Ep669: Peter Ricchiuti – Don’t Fall in Love With a Stock

Andrew Stotz 00:02
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning in our community we know that to win in investing, you must take risk but to win big, you've got to reduce it. Ladies and gentlemen, I'm on a mission to help 1 million people reduce risk in their lives to join me go to my worst investment ever.com and sign up for my free weekly become a better investor newsletter where I share how to reduce risk and create grow and protect your wealth. Fellow risk takers this is your worst podcast host Andrew Stotz from a Stotz Academy, and I'm here with featured guest Peter Ricchiuti. Peter, are you ready to join the mission?

Peter Ricchiuti 00:43
I'm enlisting? Yes,

Andrew Stotz 00:45
yes. You didn't know it, but now you're in it. Here we go. Let me introduce you to the audience there. Yeah, let's do it. Peter is a graduate of Babson College and began his career with the investment firm of Kidder Peabody in Boston. He later managed Louisiana's $3 billion investment portfolio was serving as the Assistant State Treasurer. From Memphis to Mars, Pennsylvania, Peter has addressed more than 1200 groups in 47 states and several countries. He has been featured in bearings, barons, clipping crippling Kiplinger's cash. I don't say that word anymore. I remember hearing it a lot in America, in the old days, the New York Times The Wall Street Journal, he also hosts a popular weekly business show on National Public Radio in New Orleans called out to lunch, Peter, take a minute and tell us about the unique value that you are bringing to this wonderful world.

Peter Ricchiuti 01:39
Well, you know, having taught so many years I've taught for 37 years at Tulane University, it's funny about teaching you, you really have to get it yourself to be able to tell, tell it to someone else. And it's been just wonderful. We've sent to 1100 students from the program. Birkin artery ports, out to the works that works in the investment business. So of course, they get a job, and then they throw the rope back over and help the existing students. So it's been fun, I think hanging around with young people is, is just like psychic income, and it keeps your

Andrew Stotz 02:13
psychic income. I love that. Yeah, it's so awesome to tap into their energy and excitement. It's just so raw. You know, they got it. And all you got to do is provide the framework for them or the you know, the process a little bit and then they can run with that. Maybe tell us a little bit about what you're doing with Birkin road. And what that is because I know for my listeners, they hear a lot about my teaching, evaluation and stuff like that. But I think this is really interesting.

Peter Ricchiuti 02:39
Well, 30 years ago, I started Burgener reports at Tulane. And it's we a program where it's class, we meet Tuesday and Thursday. And it's a program in which I take two other students break them up into teams of five. And each team is responsible for writing a 3040 page investment research report with models and all that about a small under followed company in the Deep South, Texas, Louisiana, Mississippi, Alabama, Georgia, and Florida, pretty much the financial center of this country and not true. We think that's where the bargains are and one of the things they do is they we fly them out, and they spend a day with the CEO and CFO and visit company sites we've taken them to we've taken helicopters, offshore oil rigs, we've been to steel mills, we've been to a chicken processing plants, if you've never been to a chicken processing plant, do take the family, that's a nice outing. And the students really, they get to use what they've been taught and maybe the freshman and sophomore years and really put it to work. And it's just you know, this generation is, you know, they are very short term oriented. And they view companies as ticker symbols. And all of a sudden you fly out there and you meet Bob, the CEO, and Alice, the CFO, and they're the ones making the decision, it just changes, changes everything. The other thing I make them do is I make them for the front of the report to come up with a 12 month target price, which to this generation, it's just incredulous. You know, they can't even believe I'm asking this and I had one student tell me he goes well, months, because that's like three girlfriends from now. So,

Andrew Stotz 04:20
we should only all be so lucky.

Peter Ricchiuti 04:22
Oh, I know. I know. And you know, the radio show I do. I bring in two entrepreneurs every week and between the and that in and being with the students. You know, I'm the most optimistic guy in town so see that kind of energy and yeah, I'm a big boy. I know some of these things aren't gonna work out but it's great to hear.

