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These 2 Stocks have UNLIMITED UPSIDE‼️ — Transcript

by Jeremy Lefebvre Makes Money · 7,531 words · 1,105 segments · language en · Watch on YouTube

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0:00You got to be flipping my flapjacks. We
0:02got a lot to get into in this video here
0:03today. So yesterday on the main channel,
0:06I released this 57minute video talked
0:08about a whole host of subjects. But I
0:10started out that video and I was
0:12explaining how it's ridiculous how
0:15people can feel bad about their
0:17portfolios in a short-term time frame
0:19because it went up to a certain level
0:21and it dropped a bit and they're all sad
0:23and depressed about their portfolio.
0:25Right? And I was talking about the
0:26public count and I was talking about how
0:28the public count 3 weeks ago was 5.2
0:30million and as of yesterday it dropped
0:32down to 4.9 million, right? And so it
0:34lost like a4 million roughly of value in
0:36like 3 weeks, right? And I was like, you
0:38could focus on that or you could focus
0:41on, you know, the fact that the public
0:43accounts gained $3.5 million of value
0:45over the past 3 years, right? And the
0:48other thing I really wanted to bring out
0:50as a point is if you get a drop like
0:52that in your portfolio in a short period
0:54of time, just understand it can work the
0:57other way as well. And I think today was
0:59a perfect example of that. Look at the
1:00public count today. AMD AMD, that stock
1:05was up $74,000
1:08just in the public count alone. Today,
1:11SoFi had a huge day. That's a smaller
1:13position. That's a pretty small position
1:14in the public account. And that was
1:16still a $10,000 plus dollar move in the
1:18public account today, right? So, just
1:21understand it works both ways in this
1:23game. Okay, we got a lot to go through
1:25in this video here today. Okay, first
1:27off, SoFi, we're going to talk SoFi
1:29here. Stock made a huge move. We'll talk
1:31about what's going on there. We'll talk
1:33about if that stock's an opportunity. I
1:35want to react to this interview uh of
1:37the SoFi CEO, Anthony Nodo, as well.
1:40Okay, once we get done going through
1:41that, the Cheesecake Factory just
1:43reported shocking results. And I mean
1:46absolutely shocking results. I want to
1:48talk about this if this stock's an
1:50opportunity, if it's a time to cash out
1:52of this stock. Um, obviously it's had a
1:54huge run and I'll explain also the
1:56biggest thing uh that matters the most
1:58for this stock. Okay, Robin Hood. Robin
2:00Hood stocks going down significantly.
2:03Uh, we'll talk about Robin Hood and if
2:04there's a great opportunity in Robin
2:07Hood stock now at this point in time.
2:09And then the last thing I want to do in
2:10this video here today is uh go ahead and
2:12react to Mike Wilson talking about
2:14clearing events over the next few weeks
2:16and that they're going to provide an
2:18amazing buying opportunity in this
2:20market. And so I want to share my
2:21opinions and perspectives on that one.
2:24Busy action-packed video. We got a lot
2:25to go through. I just need one thing
2:26from you guys. If you could just smash
2:28that like button if you haven't already
2:29done so. That's all I need from you.
2:31Also, make sure you're subscribed to the
2:32channel. We are at um I don't know how
2:35many subscribers now, but it's an
2:36all-time high and I appreciate each and
2:38every one of you for being here. Pin a
2:39comment down there today. The thousandx
2:41sales coming up here in a few days. That
2:43is our last sale on any product in 2026.
2:48So, if you want access to the last deal
2:50of the year, 4,000X, that will be the
2:53pinned comment down there. Click on
2:54that, put in your name and or your email
2:56or phone number, and we'll send over the
2:58deal when it does drop. And it's a
3:00Halloween special. Okay. All righty,
3:02guys. Uh, let's go ahead. Let's get
3:04rolling here. Hey, listen.
3:08Cheers, SoFi shareholders. Um, amazing.
3:11I mean, these results were just just
3:15insane. Adjusted net revenue up 44% to a
3:18record 1.4 billion. Adjusted Ebida up
3:2170% to a record $470 million. Adjusted
3:25net income of 243 mil, EPS of 18. member
3:30growth up 35% to a record now they're up
3:3217.1 million members. What do I keep
3:35telling you guys? I keep telling you the
3:37big banks better watch out, man. I'm not
3:40I'm not kidding. If I was a big bank, I
3:44would be a little worried because SoFi
3:48is common for, you know, the the future
3:51generations and they're going to take
3:53massive market share. And uh when you're
3:56talking about 17.1 million members now,
4:00Listen, you know, all these big old
4:03school banks, all these old financial
4:05institutions, whether we're talking
4:06Chase, Bank of America, Wells Fargo, go
4:09through that whole list to them, right?
4:11These guys are are are very successful
4:14because they attracted the baby boomer
4:16generation, right? And maybe Gen X to a
4:19certain extent. Um, and that's why the
4:21those banks became massive financial
4:23institutions with market caps 100
4:25billion or hundreds of billions, right?
