Moby Live 11/11: Rivian Pops, Metaverse Talks, Inflation Heats Up & Palantir Dips!

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Peter Starr:

And now coming to you live from our coast to coast trading desk. This is moby.co live. We're a weekly live podcast discussing the economy, the stock market, and the mechanics that power the world around you. As always, I'm your host Peter Starr and I'm joined by our Co-Founder and Lead Analyst, Justin Kramer. Yeah, what's good, Justin. How's life over Miami?

Justin Kramer:

Not much too bad so far. Thanks for asking. How's it back over on the West Coast?

Peter Starr:

We're finally drying out. We're hitting that sort of like weird period of like, "Oh, it's November." But we have October weather where the whole state's going to catch on fire again. So we're super excited. Let me tell you what, and meanwhile, we've got like a stack show for the audience today. Like Q4 is always the noisiest time in our market. So we're going to cover a lot in our 30 minute run time. Everything from these staggering new inflation numbers to services like SoFi achieving incredible growth, even when revenue is depressed, but here at market close on Thursday, I forget the best place for us to start is like the hottest IPO of the year, Rivian. Justin, you called this hard earlier this week saying it was going to be absolutely explosive and it's completely delivered. I thought it would completely deflate and it's just been massive. So, Justin, what are your thoughts on Rivian being up, like what 22% in their first full day of trading and achieving just stupid levels of valuation off of what 15 truck sales?

Justin Kramer:

Yeah, no, I mean, it's absolutely insane. You look back, I passed IPOs in terms of companies that are even pre-revenue, which happened more than more these days, but not so much of the days past and even so approaching the valuation they're at for not having a dollar in revenue is insanity. It's kind of hard to believe, but at the same time, that's the market, that's the world we're working in today. So can't totally discount it. And you kind of just have to move forward. Having said that, the market right now is just for Rivian is, its hard to get into as a short term investor, even a long term investor to justify this valuation is tough. And we wrote about this last week, we talked about it last week in terms of like this company really becoming extremely large.

Justin Kramer:

We even said we liked it better than the Lucid IPO. I think there's ton of opportunity. There's a real chance that they get to a half trillion dollar valuation next few years, and even a trillion over the next decade or two. Like they really have that upside, but obviously comes with a risk. And even with that upside, it's only 10x or roughly 10 to 15x from today's valuation. So, I mean, that's still a huge multiple, the market's not going to increase 15 times in the next decade most likely, but there's, it's hard to get in long story short right now.

Justin Kramer:

I would like to see it pull back a little, but it's also really tough time to market. So the biggest way we're playing it is if you're a short term investor, I think its tough time to get in right now. I wouldn't go for it about today's valuation. If you're trying to get in over the next five, 10 years, every single day it goes up, it goes down. Just a dollar cost average is probably the best way to play it in like two week, four week increments. And so that you're getting the spread over the next month or two until it really settles out.

Peter Starr:

Precisely. And it's one of those things too, where that's the short term, long term dichotomy is really important to keep in mind. But I think one thing that you just pointed out is something that's really overlooked in a lot of like the discourse about Rivian this week. And people are calling Rivian like, "The next Tesla" or here quotes, "The Tesla killer." And they're saying like, it's overvalued in the way that in the, whether Tesla does, here quotes, "Overvalued." Whether or not you believe in Tesla's valuation or not. And we can get into Tesla drama later if we super have time for it. But the thing to keep in mind is that the scales here are completely off. Tesla went from an extremely low valuation all the way to a trillion. And so you managed to experience truly stupid gains if you got in the 2014, 2015 mark.

Peter Starr:

Whereas the limit here is a lot smaller, like 10 to 15x is still incredible, but you're not going to experience a Tesla esque upside. Like the floor is just so much higher now, which I feel like is still fine. Like it's 15x is still incredible, but we still hear all those stories about Tesla, right. And I just, that's the main thing to keep in mind, like you're are having a much more moderate investment here compared to what you might be thinking. Like I'm getting it on Rivian. It's like getting in Tesla at 2013. No, it's not. Tesla has fundamentally shifted how we think about EVs, how we even think about like the value of very, of a tech/car company. So please keep that in mind, like the valuation is much higher thanks to the massification of our economy.

