SpaceX As An Investment

The next wave of mega-IPOs may not be another software company. It might be SpaceX, a business that blends satellite internet, rocket launches, and defense-adjacent capabilities into one name that could be too big for investors to ignore.

We talk through what SpaceX actually is from an investing perspective: Starlink as a broadband communications network in orbit, launch services that benefit from reusable rocket economics, and the less-discussed military angle through programs like Starshield. That mix creates a real puzzle for anyone building a portfolio or benchmarking to an index. If SpaceX lands in major indexes, passive investors could end up with meaningful exposure whether they want it or not, so understanding the business model matters.

We also get concrete about the risks: how “control” can shape outcomes for minority shareholders, why the Aramco comparison is useful as a framework, and why Elon Musk’s continuing influence is a genuine factor in the thesis. We pull lessons from Tesla’s recent history, including how subsidies and competition can change the story fast, and we pressure-test whether space is earlier or more mature than themes like AI.

Finally, we bring it back to action: sensible position sizing, what to look for once financials and trading behavior become visible, and why waiting for the post-IPO dust to settle can beat FOMO. If you’re thinking about SpaceX IPO investing, Starlink valuation, or space and defense stocks, this is a grounded place to start. Subscribe, share this with a fellow investor, and leave a review with your take: would you buy SpaceX right away or wait?

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Transcript

SpaceX IPO And The Big Question

Steve Davenport 0:26

Hello everyone and welcome to Skeptic's Guide to Investment. I'm Steve Davenport, and I'm here with Glenn Miller. And today we want to talk a little bit about one of the newer ideas or one of the newer things happening in markets, and that is SpaceX. SpaceX is about to have an IPO, and it's going to be one of the largest, it will be the largest IPO ever. And uh what is going on in space that we want to be invested in, and how do we look at it in terms of is it a defense, is it a communications, is it a holding and um just technology? Where's the value in SpaceX and how do we determine whether we should add it to our portfolios? Clem, give me your impression of what is SpaceX and where does it fit?

Starlink Launches And Where It Fits

Clem Miller 1:21

Okay, so first of all, we should uh you know let everybody know that you know we obviously at this point it's not publicly traded yet, uh, but it will be uh no doubt down the road at some point. And when it comes uh into the market, it may well, it may well have the largest market cap of any stock uh you know in the uh in the market. So that would be uh really uh notable uh if that actually happened. Uh and then it forces us to think about a lot of different things. One is uh whether this makes uh, I mean, it really makes us each confront whether we want to have Starlink or SpaceX in our portfolio uh to the extent that that would uh that its high market cap would imply. You know, whether you're an active investor or whether you know you're investing in the S P 500, you know, if you're investing in the SP 500 uh and SpaceX enters the index, you know, you are talking about a huge uh percentage now, uh even bigger in like the I guess it would be then the Magnificent 8, right? Or the Magnificent Nine or whatever you want to call it. So you so one really has to confront the notion of SpaceX regarding uh regardless of whether you're an active investor uh or a passive investor. Uh so I I think, Steve, it's worthwhile talking a little bit about SpaceX. I think the popular understanding of SpaceX is uh is one, Starlink, you know, their satellites that are used for broadband communication. And the other thing that's in the popular imagination is it's basically its launch services uh for NASA and for others, uh with those cool launches and the and the rockets that come back to Earth and reusable and so on. So and those really are those are the two main elements uh of SpaceX. Uh Space SpaceX does have a military business, not just on launch services, uh, but they actually have a uh a separate kind of Starlink just for the military. It's called Star Shield. Um so not too many people know about that. Uh I didn't know about that. But but SpaceX is a you know, it's a giant company. Uh, you know, uh as I mentioned, it's got its sort of defense aspects to it. It's uh it's really uh a communications company, uh given its broadband communications, and of course it's technology. So I'm really not sure, you know, when it comes to the whole you know, 11-sector uh gigs uh analysis, I'm not sure where it would fit. Would it be in communications? Would it be in in technology? I'm kind of thinking it's probably more likely to be in communications uh than it's likely to be in the in technology, but you know, that's not guaranteed. I'm not not 100% sure about that.

