Cashflow Triggers Q&A Episode 5

[00:00:00.160] – Katie: Hey, Josh. I am excited. We're on like… I don't even know what episode are we on, right now?

[00:00:06.960] – Josh: Three or four.

[00:00:08.790] – Katie: I don't know. Yeah, I don't even remember. But it's been great. I don't think we've talked in maybe like a week or so. So we've collected a couple more questions from our new options traders. And I am going to just go ahead and jump in and we can work through these.

So I think the first one is someone who's just getting started with the program, and they are just asking, you mentioned instant cashflow with the system. Is it cashflow every week or is it just like the alerts are every week. And I think there's just some confusion about the idea of how this program generates cashflow.

[00:00:50.060] – Josh: Oh yeah, so the premise of the service is that every week there's a new opportunity to create cashflow. So that trade, if entered, will be a credit into your account. So that's a deposit into your account. So if you take that, if you decide, hey, I like VICI, VICI, VICI, then you take that, and that is a trade, and you get that money deposited into your account. And then you let time take away. You let the premium melt away on that, and then you close out. And once we start to get more legs under this service, you'll start to see me put on more trades like McDonald's again. And we'll keep reentering the same opportunities to be able to profit and tap into it.

So right now, we're just building a portfolio of opportunities to pick from. From there, we'll start to build on that and start to enter more opportunities. So, for instance, if you're not that crazy about McDonald's and you don't have to take it, so there's a new opportunity every week, and it's more up to what you feel comfortable with and what you think you want to do with your money.

[00:01:49.310] – Katie: And, just ballpark, what's been our average in terms of the cashflow generated on the week-over-week opportunities?

[00:02:00.640] – Josh: Well, I've mixed in a couple of different ones. So this is a little bit more higher level. But you'll notice where sometimes it's like, well, I'm doing this for $40. Well, that's one contract for $40. And we're using lower-priced products. So McDonald's is $270, and VICI VICI VICI is $30. So, yes, the premium that we collect is going to be much different. So once you start to build a repertoire and understanding your risk, the VICI VICI VICI, you're not just going to sell one contract, you'll add more contracts than just one. But beginning and learning how to do this, well it's easier just to do one contract, no matter if it's $30 product or $279 product.

And the reason why I'm doing that is because everyone has a different bankroll, a different amount of money in their account. So maybe McDonald's sounds great, but the margin requirement or the cash that's needed for that is just out of their level. So therefore, there's another opportunity, VICI VICI VICI or AMH or, you know, these different opportunities that are trading at $30 or maybe $10. FPI Farmland, it's a $16 stock. So we have a different gamut of opportunities. And when we look at that, it's diversification amongst price and opportunity as well. So we have something at $16 and you have something at $270. It provides opportunity for everyone to be able to participate no matter whatever your account size is.

[00:03:26.210] – Katie: And then when you say that you could buy more than one contract. So if there's a $30 contract and somebody wants to do three or four, then, like, you are three or four X in that opportunity. In that case, also you're three or four X in the cash or the margin that you would need available.

[00:03:47.140] – Josh: Correct. So if you wanted to get to the same level, it would be selling to open. We buy to close and sell to open. But if you wanted to get to the same level of risk that you have per position, then yeah, one share of McDonald's would be equivalent to maybe three or four shares of VICI VICI VICI. So that's how you start to look and navigate it. But we are in the beginning stages and just trying to get in the game and get wins under our belt and learn how to do this and start getting some movement forward and confidence at the same time. Say, oh, wow, this actually does work. Now let's start to figure out more about how this game works.

[00:04:31.390] – Katie: Excellent. The same person asked another question, and they were just trying to confirm that TD Ameritrade is a good broker for someone who's using real money versus, like, paper trading. And I believe we've put out a few recommendations in terms of the brokers, but I'd love to hear you just kind of gloss over that. It's really up to everybody what their broker obviously is. But, yeah, if you want to just go ahead and jump in and answer that and then any of your perspective on choosing a broker.

