In this episode of Industry Focus: Wildcard, Emily Flippen is joined by Motley Idiot contributor Brian Feroldi to take a better take a look at Tattooed Chef (NASDAQ: TTCF), particularly, and the plant-based vitamin business extra usually. They focus on the corporate’s operations, meals manufacturing course of, the market alternative in entrance of it and the way it’s bringing its merchandise to markets. Additionally they get into the corporate’s administration construction, some issues to contemplate earlier than you make an funding, and rather more.
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This video was recorded on November 2nd, 2020.
Emily Flippen: Welcome to Business Focus. It is Wednesday, November 4th, at the very least for everyone listening at house, we’re really taping this on the 2nd. So, if you happen to’re tuning in to at the moment’s Business Focus Wildcard Wednesday episode anticipating to listen to one thing in regards to the election, anticipating to listen to one thing in regards to the loopy markets, you are really not going to get that this episode, I am going to redirect you to one of many Motley Idiot’s different every day podcasts, MarketFoolery, in addition to, Motley Idiot Dwell, in case you are a subscriber to The Motley Idiot, to get nice content material in regards to the election.
However for this episode, I am your host Emily Flippen for this Wild Card Wednesday, however for this episode I’m joined by the true tumultuous titan of terribly robust tongue tornado titles, Brian Feroldi. Good title, Brian, that one was a painful one.
Brian Feroldi: You nailed it Emily; I am actually upset. [laughs] Nicely performed! That was nice.
Flippen: [laughs] I might need had some prep earlier than, however Brian …
Feroldi: Oh! that is dishonest then. You already know, Dylan goes in chilly to those issues and places the strain on. [laughs]
Flippen: Precisely. I imply, Dylan is on a distinct tier than I’m, you understand. I’ve to prep, Dylan, is simply naturally environment friendly. [laughs]
Feroldi: Yeah, certain, let’s go together with that. [laughs]
Flippen: Brian, you and I are going to be taking a deeper take a look at a frozen meals firm that is actually seeking to broaden the development of plant-based vitamin. The corporate is the Tattooed Chef, and hopefully, in case you are a listener who’s searching for somewhat little bit of reprieve from the fixed election speak, at the moment’s frozen meals dialog will serve your wants.
However Brian, thanks for becoming a member of, as at all times.
Feroldi: Joyful to be right here. It is a firm that I got here throughout by someone on my Twitter feed once I put out a tweet about, hey, what sort of 10-baggers do you assume may very well be on the market? This ticker got here up. I had by no means heard of the Tattooed Chef earlier than, however did somewhat little bit of digging in, thought it was attention-grabbing sufficient to deliver it to the Business Focus viewers.
Flippen: Yeah, I am completely happy you introduced this up, as a result of it is an organization that I had heard of solely in identify. Analyst Joey Solitro really messaged me when it IPO’d; he is at all times on prime of the latest IPOs. And having not regarded on the firm in any respect, he merely advised me it is a frozen meals plant-based vitamin firm, and my speedy thought was, oh, that is going to be a malarkey, proper, it is going to be nothing, simply nothing good right here. Frozen meals! And look, I get it, I am flexitarian myself. However the thought of a publicly traded frozen meals firm the place all they do is make lean cuisines which are plant-based, [laughs] that simply sounded ridiculous to me.
However if you messaged me and also you stated you wish to speak about it, I used to be like, oh! Okay, effectively, it has Feroldi , so I needs to be , it has Joey , so possibly I want to present it somewhat bit extra thought. And I used to be somewhat bit impressed, really, once I was studying by it and doing my preliminary spherical of analysis.
What are you able to inform us in regards to the fundamentals of this firm?
Feroldi: Yeah, effectively first off, A+ for bringing again the phrase “malarkey” into the dialog, Emily, I imply —
Flippen: [laughs] I used to be making an attempt to think about a podcast-appropriate phrase to make use of to say how I felt about studying this. And a load of malarkey possibly sounded the perfect. [laughs]
Feroldi: Nicely, you get an A+ from me for that, that is the phrase I have not heard, oh! I do not know, in a decade or two. However, yeah, Tattooed Chef, an attention-grabbing firm. They got here public earlier this yr through a SPAC, that is a Particular-Objective Acquisition Firm. That may be a development that we have seen actually take off in 2020 the place an increasing number of corporations are selecting to forego the standard IPO course of and are available public through a SPAC. To this point, the corporate is up about 50% because it hit the general public markets, so clearly there was investor demand for this firm, and the present market cap is about $1 billion.
