Matt Tuttle, Tuttle Capital — Single-Stock Leveraged ETFs & The Active ETF Boom

 Sign up to The Lead-Lag Report on Substack and get 30% off the annual subscription today by visiting http://theleadlag.report/leadlaglive.

Transcript

Live Setup And What’s Ahead

SPEAKER_02 0:03

Oh, it's Monday, and that means I have to check we're streaming live. Give me a second, folks. Make sure we're good to go. We are.

SPEAKER_01 0:11

Fantastic.

SPEAKER_02 0:13

We are live. Lead Lag Live, believe it or not, is live. No three-second delays, in case uh Matt and I curse, it's not gonna be pleaked out or anything. Uh should I curse? It's it's me. You know, you know my.

SPEAKER_00 0:25

I probably should.

SPEAKER_02 0:26

Yeah, I mean it's it's my audience, right? It's like right. Uh anyway, appreciate everybody that's uh starting to tune in here uh to this episode of Lead Lag Live, uh, which as always is live, but also will be edited to be a podcast on Spotify, Apple, and YouTube. Uh, because this is live, we can see your comments, so it doesn't matter if you're watching this on YouTube, LinkedIn, on X. Uh I can see whatever you want to post. So if you want to curse during the comments, feel free. I'll uh I might or may not bring those up, but let's make this interactive to say that any of you are interested in hearing uh further on what we're gonna be talking about. And there's gonna be a lot of things we're talking about today. Uh the convergence trade, some of these new funds that Matt and his team have launched, and uh where markets are going. Uh, because uh apparently they're only going up. Uh that's that's what I'm told. They're only up until the right, nothing else matters. Um I I had reposted a uh a post that Matt had put out uh and uh it got some good good impressions, and it was uh you kind of expressing the the skepticism with the the I think the call trading volume activity or something along those lines. Uh so we'll we'll touch on some macro things. But with all that said, my name is Michael Guy. I'm the publisher of the Lead Lag Report, founder of Lead Lag Media. Joining me is Mr. Matt Tuttle of uh Tuttle, uh of course. Um let's get into this uh big picture theme that you've been putting out more recently around this convergence trade.

The Convergence Trade Explained

SPEAKER_02 1:34

We know digital uh scales, uh physical, not so much. Uh let's talk about what the convergence trade theme is all about.

SPEAKER_00 1:40

Yeah, so the convergence trade is the convergence of traditional kind of military spending and all of the aspects that are going on with AI. So, you know, it used to be that military was big ships, big tanks, big missiles, you know, big planes, and that's all changing. And we're seeing more and more kind of come out around that, where you know, it doesn't make sense to fire a missile that costs you a million dollars against a drone that costs like $500. So we're seeing this future of warfare being drones, anti-drones, lasers, missile defense, eventually robots, all powered by AI, and the convergence of these companies. So, you know, one of the reasons I wanted to do our UFO disclosure, ETF UFOD, and one of the reasons why I like the theme so much is forget about aliens, you know, assume there's no no reverse-engineered technology. We're playing the military convergence trade with you know the main defense contractors, then your you know, AVAVs and your Kratos, then your photonics, and you know, all of the AI aspects that are going to come into kind of modernizing how warfare is done.

SPEAKER_01 3:23

So that that's the convergence trade in a nutshell.

Why A UFO Disclosure ETF Exists

SPEAKER_02 3:30

I'm uh trying to share my screen just to pull up the UFOD uh website because you have some interesting holdings there. First of all, let's let's get into the construction of that ETF, how that even came about.

