Mariusz: Mariusz: If everybody’s screaming recession, that means they’re not buying assets. I can buy whatever I want at a cheap price. And anybody who has a job right now and can invest millionaires will be made by buying things todayâmillionaires.
Jack: Welcome, everyone, to another episode of “The Jack Bosch Show,” where we talk about all things real estate and finance. And today is the day where we are going to talk about finance. We’re going to talk about microcaps. We’re talking about the market, what the market’s doing, the stupidity that we see in the market, and all those things around it. And our guest is a microcap investor expert financial expert, Mariusz Skonieczny. Mariusz, I hope I didn’t butcher your last name too much. It’s a difficult name to pronounce in the American language or in the English language. But welcome to the show.
Mariusz: Hey, thanks for having me. And you did pretty well on my name.
Jack: All right, good. Well, I imagine I changed my name from Joachim, which nobody in the U.S. can pronounce, to Jack because of that same reason. And so I applaud you for actually keeping your name.
Mariusz: Well, I just keep it for interviews. In real life, I just tell people to call me Mario.
Jack: Mario. Okay. Mario sounds good. Well, Mario works. So, Mario, let’s go right into it and talk about what your expertise is. What do you specialize in in this world?
Mariusz: So, I specialize in small companies, as you said, microcap companies, small companies. And why small companies? Well, because the financial industry calls it toxic. They call it penny stocks. They don’t want to go near it. They say you’re going to lose all your money in it, you’re going to go broke. So that’s great because then I don’t have any competition or I have very little competition, and IâŠ
Jack: That’s right. I meanâŠ
Mariusz: I don’t like competition.
Jack: Yeah. So, what strikes me is that I never got much into microcaps, but what strikes me about it is that microcaps are companies like any other companies. They’re valued between probably $50 million to $300 million typically. And they still have earnings. They still have growth trajectories and so on. So why shouldn’t you be able to invest in those because their stock moves just like other stocks, probably with a little bit more volatility, I would assume. But how do you deal with the volatility in that market? Or am I wrong that they don’t haveâŠ
Mariusz: No, no, no, the volatility is absolutely insane. They have less liquidity, and they sold off really heavily during these times. But look, not all stocks are created equal, right? There’s a ticker symbol, and there’s a company behind it. So, you might have absolutely bad, bad companies behind it, or they might be promising companies behind it. Don’t make an assumption just because something is of a certain size. It’s not good just because⊠or depending on what the stock price is, it’s not good or whatever. You gotta look behind. And I know you are into real estate investing. So, I always like to use an example of, you know, the financial industry will tell you, don’t go for these small companies, but then the same person giving you advice will tell you it’s not a bad idea to buy apartments. Well, if you have a 100-unit apartment building, and if you put it in a public vehicle and it became a publicly traded vehicle, guess what? It would be a microcap stock.
Jack: That’s exactly right.
Mariusz: Because apartment buildings, what are they worth? Two million, five million, ten million, depending on where it is. But a 100-unit apartment building is not worth $10 billion. So, it would be a microcap. So, why is it okay to put your life savings into an apartment building through private ownership, or syndicate, or whatever, but it’s not okay to buy companies of similar size or businesses of similar size when they’re publicly traded? It doesn’t make any sense.
Jack: That’s a good question. I mean, we could dive into that. Like, one of the reasons I think people, and I’m not saying it’s right or wrong, people say that it’s okay to do one versus the other is because if you buy the entire building, you are now the business operator, and you have more control than if you buy a few shares of a company that is not big enough to make it perhaps through the hard times and so on. And also, real estate is perceived to be more stable because rents are, rents are, rents are rent, and they’re going down slowly, and they’re going up slowly, but overall, it’s more stable, and it’s something that people can, like, touch and so on, versus over here they’re investing more passively. But I can totally see your point. At the end of the day, if you put it into a public vehicle, it’s still a microstock. So, that makes total sense.
Mariusz: And some businesses, like real estate, are more stable than others, you know? Some businesses have better quality revenues. Some have recurring revenues. Some don’t have recurring revenues. SoâŠ
Jack: So, let’s go into that actually a little bit more. I want to also go into your background. You obviously have an accent. I have an accent. We’re both actually from neighboring countries. You’re from Poland. I’m from Germany. Let’s go first quickly into your past. I want to quickly know⊠You’re in the U.S. Where do you live right now?
Mariusz: I live in Indiana, close to⊠you know where the University of Notre Dame is?
Jack: Uh-huh. I do, yes.
