Podcast-Episode #5
Reed: [00:00:00] Welcome to episode five of the tax-free millionaires podcast. I'm your host Reed, Scott. And today we're going to be diving into an incredibly practical and often overlooked strategy for investors. And that's how to boost your portfolio returns by selling covered calls. So whether you're new to options or already dabbling in them, this episode is for you.
So grab a coffee, a notebook, and let's break this down step by step. And by the way, at the end of the podcast, as always, I'll be giving you my stock pick of the week. So be sure to stick around because this is a stock. In a fast growing energy sector. And is positioned at this time for an incredible growth. That I believe is going to occur in this sector over the next five to 10 years.
If you've been looking for way to generate consistent income from your investments by using and holding onto the stocks, you already own. Selling covered calls could be your new best friend. This strategy is especially [00:01:00] powerful for those who want to add a layer of active management without taking on too much additional risk. But there's a little secret that many people often overlook when thinking about selling covered calls and that secret is they are not just for creating income. In fact, they're perfect for reducing the cost basis of your stocks. And this has an incredible long-term impact on your total returns. What we'll talk about that a little later on in the podcast. For now let's start with the basics. What is a cover call? At its core, selling a covered call is a strategy where you already own a stock.
Let's say you have a hundred shares. And you sell a call option on it. This call option gives someone else the right, but not the obligation to buy your stock at a predetermined price called the strike price. And they have to buy it before a certain date or it expires. And exchange for giving up that potential upside on your stock.
You're paid a premium upfront. Think of it as earning rental income on a stock, you already own. And if you were [00:02:00] comparing this to real estate, however, it is not quite the same. Because you could rent a property and sell an option to buy. Except when you're doing that with covered calls you as the owner. Can cancel the renter's option to buy anytime you want.
So you never really have to let your real estate or in this case stock go. If you don't want to, that's the big difference between leasing a property with an option to buy in real estate and selling a covered call and the stock market. Let me give you an example. So let's imagine you own 100 shares of XYZ corporation and it's currently trading at a hundred dollars per share. You decide to sell a cover call with a strike price of 1 0 5. And it expires in one month. For this you'll receive a $2 per share premium or $200 total, and you'll get paid that right up front.
The moment you sell the contract that goes into your account. Now if the stock. Stays below 1 0 5. The option expires worthless and you keep the $200 premium. And you keep the stock. [00:03:00] However, if the stock price goes above 1 0 5, you're obligated to sell your shares at 1 0 5. Even if the stock price goes to one 50. But you still keep the premium. So that effectively raised your selling price.
1 0 5 2 1 7 per share. And this is where it gets interesting. So I said, you're obligated to sell the stock at 1 0 5. And this is where a lot of people get turned off on selling cover calls. They go, I don't want to do that. I want to keep my stock. So I'm never going to sell a covered call because I'm afraid I might lose my stock and I want to keep it longterm. And this is why selling covered calls is so different from renting or selling property in real estate. When you sell a covered call, the big difference between real estate and stock market investing is liquidity. You have so much liquidity, you can always get out of that contract. The stock market is probably the most liquid market in the world.
If not the most liquid. And real estate is one of the least liquid. And yet I continue to hear financial analysts comparing things they do in the real estate market. And they [00:04:00] recommend that you do it in stock market. It just doesn't make sense. The liquidity of the stock market is worth its weight in gold.
If you know how to use it. And here's why, what if I told you that you could sell cover calls and the stocks you own, and you can sell them for years and you would never have to let that stock be called away if you don't want to. And the reason is liquidity. The liquidity of the stock market versus other markets. And there's a variety of ways to get out of selling your stock when you sell a cover call. So you don't have to let your shares get called away.
And this is all due to liquidity. Now, obviously you don't want to sell covered calls where every time you sell a cover call, you have to scramble to unwind the trade and get it back because that costs money. But the good news is there are a number of ways to let you sell cover calls while minimizing the risks they'll get called away. The first thing consider. R that sometimes are better for selling covered calls than others in stock market. There are bull markets and they're bear markets in their flat markets.
So it's better to trade or silica recall in flat horizontal [00:05:00] markets or bear markets. Number one. And some stocks are better to sell, covered calls on and others, for example. The best stock to sell occur. Call on is one that is moving sideways or trading within a relatively flat range. And many dividends stocks are also excellent.
