Now, Palanteer, listen, this is beat factory here. Revenue came in up 39% on a year-over-year basis. It beat by $21 million, almost $22 million. Additionally, for this quarter, they're in now at this point in time. They guide it for a $936 million midpoint. $8.99 was what analysts were expecting. So, good beats, right? For full year, they're guiding to about $3.9 billion in revenue from $3.75 was consensus estimate beat. If we look at commercial growth, they're talking about, you know, they're guiding for excess of $1.17 billion of US commercial with a growth rate of at least 68%. They also raise their adjusted income from operations guidance to 1.71 billion to $1.72 billion. And they're adjust they're raising their adjusted cash flow guidance to between, you know, we can call it a midpoint of $ 1.7 billion. Beat factory at Palanteer. But but if I had to push back, it's not smash factory. There's a difference between beat factory for company and smash factory. Beat factory for a company is like what Palanteer just did. They came in beat numbers, beat numbers. They didn't smash it. It wasn't like, you know, if they come in and reported, you know, revenue growth that was up 45% on a year-over-year basis, right? Or guidance that was just crushed what analysts were expecting. You know, you would be you would be looking at Palanteer stock up after hours. You'd be looking at that stock at 135 140 after hours. They didn't come in with those numbers. They came in with good solid beats, which there's nothing wrong with that, but in this market and given Palanteer's valuation, you really want to have that stock explode to the upside, you got to come in and just smash it, crush what people were expecting. And that didn't happen. It was just good beats across the board. Right? No, if you look at the income statement, bravo. A+, baby. A+. Look at Palanteer. Think about this for a moment. We go back three years ago. Remember I showed you how much Palanteer stocks gone up over the past 3 years, 1,300% or whatever insane amount, 1,400%. Listen, if we go back three years ago, this company had F-grade income statements. F-grade and in a matter of three years they switched from garbage income statements F-grade joke income statements to A+ income statements. Now you may say how are you able to bet on this company and place chips on the table when it was an F-grade company. If you looked at the numbers Palanteer was reporting after quarter after quarter as 2022 went along, the profitability was getting better, it was very clear to me that the company was going to flip to profitability and then we could talk about upside from there. And so, and it was also very clear to me the product was going to become very huge in the future in regards to the their products they had in the marketplace. And so, that's how I was able to bet when it was an F-Ge. And you know how else I was able to bet on Palanteer and obviously made great sums of money. I didn't bet big. I bet for me relatively small amount of money, right? I didn't even I didn't even put six figures in Palunteer, right? And so for me with a smaller investment size, that's how I was able to bet on it as well. It wasn't like I risked the farm or something like that, right? And when you're betting on an F-grade company at that particular time, you got to bet smaller because at the end of the day, if it becomes what you're going to become, even if you put a smaller amount of money into it, you could have made so much money, it's ridiculous, right? And I've been able fortunate enough to make hundreds and hundreds and hundreds of thousands of dollars in Palanteer over the past 3 years between what I've taken in profits and what I still have in profits. Oh my gosh, crazy numbers, right? Between all my different portfolios. So, A+ income statement here for for Palunteer. Gross profit went to 710 million from $518 million. Sales and marketing, they kept that in check. R&D, they kept that in check. This is a masterpiece, folks. GNA, they kept that in check. Look at how much revenue was up. You know, we're talking about revenue up about 20, you know, what is that? $250 million roughly on a year-over-year basis. And yet, you look at the sales and marketing, R&D, GNA, like they're up, but it's like small number, small potatoes compared to how much revenue is up, right? Income from operations exploded to $176 million from $80 million. Interest incomes up to over $50 million a quarter. Now they have coming in interest income. Oh my gosh. Woo. Income before income taxes 223 mil versus 110 mil. So over, you know, we can call that over a double up on a year-over-year basis. Net income 217 million versus 106 million. Over a double up on a year-over-year basis. And then if we look at diluted EPS, 8 cents versus 4 cents in the same quarter last year. Pure masterpiece from Palanteer in regards to that income statement. But you know, you could make an argument that the balance sheet's