KATHERINE ROSS: Welcome to the November Action Alerts Plus Monthly Members-only Call. I am Katherine Ross, and we'll be joined today by Bob Lang and Chris Versace. As you all are aware, we've all been through quite a change.

Now, you all have been asking for a state of the portfolio, where we stand, what the future looks like, and a deep dive on the current positions. We're going to take a look at the biggest market moments in October-- not a very scary month for markets, in retrospect-- we actually made some money-- tackle the wins and losses from the portfolio since Bob and Chris took it, and we'll also look at how the portfolio is different now. I've scrolled through my email to pick your questions and get you all answers later on in the show.

Let's start with some of the changes in the portfolio. Now, Bob, I'm going to start with you, here-- because we talked a little bit about the names, like Deere and Skyworks, still being in the bullpen. We've been covering it on Bullpen Fridays. When will we see changes happening in the bullpen? And when will they be moved? Like, Deere and Skyworks, they're still there in the portfolio page. When will they be moved?

BOB LANG: Yeah. What we tend to use the bullpen for, Katherine, is something to highlight for us. It really has our eye. However, we don't want to limit ourselves to just a small area of names. We really want to open up the whole playing field, the whole landscape.

The concept of the bullpen is much like in a baseball game. You bring a guy in to bring him in on the mound-- much like the Braves did last night, when they won the World Series-- they bring him in from the bullpen, because he's fresh, and he's going to provide some opportunity for the team to win. We do the same thing with the bullpen.

The bullpen has been a great area for us to target names to come into the portfolio. We're not necessarily tracking those names until we bring them up into the bullpen. So we've had a couple of names, like-- as you mentioned-- Deere and Skyworks, which we brought up from the bullpen. They've done extremely well for us, and we're really happy with the performance.

There's about a dozen or so names currently, right now, in the bullpen, which we do like. We'll be probably picking from some of those down the road.


CHRIS VERSACE: Are you talking more about updating the actual page itself, Katherine, and moving some of the names? Yeah, I thought so. one of the things that we're building out is the AAP team. You know, Bob and I are kind of leading the charge, as it were. But we are bringing some other folks in. That's also why I think subscribers will notice that the update time on trades and stuff is much quicker than it's been in the past. And I suspect that as we leave here, that page, too, will be updated.

KATHERINE ROSS: OK. Then I also have a question for you. Based on the changes that we've seen, the charitable trust is no longer with us.


KATHERINE ROSS: And I've gotten questions about when you guys have that-- there's no restrictions. There's a 3-minute window from the time that you buy, that members can buy. But is this real money?

CHRIS VERSACE: Real money, in the sense that I think the subscribers have money at play. To us, that's most important. When we first started working together on the portfolio, I made the point that we work for the subscribers. We understand that they have money at risk. So to us, we want to do right by them.

We constantly think about that-- whether that's adding a position, when to trim, when to downgrade, how to communicate that. Yeah, our job is working for the subscribers. We know they have real money at play. It's not something we take lightly.

KATHERINE ROSS: OK, I want to stick with you, Chris, because I also got a question from Chris R.-- ironic-- who sent me an email at the beginning of October about how the stocks that have been picked in the past weren't outperforming the market. Obviously, we've just covered how you guys have made some changes in the portfolio so far. How can members expect your stock-picking skills to play out? And what's the game plan, overall?

CHRIS VERSACE: That's a multifaceted question, Katherine. I think what subscribers are starting to see is the power of fundamental investing married with technical investing. They say that there's no silver bullet, no one easy answer, that sort of thing. What we're able to do is, truly, 1 plus 1 is 2 and 1/2, if you will. We're able to figure out-- if I'm not seeing something on the fundamental side, but Bob is seeing something on the technical side that's a warning, we can discuss that. We can start to move.

We've done some of that already. And I think that we're going to do more of that in the coming weeks. Subscribers, look. There is a plan. There is a plan in place. Bob and I are talking about companies.

Again, Katharine, you can get mad at me for stealing your thunder. But when we look at like price targets on PayPal, NVIDIA, Mastercard, we see how some are starting to bump up against their price targets. Even before we did this call today, Bob and I sat down trying to figure out, OK, what's next? What do we want to, maybe, make a little room for? How would we do that? There is a long process that goes into it.

BOB LANG: I would like to add a little bit to that, Katherine. On the technical side of the ledger, there really is no emotion involved. I look at things from a purely objective standpoint. It's all about numbers. It's all about the charts. It's all about what it's telling me, where the stock is at, and where it may be going, down the road.

That is the most pure unemotional type of analysis that I can provide. It's not that I'm not sitting there hoping for something to happen. I mentioned it a couple of weeks ago that a lot of people used to use the principle of buy and hold. Today, it's turned into hope and pray. Right? If a stock is not doing well for you, you're hoping and praying that it's going to come up.

Well, for me, technical analysis is straightforward. It's black and white. It's unemotional. I can look at a trade, I can look at a stock chart, and I can say, look, you know what? It's not good enough for us. It's not good enough for our members. It's time to cut it. We're out.

CHRIS VERSACE: Just because you're unemotional, Bob, doesn't mean you're uncaring. Just wanted to point that out.

BOB LANG: I agree with that.

KATHERINE ROSS: Aren't you all glad that you're part of this AAP community? I do want to get some stock-specific questions. I want to, first of all, thank members for sending them in, because it's been so helpful. And I really think that the way that we've created this call now is going to be that we go through each stock, and we answer your specific questions, so please continue to send them into us.

The first question that I saw-- and actually, it wouldn't be an AAP members call if we didn't have some breaking news that changed the way that we wrote the script. We're going to go outside of alphabetical order, here, and I'm going to start with you, Chris. We have to talk about Deere.

CHRIS VERSACE: Sure. The news that broke late last night/early this morning was the expected UAW contract-- got rejected out of 12 out of 14 plants. So the question is, what do we do now?

Well, on the one hand, we talked about this in the note this morning-- wheat prices, spiking. That's going to drive farmer income. That's going to drive replacement demand. So we know demand is solid. The strike, however, is going to limit the supply of ag equipment, or construction equipment, or forestry equipment.

Now, Deere has already said, hey, we're going onto our next phase of the solution-- which means that they've got some cross-trained workers, and they will start to shift people from certain facilities to the ones that matter most-- i.e. ag, probably away from construction and forestry, so they can really deliver the high-revenue, high-margin product that will drive revenue and earnings.