Mariusz: Yeah, so very close there.
Jack: Okay, did you go to Notre Dame and then stay there, or did you just happen to be going in that direction and⊠How did you get there? How did you come to the U.S.? Tell us a little bit about your story first.
Mariusz: Well, I came to the U.S. when I was 16 in 1996. So, when I was in Poland, I was an athlete. I was in a specialized track and field school. I was a sprinter. And during the ’90s⊠And like everybody in Europe, we all played soccer. But then, during the ’90s, something special happened, right? Michael Jordan, Barcelona, 1992. So, we all kind of started playing basketball during that time. So, when I came to the U.S., I really, really wanted to play basketball because we didn’t have any basketball clubs in Poland. We had soccer clubs but not basketball clubs. So, when I came to the U.S., I did make the basketball team in my high school, but I didn’t speak the language. I never played organized basketball. I never got the chance to play. Like, I was on the team, but I never got a chance to play.
And so, I kind of ended my athletic years when I came to the U.S., and I started dancing, actually. I became a ballroom dancer. And also, to continue dancing, I was always looking for ways to make money where I would get a lot of return for the effort that I put in. And I realized that the best way to do it is to be in spaces that are not competitive. Like, if I wanted to make money being a basketball player or a soccer player, I would have to put in a lot of effort and get very little return.
And that’s what most people do. They want to do what everybody else does. They want to compete for the best schools, get into Ivy League schools, and then get those jobs, like investment banking jobs and things like that. Well, that’s how I got into the path of being in the microcap space because I was looking for ways to make a lot of money with little effort compared to what I would have to put in elsewhere.
I also realized that there was very little competition in that space. Around the same time, I discovered Warren Buffett, and I studied everything he had to say. Even now, if you go back to some of the things he said when asked what he would do if he were a college student with $10,000 to his name, he said he would go into the most obscure places, which are small companies because the investment industry cannot go there. So, you can find and uncover things early. That market is the most inefficient market, and that’s where you can get the most returns if you choose properly. But instead, evenâŠ
Jack: And that’s actually a good point if I quickly jump in. Like, I’ve read almost everything that Warren Buffett wrote or that was written about Warren Buffett, multiple of his books, his annual reports, and things like that. So, I love Warren Buffett. And I agree. Obviously, at this point, he can’t do this anymore because he is sitting on $200 billion or something like that. But starting out, that makes sense. So, in essence, I find it fascinating that high school and those things taught you to go where the least competition is, where you can have the biggest impact with the smallest input. So, that’s really a criterion or characteristic of a contrarian. Would you call yourself a contrarian?
Mariusz: Absolutely. My entire life, I’ve been a contrarian.
Jack: So am I. Yeah, love it. So, now you’ve figured out the microcap space, and you mentioned Warren Buffett. Am I safe to say that⊠well, the next question I had, I wanted to ask you is, how do you select these microcap stocks? Do you do technical analysis? Do you do fundamental analysis on those?
Mariusz: Well, of course, fundamental analysis.
Jack: Okay, I figured. I just wanted to make sure. Since Warren Buffett comes into the picture here, it needs to be fundamental.
Mariusz: I mean, technical analysis doesn’t really work that well for small companies because the price movements could be completely out of whack. I mean, you can buy something at noon and be down 30% by the time you take a nap because John from North Carolina decides to unload his entire position, and he doesn’t know how to sell. So, I mean, the volatility in these names is crazy. And that’s one of the reasons why even the institutions that would want to be in that space don’t want to be in that space because the volatility is too great. If you are running an investment business as an advisor, it would destroy your business. If you have too much volatility, your clients could not handle this, and they would just leave you.
Jack: Yeah, that makes sense because clients can’t really tolerate that kind of stuff. So, mentally, emotionally, they see themselves going up and down. They want slow and steady. So, what’s your process to select a good company in there? What do you read? What do you go after? What do you research? So, if somebody says, “Okay, that’s a good idea. That sounds appealing to me. Microstock, never thought about it. Less competition. Yes, high volatility, but the key is to find the gems in the list of properties in that market space.” First of all, where are they typically traded? Let’s start there.
Mariusz: They are usually traded on secondary exchanges. For example, the Toronto Stock Exchange Venture, Canadian Stock Exchange, or OTC (over-the-counter) in the U.S. The U.S. doesn’t really have a venture exchange. That’s why many of them trade in Canada. But they are primarily on secondary exchanges that are not NASDAQ or the New York Stock Exchange.