even better. Look at the balance sheet. What a banger. We're talking cash and cash equivalents of around a billion dollars. We're talking marketable securities now $4.4 billion. This is ridiculous. I mean, look at total equity. Shareholder equity on the company is up to $5.5 billion now. At this point in time, I had music on in the background. This song came on and I thought, this is literally playing as I'm looking at the balance sheet. I'm like, I had to take a picture of this. It was called Money to Blow. You ever heard it? Money to Blow. And I'm looking at the balance sheet and I'm like, "Oh my gosh, this company's got money to blow." Uh-oh. Incredible. Look at commercial. Oh my gosh. US commercial revenue growth 71% year up year-over-year 19% up on a quarter-over-arter basis. US commercial customer count grew 65% year-over-year and up 13% on just a quarter over-arter basis. Look at US commercial remaining deal value up 127% year-over-year. Look at US commercial remaining deal value on a quarter-over- basis up 30%. the the companyy's still accelerating still accelerating the growth rates, right? US commercial total contract value 810 mil 183% year-over-year growth in contract value for US commercial. Incredible. Look at the net income of this company. The rule of 40, throw it out. Throw it out. We're calling it the rule of 80 now for Palunteer. back-to-back quarters with an 80% plus rule of 40, right? Which basically rule of 40 is you look at the ebidon margin percent and then you look at the revenue growth percent. You add those together and you get a number. So let's say your ebidon margin is, you know, 20%, and your revenue growth is 20%, boom, you're at a you're at a 40%, you know, rule of 40. And so that would be seen as good. And any and the further above 40% you go, basically the healthier the business is. And you know when it comes to these SAS type companies and also like the more special you are as a company like the bigger the the valuation you're going to command the bigger the P ratios you're going to command things like that an 83% rule of 40 is ridiculous like you almost never see that like the amount of companies that have ever done an 80% plus number backto-back quarters it's probably only a few companies in history it's ridiculous like incredible US revenue growth was up 55% year-over-year. Now, if you want something to pick at, I'll show you something. US commercial revenue growth grew 71% year-over-year. Phenomenal. But commercial revenue growth, if you total the whole business, which adds up international as well, it was only up 33% year-over-year, which shows you what international commercial is so slow to adapt to adopt Palanteer's products, right? So slow. Now, is that Palunteer's problem? Is that Palanteer's fault? The answer in my opinion is no. This is not like Palunteer is like having some trouble. Not really. Just you got to understand in the international markets they're so slow to adopt new technology and so although Palanteer has this amazing product and all the US companies are adopting it and they see what's going on with AIP, right? They see what's going on with Foundry and Gotham and Apollo and all their different products, right? They see everything that's going on there and and US loves it, US companies, but international companies are slow. And if you ever wonder why the US is going to remain the main stock market for still years and decades to come in the future because you look what I'm showing you right in front of you right now is the largest companies in the world as far as market capitalization go, right? And you're just going to see it's overwhelmingly dominated by US companies. I could show you the top hundred. It would be the same exact thing. And why is that? It's because US companies adopt new technologies quickly. they see something that's going to help their business out dramatically, whether it's on, you know, a software front, sales front, marketing front, boom, they use it right away. They're like, let's go do this. The European companies and these other folks in these international markets, they're like, well, let's see it for a few years and then maybe we'll adopt and they wonder why they keep getting bit bypassed. And so when I hear some of these folks like I react to some of these videos on the reaction channel about like you know the end of the US stock market and you know other markets going to take over. I say how how how are their companies going to take over when they can't even adopt the best technology? They have no chance. They have no chance. And and the gap is widening between US companies and the rest of the world. It's not getting smaller. It's widening folks. And that's the scary part man. That's the scary part. And so at the end of the day, the US companies are running the world. And if anything, they're going to run the world even more than ever, right? Look at total revenue growth for the company, up 39%. But here's where it gets even more exciting. Total revenue growth, excluding strategic commercial contracts, actually was up 44% on a year-over-year basis. So I think that gives you a better understanding of what's actually going on with Palanteer revenue growth. 