J.D. DURKIN: Chris, to be fair, we can't exactly let you off the hook entirely. Let's move our attention over now to at least a few of the things that maybe did not go the way you would have liked them to go. Let's talk AMN Health Care and ChargePoint, both difficult names for both you and members alike. But I'd like to turn it maybe into a bit of a learning opportunity. Did you win or did you learn? So let's talk about what we learned. How did the losses in those names impact how the portfolio is managed going forward?

CHRIS VERSACE: Well, it really-- so AMN happened in the beginning of the year. And that was a bit of a disappointment. And ChargePoint, look, we certainly took our lumps with ChargePoint. I held myself responsible for that. There's no way to get around that. But what did we do in response? We really doubled down on risk management with the portfolio. So much so that we opted to implement panic points for each position. We share them with members in every roundup. We share them again in a table that we publish every week.

And it's just a reminder that sometimes you have to know when to throw in the towel. I think we talked about it, you and I, J.D. , recently, when said, look, past a certain point, it's going to take a lot to get back to where you were. Sometimes you're better off, ripping the Band-Aid and moving on.

And instilling these panic points let's members know what those levels could possibly be. When a stock hits a panic point, we're going to double down our efforts on the fundamentals story, double down on what the technicals have to say. And if it comes time to make a tough decision, we will so as to limit further losses in the portfolio.

J.D. DURKIN: As the great Kenny Rogers would say, Chris, you've got to know when to hold them, you also got to know when to fold them. Let's talk about Universal Display here. Its performance since your exit at the end of October tells a bit of a different story than Ford. What have you been following there and what do you think is important for members to know?

CHRIS VERSACE: So Universal Display shares hit our panic point. And as that happened, we had multiple warnings about the market for the end of the year during the big holiday shopping season. And we were very concerned about that because while we all talk about smart phones and the adoption of OLED displays, the reality is that from an actual usage perspective, large format TVs are a much, much bigger end market. But what happened?

So we exited the position, and all of a sudden, the market took off and it pulled Universal Display shares with them. So we're left scratching our head a little bit on that one. We knew at the time that there was a decent short position in Universal Display shares. And I think the lesson here is sometimes we have to be mindful of when the market might be oversold, when we might see a turn in the market, maybe not be so quick to exit a position. That's the lesson learned.

J.D. DURKIN: There we go. Chris, we will conclude our review of, let's call them learnings, things we learned with the one that got away. Chris, what did you miss with Builders Firstsource?

CHRIS VERSACE: This is one that I am kind of kicking myself with because we put that in the bullpen at a much higher level. We saw it fall all the way down to 106, 107, something like that. And we were just concerned about the housing market, not so much the interest rate market, but the housing market given affordability, given what we were hearing from home builders about prospects for deliveries in 2024. But we also weren't seeing folks sell their existing homes and trading up.

So the picture for us was rather cloudy. What happened, stock took off. Why? Because the market has been fascinated and fixated on not one, not two, not three, but potentially four to five rate cuts in 2024 by the Fed. Now we'll learn this afternoon how realistic that could very well be.

I don't think it is. And I think it's going to give us an opportunity to buy builder shares-- excuse me-- Builder Firstsource shares, ticker symbol BLDR, at lower levels.