Andrew Stotz 04:41
Let me ask you a question just because I've been teaching valuation for so long also, and in you know, in different ways, but what have you improved or learned over those periods, about that program and about what works for them? As far as learning you know, how to understand And companies how to analyze companies. I'm curious, you know what, what's changed for you guys in the way you

Peter Ricchiuti 05:05
think? You know, I think just in general, teaching with anecdotal teaching is really kind of sticks with them. I see students 30 years later, and they still remember some crazy story I put to put the idea a couple of things that have changed is we now have a section on ESG not very involved, really just ask them. What have you done in that area in the last couple of years? You know, what do you got in the sandbox? The Sandbox going forward, and sustainable. Under sustainability, we also have succession, which is not the US TV show. It's the idea that, you know, you know, Judy is a great CEO, but who's where's the bench strength? What's going to happen? If something happens to her we, regionally, I was telling what if they're hit by a Mardi Gras float, you know, something like, that isn't gonna happen. But that's what we want to know. And I think after COVID, a lot of investors have asked us about that, you know, it's, I guess we've all realized our mortality, if nothing, if nothing else, but and then we also give them about eight different valuation methods. And they just kind of decide when the retina report which one's the most relevant and how to weight them to kind of put them on this big line, like a football field. And that's their call. And I think the other thing is to try to explain things that you wouldn't know unless you were in this business, like, really understand cyclicality, seasonality, you know, meeting expectations for earnings, it really starts to come home to them, it really does. And, and, you know, we always, we always go out, make sure we go out and really meet these, these management there. And I think the thing that gets them as they're humans, you know, it's I keep thinking, there's just, there's a guy with a magic bullet out there. And they're just written measuring risk versus return like the rest of us.

Andrew Stotz 06:54
And how many companies are in that kind of universe in the southern states, I'm just curious, like, because I never even thought about that. But when I watch your video, what you guys are doing on the site, which I'll put a link in here to that broken roads stuff to so that people can go to it. But how many companies roughly are in that universe,

Peter Ricchiuti 07:12
we have 20, in the fall of 20, in the spring, and they don't change unless they're bought out or find themselves in tough financial condition. Or maybe we were too honest, on the report, something, something like that. But we've had our 59 companies bought out since we started and you know, the average premium for small caps is like 35%. And so that part's really, really worked out. I think we find a lot of great companies and shine a light on them and then somebody comes in and buys them out. But it's it's been really something to watch it. I mean, this, the big advantage that we have versus 30 years ago, Andrew and this sounds crazy, is that so many small cap companies have no coverage whatsoever on the street. And you go in there, I mean, I'm only half jokingly you know, we're driving up and they got a big sign welcome, Birkin, road analysts and it's like, Bob, get the doughnuts. You know, nobody's been here for five years. And they're not that they're bad companies, you know, Wall Street is only going to send somebody down unless they think there's going to be an offering or secondary or bond deal. You know, you get somebody in New York making $500,000 a year, you're not going to just send them down to Houma, Louisiana. And, of course, I have the advantage where I just put them in a car and getting some moon pies, and Dr. Peppers and, and we're gone. So it's the only disadvantage we have is sometimes I'll talk to people in Wall Street, they're gone like, that's me. And that's like cheating, you know that. You don't pay them. And there's all these struggles. But we do have 100% turnover. That's my only real really difficult part.

Andrew Stotz 08:45
One other question about this companies. I mean, a lot of times smaller companies don't aren't very comfortable sharing a lot of information about their business are not used to that and stuff like that. How do you handle that? In this case?

Peter Ricchiuti 08:57
Yeah, no, what I really remember is when Reg FD came through, and they kind of established the can't be having these conversations with analysts that are at a bar or something like that. And so it was interesting, the big companies that had big New York attorneys, they told them exactly what you could say and what you couldn't say when you got to the small companies, they were really divided because they didn't know if they could say nothing, or they could just blab away. And I remember we had one guy, one company, I was talking to the CEO, and I was telling him that the students have two models. They got $1 for next year, and they got $1.20 and nice goes, he goes $1.20 And I said yeah, and he says warmer and I said like warmer colder he goes yeah, give me another number I'm thinking it definitely go to jail for this this isn't this isn't right. And then we visit another company that was basically you know, shut the windows and the doors and everything when they saw analysts coming. In fact, I'm at a funny story and that I had a student this is why I'm telling you the story is his father is fine. His parents were ambassadors in Africa. And so what I'm getting at is he was very polite was very, you know, he really knew what to say. And so at the end of the meeting with management, he said, this is, you know, really that period in the 90s. He said, Well, I just want to thank you for your insight today. And the guy went crazy goes, Let's get one thing straight. You got no insight was like, No, I was just being polite, you know? So, yeah, it has been, it has been all over the board. Now, the small companies, I think, kind of know what they can do what they can't we have a conference every year. And we make sure that all those presentations are taped and go straight to the website, because that's, you know, say something accidentally. And, but, ya know, and then we sit with basically, we have companies that can move, you can move the needle on something, you know, it's if they found some oil, or they came up with a breakthrough drug, trying to get lost in the sauce at Exxon or Pfizer, but you know, it's a game changer for these people.

