled out, we just did an internal exercise to clarify just that for our employees. I think there's, you know, the employees want to know how these brands all fit together. Investors and the general public certainly do. And there sometimes is some confusion. And so, you know, in our latest earnings report, you'll see what we call the gem which really plots our dating apps on three axes, fun, focus and familiarity. And so think of Tinder on the fun axis and think of Hinge on the focused access. And they're really opposites of each other. So Hinge is for intention dating. It's the app designed to be deleted and that's really for the focus segment. Tinder is lighter weight, more fun, lower pressure. And so they both do play a really important role in the market as a whole.
- [05:06]
Anne Berry
And where does match.com sit in that three axis spectrum?
- [05:11]
Steve Bailey
It's really, it's really at the corner. And some of them are at the corner of familiarity and focus. And that's true for some of our other apps too.
- [05:20]
Anne Berry
So what would drive focus like Hinge, as opposed to growth and fun like Tinder? What are the different demand dynamics for those two specific brands? Steve?
- [05:31]
Steve Bailey
Well, just think of the Hinge's slogan designed to be deleted, right? It's meant to get you in a real meaningful connection and off the app. Whereas Tinder could be for a number of different possibilities. It might be for a serious relationship, it might just be for going out and having fun and meeting new people. That's really the difference. And it shows up in the product itself too. So think of like the onboarding flow, for example. Hinge takes a long time to fill out a very long profile. That's by design. You know, there are many photos, there are prompts to answer. Whereas, whereas Tinder is lightweight, easy. We want to get you on and using the app very quickly.
- [06:14]
Anne Berry
So let's talk about which of those could be successful. And while you're seeing growth at Hinge at the moment, the inevitable question from an investor perspective is can that growth continue if you are designed to be a product that at some point is no longer used by your target customer? And I'm just going to bring up what one analogy here. There's another app that was designed to be deleted and paraphrasing didn't use the same tagline, and that's Bumble. And its share price and its growth has really struggled by embracing this idea that ultimately it wants its users to get off the app. How do you think about that comparison when you think about what the trajectory for Hinge might look like?
- [06:50]
Steve Bailey
Their first Hinge has been done a phenomenal job. It's on a tear, you know, 26% revenue growth last year, it'll do mid 20, 20% again in 26. Extremely profitable. And it's really always been built around this focus on user outcomes. And what they define as user outcome is really great dates. They track that metric and it dictates all their product decisions. So when they're thinking about, do we add a paywall, what the user experience should look like. It all is through the lens of what leads to more great dates for our users. And that's really been extremely successful for them in the us in Europe, where they're the largest dating app in their European Expansion markets. And now they're already the number two dating app in a few of the countries they've entered in South America. And so it's working. And back to your original question. You know, you have to understand this is an episodic business. So that means, you know, just because you're getting off the app and into a relationship and deleting the app, that's great. That doesn't necessarily mean that's going to be your forever relationship. We all know in life that these relationships don't always work out. And so really the LTV or the lifetime value of a user is not in that first subscription or interaction with the app. It's in your likelihood to come back and use the app again when your life situation changes. And by the way, tell your friends that you had success on the app, which drives that word of mouth flywheel. That's, that's the business model.
- [08:23]
Anne Berry
Well, we're chatting right before Valentine's Day, Steve, and I'm wearing, not everyone can see but those listening, I'm wearing a bright pink scarf to celebrate that and for this conversation. So let's talk about what you just said, which is ultimately Hinge and others are planning for the day that folks come back for a second episode, perhaps a dating that the relationship that they're in is possibly not forever. How do you monetize at different points in somebody's lifetime dating cycle?