Peter Starr:

And so I think it's really important to lock in. But one thing you also pointed out is that like Rivian has a decent chance of becoming a trillion dollar company over the next decade. I think that's almost in a statement that's a little bit unfair. Considering a lot of companies are going to have an easier chance of becoming trillion dollar companies in the next decade. Thanks to just these in incredible inflation numbers. So Justin, I am curious, like I thought that was an awesome transition. I'm literally going to pat myself in the back here. I don't care, but like just the CPI this week was... I don't want to be dramatic, but as somebody who doesn't really understand numbers, seeing a big number like that is a little bit bone shelling. And so just your view here, as we look at the, our Fed is basically just like consistently saying, "Yeah, definitely inflation is transitory. It's not a big deal guys. It's totally fine."

Peter Starr:

Then you see the CPI bump up like this midweek. What are your thoughts on inflation? Like obviously, there's a lot of pressures where we're going to have reverberations from 2020 forever, but we just keep getting the inflation story just keeps getting hotter and hotter and hotter, and the pressure keeps increasing and increasing. And so what are your views in terms of inflation and like, how do we respond to these kind of crazy inflation numbers as investors? Do you see a lot of us, lot more people entering the space, sort to keep up with inflation, to augment their wages as their wages become less and less valuable? Or what do you see there as we sort of navigate this new high inflation space?

Justin Kramer:

No, I think it's an interesting point and I will agree. Nice transition there. I like it. But yeah, I think the inflation right now is definitely very interesting. You rewind a year ago and you have, I don't even know if it was a year ago. Honestly, it could have been less. You have the Fed saying that inflation's transitory and no ones worth buying it, but no cares at the same time. And then even several months ago, the Fed saying transitory doesn't necessarily mean that it's going to go by quickly, kind of taking back a step there and redefining what the word transitory even means. And then fast forward today. And it's over 6%. It's the highest it's been in years and decades. And a lot of people are scared, but the market's still going up. Crypto is still going up.

Justin Kramer:

And so people are asking like, "What the hell do we do right now?, Are we going to get into a period where like the Fed has to change their interest rate policy? Are there going to be hyper inflation?" These are all legitimate fears that investors are just shrugging off because of how much money is flowing into the markets. But that doesn't necessarily mean that everything's going to be going up. So something we've been saying about for a while now is things that are hedge against interest rate risks. And if you look at financials and energy in a lot of the stocks in those sectors, they've been performing really well this year, relative to the rest. A lot of other stocks, especially really high valuation stocks in tech sector with high multiples have gotten hit hard. There's other stocks that have gotten hit hard as well.

Justin Kramer:

So if it's going to tank the market today or tomorrow. Anyone out there who tells you that "The answer to that." Is just, is lying. There's definitely a lot of scary metrics and we're definitely being cautious with our investing style in the chance that does happen. But until that happens, we just have to look at the current landscape and invest in things that are going to perform well. Should inflation continue pick up, should the Fed have to change their interest rate, hike schedule. And so can't predict tomorrow, but we just have to act accordingly based on the information that we've been given. And that's why, again, the stocks we've been recommending, the portfolios we've been building, it's all in anticipation of kind of what's going on right now.

Peter Starr:

Exactly. And I also think the hyperinflation worries are a little bit overblown because you're seeing inflation everywhere. Depending on your politics, you probably hear a lot about, you hear a lot of very American centric ideas on inflation. And I think those are very self-centered honestly, right. I recently was looking at a graph I've been trying to wrap my head around this inflation question and just get a better understanding of it. And one understanding we have of our economy as Americans, as we learn about how our economy works is that we used to be a very much good centered economy. Like in the 1950s, 60's and 70's, like most of personal consumption was spent on goods. And like, most of the stuff we did was producing goods. And then from the 80s into the 2010s, we became more of a services based economy.

