Forget the Mag 7. Here's where smart money is going

Well, hello and welcome back. [music] I am Kenny Pulcari and this is Trader Talk at Yahoo Finance. Today I'm joined by Stephanie Gild who's the CIO at Robin Hood and many of you know Ryan Payne who is the president of Pay Capital Management and also the host of the pain pain points of wealth. His points off the tongue, Kenny. >> Yeah, right off the tongue. Anyway, thank you very much for joining me today. Really appreciate it. There is a lot going on, right? We're in the middle of this earning season. This is a a big week for not only earnings but for the Fed, for markets, for the economy, uh because we're going to get hit, you know, broadside by a bunch of different things. So, let's talk first about kind of where you think we're at and then uh where you think we're at. >> Great. I think we're in a time period where expectations have caught up to some of the numbers like if you look at the over the last quarter earnings growth expectations increased by 50% you know across the board for the S&P 500 >> when estimates grow by that fast in a quarter and I know it was coming out of a you know a conflict that was seemingly over but now seems to be coming back and forth >> seemingly not over >> um that we're you know there I think that's where you kind of get some like concerns like our our expectations too high and I think that's what you're kind of seeing from day to day in the market. >> Well, and I think we've seen that over the last couple of last couple of weeks. Certainly expectations in the growth se in the tech sector were obviously are clearly too high. At least that's kind of the sense that we got from the market action. >> Yeah. No, I think what you're seeing is not it's not like money is coming out of the market. It's just rotating, right? And that's what's interesting because yeah, I run pretty broadly diversified portfolios and I mean if you look at the last month, you've got obviously energy stocks are crushing it. Um unless you've been living for today. >> Except for today. But [laughter] yeah, but you know or this week. >> This week, right? You pick the day really. It's like it's up $10, down $10 in oil. Um you know, financials obviously have been crushing it. I mean, they just blew it out at the beginning of earnings season. Healthcare stocks, industrial stocks, right? Material stocks. There you go. >> So, it's really been a great rotation, which, you know, I love. I mean, it's healthy to see that you're seeing money flow to other parts of the world. And I think that's a key point, right? When I talk to clients, people start to get nervous. You know, they're nervous about market reaction. They see tech under pressure. I go, "Listen, this is not liquidation." Liquidation would be if you saw them selling everything and throwing the kitchen sink out the window. That would be liquidation. That's not what's happening at all. In fact, to your point, uh, we're seeing this, we're seeing money move from these kind of high growth sexy names, and we're probably stretching overvalued >> into more conservative kind of long-term might be boring. Consumer staples. There's nothing exciting about consumer staples yet. Um it's a place where where investors want to put some money. >> But I think we're also so we also manage a diversified portfolio single names um Robin Hood strategies >> and um we we also like I think the one thing that we we kind of underlying foundation is that there's a there's a physical nature to what has been growing and that like you you can't grow AI without more power. You can't grow AI without more construction. and you pick it without materials. And so I think like sometimes the market forgets that and then it comes back to it. Forgets that and comes back to it. >> Well, I think there's a, you know, it's funny when you talk about the AI and the data centers and all the kind of the angst that builds up around data centers, right? About what they're doing to the economy, what they're doing to the climate, what they're doing to towns. And I think it's very interesting because I'm not sure that I would be on the side that if a data center is welldesigned and it's in an area of town that you know like out in the middle of the country where they're making them right where they're not disturbing anything, you're not taking farmland away, you're not chopping down trees, just kind of the land, right? Uh I don't see what the big deal is because if they're contained, right, the water is contained that keeps them cool and all that stuff and it's not drawing on on those resources. Um, and somehow they can manage the electricity draw. >> Yeah. >> Uh, I I think they'd be a benefit to communities because it'd bring revenues in. >> Yeah. 100%. Yeah. Well, I think also, right, it's more probably politicized, practical that what you're hearing that these data centers are going to be bad, per se, >> right? >> And I know the argument of like, okay, increases a lot of jobs at first because you got to build these things and then where those jobs go later. But also like what I wonder about is you have this disproportionate amount of capital being spent on AI data centers and last time I looked you have all these other inefficiencies in the economy like we need more housing right >> so you know maybe some of that construction uh you know employment should be going towards building houses because we have like what