SPEAKER_00 3:41

So it came about because ever since I was a kid, I've been fascinated by two things investing and UFOs. And you know, I I talk to people, I know a lot about what's going on. Um, and you know, I've been waiting for this to be an investable theme. And in 2017, New York Times supposedly leaked a story. You know, there's no no such thing as a leak, but whatever. Let's assume they leaked it of a secret government organization that was watching UFOs. They call them UAPs. I grew up with UFOs, I like UFOs. Um, and they they also leaked some videos of things flying around doing stuff that should be against the laws of physics. And everyone was laser focused on what were they? Are they aliens? Are they Chinese? Are they Russian? Are they time travelers? Are they angels and demons? I'm an investment guy. I'm sitting there saying, what's the fuel source? It's not fossil fuels. You know, what what what's the propulsion? You know, how are they making those maneuvers? And, you know, fast forward, Trump gets into office, says, I'm gonna release what the government knows. Beautiful. You know, now is the time to launch this ETF. And you know, and it's based on the idea, and who cares whether it's aliens or not? I mean, it's way more fun if it is, but it's based on the idea that that technology exists. We've seen it. And if we were ever able to harness it and make it available to the public, it would be a game changer. And then, you know, what companies would benefit the most? And it just so happens it's the same companies that are in this convergence trade. So, you know, what if I'm wrong? I don't care. I mean, I do, but but I really don't because the convergence trade is happening, and I don't think anybody could argue against that.

SPEAKER_02 6:00

I I love the whole um no tinfoil uh hatch required, right? It's it's your point, it's about the investment thesis, not about the conspiracy or whatever you want to call it as far as UAPs and UFC. Right.

SPEAKER_00 6:11

Yeah, I mean, if if you want to go down that rabbit hole, I'll go down that rabbit hole with you. But aliens don't have to be real. Trump doesn't have to get up on a podium and say, we're not alone for this investment thesis to work. Again, as I always say, it makes it way more fun, but it doesn't have to be.

Active Construction And Weighting Logic

SPEAKER_02 6:32

Talk to me about the uh the holding construction. Um, a lot of these names, I'm familiar with a lot of these names I'm not, but how does this even come about in terms of the way the mix of stocks is?

SPEAKER_00 6:41

So, you know, you and I are obviously familiar with ETFs, we're familiar with index ETFs, we're familiar with active. Certain things are very conducive to indexes. I couldn't go to an index company and say, make me this ETF. That that was not going to work. Uh, so this is actively managed. And, you know, I am at heart, I mean, I'm an ETF issuer, but at heart I'm a thematic investor. You know, you know, we write a daily newsletter on thematic investing. I know how to pull apart a theme, I know how to peel the onion. You know, we teach people the hierarchy. Pick your theme. Who are the obvious winners? Who are the suppliers to the winners? Who are the suppliers to the suppliers? Who are the suppliers to those suppliers? What are the asymmetrical kind of moonshots? And then how do you weight them? You know, I do that across almost everything I do. So, you know, managing this active is you know, is is is a no-brainer.

SPEAKER_02 7:47

All right, but but let's hit on that. How do you weigh them? So, how do you weigh them? There's all kinds of ways to do it. Market cap weighting equal weighting, but how do you actually go about weighting this?

SPEAKER_00 7:54

So I weight it based on where I think something fits into the thesis. So the obvious winners are the legacy defense, you know, prime companies. They have the highest weight. And you know, then we kind of go down and we look at, you know, what where are the obvious winners? That's gonna be number one, the suppliers to the winners. Who are gonna be the first line suppliers that the moment it turns out, hey, Lockheed Martin's sitting on zero-point energy technology, and now we need to figure out how to bring it to the masses. Who do they got to bring in? And then who does that person have to bring in? And who does that person have to bring in all the way down to what are the asymmetrical plays? Maybe there is not an easy, all right, I can see where these guys fit into the mix, but if they do fit in the mix, this stock's gonna like 500x in a week. Yeah, I'm gonna put that in there as a smaller piece.

SPEAKER_02 9:00

So to your point, it's uh it's more fun if there's actually uh a UFO real dynamic behind it. But um when I look at this, my first reaction is it sounds like it's much more of a retail BTF. Uh correct me on that.