Peter Starr:

If you look at the actual personal consumption though, the flip from majority of Americans doing personal consumption in goods versus services, didn't flip until about 2014. And then we became fully, all of our demand was centered on services from 2014 onwards. So you look at the separation gradually spread out from 2014, until 2020. We were spending way more on services than we were on goods. I'm talking like movie theaters, getting really expensive coffee, having wacky theater experiences in New York. Whatever it is you do, it was mainly service based. Then 2020 hits, demand for both crashes briefly. But now it's completely inverted. We're back to like a nine 1950s level of separation between personal demand and personal purchases on goods and personal demand and personal purchases on services. And just having that quick flip puts the whole world economy out of whack. Demand is just completely backwards.

Peter Starr:

We have a whole bunch of workers who are better suited for service positions, and we have a whole bunch of demand that is basically centered around. I want to buy a big TV and renovate my house, right. So I think it's really interesting watching just that problem reverberate because that demand is still not, it's still kind of flat in that ratio right now. Where you have a much higher demand for goods than services. As where lock downs are easing, but we're going back into the winter, which means that there's going to be more COVID spikes. People are going to kind of lock down huddle in a little bit. So I think that's very interesting too. And so when you try to think about inflation audience, try to think about it in terms of, "Hey, there's a lot, just how big of a blow 2020 was and how it just, it hit the whole world right?"

Peter Starr:

And so all of the money flows are going in the wrong, and not necessarily the wrong direction, but they're going in a different direction. They were even two years ago and something happening that fast is having just these gigantic effects. But that brings me to your main point, which is that services are crushing it specifically financial services. One stock that you have been harping on a lot lately, right. That has just been seeing anti-gravity levels of growth. Despite the fact they should, like the revenue's getting cut completely because their main product, they can't make money off of right now is SoFi.

Peter Starr:

They reported earnings yesterday and they're just going sky high off of it. Despite the fact that like their main revenue source is student loans and there was a student loan in moratorium here in America right now. And so I'm just curious, like is that just one of those things, where the market is anticipating like that. That loan moratorium ending or is it just like, it doesn't matter that SoFi isn't making as much money. If their guidance is lower and they beat that, they're just going to keep crushing numbers what's going on in financial services. Why is it just like completely crushing right now, dude?

Justin Kramer:

Yeah. I mean you raised a lot of good points with kind of like the pre-emptive question asking there and it's kind of a combination of a lot of things that you brought up. So SoFi, obviously stock's been ripping. We got to pat ourselves in the back that we recommended at the right time, but I, as much as anyone will say that timing is really, really hard. It's a stock that we liked a lot and we thought the setup was really good going forward. Having call it like at the absolute bottom was what's called 50-50 walking scale.

Peter Starr:

You still, you do that a lot though, dude like more than statistically average, like you called Tesla basically a minute before it popped off. You called SoFi a minute before it popped off. You mentioned Rivian and Rivian has the biggest IPO of all time. You're not batting a thousand, but batting average is pretty high my dude. Don't sell yourself short.

Justin Kramer:

Yeah, I know. I just, for everyone listening and there's just, there's so many people out there who will say that they're freaking not going to work and that they can do all this shit. And like just a lot of it's bullshit. So it's like, I want to not be one of those guys and just be like, listen, like this is when it's real, this one's not real. I think it puts a piece of trust in us that we're not just spewing a bunch of bullshit and we can be humble and me be it, but yeah. I mean, listen, we also, at the same time we're working our asses off to make sure that everything we're providing you guys is accurate and as like predictable as possible. So yeah, there's to your point, there's a lever both there, but anyway, for the SoFi question that you kind of raised like on why it's doing well? Why it's going to continue doing well?

Justin Kramer:

So SoFi released earnings this week for you guys who are following our newsletter. We called that they were at, we called this out last week that they releasing earnings this week. We thought they would beat. And if they didn't, we were using any weakness in the stock to actually continue adding more to our position. If you're not subscribed to a newsletter, definitely check it out. We call out earnings like this every single week ahead of time. But yeah, so in there the earnings came out and the results were better than anticipating. And the outlook of going forward was also better than anticipated. They reported a loss of five cents per share, but they also beat estimates in terms of their revenue estimates at 251 million was the estimates and it ended up coming at 277 million. So like, well above what people were anticipating and then exactly to your point about the student loan moratorium ending in their early part of next year, it's just becoming that much more real.

