What To Expect For The Rest of 2022

Every single Thursday we host a live discussion in our Discord Channel at 5:00pm EST. 

This gives you the opportunity to ask us questions and hear our thoughts on the things you want answers to!

Here are the 4 key things we went over for this week: 

• Why the market is pumping in advance of the CPI

• How to think defensively as we move into a very volatile period

• Where we think the market will move after the CPI & Ethereum merge this week 

• What will go down as the ECB starts tightening while natural gas supplies get shut off from Russia

If you'd like to listen live and ask us questions throughout the next live session, just join the weekly Thursday afternoon session at 5:00pm EST.

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Check out a broader summary & transcript below! 

Peter Starr:

From Moby.co, this is The Flagship Pod, a weekly live podcast about the economy, the stock market, and the various market forces powering the world around you. As always, I'm your host, Peter Starr, bringing you this time again a very confusing week, as we ramp up into the really busy season here in the economy.

September is known for two things. One, it's where we really start sprinting to Q4 and really make the most profits we are going to in a lot of sectors of the market, and it's also known for, if you are any kind of parent, catching every kind of bug season as the school year starts.

But let's talk about the kind of confusing moment we have in the market right now, because as always, to sort of go through what's happening in the market, I'm joined by Justin Kramer, CEO, co-founder, and chief analyst here at Moby.co. Justin, man, what's good, dude? I'm really confused about this market and I'm hoping we can really start making sense of it together.

Justin Kramer:

Yeah, definitely. I mean, the summer's over. People are starting to get back into it. Obviously, inflation, everything the Fed's doing is front of mind, so there's a lot to discuss today. It seems like every week in the market just brings a new set of mysteries.

Peter Starr:

Exactly. And this particular back half of this week, this first week of September, is bringing some of the most mysterious bifurcating indicators I've seen in a really long time. The Dow right now is pumping. Bitcoin and the Nasdaq are popping. Bitcoin's up 10% just today alone, I guess, in anticipation that the CPI might be a little bit better news when that comes out on September 13th. But in the exact same breath, Justin, we look at institutional traders too here at Moby.co.

We try to understand the narrative here, and I'm watching as call versus put option gets sort of sold across various exchanges. $8.1 billion in put options were sold this week across various institutions, whereas people are only buying $1 billion in calls. What that means is there's about 8x the number of people betting the market's going to go down, or there's 8x the amount of money saying, "Oh everything's doomed," versus the $1 billion saying, "Hey, the market's going to go up."

So Justin, how do you make sense of this? This is the wildest sort of bifurcation I've seen in terms of the directionality the market can go right now. Does this mean the CPI (inflation report) is going to be good, bad, so-so, or is it just like we're all kind of confused, just taking shots in the dark over here?

Justin Kramer:

Yeah, I mean, it's a good question. Just to clarify on that, for those of you not familiar. Basically traders, and investors -- all will buy options to hedge their bets or to bet on the direction of the market. So if they're buying call options, they believe that the market should go up over the next several months or whatever the time period will be. And if they're buying put options, they are betting that the market will go down, or at the very least, if it does go down, that they can protect their portfolio. Usually, it's in somewhat of a balance. It obviously skews one way or the other, but in the last month, there's a number that really just stood out that we'd never seen before.

And to Peter's point, that's the $8 billion worth of put options versus the $1 billion in call options. So that outsized kind of metric is really extreme, so extreme that the last time we actually saw this was in 2008, which I know people always point to individual metrics and say, "This was the last time this was this bad," and this is ultimately what happened.

No two events are exactly alike, so I don't want people who are listening to this right now saying, "Oh, okay, well the last time this happened was 2008, the market crashed. Clearly going to happen next." So that's not what we're saying, but what we are saying is that investors are really cautious right now. Things slowly seem to be getting better, going in the right direction, but it's not necessarily over. Jerome Powell really has been standing firm on this inflation goal, ultimately to bring it back to the 2% target, which is still a long way away.