44% up year-over-year there. Very strong. Right now, if we want something to pick at here, I'll I always can find something to pick apart. Okay, here's the deal. If you look at the guidance here, that's a midpoint of $936 million, right? If you look at the second quarter of last year, Palanteer did $678 million. Okay, so run the math on that. That would mean the company will have revenue growth in this quarter that they'll report in three months from now, right? Of 38% if the midpoint comes in. Now, did you see where the number just was? The company just did 39% revenue growth. So, if they did only only 38%. That would mean the company is now in revenue deceleration phase where the percentage growth is now starting to shrink which is you know still exciting but it's not as exciting as when that revenue growth percentage grows bigger and bigger and bigger and bigger. Now, here's the deal. Palanteer and Alice Karp, they understand the game of Wall Street now, right? They had to learn a very expensive lesson that first year, year and a half, they were a public company. And after that, I think he figured out the game. You know, guy for a lower number than what you're going to report. So, my opinion is they're probably going to beat this guidance number they put out. That's my guess. Look at Palanteer over the last several quarters and you'll kind of see that, right? So, my opinion is they're probably realistically going to do 40 to 41% revenue growth, which will be very exciting because that will mean revenue growth is still accelerating for the company if they do what I think they're going to do. Okay. But the issue is, let's say they do what I think they're going to do and come in with like 40% or 41% number. They did 39% this past quarter, which means we are then at the end stage of revenue growth acceleration. That does not mean the company's going to stop growing, but the percent of increase is going to start actually going down likely in the next quarter or two. So that's what it sounds like to me. We're like peaking around revenue growth acceleration here. And so unless something dramatically changes positive for the company, it sounds like we're kind of peaking that revenue growth acceleration. And so if you're wondering kind of what's going on with the stock price, that I believe is kind of what's going on here because people are like, "Wait a minute, the the revenue growth acceleration's over, right? If you're looking at the midpoint and then even if you're expecting them to come in with better than expected, it's still kind of like, oh, we're kind of at the end stage where maybe the ninth inning of revenue growth acceleration, which does not mean the end of Palunteer, right? cuz that means they maybe they're still going to grow, you know, at a 30% plus clip for years to go in the future. But it's not as exciting when you're like pushing to like a 40% revenue growth. Cuz ideally, you'd want to see the company push to 40% revenue growth, then 45% revenue growth, then 50% revenue growth. And like obviously at some point in time, it's it's unrealistic. And you're going to start moving the other way in terms of those growth rates. And you're going to go from 40% to like 38% to 35% to 33%, right? 30%. And then maybe longer term you can kind of even it out and have like a consistent growth rate of, you know, whatever shakes out to be. Maybe it's 20% a year or 25% a year or something like that, right? But there's an adjustment to be made there. And so you see the stock price moving down after hours. My opinion that that has a lot to do with it, right? And so, you know, inside our Palanteer chat, we have, you know, Palanteer chat's one of the busiest inside the private stock groups Discord chat, right? uh one of the prep stock group members he said you know what do you think about Palunteer moving down after such impressive results because there's no debating like the results were extremely impressive from Palanteer right and I said valuation beat factory not smash factory right Palanteer is very high valuation on it you look at the trailing 12 month P the Ford P the 2-year Ford P it's extremely expensive right and you know when you come through with a beat factory not a smash factory that's what happens I said you know when you have a Ford P as high as Palanteer does it's like climbing a Free climbing a mountain. You ever seen those? They they make my hands sweat if I ever watch those videos, right? Where somebody's like free climbing a mountain. I said one little mistake when you're free climbing gets scary fast, right? It's like, woo, baby, you better save yourself quick or you know you're done. I said one big mistake and it's death. And