Justin Kramer:

And it's such a large portion of their business strategy and their all overall go to market strategy and the interest rate environment we have going on. There's just a lot of tailwinds that are kind of combining together at the right time to help propel them going forward. So it's a combination here of good timing, a good macro environment. And just overall, like again, the same reason we recommended it fundamentally a good stock starting to come into fruition. And it started its journey as one of those like stack stocks that flew up and then flew down, because Chamath associated with. But like this is definitely a very real company.

Peter Starr:

And that's then that's awesome too. And before I get into, as we keep moving into the back half here, audience, I'm seeing a lot of hands kind of timidly raised and timidly going down. If you have any questions, we're trying to run a really tight shift here and keeping those questions to text only. So if there's anything that you want to ask us about, I want to aim you at the voice chat channel here at moby.co discord. And if that's... Some times those things are kind of hard to find. So you can also figure to DM me directly, Moby Starr and I'll gladly disseminate any questions y'all have right now. Just to make sure that we get the advice and the focus that y'all want, because we want to prioritize our live audience here. But Justin, as we keep thinking about services and we keep thinking about the demand for services, just not going down at all in our economy, just kind of the demand for sort of non in-person services, being like the one thing, driving the services' economy, when you're thinking about that. You just released a new price target for Roblox.

Peter Starr:

And we just released a video about the Metaverse and thinking how the Metaverse works and what the internet is going to become. Can you just take me a little bit through that in terms of like, obviously Roblox popped off 30%, after earnings on Monday, like an actually staggering spike at the same time, Facebook shredded, not 30%, but like a pretty decent chunk of value off the back of the same news. Like not directly tied to it, but still a very interesting coincidence. So I'm wondering like what your thoughts are on the, I know you're building a really big Metaverse report, but can you give us a couple of previews, a couple of highlights as more and more questions going to roll in from our audience? Like what are your thoughts reads Roblox. The new price target you set and how you think the Metaverse is going to evolve over the next five to 10 years?

Justin Kramer:

Yeah. I mean, Metaverse is something that should like been teased it out for so long. I mean, Facebook, I guess is like coining or not coining, but what's called owning the term of like what the Metaverse is with a rebranding from Facebook over to Metaverse. In our opinion, from what we've seen so far as Facebook relates to it, I'll start with that and then I'll get into what I actually think about the Metaverse going forward. Facebook, listen, they have more resources than pretty much any other tech company in the world like borrowing a few. And they also have like some of the best data and algorithms in the world. So they've definitely been able to build some awesome products. Having said that all of their core products today that are doing well in the market, primarily Instagram and WhatsApp have come via acquisitions.

Justin Kramer:

And so a lot of their innovation has been done via the M&A route. Which again, there's a whole conversation to be had about that, but they've struggled to innovate internally. And so even Oculus, which they're in theory like hinging of a large portion of their future on is another M&A piece that we'll see their ability to innovate off that, to date. They have had some success, but from what we've seen so far, I would be very hard pressed to say, if they can completely pivot and like unify their social experience across the Metaverse really any anytime soon. I know that they're calling themselves the Metaverse, but this is something that's going to take time. And like, I think their probability of success is lower than most people think. Especially when you factor in that pretty much a large, large portion of their revenue is due to selling ads.

Justin Kramer:

And they're not able to really target and sell ads as well as they used to give like the privacy changes in Apple and across Europe and in California as well. But I'm getting a little off topic here, but that, as it relates to the Metaverse itself with Roblox with some of these other companies, and like I said, we are going to release a report on just like every company that's acting within the Metaverse. All the way from wearables to audio, to visual, to microchips, everyone who's involved in it. We're going to release a report on that probably next week or the week after, but this is something, again that isn't happening tomorrow. To the extent that it's being advertised. Roblox is in a precarious position because they've actually been doing this for years and have a really strong developer community. And there's this interesting article that I read recently about Jude's law.