4:27Great. uh what happens that the younger
4:31generations are going to SoFi and
4:33they're creating SoFi as their financial
4:36institution and what's going to happen
4:38when you know baby boomers eventually
4:41right uh pass on and pass down that
4:43wealth and a company like Sofa is going
4:46to be the most well position to benefit
4:48from that right and so I'm like you know
4:53a lot of baby boomers are now retiring
4:55right and so that income income coming
4:58in that used to come in is not going to
5:01be coming in here in the next few years
5:03because all these baby boomers are all
5:05starting to retire, right? Have already
5:07started or will be retiring in the next
5:085 10 years. Meanwhile, SoFi is
5:10attracting all the younger generation
5:12that's all, you know, now working,
5:13right? And building up their net worths
5:15and so I'm just seeing the writing on
5:17the wall and I just see that like based
5:20upon the math, SoFi has positioned
5:22themselves to become a financial giant.
5:25Like if you look out a decade, as long
5:27as Anthony Notto doesn't ever overlever
5:29the company and they can get through any
5:31future recessions, if you look out a
5:33decade from now, SOA is going to be one
5:35of the biggest financial institutions in
5:36the world. Like it's unbelievable what
5:39they're accomplishing here, right?
5:40Product growth up 44% to 26.7 million
5:44products. So they're basically they're
5:46selling now multiple products or you
5:49know offering multiple products and to
5:51members and members are going ahead and
5:53using those products, right? They raised
5:55their 2026 guidance to 5.04 billion of
5:58adjusted net revenue, 1.66 billion of
6:01adjusted Ebidaw. They introduced their
6:042027 outlook of $6.4 billion of adjusted
6:07net revenue and $2.24 billion of
6:10adjusted Ebida, 90 cents of EPS.
6:14Crazy, man. I mean, these numbers are
6:16just a banger. So, as far as the graded
6:19income statement, here's what I graded
6:21at, and I posted this inside the private
6:23group. Look at that perfection.
6:27Oh my gosh, that's what we call an A+.
6:30Okay, so total interest income was up
6:3451%.
6:36Total interest expense up 35%. So that's
6:39going to be good for us. So NII, one of
6:42the most important things you can ever
6:43look at for a financial institution, net
6:44interest income was up 59%
6:46year-over-year.
6:48Total net revenue is up 44%. Total
6:51non-interest income was not as
6:54impressive but still impressive, right?
6:5521%. So total net revenues is up 44%.
6:59Uh provision for credit losses, they
7:01raised that quite significantly, right?
7:03That was up 60% for the company
7:05year-over-year. Technology and product
7:07development up 18%, way less in revenue.
7:10Right now sales and marketing, that was
7:12a really high line item there. That was
7:1355% growth. So that one outstripped
7:16revenue. But I mean, you know, sales and
7:19marketing, I mean, it's working. Like,
7:22they're just attracting massive amounts
7:24of members and at the end of the day,
7:26it's adding up to big numbers. So, you
7:29know, although it's I it's a red because
7:32the numbers higher as a percent than
7:33total net revenues, I got to say, man,
7:36they're winning. They're winning. Cost
7:37operations up 30%. GNA only up 7%. So,
7:40total non-interest expense up 31%.
7:43Income before income taxes up 114%. net
7:46income. So they had a bit big bit
7:48massive income tax expense here that
7:50they didn't really have in the same
7:51court last year. So do keep that in
7:52mind. 76 mil almost 77 mil versus 9 mil.
7:56A huge difference. So net income was
7:57still up an impressive 73% even with
7:59that income tax hit. EPS on a diluted
8:02basis up 64%. That's an A+ banger for
8:06SoFi. Let's go ahead and react to uh
8:08Anthony, the CEO.
8:10>> Uh quality of the beat 2027 confidence
8:14diversification beyond lending.
8:16>> Hey, do you love the reaction channel or
8:18do you love the reaction channel? Huh?
8:21>> Payment opportunity. Like there's a lot
8:22that that people like out there. And I
8:25thought we would start a conversation a
8:26little bit differently this this quarter
8:28by me asking you what you were surprised
8:30by in the performance of your own
8:32company.
8:33>> Yeah. You know, I think the big question
8:35for us going into the quarter and really
8:37the back half of the year was how
8:39effective could we be at managing the
8:42interest rate risk as rates were going
8:44higher? Would we slow down growth? Would
8:47we be able to pass on to the consumer
8:49higher interest rates on loans? And the
8:52answer to that question is definitively
8:54yes. In fact, I feel as confident now of
8:57our business performing well in a rising
9:00rate environment as I feel it would
9:02perform in a declining rate environment.
9:04And that's a testament to the technology
9:06that we have, the data that we have, and
9:08our ability to real time pass on higher
9:11benchmark rates to consumers and higher
9:13prices on loans while still driving
9:16growth in the rest of our business. Um,
9:18we mentioned on the call that we now
9:19have eight businesses that are
9:21generating $100 million of annual
9:23revenue or more. Um, 87% of our products
9:27are now non- lending products. So, we
9:29have great diversification. Um, but when
9:32there is some cyclical issues or macro
9:33issues with lending, we're able to
9:35navigate through them and still drive
9:37accelerating revenue growth. So, we grew
9:3944% year-over-year and that was driven
9:42by 35% member growth. And we're at the
9:45point now where we're driving member
9:47growth, but we're also driving more
9:49products per member, which allowed our
9:51products to grow 44%. So you can see the
9:54symmetry between 44% growth in products,
9:5644% growth in revenue. The business is a
9:59lot easier to understand when you think
10:00about it on those terms and then factor
10:03in can we handle economic uncertainty um
10:06to make sure that we're driving that
10:07product growth and revenue for product
10:09and that's what we're able to do in the
10:10quarter. Well, case in point,
10:12operationally, um, lending is still
10:14growing strongly. You know, I I see that
10:17revenue grew 44%. Adjusted EBID grew
10:1970%. And so, I think a lot of people
10:22this morning are thinking, you know, how
10:24much more operating leverage is left for
10:26you in the business if you if you're you
10:28things are going well, right, Anthony?