Andrew Stotz 10:55
And is there a relationship between the work that these students do and their recommendations? I mean, a lot of times I know, as an analyst, you know, you can work really, really hard and think he got it nailed. And then you know, you find out Nope, I was wrong. And have you ever? Do you have any fun? Or have you ever thought about? Do we track the performance of these recommendations? Or where are you at with them?

Peter Ricchiuti 11:18
You know, it's so funny, Andrew, for 20 years, we had a fund that was the Birkin Road Fund to try to design HHB UX. And one of the local banks ran it, they used our research, and they manage the portfolio. So we weren't, there was a little bit of space between us because my original idea was to have us manage the portfolio. And I spoke to the university's attorneys. And once I was able to get them to put the gun back in the drawer, you know, it's like, way too much risk. And so we did that for 20 years. And over that time, the fund outperformed 82% of the nation's equity mutual funds, and then they just got out of the mutual fund business, which is kind of a tough place to make money these days. And, but it certainly worked it, you know, they made the final call, but, you know, we look at a lot of balance sheet issues, you know, I 've never been clobbered by anything. never really been blindsided because we understand companies who have a lot of debt coming due soon, and things like that, that are just on the horizon. But it's in and we have a it's a very expensive program, we have another professor and three staff and 12 different students that have taken the program before that help run it, and it's a million dollars a year. So it's not, it's, but it's become our flagships. So we were named the number one experiential learning program in the world a couple of years ago. So that's paid off. It's been a lot of

Andrew Stotz 12:43
well done was someone that's tried to learn finance all my life, and tried to be a better analyst and try to be a better teacher of it. I really, you know, appreciate what you've done. Before we move on to the big question, maybe just tell the audience about what's the premise behind out to lunch.

Peter Ricchiuti 13:02
All the premise and out to lunch is that after Katrina, which, you know, wiped up the city, we had, you know, 80% of the city was flooded. We also we got to start again. And all we became the number one city in the country for young entrepreneurs. And because they had a blank slate here, and you know, Boston is cool. New York's cool, San Francisco is cool, but they're very expensive cities to live in. And New Orleans is super cool. And it's not that expensive. So they all moved here. And I just want it to seem like outside of the state people knew what was going on. But inside, you know, people were just, you know, preoccupied by the negatives all the time the way people are. And I finally decided to, we have to do something about a boy finally pushed me over the top. Andrew was I went to a friend's birthday party and his father was there. And he comes up to me because he knew what I did. And he goes, Hey, Peter, because an exon moved. I said, Yes, sir. That was 1982 We need to move on, you know, and I thought with the radio show, and friends I had this is true for people like me. That's great. What are you gonna do the second week, you know, because we only have one fortune 500 company here Entergy, that utility, but we had lots of smaller companies. We had one company what we call stocks under rocks. There was a company that just gone public just to the north shore of New Orleans called pool Corp, it's a P O L and it was split adjusted was about 73 cents a share. And up until this most recent up to a year ago. It got to $550 a share. And what they were is just a classic example. They say they host swimming pool equipment and you couldn't come up with anything more boring. You know, it's you know, if you went to a party, a cocktail party and somebody asked what you were buying and you told them a swimming pool equipment wholesaler, you know it'd be like I'm gonna fresh in my drink. I'll be right back and you know, you never see them again. So I get things the like the stuff Most would like some wild tech company. They're really their meat and potatoes companies. And we can understand. That's

Andrew Stotz 15:08
fantastic. Well, you've got your hands in a lot of different stuff that's really interesting to learn about you. And now it's time to share your worst investment ever. And since no one goes into their worst investment thinking and will be, tell us a bit about the circumstances leading up to and then tell us your story.

