Chris Hill: Hey, everyone! Thanks for watching!
I’m Chris Hill. Welcome to Fool global headquarters in Alexandria, Virginia! I am joined by senior
analysts Emily Flippen and Shannon Jones. Thanks for being here!
Emily Flippen: Thanks for having us! Hill: We’re going to be talking about certainly
one of the biggest trends of, I would say, the last five years. You think about marijuana
and just how much hype and excitement there is, an opportunity for investors. Speaking
of which, we’ve got a free report with five marijuana stocks and a lot of what you need
to know about the ins and outs of the industry. You can click the link below to get that or
you can go to fool.com/mj to get that free report. Shannon, let me start with you. Why now? I mean, this has been going on for probably
a year or so, when you think about how much media coverage marijuana and all
of the associated industries have gotten. Shannon Jones: I think now is a great time
for a number of reasons. To your point, last year, we saw landmark things happen in the
industry. We saw the legalization in Canada for adult use. We’re seeing a growing number
of states, now we’ve got more than two-thirds here in the U.S. that have legalized marijuana
in some form. The great thing is that this industry is still very much young. But what’s
happening and what we’re seeing is this maturity of the industry. So you have now a focus not
just on production capacity, but now companies really starting to focus on, how do I operate
as a business? They’re looking at lowering production costs, how are they diversifying
their product portfolio, or they’re going international. So the opportunity to invest,
I believe, is here and is now, and now’s a great time. Hill: Emily, when you think about all the different ways you can invest, certainly there’s
a whole industry around medicinal uses. There’s recreational use. When investors are
starting to think about this, where should they maybe think about starting first?
Flippen: I think it’s important to take a basket approach. Shannon and I, I think the
reason why we work so well together on the team is because we see the industry differently. I know
Shannon focuses a lot more on the medicinal uses. I tend to think that recreational poses
the best opportunity for growth. But both are very legitimate investments. It’s important
to take a basket approach because you maybe don’t know which companies are going to be
the long-term companies that succeed because the industry is so fragmented right now.
Buy a handful of companies — both recreational and medicinal — that you like. Also buy some
ancillary companies. If you like the producers, don’t just buy producers. There’s opportunities
to buy companies that make packaging. There’s opportunities to buy companies that have invested heavily
into marijuana. Take a basket approach. Get a large array of exposure.
That will hedge you against downside. Jones: I would even add to that, I think
starting small is key because this is very much an industry that is maturing. Start with
some starter positions. It can be a basket of a handful of stocks. For some, it could
be literally 1% of your portfolio. For others, it could be much higher. But I think starting
small is key, and then continuing to watch. A lot of these companies have very limited
operating histories. You want to be able to add to those positions over time as you see
them start to perform and really mature. Hill: Is that the most common mistake that
you’ve seen among investors who are starting out in marijuana? This idea that, they hear
one name, and it’s just in one part of the industry — the most obvious for people who
are just starting out is the producers, as opposed to getting into the more nuanced
medical areas of the business. It seems like that’s one of, if not the most
common mistake people make here. Jones: Absolutely. I think you’ve got a lot
of speculation. You have a lot of investors just chasing headlines. I think anytime you
see a celebrity say that they’re starting a marijuana company, immediately investors
go and flock. But I will say, I think taking a step back, recognizing that we here at
The Motley Fool, we believe in investing in businesses, not chasing tickers, not chasing headlines.
We’re looking for long-term opportunities. We want to be able to hold these companies
for three to five years and beyond. That means really understanding the fundamentals of the
business. What’s their path to profitability? What’s their strategy? Do they have a unique
offering to offer the marketplace? I think taking a step back, getting away from
the hype, and really looking at businesses is the best way to do that.
Hill: Emily, what do you say to someone who is in the United States, sees the legalization
that happened in Canada, and says, “Well, look, yes, there are states here that have
various levels of legalization, but we don’t have it nationally. Why should I jump into
this industry before it is legalized on a national level?” Flippen: Well, that’s a really good question! You don’t have to. An investor doesn’t have
to invest in marijuana before it’s legal, whether they want to do it because they’re
worried about a lot of these companies going under before that happens, or they’re worried
just about the ethics of investing in something that may not be federally legal, there’s
nothing that really says you have to do it now. That being said, I think now’s a good time to do it.