And I think the way to interpret this right now is that, again, investors are scared. They thought this would be over by now. It's not. It looks like it might be done next year, and they're just pushing out the date. So a lot of investors are really starting to buy these put options in order to hedge themselves on the downside, should things get progressively worse or take longer than we expect. So long story short, don't think the market is coming to a screeching halt tomorrow, but again, as we've been telling you guys for a while now, just to continue to be cautious, continue to take this long-term mindset, because trying to trade around this and trying to profit in the short term is just a sucker's play.

Peter Starr:

Exactly. And I think one thing that's really important to point out here too is that most, I would say 90% of institutional investors, when they buy put options, first of all, they're buying that as a hedge against volatility they potentially see in the market. Because most folks just saying, "Well, I don't want unlimited gains, I'm not in the Hodl Gang or whatever, I just want to make a certain amount of money and then make sure that I am going to not lose my 8% or my 9% or my 10% year for year growth goals."

So when you see put options, you're not really seeing somebody saying, "Oh, market go down." You're seeing somebody saying, "Oh Christ, the market's getting a little goofy. I better take out some insurance against that." We're going to be demystifying options a lot more moving forward, and that's a quick hint for some cool stuff we have coming on the product side, as soon as we finalize a couple of extra details here, audience. But I want to make sure that you have that in mind. But Justin, one thing that the audience immediately pushed back on, is it's not that this is the same as 2008, this disparity, 8.1 billion versus less than a billion, is three times worse than 2008. So it was just a bunch of insurance, a bunch of new retail investors has finally had access to options plays, or is that level of like, "Oh wow, well the volume's really high," something to be concerned about?

Justin Kramer:

I mean, it's definitely something to be concerned about. Who bought them, why they bought them, none of that information is published, so it's hard to jump to any conclusions. Having said that, yeah, we haven't seen such a big disparity in years. So it definitely is alarming. It just, if anything, gives you kind of like a gauge of the overall sentiment in the market right now, which is clearly there's fear. Clearly they think there could be some sort of downturn over the foreseeable future. Jerome Powell comes out later this month, and ultimately is likely going to raise rates another 75 basis points, which seems kind of normal now, but if you went back 12 months, them raising interest rates 75 basis points a clip, four, five times over the course of 2022, I don't think anyone saw that coming.

And we're going to be in a position soon where interest rates are starting to get quite, quite significant. You're seeing it in the real estate market with things starting to peel back because interest rates are getting so expensive. I mean, long story short, there's very validated fear in the market. I mean, we've been saying it since October of last year that we thought this was coming in some capacity. It ended up being worse. But right now, I think for newer investors, experienced investors, again, things will rebound. These are part of market cycles. Ultimately the companies that are running strong businesses will ultimately rebound.

And then again, when you look back in a few years from now, you'll see that the numbers or companies that we've been recommending, or strong companies have been outperforming and ultimately will continue to compound your wealth over time. But again, this, and we can't stress it enough, this is not a one, two, even three-year game. This is a lifelong journey in the stock market, and you just can't let these short-term deviations scare you too much, because things will rebound, even if there's some systemic event that happens that ends up being worse than anyone can anticipate in the short term.

Peter Starr:

Because the most important thing to keep in mind, audience, is that it is human nature to become more productive. We gradually improve ourselves as a society moving forward. Up and to the right is the natural state of the market. We are constantly seeking more profit, more productivity, more ways to make sure that we are generating value in our economy, and that is reflected in these stock prices. That's why people are so hard up on this system, and some people are so high on this system and thinking about the potentiality of continuous growth and growing in different directions. So keep that in mind as well, because the other thing too is that every single moment in the market is going to be unprecedented, especially now, considering all of the retail interest that is now in these derivative markets. It's really hard to know exactly where all these puts and calls are coming from, and they could just be coming from people who finally have access to options for the first time and they're buying very small individual options contracts. Again, as an insurance play.