Sox is sell covered calls on, and in fact, selling covered calls on dividend stocks is a great way to create even more income inside your portfolio. Another factor to consider is what is the market doing before you sell our cover call? What is. What are the characteristics? Are you in a bear market? As I said earlier, when stocks are generally flat or declining, That may be a better time to sell covered calls.
Then when you're in a bull market where everything is, seems to be going up in a market overall is rising. And there was a better probability you'll get to keep the full premium and your stocks in sideways and bear markets. Now, this doesn't mean you can't sell covered calls at a bull market. You just want to be aware of what stocks you selling them on.
And when. For example, you probably would not want to sell a covered call on a high flying tech stock, right before earnings [00:06:00] announcement. When a company has a history of beating their revenue and earnings projections. Unless, of course. You wanted to sell the stock anyway, then this may be a great way. It's just sell the stock because you can add the cover call premium on top of your selling price that you would normally get.
If you just sold it at market price. Even then, however, you could still unwind that trade. If you want it to you take a loss, but you could unwind a trade. Always look at the individual stock and the price level range in trays before selling a covered call on a stock. This is why we teach. How to chart the stocks, price movements in all our courses.
So you can easily track these items before getting into a trade.
Now many people talk about selling cover calls as a way to generate income. And it's true that's selling call options. Is a great way to create steady income inside your portfolio. Which can be especially peeling. If you hold dividend stocks or portfolio of blue chip stocks. Have I like to sell covered calls to reduce the basis of the stocks I own, by [00:07:00] doing this on a consistent basis over time, you can reduce the cost basis of your stocks and thereby increase your overall portfolio returns. For instance, I did this over a 12 month period on a stock.
I own I had the buy back the cover call two times in it. 12 month period. I did a cover call every month and I had to buy back two times because the stock was getting close to this. Strike price. But in the other 10 months, I was able to keep the premium and use it to reduce the basis of the stock. That I had originally bought it $120. And by getting the premium from selling covered calls. And applying that to the basis of the stock.
I was able to reduce the basis of this doc down to a hundred dollars per share. Now, this is a return on the stock of 16% over that 12 month period. Without having a stock called away or without having the stock, having to go up in price at all. Now add that 60% returned to the 4% dividend of the stock, which was, which should paid. And you [00:08:00] made a 20% return in a year on a relatively safe. Safe dividend stock.
And that's not a bad return for a dividend stock. And this is why when I see articles from the financial industry telling retirees that they need to plan on a 4% return in retirement, it makes me cringe because there are a number of risk management techniques that you can use to reduce the stock market risk of owning stocks. The premium you receive also acts as a downside buffer. So if you go back to the XYZ corporation example that I gave earlier, Where we had a hundred dollars stock. If the stock drops to $98, the $2 premium. Means you're not losing money until it goes below $98.
The selling covered call strategy is ideal for investors who are neutral to moderately bullish about their stocks. If you think the stock will stay flat or rise, just a little, this strategy lets you profit from that stability. As I mentioned, the biggest downside is the opportunity cost. If the XYZ corporation stock rockets to $120 a [00:09:00] share and you sold a cover call at 105. Sure you made money, but you missed out on a big win. However again, there's a variety of techniques that you can use to protect yourself from having to stock call away. You can always buy back the contract or roll it out to a further expiration date. This is the beauty of the liquidity of the stock market. And when you roll that cover call out to a further expiration date.
Very often you'll receive an additional premium because you're still selling a cover call. It depends on. The market, the stock and how quickly it's rising.
So you don't have to sell your stocks to sell cover calls. You want to sell cover calls on stocks that however, have a good trading volume. So in other words, To maintain that liquidity. Make sure you're picking stocks to sell cover calls on that are actively traded. Companies that have shares being bought, sold every day with significant volume. And you can see this from the open interest column on the trading [00:10:00] platform. That you use to sell covered calls.
It'll tell you that the number of shares in thousands or millions that are being traded every day. You don't want to sell covered calls if you want to get out of it. On a stock that isn't actively traded because you always want that liquidity there. , if you decide to call back or roll out the governor call. Now there's also a risk of price decline when you sell a covered call.
So if the stock goes down in price and you've sold a covered call, will you be able to get out of it or will you have to stick with it? Let it go down. And the answer is no, you don't have to stick with it. Why would you cause the cost of the price of the cover call is going to drop. And it's going to costs you less to buy it back than you received in premium. So you can buy it back and then sell your stock.