It goes back to what we were talking about, why invest in marijuana now? Investors
are probably looking at the financial news and they’re seeing something like Tilray watch.
For a long time, it was crypto watch, Bitcoin watch. And we saw what happened to the
Bitcoin bubble. So, what’s happening is a lot of retail investors are getting pushed into these really
hyped, overvalued companies like Tilray, and riding that all the way up, and then getting
hammered when it gets hit down. There’s an opportunity to invest in companies both in Canada and
the U.S., possibly that have international exposure, but doing them a little bit more
under the radar, so you’re not buying the really big names that media tend to send retail
investors to, but buying a basket approach of smaller businesses that, as Shannon said,
have a good underlying business, you really understand what they’re doing in the industry,
and that you can hold for the long term. Jones: Yeah. And I would even add on the
U.S. front, yes, it is illegal on the federal level; but thanks to the 2018 Farm Bill, now
hemp-derived CBD, for instance, is now legal. I’m sure everybody’s heard about the CBD craze,
but there are companies that are offering hemp-based CBD products already. Even though
it’s illegal, there still is a pathway in which investors can participate in this boom.
Hill: I’m glad you mentioned CBD. There are a lot of startup companies in this space.
We’ve also seen some of the biggest, best-known consumer brands on their quarterly conference
calls say essentially, “Yeah, we’re absolutely taking a look at this. We’re thinking about
investing in this space.” I’m thinking primarily of Coca-Cola, Pepsi, a lot of consumer brands.
Shannon, I’m assuming we’re seeing the same thing when it comes to big healthcare companies
as well. Is that maybe a safer way for investors to invest in the marijuana boom?
Jones: Yeah. I think it’s a way to invest right here and right now, for sure. Safe,
I would put a question mark. The jury’s still out in terms of the safety of CBD in general.
The FDA actually just had a hearing just a few days ago, really digging into, like,
we need to see data, we need to actually see what CBD’s effects are, how it interacts with
other medications. So, in many ways, it’s an opportunity to invest in this space.
But in terms of safety, that can be a question mark. I think you’re going to see a lot of
players entering the space, which means it’s going to get very, very competitive very quickly.
So I think really, from a CBD aspect, you’re going to want to look for companies that have
very strong brand strength, have a focus on quality, that’s going to be another huge key.
I think another differentiator in terms of CBD, and even just marijuana in general,
is onset and offset as well. How quickly do people actually feel the effects? I think this is
a huge opportunity for not just CBD companies, but for marijuana companies as well.
Hill: Last thing before we get to the individual stocks I know you guys are going to talk about,
Emily, there are some people, regardless of industry, they look at small companies,
and part of their thesis for buying it is, “I think some bigger company’s going to buy them.”
Is that a reason to invest in marijuana companies, smaller ones? Or do you think, look, you want
to focus on the business, and if they get bought out, well, better for you?
Flippen: I tend to think the latter. I will admit that the former does have some merit,
especially when you’re looking at a fragmented industry. But when I buy a company, I want
to know that I’m holding it because I believe in the underlying business. We’ve already seen
large acquisitions happen in the marijuana space. They’re happening at huge premiums.
That’s wonderful if you’re a holder of one of those companies that gets acquired at a
premium, but it can be better suites, especially if you believe in the underlying business.
Sometimes that company that’s acquiring it may not have such a great business.
So then, you’re forced into the question of, what I do with my shares then?
Alternatively, we don’t know how long people are going to be continued to be bought out
at really high premiums. Like I mentioned, companies want to get exposure because they
see it as an emerging industry. Once legalization — I do believe it’s going to happen in the
U.S. sooner rather than later — once legalization happens in the United States, the question is,
does the bubble burst then? Are the growth, glory days over? And now we’re looking at
the core underlying businesses. And you don’t want to be holding a company that has a really
poor underlying business when that happens, just based off the premise that maybe it’ll
get bought out. So, I tend to be on the side of the latter, and think I’d really like to
understand my business, have a strong investing thesis before purchasing any company.
Hill: Alright, we’ve got a lot of questions that are already coming in from folks who
are watching. We’ll get to those questions in just a second. Shannon, let me start with you.
What is one marijuana stock that people should very strongly consider
putting on their watch list? Jones: One stock I’ve been talking about,
something that Emily and I, a company we’ve been watching for a while, continuing on with
this CBD theme, that company is Charlotte’s Web. Not the pig, as Chris
pointed out to me earlier. Hill: Beloved children’s book.