Jack: Okay. And how do you access those? Are there apps for that? Can you do it through your Fidelity account? Give us a little insight. Imagine someone starting here who has never done it before. We’ve grown all kinds of businesses, but this is something that I have never done either. So, if I want to go and I’m fascinated by the idea, I’m a natural contrarian. I think, “Great, let me explore this.” What do I do first? How do I find these markets? Are there apps where I can create an account? How do I go about that?
Mariusz: I’ll look at every company that’s trading under the exchange.
Jack: So, how do I find the exchange? I mean, it’s a superâŠ
Mariusz: So, let’s say you look at the Canadian Stock Exchange. You go to GoogleâŠ
Jack: So, I grab my phone and I Google that, or�
Mariusz: Yeah, Canadian Stock Exchange, and it will show you all 800 companies that are listed there, and I will look at every one.
Jack: All right. Okay, good.
Mariusz: I mean, the TSXV, which is the Toronto Stock Exchange Venture, will have 2,000 to 3,000 of them, and I’ll look at all of them. It might be like, “Oh my God, so many.” Well, if you know what you’re looking for, then you can eliminate a lot of them quickly because the financial industry is correct when they say a lot of these companies are trash and shouldn’t be touched. I agree. 80% of them are like that. So, quickly you eliminate them because 80% of them don’t have any business, they don’t have any revenues, they don’t have any clients. They might be looking for gold and silver in the mining space, or they might not even have a business. So, that’s quickly like, “You know, gold and silver? No, no, thank you. I’m not interested.”
I’m looking for something real. I’m looking either for a company that already has revenues, so then I know that somebody is already paying them to solve their problem, okay? Or I’m looking for some assets that solve a problem, and then that solution of their problem will bring revenues in the future. That’s a little harder to do. So, with the asset place, I don’t know, maybe someone told me, “Hey, look at this company,” and I’ll look at it, and I would be surprised.
For example, right now, I’m involved with a company called Aduro, which is a pre-revenue company, but what they have is a technology to recycle plastic. So they’re able to use water to take plastic and break it into molecules that can be used to make plastic again, or they can make fuel because plastic is made from petroleum products. So, they could take it and make more petroleum products.
That’s an example of a company that somebody told me about, and I was skeptical at first. I didn’t want to look at it. But after I made the trip, visited the company, and did a lot of due diligence, I was very impressed and decided to take a position in a company like this. But it’s a little harder to find something like this that says, “Oh, you know, we have something that’s going to change the world.” Because every single one of them will say that they’re going to change the world, every single one of them has a cure for cancer, you know. And every single one of them claims to be disruptive, but in reality, most of them will disrupt your wallet, not the thing that they say they’re going to disrupt.
Jack: Yeah, that’s true. Okay. So, the process is to look at them and eliminate certain classifications that fall into the treasure hunter kind of category, like gold and silver. Obviously, if they strike it rich, it could be good, but it’s a gamble.
Mariusz: It’s kind of like if you were to look at residential real estate deals. If you look at 100, you’re going to find something that’s interesting. There’s no specific formula. There are certain checkboxes, but real estate is more uniform with standards like three bedrooms, etc. But if you look at enough opportunities, you’re going to come across something interesting and say, “Wow, that’s interesting. They have something here.”
Jack: No, I can totally see that. Now, particularly when you have companies that already have revenue. And you mentioned visiting the companies in some cases. But as you look into the financials, what are you specifically looking for in the financials? Since they’re publicly traded, I would assume they have quarterly reports and such. What kind of alarm signals or positive signals do you look for in the financials?
Mariusz: Well, I want to understand what the business is about. So, financials are just one aspect to consider, but not everything. I’ll look at the financials to see if they have revenues, if they’re profitable if they have debt, what kind of margins they have, and whether they have recurring or non-recurring revenues. I also evaluate the addressable market. But then, I always talk to the management. I know all of the CEOs who run these companies, and I even have their cell phone numbers. You can’t do that with CEOs of larger companies like Microsoft. The CEOs of these smaller companies will pick up the phone and talk to you because they don’t receive many calls. They can teach you about the business, but they can also lie to you.
I learn from them, but I also practice what’s called scuttlebutt investing. I get on the phone and try to talk to people involved with the business, such as customers, suppliers, employees, or former employees, to gain a better understanding of what I’m dealing with and decide if it’s something I want to get involved in.
Jack: So, what’s the biggest loss you’ve taken on any of these investments? And I’ll ask about the biggest win in a moment too.