And as you, sort of, teed up in the beginning of the present, they’re centered on promoting plant-based meals. Similar to the likes of, say, Unimaginable Meals and even Past Meat, however they’re going particularly after, for now anyway, the frozen meals class. So, most of their merchandise could be discovered within the frozen aisle versus within the meat aisle.
Flippen: Yeah. That to me instantly makes me lose curiosity. [laughs] I am clearly developing with a powerful opinion right here. Once more, Brian, you are going to break down why this firm is definitely actually attention-grabbing. I’ve to say although, what made Unimaginable Meals and Past Meat so attention-grabbing to me, each as a shopper and as an traders, is that they broke out of the frozen meals aisle the place all of the plant-based alternate options had been at all times caught, you could possibly at all times discover your plant-based alternate options frozen, however no person ever, when buying meat thought to go to the frozen meals aisle to search for these merchandise.
So, the truth that Past after which Unimaginable bought the coveted placement within the meat aisle, it meant shoppers really noticed them probably as a meat substitute. So, to me, simply listening to you say that, it makes me assume the Tattooed Chef is sort of taking a step again, it is going again into the frozen meals aisle, however possibly I am not giving shoppers sufficient credit score right here, possibly that is such an enormous development we now have all now been educated to search for plant-based alternate options wherever they could be, even within the frozen meals aisle.
Feroldi: Sizzling take there, Emily. And on the subject of strategic choices like that, I by no means faux that I do know as a lot because the administration staff, and I at all times simply say, effectively, you pursue no matter technique you assume is correct, after which I am going to choose your outcomes primarily based on the numbers that you just put up, in order that’s how I love to do it, however you could possibly be proper there about this.
Flippen: That is why you are an excellent investor, Brian. Now, let’s be clear right here, a number of instances emotion clouds the funding course of, proper? I clearly have a number of emotion coming into this dialog.
Feroldi: You actually do, I am loving it although. However the enterprise, what’s attention-grabbing to me is if you dig into the historical past of this firm, first off, it wasn’t based because the Tattooed Chef. Second off, it wasn’t based as solely a plant-based firm. The corporate was really based in 2009 by the present CEO, his identify is Sam Galletti. The corporate was based as Stonegate Meals. And the concept was to import meals from Italy to promote in the US.
Sam Galletti, he had many years of expertise within the meals business, and it is a firm that he began from scratch. The excellent news right here is that he nonetheless owns a large quantity of this firm on his personal. He owns about 48% of the inventory and his associate and the President of the corporate, who operates out of their facility in Italy, his identify is Giuseppe Bardari, he owns about 3% of the corporate. Now, a personal fairness agency owns about one other 7%, so between these three, that’s some severe inside possession.
The corporate took a distinct flip in 2014 after Sam, the Founder, employed his daughter Sarah as the corporate’s Inventive Officer in 2014. Sarah is a foodie and a chef who spent a number of time coaching in Italy. And Sarah satisfied the corporate to launch a brand-new model on the firm known as the Tattooed Chef. That was launched in 2017 and it was named after Sarah, who’s a chef with — anticipate it — tattoos; that is the place the identify comes from… shocker. However, hey, they’ve performed an excellent job of branding the corporate, as we’ll see once we get into the outcomes.
However Sarah’s thought was to make an organization that was fully clear, that actually performed in the entire trendy tendencies. So, that is plant-based meals, it is natural, it is non-GMO, the corporate is definitely fully vertically built-in to the purpose that they really plant, manufacture, and produce all of their very own meals themselves out of …
Flippen: No, and it is frozen, and so they promote it frozen?
Feroldi: They usually promote it frozen, effectively, a few of it’s offered frozen, the longer-term plan is to alter that, however they function two amenities, one is in Italy, which is the place most of their meals comes from, and a second one they lately inbuilt Los Angeles. However the thought right here is farm-to-table operations, the place they actually go from planting the meals to getting it on shopper cabinets. And as we’ll see once we get to the numbers, up to now so good.