If you want to. There are numerous ways to protect yourself from downside risk. And if this sounds complicated, You can do all this when you enter the trade in the first place. So you don't want to have to fool with it. For example, if the price of the stock is dropping, that means the call you sold is worth less than what you paid for it.
So you could buy it back for less and [00:11:00] keep the profit, and then you can sell your stock at a predetermined stop-loss price. Again, at this sounds like too much work. We show you how to do this in seconds. So you're automatically protected when you enter the trade. If the price drops, you don't have to worry about it. Can you doing whatever you like to do?
You can play golf, travel, work, everything will be done automatically. Now, some people like to use the premiums they receive from selling calls to protect their stock positions with put so.
A put is a contract that gives you the right to sell your stock to someone else at a predetermined price. Now you don't have to use it. You, it gives you the right, but not the obligation. So for example, If you receive a premium of $5 a share for selling a cover call on a stock, you own. You can turn around and purchase a protective put on at same stock. And it might be. Three $4 or $5.
And that gives you the right to sell it at a predetermined price. Some people use this on stocks they've owned for a long period of time. They got quite a bit of profit in that stock. They don't want to use a stop loss. And the [00:12:00] put gives you more protection on a stop loss because it gives you greater flexibility. As I said earlier, it gives you the right to sell your stock to someone else.
If the price drops, but you don't have to. And this is better than a stop loss, because if you use a stop loss to protect the stocks you own, and the price drops to that stop loss point, you're going to automatically be sold out of that stock. Then as the stock price comes back the next day and jumps up above that stop-loss price and then continues to go up even more and you want to buy it back. You're going to have to buy it back for , more money than you received when it sold out at the stop loss. But with the put, as long as the contract is still in place and there's time left on the contract to expiration. You can wait and see if the price of the stock is going to go back up above that put contract price.
Let me give you an example of what I mean. So let's say you bought a stock at a hundred dollars a share, and now it's $150 a share. If you put a stop loss on that stock at $140 a share. And the [00:13:00] price drops down to 140. You'll be sold out of that stock. But then let's say the next week it comes back up to 150, maybe one 60.
You won't own the stock anymore. And if you wanted to buy it back now, you're going to have to pay and you'll have a loss in getting that stock back. But if you used a cover call premium to buy a put at one 40. And the stock dropped to one 40. You can wait and see if the stock bounced back. In this case it did.
So you just wouldn't exercise your put option. You don't have to exercise it. You have a right, but not an obligation. So you get to hang on to your stock because you were able to wait and see that it bounced back. So a lot of people love this flexibility. And that's why they'll sell a covered call to get the premium, to buy protective.
Put this strategy by the way is called a collar. And it's used very often when investors have a stock, it made a nice profit in, and they don't want to risk losing it with a stop loss. But it's the same time they want to be protected from a downward price movement. Huh? You say, [00:14:00] but how the price goes to 2 25 and I lose my shares because they'll get called away. And again, that's the beauty of liquidity. , so you had to set a conditional order on all your cover calls that you sell. That allow you to get out of the trade early.
If the trade moves against you. You won't even get close to the strike price and we show you how to set that automatically. So it sells you out of that. Trade early. The moment, your order hits a predetermined profit. Or loss so that you're not exposed to any further price increases. You can buy your shares back long before the price goes to 2 25.
In fact, you can get out of that. Covered call. Before he even gets near the strike price of the call in the first place. The strategy will minimize any losses you would have otherwise taken and contracts they'll go against you. We'll show you how to do all this in a simulated portfolio that mirrors the real market.
Exactly. So you can see how the strategy works. Over time. Without risking your own capital.
All right. So the next question is how do you pick the [00:15:00] right call options to sell? So we talked about what stocks and what the market should look like. But how do you know what the strike price should be? And the expiration date? So if you choose a strike price, that's far enough away from being in the money. And in the money would be the price at which the contract, the call contract is equivalent to the market price of the stock. You don't want to pick a price.
That's too close to the current market price. And the further away you move from the market price is called out of the money. So the further you move away from the current price of the stock. You leave more room for upside, but the downside is you collect smaller premium.
If the strike price of the covered call contract you sell is too close to the current price of the stock.
