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- [00:00]
A
What's up, guys? On this episode of Full Signal, I sit down with Lou Bassanese. He is a veteran market strategist and the founder of the Big Skinny. We have a fantastic conversation about specific stock names, the sector he's most bullish on right now, and what's going on with the AI trade and the AI fears the sell off in software and much more. There is a ton of alpha in this conversation. I think you're going to love it. Lou, it is so good to see you. I want to get right into what is happening with AI as far as its impact on the market. We've seen a lot of jitters, a lot of selling off right now. How do you, how do you think about this?
- [00:38]
B
Yeah, AI is disrupting industries and businesses. And I think it's ironic that it's now disrupting the market where people are just totally reading the situation wrong. I think the key for me is people, you know, for months on end we all got asked the question, is AI a bubble? Right? I mean, endlessly, like. But here's the thing, now we're trying to say AI as a bubble and simultaneously disrupting and eating the entire software industry and the rest of the market. It can't be both. It has to be. It's not a bubble and it's destroying or some somewhere in, in the middle where it's actually. We don't know the exact impact and the repercussions in particular areas of the market. And I think that's why the market is so confused. I mean, at a time like. I think the biggest example of this is if you look at Nvidia right now on a forward multiple basis, trading at like 22, 23 times earnings. And then you look at Walmart, right? A discount retailer is trading at a huge premium to the market at like 43 times earnings. So I think the market's just trying to figure out how does AI get adopted. We see all these chips going into service, quote unquote from Nvidia, but they don't know where it's going to met itself out, where it's actually going to disrupt industries, where it's going to accelerate other ones. I think it's created a tremendous opportunity in the market. When you have Walmart trading more expensive than Nvidia, that's growing at 70, 80% plus, something's wrong, it's a dislocation. Something's got to revert to the mean. So does that mean Walmart's a great short right now or Nvidia is a great Buy I lean more in the camp of follow the earnings. The earnings growth is much more aggressive at Nvidia. I like Nvidia here at these levels, you know, 176, $177 a share. Like absolutely. I've been adding to my position.
- [02:17]
A
Yeah, you're not the first guy to say that to me this week.
- [02:21]
B
What do you. That scares me as a contrarian now.
- [02:23]
A
I mean, fair enough, the sell off in software in particular. A lot of people are looking at that and saying, well it makes sense because now you can just build your own software. You can get rid of the seat based subscription model. I don't know if that's a fully thought out take because something like Microsoft, it's a massive, massive company, they have huge distribution. How are you thinking about that?
- [02:47]
B
So, so I think about it in terms of valuation. I see this as a just trying to rebalance and figure out where the equilibrium is. What's the impact? Because like you pointed to it, is it, you change the model where it's not per seat anymore, where it's. Do you move to a Bloomberg model where you just go like we know our software is valuable, not necessarily per seat, but you're going to charge, we're going to charge a premium. Right. Like is anyone going to give up their Microsoft Office suite? I don't think so. And the one data point that's been really interesting to me recently is if AI is truly disrupting software, then the job postings for software developers on indeed should be going down. Just like we saw job postings for oil and gas industry back in the, you know, 2018, 2019 blow up and they've actually been pretty steady. They're slowly, they're up about 5% over the last three to six months. So you're not seeing a total dislocation in employment in software. I think the other thing that people are not factoring in is do you think Microsoft and all these SaaS based models that have been innovators for the last decade are just going to roll over and let AI eat lunch? No. Now they've stepped, the competitive game has been stepped up, the gauntlet's been laid down. They have to figure out how they're going to incorporate AI into their business to keep it moving. I think the other thing is too people talk about vibe coding. You and I have both experimented with it. We know it's effective. But if you look at Anthropic's latest releases and plugins, they're not replacing software. They're building on top of the software that's already built and it's almost acting as a middleware and leveraging the coding that's been done. So maybe there's a world in the future where the software, software companies are building foundation and the building blocks and AI is the overlay that makes it all work together more effectively. I think that's still to be determined. The net net for me is I'm not trying to catch any falling knives in software. Right. Like just let the dust settle, see where these valuations fall out. There's going to be some, some losers in this and then there's going to be some undeniable bargains that will reveal themselves. And you know, based upon sales growth and earnings growth, those are going to be the ones that are trading at cheap valuations that make sense to pick up.
