Buy or Sell: Roger Montgomery – Nick Scali, Megaport, NovoNordisk & more

Adam: [00:00:43] Hello and welcome or welcome back to another edition of Buy or Sell. Coming to you from the no holds bar here at Equity Mates HQ. I'm your host, Adam Kiley, widely regarded as one of the simplest minds in finance. Luckily for us, though, I'm joined by an expert. Educate me and hopefully you on how they're thinking about stocks and the stocks they're thinking about. This is not a deep dive, though. We're just going to get through as many stocks as we can in the time that we've got. And don't forget, you can follow each stock on the buy or sell tracker on the Equity Mates website. And today, I am thrilled to welcome into the no holds barred Roger Montgomery, founder and chairman of Montgomery Investment Management. Welcome, Roger. 

Roger: [00:01:24] Great to be with you, Adam. Thanks for having me on the show. 

Adam: [00:01:27] Now, Roger, it is a tradition here in the no holds bar that we start each episode by offering you a drink from our very well-stocked bar here, our signature cocktail. We have one each week. This week is a simple whisky neat with a JP Morgan chaser. I'm not entirely sure what's in the JP Morgan chaser, by the way, what can we get for you? What's your poison? Roger? 

Roger: [00:01:48] I'll have a negroni, thanks. 

Adam: [00:01:50] A Negroni. Lovely. Yeah. That's an Italian drink, if I'm not mistaken. 

Roger: [00:01:54] Isn't it. It is. Yes it is.

Adam: [00:01:56] Have you spent much time in Italy? 

Roger: [00:01:58] About to. 

Adam: [00:01:59] About to. Oh. Oh, lovely. Very good. Yeah. All right. Excellent. Hey, lots to get through today. Some really interesting stocks here. That I'm looking forward to getting stuck into. So why don't we kick things off, and we're going to start by heading off the beaten track, looking at ARB Corporation Limited ASX ARB currently trading at $38.12. Roger, I'm a four wheel drive owner. 

Roger: [00:02:23] Me too. 

Adam: [00:02:23] I use it for picking up the kids from school, mostly. 

Roger: [00:02:26] Yes. It's all fantastic. It's always a dangerous journey. 

Adam: [00:02:30] Absolutely. It can't get hectic, that's for sure. We're looking at ARB Corporation, though, makers of four wheel drive parts. Is this a buy or sell for you? 

Roger: [00:02:40] It's definitely, definitely a buy. And that's because the market still treats, the company with some scepticism. because of its exposure to the macroeconomic environment here in Australia. And so consequently, people, I guess underestimating or undervaluing its future growth and where that growth is going to come from. It's definitely a pro cyclical business here in Australia. And what I mean by that is, you know, when the economy does well, it does well. When people are flush with cash, they go out and spend it on tricking out their four wheel drives. And when the economy's not going well, they tighten the reins a little bit, zip up their wallets. But really, the growth driver for these businesses is less Australia, where it's mature, arguably, although there's the opportunity to open up a number of new stores. But its real growth potential is overseas, particularly in the United States. It's leveraging its reputation over there. And it's also signing deals with, OEM or original equipment manufacturers. And the biggest fall drive sellers in the United States are Toyota and Ford. And it's signed OEM agreements with them. So if you, head into a dealership to buy a new a new Ford, SUV or, utility vehicle, or a Toyota, then the dealer is going to offer you options to spec that car the way you want it. To individualise it. Yeah, ARB is going to be supplying those items as you spec that out in the dealership. Yeah. So for all intents and purposes, the dealers are selling the equipment for arb. 

Adam: [00:04:17] Right. And does it. So breaking into the US market, it's got that Aussie kind of outback kudos that goes with it. You know that it's got the reputation. Is it more favourable being from Australia than say from China for example? 

Roger: [00:04:30] Definitely. And in fact in, in some markets Thailand for example, they sell fake ARB product with ARB stickers, fake ARB stickers on it that tells you, right, they're not safe. You know, they're not safe. They don't they're not fit for purpose. And as a consequence, people are looking for the original product. But that just tells you, how reputable they are. 

Adam: [00:04:53] Yeah. All right, ARB is a buy. Next up, we're looking at Alliance Aviation Services Limited ASX, AQZ currently $3.14, and Roger Alliance has successfully renewed a three year contract with Glencore Coal. I wouldn't have thought that midsize passenger aircraft was a great option for transporting coal. 

Roger: [00:05:14] That's not. Very funny. 