Flippen: Yeah, that is blowing my thoughts proper now, why you’d vertically combine, basically, a meals distributor, proper? You are rising the meals, you are packaging, you are promoting, you are producing, all of that course of they’ve in-house. And as a substitute of creating contemporary meals that calls for greater margins, they’re making frozen meals. And yeah, I suppose it stays higher longer, however it’s a actually attention-grabbing technique. And I do wish to hear — sort of, bury the lead right here, I wish to hear somewhat bit extra about their gross sales, their funds, what makes this firm attention-grabbing. As a result of if you happen to’re going this course, I am unable to consider one other firm that has vertically built-in their complete meals processes after which begin promoting it frozen in grocery shops. I imply, it is simply blowing my thoughts proper now. What are they promoting? What are these merchandise?
Feroldi: Nicely, they provide a spread of various merchandise proper now, and so they’re damaged all the way down to a few large classes. So, their No. 1 class can be, like, premade meals, that is about 35% of their gross sales. Additionally they provide smoothie bowls; these are about 20% of gross sales. Additionally they provide frozen greens, frozen pizza, veggie spirals, grains and only a broad class that they name “different.” So, they aren’t fully tied to the success of 1 product, they’ve dozens of merchandise that they’ve launched, all principally beneath the Tattooed Chef model.
Now, they’ve taken a technique the place half of their gross sales, up to now, are company-branded beneath the Tattooed Chef model. About 53% of their gross sales are beneath that. Additionally they have a personal label enterprise the place they associate with a retailer who then, you understand, makes use of their amenities, their meals, their the whole lot, after which the retailer slaps their identify on there. That is one thing that, like, Entire Meals has performed with its 365 model, for instance. So, that is about 47% of the enterprise. So, simply taking a look at that, the enterprise is definitely fairly effectively diversified within the income perspective.
Flippen: One in all my favourite issues to do in preparation for both podcast or my work as an analyst at The Idiot is to do firm “analysis,” and the listeners cannot see me proper now, however I am placing up little air quotes once I say “analysis,” as a result of I like to exit and simply, particularly once I’m taking a look at meals, attempt the product. And I’ve to say, I did wander round my native grocery retailer for a superb truthful period of time this previous weekend searching for some Tattooed Chef merchandise, I used to be unable to seek out them. So, if they don’t seem to be serving me, the place are their merchandise?
Feroldi: They’re in a number of pure grocery shops proper now. They really do not name these out by identify, however they’re in some large field ones too, you’ll find their merchandise in Costcos, in Sam’s Golf equipment, in addition to Walmarts. Now, I do not know in the event that they’re in each single Walmart and each single Sam’s Membership, or each single Costco, these are clearly huge shops, however they do have partnerships there.
One of many issues that the corporate calls out as a progress tailwind for them, is that they aren’t in lots of the different big-name corporations. So, for instance, I do not assume they’re in Goal proper now, they don’t seem to be in a number of the massive grocery retailer chains, these are all alternatives for them down the street to extend their distribution.
Flippen: Yeah, once I did not see them on the cabinets, at first, I took it as a adverse, however if you’re speaking about an organization that is simply above $1 billion when it comes to market cap, meaning it is nonetheless comparatively small within the grand scheme of issues, particularly when you think about the market alternative for plant-based meals. Due to this fact, if you happen to’re getting in now as an investor with this firm, going public through direct itemizing, theoretically you are shopping for it for the expansion alternatives. In the event that they had been already effectively distributed and nonetheless had the gross sales that they’d at the moment, it might be extra of a crimson flag than a inexperienced flag.
So, I am really actually enthusiastic about that, and entering into Costco, Walmart, and Sam’s Membership, I imply, these usually are not straightforward locations to get into, so it says one thing about their technique for reaching distribution chains. They clearly have the capability, not solely to supply their branded merchandise however to supply non-public label as effectively, there’s a number of issues that if you speak about distribution, if you speak about their product lineup do make me actually excited, however once I take into consideration the explanation why traders may very well be desirous about shopping for Tattooed Chef at the moment versus possibly 5 years in the past is clearly as a result of we’re getting into a distinct section of shopper tendencies proper now, it is actually, we talked about Unimaginable, we talked about Past Meat, there’s been an enormous give attention to plant-based alternate options.
So, I would love to listen to you simply possibly speak in regards to the market alternative, the way you understand it. Is it greater than simply plant-based alternate options or is it, on this case, a rising tide lifting all boats?