In the exact same breath too, it is absolutely bonkers watching the Dow Jones and Bitcoin pump. This could of course be people thinking they're going to be buying the bottom if the CPI comes out a little bit better than we're thinking it could. Again, there's no real way to predict, There's no indication where the CPI is going to go. Oil prices kept falling across all of August, so we're hopeful that the supply side, things we're going to be seeing within the CPI will keep decreasing. But that's not to say that there are other factors that could be increasing. Food prices, for instance. So we're really eager for September 13th to finally hit, so we finally have some meaty topics about the state of our economy to talk about, but just keep that date in mind. This podcast, you're listening to it either on the day we record it, which is a Friday, or the day it comes out, which is a Monday.

So no matter what, either three days from now or tomorrow, that's game day in terms of exactly where we are. In the same breath, people are also buying Bitcoin up a bunch because they anticipate the potential of the Ethereum Merge going well, what should really kick off on September 15th. So next week's game week, y'all. It's the start of the NFL season. It's the start of the real big economy season. Batten down the hatches, get ready for a wild ride. It's going to be very interesting to see where we could go, because this is the big one. We saw some really positive motion in the July CPI when it came out in August. If that continues, the market will explode, or probably not as big as the July CPI, because people are like, "Oh, the trend's good, but we have a long way to go." But if it's not as good as people want, or much worse, then we are right back in the bear happening. And so that's why you're seeing both of these kinds of pushes in either direction because no matter what, we're going to see some big moves next week.

And that being said, we have to get into a moment where we're thinking about, A, long-term trends, and B, defensive investing. And so this is where our audience keeps asking us questions, Justin, and for whatever reason, the strategies you put out just keep defying what we think of as rational explanations. And of course, I'm talking about the analysis you put out this morning for our premium members. Audience, by the way, if you are just listening to the free version of this podcast over on whatever podcast app, make sure you check out Moby.co/go so you can get a trial, try out what we have in terms of our research for our premium members. We're building out a huge update for our product coming out soon too, so people get even more value to that. But Justin, for our premium members today, you did put out certainly solid research again on Constellation Brands, a company, a stock that should not be doing good in an inflationary environment. It's beverages, it's physical goods, they got to get shipped, and yet Constellation Brands is still killing it. Justin, what's the deal here? Why does this keep happening?

Justin Kramer:

Yeah, no, it's a good question. So for those of you unfamiliar with Constellation Brands, you might not have ever heard of them, but you've definitely heard of their subsidiary companies. They are one of the largest beverage distributors in the world, and they own popular brands like Modelo, Corona, Svedka & a bunch of brands across beer and spirits. And they also have some major holdings in the cannabis space. So they might not be known at the household level, but they are definitely known at the brand level. And so for them right now, to your point, beverages shouldn't be doing well, but defensive beverages, adult beverages, those actually do well in recessionary periods. It might be a little counterintuitive, but historically those have done really well. And what's even kind of better past that is that Constellation Brands' business has only been rebounding over the last few years, and they've been making some really smart moves along the way.

One of the first smart moves they made was to work on their supply chain before a lot of these supply chain issues came to bay. For example, like Tesla, one of the reasons they're doing so well is because, and we've heard us talk about this on the podcast a bunch, they're becoming vertically integrated. So what that means is they're relying less and less for all the raw materials for the production, for the manufacturer, I mean manufacturing of their cars and trying to do more and more in-house, they don't have to worry about any supply chain issues or external issues. And so Constellation Brands is actually doing the same exact thing, and they're doing it. They started doing it years before this really started becoming an issue. Not to get too off track here, but we've talked about this also before. Globalization was this big trend over the last 30 to 50 years where companies were outsourcing a lot of parts and waiver to other countries where it was cheaper, so that they could either give us as consumers goods at cheaper prices, or ultimately they could juice their profit margins.

This year, over the last year or two, it's really come to an issue as the world shut down and these supply chains got really stunted. Companies were like, "Hey, maybe we should have some sort of reserve or backup in case this is to happen again." And so Constellation Brands kind of was ahead of this shift, and has been actually building and buying more factories, specifically in Mexico, to help manufacture and distribute a lot of their adult beverages. So they have three new plants coming. There's one that should be live next year, and another one that should be live the year after. And then they have a really big facility that's three X the size of the facility that's ready next year. That'll be opening up in 2026 and 2027. And basically, those three facilities are going to help them not have to rely nearly as much on others for their supply chain issues.