is it like 2 three million houses short you can correct me if I'm wrong um you know in this country right now so I just feel like there is a little bit of a misappropriation of capital we look this in retrospect it seems a little bit like too much capital may be flowing the same place >> well it may But AI, it is the theme, right? We're in the middle of this fourth industrial revolution that's happening. And so I think like everything it gets caught up. >> Yeah. I mean, I think the data like you could end up seeing that there ends up being like housing growth and stuff like that around the data centers because it creates employment. Then you have like because I think there's people living I mean I don't know if this is true, but living in like trailers and stuff like that nearby the data centers to help build them. So I think you could end up having a >> communities >> communities built around them. But the old I do think like the environmental thing is something we have to be >> the demand for power because our our grid is very old. >> I wrote a piece about that and I'm like there's our infrastructure is old. >> Well and that but that's true right everyone kind of accepts that which is why it's interesting because you know Elon Musk if he has his way he's going to put him in space right so this then this whole conversation goes away right if that happens. Yeah. And I I was I don't remember who I was talking to recently, so it may not be that helpful, but I think there we already have some stuff in space that is like actually I was talking to a venture capitalist stuff. >> Yes, there are still there are already some things in space that are working and I but I of course then I start thinking like who's going up there to fix it. Um, >> it feels like the long long game at this point, but I feel like, you know, data centers in space, we're probably a little bit further away than >> I think that's one of the things about this market right now is that like the the hope and the kind of coolness of what could be in the future is still quite long duration. And then when you come into an environment where >> oil prices are higher, inflation is definitely a risk, you're seeing it not just in oil prices, like then you start to realize the impact of long duration investments and the relationship to interest rates and I think that some of that is coming through now. >> All right, so let's get right to it because it is a big tech week, right? We're going to get four of the biggies, Meta, Apple, Amazon, and Microsoft. Um, and the first one out of the gate, I believe, is Microsoft. So they're going to be the first one to react to kind of what we've heard from Apple last week. the, you know, the the the ramp up in capex spending and all that stuff that Microsoft is going to is going to come out and they're going to have to talk about their cloud and Azure and all that stuff. I I don't think they're going to disappoint at all. In fact, I think Microsoft I think Microsoft was one of the names that got thrown out the window like baby with the batwater. It was down 30 some odd percent. >> Yes. >> And I don't like I think it's a huge buying opportunity. I mean, I think there will be another rotation into the Magnificent 7 in general. Um, and I think like, let's face it, I don't think Google actually disappointed. I mean, the revenue is up 24% year-over-year, right? >> So, it's just like when is Wall Street going to get over the fact that capital expenditure is just going to continue to go higher. Um, and I think right now, you know, that's maybe a short-term issue because it's been there the whole time. Um, but I just think it's coming to roost this summer, but at some point they might be like, "Hey, I'm happy with this continued revenue growth that you're seeing." And I think Microsoft might be the only one of the Mag 7 or the hyperscalers or hyper spenders, whatever you want to call them, right? Um that may still have free cash flow. >> Well, so I guess we're going to find out on Wednesday right now. Look, it traded all the way down to 350. I think now it's trading above 400 again. So it has rallied some back. And I actually, you know, listen, to be fair, I own Microsoft. The firm owns Microsoft. And you know, I would I would be buying it on the dip. Like I said, I thought it was a huge buying opportunity, but we'll see because the next three or four days are going to be very key to where this market goes. >> Yeah. I mean, obviously Microsoft got caught up in the whole software, you know, issue, right? Um and also their their own models like they, you know, they kind of failed at that um you know, their LLM. So, you know, there >> I don't use it. >> I like it. It's sufficient for what I do. I don't think I need to like, you know, >> you use the other one. You use cloud or GPT? >> I use Gemini because it's free. It's one of my Google. Yeah. So, I can't actually hear it, but I think it's sufficient enough for, you know, a financial guy like me. I don't think I need the most sophisticated models, but >> I Well, so we Yeah. I don't know. I this is might be where I >> disagree. [laughter] >> No, I think I mean >> feel afraid to disagree. >> I truthfully like I I do see a difference when I want to talk to data with claude versus like using another >> element. Yeah, I'm just a simpler simpler data that could explain. Um but I think there's I do think Microsoft like the expectations have