We'll see that as a stopgap. I suspect, though, that before too long, they will be back at the table. If we take a look back at past UAW strikes, whether it's GM, Caterpillar, or the like, there's a window of time that they tend to last. It could be anywhere from 2 to 3 months. We'll have to see what happens. But the long-term fundamentals for Deere, the reasons we like the company? Not really changed.

BOB LANG: I think also, if you look at what happened on Monday, stock was up $22, $23 on Monday, close to near the highs of the session, when it was assumed, or thought, that this strike was going to be over. I think that's the true move that you've got to take away from Deere. When a settlement does come in-- it's not a matter of if, it's a matter of when-- when that comes in here, we'll see a move similar to what we probably saw on Monday.

It's been trading in a range for a little while now, for about several months, between about $320 and $390-- it's a wide range, and we're right in the middle of it right now. I think, also, Chris has talked about it endlessly-- if we ever do get this infrastructure deal, Deere is going to be a huge beneficiary. So if that ever comes in through Washington, another catalyst to drive the stock higher.

KATHERINE ROSS: OK. We'll talk about that again, when we eventually do get this deal out of Washington. But for this moment right now, I want to stick with you, Bob, because I am curious about the technicals of AMAT.

BOB LANG: When we first got into this stock, we first bought in at about $126. Stock's trading right now at $141. We're up nicely, almost more than 15% on that first part. We added another piece of it last week, a little bit lower than it is right now.

I had mentioned that the stock have been trading in a range of about $125, to about $144, $145, and I thought, at that point in time, when we first bought it, it was a good low-risk entry point, which means that there's not a lot of risk of more downside. But if there was, we'd be able to recognize it, and make a decision on whether we wanted to cut bait or not.

Obviously, that wasn't the case. The stock has moved up nicely into the higher end of the range. One of the nice patterns that we've noticed over the years is with formation of a W pattern-- where a stock comes down, and it makes a low, comes back up, retests that low, and bounces right back up again. It's made a nice W pattern over here. I would really like to see it push over $145, $146 to get it going. They do have earnings coming out in a couple of weeks. I think that we really like the stock, and it's going to be a staple in our portfolio.

KATHERINE ROSS: Chris, I'm actually going to move you on to another stock. I'm going to focus in on Apple, here, because we did recently hear about the technicals of Apple. We even looked at the chart in one of our Daily Rundowns.

My question for you is fundamental, here. We heard about the supply chain issues that they faced, both from Tim Cook himself, but also, we've seen the Wall Street Journal reports. When we're heading into the December quarter, should we be concerned about supply chain? And is it going to impact the holiday season at all?

CHRIS VERSACE: I suspect that it will. I suspect it won't impact certain areas as much as people are thinking. Remember, we talked about this earlier in the week, that Apple is actually shifting production around, just like we said with Deere, to areas that have even higher demand. They're taking away from iPads, because they have a lot of common components, and they're shifting them over to iPhones. There is unbelievable demand for the iPhone 13.

So I think that there might be some disappointment, relative to expectations, but we do know supply chains are starting to thaw. Products are starting to get shipped a little bit better. I think there's an outside chance that Apple surprises to the upside. What we'll want to watch is data from TSM, on the Taiwan Semiconductor, on the monthly basis, and see how they're ramping up through the end of the year. That'll give us a lot more comfort.

KATHERINE ROSS: Now, members, you're going to notice-- some of these names, I'm going to stick to one versus the other, here. And that's going to be the case for AbbVie, as well. Chris, going to stick with you. From the Weekly Roundup, I'm quoting you-- "We also like AbbVie for its industry-leading dividend that we believe is supported by the balance sheet, and well-covered by free cash flow." Break that down for members. Why do you like AbbVie? What's the thesis here?

CHRIS VERSACE: Well, there's really 2 different ones. AbbVie, a lot of people know as what the core business is. But the second-- and the one that we-- this is a little differentiated for the portfolio-- it's what I call a dividend dynamo. It's a member of the S&P 500 dividend aristocrats. That means that no matter what's going on, recession, not recession, over the last 25 plus years, this company's been able to increase their dividends.

That makes for a quality company, a quality management team that knows how to wring out costs, know how to grow the business, and return capital to shareholders. That makes for a wonderful investment. And for those subscribers that want quality dividends, or growing dividends, that's what you have.

KATHERINE ROSS: OK. Moving to Abbott, now. Bob, it's your turn. What do the technicals tell you about this name?

BOB LANG: I'm a little concerned here, right now, because it's made a nice move, off of a recent low in early October. It's made a real strong move, actually. But now it's created what's called a double top. And double top is a bearish pattern where stock makes a run to a high, a recent high, or an all-time high, and it comes down, and then it retests that high, but it fails.

We're seeing a little bit of that failure happening with Abbott right now. We're a little concerned about that one. It had great earnings, don't get me wrong. But on a technical basis, it could be under a little bit of distribution error, which means institutional selling.

KATHERINE ROSS: OK, Chris, our inbox has been flooded with one question. Trim AMD? What should we do with this name?

CHRIS VERSACE: You know, it's funny you say that, because that's one of the names that Bob and I were discussing earlier. It's around $128, $129. The price target's $135. Data center demand is good. The PC demand is OK. Gaming is good. This could be a source of funds for us, as we look to further diversify the portfolio. It's already a 2-rated stock. It's not the largest position in the portfolio.

I wouldn't be surprised if we were to, maybe, free up some AMD, and perhaps look for either something we've already added, or perhaps, another new name-- again, to diversify the portfolio, focusing on opportunities with greater revenue growth greater EPS growth.

BOB LANG: I would also add that their acquisition of Xilinx is going to be closing very, very soon. There's probably going to be some pressure on the stock from some selling shareholders from that. Even though the stock has been performing extremely well-- it's an all-time high, here-- we could see some pressure on the stock. And listen, when you have a game like, that you've got to take some off the table.

KATHERINE ROSS: All right. I've got a question here from Barry, who is wondering, Bob, about the technical downside to Amazon. Is that a time to add?

BOB LANG: Well, really, I would say right now, Barry, the stock is kind of in a no-man's land, right here. We had a good push, right up into earnings last week. It faltered a little bit, technically. But it didn't fall too far past the 200-day moving average, which is important. It's got higher lows on the chart. It's got lower highs on the chart. Really, technically, when you've got higher lows, lower highs, it's sort of in a no-trend no-man's land right now, which I mentioned.

