EM Chat: Portfolio Kick-Off for 2021

Bryce Leske: [00:01:27] Welcome to another episode of Equity Mates, our aim is to help you on your investing journey, break down the barriers from beginning to the dividend. Whether you're an absolute beginner or Warren Buffett, we guarantee Equity Mates. We'll have something for you. My name is Bryce and as always, I am joined by my Equity Mates Ren. How's it going? [00:01:45][17.9]

Alec Renehan: [00:01:45] I'm very good, Bryce. Now, look, I don't want to start I want to start this episode off on a negative night. Then don't. But I'm still just not completely sold on the intro. [00:01:57][11.8]

Bryce Leske: [00:01:57] I don't think I'm going to change it. [00:01:59][1.3]

Alec Renehan: [00:01:59] I think it just I think there just might be a missing word or two. [00:02:03][3.7]

Bryce Leske: [00:02:03] All right. Well, I'm not going to do much about honestly. [00:02:05][2.2]

Alec Renehan: [00:02:06] It throws me every time. That's fine. I like gusto on my intro because of it. [00:02:10][4.5]

Bryce Leske: [00:02:11] Look, you'll get used to it. It's New Year's second episode in third episode in now. And we're going to be moving away from bold predictions for this one and revisiting and kicking off the Equity Mates community hypothetical portfolio has been ticking away and we have big plans for that this year. So this episode, we're going to revisit how it's been performing funky sort of call-outs. And then the second half of the episode will be having one of our community members from Equity Mates come and pitch a stock, which we're super excited about. [00:02:45][34.3]

Alec Renehan: [00:02:46] Can't wait now before we get into it. Whenever we do these episodes, we've just always got to say that nothing in these episodes specifically, but across Equity Mates more generally is in investing advice. The reason we do these portfolio episodes is just so we can try and learn by doing so. Many of the experts we spoke to talk about, you know, actually getting in there, looking at individual stocks is the best way to learn. And so this is our way of doing that with the Equity Mates community. But obviously, nothing is bought, hold or sell advice. We cannot be clear about that. Do your own research. Don't get investing tips from a podcast. [00:03:27][41.4]

Bryce Leske: [00:03:29] There's going to be no better example of learning on the job than the interview this Thursday with Emma Fisher, which are fantastic. Yeah, but so stick around for that. Ran before we get stuck into it. You mentioned last week that we have our support function for Equity Mates now available on the website. [00:03:49][19.8]

Alec Renehan: [00:03:50] Yes. [00:03:50][0.0]

Bryce Leske: [00:03:51] You've hardcoded in yourself along with a number of other things, [00:03:53][2.3]

Alec Renehan: [00:03:54] like a like this running joke that I'm doing all the coding. Um, I've got a new website coming about halfway through the year that is going to be very, very nice. So let's keep that joke going. But yeah, I think, you know, obviously we've been doing Equity Mates for a few four years now and we hope at this point it's all been advertiser supported. And if you feel like you've gotten value out of Equity Mates and you have the means to to support us, we'd love your help. The more time I can spend not talking to advertisers, the better. You don't talk to them anyway. But, yeah, look, um, obviously the content will remain free. This is just if you if you think that what we're doing is valuable and you want to help, help us grow Equity Mates, your support would be greatly appreciated. But that's enough of us going hat in hand. [00:04:55][61.5]

Bryce Leske: [00:04:56] Yeah. A big thank you to those who have already supported us and who have. Yeah. Signed up already. So very much appreciate your support. You can go to Equity Mates Dotcom for support. All the information is on that page, so let's crack into it. Ran the portfolio for twenty twenty one. So just a reminder, if you've just joined the show, Alec and I are building out a portfolio from, I guess chatting to the community and chatting to the experts and using our experience and learning. And we have set up a core portfolio and a satellite portfolio just to revisit both those concepts. Core portfolio being a portfolio made up entirely of exchange traded funds, ETFs that we are going to be depositing or buying on a consistent basis every month, one or two thousand dollars each month into that. So not a lot really going on there. The fund is happening in the satellite portfolio, which is a portfolio of individual stocks that we're going to, you know, have a bit of fun playing around and pitching ideas and having community meetings and whatnot. [00:06:01][64.9]

Alec Renehan: [00:06:02] I think core portfolios can be fun. I'm sorry. [00:06:04][2.6]

Bryce Leske: [00:06:06] Yes, ballcock portfolio. [00:06:08][2.3]