Mariusz: Well, over the course of 13 years, starting with $10,000, I grew it to $7 million by 2021. However, I’m currently down $5 million over the past two years. Now, you might ask if this is a failure. One of my investments turned out to be a failure because it didn’t meet my original thesis. But just because a company is down 50%, 70%, or 80% doesn’t necessarily mean it’s a failure, especially in this market that’s completely insane. I have situations where a company today is actually better than it was in 2021, yet it’s trading at an 80% discount. So, I wouldn’t label it as a failure.
Jack: And what’s been your biggest win on a particular investment, where you put inâŠ
Mariusz: Yeah, I made 100 times my money.
Jack: A hundred times your money. Okay, that’s what we’re talking about. Of course, the ultimate failure is losing your money, but the upside potential is 100 times or more in some rare cases, right?
Mariusz: Oh, it could be even more. I’ve experienced it myself, but I’ve seen many companies that had even bigger opportunities. That’s why you venture into this space, for those opportunities. You don’t go in to double your money. You can find other investments for that.
Jack: You definitely don’t go in to get a 10% return.
Mariusz: Exactly.
Jack: Yeah. So, it’s not for the faint of heart, definitely. But I think it has its place if someone is willing to thoroughly analyze the companies, the numbers, the business model, the management, and all the aspects. Personally, I’ve always been fascinated by it. I’m not a big fan of technical analysis with charts and such because it’s all theory. I align more with Warren Buffett’s approach of looking at the true quality of a business and assessing if it’s undervalued or overvalued. Occasionally, you come across undervalued companies, like the one you mentioned, which is better today than it was in 2021 but down by 80%. That’s a company that, if it continues to perform well, should eventually recover as word spreads about its improvement. It’s the kind of opportunity where you should consider investing more. And when you’re unsure about a company, it’s wise to pull back.
Mariusz: Well, if you think about technical analysis, it focuses too much on the short term. How much can a business really change in three months?
Jack: Exactly. It’s all speculation. It’s pure speculation. It’s based on the momentum of certain factors like news from the Fed or something Elon Musk says that causes a stock bump. Whereas what you do is true value analysis and value investing. It’s like Warren Buffett, who invests in good businesses with solid fundamentals. As Warren Buffett says, his preferred holding horizon is forever.
Mariusz: Yes. And when I made 100 times my money, it took four or five years. When you get involved in something, like an asset that needs to be monetized or a business that needs to grow and turn profitable and attract more clients, it takes time. It takes time to acquire clients. But nowadays, everyone wants everything instantly, right?
Jack: Absolutely. That’s the world we live in. Now, earlier, you mentioned that the market is insane. Could you elaborate on that? What do you mean by it?
Mariusz: Well, did you know that we’re supposedly going into a recession right now?
Jack: Yes, it’s the worst recession we’ve ever seen. But yes.
Mariusz: Exactly. In just 24 months, we went from people buying pictures of monkeys through NFTs and investing in cryptocurrencies to even the worst companies on the planet skyrocketing in value. They were buying movie theaters with no business. And now, people don’t want to buy anything because we’re supposedly entering a recession. It’s like, I’m not particularly religious, but you know what? I pray to God that we actually get this recession already. The pain of constantly hearing that a recession is imminent is more agonizing than the recession itself will likely be. The companies I hold are priced as if we’re heading into a recession worse than World War I, World War II, and bankruptcy combined. Yet, we haven’t even entered the recession, or maybe we have. Who knows? But why don’t we just have this recession that everyone seems to anticipate so much and move on? I’m tired of hearing about it.
And now we’re talking about the debt ceiling and so on. It’s never-ending. But that’s what the market is likeâcomplete insanity. When the market is happy, as Warren Buffett said, Mr. Market wants to buy pictures of monkeys and pay a million dollars for them. Why? I don’t know. They told me that owning monkeys is a status symbol. Yeah, owning NFTs is a status symbol, and everyone should own them because a movie star or a pop star owns them. Then suddenly, people don’t want to buy anything because the Fed might raise interest rates. It’s completely crazy.
Let me give you an example. Imagine buying a house in 2011. The price is $100,000, and the seller mentions that the house has a pool in the backyard. You agree to pay $110,000. But then the seller keeps repeating, “You know, it has a pool in the back.” Five minutes later, “You know, it has a pool in the back.” Eventually, you start questioning, “Wait a minute. Do you want me to pay a million dollars for this house just because it has a pool in the back, and you’ve mentioned it 50 times?” It doesn’t work that way. Today, the scenario is reversed. You’re selling the house, and the buyer keeps saying, “But it doesn’t have a pool in the back, okay? It doesn’t have a pool in the back.” After repeating it ten times, you wonder if they want you to pay them to take the house because they keep mentioning the absence of a pool.