If we can get a push back up above 3,480 to 3,500 I'd say the stock has got some more ground to go. I always like to say, and have said in our other service, that if you're light in the stock, and it's in a no-man's land. It's just moving sideways for a little bit. And if you're a little bit light on the stock, you might want to add a little bit more here. But for right now, it's going sideways. We'll see where it is in a couple of months.

KATHERINE ROSS: All right. Let's move on to Boeing. John P. is wondering-- and I'm directly quoting you, John-- "I sold calls of Boeing in December at $240, capturing $3.43 in premium, right before the latest AAP look at Boeing. But feel pretty good about not expecting a breakout anytime soon. What do you think, Bob?"

BOB LANG: Yeah, smart move, selling those calls at $240. That's a good strategy if you own the stock. It's called a buy right, or a covered call strategy. If you own the stock, you can sell calls above it, create a nice little income stream, a little dividend stream.

The stock is in a severe downtrend. It's trying to catch a bottom, here, between $200 and $210. The jury's out on it. The earnings were somewhat unimpressive last week. As you notice, the stock has fallen sharply since the earnings came out. I think that it needs a big lift, above $242, or so. If you're doing the strategy of writing more calls against it, it's a great move to bring in some extra income. Absolutely.

KATHERINE ROSS: Chris, what do you think of the fundamentals here?

CHRIS VERSACE: Boeing? Well, to mimic what Bob said, we are a little bit in a no-man's land as we wait for deliveries to come back up. That's the biggest catalyst that we're going to get. We know that the backlog continues to grow. That's a positive indicator, longer-term. But it's just a question of, when do we finally start seeing production move? That's what we're waiting for.

KATHERINE ROSS: OK. We're going to go to Costco. Sheila's wondering, Chris, what might be a good entry point for Costco?

CHRIS VERSACE: Wow. That's a tough question. And I say that-- one, because we have it as a 2-rated stock. It's also bumping up against our $500 price target. That's actually one that we're going to sit down and review. We like Costco, generally. It's a very differentiated business model.

I know a lot of people tend to think, wow, I can buy, and it's a retail name. True. But it's not like Target. It's not like some of the retailers, because of the membership model that drives really significant operating income. And as long as they continue to expand the number of warehouses, that drives membership revenue, that drives EPS growth.

I would say if we saw a pullback, in your term, as we look to revisit our price target most, likely higher, that might be the opportunity. But here, today, now, I don't know that I would step into it in full force and be buying a full position here.

KATHERINE ROSS: You like it, generally. But Bob, do you like it, technically?

BOB LANG: I love the recent moves that it's had, technically. I'm not in love with it right now, with the chart. I hate to say it--it's begging for a pullback. It had a move from about $440 in the middle of October, to where it is $500 right now. It's a 10% move-- more than a 10% move, in the matter of weeks. Not common, not often, do we see a stock of this size move that much. It's probably moving in front of the next earnings call, which is in late November, early December.

Would I be buying it up here? No. Would I be trimming it up here? Possibly. And again, as Chris said, it's right up near our price target. We may be doing some of that down the road.

KATHERINE ROSS: Chris, I'm going to say your favorite words here-- supply chain. How does that impact Costco?

CHRIS VERSACE: Well, it's a great question, because they sell stuff. I mean, it's not very technical, I understand that. But they sell stuff. It's the ability to bring people back and to do that. But one, the company is going outside of normal operating procedure to bring a lot of product in, increasing the number of cargo and tanker ships that they're using. So we'll see some extra costs on that, no doubt.

But remember, 2, again-- Costco is a little secret weapon in their fresh and grocery business. That brings people in. And I think that will continue to be critical this holiday season, where people are going to get fresh produce, or food, or meat, or whatever that they want-- oh, what else is here? On an opportunistic basis, I think Costco could be the winner because of that.

KATHERINE ROSS: There's 1 I'm looking at here. Actually, I don't think we've hit on it at all this past month, and that's-- wow, you read my mind. Well, I guess you know your alphabet. I'm going to start with you, Chris. What do you think of this name?

CHRIS VERSACE: This is a name that doesn't have a lot of news. They report, they see cloud adoption, productivity. So generally speaking, I think as we continue to work on hybrid work, maybe go back to the office, and the adoption of cloud, there's some room here. But you noticed I'm struggling. Why? Why do we want to be owning this now? That's one of the things that, candidly, Bob and I have kind of talked about quite a bit.

I'm not sure what's next for this position. Either we're going to double down and commit because we find the reason, or it might be something that we just let go over time.

KATHERINE ROSS: OK. Is there a reason, technically, that you would like this name, Bob?

BOB LANG: Well, this is Costco 2.0. The chart is almost identical to a Costco's in the month of October. At all-time highs over here. I wouldn't be a buyer up here. You know, stocks don't grow to the sky like trees. They end up having to come back a little bit, and you're going to encounter some selling, at some point in time.

If the stock pulls back 10%, that's going to take it down to $270-- stock's at $301 right now. You're going to feel from some pain off of that. Again, as Chris said, this is a stock that you think about-- why are we still in this? Why wouldn't we want to trim some off the top over here? But technically, it's still making higher highs and higher lows. It's a little far away from some of the 20- or 50-day moving averages that I like to follow. Until it comes in a little bit, I wouldn't be a buyer at this point.

CHRIS VERSACE: Bob, I noticed that the position itself is up 78%, something like that. And you said something the other day that-- I'm going to paraphrase this. I hope I get it right. Nobody went broke taking a profit.

BOB LANG: That's right. Nobody ever went broke taking a profit. Sometimes, when you look at stocks, as they said, we come at it on the technical side, from an unemotional level. If you look at stocks, and you and you start becoming emotional about it, you start grabbing onto these things. We start falling in love with stocks.

Well, I don't fall in love with stocks at all. I like them because the charts are good, or I don't like them because the charts are lousy. For instance, with a CRM here, you could fall in love with the stock because it's performing so well. And it becomes that much harder to get rid of it. Like Chris said, if you could take profits whenever you can, whenever you get the opportunity to do it, you just execute it.

KATHERINE ROSS: OK. I want to move on to Cisco, because I've actually gotten a lot of questions on this stock, interestingly enough. But it's not something that we've really hit on yet. So Robert M., Chris, is wondering, should Cisco be sold?