[00:05:07.990] – Josh: Yeah so, TD is what I use. It's one of the firms I use. The main one I use. TD, though, was purchased last year by Schwab. So Schwab technically owns TD, but they haven't merged yet, and that's not going to happen until next year, what they're looking at. So, yes, TD is still the firm, but it's really owned by Schwab. So Schwab is the main holder or the main broker. So if you're not comfortable with TD, then are you comfortable with Schwab? And Schwab is bigger than TD. But TD is reputable. There's no issue with it. And that's the firm that I use now. Originally, the platform that we use, the ThinkorSwim platform, was an independent firm that was bought by TD. Then now, and TD's rolled up into Schwab. So it's a reputable firm platform. I mean, TD has TD Banking Stations where you can go to. So that provides opportunity as well. Some people like to use the opportunity to easily withdraw funds from their account, so TD makes that easy as well.

But if you want to learn how we're doing it without any hiccups and see every week how I'm doing it and how I'm navigating, it's best to use the platform that I use. Paper trade it and then learn how to do it. Because it's easy to get hung up and ask questions of like, well, what about ETrade or what about this firm? And there's nothing wrong with those firms. It's just we can only focus on one firm. You can have your money in different places, but most people have one firm that they're going to be at. And the easiest for us to learn and do this together is to use one platform.

And ThinkorSwim is the best because it has the paper trading platform where everyone can do and you can do in live trading. So you can take your paper trading skills and apply it easily without having to learn a whole new platform to the real platform.

[00:07:06.110] – Katie: Yeah, exactly. And your choice just to kind of put everyone's mind at ease, the choice of the broker on our end is it was really just what is easiest to learn and set you guys up for the most success. Like, there's no association on our side with one or the other. So by all means, choose whatever you would like. But it will look, you're getting into this and learning and we believe easier if everyone's kind of like using similar systems. So answering that question, TD is great. And I don't even think I knew that ThinkorSwim was purchased by TD. So I just learned something new today.

[00:07:48.790] – Josh: There's a hostile takeover that I want to sell.

[00:07:52.240] – Katie: Oh, wow. Okay, so next question. Can you show in paper how to monitor or where to look for the trades to determine where you are at 50% profit margin or whatever profit margin you are and if it's time to close.

[00:08:09.940] – Josh: Yeah so we're not going to be able to do this on the question and answer here, but the easiest way to understand that 50, and that's just a rule of thumb. We have a McDonald's that's really on the pennies right now. It's easy to have consistency by having a blueprint and a game plan going into it.

But for instance, to understand 50%, it's 50% from where you enter the trade. So if I enter the trade at $2, I'm going to be looking to buy that back at a dollar. So that's 50%. And you would see that in your monitor tab. You would see the trade price that you executed at, and then you would see what it's currently trading at right now, and that would provide that. So maybe on a little video, I'll update that with a little exactly how it would look. But that's the easiest way. Whatever I traded it or whatever, it executed at 50% of that. That's where I'm going to be able to close it from there.

And one of the other things we haven't really included yet, because it's just another kind of step in the right direction is to create a journal, which is an easy spreadsheet will be.

[00:09:11.220] – Katie: I was just going to suggest that. I was just thinking the same thing. I was like, this is me. I need to write it down.

[00:09:17.850] – Josh: Yeah, well, the thing about journaling and just having a simple spreadsheet is that you have an entry, you manage your risk at that time and you know when to get out. So at that point, you hold yourself accountable of trying to do that and being able to focus on that.

So I'll put together a little spreadsheet. It's simple in that entry, target price and then there'll be a spot for you to enter your exit price from there. And that way you'll be able to track your results and give you a quick look to be able to understand what you have on, because we do have quite a few positions on. But at the same time, when you enter a trade, you always want to know the exit. And you want to know that before you get in and not after. Because getting in and after not knowing what you're doing is just a recipe for disaster.

[00:10:10.990] – Katie: Yeah, I was just thinking the same thing. And that's a great idea to create a template. So this is so fun. I love doing this Q&As because I feel like we come up with all these, like, recently especially, we've come up with a couple of ways to make the product even better and the customer experience even better. So I think that's a great idea. And setting that blueprint ahead of time in your journal, like knowing you want a 50% profit or whatever it is that you're striving for, that's a great question.

Okay, so since the bid and ask spread can change wildly from your Friday publish code, can you give us some guidelines on setting up a trade based on whatever the new bid or ask prices at that time when they log in?