- [08:52]
Steve Bailey
Right. Well, first of all, you got to remember most of these apps are freemium business model. For Tinder and Hinge, you can use the app for free and most people do. Only something like 20% of our users actually pay. And there's really two ways they pay. The vast majority of our revenue is subscription and then we also have a la carte features which are more impulse buys, boost yourself or one time purchases. And really what we're, you know, what we're trying to do is get you in the app, get you matching and generating outcomes and meaningful connections and then give you the value proposition that says if you want to enhance your experience, if you want to see who likes you, or if you want to be able to send more likes. If you really are serious about using our apps, then the subscription package is well worth the money. Think about it from a value perspective. You know, on average our apps cost, you know, $20 a month. And that is just a phenomenal value if it leads to a real meaningful outcome to you. And that's true on your first session with us. And when you come back and reactivate.
- [10:07]
Anne Berry
Or resubscribe, we did some looking at your earnings results recently, Steve. Last quarter your paid user number came in at 13.8 million. That was down about 768,000 year over year. Talk to me about where you're seeing perhaps some attrition from paid users and that being offset, yes, by more free users. But why are your paid subscribers going away?
- [10:33]
Steve Bailey
Yeah, it's really a different story across the portfolio. So for Hinge, for example, paid users are growing, doing phenomenally well, growing something like 18% last year in 2025. And we expect that to continue. Whereas Tinder, on the other hand, is where you've seen some pay loss. And that's been the case the last couple of years. And really the reason for that is, whereas Hinge has really done a great job innovating around user outcomes, Tinder has, hasn't really evolved to meet the needs of really Gen Z or today's daters. And so, you know, Tinder, phenomenal app, still the biggest in the world, hasn't kept up with the changing taste of Gen Z, which is different than what millennials were looking for in a dating app when Tind was all the rage. And so what we've done is a couple things. One, instead of focusing really on monetizing a shrinking user base at Tinder, we've said that's not a long term strategy. The strategy is to return Tinder back to user growth, MAU growth, which will then lead to payer growth and revenue growth over the next couple years. So we're in the midst of that. That's the Tinder turnaround that we're in the midst of and we're making good progress. But that's the strategy.
- [11:53]
Anne Berry
Let's take a break and when we come back, more of my conversation with Steve Bailey. Vanek believes gold is evolving beyond a short term hedge into a more durable part of a portfolio. With strong central bank demand and ongoing global uncertainty, the case for gold remains compelling.
- [12:08]
John
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- [12:17]
Anne Berry
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- [12:33]
John
Learn more@vaneck.com BrewGDX that's vaneck.com BrewGDX Full Fun Disclosures in podcast Description.
- [12:43]
Anne Berry
And now back to my conversation with Steve Bailey, the CFO at Match Group. So, Steve, you just said that Tinder hadn't kept up with the difference in tastes and preferences of Gen Z when it comes to dating. What specifically are Gen Z looking for? What is it they want from their dating app?
- [12:59]
Steve Bailey
Yeah, they're looking for a few things. They're looking for lower pressure, ways to connect. They don't like, you know, the Tinder of the old. They're looking for.
- [13:10]
Anne Berry
What does the Tinder of the old mean?
- [13:12]
Steve Bailey
Well, they don't like the endless swiping and they want more optionality. They want to see where things go a little bit more. And let me give you a great example to put this in context. One way to address that is a new feature we have on Tinder called Double Dates. I don't know if you've seen this, but in the card stack you probably know how Tinder works. We now have a feature called Double Date where you pair up with a friend and you swipe on other pairs and then if you match, you go out on essentially a group date. That's exactly what they're looking for. It's lower pressure, it's perceived to be safer. It's more of a group setting. Let's see where this goes. That's a great example of what they're looking for. And then there's two other things really that they're not happy with and that is dating fatigue. It's just too hard to get out on a great date in many cases. So they're tired of the swiping and they want better outcomes. Right. They want to see if I'm going to use this app, if I'm going to invest my time, if I'm going to pay a subscription, I want it to work.
- [14:19]
Anne Berry
And when you say they want better outcomes, the group hang makes sense to me. They're fatigued by constant swiping. So what else is Tinder going to do to get them to stop swiping as much but still engage with Tinder more?