CHRIS VERSACE: Well, that's an interesting question. We were actually chatting about that, again, before the meeting. From a fundamental perspective, we look at the continued buildout of the digital infrastructure. We look at what Cisco does, and does well. There's a lot to go-- whether it's data center buildout, 5G buildout, gigabit fiber buildout, they're going to sell a lot of equipment that Cisco makes. They also have the security business.

Now, between the 2, I prefer BlackBerry, because it's a more pure play on that. But Cisco is going to benefit from that, as well. I think there's room to go with Cisco. And going back to the comment on AbbVie, Cisco is another one that continues to increase its dividend. And when we see that, we tend to see, over time, a step function higher in stock price. Those fundamental aspects-- I won't say that I'm dying for Cisco, but I don't see any reason to exit here.

BOB LANG: Yeah, I would agree with him, there. And then also, I would add to Chris, that the CEO came on talking about their opportunities to battle against Zoom, and Zoom meetings, and so forth. They use this company called Webex. It's a much more expensive platform. But they're doing a lot of different things. They're creating holograms on there. And so it's a much more vibrant system than it had before. They're really, really charging at Zoom and some of these other companies, and Teams with Microsoft, to try and get some share of that market.

But on a technical basis, I've been a fan of the stock for a while. It's been making higher highs and higher lows, as well. It reached a big peak at about a little over $60 a share in August, before earnings came out. It came back in and corrected quite a bit, on a little bit of a disappointment on the last earnings.

It's making a move again. It's going to make a move up towards $60. You have earnings coming out in a week or two, and I think they're going to be strong. They've indicated that the analyst numbers are a little bit low, right now. I think that, if we get back to the $60 level, all-time high at Cisco-- $83, $84 from back in 2000. It's got a ways to go to get there. But I think it's on its way.

KATHERINE ROSS: All right. I'm going to stay with you. And I want to move into Walt Disney. What do you think of the technicals?

BOB LANG: Yeah, we picked up a little bit more Disney the other day. We were contemplating this one. It came down to a Tesla May lows about $169, $170 recently. I think this is one of those-- much like we talked about with the AMAT-- the low-risk entry point. We know what our risk is going to be. If it falters below $165, we're at risk of probably taking it off the table. But as of right now, I think this is a good spot to jump in on Disney.

KATHERINE ROSS: What do the fundamentals say?

CHRIS VERSACE: Well, I think when we look at the parks business, which is one that we've been focused in on in the short term-- remember, over the last several quarters, it's the parks business, and the box office business, that have been really weighing on the company. Everybody's been focused, understandably, on Disney Plus. But now, we take a look at the travel data. We take a look at the opening of US borders to vaccinated travelers. Things look positive on the pickup over there, especially year over year.

They've also done a lot of cost reductions at the park, and I think that's a nice positive 1-2 for the margins-- which, at one point, parks was the highest margin business that they had. Oh, and by the way, the box office is coming back. I think AMC had some very robust numbers for October. I think the fundamental picture for Disney is improving.

BOB LANG: I would also add to that-- one of the things that we picked up on-- Chris did-- a couple of years ago, while we owned Disney in the trifecta, was the lineup that they'd had for movies. It was unbelievable. And I heard something yesterday, Chris, that line-up for 2022 is phenomenal. It's off to off the charts.

CHRIS VERSACE: I think-- look, there's no question that Disney is probably the best company at monetizing its character library, whether it's the parks, whether it's the box office, Disney Plus-- because even there, there's an unbelievable amount of content that's coming. I know the stock's been pressured because of people cutting 2023 subscriber numbers-- which I think is a little way far out. But the way I look at it, Disney is only going to accelerate the content to that platform. And people move for content.

KATHERINE ROSS: OK. Let's move into Estee Lauder, because Domenick was a little perplexed, Bob. He noted that you suggested nibbling on Estee Lauder in the week of October 20th. The exact question I'll read is-- "Was the chart incorrect following your read on it? It closed down 5 or 6 points one day, and 3 points the next." The broader question-- how does nibbling coincide with the stock ranked number two in the portfolio?

BOB LANG: Right. They reported earnings yesterday. They were pretty good. They did cut their numbers for next year. But they reported good earnings. And the stock had an incredible move yesterday-- it was down at $1.8 or $1.9. It finished up $13. It was more than a 8% move intraday on the stock.

What he's referencing was a day a couple of days ago, before earnings came out. But it did fire right back the next day, interestingly enough. All I was looking for was, is it going to hold that 200-day moving average? It did. For the second time, it did. It at the end of September, it held the 200-day moving average. It did on that day that he's referencing. It bounced right back up, and now we're making higher highs and higher lows. If the stock gets above $345, $346, we're looking for much higher prices down the road-- probably up to about $370, $375.

KATHERINE ROSS: Chris, we held off on talking about the fundamental story of Estee Lauder, because when we filmed our Daily Rundown video yesterday, we hadn't quite heard from the management yet. But we've had that opportunity. So does that change the way that you're viewing the stock right now?

CHRIS VERSACE: Not significantly, no. Is it still a reopening play? Yes. Are they expanding their skin care product line? Yes. Are they going to be hit by higher input costs and transportation costs? Yes.

The big question to me was, why were they trimming back the 2022 outlook? I think that there's-- it's going to be a combination, in my opinion, of a little lowering the bar to walk over it later. But I also think that they're being cautious, because remember-- they're a funny fiscal. They're not a calendar year. At least in the near term, their 2022 is going to be impacted by what's happening now.

I think it's fair that they did that. But again, if we look on the full calendar 2022, I think the back half of the year is going to be much stronger than what people are anticipating today. So that, given our 12 to 18 month time frame, I feel a little better about the opportunity, longer-term.

KATHERINE ROSS: Our next name is a fan favorite, you could say, amongst our community. Bob, Joseph, wants to know if he should trim his Ford position, since he owns quite a bit of Ford, over the 5% that you both have previously suggested sticking to.

BOB LANG: Yeah, I'm going to go back to the old mantra of-- nobody ever went broke taking a profit. This is a stock that we saw really take off last week on earnings. Volume was off the charts last week. It was one of the highest volume levels it's had in 6 months.

When you see something like that and taking off, it it's almost-- it's hard to put the words parabolic and Ford in the same sentence, but you almost could do that right now. The stock is gone parabolic. It's gone up, close to like 40% in about a month, a month and 1/2. Yes, I'd suggest taking some money off the table. We did that recently, as well. What's that?