Adam: [00:05:18] Especially with those baggage limits. Once you start filling your bags up with coal, Roger. It's a

Roger: [00:05:22] Cheaper than a diesel train engine. So, you know, just fly them really low along the try not. 

Adam: [00:05:30] Alliance Airlines is a buy or sell for you. 

Roger: [00:05:33] Anyone who's, you know, been following me over the decades, knows that I don't like airlines, but this is quite a different business. This is, arguably, an aviation infrastructure company. So what it does, it provides its fleet of planes and a wet lease agreement to airline operators. So it provides the planes, the staff, and it receives a fee for doing that. They call wet leasing agreements. It's being very, very clever at buying its planes at various times when the sellers or the vendors are distressed. So it generates as a consequence of having, you know, non-union staff, for example. It's very cost efficient. So it's been generating very high rates of return on invested capital. If we say that this business, which is, by the way, now, just entering, it's got some plans now entering service with a in a under a seven year agreement with Connors. You know, we think that they're going to double their profits. And if they continue to generate 30% returns on equity, we assume five times something called their EBITDA, which is earnings before interest tax depreciation and amortisation. At five times they fly 25's EBITDA. We think that was about $7. And they're currently trading significantly less than that, about $3.10.

Adam: [00:06:47] All right. Alliance aviation is a buy. Next we're going to look at Megaport limited ASX amp one currently $14.70. Isn't Megaport the guy that Optimus Prime 14 the Transformers.

Roger: [00:07:03] Is a mega. That's mega something that I don't know if it's. 

Adam: [00:07:05] Megatron. Sorry, not.

Roger: [00:07:07] Megatron. Yeah, that's Tron, not Megaport. That's right. 

Adam: [00:07:11] No, it takes me back. I would say Transformers again. 

Roger: [00:07:13] This company. This company hasn't transformed as much as Megatron. All right. It's. It's been building out what it does very, very successfully. To put this in context for people. Let's say you're a global enterprise. You know, you're at a big accounting firm. You've got offices in Hong Kong and Sydney and in Europe as well. You want the data that everyone's uploading from their offices to be relatively close or very close to data centres. And the reason why you want to be close is so you have low latency, you don't have much lag. You can work seamlessly with your information that you're uploading to the cloud. And the problem is, that your office in Sydney is nowhere near your office in London. And so they're using different data centres. How do you make those data centres talk to each other seamlessly? How do you link them? Because the data centre provider here in Australia doesn't talk to the data centre that you're providing, you're using in Europe. And so consequently, you know they need to talk, they need software and they need to be software and infrastructure. So that when you're talking to your colleague overseas, you're both accessing a different data centre. But it looks like you're accessing the same one seamlessly. And so that's what Megaport does. They're you know, they're Switzerland if you like. In the world of, in the world of competitive data centre providers. Okay. So incredibly capital light, hugely scalable. It's arguable that the market sort of underestimated their growth potential and, free cash flow positive. They're on their way to half $1 billion in sales, which if they achieve that 40% margin, they're worth potentially $20, maybe more than $20. And they are trading at less than 15 at the moment. So you know we think that's another business that, you know, there aren't many businesses in Australia where you can access both the cloud thematic. And enterprises moving to cloud as well as the AI think this is one of them. We'll talk about another one soon, I'm sure. But you know, this is one of them. 

Adam: [00:09:11] I'd love to know how AI comes into network traffic and network routing. Is that it? I'm conscious of time.

Roger: [00:09:19] Yeah. I'll go. I'll be very brief. Yeah, yeah. If you've got a co-pilot and AI co-pilot sitting next to you at your computer on your desk. And it's constantly telling you that you could write a better joke, for example, at a board. You know. 

Adam: [00:09:33] I don't think that's possible, right. Yeah, I know, AI know, it's very clever, but I'm not sure it's up to it.

Roger: [00:09:38] Oh, you're blasting off an email and, you know, and the AI says, hey, Adam, you know what you've written? You've written this email before. You've done a better job of it before. Let me suggest three options that you can select. So in order to be able to achieve that it's accessing the cloud much more frequently than you were before. And so that you know it's very it's very dense the the amount of data that's required. And you know, and the and so that will allow data centres, potentially to charge more. For the, for the usage of the data centres. 