10:30But how much more you can squeeze out of
10:31that?
10:32>> Yeah, we think our EBA margins can
10:35increase over time to as high as 40% or
10:38more. and that our net income margin
10:39which was 17% this quarter uh would
10:42range between 20 and 30% likely to the
10:45higher end of that. Um we're going to
10:47focus on making sure we deliver 30%
10:49incremental net income margin so we can
10:51reinvest the other 70 cents in
10:53additional growth drivers. We set an
10:55objective to get to 100 million product
11:00>> 30 which is a increase from where we are
11:02today at 27 million. It's a very
11:05aspirational goal. It's not easy to get
11:07to, but it's definitely achievable. If
11:09we can drive that 4x increase in
11:10products, it doesn't take that big of an
11:12imagination to see a 4x increase in
11:14earnings from the 61 cents we're at
11:16today in 2026.
11:18You know, in addition to that, we laid
11:19out that not only do we have the eight
11:21businesses that are greater than $100
11:23million of revenue. Our goal by 2030 is
11:26to have five businesses that are greater
11:28than a billion dollars. Another five
11:31businesses that are greater than 500
11:33million and a final five businesses that
11:35are greater than 100 million. So we're
11:37going to continue to focus on members
11:38more products per member and revenue per
11:40product. But that's how it should stake
11:42out from a business standpoint. Thank
11:44you for taking us to 2030 because I want
11:47to ask you a much bigger picture
11:48longerterm question which is about AI
11:50agents and whether you genuinely believe
11:53this is a technology question. You
11:55genuinely believe we end up in a world
11:58where AI agents move money and make
12:01purchases on behalf of of SoFi customers
12:04and and that is a business for you.
12:06I think we can definitely end up in a
12:08world where AI agents find the best
12:10deals, the best interest rates on
12:12checking and savings, the best interest
12:14rates on loans, the best services, etc.
12:17Um, SoFi is going to win in that world.
12:19We are we have a superior value
12:21proposition and we have a unique
12:23competitive advantage. the breadth of
12:25our products and each one of them having
12:27superior unit economics gives us a
12:29higher lifetime value and that higher
12:31lifetime value allows us to offer the
12:33consumer better interest rates on on
12:35loans and better interest rates on
12:37checking and savings and other services.
12:39So AI I think is going to increase
12:41transparency of what's available. I
12:43think when we're on that shelf we'll
12:45look better than anyone else. It'll
12:47increase the awareness of SoFi, which is
12:49a limiting factor in what we grow, which
12:50is why
12:53we have to continue to spend on
12:54marketing. Um, and so I think in a AI
12:56world would definitely compare better
12:58than anyone else. Do do I think AI
13:00agents will start to make payments? Yes.
13:03There are companies that provide
13:04automatic payments today, automatic
13:06trading today. If you go on SoFi today,
13:08you can set up bill pay, you can set up
13:09recurring investments. They're being
13:11done by machines. It's not super
13:12intelligence. It's linear intelligence.
13:14But
13:16>> uh you can do it with linear
13:17intelligence. You can do it with agent
13:20intelligence. It really comes down to
13:22whether or not the consumer, the member
13:24is willing to do that. I think a brand
13:26like SoFi, who's a trusted brand,
13:29provides FDIC insurance as a national
13:32bank um and a fed bank [clears throat]
13:33holding company has a better chance of
13:35building that trust and reliability with
13:38consumers than any other technology
13:39company or financial service. So before
13:41we uh move on to cake and move on to
13:44Hood and if those are stocks or
13:46opportunities and other subjects, you
13:48know, let's finish out here with SoFi.
13:50Is SoFi still a great buy even after
13:54being up huge today? And the answer in
13:57my opinion is without a question.
14:02Yes, without a question. Um you know,
14:05stock traded up big to what $16. That's
14:09still down 50% from all-time highs. Like
14:12this stock is still a steel deal. Steel
14:15deal. And the other thing you got to
14:16understand about SoFi is it has a
14:18fundamental massive advantage against
14:20traditional competitors, right? The
14:22traditional competitors have
14:24[clears throat] massive fixed costs with
14:26their businesses with these branches and
14:29uh the way they've done their business
14:30models over the years, right? The ATM
14:33machines and all that sort of stuff,
14:34right? So doesn't have to deal with any
14:36of that. SoFi is asset light. You don't
14:38see a sofi branch on every corner.
14:40That's not how it works, right? And that
14:42was very important like the whole branch
14:44strategy and trying to be on every
14:46corner in United States of America and
14:48if you went and did business
14:50international, right? And having an ATM
14:52machine everywhere. The previous
14:54generation that was extremely important.
14:57You know, people like to actually go to
14:59the bank and do their banking at an
15:01actual bank, right? Like think about my
15:04parents, right? Baby boomer generation.
15:06They would go to the actual bank and
15:09deposit checks, right, and and do those
15:11sorts of things. And they would go
15:12through the drive-thru of the bank and
15:14sometimes they stop at the ATM machine
15:16to get cash and these sorts of things.