- [14:32]
Steve Bailey
Right. Another great product feature we're testing right now is a feature called Chemistry, which is in a small test within our Project Aurora we talked about on the call. It's a test isolated to Australia. That's a really interesting idea. That's an AI driven feet matching feature that sits on a different tab off of this core swipe mechanic. And it's a curated. Think about it as one or two drops of a highly curated match for you to select from. And the reason that it's more curated is because you go through a lightweight back and forth with AI, so it can learn a little bit more about you and then uses that into the algorithms that feeds the matching. And then it also does a second thing that's really interesting. It gets access to your camera wall with your permission and it goes through your photos to glean insights about you. Because one thing users have a difficult time doing is talking about themselves. And really, how do I make my profile stand out? But if you go through my photos, you'll know I'm a dog person, I love to travel, I like to cook. It can take those insights out of your camera roll, feed them back to you, and then help that in the matching algorithm too. So that's just one example of the way we're evolving tuner to meet the needs of Gen Z.
- [15:51]
Anne Berry
Well, Match, I saw, has allocated a $60 million budget for AI, Steve. So it's exciting to hear you bring that to life. This kind of specific example, what kind of ROI would you target on a budget like that? Or are you at this point, as so many other companies are, which is they don't necessarily know what the ROI ROI is. They know they just need to be investing in AI because it's becoming table stakes to use it somehow in the business.
- [16:17]
Steve Bailey
Well, I'd say a couple things. One, the $60 million budget is for really product innovation and that can be AI or it can be just table stakes. Innovation double date is not an AI feature. Right. Or better algorithms that optimize for outcomes over short term monetization. That's all really part of the $60 million budget. The idea is to build a better product experience, even if it hurts revenue in the short term, to build longer term sustainable revenue growth through improved user trends. And that's really the goal of that budget, is to get Tinder back to improving MAU trends throughout 2026 and then growth headed into 2027. That's really the way we're thinking about it.
- [17:05]
Anne Berry
Can we talk a bit, Steve, about the role that trust plays in all of this? And there's different components to that that I wanted to touch on. It's fun. When we were sort of brainstorming before we started to film, you and I, Steve, I was talking with the team here and somebody raised the question, well, is it the case that if you've got a freemium model, but a subscription model, that the users that are paying up are going to get paired with the more interesting or the higher potential dates, do you get that feedback directly from Your consumers who perhaps are not, who are suspicious that the free service can live up to what the subscribe.
- [17:43]
Steve Bailey
Service can we do get. We hear about that and there is some suspicion there from time to time. It's not the case. I mean, again, because we're an organic based business, most of Tinder's users and registrations come organically. It's not through direct marketing spend. The same is true for Hinge. It's an organic business. It's critically important to the company to make sure the 80% of the users that are using the apps for free are also having a good experience or the business model wouldn't work. We're not in that business really. The business model is if you want to accelerate, expedite or get all the bells and whistles, you can pay. But we're optimizing for the free user experience just as much as we are for the paid, if not more, because that's the experience of most of our users.
- [18:36]
Anne Berry
You hit on something that's more broadly interesting as well. When you said that Gen Z are looking for something different and trying to keep up with. Trying to figure out what that different might look like and then trying to keep up with it is an important part of our strategy. The Wall Street Journal just posted an article recently about a new dating service called Date Drop and this is a pretty interesting story. It was developed by a student at Stanford to use an algorithm to match students. So that's within a very specific population after they answer 66 questions about their values, their lifestyle, their political views. You said that for Hinge. There's similarly a pretty in depth questionnaire that users need to complete. But the reason I bring this up is micro markets, smaller dating apps or smaller dating solutions seem to be popping up. And my question for you is what you've described is a set of very interesting product innovations that can be rolled out broadly. But how are you thinking about maybe localization and maybe micro localization to try to pick up adoption Steam?