Alec Renehan: [00:06:11] I think the core portfolio is, um. It takes less brainpower. Really. Yeah. All we're doing is the philosophy. There are things that you would just buy and hold and add to and never really think. About it just takes the market average returns over a long period of time and you can do very well for yourself. So there's really not alike if we did a full episode on a core portfolio, it'd be kind of boring. Yes. [00:06:36][25.4]

Bryce Leske: [00:06:37] Well, I think we did do a full episode anyway, so we have a couple of grand to put into it. Coming off, [00:06:42][5.8]

Alec Renehan: [00:06:43] we explain to we explain that if people are new to the show how a couple of grand ideas show Joe Millionaire. Yeah. So basically, you know, most everyday investors, most people in the Equity Mates community aren't going out and raising 15 million dollar funds and having all the money to invest in on day one, the majority of investors out there working nine to five jobs save a little bit of money every paycheck and then have a bit of money to deploy into the market. And, you know, that's the same as Bryce and I. So that's what we're doing with this core and satellite portfolio where every month we're saving what is a thousand dollars. Yep. And then we can put that into the market. [00:07:28][45.1]

Bryce Leske: [00:07:29] So that's what we have. The last time we've revisited this, we put some cash into the Australian property and international property ETFs. We're just going to work down the list. So this time we're going into global infrastructure and some gold sounds good. [00:07:44][14.9]

Alec Renehan: [00:07:45] And if you guys want to play around and play along at home, Equity Mates dot com portfolio, the Web, the Web page that is at this point Batan. My coding skills. [00:07:56][11.4]

Bryce Leske: [00:07:57] Yeah, yeah. There's no information on that website. [00:07:59][2.5]

Alec Renehan: [00:08:00] I'm going to commit to having it up by the time this episode goes live. No, go to it and say maybe we've got it up. We'll give it a valiant effort to get it out. Honestly, if anyone from WordPress or the WordPress developer community is listening, stock market plug-ins suck. So if anyone wants to develop a good one, give us a yell. [00:08:22][22.5]

Bryce Leske: [00:08:23] So then let's have a look at the core portfolio. It is currently up eleven point eight percent from when we started this in late July last year. We've currently got nineteen thousand dollars we've invested and it has a market value of twenty one thousand seven hundred, giving us a gain of two thousand three hundred. Not going to complain with that, but it is doing what it is supposed to be doing and just ticking along nicely. [00:08:50][26.5]

Alec Renehan: [00:08:50] Yeah, I mean 11 percent in half a year is good, but the last six months have been very good for the market. Um, and you know, we've got in that core portfolio, we've got a bit of us, a bit of Europe to Asia, a bit of Australia. And it's been a good time in the market. I, I wouldn't expect 11 percent every six months for the next four years if we did. I mean, I wouldn't be complaining. [00:09:14][24.3]

Bryce Leske: [00:09:15] The star performer at the moment is our Asia ETF. The ticker is Vye. It's the Vanguard Asian ex-Japan ETF. It's delivered a twenty one per cent return, so it's kicking along. So as I said, we'll try to get all of this online, I guarantee. But let's move to the satellite room because that's where a bit more activity is happening. Yes. As a reminder to everyone, we had a few Equity Mates members come and pitch last year and I did a few pictures. And then we also threw a bunch of stocks in late last year, including [00:09:54][38.5]

Alec Renehan: [00:09:55] a controversial throw a few in at once. And then don't forget that you actually also snuck one in without telling me driving. [00:10:04][8.4]

Bryce Leske: [00:10:04] And we'll get to that in a second. But so some key points to discuss. [00:10:09][4.7]

Alec Renehan: [00:10:10] Citadel Yes. Pitched by an Equity Mates community member, then got a big takeover offer and the stock jumped, what, like 30 percent, 30 or 40 percent. So sometimes it's better to be lucky than good. Yes, but that that company has been quiet, no longer listed on the ASX. We bought it at four point thirty nine and the acquisition price was five point seventy a share. So we did around that. We made a few hundred dollars. [00:10:40][30.2]

Bryce Leske: [00:10:40] Yeah, twenty eight percent. I guess the key thing here though is that's now actually going to be cash for us. Yes, that's what happens. Yeah, it's no longer listed. So the market value when we when it did get acquired was twelve hundred bucks thereabouts. So we're going to be moving that into our cash position and be able to deploy that whenever we feel fit. So that's that what else has been happening when we have my sneakin stock. So I recall talking about Palant here and you weren't too keen on sliding it in, but I did it anyway. I've snuck Palantir in at the last at the eleventh hour on the 13th of. [00:11:23][43.3]