15:18There was insanely important old school,
15:21right? It's just not important to the
15:23younger generations and it's going to
15:25become even less important as time ticks
15:27on here. And so doesn't have to worry
15:30about all that. So they'll remain asset
15:32light, right? And uh that's going to
15:34give them a huge margin advantage long
15:36term which they can pour into what?
15:38Sales and marketing, right? And uh get
15:41even more customers, more customers,
15:43more customers. So, and uh they're the
15:46most well positioned to really focus on
15:48banking related stuff, loans and
15:51checking accounts, savings accounts,
15:53things like that. Right? Somebody, you
15:55know, if I look at uh you know, the
15:57other company that's super successful
15:59that's a fintechy type company is H.
16:02We're going to talk about them in just a
16:03moment. Robin Hood, right? Robin Hood's
16:06much more focused on the investment side
16:08of things as well as prediction markets,
16:10right? Um they're not nearly as focused
16:12on, you know, being a bank, right? And
16:16going to give you a auto loan or a home
16:18loan or be able to outsource you to
16:19somebody or do an insurance for you or
16:22or checking account, savings accounts.
16:24Like that's just Robin Hood's kind of
16:26playing a little bit of a different game
16:27there, right? And soi and Robin Hood can
16:29compete in many areas but their focuses
16:31are are a little different right no
16:33different than you know if I look at
16:35SoFi SoFi wants you to buy Bitcoin
16:39through it and trade and also wants you
16:41to buy stocks through it but that's not
16:42really their main focus right that's
16:44like an additional product and service
16:48offering they have stock is still a huge
16:50buy okaycake factory let me be very
16:53clear about this cheesecake factory
16:56shocking
16:58shocking results from cake. Like me as a
17:02bull, you guys know I've been speaking
17:03about the stock for years. I'm in shock
17:07by the numbers. Look at this. Comparable
17:11restaurant sales at the Cheesecake
17:13Factory restaurants increased 15.2%
17:17year-over-year.
17:19What? What?
17:2215.2%.
17:24This is ridiculous. We delivered an
17:26exceptional third quarter generating
17:28record quarterly revenue with margins
17:30and earnings also exceeding our
17:32expectations says David David Overton
17:34the CEO of the company. The cheesecake
17:36factory restaurants led our performance
17:38with comparable sales and traffic
17:40meaningfully outperforming the broader
17:43casual dining industry. Our experienced
17:46operators executed at a high level
17:48delivering the outstanding food quality
17:50service and hospitality to keep our
17:52guests coming back. Continued menu
17:54innovation and our rewards program and
17:57significant engagement across social
17:59media contributed to the impressive
18:01sales growth. While year-over-year
18:02improvements in labor productivity and
18:05food efficiency support uh strong
18:07profitability,
18:09Cheesecake Factory has long enjoyed
18:10tremendous brand affinity across our
18:13operations or across generations and its
18:15ability to attract younger guests
18:17reinforces the enduring appeal and
18:19relevance of our namesake concept. We
18:22remain focused on delivering the
18:24memorable dining experience. Blah blah
18:26blah. Right now, development. The
18:28company opens six new restaurants
18:30including two Cheesecake Factories, one
18:32North Italia and one Flowerchild in two
18:34F FRC uh restaurants. Subsequent two
18:37quarter end, the company opened two
18:39Flower Childs in one F FRC restaurant.
18:41The company continues to expect to open
18:43as many as 26 new restaurants in fiscal
18:462026, including as many as five
18:48cheesecake factories, eight North
18:50Italas, seven Flowerchilds, and as many
18:52as six F FRC restaurants. Now, if
18:55there's one gripe I have, if there's one
18:58um problem I have with the Cheesecake
19:01Factory, let let me just finish going
19:03through this and I'll explain to you
19:04guys um you know, my problem here. But
19:08liquidity, the company had total
19:09available liquidity of 585 million
19:12including cash balance of 243 or 249
19:15million and 336 million of availability
19:18under its revolving credit facility.
19:20Total principal debt outstanding was 575
19:23mil representing principal amount of 2%
19:25convertible senior notes due 2030. All
19:28right. So, and the company repurchased
19:32shares. So, the it was an A+ report.
19:35Revenues up 14%. Food and beverage costs
19:38fell as a percent. Labor expense fell as
19:40a percent. Other operating costs and
19:42expenses fell as a percent. GNA fell as
19:44a percent. Uh depreciation amortization
19:47fell as a percent. The one thing that
19:49was up as a percent was pre-opening
19:50costs, but that's something you want to
19:53see because you want to see more
19:54restaurants open. Total cost and
19:55expenses fell to 92.8%
19:58of revenue from 95.9%.
20:00So now income from operations came in at
20:037.2% 2% for the company. Holy smokes,
20:06that was a lot of uh pages. 7.2%. And uh
20:10income from operations was up 101%
20:13year-over-year. 101%.
20:16Year-over-year. This is a restaurant,
20:19ladies and gentlemen. We got a banger on
20:23our hands. Net income 92%
20:26growth year-over-year. And Dude EPS 80%
20:30growth year overyear. Okay, let me show
20:34you the biggest thing with the
20:36Cheesecake Factory. It's right here.
20:38This is the biggest. Flowerchild comp
20:42sales were up 11% year-over-year. That's
20:44a banger number. Now, it's not 13% like
20:46it was last quarter, but still, this is
20:47outpacing almost every other concept you
20:50could possibly imagine out there, right?