Justin Kramer:

Investors have seen that. They love it, and the company has been doing really well, and you've seen sales rebounding over the last year or two. So long-winded answer, but basically, Constellation is not only just a strong company that's growing and selling more of their beverages, they're also doing it in a really responsible way, making the necessary investments now to be stood up for the next 10 to 20 years of success. So this is a company we've loved for years. Everything we're seeing tells us we'll continue to love it for years to come.

And if you're looking to get involved in a very defensive space like beverages, where it's not as cyclical as tech companies, this is a really good way to park your cash in an investment that shouldn't be too volatile. It'll give you steady growth and just be that backbone of your portfolio in times like this.

Peter Starr:

And I love that. And as we think about defensive investing too, Justin, is there anything outside of straight utilities we're looking at in terms of our long-term narratives, or is it just energy utilities and sort of your less volatiles, as you think about whatever direction the stock market could go?

Justin Kramer:

I mean, there's a lot of really interesting ways. So right now, everything is very, very driven by the macro. I mean, if there's anything you take away from this podcast, the number one thing is to not fight the Fed. You might be hearing it elsewhere. If you're not familiar with what that means, basically the Fed sets its policy with interest rates and ultimately with how much money they pump into the economy. And if they are being accommodated, it's good, and if they're not, then it's bad. And when I say that, what I mean is, good for the market. If ultimately the Fed is rising interest rates, pulling money out of the market, history has shown us that the markets really can't grow in an environment like that. And so when we're saying don't fight the Fed, it's what you see the Fed doing, don't try and invest in stocks like tech names thinking they're going to reverse anytime soon, even if they're doing well, because the Fed is more important than the individual economics at the company.

So right now, we are watching what the Feds are doing and trying to be smart around it. So to your point, utilities, energy, and defensive staples, there are names and sectors that would do really well, and then we have to find the stocks within them that would do well. Constellation Brands is definitely one of them. There's a lot of energy names we've talked about before. Our number one pick in the past that we've resurfaced this year again is a company called Texas Pacific Land Trust. They're up over 50% this year, which is insane if you think about how much the market is actually down. So there's definitely ways to be smart and invest in the right ways, but ultimately need to be very, very aware of what the Fed is doing, because this isn't a bull market right now where everything goes up, you need to be paying more attention and invest in smart defensive names right now.

Peter Starr:

And I think it's really important too to make sure you're also thinking about your long-term plan as well. There's nothing wrong with bolstering your portfolio with your non-volatiles right now. Your ultimate goal as an investor should be getting out of the growth game entirely and getting into just straight dividends. So maybe right now, while you don't necessarily know which direction the prices are going to go, you pick your less volatile picks right now as well. Or you can also just kind of check where the wind is blowing. And so one thing that our dashboard actually caught this week that we didn't get a chance to call out, but other folks managed to, was ChannelAdvisor, which got acquired three days ago, and its stock pumped 53%. And if you have been watching our politician dashboard, you would've seen that several politicians, one of them being Tommy Tuberville, bought over a $100,000 of ChannelAdvisor stock, pretty much in the month before that actually happened.

So that's the thing we're looking at right now too, and on our dashboard, is watching the amount of buying interest that's happening from Congress right now. There's a lot more buy than sell right now. And Justin, what have you seen in terms of directions that various stocks are going, based on our Congress tracker? Have you seen anything else that's been going down, or is there anything else that you think we should be looking into as we sort of watch how these trades are playing out with people who have borderline insider information? The legality and corruption here, it's a gray area at best, but if you can make it work for you, may as well make it work for you, right?