Defense Reality And Space Industry Players

Steve Davenport 4:40

I mean, is there another company similar to it in terms of producing, you know, sending up satellites and maintaining a satellite network? And I mean, I don't think they're I mean, I look around and I don't see a good analogy of a similar company. I see, I mean, I think it could be in an industrial because of the all the space production and and the production of rockets, um, you know, I I wonder if the military part of it is thought about, you know, long-range. I mean, they're they're using these rockets for one purpose, but could could somebody else say, hey, I'd like you to provide me with a rocket that will, you know, travel this far? Or, you know, um, yeah, and I'm mainly thinking about delivery of nuclear weapons by Iran, you know, if uh they said, hey, we need a rocket that goes exactly this many miles, and uh, you know, I mean, is it is it truly um defense or non-defense? I mean, because all of that satellite networks and and being able to take cam take pictures and and get down to the the details of how you know the leader of Iran was killed. I mean, it was it was satellite technology that told them where he was and where he was located, and that's what they use to guide the bombing. And so I I I don't know. It feels it feels like it's part defense as well.

Clem Miller 6:16

Well, I don't oh yeah, it's definitely part defense. There's no question about it. I mean, you know, I just I mentioned that they have this star shield capability. I don't I don't know, I don't, I mean, there's a lot we don't know about reconnaissance satellites, and I'm not sure we we it's it's in the public domain whether Starlink uh is involved, Star Shield, whatever is involved in recon satellites. I'm not sure that they are. Uh there are other firms that build satellites as well, uh, and those might be uh more involved in the uh the highly classified satellite programs. You know, there's this thing called the National Reconnaissance, National Satellite Reconnaissance Office, uh part of the military, um, or affiliated with the National Security Agency, and and that's uh and that's that launches satellites, but I don't know who builds satellites for them or whether they build them on their own or or or or whatnot. So but I'm not sure that that SpaceX is in you know is involved in making recon satellites. Um I know that they're involved in uh in doing uh the communication satellites. There is a company uh called, and it may have been renamed since uh since I looked at this. There was a company called Maxar, M-A-X-A-R. Um, and it was a publicly traded company until 2022. Very interesting story. It was publicly traded, it was well known for its uh its high-resolution satellite imagery, and it was used a lot in the uh Ukraine war, uh and even providing the public pictures of you know Russians on the border ready to get into Ukraine. And uh and in late 2022, a uh a military-related private equity group, you know, funded by the military, uh brought it private. Really? Uh yeah, and so now it's but you know, when I say brought buy it private, I mean I don't mean that it's owned by private individuals, although I'm sure it's owned by some private individuals, but really they wanted to take it out of the public sphere and make it more confidential, uh, you know, because of its military applications. And so now you it's not subject to public scrutiny, you know, through SEC and whatnot. It's uh it's sort of behind the scenes. Uh, but I'm still, I'm sure, still applying its technology to um you know to warfare. So that's that was uh that's Maxar. And it may have it may have changed its name since then, but you know, from our standpoint, you know, we can't invest in it because it's now private. Quote private, unquote. So so that's interesting. Um, you know, and you know, you do have you know, you do have some other companies out there that are involved in space. Um you know, one that you hear about a lot is called Rocket Labs. Um so that's that's out there, that's that's in the space industry. Um so you know, you got a lot of you have a lot of startup firms.

Steve Davenport 9:46

We got rocket mortgage too, right? Yeah. Um that's like the perfect combination of space and finance.

Clem Miller 10:01

So Steve, I think I think I think SpaceX is going to make a real, I mean, just you know, uh a real splash, so to speak.

Aramco Comparison And Government Risk

Steve Davenport 10:16

I guess I'm I'm trying to be forward-thinking here, Glen, and I'm trying to think like, okay, you know, just like we have people interested in geology and all the materials and all the things coming out of the earth, we should be exploring and understanding what things are around the earth. But it feels to me like the average investor, maybe I'm wrong here. I mean, is this something that you think everyone should own? And it's one of those things because it's large enough and big enough, and you know, I I I heard all this about how big a Rampco was going to be, Saudi Arabia's oil company. And it's a huge company, but I still don't hear managers saying, you know, I'm getting rid of my Exxon and my Chevron, and I'm buying a Rampco. I I think they're the biggest, so therefore I want their my exposure to be you know simple with the uh one of the biggest players in the world. And I I kind of look at this the same way, saying, is this is this critical to us and our economy and the US, or is this just you know a very, very big company that companies have been allowed to get bigger and bigger before IPO, and now we're faced with this kind of um, I don't know, I I think it's a little bit of an odd uh odd position, do you?