CHRIS VERSACE: Well, we trimmed UPS. UPS, in October, had a robust month. It was up 24%, head and shoulders above the S&P 500. And we said, look, the prudent thing here is to trim back, take some of those gains, redeploy elsewhere.

I agree with what Bob is saying, and I agree with the question. It is over 5% of the portfolio. It's really run, very recently, even today, on good news, where they reported very strong year over year growth in the number of EVs that they sold. Of course, that's what everybody's focusing in on. I think the prudent thing is, yes, let's return some of the capital, and play with the house money, so to speak.

KATHERINE ROSS: Just really quickly, for members watching-- buy, sell, hold Ford?

CHRIS VERSACE: Sell a little bit.

KATHERINE ROSS: A little bit. Just like you guys did earlier this month? OK.

CHRIS VERSACE: Just a little bit. And here's the thing, this transformation is unfolding. It's going to continue. It will continue to unlock value. We're not saying, sell everything. We want to participate in what's going to come, but we also want to be-- and this is key-- prudent managers of the portfolio. We don't want to get outsized to anything, good or bad.

BOB LANG: I think that's helping Ford as well, too. Institutions are piling back into the name, because they did reinstate the dividend.

CHRIS VERSACE: That is correct.

KATHERINE ROSS: OK. I want to move into Alphabet. Chris, Mark noted that you all said that "increased interest rates will cause growth stocks prices to go lower." Is this true for all growth stocks? Or will some growth stocks, such as Google, not go lower?

CHRIS VERSACE: The general thought on that is-- interest rates go higher, borrowing costs go higher. But when you look at a company like Google that is spitting cash flow, the need to go back and tap the markets isn't really there. So I would say, no, I don't think that's the case. And I think, from a fundamental perspective, you keep looking at Google, and the shift-- and this is key-- in advertising dollars.

You and I were talking about this, Katherine, about what you're noticing with how Instagram, for example, is picking up digital ad dollars, continue to grow. I think that's going to continue to happen. I think Google-- whether it's Google Desktop, Google Mobile-- is extremely well-positioned to capture that, especially since people are concerned with privacy and other issues regarding-- Metaverse?

KATHERINE ROSS: Metaverse. Yes, we haven't gotten to that one yet. But members, what Chris said-- we were talking off camera, and we were discussing how more companies are changing the way that they spend their ad money. The traditional ad spend would be radio, TV ads, whatnot. And now we're seeing a lot more on social media, which we will continue to talk about. But before we get anywhere close to that-- the technicals.

BOB LANG: Yeah. Google had a monster move, post-earnings. Probably only two of the FAANG stocks really did extremely well-- Netflix, and Google came in really, really hot after earnings. It's consolidating right now. I like the stock here. For a move above 3,000, eventually-- it's about 2,907. The technicals are real good. Money flow is strong. Relative strength is real good-- been making higher highs, higher lows. No, technically, I do like the stock here. Even if it pulls back a little bit to the 2050 level, I'd be ready to pull the trigger and buy some more.

KATHERINE ROSS: Chris, there's one question I've kept very close to my chest, which has some member interest. And that question is to Honeywell, and it's specifically-- is Honeywell a solar play? Could it be a solar play?

CHRIS VERSACE: That's a good question. I think the answer to that is really tied up in the full business composition. And I say that because there's a lot of times that these large companies have small exposure-- well, they might have decent-sized exposure, relative to an industry, but they might have actually small exposure, relative to their overall product mix. I think that's probably the case with Honeywell. There are probably better plays for solar out there than just Honeywell. That's what I would say.

KATHERINE ROSS: Bob, I have a member question for you. Justin L. is curious about Boeing and Honeywell, and which one you like more, because he's looking to sell one to increase his position in a stock, such as NVIDIA or Salesforce.

BOB LANG: Well, the first one I'd say-- overwhelmingly, on the chart-- technicals, I'd say Honeywell. It's not the best-looking chart, but it's certainly better than Boeing. So if I had my choice, it would be it would be Honeywell first, and then Boeing. Then the other two were NVIDIA and Salesforce?

KATHERINE ROSS: Yes, he's looking to sell either Honeywell or Boeing to build up a position in NVIDIA or Salesforce.

BOB LANG: Yeah. Again, two charts that are very similar right now. They've both had huge surges in October. October has a huge gap open for NVIDIA. It's new at all-time highs over here. I would not be surprised-- they have earnings coming out in about a couple of weeks-- I would not be surprised to see that come in a little bit. And if you do get that opportunity to come in before earnings, probably want to snap up some shares of NVIDIA. That would be the one I'd pick.

KATHERINE ROSS: OK. Moving into Linde, we've got another member question. Chris, this one is going to go to you. Henry is wondering about Linde. He's curious to build up more of a position in this name, but wants to know whether you like the story here.

CHRIS VERSACE: I like the story. I don't love the story. I think that, as the manufacturing world comes back, supply chains-- my favorite word-- return to normal, activity will continue. Economic growth will pick up.

I wouldn't be surprised if we see some continued growth there, at least for now, based on what we know about oil exports-- that we continue to see strong demand on the oil front-- oil prices moving higher, generally a positive catalyst for the company. But past a certain point I think there might be, again, better opportunities out there.

KATHERINE ROSS: I want to take a look at Mastercard. I want to put this one to both of you, really quickly. Bob, I'm going to start with you-- technical look at this company?

BOB LANG: Yeah. Recently, it fell below some key technical levels, about $335, on pretty strong turnover. This is a stock that Chris and I have been looking closely on, whether it's time to cut bait and again. This is trying to take an unemotional view of things. I don't want to fall in love with something and say, look, I've got to hold on to it forever until it comes back.

We're reviewing this one. I think breaking that $335 level was not a good technical move. It may bounce back a little bit. Again, we're not going to hope and pray that it comes back, but we may make some decisions on that one soon.

CHRIS VERSACE: At a minimum, I think we need to revisit the price target, for sure, which is--

BOB LANG: $425.

CHRIS VERSACE: $425 is rich. We'll just leave it at that. I think members can look for us to have some comments, as Bob is alluding to, on what to do next.

KATHERINE ROSS: OK. I want to repeat the same kind of process here. This time, I want to move into Marvell. Starting with you, Bob.

BOB LANG: OK. Marvell had pretty good earnings at the end of August. But it pulled back a little bit-- caught that 100-day moving average, which really caught my eye. It really bounced sharply off of that. I do like the stock here, on a technical basis. Whether it's a repetition of something, other names that we have in our portfolio, is a whole other story. But on a technical basis, it's been making higher highs, higher lows. It might have peaked out yesterday about $70. It came up there and encountered some selling on some good volume.