This is called being at or near the money and you'll get a larger premium. But you're going to cap. You're upside immediately. However, if you are looking, sell your stock. Anyway, this is a great way to sell it because you're going to add the premium to the current market price.
Now, [00:16:00] the other thing you want to consider is expiration date. Weekly options offer flexibility and higher annualized premiums, but they require more management. You're going to be looking at this on a weekly basis as opposed to a monthly basis. Monthly options are less hands-on, but might lock you in for a longer period of time than you'd like. This is why we want you to do this in a simulated portfolio, and we give you a spreadsheet so you can test various expiration dates and option prices against each other to see which ones. Are the most. Profitable the most author. And see what works best for you before you do this in a live account. You must consider also the probability that the option will expire out of the money. And this is expressed any options, chain, a trading platform. Any platform you use is going to have, what's called a probability OTM. And so we show you in our. Courses how to select the optimal probability OTM. And we suggest you practice this trade hundreds of times in a simulated trading platform, [00:17:00] we are not risking your own money before you ever attempt to do a lot. This is a great way to gain experience and confidence. And use the data that you gather into tracking spreadsheets.
We provide to show you just how valuable this strategy is to increasing your overall portfolio returns. On a consistent year, over year basis. I believe if you did nothing but sold covered calls inside your portfolio each year, you could easily double your annual returns inside your accounts. And even a small increase over time can create generational wealth for you and your family. Is I demonstrating my book tax rate millionaires. So once you sold recover call, you're not done.
You need to manage it. And the management sounds like a lot of work. Doesn't it? Based on what I've said, and I know this. Sounds like a lot, but if you use a systemized approach, which we show you how to use , you should be able to manage your portfolio in as little as two hours a week. So don't let the words active management scare you.
Even the busiest people have shown they can easily fit the system into their schedules. And [00:18:00] in two hours a week. Are able to get consistent increases in returns. I believe two hours a week is a very small price to pay for consistent double digit returns. And by setting conditional X orders, you will automatically be able to get out of trades at predetermined prices. So you can get out of predetermined profits and predetermined losses. So whether the stock price goes up and you want to roll it out to a further exploration or you want to buy it back, you can do that before it gets too expensive. Or if the price goes down and you want to close out the trade at a profit. You can set those determinants when you set up the trade.
So you don't have to sit in front of your computer all day and monitor your trades.
And of course I understand this sounds complicated, but when we break it down, step by step, you'll be able to see exactly how simple it is. And finally again, you want to track your performance. You want to be able to compare your results on the different types of trades to see which ones are the most profitable. And we help you do that with the tracking spreadsheets we provide. Let me give you a real world.
Example of putting this all [00:19:00] together. Let's walk you through a real world trade. To tie up everything we've talked about. I imagine you own again, a hundred shares of now instead of X. W a Y Z it's now ABC Corp and it's trading at $50 a share. You're going to sell a covered call on it with a strike price of $55 per share. It expires in one month and you're paid $2 per share. If the stock stays at $50, she keep the $200 premium. Effectively earning 4% in one month. If the stock price rises to 55. You either have to roll out your cover call to a leader expiration date. Or you can just buy the call, contract back. If the trade goes against you at a small loss. Or the price of the stock goes down. You can get out early and take a profit. This minimizes the time risk of the price, going back up and to trade going against you. If you hang on to it till expiration. Many people try to squeeze every drop of potential profit out of their trays and they try to optimize their profitability. We believe is this is [00:20:00] where you get into trouble.
So we show you how to set up your conditional order to get out early. When you have a predetermined level of profit, say 25% and you can set that for yourself. But leaving a trade early with a prophet is never a bad idea. It's the people that get greedy that get in trouble, in my opinion. By taking a conservative approach to selling covered calls.
You can consistently keep your stocks inconsistent, reduce the cost basis of your stocks over time. Thereby increasing your returns. As we talked about earlier. A little quiddity and flexibility at the stock market is what makes selling covered calls. So appealing. In this manner.
Okay, so to wrap it up, cover calls are a fantastic strategy for generating income. But more importantly, reducing the cost basis on stocks you own. And managing risk in your portfolio by using premium money to buy protective puts. But as we discuss, they come with trade-offs. So it's essential to understand how they work before diving in. That's why I've developed an almost free [00:21:00] mini course that shows you exactly how to do this in less than two weeks.