SPEAKER_00 9:14

So it depends. I mean, from the way I am theming it, you know, UFO disclosure. You know, I don't think I'm gonna have a family office, you know, banging down my door. We've been looking for this. Now, on the other hand, what is interesting is once I filed for this, I had a lot of people coming out of the woodwork. I had big money managers calling me to compare notes. You know, they weren't willing to publicly state what they were doing, but they were calling me to compare notes. I had financial reporters who, you know, won't publicly talk about this. We're like, you know, hey, we're talking to venture capital, we're talking to this, we're talking to that. And I sat in at a meeting at a big Wall Street firm in New York where, you know, some of their analysts were there talking about this. So, you know, is there gonna be an institution that's gonna pound the table for this theme today, you know, out loud? No, I'm the only one crazy enough out there. I mean, me and you are the only ones crazy enough out there to do something like this. Um, but will it eventually be an institutional theme? It's gonna be an institutional theme. The institutions are sniffing around this, they just are not in a position from a PR standpoint where they're gonna want to talk about it because people are gonna think they're crazy. And people already think I'm crazy, so I don't care.

SPEAKER_02 10:57

It's crazy until you get it done, then you're a genius, as they were saying.

SPEAKER_00 11:01

I mean, they thought we were crazy when we did European Aerospace and Defense. Yeah, everyone's like, yeah, that's never gonna work. I don't want it. Can't tell you how many people turn that down and then you know, now look at it.

SPEAKER_02 11:12

Yeah,

Photonics As The Next AI Bottleneck

SPEAKER_02 11:13

yeah, yeah. The uh one one one of your more recent products, though I'd argue, is um uh maybe more institutional in the way it's framed, which is uh FOTO, the photonic side. Now, this is something I knew nothing about, so when you first brought it up in a conversation we were having, I said, Oh, that's that's interesting. Um, and you're really kind of at the forefront of this. What's going on with light as an investment?

SPEAKER_00 11:34

Yeah, so one thing we always want to look for is what are the bottlenecks? You know, and the obvious bottleneck in AI was Nvidia in 2023. And we look at what happened to that stock and all the stocks around it. So we always want to think all right, we know what AI can do. What is going to keep it from getting there? And one thing that's going to keep it from getting there is the speed that data can be transmitted and the amount of data that can be transmitted over any one time. And, you know, so from a legacy standpoint, most stuff is going through copper wires, and that's just not scalable. So, what photonics is, is it's a different way to transmit the data. You can transmit faster and more over light, and you're going to see a lot or all of this legacy copper being replaced, and that's why photonics stocks have done so well. And up until now, there was not a pure play photonics ETF. So here we go.

SPEAKER_02 12:56

Okay, so this to me is uh is fascinating, especially because copper, I think, today is at all-time highs. Um, so is it fair to say that this is um a if it's a substitute, right? The higher copper goes, the more expensive copper's gonna get. I understand it's on the legacy side, but uh it seems like the higher copper goes, the more there's gonna be interest in in this side of the investment world.

SPEAKER_00 13:16

Yeah, I I think that's part of it, but I mean it's just it's it's the future. I mean, it makes, you know, in the there's so many things that you know I also look at and do they make sense in this day and age? In this day and age, does it make sense we're still transmitting stuff over wires? It doesn't. This is the future, and you know that that's why we love this theme. It is still a bottleneck that needs to be solved. Oh, what a handsome guy. Uh for uh for AI to reach its full potential.

SPEAKER_02 13:55

How um how pure play are the companies in the ETF? I mean, it's it's are are these are these like conglomerates? Like how does this how does that work?