20:5111%. Comp sales are are incredible. So,
20:55if there's one complaint I have against
20:57the Cheesecake Factory, it is this.
21:00Listen,
21:02they're not opening nearly enough Flower
21:04Child locations. They need to open
21:08dramatically more Flowerchild. I mean,
21:10you know, if I had it my way, they would
21:13open, you know, 30 plus Flower Childs
21:17next year alone, right? Followed up by
21:1950 in 2028, followed up by 100 in 2029.
21:24Like, we got to get rolling here with
21:26the Flower Child. like they want to get
21:28to 800 locations, domestic locations.
21:30They're like what 50 something domestic
21:32locations is nothing. So, we got a long
21:36way to go with flower child growth. I,
21:38you know, opening seven flower childs a
21:40year is just not cutting in. We got to
21:42go way faster. I know cake loves to
21:44keep, you know, high quality and all
21:45that stuff, but we got to figure out how
21:47to do that while opening a lot more
21:49restaurants, man, because I'm just like,
21:51we're not we're not expanding nearly
21:53fast enough with Flowerchild
21:55specifically. You can't have this sort
21:57of oh sorry 700 domestic locations over
22:00time they're talking about right and
22:01right now they have 47 47 open right but
22:05you can't have this sort of banger
22:07concept with these sorts of margins
22:09right and these sorts of comps and not
22:12like go faster we got to go faster we
22:15got to go faster man [clears throat]
22:17got them. So the answer before we go
22:21into Robin Hood and before we get into
22:23other subjects here is Cheesecake
22:26Factory still an opportunity. The answer
22:29is
22:31this stock's going to 200. It's not
22:33going to 200 tomorrow, but it's going to
22:36200. Um
22:38like I very I'm very bullish on this
22:41company. We all know this. I've spoke
22:42about this company for years, right? And
22:45I have woo I have a lot of money
22:48invested in this stock. Do I have as
22:49much as I have invested in AMD? No, I
22:52don't. It's not that dramatic. Okay. Um,
22:55but it's a lot of money. Like this is 7%
22:57of the public account is Cheesecake
22:59Factory. And I was looking over some of
23:01my other portfolios before earnings came
23:02out and it it's a big position in my
23:05other portfolios as well, like my
23:06private portfolios. This stock matters
23:08to me a lot. Like it's one of my top
23:11five biggest holdings I have. Okay.
23:150% interest in selling the stock. It's
23:18way better than I thought. Way better.
23:21And I'm a big time bull on this stock. I
23:24spoke so positively about this for years
23:26and it's dramatically better than I
23:29thought it was going to be. when when
23:31when you're super bullish on a stock and
23:35that company comes in with results that
23:38are dramatically better than you had
23:40anticipated, you can do nothing other
23:43than either hold or buy because this is
23:46just a banger, man. Like, we just
23:48knocked out a ballpark with this one. We
23:50got one, man. We got one with that one.
23:52Like, holy smokes.
23:55So, any dip in that stock is a buying
23:57opportunity. Like if the stock's down
23:59tomorrow, it's a buying opportunity. If
24:00it's up tomorrow, it's a buying
24:02opportunity. Because what are you
24:03getting? You know, this company, you
24:05know, if you look at the Ford P on it,
24:07the Ford P on cake is supposed to be
24:09about 23. Well, guess what?
24:11Profitability is coming in way better
24:13than anybody anticipated. So, the
24:15forward P on cake might actually be like
24:18a 20. a 24p for a company growing
24:22revenues double-digit percentage that
24:24has two banger concepts that they're
24:26going to expand across the whole United
24:27States of America over the next decade
24:29with North Talia and Flowerchild. Never
24:32mind the other F FRC concepts and they
24:35got more cakes to build as well. They
24:37got the next 10 years of growth ahead.
24:40There's not many stocks you can buy into
24:42and be confident you've got a 10year
24:44runway of growth. Cake is one of those
24:47rare opportunities. It's a buy
24:49regardless if the stock's up down or up
24:51tomorrow. Bottom line there, the stock
24:53honestly tomorrow should be at $120.
24:56That doesn't mean it will. It could be
24:57at $102 tomorrow, but the stock should
24:59be $120 plus dollars tomorrow. That's
25:03where it deserves to be. Probably $125
25:06plus. It should be. Doesn't mean it
25:08will. I'm just saying where it should
25:09be. Okay. Next one up here, the hood.
25:12So, the hood has some really good things
25:14going for it and some shaky things.
25:16Okay. Transaction based revenues up 19%
25:19for the company. That's a solid solid
25:23number. Net interest revenues up 9% or
25:26down 9%. That was disappointing. Other
25:27revenues up 61%. They're growing that
25:30side of the business a lot. My guess is
25:32that's something with predictions
25:33markets there. Total net revenue is up
25:3512%. Solid number for cake or for cake
25:38for the hood, right? Solid number 12%.
25:41Brokerage and transaction was up 21%. So
25:43that was up much faster than revenue
25:44was. So that's not ideal. Technology and
25:47development up 7%. That's doable. 139%.
25:50Operations was up. Provision for credit
25:52losses up 173%. That was a bad number.
25:55Marketing only up 2% so they kept that
25:57very much in check. But then I'm like,
26:00should they be doing more advertising?
26:01Like
26:03I don't know, man. Like they're
26:05definitely not going heavy on marketing
26:07right now. And it's like should they be
26:08going heavier on marketing? I don't
26:10know. There's a look what SoFi is doing.