I essentially give this course away at $27 because I believe so many people are missing out on a simple strategy. That allows them to at least double the returns because they don't know how to get started. If you want to learn more about this, you can visit tax dash free millionaires.com forward slash courses.
That's tax dash free millionaires.com forward slash courses. The course is called selling covered calls inside your IRA. But the techniques are the same, whether you're selling them in an IRA or a taxable brokerage account. It's just that if you're selling covered calls in your taxable brokerage account, You have to figure in the cost of taxes, where is in an IRA? Not having to worry about taxes makes it even more profitable. And of course, we show you how to implement every technique inside a simulated portfolio.
So you can experiment with different strike prices, different deltas, different probability, OTs, different expirations, so you can see what works best for you. And don't worry if you don't understand any of those terms. We make [00:22:00] it. Very easy to understand all of those terms in the course. So before I go on, we're almost ready to close, but on every episode of the podcast, I give a breakdown of an individual stock that I'm tracking
and we're going to do that now, but first I always have to give the following. Disclaimer, the stocks I discuss on my podcast are for entertainment and educational purposes only. And I'm not making a recommendation to buy or sell. You should do your own research before purchasing or selling any stock or options.
And you should never rely upon anyone else's opinion, including mine. Any losses that you may incur, if you purchase. Or sell stock or options that are discussed in this program. Are your responsibility alone. I very often own the stocks I talk about on this program and I could personally benefit if the market price. Increases. However, I'm not paid . For mentioning a stock or a company, and I'm not being paid a commission or endorsement fee. For discussing any stocks on this program? Okay.
So with that out of the way, I want to discuss an interesting stock. In what I believe will be one [00:23:00] of the next big growth areas for the market. And that growth area is in the area of energy. Now traditionally energy and utility stocks have not been high-flying stocks and they've been trading in a relatively limited range for years. But with the tremendous need for more and more energy being required to supply the ever increasing needs. Of high performance data centers.
We're starting to see energy stocks, show some incredible performance. For example, VST is a utility in east, Texas. And in 2021, I was looking at this stock trading between $17 and $20 a share. Now this year, 2024, just three years later, the stock is trading at over $150. A share. An increase of over seven and a half times in just three years. This is as good as some of the best high tech stocks in a sector. Where we have not seen this type of growth. And the reason for this growth is demand.
The demand for energy has increased. Many people talk about the bubble, but , [00:24:00] There is real true demand for energy. So there may be a bubble in a sense that the price is correct. But that would be short-term long-term the growth for energy or the demand for energy is going to increase. And what's driving.
His demand is. The need for more AI functionality, artificial intelligence. More and more companies like Nvidia are selling more and more chips that have to be packed into tighter and tighter spaces in high-performance data centers or HPCs. Where these chips are housed and more and more companies are doing this .
And these data centers also must always be running. You can't afford to have any downtime. Companies are running more and more critical systems in the cloud. And these data centers are critical to the company's operations. They can't afford to be offline or unavailable. You may remember earlier this year, there was a huge failure
and there was some debate about who was responsible party. Was it Microsoft cybersecurity company? Was it Microsoft software? I don't know, and that's not my point. My point [00:25:00] is the failure of Microsoft's cloud-based programs because many Microsoft customers. A tremendous amount of financial and customer service headaches. And it's still an embarrassment for Microsoft. So companies like Microsoft and Google and. Amazon who is Amazon web services. Can't afford to let these data centers go down and the power they're demanding is requiring again, more and more energy. And this requires constant energy and backup energy.
So it's not just an, a need for more energy, but it's a need for uninterrupted power supplies. And companies are spending more and more money on not just energy, but uninterrupted energy. In other words, backup energy. These power systems. Make sure their customers never experience unexpected downtime. A single AI data center can use the power equivalent.
What would meet the needs of as many as 800,000 homes? One facility can gobble up the same power as a city, the size of San Jose. And that demand is being made on a power grid in the United [00:26:00] States. That's near the breaking point. So companies not only need to have power, they need to have it. Off the grid in backup power systems. They can no longer afford to rely solely on public utilities, power grids. There are traditional backup power companies that supply backup power in the form of diesel generators
but the company I want to talk about today is one. I like, because they are leader in clean energy, backup power, and companies that are building out. These data centers are trying to advertise and maintain their clean energy footprints. So they're moving away from the traditional diesel backup generators. And moving into the clean backup footprint .