that's what happens when you're dealing with a super high valuation name. You look at Palanteer and the you know one little mistake which is kind of like you know revenue growth here potentially decelerating next quarter and boom stock gets hit 8% after hours 9% or whatever right if they were to come in and and let's say next quarter they actually have deceleration and then they guide out for the next quarter a bigger deceleration the stock will crash like you know like it'll fall like you know from these recent highs it reached around 125 you'll see the stock fall 50%. down on the $70 level, right? $75, something like that, maybe even $60 a share. So, that's what will happen if that does happen. Now, if the company accelerates, let's say, 40 41% growth in this quarter they're about to report and they guide out for, let's say, 43 or 44% growth the next quarter, then we're fine. And then we could be talking about a stock that heads toward 150. But, you know, that's a lot to to kind of get through that, right? And then uh Charlie inside the private group he said agreed much like Nvidia. I said well you know the good thing with Nvidia now a year ago very different story but now with Nvidia uh Nvidia's forward P is relatively low right Nvidia's now got a Ford P in the 20s so versus obviously a Palanteer's got a Ford P in you know 100 plus right and so I think Nvidia is actually setting up actually pretty well for the next you know couple months here. So, I wouldn't be surprised at all if in 6 weeks from now, Nvidia is like 130 to 150. I wouldn't be surprised at all. But you got to understand where Nvidia is coming off of. Horrible sentiment, right? So negative in the sent in in terms of semiconductor space. And then they're probably going to come in, smash it. They're probably going to have a phenomenal guidance. Heck, a lot of these big tech companies are going to spend just as much as they said they're going to spend or more. Bullish Nvidia. So, don't be surprised if Nvidia actually um sets up pretty well here, right? Hey, it's Jeremy. I hope you really enjoyed that clip here today. Listen, there are three main areas a long-term investor has to understand. You have to understand financial statements, income statements, balance sheets, cash flows. You have to understand and master portfolio management, and you have to have the ability to project what is possible for companies in the coming years. Bearish scenarios, bullish scenarios, all these skills can be learned, and that's the good news. And I'm still just a regular guy who's out here. I just have a lot of passion for the market. I've learned a lot over the last 15 years. I had a tremendous amount of success and I have a dedication to teaching people everything I have learned in the past 15 years. If I can do it, you can do it, too. You can learn all that's required to become a great investor in my private group. The application is going to be down there in the description area. You can click on that, fill out an application, join us in the private group. Get access to all my best course curriculums teaching you everything that I got in my head. and you get ability to join our six-figure 7figure hall of fame. We have such a tremendous discord. It is incredible. So once again, description area down there. There's a link you can apply to join my private group in there. All right, let's react to some videos. You know, there's been what I've picked up kind of you start to get the weekend think pieces. Um are people going, you know, just be careful. I think Bill Gross had something to this effect too where he said, "Look past Meta and Microsoft and there's, you know, less to love about the market." And I know he's often uh pessimistic, but um give some reassurance to those who are concerned that we came back a little bit too quickly here. Yeah, Kelly and Brian, thanks for having me back. Appreciate it. Happy Friday, everyone. So, listen, the longest win streak obviously since 2004 in all likelihood here. What I was thinking of some things to talk about. One thing that's interesting, and you guys might like this, we we had a 19% near bare market. We all know that over-the-top negative sentiment. No, the economy is not perfect. It's slowing down, but it's not nearly as bad as we thought this time 3 or 4 weeks ago. But as of right now, we have corrected more than 50% of that near bare market. When I went back in history, when you have these near bare markets like we just did, once you correct 50%, only once have we rolled back over to make new lows. And as everybody knows, that was in 2022. the other like 10 times before that we didn't make new lows. Listen, this isn't perfect. I get it. We can get in the weeds of it. But listen, there's a lot more positives out there. One more quick one here. You know, breath market breath has been so strong even on the 19%, you know, near bare market. If you look at advanced decline lines, they really held in