We need to watch this thing. It'll probably go sideways a little bit. We're waiting for this 20-day moving average to catch up to the price. And when it does, we'll see if it bounces off of that. A little sideways move, right now on Marvell, would be good.

CHRIS VERSACE: Yeah. It's sitting right on top of our price target, and it's a 1-rated stock. I think, at a minimum, this could be one of those things that, when we talk about reviewing the portfolio, are we going to make any upgrades or downgrades in ratings-- this is probably one that will wind up getting downgraded to a 2 from a 1.

It's also got a-- and this is a technical term, Katherine, I'm sorry to use it-- a monster return of 200%. So again, in keeping with Professor Bob, nobody went broke taking a profit. As we do that, we might look to free up some funds to go into some other areas that have, again, better growth prospects. When you look at Marvell, you've got data center. We've got some of that over in NVIDIA, obviously, AMD. It's got some wireless infrastructure. Skyworks has that. And I think the upside is Skyworks is probably better for subscribers.

BOB LANG: One thing I would mention as well, too-- Chris referenced this one more time about-- nobody ever went broke taking a profit. Not everybody has unlimited funds. We don't. And we know that our subscribers don't have unlimited funds. You just can't keep buying and buying and buying stuff, and hoping, wishing it goes up. You do have to work on deploying stuff.

Our job here is-- we work for subscribers. We're being paid by subscribers to find ideas. You can't just sit there and be complacent with one idea that keeps working and working-- like a Marvell. It's great. Fantastic move. But are there others out there that can make a big move like that, that are just in the starting phases of that? That's what we're trying to look for.

CHRIS VERSACE: Well, you use it as a source of funds to build, to add other positions.

BOB LANG: That's right.


KATHERINE ROSS: OK. Speaking of not having unlimited funds, our next stock is Microsoft. Chris, this question is going to go to you first. Noah is looking to build and balance his portfolio. Looking at a name such as Microsoft, how would they go about adding some at a higher price point than what AAP currently has?

CHRIS VERSACE: Well, I'm going to say-- respectfully-- that's probably a better question for Bob. The only reason I say that is there are ways that you can use other-- what's the word I'm looking for? You can use options, you can use calls. In particular, if you wanted to mimic a portfolio, capture the upside that you might be looking for, but you're deploying much smaller dollars. That might be a way that you could do this, correct?

BOB LANG: Sure. Absolutely. But at least on a technical basis, what's not to love about Microsoft right here? I mean, it broke out above $305, $307. It exploded higher on really strong volume, or strong technical basis. It has a gap up right after earnings came out. It was trading off a little bit after hours of earnings. That didn't bother me much at all. But it is a powerhouse strong stock right now.

CHRIS VERSACE: That last quarter, there was no complaints about it at all.

BOB LANG: Nothing at all. I would not be surprised to see the stock make a run to $360, $370.

KATHERINE ROSS: OK. I want to run through NortonLifeLock pretty quickly. Bob, what should we be doing with this stock?

BOB LANG: Again, this is a stock that's stuck, rangebound. It's on the lower end of the range, about $24 to $25. It's been making some higher lows, barely-- again, you really can't do a whole heck of a lot. It's just been trading range between $24 to $27. If it comes back to the lower end of the range-- and I tell people, if they're light on the stock, they don't have enough of it-- this might be a good area to pick up some.

We're full right now on NortonLifeLock. I know Chris is looking at other catalysts for the stock. But for right now, probably just hold.

CHRIS VERSACE: The big catalyst is NortonLifeLock, now that it's freed from Symantec, is a standalone consumer play-- and they're merging with Avast, which is another digital privacy company. I think privacy, just generally speaking, is going to be a very big, hot topic going forward. That's not just because of GDPR over in Europe, but also what we're seeing with the California Privacy Act, and other ones that are coming in.

But when we look at what Apple is doing with iOS 15, we see the issues, the hot water that Facebook, or Metaverse, is in. Over privacy, I think this is going to attract a lot of attention. NortonLifeLock is one way to play it. And I want to see what happens with the merger with Avast, and see what are the synergies they're talking about. Is it dilutive? Is it not? That sort of thing. Then, based on that, we plot next.

KATHERINE ROSS: All right. Be prepared. We're moving on to Nucor. Frank C. wants to know, Chris, whether you guys are still bullish on it.

CHRIS VERSACE: Bullish, provided we see some movement on the infrastructure that we talked about earlier. All signs seem to indicate that the Democrats are making progress. The question is, when will we see the result? How big will it be? When will it start? All of these other things.

But generally speaking, we think about what they do. We think we see where steel prices are. We're seeing, if we look at the monthly PMI numbers, the manufacturing economy continues to grow. Demand is still positive. It's just that-- what's that real shot in the arm that we're looking for? That's the infrastructure deal.

KATHERINE ROSS: Well, it's interesting. Bob, I'm not a chartist. I'm not a technical analyst, obviously. I'm just the journalist here.

BOB LANG: I'm going to make you one, though.

KATHERINE ROSS: We're all going to be, at the end of this. But specifically, when I looked at Nucor, I notice not only is it bumping up against its 52-week high, but it had a bit of a spooky September and October. What does the chart tell you now?

BOB LANG: Yeah. I just ran Fibonacci retracement numbers from the August highs to the September lows. Basically, I look for anywhere from a 38% retracement, 50%, or 61% retracement level. These are our target zones within a wider range, and I'm looking for touch points on these levels.

I noticed that today, for instance, we're at a 50% retracement level from those two points. That would be from about $93 on the low end, $127 to the high side-- and that's about $109, $110. Voila. What was the high today? $110. We're right in that zone area where we're not sure if it's bullish, we're not sure if it's bearish.

I think, for right now, again, it's in that no-man's land zone, as we referred to a few times already. If we get above that $115 level, which was rejected a few days ago, pretty hard on some good volume. To get above the $115 level, that would be up above another retracement, which is 61%. We get above there, we can start making a run to the old highs of $127.

KATHERINE ROSS: Right now, if I'm looking at this things, it's a wait and see?

BOB LANG: Wait and see right now. If you have shares, hold them. If you're a little bit light right now, you might want to add a little bit here. But for right now, I'd probably just stay at mostly a whole.