Clem Miller 12:04

So yeah, so I think you know you've got an interesting analogy there with a ramco. Um I think the the the thing about a ramco that was problematic, I think, is that you can't buy it in the United States. Um so you know it doesn't have an ADR. Uh so you know you'd have to have a London ADR for Europe? Oh, it might. I don't know. I I'd have to check, but it doesn't have a a US ADR, as far as I know. Uh but the main thing is that it's essentially controlled by the Saudi government, and so you're really uh minority investor, along with the Saudi government being the uh majority investor, and and and Aramco's uh credibility and profitability is really a function of what goes on with the Saudi government and with oil prices. So, you know, you're kind of vulnerable to some external uh you know, external factors there in terms of uh the Saudi government and and and of course uh oil prices. And you know, every time you're invested in energy companies, you're subject to oil price volatility. But with regard to a Ramco, it's more of a policy vulnerability because Saudi Arabia is the swing producer. So uh so that's that's that's what I would say about a Ramco. So I I don't think that I would, you know, if there were an ability to invest in a Ramco, those would be the the obstacles that I would see to investing in it. Um on um Isn't it the same way with the French um you know airplane producer?

Steve Davenport 13:54

I mean it's it's owned by the French government, and it's you know, I mean people have gotten around to being comfortable with some of these names being owned by governments, haven't we?

Clem Miller 14:04

Yeah. Well, some some of these companies have minority government stakes or golden shares or whatnot, where there's a lot of control still. Um, for example, ENI, the Italian oil company, uh Italian state. I mean, it's uh it's basically a publicly traded company, but the Italian state has a golden share. Uh, and so it can uh you know it can exercise influence if it wants, right? It's got sort of a right to to come in and and exercise influence.

Steve Davenport 14:39

Uh, but I think just I mean, do you ever want to own Airbus? Uh I Boeing competitor. I mean, Boeing has its problems. Um I I always wonder sometimes whether you just you just buy on the other side when Boeing goes down.

Clem Miller 14:56

You know, that's uh that's an interesting point, Steve. I I think I I do not shy away from owning defense companies. Uh I think that, you know, I'm not in that sense, I'm not an uh typical ES, I'm not an ESG investor in the sense that I, you know, a lot of ESG investors avoid defense companies. Uh I do not avoid defense companies. I think defense companies have some uh advantages to them. I think generally they're less volatile, um, you know, lower betas, right? I think that uh some of them have pretty high dividend yields, although I'm not a you know, I'm not a dividend investor per se. Um uh but they do tend to be somewhat expensive, right, on pay ships. Uh, but you know, there's some stability there, right, in terms of being able to generate you know revenue over time. They're they're solid companies, uh, but they are dependent on contracts. And uh the same thing goes for you know for Boeing and Airbus as it does for uh the defense contractors. The only thing I would say about Boeing and um and Airbus is that they're also dependent on the commercial airline industry, uh not just on military. And so, you know, depending on what's happening with uh the airline industry, that affects what happens with Boeing and uh uh and with Airbus.

Elon Musk Risk And Tesla Lessons

Steve Davenport 16:33

So yeah, I I think it's an interesting concept. I mean, I think that you know the idea of buying a conglomerate that has all kinds of different exposure around space instead of trying to piece together, well, this one does, you know, rockets for launch of satellites, this one does the satellites themselves, this one does a combination of three different. I mean, I always believe that GE, for all of its you know, amalgamation of businesses and finance and industrial, they put it together pretty well because they could use the power of one part to help the sale of the others, right?

Clem Miller 17:15

Correct. Now, the the the problem that I would have with SpaceX, and I think it's an issue that you know all investors out there are going to have to confront with uh with regard to SpaceX, and you may come out with different opinions on this, is the issue of Elon Musk himself, uh, because he's going to have a large amount of continuing influence in the direction of SpaceX. And so you have to have some confidence uh in uh in Elon Musk and his decision making uh and his vision uh in order to proceed. And there I think you're going to have uh a lot of difference of opinions among among investors. Uh you're gonna have some who really you know who really see him as a visionary and are willing to invest alongside him. And then you've got others who are more skeptical uh about Elon Musk. They see that he uh he can't he has a difficulty staying on a particular issue for a while. He's very distracted. Uh and and and so you know, is that going to help? I think if you look at the history recently of, you know, recently meaning the last two years of Tesla, uh hasn't done too well, right? Tesla's Tesla's not been doing great.