Peter Ricchiuti 15:27
It's absolutely I tell my students I meet a money manager tell you, they really have not had any big losers just run, because it's part of the game. Because this was over years ago, I was in Boston with the investment firm of Kidder Peabody, that no longer exists, but it was a wonderful firm. And started, we had recommended called minutes. And what minute Tonka did is they made, what we see now as soft soap, the little thing you see next to the sink in a, in a kitchen or a bathroom, and it was going to replace the bar of soap, which it basically did, but the company itself, the stock was trading around 19 a share. And I think if I was to look at the thing that killed me, is that I fell in the stock I, I got lots of signals, I mean, really blatant signals that this was not going to work. And I just ignored them. Because, you know, she was my girlfriend, you know, and I wasn't going to take anything like that. And one of the things that happen, they did grow. It did very well. But there was no motor company, there was a problem for Procter and Gamble or anybody to come in and take that business. And so I remember, I was reading, oh, stock, and now it dropped to like nine or something, I was kind of beside myself and had it in a lot of clients accounts as a speculative stock. But I remember Forbes came out. And they wrote an article about minutes socket, and they said, anybody could make this with an oar in a bucket. And I thought, wow, okay, that's got to pull myself together now. And, and they were absolutely, absolutely right. And I and then you start making up things just to justify your opinion. Like, they have a very particular design on minute talk. So, and I was convincing myself that, over time, have designed their bathrooms to match the soft, so and so if somebody else came in, they wouldn't, they wouldn't believe, and this is, this is stuff, you're kind of mind boggling. Ly, as you'll tell yourself, in all of this. And so, you know, I think, you know, one of the things about losing a lot of money in the stock, of course, would a lot of people don't get but you know, if you get a stock that goes from 20 to 10, it's a 50% loss, but to get back from 2010 to 20, is 100%. Gain. So you're taking big losses really, really does see, and but I think a lot Oh, the final blow in this final thing Stop kept dropping, I was going around trying to build clients by going to votaries and Kuwana, was in talking about the economy, and then somebody inevitably would ask them, what's your best stock. And I'd give them that. And there's still rotary clubs with dark boards with my picture on it, there's a final thing you had when you had a problem with the stock is to just try to run away. And that's what I did not in a bad way, I want to keep West for vacation for like four days. And I'm just not going to forget, and I'm not going to think about this not going to think about and you're not going to believe this story. But I was laying on the beach and Keywest in a newspaper, somebody must have had it in a bind me. And I put my hand on it to stop it. And Jesus wasn't the money section. And I looked and the stock was like I'd left I'd left was nine and that was five, you know, I couldn't stop looking it up. But it just went on and on. And then that as a broker, or as an analyst really does blow out your whole clientele, your institutional salespeople won't believe you anymore. Your clients don't want to hear any more about that kind of thing. So it's very, very, very damaging. But I think if you don't learn from these giant mistakes, there's really something wrong with you. Really, it's mean, I think it's true with anything, a relationship, anything, can walk away with something a job you didn't like, you know, you've learned a little bit more about yourself, but on investments you can make. There's no question I could go get the same kind of mistake, but I wouldn't have as big a position as a percentage of my holdings. I would listen to other people. I would listen to logic that I know now and you I might have known it then but once you don't want to hear it. You don't hear it. Yeah. And

Andrew Stotz 19:45
that's remarkable. How would you summarize the lessons that you learn?

Peter Ricchiuti 19:48
I would say the is to once again there, you know, just the old adage about diversification is going to be really important. The other is just to not have not fallen in love with the stock be able to think about it is every day, would you buy that stock with what's out now and what you know. And you know, frankly, if I was starting again, and I already heard the saw the Forbes article about anybody can make this and, and realizing there was no mo I would if I was looking at it as a fresh position to buy, I think I would have been able to be smarter about it and more realistic. And that's what I think you have to do. Because you know, stock prices, when you think about it, they're the price is the highest price anyone in the world is willing to pay for it. So you have to ask yourself. But you Yeah, I'm heading I'm so glad you gave me the opportunity to think about this. It was kind of interesting to think about it again. And I think with another three weeks of therapy, I'm going to be fine.

Andrew Stotz 20:47
You I think you've come a long way you almost over it, Peter, for sure. Just helping them another 1000 people and you will be released. My worst investment ever podcast has turned into a little bit of a confessional at times. So I now fully release you of all.