KATHERINE ROSS: OK, members, it's time for NVIDIA. I'm specifically saying that because I have so many emails asking us to look at the price target here. Bob, I want to start with you. It's right up against it. Should the price target on actual rates plus change? Or what are you guys going to do with the stock?

BOB LANG: Yes. We mentioned earlier, the stock had really taken off in the month of October. I think the stock started the month at about $209. It's at $270 right now. It's quite a move, up over almost 30%.

I do think this one is begging for a pullback. At least on the technical basis, it's very much extended. The 20-day moving average comes in at around $230. And even if it pulls back to that area, it's still in an uptrend. It's not doing any damage to the chart.

I do like the company. I do like the stock. The chart's made a nice run over here. But as you can see, the chart in August that I'm looking at-- it made a big run to a high of about $225, or something like that. It pulled back, and it ran right back up again. I would not be surprised to see a bit of a pullback

KATHERINE ROSS: Chris has been dying to speak.

CHRIS VERSACE: No, it's all good. No. Is the price target outdated? Yes. It does need to come up. It's currently-- as I look at it-- around $220. Subscribers are correct to be badgering us to take a look at that. Noted, subscribers, and we will. But it's also just around 5% of the portfolio. And it's up-- if I said Marvell was a monster game, NVIDIA's a double monster game, because it's up something like 500%.

Again, what's the prudent thing to do here is probably take some of those chips off the table-- even though we're going to revisit the rating-- spread the wealth around some other positions and live to fight another day. Does that mean we're exiting NVIDIA? No. Why? Continued data center demand, consider graphics demand-- we'll still be in it. And there is the wild card upside, twofold-- 1 is on the eventual automotive business, which is sub 10%-- but good growth prospects with autonomous and semi-autonomous driving. So we want to be patient with that.

The second wild card is just the Arm acquisition. There's been a lot of conversation about that. There's been a lot of pushback. Arm has said, hey, we will make concessions. We need to see how that plays out, particularly in Europe, and I believe we're not going to really get any real ruling on that until sometime in the first quarter.

KATHERINE ROSS: You guys are considering a trim of NVIDIA.

CHRIS VERSACE: I think that is a perfect summation of what we just said.

KATHERINE ROSS: I do have a job, guys. OK, let's move into PayPal. This is another name where I got quite a few questions. What was interesting, Bob, is Zach D. messaged in, and he noted that the daily volumes have been up on this name since October 20th, in comparison to last year.

BOB LANG: Sure. The stock really it took a hit when it was discovered they were interested in making a purchase for Pinterest. It wasn't in a great trend, at that time, and the stock really got drilled hard with a lot of heavy selling going on, big institutions coming in here. What often happens in those particular cases is an arbitration play. People were starting to buy the Pinterest stock and short the PayPal stock-- short the acquirer and buy the acquiree.

When we talked about that on-camera, during one of the Daily Calls, and I had mentioned that I thought I didn't really believe that this deal was going to happen. And sure enough, a week ago Monday, the nixed it and said, no, we're not interested in buying. And stock shot up. It was interesting to watch and see how it performed after that. It didn't perform well at all.

I think Paypal's been weak, due to the fact that the group has been weak-- Visa, Mastercard, Discover-- some of these other names, these units have been weaker. The stock fell below the May lows recently, so that wasn't a good technical sign. We have to pay attention to that.

KATHERINE ROSS: I actually have a member question for you, Chris, and it's a comparison. Jerry B. is wondering if it's time to sell his shares in Roblox and enter PayPal?

CHRIS VERSACE: Interesting question. I know Bob's got some concerns on the chart. We're obviously going to factor that in our ultimate decision of what we do. But when we look over at Mastercard, Visa, we look at the year over year transaction volume. That is simply booming. We take a look at the shift towards mobile payments. I mean, PayPal is right there. And we look at some of the other initiatives that it's bringing. I think those are positive, longer-term.

For us, I think the catalyst that we want is the earnings report, out next week. And we'll see-- are they continuing to win people over to Venmo? Are they continuing to win people over to PayPal proper? How much faster are their transaction volumes growing? If they are, then MasterCard and Visa-- because then we know they're winning consumer wallet share. That's what we want to see. If we don't, then we'll have to revisit.

KATHERINE ROSS: We're going to move into Union Pacific, and I'm going to stick with you, Chris Kate R. wants to know if it's worth trading off of earnings, or whether it's a buy, sell, or hold?

CHRIS VERSACE: I think it is a potential source of funds, Katherine, in the short-term. Again, bumping up against our price target-- we would maybe trim it back a little bit. But here's the thing, as we get longer term signs that the supply chain issues are thawing-- we talked about this in the note.

You and I were chatting earlier that-- I think it was GM-- didn't have any down production days in October. That would seem to suggest that maybe the worst is behind us. As it improves, guess what? More stuff is going to be moving. That will be good not only for Union Pacific, but also, arguably, for UPS, as well.

KATHERINE ROSS: All right, Bob I'm going to give you a little bit of a challenge, here, because I'm curious to see-- if I said, give me 2 points on the technicals of Union Pacific, what would those 2 points be?

BOB LANG: Pretty well overbought. The stock has had some tremendous volume. The two best technical things that I can describe with this chart-- it's made an unbelievable run from October. Again, much like Costco, a big cap name like this just doesn't move 40% like that, in a month, month and 1/2. It's peaked at about $240, $242. It's coming in a little bit. I would probably wait to see it pull back a little bit more to pull the trigger on buying some more-- and if you had some shares, probably lightening up a bit here.

KATHERINE ROSS: OK, let's move into the United Parcel Service. Chris, this is normally a holiday favorite for the 2 of you, or has been in the past, but it sounds like from our discussions, and from your notes, that the supply chain issues that they could potentially face this holiday season are making you guys cautious.

CHRIS VERSACE: Yeah, I think that's right. I think that's right. They deliver stuff. If there's not as much stuff to deliver, it becomes hard for them. The other side, too, is the gas the gas prices and that incremental tax, if you will, on their revenue stream. So far, they've been able to pass some of that off.

I just think that the risk here is more that expectations for the holiday season-- I believe the National Retail Federation came out and they said, it's going to be up 10% year over year, or something astronomical like that. And I just look at the various factors that are out there, including the supply chain, and I think-- that's a very robust number. To the extent other people are thinking, wow, that's going to happen. It's going to be great for UPS. I think there's room for them to be disappointed.