Adam: [00:10:11] Gotcha. Megaport is a buy and is not a transformer. Next up we're looking at Nick Scali limited ASX NCK, currently $14.85. And Nick's goal is expanding into the UK. Didn't work out so well for Bunnings. Well documented. But if there's one thing I know about the British, and I don't want to stereotype here, they love their furniture. Bang out for a city. So, Roger, Nick Scali. Exactly. Right. 

Roger: [00:10:44] In the good room. 

Adam: [00:10:45] Cup of tea on the city. Roger, Nick Scali, buy or sell. 

Roger: [00:10:50] Another buy. Look, I I'm bullish on markets. Equities for the next year and a half, right? You know, I think out to 2026 markets are going to go well. So all my all of my suggestions today will be buys. 

Adam: [00:11:03] Right okay. 

Roger: [00:11:03] Because I really do think, you know, really backing myself here. And I've been saying for about a year and a half that I think markets are going to go well. They have done so far. And I think they'll continue to go well. In fact, I think how will they go accelerates. You know, so this is a this is another by here's an interesting fact about Nick Scali. They were the furniture retailer in Australia that introduced the idea that you don't get the couch on the floor. You look at it, you sit on it on the on the shop floor, but then you have to wait three months before you get it. You have to pay for it now, pay deposit now. 

Adam: [00:11:35] I've been through that. Yeah. I didn't enjoy that process. 

Roger: [00:11:38] No, it was a bit of a shock when it was introduced back in the 90s, in the early 90s or mid 90s. But it was, you know, it was the scally family that introduced that idea. Now, what's great about that idea is that don't have to have any stock, that I have to have warehouses full of that particular catch in that particular colour, because Adam might turn up and buy it tomorrow. You pay for it now and we'll deliver it, just in time. And so, they've got incredibly other proven, by the way, in their last report, in the last reporting season, they proved to have very, very resilient earnings. And the tailwind behind them is migration because migration leads to home formation. Home formation leads to furniture purchases. And they also acquired plush. And they've delivered on synergies ahead of expectations. So they generating about a 30, 30 to 32% return on equity. They continue to pay out. About 70% of that is a dividend. We reckon they're worth over $18. I reckon they're worth over $18 a share. The trading under 15 at the moment. 

Adam: [00:12:36] Yeah. Okay. Nick Scali is a buy. Couch on demand. I'm excited. Next to the couch is a service. Do you think we'll get to that point. 

Roger: [00:12:46] Yeah. That's right. And if you don't pay, they come in and just hook it up from under you. I'm still watching. I'm still watching Netflix outside Glasgow. 

Adam: [00:12:55] Yeah. Very good. All right. Next up, we, looking at you, gave me a list of stocks. Roger. And on the list was, Commonwealth. And I'm assuming we're talking about the bank here. We're not sure. Short the royal family, are we?

Roger: [00:13:09] No, although some people would happily type that bit, and, I'm not one of those people, but. Yeah. 

Adam: [00:13:14] Commonwealth Bank CBA, $117. 54. So you said everything's a buy. This is a buy? 

Roger: [00:13:21] Yeah. Look, they've had a very good run, but, what I've done is I've just done some analysis and put it up on our blog of some of the performance of all the banks, in the, you know, they're announcing their recent half year results and the Commonwealth Bank has shined again as or shown again, rather, as, you know, producing it's got the highest asset base. It's about 30% higher than the other banks, despite having the biggest asset base, it generates the highest net interest return on its assets on those assets. And also this half, it generated the highest return on assets from its other income. So I think things like trading wealth management, insurance and that sort of stuff. Despite being the biggest, it's also the most efficient in terms of its costs. And that's, that's resulted in the highest pre-tax and highest after tax return on assets. So it remains the highest quality bank in Australia. It's a bit of a big, lumbering, mature business, you know. But the reality is, if you live on an island, it helps to own a bank. 

Adam: [00:14:23] Is it unusual that the biggest is also the most efficient? Normally.

Roger: [00:14:27] It Is. Well, yes. Yeah. Normally you'd expect the you know, I mean, they're all very similar, you know, in terms they all sit within a, a band. Yeah. That's relatively narrow. But the Commonwealth Bank is consistently producing the best numbers. And so if you're looking for, you know, relatively safe place to park, equity capital in a business that will continue to grow. Remember, the population is growing, and so more people are going to require banking services and some of those, some of those people who've migrated to Australia will be successful business owners, and some of them will turn out to be billionaires. And you know, who they bank with will ultimately help to generate returns for the bank that they go with. 