Peter Ricchiuti 21:07
Thank you Father, this was really good.

Andrew Stotz 21:09
Exactly, um, maybe I'll just review a few things that I learned from what you just said. And that is, the first one is that like, just because a company or a CEO has an idea, and they're implementing it well, doesn't mean they can hold on to it. And I think that that's where you can get excited about something. But as you said, if there's no moat, to protect someone, now, there are, a lot of times students look for a moat, and they can be quite critical. A moat doesn't have to be like absolute protection. A moat could be the execution, the moat could be the distribution system, the moat could be, you know, access to certain raw materials, or whatever that is, there are many ways to build a moat. But I think it's important to really understand that if you don't have that moat, it could be you could be lucky and run that business and nobody attacks it. But at some point, somebody's going to attack your fortress, and without a moat, it's going to be burned to the ground.

Peter Ricchiuti 22:09
And Andrew, I always think of this, when we look at companies to select, we're looking for companies that are, first of all that they have a good balance sheet, management owns a lot of stock. And one of the things that sounds funny to the students is I want them to have good margins, and not outrageously great margins, because that just attracts competitors, you know, if you can just stay in a happy little mode, people might not bother with you. Yeah.

Andrew Stotz 22:34
And if you get confident in the concept of moats, then you can read Genghis Khan, and the Making of the Modern World and understand how he destroyed every village town city that was surrounded by a moat also. So, you know, I think it's just the point is, is that, you know, you've got to, you got to think carefully about it. I think the other thing is I wrote down when you were talking like making up stuff to confirm your biases, you know, you are going to be in that situation, where you are going to be making stuff up to, to offset the negative stuff that you see happening. And I know, as a sell side analyst, I know all about the loss of credibility from the, from the sales team, and from the client base within like, God, you know, you just keep pounding on this thing, and it's just so wrong. And I think that, that one of the things that I've learned over the years, and I remember when I was had to research, analysts would change their mind, and they would write a report, and they would hide it all the way at the bottom that you know, okay, well, I was wrong, and I'm going from a, from a buy to sell, and I'm like, put it up front, put it at the top, you know, it's refreshing to let go of an idea. And I use stop losses for individual stock portfolios, and the refreshing nature of going oh, well, that's out of the portfolio, now we can rethink about it.

Peter Ricchiuti 23:57
Absolutely, you know, and just don't want to keep looking at it. And, and, you know, it's it's, I think it says a lot about the maturity of the, the analyst as well, it's, you know, in the beginning, I can see young people saying, I just want to, you know, bury it, so nobody sees it over there. But you gotta grab it. And one of the great things I've done academically is I brought up in 2008, I brought 27 students to Omaha, Nebraska to spend the day with Warren Buffett. And that was just amazing. And I do a lot of public speaking. And I meet a lot of famous people, and some are great and some aren't great the way you would think. But we went out there, it was the very bottom in November of oh eight. And that was that's the day he wrote an op ed to the New York Times that this is the time of the generation to buy stocks and he was just the warmest, kindest man, he took us to lunch and made us drink cherry cokes because that's what he likes. And, and, and he was telling us some you know, great, great stories more, really more about life than in the markets and I'll tell you a funny story. All right, I guess it'll sound a little off color. But it's a pretty good start is a? So it's the end of the world. It's always there. And one of the students raises his hand, he says, Mr. Buffett, how bad is it on Wall Street right now. And Buffett said, I, it is awful. I've never heard such sad stories I heard of an investment banker, left his big office in Manhattan, drove to Long Island was big home there, met his wife at the doorstep and said, Honey, we're going to have to make some changes around here, because I don't think I'm going to get a bonus this year. And I don't think I'm gonna get a bonus next year. And, you know, really, we're gonna, we're gonna have to fire the chef, and you're gonna have to learn to cook. And she said, Well, okay, but you're gonna have to learn to make loaves, so we can get rid of the gardener.

Andrew Stotz 25:45
Okay, we're all gonna have to make changes around here.

Peter Ricchiuti 25:47
Absolutely. That's when I see buffet on TV, I just think of that joke.