been low so they could easily you know beat this time around and and kind of surprise on the upside. You are starting to see more software companies do better in the last like couple of weeks on and off more so than the SAS apocalypse time. >> Um but I I also wonder like what is their growth >> well but I but you see that's true because coming into this earning season I think the bar was set high. A lot of us talked about that stocks were priced to perfection. And so, you know, Goldman Sachs and UBS came out last week and talked about just looking at their prime brokerage business, they can kind of see where the flows are going and how all these hedge funds were bailing on large tech. It wasn't the big wasn't the places like Fidelity or Wellington or Capital Research that were bailing. It was the hedge funds that were bailing. And that makes then that makes sense because they're more short-term oriented than a long-term asset manager. But I think for I mean I do think free cash like I don't think it's a bad thing if the market starts caring about free cash flow. No, I don't think so. >> I don't think we should be like, "Oh, that's like" But I think it's it's something >> about profitability, [laughter] >> but I I actually think it's like a good idea to think about free cash flow and not forget about that because >> the bet is that longer term they will be positive free cash flow. And if that feels further in the future or interest rates are higher and thus like it costs more, you know, that that the current value of that is lower, then that's when it starts to matter. And I I did a whole deep dive on this um actually looking at owners free cash flow which takes out stockbased compensation and it shows you that some of these mag seven haven't been positive free cash flow even before the huge capback spending >> and then you want to add on their like their markettomarket gains right because like I think this happened with Google like yeah I own some space so that actually was part of my profit >> uh this past quarter so >> yeah there is a lot of skew in there I totally agree with that but Google's one who just announced that they had negative free cash flow this quarter, right? Because of their huge AI on Tesla, >> well, but Tesla's had it. >> They've never had Tesla's earnings. >> Amazon has never had it either. So, >> right. Um, but I think that although Google on the top line, they crushed it. But then after you do all that capex spending, they realize, okay, now they're getting negative, which I think was part of the reason I they hit the sell button. Yeah. >> But, uh, we've seen that sell the news reaction >> really since earning season has started. Not even just in tech and kind of a lot of names, >> you know, but part of that too is this whole rebound trade is what they're talking about. So if you're a hedge fund, you were playing the game of okay, we're putting SpaceX into a lot of major indices. So now they have to sell some of the magnificent seven because they're just cowboy weight. In fact, I think Millennium Millennium made like $4 billion on that trade. >> So of course the institutions made money, retail investors didn't. Story of Wall Street. Um, so yeah, I think that's also part of this kind of summer swoon is the fact that you've had this big rebalancing where a lot of money had to go into SpaceX, right, and come out of some of these other big names. >> Well, so let's just talk about that for a minute because SpaceX >> is trading where 110 I think it was tra might be up today, but I think it was I think on Friday it closed around 110. >> Sounds about right. >> Which is down from traded as high as two and a quarter I think right afterwards. >> And you know come August 4th they're going to announce their earnings in August 6th. then there's going to be up to 900 million shares that are going to be eligible to come to the market. Maybe they don't all don't, right? Maybe they all do, >> right? >> Um, which I think has also been putting pressure on SpaceX. I wouldn't be surprised if we saw SpaceX go into the 80s before it bottoms out. >> Yeah, I totally agree. I I think >> I think anywhere below 100, I don't own it yet. I want to own it, but below 100 is when I'd start to >> I wouldn't touch that that stock, but 10 foot pole, can he? I mean, really think about it's like is it you can probably say more correctly than me. It's like 80 times sales. Yes. >> Okay. The S&P is at three times sales and that's historically high. Uh I mean this company is a mature company. It's been around since 2002. I think all the good news that we can imagine that this company's going to have the next couple years already priced in the stock. >> I mean there is a lot of good news priced in the stock. I I I sort of see like I I think of SpaceX in the same way as you think of Tesla. >> Yeah. And obviously SpaceX has some good like their their satellite stuff is very, you know, cash flow uh rich, but >> to me investing in either of those companies has always been a lifestyle decision more than I >> Well, I never I never bought Tesla. I don't own a Tesla. I never bought Tesla. I I had that same sense. But I think SpaceX is a little bit different, which is why at some point I'd like to jump in. I'm not going to it's not going to it's not going to consume the portfolio by any stretch, but I'd like to get I'd like to be exposed. I think >> I mean I believe in the space theme. >> Yeah. >> You