Adam: [00:15:09] And others might just need a loan for a new catch from Nick Scali. So I will say, all right, let's take a, take a break here, grab another Negroni. Hey, if you got a stock you want to hear about on the show, let me know. Use the contact form at equitymates.com. Or you can leave a voice message, and you might even hear yourself on the show. Or flick me an email contact@equitymates.com. We'll be right back after these short messages. Welcome back. You're listening to Buy or Sell? Coming to you from the no holds bar. My expert today is Roger Montgomery, founder and chairman of Montgomery Investment Management. And we have another another five stocks to get through here. So let's get cracking. Starting off with Adobe. Nasdaq Adbe. Currently $482, 29 US. I believe that is, the inventors of the humble PDF document. To my knowledge, nobody in the history of the internet has ever paid for Adobe Acrobat, though, as far as I'm aware. So, Roger, buy or sell for Adobe. I believe that they've branched out from PDF documents since, I've been to those.

Roger: [00:16:23] Yeah, that's not been a major. You know, it's changed the world for the best. There's no doubt about that. So Adobe are known for their creative suite software? So I think, illustrator, Photoshop, they still, despite the fact that they dominate, you know, in terms of market share, they are still under penetrated in many geographies. And in some countries they don't exist or that people don't even know about them. So they've got a digital, they've got a digital creative business, and they've also got a digital marketing business, the creative software piece, the software as a service, which you access through the cloud. That's about 70% of their revenue. And despite the fact that their revenue is in the billions and billions and billions and billions of dollars they market, you know, the opportunity is ten times bigger than that. And, you know, their total addressable market. Now here's the interesting thing. They are still growing their earnings at roughly 20 to 25% per annum despite being a giant. And you know they are growing their revenue in the mid-teens. They're generating a 25 to 35% return on equity, despite being huge. And prior to their most recent acquisition, they had very little debt. And so this is a business of stupendous quality, massive size, but still a very long runway for growth ahead of them. And when they switched back in June, I think it might have been 2011. They started switching their business over to recurring. 95% of their revenue is recurring revenue.

Adam: [00:17:56] And are we worried about AI for Adobe like they couldn't go two ways, right? They can either fully embrace it and just maximise it and and monetise it I guess. Or it could ease into their market share with. 

Roger: [00:18:10] They are embracing it. And in fact they've incorporated AI into their creative suite, software products. So for example, in Photoshop, where once you might have said, okay, I want to remove Adam from the bar background that I've got there, and I just, I just want the bar and I just want to be able to access the drinks. 

Adam: [00:18:30] I get that a lot. 

Roger: [00:18:32] Just get out of the way. Get Adam out of the way. There was a lot of work that I would have had to have done as a designer to remove you and fill in the background and put in the, I can now press a button essentially and ask AI to do that for me. And you know, it's saving time. So it's making users of the software more productive. And therefore, it's entrenching that software in their workflow.

Adam: [00:18:57] All right. Adobe is a buy. moving on, we're looking at Novo Nordisk, cpp, cpp, Novo be, which is, CPAC Switzerland? No, Switzerland. Is that right? 

Roger: [00:19:11] It's a Denmark based company. 

Adam: [00:19:13] Sorry. Yep. 

Roger: [00:19:13] Yeah. In fact, here's an interesting fact. Its market cap is higher than Denmark's GDP. 

Adam: [00:19:18] It's that right? Currently trading at 883.2 kroner. One of the first with the breakthrough obesity medications. But now I'm hearing there are cheaper alternatives popping up. Roger, are we worried about the threat from the reject Shop? Once they start pushing out these, cheaper, cheaper weight loss medications.

Roger: [00:19:42] Understand that this is a business that has its roots in, those GLP one medications that you're describing, like an Ozempic, which are originally designed for diabetic. They found as a consequence of applying that, that there was some other health benefits, including weight loss, reduction in cardiac disease and so on. And so, you know, it's a massive market itself. And I've got some stats here. There's about 600 million people in the world that suffer from diabetes. But there's, you know, there's about 800 to 1 billion people in the world who suffer from obesity. Fewer than 15% of diabetics have access to this drug at the moment. So I can see that there's an opportunity to penetrate that market irrespective of what happens. I mean, the share prices run up obviously because of the thematic around weight loss. And, and I think over time, the additional health benefits are not so much weight loss, but lower cardiac disease and so on, so we'll say a lot of regulators will start to support it. A lot of governments start to subsidise it. And that means that the growth opportunity for this company is significantly greater, than even, you know, that arguably even the, the, the fed, the fashion ability of its weight loss credentials at the moment. 