Alec Renehan: [00:11:24] November, like Bryce, sliding into people's dams is slid, this doesn't just happen, [00:11:30][6.0]

Bryce Leske: [00:11:31] that doesn't happen. Purchase purchased it on the 13th of November, shortly after the iPod and much Turin's reluctance bought it at fifteen point eighty. And it is with great joy that I can report it is currently trading at forty-seven dollars. So that is a return of 101 percent. [00:11:53][22.1]

Alec Renehan: [00:11:55] It's trading at thirty one seventy six, isn't it? [00:11:57][2.2]

Bryce Leske: [00:11:57] Oh, sorry, I'm sorry, my bad. I'm looking at how many shares we have. It is trading at thirty-one seventy-six. So it's still a gain of one hundred [00:12:04][6.9]

Alec Renehan: [00:12:04] and one percent. So it's doubled. [00:12:05][0.9]

Bryce Leske: [00:12:06] So it has doubled in value. So I'll, I'll take it. [00:12:09][3.2]

Alec Renehan: [00:12:09] Yeah. I'll admit when I'm wrong, this is a learning experience where we're not here to tell people that we're experts. And for me, that's a learning experience. I, I mean, look, I remain skeptical about the company, obviously as a share. It's done incredibly well and the market loves it. But anyway, let's not go down the rabbit hole again. But yeah. Well done. Thank you. [00:12:36][26.5]

Bryce Leske: [00:12:36] Yeah. Kudos to you as well. Really enjoyed the New York time picture of yours. And it is up to thirty one percent. So it's ticking along nicely as your pitch would suggest otherwise. A couple of the ones that are dragging us down, we have Sydney Airport down 11 percent. [00:12:51][15.4]

Alec Renehan: [00:12:52] We pull the trigger too early on thing. I think that stocks that was part of our just throw a whole bunch of stuff in there at once. [00:12:58][6.2]

Bryce Leske: [00:12:58] Yeah, but look, overall portfolio has performed reasonably well. We're up nineteen percent after again, kicking this off in late July last year. We've made about three and a bit thousand dollars. [00:13:11][12.5]

Alec Renehan: [00:13:12] So two other stocks. Well two other things we have invested in that I want to discuss. Yes. First of all, my Stock of the year, Tenzer. Yes, we put that in. It's up twenty eight percent. Yeah. Really kicking this. Unfortunately, that doesn't all that doesn't count for my stock of the year because obviously a lot of that happened in twenty twenty. But what a what a company. What company. But the one that I want to talk about is an asset that you are particularly fond of. Yeah. Bitcoin. Yeah. And our best performing asset. Performing best [00:13:54][42.6]

Bryce Leske: [00:13:55] performing asset. Yeah. Yeah. Look not surprising. They're glad we also stuck, snuck that one in, purchased it at around twenty two thousand, and at the time of recording it's sitting at around forty nine thousand. How you add. But look I'm going to keep that one in there if you're happy to keep that one in there as well, just to sort of see how it goes. But it is the best performing asset year to date. So let's just see how it goes. [00:14:21][26.7]

Alec Renehan: [00:14:22] Yeah. I mean, look, there's nothing that I would really want to sell. Um, maybe Palant here. If not, maybe if you did a sneaky buy of Palantir, maybe I'll do a sneaky sell and not tell you for sure now. But look, I think this, uh, the point of this for twenty twenty one is to really make these portfolio episodes, you know, a chance for the Equity Mates community to come on in to share what they're looking at. So I think as we go through the year, less and less, we want to do Bryce and I looking at a spreadsheet and talking about random stocks that may not be super easy to follow if people aren't. Yeah. Following along at home and they can't follow along at home if our website is busted. Um, but we want to just use this as an opportunity to hear what stocks you guys are looking at. You know, if you want to pitch an ETF, you know, if you think we should be selling something, we want this to be a two-way conversation. So we to kick that off, unless you've got anything further to add. No, we actually have Dan from the Equity Mates community who's going to pitch a stock. Yeah, but before that, we'll hear from our sponsors. [00:15:41][79.1]

Bryce Leske: [00:15:42] When you are all about getting fit, you've bought the Garmin, you bought the golf membership, you bought the gym membership, and you're on my MasterChef. And even in lockdown last year, you bought those resistance bands of Instagram that from memory didn't even come. [00:15:56][14.0]