Steve Davenport 18:52

I guess I I feel like when we originally started the Tesla story, it was all about subsidies. And we were subsidizing this because this was clean energy, even though you know there's still a factory somewhere that's using carbon most likely to give you the energy that goes into your battery. So it really was a false premise. And I think Tesla got built up on this premise because they were given these credits, and because of these credits, they'd said, well, the credits are almost like money. Well, they're almost like money, but they're not quite exactly the same because you know uh they could go away on a day, you know, and then they went away, and everybody was like shocked. I'm shocked that we're no longer subsidizing this, you know. If we subsidize industries, Clem, are they really, you know, good investments? Uh because of the subsidy, maybe, but once the subsidy, you know, you've got a uh uh a break in your chart, right, between the profitability here and the profitability here, you've got to figure out that lower bound because it can go away. And that's where I kind of wonder is the area of space more likely to use the intellect and the uniqueness of a Musk better than an auto company. Like auto companies and GM and like I I love, you know, I love I worked in the auto industry. I'm familiar with what you know the production capabilities and the building in different countries and the self, but I also look at it as a very tough business. I mean, it really is, you know, and based on regulations and all the things involved. Whereas in space, I don't know, it's I want to say it's unbounded, but it certainly is a lot more open. If you have a creative, if we had a creative genius and we called him, you know Muskie Elon, and we we asked Muskie Elon where should where should we put him in order for him to generate the most uh innovative ideas and and potential revenue. Um I don't know if I would have put him in autos. Do you think?

Clem Miller 21:16

Uh well, you know, he he's never been interested solely in automobiles, right? Uh he's got you know he's got a an entrepreneurial streak, you know, obviously, a mix of entrepreneurship and and technology interest that extends you know well beyond uh just Tesla. Um he's got his boring company, not boring as in boring, boring, but actually boring under the ground, uh and you know, which strikes me as kind of a crazy idea, but you know, maybe it's not so crazy to to you know have the ability to bore uh long deep tunnels, you know, in an in an easier fashion than we do now, right? Um but you know, so he's got he's got a lot of interests, and I I I agree with you that uh that uh his expertise you know ought to go beyond cars, and it has. It's gone into space, and I think he's made he's made enormous contributions to the space industry uh in the area of renewable rockets, right? Reusable rockets. Um that has lowered the costs, tremendously lowered the costs of going into space and delivering stuff into space. Yeah. And now uh You know, there's tens of thousands, you heard me right, tens of thousands of Starlink satellites uh floating around up there. Um, so much so that you uh you know, there are you know, there are difficulties in being able to well, I wouldn't say difficulties, but it's uh it's a challenge that the satellite industry has of uh of actually winding its way through the satellite constellations uh to make sure that there's not not a lot of collisions. Right.

Steve Davenport 23:12

I'm just saying that I think I might like to see the exposure I have with Elon. If I was trying to buy Elon, would I buy Tesla or would I buy SpaceX? I think I might be more interested in buying SpaceX.

Clem Miller 23:27

I I I agree with that. Um but I think I think Tesla has as you know, if anything, Tesla's become a more mature company, and thus there's it's just like I I don't who who are the competitors?

Steve Davenport 23:40

Lockheed Martin and Raytheon and a few other rocket, and you know, I mean there's not a lot of competitors in the autospace. Jeez, every country in the you know, in Asia and the you know the auto company you gotta compete with.

Clem Miller 23:56

Yeah, you've got BYD like doing extremely well in China, you got some other China. Uh GM is uh is uh chasing down Tesla uh in terms of its cars. GM has been doing really well lately, much better than Tesla.

Steve Davenport 24:11

I think that I mean Toyota, the new Toyota electric vehicle is amazing. Yeah, and I wasn't gonna be, you know, I I I expected that Toyota, when they entered the space, we're not gonna enter it with uh a clunker. They're you know, they're one of the great auto companies. And you look at Mercedes-Benz and BMW and all of these brands, and then you say, Oh, we got this Tesla, and I I just think it's uh a mature market and it's got a lot of competitors, and a lot of competitors that are well funded. So how do you differentiate? And that's kind of why I I think this topic of SpaceX and space technologies, and say maybe it should be a part of our, you know, yeah, lingua.

Clem Miller 24:58

Now, now what I what I get concerned about is whether they're taking it public uh at a time when its market value is the highest. I mean, certainly it's in their interest to do so when uh they can get the most money out of uh out of taking it uh public.