Jones: [laughs] No. Charlotte’s Web is a company that I think right now probably has
the strongest brand recognition across all the CBD players. They are the No. 1 company
when it comes to CBD. They manufacture hemp oil, they do capsules, topical products as well.
They are really the huge benefactor of that 2018 Farm Bill. You actually saw their
retail stores go from 3,600 at the end of December, now they have over 6,000 retail
stores where their products are being sold. That’s monstrous growth for them. About half
of their sales are coming from e-commerce as well, which is huge, especially as we continue
to watch margins, which is key for profitability. They’re aiming for about 111% growth in sales
in 2019, another 120% in 2020. Gross margins north of 70% currently, and they’ve got a
forward P/E ratio of less than 20, which is almost unheard of at this point. So I think
a company like Charlotte’s Web, they have tremendous market share right now. I think
the question will be, can they hold on to that market share as more players enter the
space? I tend to believe that they can, just because they were first out of the gate,
and they have a really compelling story. The name behind this company, Charlotte’s Web,
was about a little girl who had seizures, over I think 300 a week. It was only once she started
taking their product that she started to not only get better, but dramatically improved.
So this is a company that I can rally behind, that I think offers a huge
benefit to society as well. Hill: All right. Emily, what about you?
Flippen: This is going to be a little bit of an oddball, I think, for a lot of people
listening, but it’s actually Constellation Brands. Now, this is the beer/ wine/ spirits
producer here in the U.S. They make Modelo beers, Corona. A lot of people who maybe aren’t
familiar with the industry might be thinking, OK, why? Why would I invest in Constellation
Brands? Constellation Brands actually picked up a 10% stake in 2017 of a company called
Canopy Growth. It’s traded under the ticker TSX: WEED, so they do have the weed ticker,
highly coveted. They’re a Canadian producer of recreational cannabis. Further rounds of
investment have increased Constellation’s brand to above 35% stake. They own a pretty
large percentage of this company. And it’s interesting because we actually really like
Canopy Growth’s positioning in the market. They are by far the industry leader in terms
of production capacity. They have access to international markets, which is huge for this
space. And we think it’s possible that Canopy Growth will actually turn out to be a long-term
leader, but we’re not sure if that will actually make it a good investment. They have a really
interesting deal with Acreage Holdings actually here in the U.S. that if cannabis is legalized federally
in the U.S., they can buy out Acreage Holdings, which would really give them a leg up.
However, in order to keep sustaining themselves until something like this happens, until they’re
profitable, they’re really going through a lot of rounds of shareholder dilution.
They’re raising money by issuing more shares. This means that even if you really like
Canopy Growth’s business, it could actually be a really bad investment for you.
Meanwhile, you can buy Constellation Brands not only at a much more reasonable valuation,
but Constellation Brands, over the same period that Canopy Growth has increased their share
count 78%, they’ve actually decreased theirs 5%. And, they have a strong, steady cash flow
business, they pay dividends, and they have direct exposure. It’s not the most glamorous
investment for people who are looking to get into a producer. Maybe it doesn’t sound
very fun and attractive. But it’s actually, in my opinion, a much better buy if you’re looking
for this Canadian distributor-producer exposure. They have that direct exposure, but they have
a strong underlying business to complement it. Hill: All right, a couple of stocks for your watch list. Plus, you can get the free report,
just click the link below or you can go to fool.com/mj and we will e-mail you that report.
Let’s get to the questions that are pouring in. First, from Mr. Carroll, who asks,
“Do any of the cannabis companies pay dividends? Should they be paying dividends?” I’d be surprised.
Flippen: Constellation Brands. Constellation Brands pays a great dividend. If you’re looking
for a dividend play, that’s your play. There’s really no cannabis players right now that
have any sort of free cash flow potential, so they’re not returning that shareholder
value. In fact, the majority of the companies that you’ll find in the market today are diluting
shareholder value by issuing more shares to raise money. So they’re really not giving
very much back. I think if you want dividends, like I said, Constellation Brands
is a wonderful way to do that. Jones: And I think for a lot of these companies,
because they are ramping up production, because they are investing in R&D, really should not
be paying dividends for where they’re at in terms of their tenure as a company.
That would be much, much longer-term, I think. Hill: A couple of people asking, what are
your thoughts on some of the penny stocks in the marijuana space?