Feroldi: So, I imagine that the plant-based meat motion in meals is a sturdy development that’s right here to remain. I do not assume that it is the proper factor to jot down this off as a fad proper now. I actually take into account myself to be a flexitarian, identical to you, however my family eats meat, you understand, each single day. I’ve gone out and I’ve sampled a number of these plant-based meats, resembling, like, Unimaginable and Past, and I am actually enthusiastic about them. I feel that they’re scrumptious and I might simply see them being included into my family.
The issue with these alternate options proper now could be worth, you’re paying a premium, an enormous premium, to go together with these meals. And that’s, to me, principally an issue of scale. The gross sales of those corporations and these merchandise are so new that they are simply dwarfed by the meat business usually, that’s one thing that I might simply see altering over time as these corporations appeal to extra gross sales, they’ll use that to extend their scale, drive down costs, that may appeal to extra gross sales, that may improve their scale, and many others., and many others.
So, I feel that the plant-based meat is in a constructive suggestions loop, and it is fully doable that 10 years from now shopping for plant-based meals can be cheaper than shopping for actual meat meals, if that’s the case then I might see this being extraordinarily disruptive to the meals business.
Flippen: I do not wish to derail the dialog an excessive amount of from Tattooed Chef, however I actually do agree with the whole lot you simply stated and I feel it applies to extra corporations than simply Tattooed Chef, arguably extra on to corporations like Past Meat, once more, which have damaged out of the frozen meals barrier. I feel if you happen to’re an investor in these corporations — and they’re corporations I am enthusiastic about, possibly we have to do a deeper dive if we’ve not already on plant-based meals, usually, in some future Business Focus episode, however in case you are an investor on this development — I am going to name it a development, not a fad, I feel it is a long-term development — if you happen to’re an investor in these corporations, you are doing it since you genuinely imagine the worth level. in my view, will come down beneath the price of meat.
Shoppers clearly have a requirement for this product, if you happen to take a look at the retention charge for Past Meat, as an illustration, a majority of the individuals who purchase a Past Meat product as soon as, will buy it once more. There’s a clear demand right here for the merchandise that these corporations are creating, however finally if you’re sitting — and I have been this shopper earlier than, I used to be this shopper this final weekend — if you’re sitting within the meat aisle, and you understand you wish to make a pasta dish that has some, form of, a meat-based sauce for dinner, Sunday evening, which I did, proper? And also you’re trying on the plant-based alternate options that is two instances, at the very least, the worth of the meat various, you are pondering to your self, OK, I wish to make the higher selection, however am I keen to pay twice as a lot for it? A whole lot of instances I make the choice to pay extra, a number of instances I do not, however I do know for a reality if the worth level got here down, there can be many shoppers like myself who would mechanically go to the meat various each time they’re making that selection.
So, I am an enormous believer in the whole lot you simply stated in regards to the worth level coming down, and I do agree that it comes with scale when you concentrate on corporations like Tattooed Chef making the selection to be vertically built-in, they’re handing over what’s often a really low margin enterprise right into a enterprise that probably has a lot greater margins permitting them to get the worth level down even additional.
Feroldi: Yeah, these guys have so many mega tendencies behind them. I imply, there’s a number of analysis that I’ve seen that implies that one of many greenest issues you are able to do in your life is not to drive an electrical automobile, it is really to alter your food plan to a plant-based one. Firms like Tattooed Chef, Past Meals [Beyond Meat] (sic) and Unimaginable, they create alternatives for shoppers to do exactly that. So, that may be a megatrend that’s behind them. And I feel it’s going to simply proceed to speed up, particularly as millennials proceed to extend their buying energy.
So, on the subject of alternative forward of this firm, it is simply merely huge, the corporate pegs its present market alternative in simply ready meals, pizza, greens, fruits, and pasta grand and rice at a $27 billion alternative simply in the US. Their near-term plans are literally to interrupt into the dessert market, which might add in one other $12 billion, and long run they hope to problem Past Meat and Unimaginable Meals. So, that proper there, if you add all that up, simply in the US, simply within the frozen meals part, that is a $55 billion alternative for this firm. So, if this firm doesn’t succeed, it isn’t for lack of alternative.
Flippen: And I do know that as a result of this firm went public through a SPAC or goes public through a SPAC, we do not have a number of details about the corporate’s funds, we actually solely have what they’ve chosen to self-report, however if you do see what they self-reported when it comes to their funds, what’s the state of affairs. As a result of I’ve to be sincere, once I heard about this firm, a frozen meals firm going public, my thoughts instantly went to liquidity wants, proper? That is an unprofitable firm that is going public to attempt to increase cash, to attempt to discover some fairness markets that they might ultimately faucet long run, however is that the case right here?