know, for the like I believe in it for the long term. I I but I wouldn't put all of my space theme money into space. >> All right. So, let's talk about Apple and Amazon. What's because those come out on Thursday. So, talk about concerns andor what you're looking for. >> Well, I think with Apple what's surprising is it's the best Magnificent 7 stock this year. It's up over 20% >> trading at all time highs, isn't it? >> Staple name. >> I think it is. I think it's a value stock. I think you're correct about that. And I think it's trading like a growth stock. It trades at like 40 times forward earnings. So, momentum keep pushing the stock. But this is another stock where I'm kind of like, why would you pay? I mean, traditionally, it trade like 15 times forward earnings >> where there's not that much innovation. The iPhone doesn't look that much different today than it did last couple years. >> We know China has some great phones we'll never see which have caught up with the technology. the margins like I just think about the cost of memory and how that's impacting them and I know they're raising prices to cover that but what like they're also trying to get the government to allow them to buy the Chinese memory makers because >> the stock market doesn't care it just keeps going higher right >> which is remarkable >> because I guess cash flow [laughter] >> I can't justify >> but I and I agree I would I own Apple the firm owns Apple but but I'm not going to chase Apple up here you know it's all high on buy more but I'm not I'm certainly not chasing it >> totally agree What about Amazon? What do you think about Amazon? >> I've always struggled with Amazon because they're it's hard to say like what is Amazon? They do a lot of different things, right? Like they have a consumer retail business now. They're going to have their own shipping business. Now that they like the Yeah. I mean, they've got so many different things. And I'm like, as soon as I say like, oh, I don't I don't want to invest in this company. Someone can give you me an argument about something like they're like, well, how many boxes do you get a day from Amazon? you know, and I'm like, "Yeah, okay." But I just >> but I think like personally I've really struggled with wanting to to wanting to to invest in this company because one like their their free cash flow has been pretty negative, >> especially when you take stockbased compensation out of it. Um they do have investments in, you know, some of the private companies that have lifted their um you know, lifted them, but and then also like just when you Amazon Web Services, like is that going to grow or not going to grow in that? I don't I It's just hard for me to It's like investing in an old GE where GE did like a million did a million things. >> It's hard to measure it for me. >> I I know, but I don't know. I I think Amazon tends to be kind of a core holding for a lot of people. >> Oh, and it's I mean it's huge in the S&P. So, of course, like even if you own a little bit of it, you're underweight like right you know you're Yeah. >> No, I agree with that because I think the the other component to that is because it's such a big part of the S&P 500 and I think there is still a lot of retail money out there. We always talk about money market funds at like $7.8 trillion. Invariably, if that money comes in the market, a lot's going to go into the S&P 500, which is going to be a bid under all these magnificent seven stocks. >> So, you can almost be like, you almost don't have to discern to some extent because of that capitalization weighted. >> You know, the way the S&P is structured, it's like it's going to go there anyway. So, I think when you get a re-rotation of these stocks, you know, Amazon's going to benefit, you know, Alphabet's going to benefit, Meta's going to benefit, Microsoft's Microsoft's going to benefit, they're all going to benefit. It's just going to be a natural, you know, because retail money is just going to go to the S&P. >> Yeah. And I I think, you know, you you said this, it made me think about it. The S&P is up was up 8 and a half%. >> Right. >> The eagle weighted S&P is up 11 and a half%. It's really outperforming the the market weighted S&P, which I think speaks to your whole rotation idea that money's not leaving the market. might be leaving the tech high growth tech names because that's what that's what's really driving the market weight S&P right but it's clearly moving into other sectors which I use as a as an argument um when I'm talking to clients about you know that are getting nervous I go okay take a look at what's happening here >> I think the around February of last year I I said there's more to life than the mag seven and I I have I have really like believed that because there's also like >> I had this theme also of investing in the receivers of the capex versus the spenders of the capex which is essentially saying the same thing in a lot of ways and I think >> I have this kind of like overarching view that like >> comp now this is not trying to be political but companies themselves have probably not paid enough in tax their fair share of taxes right like and obviously that's been to make us more globally competitive and this is almost the way of like the largest companies like >> paying their taxes but they're doing it in building out infrastructure and building out like >> building out like the future for us and