- [19:41]
Steve Bailey
Yeah, I think I read that article, so I'm very familiar. A couple things. One, there is a need or a want from Gen Z to do more irl, more in real life connections. Yeah, off the apps faster and into the real world, which is a bit of this product experience, I think. And so that is going to get folded into the Tinder product roadmap too in terms of localization. Look, Tinder's in 160 countries worldwide and that's a huge opportunity. What made them so successful so quickly is that the product experience is Pretty simple, right? So you can understand the product dynamics in the US Or Asia because it's simple and that has got them to where they are today. But we do see localization, particularly on an international scale, as a big opportunity to unlock further growth because the nuances are different. Hinge, on the other hand, has taken a slower approach to global rollout because it's a little bit more complicated of a product. Think about prompts and feedback. We're giving you a question and you're answering it. The prompt in the US doesn't always apply if translated into French. Right. For the French population, just culturally. And so they've been very slow and methodical to go country by country and really localize both the product experience and the marketing to get that just right. And they've been hugely successful. This app is taking it a step further and localizing it to, you know, a city or a school population. We do have something tangential to that, which is colleges, a mode within Tinder called college mode that allows you to connect with just those students at your university and there's some really cool product features within it. So it's a way to filter the swipe experience just for your college. That's a way we're sort of tackling what is a really, you know, interesting use case and an important one for Tinder, which is the college experience.
- [21:47]
Anne Berry
So you've spent a lot of time focusing on Hinge and Tinder. A lot of the stories that you've just shared with us focus on those two particular brands, but you do have dozens of others, like Catholic people meet, Divorce people meet. You talked about an app that's focusing on the Hispanic community. Is your strategy to keep those as distinct brands or is your idea to at some point migrate those users over to one of the two brands that you keep talking about, but to basically have the ability to sort for different communities within the two bigger apps over time.
- [22:20]
Steve Bailey
What we're doing is something in the middle, I would say. Just remember, most dating app users use three or four dating apps at the same time. That's the average. And so they're not on just one app, they're really on multiple apps. And so cross selling becomes an interesting mechanism for us and we're starting to do more of it, which is, you know, show BLK user and ad for Tinder within the product experience, a one click transfer, fill out your profile, and now you're both on BLK and Tinder at the same time. That's more the use case and a great way for us to improve the user experience and monetize better. So that's something we're doing more and more of today. The other thing I would say is, you know, these large scale dating apps have done so well, Tinder and Hinge because liquidity matters, right? The more liquidity you have, the better the product experience, the more people you have to meet and the smaller apps sometimes struggle to reach that level. So we see that a lot with startups. It's the cold start problem, right? I can't give you a good experience until I get big enough to have you meeting an endless number of people in your area that you're willing to date. So that's a competitive advantage for us. What we've been doing is we've been buying from an M and A strategy, smaller niche dating apps, struggling with that cold start problem and also struggling with keeping up with all the costs around trust and safety and regulatory feedback which is getting more and more complex. And we're bringing them into what is a consolidated tech platform within either. So this is a really interesting idea. We've consolidated all those E and E brands onto one tech backbone. They have a unique front end but a shared tech background backbone. And what we do there is that reduces costs. We can spread the cost of things like trust and safety and we can do a lot of these cross sell mechanisms a lot better.
- [24:22]
Anne Berry
Let's talk about how all of this innovation translates Steve, into your financial results. You recently we saw, released your Q4 results 2025 as well as your full year 2025 performance into that. And just to hit the headline, your total revenue came in flat year over year three and a half billion dollars, that was for the full year 2025. Your adjusted EBITDA, which is a measure of profit, declined 1%. Although you did have healthy, pretty healthy margins of 35% on an EBITDA basis. Your CEO has said that Match Group is in year one of a three year repositioning strategy. What are the pillars left for years two and three, Steve, and how can we expect that to translate into 2026 performance?