Andrew Stotz 25:53
That is a great one, we're all going to have to make some changes around here. The other thing I was thinking about, when I, I don't have much to say on relationships, because I've never been married yet. But people do occasionally mistakenly ask me for relationship advice. And I always say the same thing. And I say, I just going to ask you one question. And I just want a yes, no answer, you know, and that's all I'm gonna ask. And this is simple. And it applies exactly to what you just said earlier. And that is this, knowing what you know about the person you're dating now, knowing what you know, a lot more about them than when you first met. If that person walked up to you today, to start a relationship? Would you say, Yes, I want to start this or No, I don't want to start this? And the answer will tell you so much. And the answer is liberating. And that's really the way we have to look at stocks. And so we have to think about kind of Zero Based Thinking, imagine that we don't own this, well, we put it in the portfolio. And I think that, to me, is a big lesson, you know, from what you know, what you shared?

Peter Ricchiuti 27:08
Well, thank you, Andrew, it's been a lot of fun. Yep.

Andrew Stotz 27:11
So let me ask you what, based upon what you learned from this story, and what you continue to learn, what would be, you know, one action that you recommend a young person take to avoid suffering the same fate?

Peter Ricchiuti 27:23
Ah, see, I think it would be to really, really think of all the downsides before you take a position. It's so easy, and of course, the company will give it to you too, and analysts sell side research tends to be a little too optimistic. I can understand that's how you get up in the morning. And, but I would try to think of all the things that could go wrong and put them down. In fact, I like to take a piece of paper, draw a line down the middle, and put the upside, and then all the possible risks in here, and then really be able to look at the two of them before you make a decision to buy stock.

Andrew Stotz 28:01
Hmm, great, great advice. And what is a resource that you'd recommend a resource of your own or that you've got or any others that you'd recommend for our listeners?

Peter Ricchiuti 28:12
You know, I believe it or not, we had a book Fest this past weekend, and I heard David Rubenstein, talk about his new book, how to invest and he basically had very, it's great if you have a DD because this chapter is only like, 15 pages long, but he talks about talks about 40 money managers, and I generally don't really get through in this books, and I really read this, you know, covered a back and you just hear a lot of a lot of similarities are in here. One of the similarities you hear is that most of them didn't come from fully a marriage. They, they did, they did it on their own, and they have all these different ways to look at things. And I just, I just think, you know, I, what I'm thinking is that those interviews might have started with, you know, I'm the master of the universe or whatever. And he let them say that and then cut that out of the interview, and then just talk to them about it. And he's very funny guy, you know, he's obviously he's a Jewish guy that grew up in Brooklyn, and he told them a big baseball fan of adult 30 Major League parks and, and he told when he was growing up, Sandy Cofax, was the great Jewish pitcher for the Dodgers. And he said, and I, just to give you an idea how I didn't understand anything. He says, I was a big Colfax fan. And when I was seven, I really thought all the major league players were Jewish. was the only one.

Andrew Stotz 29:37
Respected. Okay, that's great. I'll have a link to that in the show notes. Last question. What's your number one goal for the next 12 months

Peter Ricchiuti 29:48
to get through this current upheaval, and I think I'm trying to what I'm gonna would like to do here is to really dig a little bit deeper because there were stocks that I really liked to come Couple years ago that are selling for much lower prices now and I really want to read look at the meat, you know, has the story fallen apart? Or is, is so they're down for a reason. Or it's just this is just the mania of the market moving out of these things. And I think if you can separate that bunch, there's a lot of opportunity out there. Now it's lonely, you know, because nobody wants to talk to you about buying stocks or anything, just swimming upstream. But I think there's a lot that's been left that it's been hurt, that shouldn't be hurt. I want to

Andrew Stotz 30:30
find that's exciting. Well, listeners, there you have it another story of laws to keep you winning. Remember, I'm on a mission to help 1 million people reduce risk in their lives. If you've not yet joined that mission, just go to my worst investment ever.com And join the free weekly become a better investor newsletter to reduce risk in your life. As we conclude, Peter, I want to thank you again for joining the mission and on behalf of a Stotz Academy I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Yes, there it is. Do you have any parting words? Thank you

Peter Ricchiuti 31:05
that I didn't even know I was gonna get that recognition now. I'm into it.

Andrew Stotz 31:08
You got it. Well, that's a wrap on another great story to help us create, grow and protect our well fellow risk takers. Let's celebrate it today. We added one more person to our mission to help 1 million people reduce risk in their lives. This is your words podcast hosts Andrew Stotz saying I'll see you on the outside.