SPEAKER_00 14:04

No. So one of the biggest problems I have with the ETF industry is they'll give you something you think you're investing in that, but then you look at the portfolio and it's not that. Like, you know, it'll be Nvidia and you know, a bunch of Mag 7 and maybe a couple tangential names. But you know, ETF issuers like to do bits, so hey, here's 75 names, 100 names, but you know, so there's a quantum ETF that's got like I think 75 names in it. There's only like 10 pure play quantum stocks, and so what we're trying to do is say, you know, you have Mag 7 elsewhere, we don't need to give you that. You know, you can go into some of these other things elsewhere, so we only want to give you stocks that are pure play quantum, and we've got like uh like 15 holdings in here, give or take. So not a lot, and you know, and we're not gonna add something. Yeah, one, two, three, four, five, six, seven, eight, nine, ten, eleven, twelve, thirteen, fourteen names. That's it. We're not gonna add anything unless it's pure play. And we're gonna heavily weight the big guys. So we've got three names in here that are heavily weighted. You know, Momentum, which is the big guy, uh, IPG Photonics, and Coherent, you know, though, and then you know, and Sienna is another one. And then, you know, we've got some of the moonshots in here, like Poet is a smaller weighting, Photronics is a smaller weighting, uh, I don't know how to pronounce it, Ava is a smaller weighting. And you know, that's what you're gonna get in our ETFs, is you're gonna get pure play. Same with our space ETF. We have 11 names. I don't have Lockheed Martin in there, I don't have Boeing in there. You know, do those companies make stuff for space? Sure. Is that a major part of their revenue today? No, so they're not gonna be in there.

SPEAKER_02 16:21

Are these um smaller cap companies? Like, what's the cap range on these?

SPEAKER_00 16:25

Um, I mean, they were. I mean, they these things are going parabolic. So I don't know, you know, like you know, Lumentum and Coherent aren't anymore. You know, Poet probably still is, and some of these other names probably still are, but you know, the big players have gone from companies you wouldn't have heard of a couple months ago to, you know, now there must-haves in your portfolio.

SPEAKER_02 16:55

How do you communicate the the this to people? Because obviously we're doing it here live, but you know, the same thing. Like I didn't know anything about this, right? It makes sense at the moment you explain it, but there's kind of an education gap, right, that comes with you know talking about the theme.

SPEAKER_00 17:09

So we are big into education, and I think you know, more than any other ETF issuer. I I have nothing to back that up, but you know, you you've seen my daily newsletter. I put a

Teaching The Theme Without Hype

SPEAKER_00 17:29

ton in there. You've seen the webinars that we give. My rule on a webinar is I don't want you to come off of one of our webinars thinking that all you got was a sales pitch. I want you to come off one of our webinars like I learned something. You know, if you buy our ETF, you know, whatever. If it makes sense, great. If it doesn't make sense, then you then you shouldn't buy it. But, you know, I want you to come off of that educated. You know, we're writing a book, we do a podcast, I do podcasts like yours. I'm a big believer in education, and you know, it needs to be there. You know, by the time Wall Street is going to tell you about something, it's too late. You know, you see, you get the research report, you know, XYZ announced they're doing this, they're up 40%, and you know, Morgan Stanley raised them to a buy. It's like, well, that doesn't help me. You should have raised them to a bye the day before or or a week before. You know, Wall Street's not getting into stuff early. I want to help you get into stuff early. Um, you know, I love what happened with with you know EUAD. Uh, you know, but I was pounding the table for that for months before anyone would look at it. I think UFOD, you're getting into that theme early. You know, you're not in photonics early. We had some delays, unfortunately, in getting this thing launched, but you know, you've still got upside here, and I'd certainly rather be buying photonics stocks than I would be kind of, you know, the the the whole GPU thing that's already played out.

SPEAKER_02 19:16

Tell to me a little bit about your um your process for coming up with these ideas. I mean, you've got a number of number of thematic funds which you know, you tend to be, you know, kind of first to market on these. What's your own process to come up with these ideas?