Feroldi: That is a very truthful factor on your thoughts to go to, and identical to you stated, since this did come public through a SPAC, there isn’t any S-1 for us to look to, we’re being given the data that the corporate has given us, and so they have not even reported their first quarterly report but, that truly does not occur till subsequent week, however the numbers that we do have, shocker, regarded fairly good, Emily.
So, it is a firm that did $47 million in gross sales in 2018. This yr, for 2020, they’re estimating to do $148 million in gross sales; that is a triple in three years. They’ve really gone out and stated that subsequent yr, for fiscal 2021, we plan to do $222 million in gross sales, that is a 67% compound annual progress charge over that four-year interval. Importantly, that’s a lot sooner progress than the class, usually. The plant-based meals market is rising at a few 13% charge. Once more, this firm, 67% progress charge. So, they’re actually taking market share.
Now, we do not have, once more, [laughs] true monetary knowledge that we’re taking a look at right here, which is why the following factor that they report is adjusted EBITDA, which is a metric that I simply hate, as a result of there’s so many issues that go into making this quantity look precisely as you need it. However we now have clearly seen throughout this era of rising gross sales that adjusted EBITDA has grown from about zero to they’re predicting a 14% adjusted EBITDA margin in fiscal 2021. That, if true, is sort of a formidable quantity for “a frozen meals firm.”
Flippen: I at all times get a chuck about adjusted EBITDA, I wish to say, I report my adjusted weight, you understand, if you happen to take out Thanksgiving, if you happen to take out the cake I ate final week, I really misplaced a pound. So, the whole lot [laughs] is ok. The fact is the adjusted EBITDA quantity says precisely what you need it to say. However what’s value noting is which you could backtrack a number of these metrics, and a number of instances corporations like Tattooed Chef are adjusting for non money fees. So, even that adjusted EBITDA constructive quantity is not horrible, there are many corporations that report adjusted EBITDA, [laughs] and it’s nonetheless adverse. So, issues considerably may very well be worse on this case, nevertheless it’s nice to listen to that it looks as if there’s at the very least some sound monetary backing to this firm, there’s unit economics right here that aren’t instantly, in my view, going to destroy shareholder worth.
And earlier than we log off right here, Brian, I do know I respect your opinion, a number of our listeners respect your opinion, you’re continuously one of many folks, every time we hear evaluations, every time we get emails, they’re like deliver Feroldi again, so I do know that individuals like to listen to your take. You’re a progress investor, you are the thoughts behind nice many investments, are you interested by Tattooed Chef at the moment?
Feroldi: The reply there for at the moment isn’t any, regardless that I see a number of positives about this firm. We talked in regards to the market alternative that’s big, the development right here is one thing that I firmly imagine in. I feel the corporate really has a number of optionality to it, as we have seen that they’ve launched so many merchandise simply inside the final three years, and they’re clearly planning on launching extra. There’s loads of area for them to develop. The restricted monetary knowledge we even have up to now seems fairly good, and we now have a Founder-led administration staff that’s closely invested within the success of these corporations.
All these issues are constructive. The dangerous factor is that, a number of my large questions that I at all times have about corporations, I do not know the reply to proper now. Does this firm have buyer focus? I am unable to think about that the reply is “no,” on condition that they’ve Costco and Walmart and Sam’s Golf equipment as purchasers, however we do not have that data. The opposite factor is, what is that this firm’s response going to be to life as a public firm? Are they going to behave in a different way as soon as they’ve a quantity over their head? Are they going to be an organization that provides steerage and outperforms it or are they going to whiff proper out the gate? We do not know that.