KATHERINE ROSS: What do you think?

BOB LANG: Well, on the charts, UPS had an unbelievable month of October, something like 24%, 25%. Last week, we decided to trim some of that off the table. Again, this is where we go into-- sorry to repeat myself-- nobody ever went broke taking a profit.

CHRIS VERSACE: Prudent management of the portfolio.

KATHERINE ROSS: Supply chain. Nobody ever went broke taking a profit. We've got a drinking game here.


BOB LANG: We do. We took some of that money off the table at $219. It's now about $209. Timing was good. But you also have to recognize when a stock is outperforming the rest of the group, and relative strength gets a little bit too far-- like it did a week and 1/2 ago-- you've got to take some money off the table.

On a technical basis, it looks kind of similar to where you UNP is right now. Again, it is in the transport area, as well. It's almost ready to fill this gap from the earnings, at about $204. If it does come back in there, we'll see if it can consolidate over there. And if it does, might be another spot to add some more shares

KATHERINE ROSS: Because, members, I don't think that you're tired of talking about supply chain issues-- when we move into Walmart, as we are about to just now-- Chris, do they face them? Do they face supply chain issues? They sell stuff.

CHRIS VERSACE: They do sell stuff. But you know that they have a-- to say their supply chain is world class is a bit of an understatement. They've come out recently, and they said that they're not really being impacted anywhere near about supply chain issues, the way that others are. I think that's positive.

You take my comment about Costco Fresh and Grocery-- a lot of people don't know this. Walmart is the largest grocer in the United States. People go, they buy food, they buy other things. I think it's very well-positioned, generally speaking-- extremely well-positioned for the holiday.

Remember, too, that over the last couple of years, they have been really beefing up their digital platform. So when we think about a true omnichannel retailer that can benefit if people want to go actually buy stuff, or they just want to buy online, or they just want to buy and pick up-- it's hard to top Walmart.

KATHERINE ROSS: Do the technicals.

BOB LANG: Yeah, the technicals have been really-- basically, the stock's made a V bottom, is what it's called. It really took a nosedive from August to September, made a bottom in October, and it bounced back sharply-- not quite back to the highs where it was back in August, but still it's titans consolidating here, between the $145, $150 range. They do have earnings coming out in a week or 2, Chris, right?


BOB LANG: And when they come out with earnings, I think that could be the catalyst to drive it right back up to the old highs.

KATHERINE ROSS: All right, it's time to move--

CHRIS VERSACE: Are returning to the big one?

KATHERINE ROSS: We're turning to the big one. And I'm just going to--

CHRIS VERSACE: The one that's on the crap table?

KATHERINE ROSS: That was terrible.

CHRIS VERSACE: Yes it was.

KATHERINE ROSS: But I laughed, anyway. OK. Members, let's talk about Wynn. If I'm going to put this bluntly to you, Chris, what the heck should members do with this stock?

CHRIS VERSACE: Well, this is a position that we're in the process of-- what I'll term, working our way out.

BOB LANG: Evaluating.

CHRIS VERSACE: Working our way out of. I say that because, look-- we took it over. Would we have

bought it then? No, just because of some of the issues that were going on. Delta variant, Macau, that sort of thing. And candidly, subscribers have a right to be mad with this position. Because I'm looking at it-- the average cost basis is $121.89, but the price target is $110. Katherine, that's a guaranteed loser.

We need to do something about that. We've communicated what we want to do, which is-- the stock is down big, 23%, 24%. But we know Las Vegas is improving. We heard that last night from Caesar's. We'll hear it again from MGM tonight. What we want to see some final improvement in Macau.

Now, the Chinese economic numbers are improving. Service economy is getting a little bit better. We just want to be patient, and then work our way out of this position. I can't say it any other way-- other than saying, instead of being a 1, it shouldn't be a 2. It should really be a 3.

KATHERINE ROSS: OK, with that being said, the tough question here-- you guys are obviously going to stagger your exit out. But is there an exit point, Bob, for members?

BOB LANG: Yeah, we're probably almost there. In fact, if you go back to September, the stock had 2 massive gaps down on big, big volume-- which means the big institutional money was getting out of the name. The first one was around September 14. The stock gapped down hard from the high, there-- was about, roughly $95. We're just a little bit below there, right now.

We have been waiting for a few weeks, now, to see this thing creep back up to that area, as a spot where we could cut bait on the stock. We're just about there.

CHRIS VERSACE: Yeah, we see what the forthcoming data is. We know what the timeline is, because we get monthly data out of Las Vegas, monthly data out of Macau. We have some signs that we're looking at. We're not waiting like that. We're not doing that. We're just waiting to see what the data tells us. And I know Bob has said that he's unemotional, but caring, because he looks at the charts. That's the way I am with the data. It all comes down to the data.

The extent that we get another month where Macau might be not as bad as expected-- which is what October was-- we might see some more lift in the stock. That's how we'll want to trim and, again, work our way out of this position.

BOB LANG: Listen, I understand that selling a stock down 20%, or whatever the case is we are right now-- it doesn't feel good. It's painful. But I'm going to take a glass half full approach here, and I'm going to say that next trade, or the next trade after that, is the one that could be the trade that more than makes up for that loss.

CHRIS VERSACE: Look at what we did with-- early on-- we removed American Eagle. We removed Facebook. We moved quickly into Applied Materials-- been a good trade so far, and we think there's more to it. Blackberry-- these are the type of things that Bob is dead-on to call out, because that's what we want to do.

If a position isn't working, no wishing is going to move it higher. It's either going to be the technicals, the fundamentals, or a combination of the both. Wishing doesn't get you anywhere. So we're not going to do that. We're going to work our way out, cut bait-- no one gets broke taking a profit. Oh, sorry-- supply chain, had to throw that one in, too.

But the point is, we want to be with what's working. And if there are signs that, perhaps, there is a turn coming, maybe with a win, we can be patient, so we can collapse the loss. But we're not sticking around forever.

KATHERINE ROSS: I don't think there is a better stock that we could have pushed our limit over on. I think that this was the absolute perfect stock to end on.


KATHERINE ROSS: Members, thank you for joining us for this month's Member's Call. We will be doing this every first Wednesday of the month. And once again, we here at Action Alerts Plus love the community that we've developed, and we're so excited to serve you. We know that we've covered a lot of ground, and we'll continue to dive deep. Continue to send me some member questions at katherine.ross@maven.io. Thank you.