Justin Kramer:

And it basically says the smartest people are never working in your company because like the power of the masses, is in the power of mass is not at an individual company. And so Roblox kind of took that principle like really to heart and was able to use their community of developers. That's continuing to grow who aren't Roblox employees to build out additional applications on top of like their baseline level software. So it's a really fancy way of saying they have a ton of resources and people helping them out, who aren't employed by them. And so their ability to innovate over the years has been like beyond successful. They've had a ton of growth, a ton of adoption, their active users have been going up and they've been around for a while. They're someone who necessarily isn't going to own the Metaverse and not think any one company will, but there'll be a large contributing factor into what ultimately becomes like this larger ecosystem of companies.

Justin Kramer:

They'll be one of the inputs, but a strong primary input unless things change, but it's definitely becoming more and more relevant. It's just not going to be that zero to 10 or that 180 flip from. We are working in like video game space now, and now all of a sudden we're integrated like Ready Player One. Is like, there's going to be some in betweens. Like you've seen in Fortnite in terms of going to concerts in the Metaverse and interacting with friends and then going to museums. And it's slowly, slowly, will integrate more. And it's going to take time to get to like what it's promised to be. Been rambling for a while. There it's lot on back.

Peter Starr:

Not at all. No, there's a lot there and a lot to cover. And I guess the main things I'll point out is that while the main thing to pick point out at Roblox is the community like the community of developers. You have 9 million creators on the platform. And so it goes to show, if you find a business that at incentivizes people to sort of make their own money, start their own businesses. There's people who are full-time Roblox creators, right? There's full-time Roblox studios. It's wild. That's where you're going to get the main gains. Build that community, build that ecosystem that has its own inside feedback loops and you will win. And I think you're exactly right. Like Roblox is an integral pioneer and something. It's going to be a huge part of the Metaverse, but in order for like the Metaverse to be what it is advertised to be, you need a technology platform.

Peter Starr:

And if you watch our YouTube video, you'll see that I have an extraordinarily hot take about what company is actually going to provide the device based platform on which we will experience as Metaverse should we, because I mean, Facebook needs to, they've just lost access to 57% of the most valuable consumers on the planet. Like, that time is now over. But the main question is how will they pivot? They have a lot of great data. They have a lot of good moats, but the question is, how do you make up that kind of revenue? And so I'm just, for me, the Facebook stock is a popcorn watch for the next six months. I'm very excited to see how they flail wildly and deal with all of these interesting whistleblower reports as well as their revenue troubles.

Peter Starr:

Either way, that's kind of getting us into the last five minutes of what we have here. And so we've just got a bunch of audience questions, honestly. So Justin, I am going to hit you with quick by the dip scenarios. I got two for you. We're talking a lot about the Metaverse today. Disney came out with earnings today. Bob Iger said the magic word. He said Metaverse. And obviously the stock price went down about 7%, but obviously the whole world is now being like, "Oh, Disney and the Metaverse." Well, so quick question here is Disney a good buy the dip to when you're thinking about just like their exposure with Disney+. Can Disney rule the Metaverse. Do you think Disney will go into devices or anything? And you're just quick hot takes there, man.

Justin Kramer:

Totally. It's a good question. And before I dive into it. Bob Iger, CEO of Disney or former CEO of Disney. He's like, I'm not one to read business books. I think they're boring. They're super dry. His book is awesome. He, the time he spent at Disney and like everything he did there, I would definitely check it out. And then second book by CEO, the Founder and Chairman of Nike, Phil Knight's book, Shoe Dog, also awesome. Like two of the best business books I've ever read. They're definitely highly recommended. Check them out. They're really, really cool. But yeah, as it relates to Disney. Disney is like a company that is one of these legacy media companies, but also at the same time, has been able to innovate over the years. It's just like in the culture of their DNA, yeah, in their culture, they're up.

Justin Kramer:

I mean, sorry. They're down this over the last few days, but over the last year, I mean, they're up 20%. And then over the last five years, they're up like 65%. And so you're not getting crazy growth, but they have been able to what's called copy of others and been able to do it. Well, Disney, their streaming service has done pretty well to take granted. There is a bunch of asterisks there and they are producing a lot of original content. For them to take like this next step into the Metaverse, especially like with Facebook doing it. Now, there isn't enough information to see you how new this is and if it's like a PR stunt per se, but it's definitely something like we're going to be watching more. And like we do hold Disney as a stock, like super boring name.