Adam: [00:21:02] Yeah. Okay. 

Roger: [00:21:02] Sorry, I did forget. Yeah. I should add they are growing at 50% a year. 

Adam: [00:21:06] At the rate. Yeah that helps.

Roger: [00:21:07] Yeah. You know. Yeah. And they've got about 40 depending on the time you look at them 40 to 60% market share growing at 50%. You know this is a business that that's got a long runway of growth ahead of it. 

Adam: [00:21:19] Very good. So Novo Nordisk is a buy. Next, we're gonna look at Sage Group, London Stock Exchange, SGE, currently £11, 98. On their website, they list smart cities, defence, energy resources, water manufacturing, transport and cyber security. It seems like they have everything in the whole world pretty much covered. Roger, is Sage Group a buy or sell. 

Roger: [00:21:44] And another one that we we like a lot? This is a business. This is a business that's owned in, the Poland, Global Growth Fund, which is a fund that we distribute here in Australia, on behalf of Poland. And this is a company that they've highlighted in their presentations as having enormous growth potential, not least because it's exposed to all those industries that you mentioned. But again, some really interesting stats, I should say. You know, it's a, it's an accounting software and H.R management software, business, a payroll software taught business. It's growing at a phenomenal rate of knots at double digit rates. You know, these are very few big businesses in Australia that are going to grow at 15 to 20% a year over the next five, ten, 15 years overseas. You find a lot more of them inside just one of those businesses. So it's growing its revenue at 10 to 12%, and it's growing its Ebit or its earnings before interest and tax at the same between 15 and 20% per year, despite already commanding, you know, significant market share. You know, they're trading at about 28 times free cash flow. But because of that, free cash flow is actually growing so quickly. They'll grow into that PE multiple, relatively quickly as well. 

Adam: [00:22:58] Right. So they make software products, their products that we would have heard of are they are they are the the product called Sage something or is it. 

Roger: [00:23:05] It's a Sage suite. So it's a suite you'd need to be an enterprise really. You know, medium sized businesses are set up to be wanting to use their software. It's all recurring. It's all payroll. As I said earlier, payroll accounting, workflow software used by all those industries that you mentioned right. In your introduction. 

Adam: [00:23:26] Yep. Okay. Very good.

Roger: [00:23:27] And like Adobe, another business with 95% recurring revenue. It's significantly recurring. And why is that interesting? It's interesting because once you put this software into your business, once you've put these workflows into your business, they become entrenched and the renewal is automated. There's a lot of inertia. You know, you're going to be using that software for a long time. You're going to build your business around that software. So it becomes entrenched.

Adam: [00:23:53] Becomes very expensive to get to move away to a different platform. Right? 

Roger: [00:23:57] Indeed. Yeah. That's right. The switching costs are very, very high. 

Adam: [00:24:01] Yeah, yeah. Makes sense. All right. Sage group is a buy. Next, We're looking at Telix Pharmaceuticals Limited ASX TLX currently $15.49. I googled this one. Roger. And, the top question people ask on Google about Telix Pharma is 'is Telix Pharmaceuticals legit?'.

Roger: [00:24:21] Yes it is. Absolutely. 

Adam: [00:24:24] Absolutely. Follow up question: is it a buy or sell? 

Roger: [00:24:26] Roger. Another one that we, we, we definitely have in the portfolio and like and we think that the market sort of underestimating their growth and that's because so let's take a step back. What do they do. They create if you like, devices, which are biological. And they attach, it's a radio labelling product and it's injected into your body to help identify whether you've got prostate cancer or not. So, yeah, it's think of it as a protein that then, seeks out and and identifies and and in combination with CT scanning it creates an image and it attaches to cancer cells. Oh wow. It's gone from zero you know, went from zero revenue back in, March 22 to $100 million in March 23, $115 million, June 23, and then 140 million, of revenue in December. So they're on target for about 445 million USD, or $450 million of revenue. In FY 24. And they growing, substantially they the potential for them or the optionality for them to Is that that technology? Not it is not only used to identify cancer, but the technology is then used to deliver a treatment for that cancer because it it's like a heat seeking missile in the body that identifies and attaches itself, to cancer cells. Then you can potentially deliver a lot of other things, to those cancer cells. Now they're also and at the moment the concentration or the, you know, the revenue has been prostate cancer, but they want to move into, identification of kidney cancer and also brain cancer, and potentially deliver treatments for those as well. So they are huge potential market but again represent optionality at the moment. But just on its growth at the moment it still looks reasonably priced. 