I think >> creating opportunity, >> right? But that's why I'm like that's what you don't like you invest where the money is going and not where it's and that's one of the reasons why but ex Apple that's Apple has not been part of that >> where they're not the hyper spenders or hyperscalers, right? Hope they don't go bankrupt doing it, right? That's the thing we really hope. But no, no, I think it's a really good point, but I also think it's kind of like we don't really know when the spending is going to turn off on this this whole and Yeah. >> Every quarter I get nervous about them saying we're good on spending this quarter. >> Yeah. Okay. So, that's the question. Is the AI trade dead in your mind? Certainly not. For me, it isn't. >> No, not at all. >> Not at all. >> I don't think it's dead, but I think there's a lot of risk there where I can just say, "Hey, I can buy the banks here, which trade for like a 40% discount to the S&P. We know the economy is starting to pick up. loan growth is going up. Capital markets are opening up. I'm getting like a two, three% dividend. So, I think there's a lot of places you can put your money in the market that aren't predicated on AI. And I think it's important because if I look at most portfolios, they're so dependent on that AI trade, whether you're just owning the hyperspenders directly, you own semiconductor stocks, you own, you know, some of the like the nuclear plays that are going to, you know, they're going to basically electrify these um AI data centers. And I think having positions in your portfolio that if the AI trade does not if if all the spending doesn't come to fruition, you're safe, I think is a really important starting portfolio. We started doing that in our portfolios. We started doing like >> and it doesn't agree. I feel like go ahead. >> No, go ahead. No, no, I was going to say somebody [laughter] was on somebody was on TV this morning. I don't know if it was on Maria or on Vanney saying that you can't really get away from AI because every industry is now impacted by AI, right? So when you think you're not getting involved in AI, in fact when you buy JP Morgan, you're buying their exposure to AI. >> Totally. I mean every right I think that's a great >> when you buy the banks, when you buy the industrials, when you buy right >> and that's why I'm started saying like um we started moving away from the semis right in June and and to other things that we think will benefit from AI and that's why we started buying like a Shopify a Visa. I actually think like this whole kind of like infra financial infrastructure with stable coin is an interesting part of the AI right >> growth of AI. >> Well, look what's happened to Caterpillar this year. Caterpillar, it's a great company. Sure, >> there was nothing really sexy about it. It was up 80% or something because it was drawn into the AI ecosystem, right? the turbines, not only the the construction equipment, but now the turbines that they that they manufacture that are used in the AI trade. And they Caterpillar has been >> massively. It's wild. Yeah. But I also think there's other stories there, right? You have we just talked about you need to upgrade the grid, right? That's real. We're doing this reshoring. >> That's why I was like with Cleveland Cliff finally like >> that's an old school name. cuz I was like they only futuristic >> the only maker of grain oriented electrical steel. >> Well, no, it's a great point. Then you have defense budgets going up around the world as well. So when I think about like mining stocks, you think about like owning the emerging markets, all these places are commodity based. So I think I don't think all these trades are actually that dependent on just AI. And like let's face like J&J is up like 50% plus over the last 12 months. That's not dependent on artificial intelligence. >> No, that's not. No, you're right. Healthare has been a solid place to >> healthare is a great Yeah. So I think there's a lot of names you can put your money into that's not predicated on that. >> All right. So we're going to run out of time here pretty soon but I want to get your kind of view on going into August which tends to be kind of the doldrums of the summer. A lot of people are off Europe is on vacation, right? So things quiet down. There's no Fed meeting in uh we didn't pick we didn't pick up on it but I'm assuming you think there's no rate hike on Wednesday. >> Yeah. Still it's a nothing for now. >> Right. Okay, there's certainly nothing in August because there's no meeting. Doesn't mean he couldn't if there's a reason to, but typically there won't be anything in August. So, what what should you be looking for? What should investors be thinking about as we move into August and then into the fall, which tends to be sometimes a volatile >> September tends to be the worst month of the year. >> That's good to know. I'm writing that down. [laughter] >> Not not always obviously investment diary >> if you go back over the last like you know many years like September. >> That's right. um because people ignore what happens and then they come back to their books and they're like they make the changes they need to make. Um I think you do need to watch inflation what's happening in um in the Middle East. I think those are two you know swinging things and could be combined. Yeah. Um I think Jackson Hole will be interesting because is are will some of the results