Safe to say we’re not fans as a group? Jones: Avoid. Avoid like the plague. Now,
the allure of penny stocks — this is a question I know I get a lot — the allure is there.
The potential to double or triple or quadruple in share price is certainly there. The problem
with penny stocks — and this even extends beyond the marijuana space — is that oftentimes,
these are companies with very limited operating history. There’s a ton more risk. It can take
a small tweak from like a headline that gets published to send the share price skyrocketing,
and the same holds true when something goes wrong. So I think the risk is double, if not
triple, for a lot of penny stocks. I’d say avoid these. Don’t worry so much about the
per-share price. Look for good businesses. Look at the fundamentals. Look to see,
is this a company that is worth investing for the next three to five years? I guarantee
you, if it’s a penny stock, nine out of 10 times, it’s probably not.
Hill: Chris asks, “Do you see any good marijuana ETF recommendations? An ETF could be
a way to instantly diversify.” In general, ETFs are a good way to diversify right out of the
gate. But it seems like if folks are following the basket approach you talked
about, then who needs an ETF? Jones: Yeah, I’d say, for me, do a basket,
choose a handful of stocks. I believe there is an ETF out there right now, MJ is the symbol,
that if you are maybe a little hesitant to go ahead and pull the trigger on a couple
of stocks, that could be a way to enter the space and get some exposure.
Flippen: And I’ll just add that a lot of these ETFs are market-weighted, which means
that they’re going to buy the largest companies in proportionate ways to how large they are
in the market. You’ll notice that Canopy Growth, which you already mentioned, huge, big-time
producer. They’re likely to hold more shares of Canopy Growth than they are of something like
Charlotte’s Web. When Canopy Growth underperforms — which it has, by the way — it’s more likely
that that ETF is going to underperform. I think ETFs are a great way. I would recommend
buying a marijuana ETF if you want exposure over trying to buy companies like Tilray and
Canopy Growth outright — companies that are really overvalued, have a direct exposure
without making a good basket or giving yourself ancillary plays. But I do like the idea of
picking a smaller portfolio, let’s say 15 stocks, 10 to 15 companies that you really
believe in, that you’re going to hold over the long term. This is going to have lower
churn, probably better-quality companies, and you’re not going to be sitting there wondering
why your ETF has lost 20% because the marijuana industry is down. You understand the
companies that you’re holding in your portfolio. Hill: You mentioned Tilray. A couple of people
asking about, what happened with Tilray, and what lessons can investors draw from that?
It seems like at least one of the lessons is, diversify outside of just one single company.
Jones: Absolutely! Tilray, a very interesting stock to watch. But I think really, the big
story is just that its valuation has gotten way ahead of its actual prospects. Especially
compared to some of the other larger players like Canopy and Aurora. I just think overall,
this is a company that still has more question marks than it does answers. For me, it’s just
not compelling, especially at the valuation it currently is at.
Flippen: If you’re an investor and you really like Tilray, let’s say, and you’re interested
in getting Tilray exposure, look to other avenues as well. Like Shannon mentioned, this
is a company that is really overvalued. The reason why you’ve seen the giant pullback
is because the valuation at no point it makes sense for Tilray. So, look at ancillary plays.
I know a company that we’re a big fan of is EnWave. EnWave actually produces the machines
that Tilray uses to dry out their marijuana products. So, hey, there’s your Tilray exposure! Much better
company, much more stable operating history, has some other products which diversify
its line, and we think it’s a better investment. Hill: Meghan asks, “What do you guys think
of marijuana beverage stocks or companies that specialize in edible products?”
Flippen: We haven’t seen a market for it yet, which, personally, I’m excited by. I
know Shannon tends to be a little bit more hesitant because, like we said, we haven’t
seen the market for it. But Canada is expected later this year to legalize the production
of edibles and cannabis-infused beverages, and we’ve seen a lot of people
start to invest in this space. That being said, the projections for how big
of a market this are very wide. Some people, some companies, even, saying, “We’re much
more interested in investing in just the pure recreational product than we are in producing
marijuana-based products.” Other people, we’ve seen Anheuser Busch do these investments.
They believe that there’s a potential for cannabis-infused beverages over just pure-plays.
Personally, I think it’s exciting. I think we have a great opportunity to watch how it
plays out in Canada, too. We’ll know the answer to that later this year.