Justin Kramer:

Again, it's only contributed 50% gains in the last five years, but it's a good cash alternative. And they have just been kind of like a stable name. The only like large dip we really solved was like, honestly, during the start of the pandemic where every single company went down. But if you look at like the history of the company over the last five and even over the last 20 years, I mean, it's basically just been a slow ride upward, so again, it's a good place to park your cash, but I don't think Disney's going to be in a position anytime soon to reinvent or be a large point in the Metaverse and go from a older legacy company to all of a sudden being like a hot tech company who's exploding in a hundred percent year game such just that I think the chance of that happening is extremely well.

Peter Starr:

Exactly. And I think you're going to see people mention this a lot. Now that Facebook has released, poured gasoline on the conversation now that everyone in the world kind of really knows what the Metaverse is. It's been quietly burbling up in nerd circles, especially in stock nerd circles. Like everyone's been focusing on it, especially a bunch in the crypto space. So we've been like, figure on the pulse of the Metaverse for a while, but now everyone is. And so what you're going to see, lot of companies mention their Metaverse plays and earnings calls and their stock prices pop up. But if the Metaverse does anything, it's just going to be a new revenue channel that replaces an older one, say, whatever revenue you made from Facebook ads gets replaced by whatever it is you're doing in the Metaverse. So just keep that in mind for a lot of this, it's just going to be deck chairs on the Titanic situation.

Peter Starr:

Only the Titanic stocks, something it's not really, that is not the metaphor I wanted to use. Getting into our last question, like down to 30 seconds here again, quick buy the tip scenario here, just another tech company, a little bit, in a little bit of trouble and revenue wise, stock price kind of tanked really hard for the amount of revenue they are down. Doesn't make any sense to me. It's Palantir. Can Peter Thiel write the ship? What's the deal here? Do you think, Palantir is still a buy with this big drop off they had after earnings? Or is it raised a lot more questions to make you think, maybe hold off on this one, y'all?

Justin Kramer:

I mean, talent here, honestly, like they're a great company, but they also are very services driven. And first very services driven company with the multiple they did. I just never was like the biggest fan of the company. And so when they went public, excuse me, when they went publicly last year, it was a little, it was a flat for beginning. And then we saw this large rise upwards until the early part of January, or sorry, the early part of February. And then we've seen kind of like this steady road down, and stay flat over the course of this year, and now it's continuing to move over. So in the earlier part of this year, I like, the market told me I was wrong since then, it looks like they've started to agree with kind of how I see it. And I still see it that way.

Justin Kramer:

They win large contracts. They, again, they're helping out from like a consulting standpoint in the technology space. And so they're definitely like adding value and they have a ton of technology, but given, if you look through like their actual revenue streams and how they're deriving revenue, the multiple on their revenue line versus like a pure tech play is there's like a clear evaluation, like misstep between what they're worth relative to what they should be worth. And I think that's why we've seen like this performance now over the last six months.

Justin Kramer:

Where the last, like it's called three to six months where it's been really flat relative to some of the other players out there. And I kind of continue seeing that happen. I haven't had time to dig through this exact earnings call yet to see like what the numbers are and like things that stuck out for it to really pop downwards is a little like paradoxical, but to head downwards. But definitely, we need to spend some time there and we can definitely add that to the list for our analysis to really check out, we'll probably then release another report on that probably in the next week or two.

Peter Starr:

Definitely. Because it's genuinely like if you, like me a words guy digging through the numbers, like they are genuinely nonsensical. Like there's got to be something I'm missing here, but there's definitely something more and I think it's more like just the market catching up to your sentiment than anything else. Like there's a lot of question marks and I feel like it's kind of a rocky situation, but I don't want to speak for our analyst team here. I want to get the numbers people to look at the numbers as opposed to the words people looking at numbers. Either way, Justin, like audience, thank you so much for really tight sequence, some awesome questions.