Steve Davenport 25:21

Um Yeah, it's I mean I I think when you have momentum, you should take advantage of that momentum. I I don't I think that if you and I agree that we're three to five year investors and we want to we want to get involved in something that we think has potential, I don't know if I I I agree that price matters. So yes, I would say that if it comes public and you know I don't have access to it right away, but it it goes up three times in the next, you know, in the first two weeks like a cloud um company does. Yes, I think it probably is too expensive, and you have to wait um till it calms down until you know a better opportunity to own presents itself. But I I just like the concept of something in space that will be able to, you know, utilize Elon Musk's abilities in a more um, I guess, open and and interesting way than the current, you know, Tesla.

How Mature Is Space As A Theme

Clem Miller 26:27

Yeah. But you know, the I I think, okay. I I agree with you that it's a great opportunity to get involved in something that uh is something that we have not been able to access yet because it hasn't been public. Uh but what I I do, like I said, what I wonder about is whether uh you know the industry or the SpaceX is already mature, right? Uh has already gone down the road of being of becoming mature. They've got like already they've got tens of thousands of Starlink satellites up in space. They've got this launch business that seems to be doing extremely well. Uh you know, it's not like it's way, way beyond early stages. This is not an early stage company by any means.

Steve Davenport 27:20

Okay, if it's a nine-inning game, Clown, what inning are we in on space?

Clem Miller 27:25

Well, in space or in SpaceX? In the well, I would say if if I think if AI, if AI is in ending two or three, then quantum is the ball game hasn't started yet. It's it's in the quantum, we don't even know where the ballpark is. Okay.

Steve Davenport 27:44

Correct. Okay, so where would you put space and in our in our continuum of future technologies and ideas that we want to be invested in, but we don't want to. I mean, I don't want to put 80% into SpaceX, do I?

Clem Miller 28:02

No. I I think that that space is actually more mature than AI is. Okay. I think uh I I mean I I don't know what inning to put it in, but I you know, if you think, I mean, I'm hard pressed to to be able to figure out how much further we could take SpaceX uh without actually going beyond Earth orbit, okay, or going beyond uh the Earth Moon system. Okay. And so, you know, going beyond the Earth-Moon system is uh is uh you know could be years down the road, so many years down the road.

Steve Davenport 28:46

So yeah, you don't think there'll be materials and things that we discover about certain planets that we might say like hey, this rare metal is is on the surface of uh asteroid mining.

Clem Miller 28:59

Yeah. I mean uh you know, there are companies out there, uh I haven't paid much serious attention to them at all. Uh, but there are companies out there that uh have set themselves up to be potential miners of asteroids. And I I s I certainly would not be uh at this point an uh an investor in any of these uh in any of these companies. I think the I the idea of mining in space is um is really a crazy one at this point. Uh like how would you get all that stuff down to earth is the key question. So yeah, I mean I think I think you know, for communications activities, that's obviously the most profitable activity uh for space. And then uh defense applications, highly profitable as well. So and I think those are already being uh exploited. So is there a is there still runway ahead? Yes. I think with AI uh there's a lot of runway ahead, and we're only just beginning to understand everything that we can do with AI. So that's why I think that there that AI is is earlier uh uh and has much and has longer runway than space does, and SpaceX does.

Steve Davenport 30:24

Yeah, I mean I think it has a much broader usage case than AI does. I mean AI has a big larger usage case than space. But I I'm just trying to kind of put it into perspective for people.

Clem Miller 30:41

Now, the one thing I I would say, okay, the the counterpoint to having to rely on Elon Musk's decision making, the counterpoint to that is that SpaceX does have uh close to a monopoly on what it does. Um there are some companies, uh, and I I don't want to get too much into this, Steve, but there are some companies out there that are competitors uh to SpaceX. Uh, but you know, they're part of bigger organizations that in a sense are kind of dabbling in in this area, uh, as opposed to you know committed to this area. Um so I would say that um, you know, there are there are some competitors, there are uh, but but the big dog on the block is certainly SpaceX.