SPEAKER_00 19:28

So I am an active trader investor at heart. I started investing in 1981. Um, and you know, in a perfect world, if I ever retired, I'd be sitting in front of a computer trading all day. I don't have time. So I want to create

How Matt Finds Investable Ideas

SPEAKER_00 19:50

ETFs that I want to own. So I buy these and it makes my life way easier. Um, I also run a wealth management firm. I want to create ETFs that we can use in wealth management because, again, that makes it a lot easier to use ETFs. So that's my process. What do I want to own? And, you know, in one of the reasons I write my daily newsletter is that forces me to do deep dives on all of what's going on thematically. And as I'm doing that, I hit upon wow, this photonics theme. This is something I want to own in my portfolio. It is way easier for me to do it in an ETF. So I'm gonna launch an ETF. And it's cool that I'm at a point in my life where I can do that. I'm gonna launch an ETF for me. I'm gonna launch it for my wealth management clients, I'm gonna educate you about it. And if you want it, here it is.

SPEAKER_02 20:56

And folks, it is not an easy undertaking to launch an ETF, and certainly not cheap. Um, I know that.

SPEAKER_00 21:01

No, it it is not.

SPEAKER_02 21:02

Yeah, no, so for all all the uh all the knuckleheads on X that will uh you know take shots at portfolio managers, they have no idea uh that the the investing side of investing is very different than the business side of investing.

SPEAKER_00 21:14

Right. And there are a lot of people, and I did a podcast earlier today, there there have been some fund closures, and the guy was asking me about it. I'm like, look, you know, if I don't have assets in a fund, it costs me $20,000 a month to keep it up. If I've

The Real Cost Of Running ETFs

SPEAKER_00 21:30

got five funds that don't have assets, that's $100,000 a month, that's a million two a year. I don't like shutting down funds, but you know, at some point, you I mean, you gotta do what you gotta do. Once you don't see a runway to get assets, you gotta do what you gotta do.

SPEAKER_02 21:51

It's interesting you say that. The um it's always a challenge, right? I think the uh the coal ETF uh had closed just before 2022. Or something like that. And I find it always interesting, sort of the question of when do you close a fund? Because it's a question of is it some cost fallacy that you keep it open, you know, because you already spent money to bring it to market, or are you selling the low?

unknown 22:15

Right.

SPEAKER_02 22:15

And that's always the hard thing. It's like, well, if you close a fund that's thematic and it's just about to work, it's like, you know, how do you know?

SPEAKER_00 22:21

Yeah, and and we do a lot of 2x single stocks, and you know, and we've got to be careful with that. Most of the time when we close one of them, we're right. You know, we closed arm. Um, you know, maybe a month or two before, you know, whatever announcement came out and you know, and ARM just started ripping. You know, that was a mistake, unfortunately. But, you know, it's balanced out. The ones we ended up closing, you know, were probably never gonna work on a on a 2x basis. So you just gotta do what you gotta do.

SPEAKER_02 22:58

Yeah, it's not it's not easy to uh to make those decisions. Uh, I want to talk about um this idea of uh stocks that AI can't touch because you've got a whole ETF focus on that as a as a theme as an idea. I think it's actually a brilliant idea because everyone's worried about AI replacing everything. So what's isolated from that? Let's talk about uh HALX.

SPEAKER_00 23:15

Yeah, so that's the Halo idea, heavy asset, low obsolescence. And there's a lot of stuff there. So I am a big believer that traditional systematic value investing, not you know, hey, I'm gonna go in, find