Justin Kramer:

Totally. And for those of you who are not sure what Peter is referencing, basically, we had built out a tool very recently in our app that shows you every single trade members of Congress and the House of Representatives and Senate are making. Sometimes there are small trades insignificant, and other times there are larger trades. And either in the moment they won't make sense, but always in retrospect, there's some inkling for the harder trades. So for example, we saw about a month or two ago that Nancy Pelosi, her, and her husband traded over $4 million of stock for Nvidia. They sold it, and at the time, investors weren't sure why. And then the US government comes out earlier this week and tells everyone that the Nvidia and AMD and a bunch of these other companies aren't allowed to sell semiconductors anymore to China, for national security reasons and a bunch of other reasons.

So when Nancy Pelosi sells $4 million worth of stock a month ago, we might not have known why, but then we see today, well, we would assume that there was some sort of corruption and she knew that that was happening in some capacity. Once it was announced, the stock fell off of a cliff down like 20, 30%, and she got ahead of that. So the long-winded way of ultimately getting at that, we built this tool so that if you see trades, whether they do or don't make sense, it's something to double click into so that if you're buying a stock, you see all these insiders selling it, maybe they know something that you don't, and vice versa. If they're buying a stock and you're selling it, maybe again, they know something you don't.

You shouldn't be making decisions based off of this tool, but it can be used to supplement what you're already doing, so that if you are going to buy a name and you see all of them buying this name as well, that's just another bull signal for you in the right direction. So really cool tool. I would highly recommend checking out. It's free, whether you're paying for Moby Premium or not. I mean, at the end of the day, even if you're not investing with it, just cool seeing what these insiders are buying, and fun conversations to have with your friends at the very least.

Peter Starr:

And what's really important too is that you're using this, again, as a means by which to inform what you're thinking about as you invest. So the main thing that I'm doing right now is trying to understand, as I look through our dashboard and see various things go a little bit outside what I might expect, the number one thing that has been catching my eye is that there's been a bunch of buy and sell pressure for Formula 1 stock. We've been really happy with our price target for Formula 1 that's been doing pretty well since we called out their potential for growing here in America. They're still growing really strong, but revenue is tough in a period like this, it's a long term play, but we're seeing a lot of sale pressure for Formula 1, as well as a lot of buy pressure for Formula 1.

Same thing for Apple and Microsoft. We're finally seeing buy pressure on the congressional side come back. And so once again, we're just looking into trying to make sure we understand what's happening there. And audience, even if you're not a Moby.co member, A, just check the link in the description, or if you just want to jump right now, that's Moby.co/blog/politician-insider-report with hyphens between all those words. But I'll have a link in the description for that for you to check out, so you can kind of see a broad based dashboard. It's hard to get individualized trades, but you can kind of use these and then double click into them and get a better sense of where the market is going. Because again, we are in this really wild period of a lot of noise, not a lot of signal. It's, again, a very signal-free period of the market.

We're trying really hard here to understand where the market is going, but until we get hard data, that is the CPI on September 13th. That is the sort of confirmation that the Ethereum Merge has started and is in process, sometime around September 15th to the 20th, maybe even the 25th. And then of course, the beginning of earning season for Q3. That's the big, big moment. Everything comes down to all of October and a little bit the beginning of November, as we watch Q3 earnings.

So if we've seen companies weather the storm and inflation get under control, we're going to zip-a-dee-doo-dah right out of this bear cycle maybe. And if we don't see that, we're going to see an extended kind of mediocre bear period probably, not even a spectacular collapse. But just, again, we're not in the predictions business, that's just kind of what the numbers look like right now.

So again, everything's up in the air right now, but our first true indication of where we're going in this market is that date September 13th. So, audience, really appreciate you being here with us, as we've sort of sifted through all the noise, trying to find even the smallest scrap of signal. Before that moment, we're going to have an absolute blowout of a podcast next week as we think about this. But Justin Kramer, CEO, co-founder, and chief analyst here at Moby.co, any final thoughts from you before we go ahead and wrap this up? Anything else that you want us to make sure that we're thinking about, as we think about being more defensive investors during this period of just genuinely wild uncertainty filled with lots of different directions for price movement?