- [04:52]
A
Yeah, the fundamentals, they always win at the end of the day. I have a bunch of friends who are engineers and coders and I think the misinterpretation of vibe coding is that you can just sit back and relax. But all my software engineer friends, they're just doing more than ever.
- [05:10]
B
Yes.
- [05:11]
A
So they're getting hyper productive and they're actually working more in many cases. So I think that is a misunderstanding in like the macro narrative.
- [05:18]
B
Yeah, I, I've said this more recently that it shouldn't be called artificial intelligence. That's disrupting it. AI should stand for accelerated innovation. Because guys and women that have been experts in these fields, I mean, I have a lifelong friend that has, you know, started and sold multiple software companies. He's now starting six at a time because he can do more. Right. So he's programming Claude to write code for him while he sleeps. And then he's waking up and instead of having six software engineers that are working on each opportunity, he's just working on it. So I'm with you and your friends. I would say anecdotally, I'm seeing the same thing. People that have the context and the judgment on how to be experts in these fields are treating it as an accelerant. And they feel like there's this window that you've got 6 to 18 months call it to really maximize your productivity before AI changes the world in a way that most people don't recognize.
- [06:08]
A
What do you make of blocks? Layoffs? Last week I think they cut 40% of their company. This is Jack Dorsey's company, is the founder of X. How, how did you take that?
- [06:19]
B
Yeah, I take it as the market and Jack Dorsey trying to look for a scapegoat and blame it on AI. Now, admittedly, I have been not a huge fan of Dorsey. I used to give him a hard time for two timing as a CEO between Twitter and Block. But here's what I look at. I think it's symptomatic of him and the way he and Silicon Valley builds companies. They raise a lot of money in the boom times. They hire A, B and C players. They overst the data. Point here is, look at what happened at X, right? It was started off in 2013 with like 1500 employees. By the time Elon Musk took over and acquired it, they were close to 8,000. And what did he do? Immediately fired 80% of the staff. Did 80% of the functionality disappear in X? I mean, you're an avid user, I'm an avid user. It didn't really. Yeah, there was some, some transition period. But when you can cut 80% of the staff and the core technology functions, I think that's indicative of just bad management and inefficient company building, which is, I think was what was going on at Block. So I think you're going to see that we've seen a few other layoffs where they point to or allude to AI when it's really just right sizing. I mean the whole tech sector right sized after Covid. If you look at the end of 2022 and the beginning of 2023, that's when you had those massive layoffs coming out of Amazon, Microsoft Meta Alphabet. And that was just them trimming the fat from the boom times during COVID
- [07:41]
A
I agree with you. The one thing I would point to is with Block's massive layoff, all the headlines blamed AI. I even wrote something about, hey, this is a sort of a foreshadow of what we could see more of. And the Stock went up 25% because of this layoff. So Wall street seemed to be pleased with, with the result.
- [08:01]
B
It's like, and rightfully so, because look, your, your revenue per employee now just shot through the roof, right? Because you got rid of 40% of them. So fundamentals, we just talked about it before, fundament, Wall street valuations. I think in that world, if everyone believes that they can keep doing what they're doing with 40% less, then obviously 40% more is going to drop to the bottom line. So I think that makes, that's a rational response. You know, it's kind of like when a bad CEO gets ousted in a stock, you know, stock rallies too.
- [08:31]
A
Real quick, we'll get right back to the Interview this episode is sponsored by Amber Data. In digital asset markets, the gap isn't between people who have data and people who don't. It's between teams that can connect the signals and those that are still fragments. Amber Data Intelligence is built as a one stop institutional hub for digital asset market intelligence. It brings together derivatives, defi, stablecoins, spot markets and institutional metrics in a single interface. All on top of enterprise grade data infrastructure with conversational AI and no code analytics. Amber Data Intelligence shortens time to insight and reduces the operational drag that slows decision making. As this market matures, understanding liquidity, positioning and structure is no longer optional. If you want to keep up with how digital asset markets actually work, Amber Data is worth knowing. You can learn more at Amber Data IO. That's Amber Data IO. Now let's get back to the episode. Okay, Lou, let me ask you about biotech. This is one of the sectors that I know you're bullish on. Can you lay out the thesis here?