26:13So Sofi's marketing expense is up huge.
26:14Look at the numbers SoFi's putting out,
26:17right? And it's funny, people used to I
26:19remember Robin Hood investors, you know,
26:20a year or two ago, I remember just
26:23probably a year ago, Robin Hood
26:25investors used to talk a lot of trash.
26:27Why are you in SoFi? Robin Hood's where
26:30it's at. Robin Hood's the one. Oh my
26:32gosh, Robin Hood, look at the growth
26:34rates.
26:37Look how things change. Look how things
26:40change. Look at SoFi's growth rates. and
26:44then go look at your precious little
26:46Robin Hood. Okay, look how it changed,
26:49right? Nelson, SoFi's big dog on the
26:52street. So is the one with the crazy
26:54growth rates and Robin Hood's the one
26:56like 12% revenue growth. You know,
27:00SoFi's like, "Oh, we wipe you down.
27:02That's that's no problem." Right? So the
27:04other issue with the hood here is uh
27:06total operating expenses up 16% for the
27:08company year-over-year. So obviously
27:10much faster growth in expenses than
27:13revenues. Not ideal, right? Net income
27:16up down 14% for the company
27:18year-over-year. Provision for credit uh
27:20provision for income taxes hit hard.
27:22That was a 91% up number there. Net
27:24income attributable a little to Robin
27:26Hood shareholders uh 16% down
27:29year-over-year. And DUT DPS went to 51
27:32cents from 61 cents. So it was a D+
27:34report for the hood. Now that being
27:37said, we're looking at thousandx
27:38stocks.com here. Um, you know, I'm
27:40looking at the charts feature. Like, you
27:42know, the projections here are looking
27:44really good for Hood as far as
27:46continuing to build out revenues, uh,
27:48continue to build out margins over time,
27:50right? Uh, look at the EPS trend on
27:53where it's supposed to go over the next
27:55year or so, right? Uh, free cash flow
27:57and operating cash flow been a little
27:59disappointing very recently. Financial
28:01health of the company looks good, right?
28:05uh cash marketable securities and debts
28:07for the company. This looks very healthy
28:09as well. Uh no issue there in my
28:12opinion. So balance sheets fine, right?
28:15Shares outstanding. They've been keeping
28:17that pretty in check over time, right?
28:19Shareholder equity's been climbing for
28:21the company. That's something you want
28:22to see in any sort of financialish
28:24institution, right? Valuation P ratio
28:28right now is in 40s. It's not bad. Um,
28:32historical price to free cash flow a
28:36little out of whack right now. Operating
28:38income, uh, look at this. Look at what
28:40the operating loss was just a few years
28:42ago versus operating income now. Like,
28:45this is insane, right? What a
28:46turnaround. Hood's one of the most
28:48incredible turnarounds you've really
28:50seen in the past three or four years.
28:52And that's why that stock went from $7
28:54to like, you know, now it's uh, you
28:56know, even with being down huge after
28:59hours is still in the 80s, right? So
29:01it's over 10xed from the lows it was a
29:03few years ago. Return in capital
29:05allocation everything's looking good
29:06there. Capital return to shareholders
29:09has been climbing as a trend right and
29:11uh capex and research and development
29:14intensity is not much to um worry about
29:18there. So
29:21before we get into is hood to buy I just
29:23want to show you a few other features
29:25here we have 1000x so you guys can
29:27understand there's a dopamine page. just
29:29where I have all my watch list for all
29:30my different stocks. This is the search
29:33page for you can type in any ticker
29:35symbol right there and um get all your
29:38information that you possibly want for
29:40these companies. We have the compare
29:42where you can compare three companies
29:43side by side. We have our charts feature
29:46I just showed you. We have our reports
29:47where you can run an entrylevel report
29:49on a company, a hedge fund level report.
29:51So if we're trying to research Hood,
29:54right, that's the one we're talking
29:55about. We can generate an entrylevel
29:57report for Hood. Bang. It's going to
29:59give us a whole entry level report so we
30:00can understand this company on a high
30:02level and then we can generate a hedge
30:04fund level report on the hood and really
30:06go in depth here with the hood. Right?
30:08We have income statements, balance
30:09sheets, we have our projections and you
30:11can also load your projections in uh for
30:14different stocks you might have had over
30:16time and uh that's very convenient to be
30:19able to load those. Right. We also have
30:21advanced projections if you really want
30:22to go super in-depth. We have earnings,
30:25so you can listen to all these different
30:26earnings calls right through 1000X as
30:28well. We have our metrics. We have our
30:30education portion, which is incredible.
30:33Um, so let's say you want to really
30:35learn about how to perform SWAT analysis
30:37on a business. You can go very in-depth
30:39here, and it's going to explain in
30:40detail how to perform SWAT analysis on a
30:43company, strengths, weaknesses,
30:44opportunities, and threats of a company.
30:46Right? So once again, that's XX. That
30:49will be the pinned comment down there to
30:50get in for that deal. Okay. So, the
30:53hood, is it a buy? My view on the hood.
30:56If the stock's a buy, listen,
31:00it's a buy if you have a 5-year horizon.
31:03Absolutely. Uh I think this is one you
31:05buy, you keep buying on and off for, you
31:08know, the next several years. If you
31:10want to be a long-term investor of this
31:11company, I think there'll be money to be
31:13made, right?