- [25:09]
Steve Bailey
Yeah, we really laid out, we didn't so much time cap it year one, year two, year three. But we did lay out a three part turnaround mainly for Tinder and for the company as a whole. The reset phase, the revitalization phase and the resurgence phase. And we're in that second phase. That is true, the revitalization phase. So let me just tell you what that means. The reset phase is really around culture driving a culture of accountability. It's around costs. We did a reorganization. We've had a lot of success in alternative payments. And then we're taking those savings and putting them back into tuner and hinge marketing and product investments. That is sort of behind us and we've done a great job there and everybody's rowing in the right direction and there's tremendous momentum. Now we're in the second stage, which is that revitalization stage that's all about product and product innovation. So I would say we're sort of squarely in the middle of that and that has a lot to do with the work we're doing at Tinder, Project Aurora. Features like chemistry and double date that we've talked about. That's the get Tinder back to to user growth. And so our plan in 2026 is to reduce the declines in me you to reduce the declines in payers so that in 27 we'll get back to that resurgence with our audience and with the category as a whole, which means sustainable user and revenue growth from that point forward.
- [26:37]
Anne Berry
I'm curious Steve, when there's reflection, when you're in your internal strategy meetings, right, and there's a period of self reflection and we say how do we get here in learn from that in order to figure out how we move forward, is there any conversation around maybe we did this to ourselves, right? We, we date. We gamified dating to the point where we fatigued our own user base. Or do you think this is an industry wide and generational issue? Again, there are others out there. I'm just going to point to your share price. Your share price is down over 80% in the last five years. You're not alone in terms of the dating industry. And people have said it's because it's too expensive for people to date. It's been inflation related. You've talked about generational preference, but the dating industry, broadly, do you talk to all the folks in this space and say we as an industry have to figure out how to change our fundamental behaviors otherwise we risk exhausting our consumer base?
- [27:28]
Steve Bailey
Again, I think, look, I do think we did do it to ourselves. And why was a focus on monetization as opposed to a focus on really outcomes driving long term revenue growth? And so I do think that was a misstep. I think there was also a lack of focus just around product innovation. We didn't clear enough of the roadmap space towards innovation. It was too focused on monetization. And that's something that Spencer, the CEO has come in and done A great job of flipping the script on. We're out of that game now. We've realized that was a misstep. That's where the $60 million user give back budget comes from. That's where, you know, we're willing to take some, some reduced monetization in order to get the user trends back and really to build a better product for our users to get them out on great dates. That's the end game. And if we can do that, you know, we think the category will respond. What we know is Gen Z is lonelier than ever. They want to get into meaningful relationships. That's clear. They say that and they're used to using technology in all other aspects of their life. And so, you know, what we need to do is build a product they want to use. Hinge has done that and you see the success, growing users, they're growing with Gen Z. Tinder needs to catch up so that we have two apps that are resonating with Gen Z, one in that fund space and one in that focus space. And then that's what gets the category back to growth. And I do agree with you, we're in a way rooting for our competitors because this is a category wide problem. Category innovation is good if someone comes up with a better idea, if someone can use AI. And by the way, I think of AI as what the smartphone was back in 2020, 2012 that Tinder took advantage of to really rethink a whole new product experience. I can be that technological unlock we've been waiting for. And you know, that's great. We're inquisitive from an M and A perspective, but we really need the category to, you know, innovate. Hinge has done it well, the others haven't as much.
- [29:33]
Anne Berry
And here's my last question for you, Steve, before we all head into our Valentine's weekends. You just, you said it over the course of this conversation that not just Gen Z, but everyone's looking for more irl, right? They're looking for more real life experiences. So on the one hand, at Match Group, you're using more AI. Is there a world in which we see Match Group morph into becoming the world's biggest events based business? Are we going to see you guys move more into organizing events, creating the actual spaces and places that folks will go to for their dates?
- [30:08]
Steve Bailey
Well, look, we're brainstorming lots of ideas in this area and we've got a long list that we're thinking through. The most salient product feature that's coming out soon is direct to date feature that Hinge is rolling out. So right now we're really focused on digital ways to get you off the app in real life, connecting faster, less chatting back and forth and getting out on a real date. That could expand to more in real life. Maybe partnerships would be a next good step before building out a real sort of IRL brick and mortar type experience, which is a little bit different. Profitability is different, it's harder to scale. So I think in app experiences that get you in real life faster and partnerships is probably the next step.