[00:10:56.740] – Josh: Yeah. So this is a market moves kind of question. It's just we can't control it. And I understand again, we get this and it's, hey, I want to know that I'm not doing the wrong thing. So I totally understand that. The market moves… even if we publish this, within ten minutes, the market would look different probably from when you're entering and you're still there, like, oh, what do I really do? So from Thursday to Friday, when this gets published, we haven't really seen that much of a move against the other direction. We actually have seen that prices go higher, meaning that you get more premium on there. So that's probably the confusing part. The confusing part as well is that the prices don't look the same. So what do I do? So Josh said $0.40 and it's $0.35 x $0.55. What do I do here?

Now, not every option is going to be like that. It's some like McDonald's or Meta or some of these other stocks, they have tighter markets and things that are like VICI VICI VICI, we just have to go in there and we have to have a disciplined price that we're going to execute. So with that, the best thing to do is I take the middle of what the market is trading at. So if it's 40 x 50, I'm going to go in at $0.50 because I'm trying to get the best price and I'll sit and let the market come to me if it needs to be. Again, if I'm looking to get executed pretty quickly, then you go on the bid. But if you want to try to get in mid-market, then I would go if it's 30 by 40, I would go 35 and see what happens at that point.

Now, if it's changed, let's say $0.10 or $0.20 if it's gone higher, that's a good thing. Meaning that you're getting more premium. If it's gone lower, like for instance, like if it's 40 x 50 when I'm doing it because I don't like to sell any option that's less than $0.30, that's a good rule of thumb. It doesn't really make any sense even on a $16 stock. It's not that interesting to me. We always want to get paid for our risk and selling that kind of option is not really the most beneficial. So that's a good rule of thumb. But I would also say when it comes to this, it's easy to get hung up on like that kind of stuff. It's just better just to go out there and use a paper trading account and just execute it and make those mistakes that you are afraid to make because you're not going to hurt yourself, you're not going to hurt your money, and you're not going to hurt your confidence. You're going to become more confident because if you make those mistakes in your paper trading account, you're going to go, oh wow, yeah, now I understand what he's saying. And then you can fix those problems. We can't fix a problem until you do that problem.

Everyone is so worried about messing it up. But with the ThinkorSwim account, with the paper trading account, we can mess up a lot of stuff, reset and just fix those issues where we're not doing this in a live environment. It is a live environment of quotes and opportunity. But we're using fake money, paper trading money to execute. And that is always the biggest issue of getting people in the game. It's just that worry of messing something up, because if you're using your real money, I understand. We don't want to lose money even if we're learning. We don't want to lose money because it just sucks. But with the paper trading account, we are not losing. We are winning by executing because it's not real money. But we are getting real experience in a real market that provides much more value than just trying to see, well, I'm not getting the same price. Well, it doesn't really matter in a paper trading account, because even if you did, it's not real money going into your account. At this stage, it's just about trying to get in the game, making those mistakes that you're scared to make, and then overcoming that because it's like, oh, well, yeah, that thing that I thought I would mess up on, I messed up on. It's not as bad as I thought, okay.

[00:15:00.940] – Katie: Yeah, it's building the confidence, the muscle memory. Okay, now, I guess. And this again goes back to the previous question and the previous response. Having that journal potentially might be helpful in getting yourself over that hump of taking that action. If you're doing the paper trade, just take the action. That's what we've said over and over again. But if you're using real money, like having that blueprint and knowing, okay, if I'm getting in here, this is when I'm getting out, because this is the profit mark. This is the blueprint of what I want to do. So, yeah, it just kind of loops back around that I think that would be a helpful tool for us to provide everybody with. But yeah, everybody's in paper trade, just like, go, I think that's…

[00:15:50.920] – Josh: Because you can't fail. You can only succeed by doing it. You could only succeed even if you messed up and did a hundred contracts or whatever. Those are things that you want to mess up on in a demo environment than in a real environment. Because then you realize, oh, yeah, I make sure I didn't double check that, I didn't do this. There are things that it's easy when I'm doing it because I have confidence. I've done this for 17 years now. I can do this with my eyes closed. Now, I wouldn't, because, again, it's real money. That'd be stupid. But I have that confidence. I have that ability. I understand the platform as well. So, like, these little mistakes or you see me going through it like, oh, okay, he's gone, because I know the platform. I've done this for so long, it just takes a little bit of time and applying it as well just to be able to learn it. And listen, it's overwhelming. You look at this stuff, anybody that comes to you see my screen, you're like, I know it is a lot of stuff. A trained eye can see it if you went on the sea and it's all rough waves, it would be the same thing. Like, oh, is this really bad, or turbulence. It's the same thing. But a professional understands how to navigate it.