31:15With that being said, you do have to
31:16understand
31:19you're going to likely get hood a lot
31:21lower when you go through the next stock
31:22market correction or crash, right? We're
31:25not in one of those right now. Uh but at
31:27some point in time, we could easily go
31:28through a correction or a crash in the
31:30market, right? I don't know if it's, you
31:32know, this year, next year, the year
31:34after, but probably in the next uh two
31:36years, we're going to get a major
31:37correction or crash in the market in the
31:39next 24 months at some point, right? And
31:42so just understand whenever that occurs,
31:45you're going to likely get hood for
31:47probably a lot lower than where you're
31:48at right now. But that doesn't mean it's
31:50a bad buy right now. You just got to
31:52have a long-term horizon here with the
31:54Hood. If you have a long-term horizon,
31:56you want to own it. It's a good stock to
31:58own. It's been super innovative. I don't
32:00think they'll stop innovating, and I
32:02think uh it's a very successful company
32:04for the long term. Okay. All righty.
32:06Next up here, Mike Wilson talking about
32:08there's several clearing events that are
32:10going to play out over the next few
32:11weeks that's going to provide attractive
32:12buying opportunities. This is going to
32:14be interesting
32:15>> opportunities as the market looks ahead
32:16to another leg higher in earnings
32:18growth. Mike joins us now for more.
32:20Mike, good morning.
32:21>> Good morning.
32:21>> Those clearing events were the feature
32:22of your note to start this week. You
32:24identified three of them. Can you share
32:26them with us this morning?
32:27>> Yeah. Well, first of all, maybe we get a
32:2812% bond in uh in Brazil, too. Don't
32:31don't forget about that. So what I would
32:33say is, you know, the markets have a way
32:35and part of the reason why the the
32:36people are kind of looking past is
32:37there's so much going on they can't
32:39focus. So the markets kind of grab on to
32:41what they know which is earnings are
32:42still pretty good. Rates have actually
32:44come down. It's been more steady. So
32:46that's not a bad environment to be
32:48looking to to add risk. Now the three
32:50things that we're most focused on now
32:51and in no particular order, the obvious
32:53ones are the midterm elections, which is
32:55always a clearing event. I mean,
32:56historically, it's always a good time to
32:58be adding risk into that event. Now,
33:00sometimes it could it could linger
33:01another month or so, but over the next 6
33:03to 12 months, 100% certainty going back
33:05to 1952, you you make positive returns
33:08and usually double digits. So, that's
33:09just something to keep in the back of
33:10your mind as things get wobbly, keep
33:12that in the back of your mind is you
33:14should be stepping in and adding risk.
33:15Number two, I think is is is around this
33:17idea around AI, capex, and the scarcity
33:20of capital. Okay, that one's pretty well
33:22understood, too. And I think these
33:23companies are dealing with it properly,
33:24right? So, they're doing they're doing
33:25the back and forth between equity
33:27issuance and debt issuance. Remember
33:28this whole thing started with equity and
33:30cash paying for all the spending and
33:32then they went to debt and we talked
33:34about that a year ago. We said, "Okay,
33:35now the debt thing begins. There's going
33:37to be a separation between the weaker
33:38players and the stronger players."
33:40That's happened and then the stronger
33:41players can actually issue equity. So,
33:43this is the way it's going to go. It's
33:44this ebbing and flowing back and forth.
33:46I think we're probably in the seventh or
33:47eighth inning of that digestion, but we
33:49have a lot to digest of next month.
33:50That's a clearing event as well. I think
33:51it gets done and I think then we move
33:53forward from there. And then the one I
33:55think that's not as as appreciated is
33:57the liquidity constraint. We've written
33:59about this probably more than most which
34:00is and I spent so much time doing work
34:02on this over the last couple years I've
34:03been run over. So I'm very focused on
34:05this idea that it's about supply and
34:07demand. The Fed has tightened this year.
34:10Don't forget six or seven months ago
34:11they were talking about or they you know
34:12the market was talking about them
34:13cutting rates. Okay. So now they've
34:15slowed the balance sheet growth and
34:17they've raised rates 25 basis points and
34:19they've allowed two or three or four
34:20more hikes to get priced in. that has
34:22done the tightening for the Fed.
34:24Financial conditions are now as tight as
34:26they were, okay, in 2018, also midterm
34:29election year, and you kind of know how
34:30that year ended. So, my general take is
34:33the markets are going to press the Fed
34:35and other central banks to probably add
34:37liquidity at some point between now and
34:39year end.
34:39>> So, you're looking for a correction into
34:40year end?
34:41>> No, I'm looking for more chop and I'm
34:43looking for this to resolve itself.
34:45We've been correcting. I mean, this has
34:46been one of the worst uh corrections
34:48we've seen beneath the surface since
34:50June. I think you know one thing we got
34:52right probably more than others is we
34:54identified that transition in June. Hey
34:56it's not going to be as easy here
34:58because of liquidity because of supply
35:00because the rate of change on revision
35:02breath but now the market pretty much
35:04understands that quality rotation.
35:06>> So he brings out a great point there.
35:07Okay listen there has been a correction
35:10in the market but it's beneath the
35:12surface. It's not an overall market
35:14correction like you typically get where
35:16the whole market is, you know, down 15,
35:1920%, something like that. But there's a
35:22massive amount of stocks that are not
35:24the ones that really move the S&P 500 or
35:26move the cues, right, that are down 20,
35:2930, 40, 50% this year or down 20, 30,
35:3240%, 50% from their highs they reached
35:35this year. So, yeah, he he's right on in
35:38regards to that. So you said that you
35:40expect the Fed and other central banks
35:42to add liquidity from here to the end of
35:44the year. What does that look like? Just
35:46guiding that there going to be no more.