HALX And Stocks AI Can’t Replace

SPEAKER_00 23:35

a couple of good stocks and you know, and do that. But you know, the way ETFs do it, like, hey, this stock has a low PE, that meets it good. This has a low book to sales, this has a low peg, all that stuff. I don't think that works. And now with AI, I think that's dangerous. Because does a stock have a low PE because Wall Street just doesn't understand the story? Or does it have a low PE because AI is gonna put them out of business and they're the walking dead? But I think there's a place in your portfolio for where you would have traditionally put value stocks. Because what I while I love photonics, you know, this stuff is gonna move. When it's up, it's gonna be up big. When it's down, it's gonna be down big. I mean, you know, take our space ETF. We launched that, you know, two months ago, it doubled. But today it's down, you know, 9.3%. It's it's going to move. That is what it is. I think you've got to have a barbell approach in your portfolio. You have some of the high flyers, you balance it out with the traditional value name. So, what we're looking for are companies that have assets. When you have assets, when you've got stuff, AI doesn't touch that. What AI touches is any company that our product is our intelligence, our product is our people. All right, well, AI is gonna replace all that stuff. But if you are a copper mine, you mentioned copper, Freeport MacMoran's in here. AI is not gonna put copper out of business, and Freeport MacMoran is actually, whether they do or they don't, they're able to use AI to help improve their process. Um, you know, the other aspects we want to look in there are companies that provide what AI needs. So we're about 20% in energy stocks. AI needs energy. We got a bunch of utilities in here. We know the electrical grids got to keep being built out, you know, materials, all of that stuff that I think you need to have in your portfolio, but you're not gonna get it in a traditional value ETF that's still just looking at valuation measures.

SPEAKER_02 26:05

Okay, you're an investor and a trader at heart. Um there's gotta be this kind of cognitive dissonance, I think. You want the markets to go up, you want your ETFs to you know do well in that environment, because I say risk assets. Uh but at the same time, sometimes you're worried about market risk, right? And you gotta flag that sometimes, but maybe that's kind of to the detriment of your other funds, right? They're long only, obviously. Um talk me through sort of your your short-term and long-term views on markets. And uh does any of that uh the fact that you have these ETFs, does that color your view in any which way?

Bubble Risk Position Size Tail Hedges

SPEAKER_00 26:40

Yeah, so I think we could be in a bubble. We might be in a bubble. No one can predict any of that. Uh, you know, this could keep going another day, it could keep going another year, five years. So we look at it from two aspects. The first is position size. You know, you see these people on X, you know, I'm up three gazillion percent this year. All right, great. Assume that that's true. You're gonna give a lot of that back. You might give all of that back. You know, we know how the markets work, there's an average return, and if you earn more than that average return, you're eventually gonna revert back to the mean. You're gonna give it back. Watch your position size. I love this photonics trade. That's probably about 1% of my portfolio. So, you know, it's gonna help if it keeps going up. It's not killing me if it goes down. So that's number one. Number two is you want to have tail risk protection. So we've been working probably for two years on oh no. That's gonna be our no bleed tail risk ETF. It's gonna be really cool. Uh, it's just taking us forever to get it out because it's complex. You know, what the goal is when the market's up to down a little, we want to be flat. And when the market's down a lot, we want to make money. That's not easy to do, uh, but we think we've got a way to do it. And from a it's an index from a back test standpoint, it works. We have reason to believe that it will continue to work, and I do think you need to have some tail risk protection that allows you to sleep at night. Markets only go up, man.

SPEAKER_02 28:35

What do you mean, tail risk? Come on, don't you know that? Come on, it's I don't know.

SPEAKER_00 28:41

We've both seen some weird stuff in in the markets.

SPEAKER_01 28:46

Yeah.

SPEAKER_00 28:47

Yeah. I mean, uh the people saying markets only go up are people that started investing after COVID.

SPEAKER_02 28:54

Right. And and and um I I think people forget, yes, markets go up over the long term, but they look at a chart and they forget that these bars are like full days or weeks. Like it's that's a lot of time to be consolidating or to be going down, right? When you're living data, and you by the way you don't even know when you're gonna die, which means your investment these may not even come to you may not see it in time, right? Yeah so so and that's the challenge. And it's um I do worry about that tail because I keep going back to so a couple things. I I use that line that um markets humble us all, just not all at once. And uh that leverage is always the precursor to tail events, and you see the leverage that's going on in a lot of places, collectivity and all this stuff. I mean, it does seem like we're primed for that, but you know, to your point, it's like everyone's going 60 miles an hour and it's raining, nobody cares.