- [09:37]
B
Yeah. So I think the thesis in a nutshell is very straightforward. You have big pharma that has about 1 to $180 billion worth of revenue that is going to come off patent. So these are top selling drugs between now and the end of 27 and 2028 that will come off patent that they have to replace. Now. You look at companies like Merck, it's over 50% of their sales and earnings for the year that they have to replace within the next, call it three to five years. That creates a tremendous need for them to replace that with new and improved drugs. But the problem is you can't develop new drugs in that short of a timeframe. The average cancer drug takes 10 to 12 go from stem to stern, from, you know, innovation to actually approval from the fda. So there's only one natural solution. You have to acquire it to replenish the pipelines. And you're seeing that there is tremendous value there. I mean, if you go back about a year and a half ago, There was over 200 companies in the biotech space that were trading below cash on, cash on hand. So very cheap valuations that science has progressed. Now they're getting into phase two and phase three studies which makes them compelling takeover targets. So you're seeing that acquisition spree happen. That catalyst, that desire, that urge to merge doesn't go away anytime soon. So I look at it. The XBI is the biotech ETF that is more small cap weighted, small mid cap weighted. It's probably the only area of the market that hasn't hit a new all time high since like 2020, 2021. I mean small caps were the other area, but they finally pulled it off last fall. So yeah, the thesis there is innovation never sleeps, no matter what's going on in the economy. And big pharma needs innovation to keep sustaining their top lines is the way
- [11:15]
A
you would get exposure to that, just through this etf.
- [11:19]
B
I think for people that don't have any experience in biotech, yes, the XBI ETF is the best, most kind of risk adjusted, safe way to play this. Because many people know, I mean biotech, the only thing that kills biotech is bad data, right? So it's a very binary sector by nature. And if you're not used to that volatility and the long waiting period, sometimes between phase one, phase two and phase three data, then yeah, I don't think you want to go individual stock selection. You definitely want to go with an etf.
- [11:48]
A
So bad data, you mean if a medical study doesn't do well, then the stock could reflect that?
- [11:54]
B
Yeah. So if you think about biotech, it's three phases, right? Phase one is a small study to just make sure it's safe, right, that this drug's not going to hurt anyone. Phase two is just it, does it work? Does it do what it's supposed to on a smaller population size? And then phase three is scaling it up to make sure it works in large populations. You can't fix it most times if one, it's not safe, right? It's hard to overcome something when you're trying to treat a disease and you're harming the patient instead of helping them. And then also when you, if it's not effective enough, right, if it's not better than standard of care, it's really hard to go back to the drawing board and say like, well, let's change this molecule around and quickly get it back into the clinic. Those things don't happen. So it's two things ruin biotechs, they run out of cash or the data is not good enough to move on to the next phase.
- [12:36]
A
Is there anything in the macro, let's say, that would make you turn bearish on the sector?
- [12:44]
B
No, because look, I think regulatory is always the unknown risk about what if the regulatory regime changes? And we've had transitions at the fda, but even there, still you have an impetus to pull forward drug approvals because you have so many diseases, like take pancreatic cancer for instance. The standard of care there only extends life like three to four months. So if you have a need, an unmet need in the market that really is life or death for patients. You're always going to have a pull to approve more, even if the, the standards get a little bit tighter. So, you know, drug reimbursement rates is something that people point to a lot. My thing is you have to compensate these companies for the drug development. I mentioned it before. 10 to 12 years of develop a cancer drug, it could be as much as a billion or $2 billion. And only 3 to 6% of drugs that go into initial studies make it out for approval. So if, if the Eli Lillys of the world aren't well compensated for their one to two to three out of, they're not going to, they're not going to keep developing any drugs.
- [13:47]
A
And is there a AI angle to this? Like, is AI a tailwind to biotech?
- [13:52]
B
I think so. There's some really innovative small cap companies that have been using AI to leverage drug discovery and drug development. Again, these are super risky. I personally own some of them. Lantern Pharma has basically built an AI database for coming up with cancer drugs that's got about 40 billion pieces of data in there from various clinical trials to help identify novel target company like Gain Therapeutics is using 3D modeling, machine learning and AI to find new druggable areas and receptors. They've got a drug in the clinic that's now targeting Parkinson's disease. So AI is like as I said before, it's an accelerant here. It hopefully can compress that drug development timeline, you know, from 10 to 12 years, maybe cut it in half, but then also increase the efficacy. Right. Like be more successful. Hey, let's pick targets that we don't have to do trial and error in the clinic. Let's do that trial and error and iteration, not even in patients or animals, but on a computer. So I think that's a, it's a compelling tale when you just haven't seen it fully recognized in, in some of these valuations.