35:47>> Which by the way, if you want to know
35:48where the best opportunities in the
35:49stock market are for buys, listen, the
35:53best buys in my opinion, riskreward for
35:56the next 36 months are not the most
35:59popular stocks. There are a lot of these
36:01beaten down stocks that people don't
36:03really talk about that have incredible
36:06upside for the next several years. And
36:09um I'm obviously buying a lot of those
36:12stocks and I talk about those stocks on
36:13this channel sometimes, but I definitely
36:14talk about them a lot on the main
36:15channel, Financial Education, right? Um
36:18because there's some banger
36:20opportunities out there that people just
36:22start missing just like they miss the
36:24cheesecake factory.
36:26>> Starting to print money again.
36:28>> Give me the new acronym. I mean, you
36:30know, we got to come up with a new
36:31acronym for adding liquidity of some
36:32kind. I don't think they're going to do
36:34it here, but what I would say is if the
36:36markets want to press them.
36:38>> Well, you said the markets will force
36:39the issue, which is why I asked you
36:40looking for a correction. What does
36:41forcing the issue look like?
36:42>> It could happen in credit markets, one
36:43in equity markets. You know, we'll see.
36:45I don't know the answer. My point is I'm
36:46trying to help our clients. I'm trying
36:48to help myself figure out how this is
36:50going to resolve itself. We're we're
36:52pretty we've been pretty well identified
36:54with this idea that we've had a quality
36:56rotation. Okay? We've had this breath
36:57deterioration. And if I look at this
36:59objectively, okay, forget about my
37:01emotion around these particular issues.
37:03We've done a lot of work. Okay, the only
37:05thing that has not happened yet is our
37:07proprietary sentiment index. We we
37:09published that this week, has not quite
37:11reached where it needs to go. Typically,
37:12that happens with some sort of a
37:14financial stress in the system. But it
37:16doesn't need to be a 20% correction. It
37:18needs to be just a final purge of that
37:20sentiment to get people to clear.
37:22>> And we have seen uh declines of that
37:24magnitude in select names, particularly
37:26in the AI related space. particularly
37:28related to earnings. I'm just wondering
37:31if we do get some sort of dovish
37:32rhetoric out of the Fed, does that make
37:35you feel this week, does that make you
37:37feel more confident about going into
37:38these AI names to go into the biggest
37:40ones?
37:40>> Well, not only AI, but general general
37:42risk takingaking for sure. So, if the
37:44Fed is proactive this week and they they
37:46kind of give us some doubbish language
37:48or indications about maybe increasing
37:51the R&P again, right? adding more
37:52liquidity because right now the balance
37:54sheet is not growing as fast as it was
37:55prior to Borch's, you know, entry. And I
37:58think if that changes, I will definitely
38:00feel like, okay, they're being
38:01proactive. They don't even need the
38:03markets to press their hands.
38:04>> So, back up the truck.
38:04>> Yeah, absolutely.
38:06>> When it comes to the midterm elections,
38:07I understand you say it should be a
38:08clearing event, but in your note, you
38:10also talk about how more investors are
38:11talking about this unknown about whether
38:13or not Trump re-engages with attacks on
38:15Iran following the midterms. In that
38:18sense, potentially. Could this be one of
38:19these off years since the 1950s that
38:22actually the market goes down?
38:24>> Well, like I said, this not every year
38:26is a is 100% guarantee you make money
38:28between the midterms and year end. It's
38:30a 6 to 12 month view. And so, yes, this
38:33could be one of those years where it
38:34lingers beyond say Thanksgiving and into
38:36the into December like it was in 2018.
38:38We think there's a very interesting
38:39analogy there.
38:40>> Hey, don't you even talk about 2018.
38:42Only I talk about what happened in 2018,
38:45mister.
38:46>> It was tightening. Marcus did press them
38:48and then they pivoted. So there's a lot
38:50of that going on. I don't know what's
38:51going to happen post midterms. There's
38:53going to be some sort of an event around
38:55whatever the president decides to do.
38:57He's he's you know said he's going to do
38:58something. Okay. I take him at his word.
39:00What I will tell you is those are always
39:02buying opportunities. Okay. So So I
39:04don't know if that's a 5% correction, a
39:067% correction, or maybe no correction.
39:09>> So listen what Mike Wilson said there,
39:11the most important thing you got to take
39:12away is it's always a buying
39:15opportunity, baby. It's always a buying
39:17opportunity. So, you got to always take
39:18advantage. You know, whether you get
39:19small corrections, large corrections,
39:21crashes in the market, always take
39:23advantage of those. They're terrible,
39:24terrible thing to waste. Okay? You know
39:26what else is a terrible thing to waste?
39:28The last sale of 2026 on any product we
39:31got out there in the marketplace in
39:32thousandx.com is the one you need access
39:34to if you don't already have it. 8,000
39:37plus people have access to,000x.com.
39:40Uh, to get in for that deal, check out
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39:46email or your phone number and we'll
39:48send over the deal when it drops on
39:49Halloween. It's a Halloween sale, folks.
39:52Okay. Hope you enjoy it. Much love and
39:54have a great

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