Jones: Yeah. And some companies are now starting to step back from the beverage conversation
only because the regulatory framework is still so murky, particularly here in the U.S.
So a lot of companies that were kind of jumping at the bit to get into the beverage space
are starting to step back, just until it becomes more clear, how is this going to be regulated,
what does that look like? So for me, I’d want to see the regulatory framework first before
I go and pursue specifically the cannabis-infused beverage route. It is very interesting,
very intriguing. I think from an edibles perspective, Emily mentioned legalization happening in Canada.
You already see companies like OrganiGram is already starting to invest, I think like
$15 million into a production line just for chocolates. So I think the opportunity is there.
But I think until we get more clarity, particularly here in the U.S., about where’s
that oversight going to come from, how much CBD and how much THC can actually be in that
— THC being the psychoactive ingredient for cannabis — until we get more clarity on that,
I would be willing to wait on the sidelines. Hill: You just touched on something that we’ve
gotten a few questions around. Look, for people who are interested in this industry,
what should they be watching in terms of… maybe not red flags, but green flags, if you will?
Should we be looking for FDA approval? Should we be looking for legalization state by state?
What are the things that you two watch? Jones: Definitely legalization is huge.
That’s a huge catalyst. This is where you see companies like Canopy trying to get ahead of the curve
and go ahead and cement the U.S. pathway with this Acreage Holdings deal. Legalization
is key. Edible legalization potentially coming in October of this year is key. Another thing
that I think investors really need to watch is banking reform. Right now, a lot of these
marijuana companies here in the U.S. basically have to transact in cash. They’re paying taxes
in cash because it’s still illegal on the federal level. There’s a bill right now,
the Safe Banking Act, that is slowly making its way through Congress. That could dramatically
transform the landscape of the U.S. Basically, it makes sure that banks aren’t punished for
doing business with these companies. So, that; also, FDA approvals.
We saw GW Pharmaceuticals get their approval last year for Epidiolex for epilepsy. That’s huge. The more that you
can see happening on the regulatory front — and I think even when it comes to legalization,
I think you’re going to see more of the federal government deferring to states in many ways
— the more that you can see the regulatory framework taking shape, the better.
Hill: Yu asks, “Are there any cannabis brands that are owned by tobacco companies?”
Flippen: We’ve seen tobacco investing a lot in cannabis. It’s an interesting play, for sure.
I think personally, a lot of our investors are hesitant to go the tobacco route,
just because the reason why tobacco is investing is because of a dying demand for their own
products. So, vs. something like Constellation Brands, which has a strong underlying business
— they have good beer, good wine, good spirits business, and they’re investing because they
see opportunities — tobacco brands are investing as a last means of reaching for something
that can save their underlying product line. So, I think we’re going to see continued investment
from tobacco into cannabis. But I also think as a result, we’re probably going to see a
growing black market for cannabis, as these investments continue to push up the prices.
Jones: Yeah. I think Altria-Cronos has a partnership. That’s really interesting, even
from a regulatory perspective, again, because you saw how the FDA came down on Juul,
which is the e-cigarette, and youth. I think that’s really going to shape how the FDA and how
the federal government deals with CBD and a lot of these edibles too. They have come
out and said, “We are actually going to try to get ahead of this rather than try to come
back around.” For listeners, for e-cigarettes, the FDA was like, “This is a safer alternative.
We think this could work.” Unfortunately, it got into the hands of youth. So, I think
there’s a lot of hesitation when it comes to cigarette makers in this space
just to see what happens long-term. Hill: Luis asks, “What is the pharmaceutical
industry’s play in all this? Are they looking to partner up or attack the
medical cannabis industry?” Jones: I’d say right now, partner.
Until you see legalization happen on the federal level, I think they’re taking a step back
on the sidelines. Novartis, of course, has partnered with one of the major brands,
I think it’s Tilray, to start research. I think they will start to dip their toes, but again,
it comes down to regulatory clarity and oversight and figuring out, what does this look like.
I mean, there are over 100 different cannabinoids within the cannabis plant itself. Really,
all the focus has been on CBD and THC. But all the others, there is some evidence
that the way they interact could potentially, for example, heighten the effects of certain medications.
I think there’s an opportunity within the pharmaceutical industry itself to take some
of these existing drugs, see if there’s some other cannabinoids that can be partnered,
to potentially make the drug work better. We’re still very early on in this.