Steve Davenport 31:41

Yeah. I mean, I think it's you know, I think it's good to talk about this and try to think about in the future. We've got open AI coming public, we've got um other uh possible IPOs this year, and really figuring out how you want to play or how you want to be invested in some of these things that are coming to market. I agree, it's not like you're buying it in round one, and you know, it's gonna get four or five more funding rounds, and you're gonna eventually get it at a much better price than waiting for the IPO. Um, it would be nice. I've I've seen different people pursuing ways to get invested in SpaceX now, um, before the IPO. And I think that all of this is a good idea to a degree, but I guess I would like to say I look at SpaceX and say, I think it's a two to four percent position in your portfolio. I don't think it's a 10 to 20 percent position. Oh no, no.

Clem Miller 32:39

I yeah, two to four. Yeah, it depends on what the numbers look.

Steve Davenport 32:45

I I you know I like we buy it. I'm just saying if it goes public and it's a trillion dollar company, right? Two to it's probably not a half percent, it's probably not a five percent.

Clem Miller 32:56

Yeah. I I agree with you. I think I think it may actually be a better buy than some of the so-called, than some of the other so-called uh Mag 789, whatever you want to call it. Right. And it may it may be better than those. I I personally mean we haven't seen the numbers yet. We don't know what the numbers look like yet. Well, we're talking about it having an IPO in the trillion range, so we right. No, but I mean I mean, I mean, I mean, we don't I haven't seen the things I like to see. I don't like this, I haven't seen a a peg ratio, I haven't seen a short interest ratio. Um, you know, I did I haven't seen how it resp how it reacts with the market, like through beta, for example. Um I haven't seen those things, so I don't know, I don't know how it fits into my scheme yet of uh of what's a quality company.

Steve Davenport 33:49

How does Tesla fit into your scheme when they're earning terrible, terrible? I guess I'm saying, Clem, is we all invest Tesla is the information you have.

Clem Miller 34:03

Tesla is super Tesla is super expensive, it has a high short uh short ratio. Yeah, it's a it's a it doesn't fit into my scheme at all.

Safety Failures FOMO And Final Takeaways

Steve Davenport 34:13

Okay, but um I'm gonna take a wild ass guess here, Clem, and I'm gonna say SpaceX is probably not gonna fit either. Probably not. Yeah, I'm just saying I I think it's a lot of bluster, and the idea of it being the greatest, you know, or the biggest uh IPO ever is you know is something of people to consider, but just like a Ramco, when you unfurl the onion and you go through the different layers, it's got questions and things about it that you I think are gonna make it difficult. And I think it's gonna be a big company. I think there's gonna be a lot of people smarter than me who are gonna figure it all out and have um you know and have it at the right portion of their portfolio and have exposure to it because it's an important space. But what I'm saying is it's a it's got some complexity to it. One, it's got complexity in the operations in the space, no pun intended that it operates, but also with the leadership of Musk and also with companies that size, and also with, you know, I I think we all know that space can be wonderful and create great images like the newest, you know, um trip past the moon, but it also has times when you know the rockets explode and it falls to the ground, right? And I think that those types of risks, I don't know if we've really seen a big enough investment that could potentially have that kind of um, shall I say, explosive um characteristics.

Clem Miller 35:53

Let me give you let me give you an example of a real live example of something that went wrong uh with SpaceX. So they launched their their big rockets, their uh their super heavies or whatever you call them from um Texas. And there was one that exploded over the Caribbean, um, maybe several that exploded over the Caribbean, but there was one uh that you know came close to knocking down airliners that have material dropping over various islands in the Caribbean. Uh so there are you know there are safety and environmental consequences uh to launching these things. And if something really went wrong along those lines, uh, you know, more than they've gone wrong already, if something really went wrong, uh then there would be uh there might be consequences for the company.

Steve Davenport 36:52

Right. Um so I think that's all I had to say about SpaceX. Do you have any final comments?

Listener Feedback And Sign-Off

Clem Miller 36:58

No, I uh you know, I just I think we need to see. Uh I'm not gonna jump personally, I'm not gonna jump in right away into SpaceX when it comes out. I'm gonna, you know, wait a bit and see what happens, uh, and see what how it stabilizes, see what the numbers look like uh um when it when it comes out. I'm certainly not gonna do a a FOMO, right? I'm not gonna be FOMO fear of missing out with uh with SpaceX. It's not gonna be, you know, I'm not gonna do that.

Steve Davenport 37:30

So all right. Thanks everybody for listening. We appreciate your input. Um please let us know what you like and what you don't like, and uh please uh keep listening to Skeptic's Guide to Investing. We love helping you with your financial IQ.