[00:17:07.920] – Katie: Yeah, exactly.

[00:17:09.070] – Josh: Or knowing that it's not something that is scary. This is part of the scenario, but more importantly, it's just getting in the game and make those executions, make those mistakes. Because making those mistakes are wins. It's winning because you are applying, you're doing it. That's the best part.

[00:17:27.640] – Katie: Yeah, no, it's great. Okay. And this is our last question for today. Someone's asking what is the entry profit and stop loss? So someone else, I think, is just getting started, actually just like answered this question today.

[00:17:46.540] – Josh: Yeah. So it sounds like with entry profit. So when we sell options, the max we can make is what we sold that option for. Now, we don't typically want to hold that option to pennies. If you sell it at $2, we don't want to hold it until a dollar. I mean, one penny. We want to get paid for our risk, but we want to be smart and we want to dance. I call it dancing with the marketplace. We can reapply that money and get better opportunities and get paid better risk by doing that. So if you sell at $2, I'm buying back at a dollar or somewhere around there.

Now, when it comes to stop losses, this is a touchy subject. So not everyone knows what a stop loss is. So a stop loss in the financial markets is that if I buy something at $2, typically, then I'm going to have a stop loss that's at a $1.50. Because I'm going to risk $0.50 to make two, three times that risk. So if I buy at $2 and I have a stoploss at $0.50, then I want at least a $1.50 of profit so that I'm going to sell at $3.50. And that's what typically people who play direction, meaning that they buy options, are looking to play direction and they're looking for risk to reward and all this other stuff. Now that's fine. That's a different game. When we sell options, again, we are on the defense and we're just letting time take away. So for those, and this is for me, I don't use stop losses. And to be honest, on the professional side, nobody on the professional side uses stop losses. This is a retail gimmick that is applied or sold to retail traders or investors for that fact. And the reason that is, is because it allows people to understand or feel confident that they are in control or that they're not risking as much as they are actually risking. And it's completely incorrect because once you put a trade out there, once you buy a stock, you are at risk, the market can lock up. And there are risks that are out of your control. So once you enter a live order and it's filled, you are not in control, no matter if you have a stop loss or not.

We had a flash crash about ten years ago and we saw stocks that just crashed. And if you had a stop loss, you would have gotten executed and then all those stocks in the Dow rebounded. So you would have gotten stopped executed, and then only to see those stocks rebound again. So stop losses don't really help. They actually hurt a lot of people. And this is the reason why I believe so many people don't make money, because they rely on stop losses. They don't know how to apply stop losses. They don't understand that stocks move or the markets move and they put them too close or they get scared and they get out of it instead of understanding how to manage that risk that they're in.

So if you, for instance, like a lot of people right now in the marketplace, prices are down. And for the last ten years, we've had one of the more massive bull runs that we've ever seen in financial history. But we're seeing a 25% 30% correction in the Nasdaq and 25% in the S&P 500. But we saw last year the stock market up 30%. So when stocks are going up higher, up 30% in one year, people don't go, well, you know what? I should have a buy stop at these levels because maybe the market is up too high. No one does that. They only get scared on the way down. But that's where the opportunity exists. And I understand losing sucks, and we don't want to lose money. And you never know when the market is going to turn per se, but oftentimes the market does come down and it then goes higher or go sideways. So when we sell puts, I don't use stop losses. That's not saying that you can't. I've done research on this as well. If you use a stop loss to get out of it, the likelihood of getting into it back into it is unlikely. So you take the loss and then what? Then you're going to be like, Well, I'm just going to wait. Waiting is one of the worst things to do because waiting means you're just never going to do it again.

So for us, what we do is, for instance, we have a loss in Meta. We have a loss right now in CCI we're going to roll that position out further to give ourselves more time to let that trade work out. And by doing that, yes, we take on more risk, theoretically, but we also take in more premium. And this is the reason why JP and I talked about not having more than 50% of your capital tied up in your portfolio, because we need to be able to have capital to access, because some of these stocks are just knuckleheads they don't want to make us money right away. They want to give us a little bit of trouble and give us a headache and make things more eventful. And it is what it is, right? I mean, if it could always happen where we just sell that put and we can close out a couple of days later, that'd be great.