Alec Renehan: [00:15:57] No, look, they didn't come. But all of that effort really was canceled out by the numerous menu log orders that were a real staple of my lockdown experience. [00:16:07][9.5]

Bryce Leske: [00:16:08] Well, we've just entered into a new financial year, so I think it's time you get money fit with Virgin Money, our latest sponsor. [00:16:15][7.0]

Alec Renehan: [00:16:16] That's right, Bryce, with a high-interest savings account bundled with a seriously rewarding everyday transaction account, you can manage your money easily on the go smash your savings goals and be rewarded for it. [00:16:28][11.9]

Bryce Leske: [00:16:28] And with the Virgin Money Go transaction account, you can earn rewards on your everyday spending with zero monthly fees. Sounds like just what you need, RAM. [00:16:37][9.3]

Alec Renehan: [00:16:38] Yeah, the FBI. Twenty one get Rhen didn't quite work but if y twenty to get reward money fit might be to go [00:16:46][8.4]

Bryce Leske: [00:16:47] back to your own beat virgin money terms and conditions and monthly criteria apply. Now let's get back to the show. So ran Superexcited for the second half of this episode, as we have been, we left off last year and have started this year by saying that we're going to get a lot more of our Equity Mates community involved in the episodes, particularly these portfolio episodes. [00:17:09][22.0]

Alec Renehan: [00:17:10] That's just because you don't want to give any stop. [00:17:12][2.3]

Bryce Leske: [00:17:13] That is not true. However, we are excited to have our first stock pitch from one of our community members, Daniel Ortiz, who is on the line with us at the moment. Daniel, welcome to the show. [00:17:26][13.0]

Daniel Ortiz: [00:17:27] Thanks, guys, for having me on. Excited to have a chat. [00:17:29][1.9]

Bryce Leske: [00:17:30] Daniel is actually one of the guys who helped us with the research for the summer series. So a big shout out to you. You're obviously passionate, passionate about equities, but whatever. What have you got for us in stall today? [00:17:43][13.8]

Daniel Ortiz: [00:17:45] Yeah. So a company I'd like to talk about today is Adriatic Metals with the ADT listed on the ASX. [00:17:50][5.4]

Bryce Leske: [00:17:51] Nice. Okay. I personally haven't looked too much into this, so this is going to be fun for me. [00:17:56][5.1]

Alec Renehan: [00:17:57] No, no. I mean, we knew what Daniel was, of course, but not what Daniel told us, what he wanted to talk about. So, Dan, why don't we start at the beginning? Tell us a little bit about the company and what it does show. [00:18:11][14.3]

Daniel Ortiz: [00:18:11] So Agentic Metals is both a precious and base metal developer that owns a world-class borrus project in Bosnia and Herzegovina and also that recently acquired the historic Raschid deposit, which is located in neighboring Serbia. To provide some background context regarding the industry, mining projects undergo quite a long winded cycle, ranging from exploration to discovery and development, construction of the project, and finally, production and rehabilitation. Investors view production is where the real financial value can be obtained because that is the point in the life cycle whereby the company is generating revenue and profits from the salable product. Typically, this process could take anywhere from eight to 10 years to take a project from exploration to production. And in the case of Asiatics, this process of being quite streamlined, which is able to be completed in approximately four to five years with productive production forecast to begin in the fourth quarter of twenty twenty two. [00:19:06][55.0]

Alec Renehan: [00:19:07] So let's just take a step back. And so for people who are unfamiliar with some of those terms, when we're talking about mining explorers, they're literally companies that have a patch of land or have mining rights over a patch of land and are literally exploring it to see if there are minerals there yet. And then producers are when they've confirmed that there's minerals in the ground and they're actually doing the mining operations to extract that mineral. Is that is that a fair summary? [00:19:39][32.1]

Daniel Ortiz: [00:19:40] Yes, exactly. An exploration companies focus with discovering a resource on the ground and the production companies focus with extracting that resources, a salable product. [00:19:49][8.5]

Alec Renehan: [00:19:49] And so Adriatic that we're talking about here is in the Explorer stage yet. So so I guess the question is, why do you like them? I assume it's because you've gone over to Bosnia and look at the ground there exploring and you found some gold or something there [00:20:05][15.9]