How in regards to the firm tradition? There are not any Glassdoor scores on this firm that we might discover. Zero. I did searches for Tattooed Chef, for the previous identify of the corporate, for the Italian identify of the corporate. None, zero. So, I haven’t got a superb sense of what it is like to have a look at this firm. The larger query that I’ve, and crucial query right here is admittedly about long-term aggressive benefit on this business and what that does to margins. The massive meals corporations actually are conscious of the rise in plant-based meals and the curiosity right here in these merchandise. And they’re going to flood the market with various merchandise of their very own. If that occurs, or excuse me, when that occurs, as a result of even at my native grocery retailer I’ve, like, 5 – 6 totally different choices on the subject of these sorts of merchandise, what’s it that is going to guard Tattooed Chef and preserve prospects shopping for its model versus one other model? For proper now, the one benefit that I can see is branding, the model’s identify, that is it. Will prospects, on mass, be keen to pay a premium for Tattooed Chef merchandise versus generic ones that come out? The reply there may be, I do not know; I’ve really a tough time seeing that occur. And if they do not, I might simply see administration saying, we’ll “put money into worth,” which means, we’ll decrease the costs of our merchandise time and again and once more.
That is the issue with classes like this, you at all times should assume as an investor, whereas I imagine that the whole class goes to develop and create big worth, who captures that worth? To me, society will seize that worth and shoppers will seize that worth. I am not but satisfied that traders will seize that worth. The one exception that I might make is that if Unimaginable Meals got here public, I see Unimaginable Meals because the chief right here, I’ve tasted their merchandise, and as a shopper, I might clearly be keen to pay extra for Unimaginable Meals manufacturers myself. The draw back is that Unimaginable Meals will not be but public.
However I might like to know your opinion right here, Emily.
Flippen: [laughs] I feel I usually agree with you. I feel that the worth level for all of those merchandise must get all the way down to the place it’s achievable for many shoppers in a manner that you do not assume twice when making the acquisition. I feel the issue that Tattooed Chef has is that their merchandise actually, proper now, the vast majority of them are ready meals, ready meals, and at that time you wish to be the premium possibility, you do not wish to be a budget possibility. As a result of there are lean cuisines, [laughs] once I’m sitting within the frozen meals aisle and I am making an attempt to make a more healthy selection for myself, I want a purpose to exit and choose the Tattooed Chef. And I feel the reason being, extra natural or plant-based, we now have an excellent model. I am undecided if you wish to begin competing with lean cuisines on costs.
However both manner, by this level, the present is airing on the 4th, I feel, it is truthful to say, possibly round half of People are feeling possibly fairly good, half are feeling possibly fairly dangerous, and for the people who find themselves on the market feeling possibly fairly dangerous at the moment, if you happen to’re like me, you in all probability wish to eat your emotions. And if something, I hope at the moment’s present encourages you to exit, possibly get a Tattooed Chef meal to eat your emotions, possibly keep away from the cake. [laughs] Do not report your adjusted weight numbers on account of this election. Get your self some Tattooed Chef, I am an enormous believer and particularly someone who focuses on the buyer items business, that your opinion as a shopper, on your portfolio as an investor is admittedly vital. So, attempt the meals, tell us if you happen to prefer it, report again. I do not assume Brian or I’ve been given the chance to do that product but.
Feroldi: No, and I look ahead to it. The following time I am in a grocery retailer, if I see one thing with the Tattooed Chef model identify on it, I’ll purchase it and I’ll simply attempt it myself. That is the beauty of investing in shopper good corporations, proper, you get to expertise them on the buyer foundation and name it “analysis.”
Flippen: [laughs] Yeah, Brian, I am actually residing the dream proper now; you haven’t any thought. [laughs]
Nicely, Brian, thanks a lot for A. bringing this matter to the desk at the moment. I do hope it supplies some reprieve for our listeners from the election, it has been a enjoyable dialog. However extra importantly, thanks, as at all times, for becoming a member of me and bringing your perception, I actually recognize it.
Feroldi: Anytime, Emily.
Flippen: Listeners, that does it for this episode of Business Focus. When you have any opinions in regards to the Tattooed Chef, about Brian Feroldi, about me, no matter it could be, [laughs] you may at all times e-mail us at [email protected], or tweet at us @MFIndustryFocus.
As at all times, folks on this system could personal corporations mentioned on the present, and The Motley Idiot could have formal suggestions for or in opposition to any shares talked about, so do not buy or promote something primarily based solely on what you hear.
Due to Tim Sparks for his work behind the display at the moment. For Brian Feroldi, I am Emily Flippen, thanks for listening and Idiot on!
Brian Feroldi has no place in any of the shares talked about. Emily Flippen has no place in any of the shares talked about. The Motley Idiot owns shares of and recommends Past Meat, Inc., Costco Wholesale, and Twitter. The Motley Idiot has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the writer and don’t essentially replicate these of Nasdaq, Inc.