Well, you got knuckleheads like Meta, which is Facebook, and they're so invested into the Metaverse, and the Facebook platform makes them so much money, but yet they spend so much money on the Metaverse, which is stopping right now. But for right now, what we will do is we will adjust that position, let things work out in our time frame, just give it more time and that's how we manage that. So selling more specifically now, if you want to use if we were talking about buying, if you wanted to use stop losses, that is your choice. If you want to use stop losses for these puts, you can as well. So let's say you sell something at $2 and then you're like, hey, I just can't tolerate the risk. Which is fine, I understand that, and I'm willing to close this trade at three times, meaning that I sell it $2, and I'll buy back at $8. You can do that, but you're going to see different returns because you're going to see me roll that position, buy us more time, stocks finally go in our direction, and then we close out, we have a profit, and then you are with a loss. So I'm not saying that the stop losses, in my opinion, is not how I approach the marketplaces, because that's not how, (i) I learned, and (ii) how I've created success and (iii) there's a reason why professionals don't use it. But yeah, I mean, you're just going to have different results overall. And from what I have done experience wise and also back tested, is that stops will help to a point, but they're also going to reduce your overall opportunity to make more money. It's better to roll the position for more time than it is to stop out and then to have that.

We're in stocks like REITs and so forth. If we're talking about other, like, more higher risk stocks like Robinhood, for instance, then I can understand, okay, hey, look, I want to stop loss here, but we're talking about REIT companies that have hard assets that the market punished them unfairly. It happens. But they'll rebound. Once they rebound, we adjust a bit, let time pass on, and let the market rebound and go in our direction. I mean, look at McDonald's. McDonald's is a perfect example. McDonald's got slammed a couple of weeks ago and then tested our 120 or 220 put and then has ripped all the way up to 290, 280. So that's just what happens. You see stocks all of a sudden get unfairly sold off and then scream higher like McDonald's. There's always an opportunity to get tested. Tested means that we have a strike that we sold, like, for instance, McDonald's 220, and we get tested on there because that's what the market is already priced into the probabilities, meaning that, hey, this was in the cards that the stock was going to move up or down. Right now it's going down. Tested our position, but we always had that higher probability that time will take away and the market will rebound and go higher. It's always up to the person on what they want to do. For me, I don't do that. You're not going to see stops part of that process. I think there's better ways than using stops like we talked about in our last Q&A, using spreads which are defined risk, that's a different, that's 102 level. But that's why you won't see anything about stops on selling these puts because we're looking for time to work in our favor.

[00:26:36.790] – Katie: Okay. That goes back to being more strategic with especially if you're trading with your actually trading with cash in your account the very beginning of this call when we're talking about creating opportunities that are available to like, all ranges of people and circumstances. So the feeling of security that stops might give you although you arguing that it's a false security. Like, really the true security is just being more strategic in the blueprint and the different plays that you're just choosing to execute in general.

[00:27:20.590] – Josh: Yeah, so, I mean, and it's going to depend on account size as well. And a lot of people that have smaller accounts fall into this trap. Hey, I have $5,000. I mean, you get stopped out, stopped out, stopped out. And then you're down to $2500. And then those stocks then rebound and the profits that you would have had, well, you missed out on them because you were so aggressive on your stop or your risk that you just didn't let the market and you didn't understand how the market would play out in the fact that you were just so tight. I understand. $5,000, that's what you have. And you got to grow that, and you grow that by one you're going to have to take on a little bit more risk per se, because you have to have, let's say, one concentrated position. And this is how it is in the beginning.

It's like having one home, like one door. Like, hey, I want to get started in real estate, but I can only afford one door. Okay, well, then you get the one door. Well, you know, I heard somebody say that I need 16 doors. Well, yeah, you may need 16 to diversify down the road, but right now to get in the game, you just need one door. And if you have a problem with that one door, then you take care of that problem at that time. Right, but if you never get that one door, you're never going to have that problem that you think you're going to have, even if you probably don't even have it. So, yes, you get the one door, you have your concentrated, but then you're in the game, you figure it out and then you sell that one door and get another door, and then you start to grow and start to go from there. But yeah, I mean, that's just the aspect of it. When we're starting, we all have different account sizes and you see all the opportunities and it's like, oh, wow, I should have got this one, I should have got this one. I like the McDonald's one, I like this one. But they have to have discipline as well to be able to understand how you are going to take risk in your account. That's why it's always best to get started with a paper trading account before real money, to gain confidence.