Daniel Ortiz: [00:20:07] with the current tight restrictions have been able to. Yeah, but hopefully when they lift that, I'll get in the first class flight to Bosnia. So, yeah, the assets I'd like to talk about mainly the virus project, which is really the crown jewel, the crown jewel of Adriatic. The virus project consists of two separate deposits, one voucher and the other names the group itself. And this project consists of very high grade resource containing about two hundred and thirteen million ounces of silver equivalent grade three hundred and forty two grams per tonne. Some numbers that I could help kind of explain the projects which are released in the pre feasibility study. It really emphasizes the world class nature of this project. So it has a net present value with a discount rate of eight percent of around one point four billion US or one point thirty six billion Australian with an internal rate of return at one hundred and thirteen percent and the initial CapEx requirement of only one hundred seventy three million US. [00:21:03][56.9]

Alec Renehan: [00:21:05] So that's interesting. So the net present value of the mine is over a billion US users of you know, the minerals in the ground is over a billion us. Yeah, the companies want half a million market cap. Is that is that right? [00:21:20][15.3]

Daniel Ortiz: [00:21:21] So basically a project that a generator or an explorer there have to be valued at a discount to NPV because of course, there are costs involved with developing the project. And also there is a risk factor with the execution of the project. So not all projects that enter feasibility stage become a mine and therefore a discount is applied typically in this sector. You can say a discount of around zero point seven times NPV for a really high class project. And in the case of Adriatic, it's currently trading at about zero point four times NPV. So you can say there is a clear upside to be upside to be retrieved here once the project becomes what they risk. [00:22:01][39.8]

Alec Renehan: [00:22:01] So if it's trading at zero points four times NPV, does that mean the market's assuming there's a 40 percent chance of this project going ahead? [00:22:10][9.1]

Daniel Ortiz: [00:22:11] Yeah, so in that sense, you could say that. But it also it's important to consider that the project is modeled off, you know, quite a few assumptions. Of course, changes in the commodity price will be very sensitive to the net present value and also changes into the resource and also the reserve will be significant changes in the case of Adriatic. [00:22:29][18.0]

Bryce Leske: [00:22:31] So this is a pretty basic question, I guess, but in terms of the process of this, explorers find the mining site or where the or the deposits are, do they then value is based on what they know and then sell that mining site to the producer? Is that how the flow works? [00:22:50][18.8]

Daniel Ortiz: [00:22:50] So typically, it could either be that that the explorer will develop this project and raise money and create an investment decision and take it on themselves. Yeah, and all of the work, you know, the construction work, the mining operation that's generally contracted and the other kind of avenue that companies go are that they enacted in M&A activity so they can either sell the project off to another company or create like a joint venture structure, et cetera. In the case of Adriatic, that decision hasn't yet been made in terms of financing. The financing decision is probably going to be announced around April this year. So this is a project that's quite far along the curve in terms of development and is really closer to being produced as a mine. [00:23:34][43.8]

Alec Renehan: [00:23:35] So it's an interesting company, obviously. You know, you're talking about a 60 percent discount to the net present value if it can go ahead But I assume there's a lot of mining explorers out there on the ASX and around the world. Australia loves a mining explorer. Why why do you like Adriatic over some of the other explorers out there? [00:23:59][23.9]

Daniel Ortiz: [00:24:00] Sure. So globally, I believe there are over three thousand listed junior mining companies that are exploring and developing projects. And realistically, much less than one percent of those companies will end up with a developed mine. So you have to be very cautious in kind of researching and picking these companies care if you're going to go in this space. Adriatic is it's a very unique position. They entered into Bosnia and they are one of the first companies to do so in the last 20 years. They have quite a significant first mover advantage. And they also had very large source of information when they acquired the project. And that's how they've kind of exploded so efficiently and taken the projects to such an advanced stage so quickly. And also from the economic side of the project, there was a study that was undertaken by Edison Investment Research, and that study showed that an average NPV of projects around the world was about us. Four hundred thirty three million, of course, you can say that Adriatic quite has a superior project with and then pay over a billion dollars. And also the internal rate of return you the profitability index, one hundred and thirteen percent higher. It's, you know, very profitable project. Very desirable. [00:25:13][72.3]

Bryce Leske: [00:25:14] Hmm. So, Dan, I'm interested not so much about the stock, but your process to actually find this stock. You seem to be reasonably knowledgeable, knowledgeable about the mining space. You know, it feels like that's somewhat your circle of competence. How how did you find Adriatic and perhaps help the Equity Mates community understand a bit about your sort of research process? [00:25:39][25.2]