- [30:57]
Anne Berry
We'll go to Steve Bailey, CFO of Match. First of all, thank you for joining us, but also shout out to you because often I talk to a lot of members of the C suite. And to have a chief financial officer who's deep in the numbers, but also is able to cover the breadth of things we've talked about, from product to marketing, that sits outside your sort of square lane of financials, it's great to be able to get that breadth of perspective from you. So thank you very much. Come back, we want to hear how it's.
- [31:24]
Steve Bailey
Appreciate the time. It's been great.
- [31:25]
Anne Berry
Thank you.
- [31:25]
Steve Bailey
Thank you.
- [31:27]
Anne Berry
Well, huge thanks to Steve Bailey for joining us. The markets are wrapping up for the week, so we're going to dig in, John, and see if anything caught your eye.
- [31:34]
John
Yes, absolutely. I'm taking advantage of the long weekend to visit my mother. And this story is for her specifically. On Tuesday, the Vatican bank launched two equity indices tracking stocks that align with Catholic values, its first foray into thematic investment products. The bank, which reports to the Committee of Cardinals and the Pope, said Tuesday in a statement that the indices will include 50 medium and large cap firms deemed to be consistent with Catholic ethical criteria.
- [32:02]
Anne Berry
Okay, so, John, I couldn't help myself. I naturally can't help myself when I see a headline like this, when I have to go beyond the headlines and figure out what's going on. So this new product was launched in partnership with Morningstar. So I went to Morningstar's website, I pulled up the Morningstar indexes and I found, you know, one of them, which is the Morningstar ior U.S. catholic Principles Index. And I clicked on because I wanted to know what some of these top 50, what the 50 holdings could be. And I just want to read out again, I've got in front of me some of the top holdings. The biggest holding is Meta. The next are Amazon, Nvidia, Tesla, Apple, JP Morgan Chase, Broadcom, Visa, Micron, and then Alphabet. So I gotta tell you when it's meant to be an index that's put together in line with Catholic principles. I don't know what was excluded or included, but I gotta tell you that to me looks like a fairly broad based set of tech holdings.
- [33:00]
John
I was surprised at those, at that list. All my years of Catholic education, I would have guessed maybe something more in a wafer stock or a wine stock or. These are just things that practically.
- [33:13]
Anne Berry
Yeah, but it was hard to know what to expect. It's interesting you say that because I didn't know what to expect. I didn't have a preconception as to what a stock that could be involved included in this could be. I guess I didn't expect it to be such a glaring set of sort of tech stocks. So I don't know. I'm going to keep watching this. I'm actually just legitimately fascinated by this and I'm actually going to try and see if we can get someone to come on to talk about this from Morningstar or elsewhere. Absolutely want to know.
- [33:38]
John
I want to make light of it. I'm very interested.
- [33:40]
Anne Berry
I am too. No, it's great because I think this actually could just be the start because we have seen companies enable investors to put together their own individual index equivalents. We say public, for example, we've talked about that company, it's private before they've done it. So if folks are going to put indexes out there that are ready made for deemed certain demographics, I certainly want to know more about them. They're not going away. Well, that's it for today's markets Daily.
- [34:02]
John
Brew Markets Daily is hosted by Ann Berry and produced by John Cotto, Tarka Delatif and Emily Millar. Our technical director is Uchenawogu and Jim Orzo is our audio Engineer. Booking by A.B. silver and the president of Mardi Brew Inc. Is Devin Emery. If you have any feedback or a company you'd like us to COVID leave a comment or send an email to.
- [34:19]
Anne Berry
Brewmarketshoworningbrew.Com have a brilliant weekend, everyone. The markets are closed for Monday for President's Day, so we're going to see you back here instead on Tuesday. Same time, same place. Have a good one. For those of you with a break.