A (88:25)
Well, thank you. First of all, let me say that we've talked about a lot of different companies. If anybody does a transcript of this podcast and simply grabbed every public company that we've talked about and build a portfolio, I would feel really good about that. So I never think it's about one stock. What is the next Nvidia? And often it's like the joke is the next Nvidia is Nvidia. And that's been true, by the way, for years now. When the company had $100 billion market cap, which sounded like a lot, what was the next Nvidia? Yeah, Nvidia. And that's sort of a joke. But without joking, I'll just say that there are many companies that I think fit one or more traits of rule breaker stocks, and we've talked about those here, and obviously I go on with more depth in the book. And when you can find a company with four or five or six of them, then I feel really great about it. A lot of the companies that we've already talked about do. So a quick example, Intuitive Surgical Company is amazing. We're living in an age where we're moving from the human hand operating on people to with much more precision, minimal invasion. We're actually getting solutions you can have. If you have prostate cancer, you can have your prostate gland taken out in a way that has you walking off of the hospital bed the next day. In years past, it would take two or three years to recover from the wounds that you underwent as part of that surgery. So that's a simple example of a company that I do not see any cola to Intuitive Surgical's Coke. It is a company that now counts itself at a much higher market cap than when we first bought it about 100 baggers ago. And I love that company over the next 20 years because I think most, if not all surgery is about to become robotically assisted. And there are no other players out there at any scale compared to Intuitive. So that would be an example of a rule Breaker that I love today, that I've loved for 20 plus years now, and I love over the next 20. But here's a company name that we haven't mentioned once during our conversation. Axon Enterprise. Axon Enterprise. You're nodding your head, Clay, because you know the company and you follow the markets. But most people, if you tap them on the shoulder on the street and say, hey, what do you think about Axon Enterprise? They look at you funny. And that's because this company operates a little bit under the hood in an industry that we all know, law enforcement. So Axon Enterprise was first of all Taser and has changed its name since when it merged with Axon because in addition to the non lethal weaponry that Tasers represent, which is an incredibly great technology that saves lives every month across the world. So that was Taser. Then they added police body cameras. In an age where people want more transparency from the police, most police walking around the United States of America today are being filmed with what they're doing. They're also wearing body armor, which is good on them. And Axon provides both of those. And all of those films, they have to be saved somewhere. They're up in the cloud somewhere. Specifically, they're@evidence.com, which is also owned by Axon Enterprise. So they are basically offering subscription services back to all the police departments to house their videos over the days, weeks, months and years. That is a remarkably beautiful competitive position. I do not see any Pepsi to Axon Enterprises, Coke. This is not a development stage company. I don't think we need to look at tiny. I avoid all penny stocks. I have no interest in tiny micro cap companies because they're not likely going to change my world anytime soon. And I'm looking for the world shapers. I want the companies that are the best stocks, the best companies of this generation. So those are a couple. I could just throw out a few more names because names are fun, right? Palantir is very obviously a rule breaker. And when it's described as the most overvalued stock of all time or on the markets today, I'm glad that I bought it more than a year ago. I didn't get into the ground level. I often don't, but I tend to get in early and I tend to hold way past everybody else. Rocket Lab I really like a lot. That's another recent rule breaker that I bought into. It's a company that at the dawn of the commercialization of space, they look pretty well positioned. So, you know, we talked about the first trait of the rule breaker, stock. It's the most important one. Top dog and first mover in an important emerging industry. We didn't talk that much about that last phrase, but I just threw it down a bunch of times there. Because important emerging industries are where the rule breakers are born. That's where we want to be focusing our investment attention, trying to find great companies with visionary leaders that are there. So these are all stocks that I own personally and I own many others besides. And I hope people will have a heart for buying stocks directly because in a world that is being constantly told that it would just be luck to beat the market averages and just index. Because who can pick stocks? I have completely disagreed my entire life. I have a friend who said the other day, this is a great line, Clay. You can use this anytime with anybody. Here's the question you ask. You say, what's something you believe that most people don't believe? And that's just a great question to ask anybody. It's just a fun conversation, open air, water cooler stuff. But when you can turn your answer into a business, potentially, if you're an entrepreneur who believes something that most people don't believe, and then you build it and they come. Field of dreams, that's one of the most powerful things you can do. And I would say the Motley fool was started by a couple of brothers who believe something most people don't believe, and that is that you can beat the market averages. I think this book contains basically every last thought because it is my last stock market book. It has every last thought for me as to how to pick the great companies. And I don't want to index because I have to buy all the bad and mediocre companies. I'd far more rather focus my time and effort. My returns are so much higher because I pursued excellence and continue to do so every day in business, investing and life. And Clay, this conversation was one of my favorites. I really appreciate you putting in the time especially to read the book. I tried to throw in as many jokes and make it as fun and readable and as much of a page turner as I possibly could. So I hope people who do buy the book love reading it and will share it with other people in their life, especially younger people, to get them switching on to investing what it really means, pursuing excellence not just with your stock picking, but with who you associate with in life. I hope there are a lot of good lessons that people will learn.