My house has value regardless of whether we’re entering a recession or not because it has inherent value. The same goes for certain businessesâthey have value irrespective of whether a recession is on the horizon or not. Just because someone says it a thousand times, sends me a thousand recession-related videos, or predicts the worst recession since the Great Depression doesn’t mean that the assets and businesses I hold are worthless. Similarly, it didn’t mean that the assets and businesses were worth the moon when things were good, but that’s what people were doing. During COVID, what were they buying? Amazon, right? Because everyone was going to buy stuff on Amazon. Zoom, because we were all going to use Zoom and never leave our houses. Netflix, right? Those were the three stocks people were buying.
Back then, you couldn’t tell them not to buy Zoom, Amazon, or Netflix, no matter the price. They had to buy them because of the belief that they would benefit from the COVID situation. Well, now that COVID is over, those stocks have been decimated because people weren’t paying attention to what they were paying for. Now, it’s completely the opposite. People are selling companies with great futures, excellent solutions, and innovative applications for pennies on the dollar just because they think a recession is coming. You see the craziness and the contradiction.
Jack: Absolutely. The market is currently experiencing a level of insanity where it tends to overreact in both directions. And what we’re essentially saying, which Warren Buffett also emphasized, is that during these moments of market insanity, there are opportunities to be found. When the market overreacts on the downside, it’s actually a good time to consider investing in those undervalued assets. We’re specifically seeing this in the multifamily real estate sector. For example, in Phoenix, Arizona, where we reside, the metro Phoenix area consistently sees an influx of 50,000 to 75,000 new residents every year. This means that we have a continuous need for approximately 25,000 new units of livable space to accommodate this growth annually.
However, due to the current high-interest rates and construction costs, new development has significantly slowed down. Although rents are increasing, many real estate buyers are fixating on the absence of certain amenities, like a pool in apartment complexes, which they use as a reason to negotiate lower prices. Consequently, properties that traditionally sold for $10 million are now selling for $8 million or even $7 million, even though the demand for apartments is higher than ever. Builders are refraining from new construction due to the high costs and increased difficulties with city regulations.
Mariusz: What happened to cap rates in the past two years?
Jack: Traditionally, cap rates in Phoenix have hovered around 4, which is considered aggressive. This means that for every dollar of income, you would pay $25 for the property. However, recently, we’re seeing properties sell at cap rates of five and a half to almost six, which is higher. Keep in mind that rents initially dipped but are expected to increase because of the continuous influx of 75,000 people annually and the limited new construction. Starting a new construction project right now is challenging due to difficulties in securing construction loans, which are offered at high-interest rates of around 8% to 10%. Construction costs have not decreased either.
Therefore, it is highly predictable that rents will further escalate in the coming years due to the existing bottleneck. Additionally, more than 44% of the American population currently works from home, allowing them to relocate from cities like San Francisco, which are experiencing shutdowns. They are moving to markets like Phoenix, Tampa, Dallas, and other selected areas. Despite this foreseeable trend, the market’s behavior still doesn’t make sense. In fact, buying now and holding for ten years seems like a much more sensible strategy. However, the market itself is not efficient, as you mentioned earlier.
Mariusz: Yes, whether it’s in real estate or stocks, people tend to buy when others are buying, even though they quote sayings like “Be greedy when others are fearful and fearful when others are greedy.” In reality, they often become greedy when others are greedy and fearful when others are fearful. That’s what we observe in the market.
Jack: Yeah, particularly at the top, it seems like there’s a sense of missing out on something. The sentiment is like, “Oh my God, I’m missing out. Everyone else is doing so well. Let me get in.” In our families, we have a saying that when the mailman starts talking about getting into real estate, it’s time to sell your assets, refinance into long-term investments, and stop buying. And guess what? That’s exactly what we’re doing, and we’ve been very successful with that strategy. When the media portrays real estate as bad, that’s actually the time to get in. I believe you’re probably observing the same phenomenon in the microcap market.
Mariusz: Absolutely.
Jack: That’s great. This conversation is fascinating. I’m really enjoying it. Now, if someone wants to get involved in this, do you offer any services? Do you have a fund? Do you help people invest or provide education on the subject? How can someone learn more from you?