Justin Kramer:

Yeah, I think it's a good thing to cover so far, or everything we've covered to date has been pretty good. There's obviously a lot to come in the upcoming week, so excited to start talking about that stuff. I think past that, it definitely is a little bit quieter now. I mean, there's obviously a lot of fear in the marketplace. I think the only other thing I'd want to just quickly touch on, then we will wrap this up, is talking through the energy crisis right now in Europe. Again, for those of you not paying attention or just not aware, right now, Russia, again, is more or less cutting off their supply of energy to a lot of the European countries. They're doing it for a handful of reasons, largely given the stance of all the European countries with Russia and the Ukrainian war. But long story short, they are shutting off the supply much of their energy as one of the largest suppliers to Europe of energy.

And so in the US, we're seeing inflation largely due to energy prices, but things have been coming back down. Whereas in Europe, the inflation there actually is insane. In the US, it pales in comparison relative to Europe. They're seeing gas prices almost double what you're seeing in the US. You're seeing potentially double-digit, over 20% inflation in some European countries. So for those of you who are based in the US, which is a majority of our audience, a lot of the names here are starting to rebound as things get better. But in Europe a lot of these companies are going to be subject to pressures that they don't see here.

So something just to be very cautious of, very aware of for those European-based companies, if they ultimately end up having a lot more pressure depending on the business lines that they're in, I think ultimately their valuations have been hit a ton, especially in parts of Asia when we start navigating away from Europe. But that's something to be highly aware of. Just because inflation is coming down here in theory in America, does not mean it is going away globally. It is a problem that is plaguing every nation and the supply chain and ultimately war with Russia and Ukraine is not helping anyone.

Peter Starr:

And the most thing to keep in mind too is that that's what really drove the bus for inflation for the longest time, the past year and a half, has been the supply side inflation, the supply chain collapse that happened in 2020, followed by ongoing energy crises that are just cascading out of Europe as Russia does its extremely smart idea of invading Eastern Europe right now. And then cutting off gas to Eastern Europe. Of course, Russia is still selling natural gas to China, so there's a potentiality of there being this weird thing where Europe just buys Russian gas from China or whatever. But Justin, do you see, this is mostly a natural gas problem, right? So do you see this cascading to energy prices across the board? Do we see oil prices going up in response to natural gas prices going up? Is this something that affects the entire energy sector, or is this just something we should be watching natural gas and seeing how that cascades outward from the European markets?

Justin Kramer:

Yeah, the natural gas is a good question. I know that you have a lot of insight into this, so I can definitely reverse it back to you and see what you think as well. But I think natural gas should be very interesting to watch as they shut down the pipeline. It should probably follow a similar trend, I would imagine. We have our analysts working on it right now, so I'd like to dive into that maybe more next week when we get some insight from them. I don't want to speak too out of hand here, but definitely something to be watching out as well. I'm not sure if you have thoughts on the matter as well.

Peter Starr:

This is mostly me just trying to shake some preliminary insights out of the team. I didn't know if you guys had finished what you were working on there, at least had gotten some initial insights from that. So the main thing to watch, yeah.

Justin Kramer:

Yeah, I mean for us... I'm going to let you finish in a second. I think for us, just in general, we don't want to speak out of hand, and so everything you hear Peter and I usually discuss in this pod, this is something that we've been spending months and months researching and we feel comfortable giving kind of our recommendations, or not recommendations, but just how we see the world playing out. So when Peter's asking the natural gas stuff, definitely happy to dive into preliminary thoughts, but don't want to lead people in the wrong direction until we've fully baked out our thesis.

Peter Starr:

Of course. And audience, what you're seeing there is just classic startup culture. The main reason I work at Moby.co is because I get access to all this really cool data and I get access to this really brilliant analysis team, and I kind of get a sense of what the story is before stories actually break. And that's, for me, most of the fun. That's why I'm here. I love really big data sets and I love sort of the mathematics, the statistical analysis, everything we have to do to understand those narratives. And so for me, the main fun here is being at the ground floor there. But to get back to your point Justin, when we're thinking about natural gas and we're thinking about the direction it's going, if these prices keep going up, if the supply choke holds. One thing to actually watch is food prices, because natural gas is the most essential ingredient right now for making ammonia, which is the most important chemical we manufacture as a species, period.