Daniel Ortiz: [00:25:40] Yes. Or so in the junior mining space, there are typically four pillars that we like to kind of content on research in the company. And that's number one, the asset, the management team financing and also kind of the promotion of the company because these companies do not make any revenue in order for them to raise money at an attractive price, that needs to be promotion and also some so exciting results and work. So when you're kind of sifting through these companies, you always have to keep those four things in mind. In the case of Adriatic, they have quite a developed management team that is led by Paul Cronin. The CEO has had, you know, over two decades of experience both in corporate finance and investment banking with a focus and in Eastern European mining. So quite a developed management team, also quite a developed geology team that is going into discovering this very source. And now they're really, really good position to get these results either into a mine themselves or sell it. [00:26:38][58.0]

Alec Renehan: [00:26:40] So then we normally would wrap up with a question around like financials and valuation, but I feel like we've already touched on it. You know, the net present value is given to us. And really the question then becomes around, you know, the risk of this project not going ahead in that value, not being realized, I guess, rather than that, I want to ask a question around timing. Sure. So I feel like a company in this position. The key point is, you know, when they can raise that money and they make the decision to actually exploit the mind themselves or they decide to sell the mining rights to another company, how do you think about investing in a company around the timing? Are you going to just buy and hold or are you going to try and wait until there's that catalyst and buy at that time? [00:27:34][53.9]

Daniel Ortiz: [00:27:36] Yes. I really as an investor, you have to focus on the fundamentals of the company. In the case of Adriatic, right before this financing stage, you know, Paul Kronick came out in an interview and said that they've had over 70 financiers approached them interested in developing the project. So there's quite a high level of confidence that they're going to be able to, number one, make an investment decision. And in terms of the future and, you know, whether would make a decision to keep the stock or sell it once they announce financing, I really have that first mover advantage, No. One in Bosnia. And number two, to have an established pipeline of projects. The project that I acquired in Serbia certainly has the potential to be a mine as well. And that could be bought into production as early as two years after the various projects. So what I see here from a company perspective is that they have an established pipeline of very profitable projects that do trading at what I believe to be a significant discount to what they were. And to me, I would consider this a whole number one, because the underlying commodity prices have all been performing strongly, specifically Silva and lead and zinc. And also, number two, that I still believe there is a large M&A prospect within this stock, [00:28:51][75.1]

Alec Renehan: [00:28:53] I mean, given the silver squeeze that Wall Street bets trying to put on at the moment, I imagine if they can get that to come off, that will be good for Adriatic. The price of silver. Yeah. [00:29:07][13.3]

Daniel Ortiz: [00:29:07] Just to give a quick update, as silver accounts cancer, about 35 percent of all revenues. So obviously a large increase in the silver price will dramatically increase the value of the project. So if you're interested in the silver squares, you should definitely be looking at Adriatic as a prospect. [00:29:23][15.8]

Bryce Leske: [00:29:25] Nice one. Daniel, thank you so much for your time with this wasn't an open committee meeting, so we're not going to make a decision on whether or not this goes into the portfolio, but we will open it up to the community on Facebook and on Sociales once the episode goes to air. [00:29:39][14.9]

Alec Renehan: [00:29:40] I think if we head to the Facebook discussion group to discuss. [00:29:44][3.7]

Bryce Leske: [00:29:44] Yeah, absolutely. But couldn't be more thankful of you kicking off 2021 with a stock pitch for the Equity Mates community portfolio. You know, if you don't mind sharing some of your notes, we can also share that with the community as well. But we can take that offline. So, yeah, massive. Thanks for [00:30:03][18.5]

Alec Renehan: [00:30:03] Moorestown. Yeah. And if anyone out there wants to follow in their footsteps and share a stock on their watch list or pitch, a stock hit us up on Sociales via email. You know, all the channels [00:30:16][13.2]

Bryce Leske: [00:30:16] from a brand new contact form. [00:30:18][1.1]

Alec Renehan: [00:30:18] Yeah, yeah, yeah. All the equitymates.com/contact [00:30:20][1.7]

Bryce Leske: [00:30:22] Well, that brings us to the end of this episode. Just a reminder that Equity Mates doesn't stop here. We also have comedian vs economist where comedian Adam and his brother Thomas break down macroeconomics as an easy to digest. We also have to get started investing podcasts for that beginner Buffett's out there. But as always, thanks for joining us. You can contact us at contact at equitymates.com. [00:30:49][26.2]

Alec Renehan: [00:30:50] The new contact form. [00:30:51][0.8]

Bryce Leske: [00:30:52] Right. And review us if you can very much appreciate you doing that. And as always, it's been fun. We'll chat next week and so on. [00:30:52][0.0]

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