of these group meetings that you know task force that's right um you know will that come out and say actually we're not worried about inflation we're more worried about deflation and then they end up cutting rates which the market may have an interesting reaction to if they're seeing like near-term inflation numbers >> higher. Do you think Kevin Wer gonna have a press conference on Wednesday? [snorts] >> I don't know. He I think he's still in like trying to figure out what he should do. >> I hope he does not have a press conference. >> I think he's going to have one though. >> I don't think he's going to have one. >> I think he is. >> If I was a Fed chair, I would have one. >> But he like he had like he like the last one he just said. >> He's going to say very little, but he's going to say you you won't remember this. >> When I came into his business, Alan Greenspan was Fed chair. And Alan Greenspin used to Allan, you would remember, right? Alan Greenspin came out. He'd say, "This is what the Fed decision is." He'd make the announcement. He'd close the book and he'd walk away. He didn't take questions. He didn't sit there and hold your hand. He didn't ask you if you're okay. He didn't ask you, you know, "Take a Xanax and calm down." Nothing. >> And I thought the markets did fine now. The markets are different today. >> They were more volatile in the the market. >> Yes. But there was the technology wasn't around. So, they weren't as they didn't >> it wasn't as quick as >> Actually, they're very volatile now, too, because of the speed of information. >> Correct. and the technology allows it to be more volatile. Anyway, before we run out of time, what do you think about August? >> I think cash is trash. I think you've seen sentiment get very, very negative in the last week because oil prices skyrocket. And usually when you have negative retail sentiment, that's a good time to buy. Also, I think we're probably at the higher range for oil prices are. Yeah. And if you think about if oil prices start to come down, it disproportionately benefits the foreign markets. So, I'm very bullish on the global economy. >> But that's assuming this ore is over. I don't even think even if it's not over, I could still see prices going back down into the 70s. >> What if it has, right? >> It could. It could, but I'm gonna say if I was going to be a betting man. >> I mean, we thought it was over a month ago. Everything was signaled and live and suddenly it was. >> I I don't I think it's I think it's going to go on a long time, frankly. But I but I do think you'll see prices come back to the 70s. I mean, you're you're clearly seeing oil come out in different ways. Like Saudi Arabia's got their pipeline get into the Red Sea as long as the Houthies don't >> block it. That's like another red. But I think there's going to be a lot of creative ways to get oil, you know, out of the Middle East and it's not going to do that. >> I do think one of the things that saved us was the fact that China stopped importing oil and if they end up needing like to come back out into the market, I I don't know. I just think there was like that really helped us and that we'll see if they >> Yeah. But it's kind of remarkable. We haven't been over $100 a barrel, you know, since the conflict started. So I I think that speaks to there is more oil getting to the market than that they say that 20% that comes through the straight. And I do think we're at the higher end, but I think I think at some point here you land in the 70s even if the conflict continues. Um, and I think that's the historical average last 20 years like $73 a barrel is oil prices. >> The issue was there's not a lack of supply of oil. Let's be honest, the world is a wash in oil. >> It is. Yes. But also, you have to worry about energy security now, right? If I'm Japan, I'm not going to want to get all my oil. You're going to start to reroute it. So, I think there's going to be a premium on oil prices that we didn't have before. So I think 70s are a normal place and also like keep energy stocks in your portfolios ahead. You haven't been there. >> I do agree with that. We've kept it there. >> Robin Hood agrees with me. So you know must be right. >> I was so hoping you didn't agree with [laughter] them. >> That's the only thing I agree with this. >> Anyway, listen. I appreciate the time. A half an hour goes by way too fast. I' I'd like to grab this group together again maybe toward the end of the year just to see how all this played out and kind of where we where we ended up versus where we thought we ended up. Just real quick, where do you think the Do you have an S&P target? >> Yeah, I actually had where it is around here. So, and I've just been kind of like watching it go sideways and I'm like, do I go up or >> No, I was in the 7576 range. Yeah. >> You know, I think I think u uh >> there there are numbers as high as 8,000. I think that's a little aggressive. >> I was at 7,500 and I was Yeah, >> 8500. I think it's going to melt up. I think there's just Yeah, I do. I do. >> We're definitely coming back. We are definitely coming back. >> You know what? If I'm right, you guys can take me out the scissors. >> I'd be happy to take you out to dinner if you're right. And if you're wrong, you're taking [laughter] you're taking us out to dinner if you're wrong. >> Anyway, done. Done and done. Thank you very much for joining us. Until next time, take good care.