- [14:54]
A
No, I like it a lot. Okay, this next sector that you're watching, energy, I think that, I think they're the number one sector this year. Right.
- [15:03]
B
I love it because last year it was, you know, it was the most contrarian pick. It was the most undervalued on a relative and absolute basis. The energy sector was, I think, trading at like 14 and a half times earnings, had the lowest weighting in the S&P 500 in like 30 or 40 years. It was sub 3%. So it was overdue for a rebound. I just didn't anticipate, like I wish I could bang the table clap, you know, pat myself on the back and say I expected energy to be about 22% to kick off the year. But I think everyone realized the supply, demand imbalance, that even though the headlines say that there's readily available supplies and production, the truth is below $60 a barrel, that's not true. The production in the United States, inventory of new wells to drill, when we're below $60 a barrel in the Permian's at maybe one to two years, we get closer to that $50 a barrel, we have one less than one year of drilling inventory. So you, I mean, you know this looking at commodities, right. The cure for low prices is low prices. The cure for high prices is high prices because it just impacts that supply and demand curve.
- [16:06]
A
Wow. Is there anything specifically in energy that you can call out that you really like, like a stock or a name?
- [16:14]
B
Yeah, I think, I mean, I work for an oil and gas company as well, so I'm kind of in the weeds there. I don't want to advocate. I personally am levered to that. But I think for most investors, again, an ETF is a great way to play it. The XLE gives you exposure to 23 of the top oil and gas producers in the country. I think that's compelling. As we talk about Venezuela, I think there's a lot of misunderstanding there that that's going to be just a solution to supply problems. The only beneficiary there is really Chevron, is the one that's actually stuck it out and has been operating there through all the turmoil before this happened, before the takeover and the ouster of Maduro. So I think that's an individual name that gets compelling. But again, like biotech, if you're not in the weeds on this, I think it's much safer to play the trend for 20% gains in three, four months versus trying to hit it out of the park and get 100.
- [17:06]
A
Yeah. Okay. What's going on with small caps right now?
- [17:10]
B
A few things are finally back in favor. Right. You went through probably one of the longest periods in decades of large cap outperformance versus small caps. Obviously, I think there's some structural things that controlled that. One was interest rates. Right. These are mostly more economically sensitive companies borrowing at higher rates. They, you know, there's a lot of bullishness over international markets. Small caps don't have much exposure versus the S&P 500 having like 40% exposure. And then I think it's just valuations and catch up. Right. So you've seen, we talked about fundamentals before. The earnings growth rates have really turned a corner. So if you looked at the Russell 2000, I think last year 40 to 44% of the companies in that, that small cap index were unprofitable. It's now down to 28%. So you're seeing that the revenue growth is happening, it's dropping to the bottom line, the profitability is there. And again analyst estimates are, you know, kind of guessing in the wind. We understand the variability just like the weather forecast here in the, in New York. But if you look at the growth rates for earnings that are projected for small caps, mid caps and large caps, small caps are probably 2 to 3x as we head out into 27 and 28.
- [18:20]
A
So are you a buyer?
- [18:21]
B
Absolutely a buyer. I think I, most of my, my personal portfolio is highly concentrated in small cap companies. You know, under 2 billion, 3 billion market cap. This is an area of the market like coming out of Morgan Stanley's private client group 20 years ago that I think is the last bastion of opportunity for the individual investor where if you really roll up your sleeves, do the diligence, you have an advantage over the traditional Wall street money managers just because of size, liquidity. There's those constraints that they can't overcome. That being said, it's much more risky and volatile. So ETFs help or you know, there's various, you know, mutual funds, ETFs, money managers that focus on small and micro caps that I think are, it's the, the, the environment's right for that active type of management.
- [19:07]
A
Would the ETF exposure just be buying something like Russell 2000?
- [19:11]
B
Yeah, I think that's, I mean that's the easiest way. Like I always think of investing in my portfolio as top down, bottom up. So I want to nail the trends, right, and do that in easy, diversified, lower risk ways like with an et, the IWM or the IWC for the micro caps and then look for individual names. So I always tell people that are like getting into a new sector, get your feet wet and your awareness with an ETF and then start digging into the individual names in that ETF and looking for that standout, that performer that could dominate because they have a unique set of fundamentals that's stronger than the etf. So then you've got the ownership through the etf, but then you amplify or multiply that potential return with an individual stock stock selection real quick.