Hill: At The Motley Fool, we like to look not just what is the hot trend right now;
we like to look 10, 20, 30 years out. When you look at this industry,
do you see that type of timeline? Flippen: Without a doubt. That’s actually
what makes me so excited to be an analyst on our marijuana service. I came in with very
strong preconceived notions about what it meant to invest in marijuana and — not to,
again, throw crypto under the bus — I thought about it very much in the context of the hype
cycle. I was like, “This is something that is really overhyped. People are getting invested
into it and they’re not knowing what they’re doing, they’re going to lose a lot of money,
they’re going to lose their shirt.” And then, as I learned about the industry, while there
are definitely opportunities for people to lose their shirts, I realized, you know what
makes this different than investing in crypto? It’s that the underlying demand is there.
It’s a product with a differentiated structure. Think about beer brands. You don’t just have
one type of beer. There’s lots of different types of beer. People have
preferences for different types of beer. Jones: Craft beers.
Flippen: Craft beers, exactly. The cannabis industry is exactly the same. The demand that
we’re seeing both in Canada and the U.S., internationally, recreationally, and medicinally,
that to me makes me really excited to invest in this space, especially if you take that
long-term approach, because I know five, 10 years out in the future, demand for cannabis,
demand for hemp, CBD, THC, it’s not going anywhere. Jones: Totally agree.
I, like Emily, was the same. I was a huge skeptic of the marijuana
industry in general. It wasn’t until I really started digging into the medicinal properties
and the value that’s there. I mean, I’ve heard about it anecdotally, but it really wasn’t
until GW Pharmaceuticals, made it through the approval finish line and I saw the impact
that it was having on all these young kids that suffered from epilepsy. So for me,
do I think there’s a long-term future? Absolutely, and I think we’re only getting started.
Hill: Well, and this is something that’s anecdotal, but I feel like it plays right into this,
and I know you’re a big NFL fan, but if you’re a sports fan, and you look at
professional sports in America, the major sports — I’m thinking primarily of the NFL and
the NBA — the way the leagues have essentially backed off of pretty hard stances with respect
to marijuana, marijuana testing, particularly in the NFL, more players, current and former
players, coming out and saying, “Yeah, actually, this was so much better for me from a pain
management standpoint than popping pills.” Jones: Exactly! You bring up a great point, Chris.
I know we’ve talked about this a little bit, but the opioid epidemic right now. Right
now, it’s killing, I believe, 40 some people a day. When you factor in heroin, you’re talking
to another 80. Not just from a player standpoint, but just from pain management alone,
it’s a huge opportunity. I think a lot of these professional leagues are going to have to
change their stance and their drug policy when it comes to marijuana, especially as
more research comes out to show not only is this helping, but this is
also saving lives potentially, too. Hill: All right, two more questions before we wrap
up here. TLaw asks, “How does Scotts Miracle Gro factor into this? Do they have
enough exposure to really matter?” I mean, they’re sort of the go-to brand
when you’re looking at helping plants grow. Flippen: I have a couple of thoughts on that,
the first being similar to what I said about tobacco — this is a last-ditch effort for
Scotts Miracle Gro. Their underlying business was declining. The marijuana industry for
them gave them that last breath of hope. I prefer other ways to invest in this space.
Additionally, I think we’re going to see changes in the way that marijuana is cultivated,
and I don’t think Scotts Miracle Gro is going to be honestly that vital moving forward.
I’m not a huge fan of it as an investment. I think it’s gotten a big valuation pump because
of the hype, but I think if cannabis doesn’t pan out for them, their business
was dying in the first place. Hill: Alright, last question from Fred, who asks,
“With all of this talk, should I invest in Cheetos?” Jones: Load up on Cheetos! Flippen: You should invest in Cheetos just
because of how much Cheetos I consume. I could personally keep them afloat.
Hill: Cheetos, part of the Frito-Lay brand, I think. You’re welcome, Pepsi shareholders!
All right. Shannon Jones, Emily Flippen, thank you so much for [coming on]! Thank you so
much for watching! Give us a thumbs up. Please subscribe. Please tell your friends. We do
these live Q&As every now and then, and we love it when we get questions from you.
From everyone here at The Motley Fool, I’m Chris Hill. Thanks for watching!
We’ll see you next time!