[00:29:09.940] – Katie: Sorry, I was just going to thinking, if you have a small account like that, have a cash account, that you might hold one position or something like that, but then you still be paper trading at the same time to be building up your muscle of confidence and consistency.

[00:29:25.990] – Josh: Yeah, and there's nothing wrong. So the other aspect that we haven't really covered on here, that is, again, like the next stage is you can actually, for instance, let's say you liked VICI VICI VICI like, oh, Josh, I never knew the gambling real estate aspect of the marketplace. I actually like that stock. It actually pays a really good dividend. I would own that stock. Well, when you sell a put, you are picking the price that you're willing to buy that stock at. Now, you don't have to, you're obligated, but you don't have to because we can roll that position out further. Let's say, hey, I would actually own that stock. If you want to approach it, and a lot of people do it well, let's say you take delivery of that stock, just hypothetically, and you buy shares. Well, you own shares and now you're getting paid a dividend on that shares risk. It's a different form of getting cash flow, but now you're going to get a dividend and then from there you can actually sell calls against it to generate even more cash flow.

So this is the same in opportunity, but there's so many different ways to go about it. So that's the other aspect of what I want to touch on the stops is that on a stop like VICI VICI VICI, if you liked the stock, why wouldn't you want to own it? And that's the outcome. Now you only have so much cash, which I totally understand. So even if you took shares, you like, hey, I changed my mind, you can close it out and then start selling puts on it as well. To me, I'd rather sell puts on a stock, even if it's a dividend stock like VICI VICI VICI, because I will make more money in the long haul on less capital than owning shares. But for some people, owning shares is a better opportunity for them for consistent cash flow every quarter and so forth. But why would you want to get stopped out of a stock like that? Just for instance, you could take short term ownership of it, let the prices come in your favor, and then sell it.

So we're just dancing with the market. At the end of the day, I'm just your dance master or dance instructor. Dance master. I like that. Just teaching you how to navigate and dance with the marketplace. Sometimes it's going to be more sophisticated moves than just a little twirl, but this is what we're able to build on and be able to navigate. And we're in a very heavily concentrated sector with REITs that, again, are backed by hard assets. We're looking at some of the best opportunities that are not available to just everyday people. And VICI VICI VICI is one of those. FPI Farmland Properties is another one. I mean, farmland. All these opportunities that we were able to tap. Iron Mountain just came out with earnings. There's a storage company that has a doomsday bunker that Beetles original records are stored at, and all these original records are stored. And that was a stock that got unfairly punished and then came out, blew out earnings, and it rebounded.

So we're in a good market or good sector unfairly. The market got sold off because of rates. But then Wall Street realized, oh, wait, these stocks are not really even though they're affected, they're insulated. Like, for instance, VICI VICI VICI. Nobody knows until you do the research that they have rents that are adjusted for inflation. Okay, so why are they getting sold off? If they're able to raise rents to adjust to current inflation, they already have their inflation hedged. Why did it get sold off? Those are opportunities that you look for that are buying opportunities and the market selling off. Market sell off and markets are higher, but they both always in both directions, overshoot to the downside and also to the upside. And that's where opportunity exists.

[00:33:24.110] – Katie: All right, well, with that, I think we're done for the day. Do you have anything else that you want to share with all of our readers?

[00:33:33.940] – Josh: No, I'm having a great time writing this up every week. It is a great opportunity for me to be able to educate and find some of these really cool companies that to me, I'm like, wow, this is really cool. So it's an honor and it's a privilege to be able to do that and at the same time make money in the marketplace. So it's being able to provide that education, do the research which takes a bit of time, be able to provide it in a hopefully interesting way, and then be able to actually monetize that information I mean, so many people there's so much information out there that's so useless. It's like, what do I do with this and that? It's like, okay, well, great. How do I use that? How do I make money with it? Yeah, I don't know. Well, I don't know the timing of it. Okay, well, that doesn't mean anything. How do I use this right now so I can make some money? And that's what I think we're able to provide is, hey, this is a great opportunity to look at this stock and look at this opportunity and be able to go from there.

[00:34:40.050] – Katie: Yeah. All right, well, see you next time. Right before thanks. I know. Have a great rest of your week. And then I was just thinking that, I was like, should we talk about the holidays right now? But I was like, now we'll talk again before the holidays. So. Right. Well, I will talk to you soon.