- [19:54]
A
We'll get right Back to the interview. Just wanted to pop in and say if you like this content, I write a newsletter every single morning called Opening Bell Daily. I cover macro, the stock market, asset prices, why things are going up, why they're going down. And if you want to get that for free, you can sign up at the link in the description. Let's get back to the interview. Can you share any individual stocks?
- [20:18]
B
Yeah, I mean I think we talked about before in Best Ideas Club. I don't know if we give that one away. Halo Times is one that I absolutely love that's performed well. It's kind of pulled back in this recent market.
- [20:29]
A
Halo. It is Halo.
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B
Okay, so this is a company that's levered to the biotech space but isn't doing drug development. So a lot of technologies, a lot of drugs are administered through IV so lengthy process. If you think at most most chemotherapy could be a, an hour to two hour infusion. Halozymes invented a technology that actually is an enzyme that goes underneath the skin and it opens up the skin so it can absorb those drugs much quicker. So net, net, what does it do? They take a two hour infusion and turn it into like a five minute shot. So they just partner with companies that have drugs that are approved, apply their technology, earn a royalty and it's a royalty based business. It's almost like think of ARM holdings in the semiconductor space. But apply that to the biotech world and they're clipping those royalty coupons in perpetuity as these drugs are approved and you know, prescribed.
- [21:18]
A
Wow. No, it's, it's amazing that you can even find a company like that because most people, including myself, you know, I understand that small caps are ripping and they've had a great run. I'm not digging in the ditches for these tiny, you know, micro cap companies. Okay, let's. I know you're watching Apple. Why is Apple suddenly on your radar? Because for most people they think it's kind of the AI. It's missed the AI boat here.
- [21:47]
B
So Apple is my ride or die stock. I started buying aggressively in 2014. I think I was on air at that time arguing against some octogenarian that said I was brain dead if I thought Apple was a no brainer buy. I don't know where he's at. Maybe he's since deceased and. But Apple's gone up. Here's what I think is really interesting. Apple will probably go down as one of the best examples of American capitalism ever. If you think about the profitability, the generation of sales the getting out of just hardware into services. The business is completely morphed. But what's most ironic to me is this time last year almost exactly everyone was dogging Apple because they weren't investing heavily in AI. They weren't. Their capex budget really hasn't moved for AI. They're going to miss the boat. Siri sucks at AI like the. The autocorrect on text is terrible. And now fast forward everyone's applauding them because they didn't over invest in AI and it's now caught a bid because everyone thinks that they're being more prudent. But they've been the same company all along. I think the core thesis and argument here is Apple does not need to have a frontier AI model that it is that is developing on its own. There's no purpose for that. Their bread and butter is the consumer. You and I as consumers don't need to have the cutting edge technology and Apple's never really done that. They've just packaged it well. They've always outsourced their technology and then brought it into a unique compelling consumer device. So at 2.5 billion devices you layer in, I always say this my, the motto I say is Apple. A lot of people say they need to innovate or die. That's not true. They just need to iterate to thrive. Because if you roll out an incremental increase in revenue across 2.5 billion devices it stacks up on the bottom line.
- [23:29]
A
Yeah, it's a lot. What's interesting, so Apple's only up I think like 11% in the last year. It's pretty much underperformed every major player in the space. It didn't keep up with the index.
- [23:42]
B
Yeah.
- [23:43]
A
Is it still, I mean is it a buy like today? Are you still.
- [23:47]
B
I still like it. I'm not aggressive as aggressively buying like this time last year I started I was adding to my position but I think as you know this Mag 7 trade has completely disappeared. Right. This monolithic Mag 7 versus the S P 500 last year I think and I remember you reading writing about it as well. Nvidia and Alphabet were the only two out performers. I think Alphabet is, I mean I'm sorry, I think Alphabet is a. I personally own has a great position longer term I've been a buyer there. But also Apple because it is just so tethered to the consumer I think think you got to think in terms of years, not months and quarters with some of these mega cap names because I mean it's just the law of large numbers. Right. Nvidia can't go up 100 every year when it's a 4 trillion dollar market cap. I know there's some analyst projections out there calling for 20 trillion dollar market cap, but that's not anytime soon. So I think Apple for me is that longer term, steady grower. That is a lower risk way to play all the tech trends without all the volatility.