Mariusz: Well, first, I would suggest finding my YouTube channel. Just search for my name, which can be challenging to pronounce, on YouTube, and you’ll find it. As for funds, I don’t run a fund because I prefer not to deal with people’s emotions. However, I do have a private membership website called microcapexplosions.com. It’s a membership site where I share some of my microcap investment ideas with my members. They can then decide whether they want to invest in those ideas or not. Additionally, I often arrange live calls with CEOs of the companies I discuss, giving members the opportunity to ask questions and learn more about their businesses. Sometimes we even participate in private placements to provide funding for these smaller companies, which may need capital to expand, achieve profitability, or make acquisitions. This offers the chance to invest directly in these companies at a discount to their trading price, and we often receive warrants, which provide the right to buy more shares in the future. So, there are additional benefits like that.
Jack: That’s very cool. It’s like a multimedia financial newsletter with recommendations and live components. I really like that concept. So, microcapexplosions.com. We’ll make sure to include the link. It sounds really interesting. Now, what is your outlook for the future? We seem to be entering or already in a recession, although it’s the strangest one where malls and restaurants are full, people are employed, yet we’re still in some form of recession. I recently heard someone describe it as less of a recession and more of an asset deflation period. The government is still providing support to the average person through unemployment benefits and other means. But with the potential increase in interest rates, they might start pulling liquidity out of the economy to some extent. As they do that, the value of assets begins to deflate. The unfortunate, or perhaps fortunate, truth is that most people in the United States don’t hold significant amounts of assets. However, you and I do. That’s why we see the values of our assets coming down. You mentioned the impact on your asset values. Would you agree with this assessment?
Mariusz: Yeah, absolutely. But for me, I don’t really care. There’s only one thing that matters to me: buying assets. The key question is whether I have more or less competition for these assets today. If everyone is screaming recession, it means they’re not buying assets. So I can purchase whatever I want at a low price. And those who have jobs right now and can invest will become millionaires by buying things today, millionaires.
Jack: Right. Because in your opinion, and I agree, the market has, in many areas, overcorrected and now presents the opportunity to acquire solid investments at below-market prices.
Mariusz: Yeah, well, okayâŠ
Jack: To clarify, below fair price, as market price is market price.
Mariusz: I mean, it’s like getting pennies on the dollar in certain situations. But the market’s preferences and where it wants to invest can shift. In 2021, the market wanted to invest in risky things, even pictures of monkeys, you know?
Jack: Yeah.
Mariusz: Then COVID came, and everything sold off. That’s when I wrote my book, “How to Profit From the Coronavirus Recession,” where I featured 50 companies because everything was on sale. Everything. It turned out well if you had the courage to invest during that sell-off. Today, the market has a new favorite: stable, profitable companies. That’s where everyone is piling in. Microsoft, Apple, anything stable and profitable is attracting the money. So, those companies are now becoming overvalued.
How will that turn out? Probably not good. Even though those companies are great, they’re now overvalued. Walmart, Apple, all these names because they’re safe. People feel comfortable and seek confirmation from others. They think that’s where they should be. On the other hand, companies considered toxic today are the ones that are not yet profitable or technology companies. So, where do I want to be? I don’t want to be where people find comfort because comfort comes at a price. I want to be where people are uncomfortable because there’s a price for comfort and a reward for discomfort. But you still want to be in companies that will survive, even if that’s not where people want to be today.
Jack: And that’s the challenge: identifying those companies. That’s where you have developed expertise and make recommendations. That’s where the winners are made. It’s why it’s so difficult for many to follow someone like Warren Buffett because they aren’t willing to put in the work to truly understand a company and determine if it will thrive or if it’s just a gimmick that will fade away. When you develop those skills, you can thrive in these market environments. So, with that said, let’s wrap it up. Thank you very much for being with us. Again, look up Mario on YouTube, follow him, right?
I’ve watched many of his videos, and they’re fantastic. I agree with his philosophy. I wouldn’t necessarily recommend putting your entire net worth into this, but take a piece of it. Start looking into these things. The skills you develop in fundamental analysis will serve you throughout your life when evaluating businesses. Because at the end of the day, being able to distinguish a good business from a bad one is one of the most valuable skills you can have in business. Would you agree?
Mariusz: That’s right.
Jack: Yeah. So, with that said, thank you for joining us today. And guys, that concludes our show for today. As always, if you enjoyed this, give us a five-star review, subscribe, and share with your friends. If you’re watching this on YouTube, hit that subscribe button and the notification bell. And with that, we’re done. See you in the next episode. Thank you very much.