Adam: [00:26:19] Yeah. Okay. Next up we're going to look at Macquarie Technology. Oh this is our last call here in the no holds bar. Macquarie Technology Group. Macquarie Bank often referred to as the millionaires factory. Macquarie Technology Group. Is this the mid-tier millionaires data centre? Roger. 

Roger: [00:26:37] I think, all data centres. I mean, anyone that owns them. You're in the sweet spot right now, aren't you? Because, as I mentioned earlier, when we're talking at briefly about Megaport, you know, this is a business that is capturing some of the upside from the, AI and cloud, migration, tailwinds. So this is a business that is, I think relatively easy to understand. It develops, builds out and then operates data centres. You know, the major sort is the major development opportunity or growth opportunity, is in Macquarie Centre or Macquarie Park, in Sydney, which is near Epping. Anyone who's in Sydney knows Macquarie Centre on that sort of north you know the North Shore. Sorry. Their data centres are located there. Now they I see 3 West which is, which is being built out at the moment. That's going to have the effect of significantly increasing their capacity. And it's also going to significantly increase profits, potentially doubling profits. This is a business based on current metrics, based on what we know they're going to earn. And they've got a very, very strong reputation, particularly in government, in Australia, based on what we know that they're going to earn when they build out that centre, that businesses with perhaps $115 a share, and depending on the discount rate you use, might be worth a little bit more than that. Currently trading about $91 a share or thereabouts. The Montgomery Small Companies Fund, actually this is a day one stock from the inception of the family, so bought at a lot lower prices. Still think it's worth more than where it's trading today. And the you know, the upside scenario is that they fully tenant their data centres. It starts throwing off very reliable rent like income at you know at attractive rates. And that would be very attractive potentially for a super fund or a pension fund. They could pay, you know, who knows, potentially $180 a share. And still give the holders in their pension funds, you know, a very good return. In the mid, low to mid single digits. Yeah. From that rental income. 

Adam: [00:28:45] Right. So yeah. Okay. And who are the big competitors for like a. 

Roger: [00:28:49] Well NextDC is an obvious one. You know but then you know these, these guys, you know, their clients, as I mentioned earlier, the majority of government departments, you know, over 90% of government departments are tenants there. And so the big hyperscalers like, Facebook or, you know, you Meta, Amazon Web Services, you know, Google those guys, they're what we call they what we call hyperscalers. Not all of them are clients of Megaport. Sorry, Macquarie Technology, but a lot of them are. 

Adam: [00:29:19] And it's a good reminder that the cloud doesn't actually exist up in the sky anywhere, like I think I think. 

Roger: [00:29:24] The cloud isn't in the sky. No, that's right, the cloud is the cloud in a data centre on the ground. And you know, in the, we talked earlier about how AI is going to increase the density of usage, if you like, or the frequency of usage, how many times your computer or an enterprise's computers access the cloud. Yeah. You know, you're talking about an exponential increase that's going to ramp up faster than these data centres can ramp up. And so obviously, if demand is greater than supply price goes up. So they'll be able to raise prices and generate more revenue.

Adam: [00:29:58] Alright Macquarie technology Group is a buy. That's it Roger. Roger Montgomery, from Montgomery Investment Management. Thank you so much for joining me in the no holds bar.

Roger: [00:30:07] A pleasure, Adam. Thanks for the drink.

Adam: [00:30:08] Yeah. No worries at all. You're welcome. We'll have another one soon. Where can people find you? Roger, if they'd like to, to hear more from you. 

Roger: [00:30:14] If they want to hear about these companies and what we're writing about these companies, they can go to rogermontgomery.com. And, and we're uploading 1 to 2 blogs a day. Well, okay, we also upload, you know, upload a video, 1 or 2 videos a week if they're interested in any of the funds. And we've got small cap funds, large cap funds, global small and mid-cap funds and large cap funds, as well as private credit. Then they're available at montinvest.com. And then if they're interested, if they go to the blog or just Google my book, Value.Able, they can learn to do a lot of the analysis themselves by filing a copy of that book.

Adam: [00:30:52] Something for everyone. Awesome. Thank you so much for joining me once again. And thank you out there for joining us. Don't forget, you can find us on YouTube as well. I hope you'll join me again next time when we jump back into the no holds bar. For more buy or sell. But until then, it is bye for now.