SPEAKER_00 29:43

Right. Yeah, and you know, the other thing you've got not just leverage, you've got crowding. So I was talking to a guy who had some numbers on this last week. You know, hedge funds are like 20% in semiconductors right now, which means if the hyperscalers sneeze, everybody is gonna be looking to exit the same trade at the exact same time. So, you know, we know the analogy. It's yelling fire in a crowded theater. That doesn't end well. There's stuff going on with you know SK Heinex in South Korea and that whole ecosystem that's getting extremely frothy. So we're doing a memory ETF this week. We're not gonna start off with Heinex and Samsung in it just because those names scare me right now a little bit. And the last thing I want to do is start an ETF and you know, and and and have some sort of crater on on day one. Um, so yeah, I mean there's a lot of scary stuff. How it's gonna play out, who knows? I don't do predictions. I tell you diversify the right way, not the wrong way, have the right position sizing, have tail risk protection, and then don't worry about it.

SPEAKER_02 31:10

Um, going back to your point about education, you've got newsletter, which talk about how people should sign up for that. And uh we should touch on this webinar that we're doing uh in about uh two and a half hours, three hours?

SPEAKER_00 31:21

Uh two and a half.

SPEAKER_02 31:23

Yeah, two and a half. Yeah. Um yeah, so so on the newsletter. So talk about how people can sign up to that and and kind of have the frequency of the type of content.

SPEAKER_00 31:31

Yeah, so our newsletter is on our website, Tuttlecap.com. Uh, it comes out every day. It's a lot of stuff. Um, you know, I'll typically what I'll do

Newsletter Webinar And Closing Notes

SPEAKER_00 31:44

is I'll take a deep dive on something that catches my interest. So, you know, every morning I'm reading all the news publications. There's certain smart people I'm following on Twitter. I get a ton of Wall Street research, most of it's junk, but every once in a while there's a nugget. And, you know, and every day there's something that I'm like, this is interesting. And I'll take a deep dive, I'll kind of peel the onion. You know, what's going on? Who are the winners here? You know, who are the second tier? What are the risks? And, you know, and and take it as you will. I also write about you know my market views. I try to, you know, come up with something different, not hey, market was up, oil was up, you know, Nvidia was up. Yeah, who cares? You know, you know, if if if I see something interesting, I'll call it out. I also typically have kind of you know a stock of the day. Uh, you know, those of you who follow that, um, you know, they're I've I've I've had some uh I've had some pretty good call outs. And these are not, hey, you should buy this stock. These are stocks I find interesting. Do your own homework. But you know, I've had people tell me, you know, hey, we did our homework, and holy crap, we we did pretty well on this now.

SPEAKER_02 33:11

Uh everybody, uh I'm a fan of uh Matt's entrepreneurial uh approach and the way he thinks from Ford perspective on uh on these funds. And to his point, uh he's at a point in his career where he can do that. Um I am not, but I'm hoping to at some point. I think Matt's got 10 years on me.

SPEAKER_00 33:26

Uh I am I'm definitely older than you.

SPEAKER_02 33:28

Yeah, yeah, yeah. Although, although you can you can reverse that. I kind of proved that a little bit with the fasting. Uh, we talked about peptides uh in uh in Chicago. Um uh again, folks, appreciate those that watch this. We are gonna do a webinar at Two Eastern. Uh, if you go to my X profile, you'll see it uh pinned there as far as the registration link. Join that. If you're an advisor, the CE credits that uh you can you can apply for for attending that. It's gonna be a really good conversation with Matt, myself, and several other people, so more of a panel type of webinar discussion. But uh thanks everybody for watching. Thank you, Matt, as always, and uh go check out uh H ALX and UFOD and all the different funds that Tuttle's got because uh one of them is gonna be a big winner. Uh I just don't know which one.

SPEAKER_01 34:06

Maybe not all of them.

SPEAKER_02 34:07

Maybe hey, then then then then you're gonna buy out lead lag media. So thanks everybody for watching. Cheers.

SPEAKER_01 34:16

Okay, give it a second.