So this is a really growing segment of the market. And a company I want to emphasize today is called bloom energy. With the stock market symbol, a B E. B. He is a leader in hydrogen fuel cell power and it's the clean energy solution. A lot of tech industry. Leaders have been looking for. With a delivery timeline in as little as 50 days bloom energy's fuel cells could be rapidly deployed at [00:27:00] data centers as a baseline power source and be used to supply backup power as well. They can enable data centers to operate as an island without a connection to the electric grid.
Excuse me. That eliminates the need to locate data centers based on the available grid power, but instead lets companies cite them based on other business considerations. Bloom energy's fuel cells also help reduce emissions by using a highly efficient non-combustible process. Degenerate cleaner. More resilient energy than conventional alternatives. With fuel flexibility to allows bloom energy servers to run on either natural gas or hydrogen.
These fuel cells can provide zero emissions or carbon neutral power. Making him a cleaner choice on an efficient, sustainable alternative for data centers. And , the nice thing about bloom energy is they don't just work with hydrogen. They can be tapped into natural gas lines. That can provide an independent source of power for these data centers.
If the power grid goes down,
So fuel cells [00:28:00] uniquely addressed the energy demands of the AI sector in are the key to unlocking economic growth and benefits to society to come with it. And I believe you, bloom energy is well-positioned to capture a huge share of this growing market. In fact, their stock has just had a major spike as they announced a huge contract to supply. The utility company, American electric power with over 1.3 gigawatts of fuel cell products. That American electric will use to build out more intelligence data centers. Now, if you're wondering if it's too late to get into the stock now, after it's doubled. My answer is I don't think so.
I believe that more and more utilities will look to bloom. And companies like them to duplicate this structure and there's tremendous room for growth. So even though I think they're going to go up, as I said on every program. I never know what the market's going to do. The market. Good. Correct. A lot of people are worried about a bubble and that worry by itself could generate a correction. As I said on last week's episode, high-performance data centers are needed because more companies demand for AI features in their [00:29:00] products. They need these features to compete with other companies and that's driving a greater need for data analysis of data crunching. The massive need or crunching a. Data to deliver AI functionality is real. And it requires more and more power to each computing ship. And by the way, if you believe the AI bubble is about to burst, you may be right. All markets, correct. But I believe it's a real trend for the next 10 years. And while we may have a short-term correction, I believe that long-term companies real earnings will push this market higher. I was around for both the.com bust in the early two thousands.
And the AI revolution. I can tell you there's a big difference. Back then companies weren't making money. A lot of companies had inflated stock prices and they never earned a dime today. We have companies making. Increases in earnings quarter after quarter. Due to the demand for AI functionality. And in fact, I agree with some analysts who believe at this time, we've only tapped into about 1% of the market for AI [00:30:00] functionality. So again, the market. Correct tomorrow.
And that correction might last for months. But long-term over the next few years, the demand is real. If it's true there's room for tremendous growth. And more and more data centers will be needed with more and more power and more and more clean uninterrupted power. But again, the markets are always fickle.
So just because I believe bloom has an excellent long-term growth prospect doesn't mean the market will reward that right now, everything is a matter of timing. And I'm not telling you rush out and buy bloom energy regardless of the price. But I am suggesting you might want to put it on your watch list to determine for yourself if this is a company worth investing in. And if you come to that conclusion, Then you can set your target entry and exit prices yourself. You should never be emotional with your stock positions. I don't know if bloom will continue to on an upward trajectory or if it will sell off a drop by half in the next month. A lot of people may want to sell to take their profits.
So you can never tell. Whether you use a stop loss [00:31:00] puts, as we discussed in this program. Or you never, this more than you can afford to lose in the first place. Make sure you always protect your capital. All right, that's it for today's episode. Thanks for listening and make sure you tune in for next week's show ride, discuss more unique ways to leverage your portfolio returns, and I'll be giving you another stock of the week. Be sure to catch it.
And if you want to make sure you get on our podcast schedule and you're on the wait list for my new book, tax-free millionaires , which will be available this month. Be sure to join our Facebook [email protected]. Forward slash groups forward slash tax-free millionaires. Thanks for listening. I hope you'll tune in next week.