This is some sci-fi level existential nonsense, where we're going to be watching food prices as fertilizer and phosphorus prices go up as we keep choking out our supply of the thing we need to make fertilizers. You need fertilizers to maintain the crop yields we need to live on this planet, because all the nitrogen we have is locked up in the atmosphere. It's a whole thing, don't worry about it. It's not like the apocalypse or anything, but it's going to be very interesting watching food prices move from here, especially after a year of this Eastern European situation. How badly did the reduction of wheat supply affect all these downstream prices? I was expecting way worse stuff by now, but crop yields in the US have been pretty okay, despite the fact there's droughts in California, the West Coast. A lot of our crop yields are getting a little bit goofy, but we are surviving. So the question is, are we exiting a difficult situation or are we entering a long period where we're going to see supply-side inflation for food prices?

Hard to say right now, but that's the main thing we're watching. We're watching those ammonia supplies, we're watching natural gas prices, and we're watching ammonia producers here in America, which is why we're still doing some more analysis on various stocks in Oklahoma and Arkansas, people and also banks who fund natural gas production in those states, and also then, therefore, ammonia production. It's a whole thing. Don't hold us to it just yet. Again, a lot of what you're hearing, we're telling you about it basically months after the fact, unless we have some old analysis that becomes validated by breaking news. So just stick with us there, audience.

Either way, Justin, that does bring us well past time. Audience, thank you so much for all of your awesome questions. Justin, thanks so much for keeping us on track in terms of thinking about the energy crisis in Europe, because I was just about to completely bail on it. And then one last chance here, Justin, one more time. Any final thoughts for me before I go ahead and read the credits here? I think we managed to cover surprisingly a large amount of ground, despite the fact, again, it's all noise, no signal today.

Justin Kramer:

Yeah, no, I think that's a really good point. Exactly to that point, I think we need to ultimately wait until we can get some clarity from the market, from stocks, from the Fed, as to what's going on. Anything you hear over the next week or two until more concrete things come out is likely just noise. So try and filter it out. Continue being that long-term investor. Sorry to sound like a broken record, but that's really what we want to focus on, is just material impacts and material changes to the market, not day-to-day headlines that CNBC is trying to get you to click on.

Peter Starr:

Precisely. And that's the thing that really works here at Moby.co. A lot of the sort of stock information providers you see on the internet are actually journalist-led, and then analysts are beneath that. We reverse that. The journalists here kind of follow the analysts, and that's led to a lot of us being a lot more right about our analysis as we are using the boring stuff first and just finding a way to make that more interesting, rather than just chasing every possible narrative the way your CNBC's, your Barron's, your FTs have to do in order to get clicks. And the only way that happens, audience, is through your direct support. So thank you so much for making it easy for us to do the good analysis by supporting us the way you have for the past two years. We're really excited to keep growing this product. We're really excited to keep growing with you as we build out some really more awesome aspects on our product moving forward.

But for now, audience, the main thing to keep in mind is, take a breather, have a glass of water, gear up, save your energy because things are going to ramp up in whatever direction next week. It's game time next week, or if you're listening to this, it's game time tomorrow. We'll be able to give you as much of a reaction to it as possible, as soon as possible, once we understand where the CPI is, and how the market reacts to it next week. Either way, audience, thank you so much for listening.

Just so you know, audience, this podcast was produced and hosted by me, Peter Starr. All the intellectual sourcing for our podcast customer analysis team, which is led by our CEO, co-founder, chief analyst, and partner here, Justin Kramer here on this podcast. If you have any questions for us, you can hit us up either at [email protected] or understand that this podcast is recorded live on Discord. You can find a link to our Discord in the link of the podcast description below. Any other questions for us, hit us up again via email. Otherwise, audience, thank you so much for listening. And as always, we like to leave you with peace, love, and incremental gains. Everyone be well. Thank you so much.