- [24:43]
A
I am also bullish on Apple. I mean the friction to switching off an iPhone is insane in its own right. Even switching off the MacBooks, I would never switch. So that and I'm sure there's millions of people that would never switch. Yeah, I'm with you there. Yeah. So tell me what's going on with these, the GLP1 stocks because I know those are also stocks that you're watching.
- [25:07]
B
So again I'm levered I studied pre med. I was really confused as a youth. So I started off college as an English lit and studio art minor, realized you can't make make money in that, pivoted to pre med and business, realized med and rest reconstructive surgery was going to take forever. So I got into finance. Right. But I still love the medical space. GLP1s are going to go down, not if not this year, by next year as the best class of selling drugs because of their impact not just on diabetes and obesity, it's because of all the downstream metabolic effects that they're helping correct. So things like sleep apnea, heart disease, even autoimmune diseases, it's correcting on the front side because you're getting that appetite and intake under, under control. Here's the unique thing though. Everyone loves Nova Nordisk because it's looks like a screaming bargain at current prices like 14, 15 times earnings. And they arguably were the leader in this space with Ozempic and Wobi, which is the, you know the peptide name is semi glutide. But then along came Eli Lilly with Zepp bound Manjaro and Tirzapeptide which targets two receptors. So the easy way to think of it is semi glutide single turzepeptide peptide 2. Because of that it's much more effective. Now if you get behind that Eli Lilly actually has a next generation peptide called retatrutide that's in phase three clinical trials and if you compare the results, stack them up against for obesity and diabetes, Eli Lilly's drugs are superior. So the way to play this I've always said from a big cap, low risk way is just own Eli Lilly it's the next multi trillion dollar market cap. Big pharma. If you want to get more speculative. I don't, I don't like bottom fishing with Novo Doordis because I think they have a inferior pipeline. The only way they can play ketchup is if they go buy the next best in class peptide company and that's a company like Viking Therapeutics vktx. So they actually have a peptide that is both available in subcutaneous injections but oral form as well that is performing even better than Eli Lilly's drugs a little bit earlier on in the clinical trials though. So I think this space we're going to be hearing about it for years. Kind of like we did with car T therapies going back four or five years ago in the cancer space and personalized medicine, GLP1s, you're going to keep getting a body of evidence, a corpus of clinical data that is demonstrating how positive these are for long term health with very little side effects. And the science makes sense too because these are really just precursors of proteins that are stimulating your body to do the natural things that it does. They're not synthetic drugs necessarily that are artificially manipulated the immune system and the biology, biology to do something that it wasn't designed to do.
- [27:43]
A
I think that is, that's a very compelling case. I gotta say. I've had investors I've spoke with this year. They're very bullish on the sort of the demographic tailwinds that are driving, you know, the Ozempics.
- [27:57]
B
Yeah.
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A
Companies and also just healthcare and biotech more broadly. Is that like, are you paying attention to that?
- [28:04]
B
I think the demographics play in too. I mean I think that the best corollary is like look at the Botox tox craze. Right. Like once we realize that this had cosmetic pay, you know, self pay, like you know, like all plastic surgeries. The economics there are great when you don't have to worry about reinsurance and insurance reimbursement. Not reinsurance, but insurance reimbursement where you have a willing population and demographic that's growing that wants these benefits of these drugs or treatments. I think that always plays well. So you know, we see it right on social media, the Ozempic face and all the negative side effects or societal perceived ones. But the reality is the health benefits are there and we're getting better at developing those peptides. So yeah, I think those demographic trends play right into the bull case.
- [28:48]
A
Fair enough. Lou, where can people find your work online?
- [28:52]
B
Yeah, easiest place is thebigskinny.com where we try and sum up what matters in one headline, one chart and one investment. Insight every time we publish.
- [29:00]
A
And your X handle?
- [29:01]
B
X handle is Lou Bassinise? Yeah.
- [29:05]
A
No hyphens or anything?
- [29:07]
B
I don't think so.
- [29:07]
A
It's just pretty straightforward. All right, Lou.
- [29:10]
B
There's not many lubeastnesses out there. They're all in my family.
- [29:13]
A
This is true. This is true. This conversation. A lot of alpha in this. A lot of single names. I appreciate it. And we'll do it again soon.
- [29:19]
B
We'd love to.