Peter Starr:

I'm going to miss Q4. Q4 is always the hottest moment in our economy as we kind of sprint to Thanksgiving and Christmas right now, we're still seeing a lot of really great productivity, a lot of really great growth, a lot of interesting inflation questions and still a lot of great companies coming out and finding ways to be productive even in these unprecedented situations. So it's just been a really awesome conversation so far. Justin Kramer, Co-founder and Chief analyst here at moby.co any final thoughts from you before I go ahead and read the credits, it's been an awesome time my dude.

Justin Kramer:

Yeah, definitely only thing I'll add is I got a DM halfway through this about the inflation comments we're making earlier and how there are still some companies that are flying up, who have high valuations. And I just want to go back and I guess, fill in the gaps here. And so when you explain markets, like not every single, every single thing we see is going to be like anecdotal for the rest of the markets. So what I mean by that is because tech stocks are getting hurt where certain tech stocks are getting hurt. Doesn't mean every tech is going to get hurt. And so for example, there are certain tech stocks that their revenue is very, very future dated. And so in 2025, 2026, 2027, that when you start to bring it back and discount, it today's rate given like this scared interest rates being risen and inflation, like being inflation going up, it's just not worth as much.

Justin Kramer:

And that's why we've seen the pullback. At the same time you have companies like Rivian that haven't made it worth a hundred billion. So it's not a one size fits all. It's when you look at like the general market, that's the trends we're seeing across a majority of the names. And so, when then you also look at financials. There are a handful of financial stocks that are not doing well this year, obviously, but there are other stocks as a whole, from a sector perspective that are doing really well because of the tailwinds. So like, if you look at Silicon Valley Bank, and that's a stock, we've talked about, if you look at like LendingClub and some of these other like traditional more credit players, they've done really well this year. And so that's what I just want to clarify in terms of, when I talk about tech stocks getting hurt, like yeah, there's like the Nasdaq at all time high. There's plenty of tech stocks that are crushing, but there are also like plenty ones that aren't too doing well.

Justin Kramer:

And it's the ones that have their revenue, again, not all of them, but a lot of them where their revenue is very future dated. They're very growth oriented and they're not like the value plays that we see a lot of other value stocks to involve right now. So just wanted to clarify that point. But outside of that, that I don't think there's really anything else. It's pretty comprehensive. Only thing I'll add is, again guys, any questions, any stocks you want us to cover. We can't get to them all, but we'll try to add as many to our queue and our waiting list as possible. If you have any questions, Discord's really the best place to interact with me. And Peter's kind of the face of this. The rest of the analyst, we keep them in a closet. They don't get to see the light too often. So [crosstalk].

Peter Starr:

Of them, maybe seeing the light soon though, some of them are finally showing some promise and being like actually social creatures. So we'll find out. We'll find out maybe in the next, like two to three weeks.

Justin Kramer:

Yeah, totally.

Peter Starr:

Exactly. Either way, audience. Thank you so much for all of your awesome questions. Thanks so much for your awesome feedback. Again, if you have any other questions, there's anything you want us to focus on as we move forward again, Discord is the best place for that you can feel for to DM me, Moby Starr or even DM Justin too. Like it really just kind of depends. Also just keep the discussion to moby generals as well. Like we have, where this community is really developing in a really strong way. And I really appreciate all of you being a part of it, either way audience, any other questions you have outside of discord, you can email us [email protected] or even just email me directly [email protected]. And again, we will gladly add things into our queue as we see trends going forward. I would like to say, I am very proud of us for getting through an entire podcast without discussing the crypto bull run.

Peter Starr:

Maybe we'll get to it next week, but I think that's a point of pride at this point. Since that's a really huge area of focus for a lot of people in the market right now, either way, audience it's really awesome having you here. Just as this podcast is produced, hosted and voiced by me, Peter Starr. It is a production of moby.co. If you like to see anything else. We have a bunch of awesome videos out on youtube.com. If you to check us out at www.moby.co.

Either way, audience, thank you so much for being here with us. And as always, I'd like to leave you with peace, love and incremental gains. Everyone be well. Thank you so much.