there right now. This second, the advanced decline line on the S&P 500 sitting an all-time high. Usually, the way I learned it a long time ago, breath leads. Ooh. Okay. So, there's a lot here. Okay, first off, let let me before we get into this sell in May and go away situation because that's something that always comes up around May. Listen, we got the perfect situation going on right now and let me explain this. Okay, here's a perfect situation. You've got economic data that is clearly weakening, right? No, no debating that. There's no question about that. Look at the GDP numbers. Look at the Jolts numbers. Everything like that. Okay. So the the Fed now has a full green light to cut interest rates for the next I would say at least 6 to 12 months, right? No question. And also inflation numbers have not come in nearly hot enough to make you say, "Oh gosh, inflation's so scary." You got to worry more about the economy if you're the Fed right now at this stage of the game because inflation is pretty dang dead. And so you the Fed's got a green light to cut rates for the next 6 12 months, right? But meanwhile, you have earnings that are actually holding up very well for companies. It's not like we have some tanking of earnings and Meta just reported a disaster and Apple reports a disaster and Amazon reports a disaster and Google reports a disaster and the numbers are just awful and it's like, oh my gosh, like all these companies earnings are tanking. That's actually what you had in 2022. You know, it wasn't just everybody was scared about the Fed raising rates. It was also if you look at the growth rates of all the big tech companies, they went down to like nothing. and they started like, you know, we looked at net incomes and earnings per share that started going down like 40 50% on a year-over-year basis. It was a disaster, right? Some even more than that. And so, you don't have that. Like, we've got all the big tech companies now to report all the Mac 7s and earnings look great other than obviously Tesla. That's a whole other situation. But everybody else looks great. Apple looks better than ever. Google looks better than ever. Meta looks better than ever. Amazon looks better than ever. Right? So what do you got to go off of? Uh shoot, not much. So that's very important that everybody understands that, man. We got the perfect situation. We got a Fed that's about to go through a cut cycle and we got stock market earnings that actually look very respectable at least in terms of the biggest stocks that matter the most to the market, which are those mag seven stocks, right? So now don't sell in May, right? Because there's an old saying in the stock market, sell in May and go away, right? So this is interesting. May through October returns in the S&P 500. 2020 was up 12%. 2021 up 10%. 2022 was obviously really down year, down 6%. 2023 was up only 6%. And then 2024 was up 13.3%. So basically, we have three years of the past five were banger years, May through October, right? So if you sold in May and got out of the market, bad decision. We have one year that was bad. So, one year would have made sense in 2022 when the Fed was going through a hike cycle, right? And you had uh big tech earnings tanking off a cliff and then 2023, you know, you should have probably just stayed in cuz still we ended up positive. So, what should you do? Stay in, you know, like to try to play the timing game. Foolish. I get the headlines. I get the worries. But this is a healthy market and I'll tell you what, the lows of the year are probably in and the Bulls might have a little more fun. All right. this you said a lot and we're glad that you're here. Um and we know we don't know where we're going to be perfectly blunt. You're and keep in mind in regards to this market I I don't know how anybody's not talking about this, right? Look at how fast the market's bouncing back, right? We looked at it earlier. S&P 500's up like nearly 15% as NASDAQ's up 17 plus%. But think about this for a moment. We haven't even had a bunch of big trade deals announced yet. What happens when you hear this big trade deal and this big trade deal and all this stuff get announced, right? And what happens when you start hearing headlines like China and the US are close to a big trade deal being finalized? We haven't even got those headlines yet. What happens if and when that happens? Where do you think the market's at at that particular time? These are things to factor in that not enough people talk about. And I hope you're right. A lot of our viewers and listeners hope you are right. go back to that data you just rolled out. So when we have this kind of violent correction like we fall and then we come back 100% of the time the markets are higher a year from now. Correct. That's that's right when you have that's a lot of percent that's it's pretty high. Now listen the statisticians would say it's a small sample size and I would agree if there were more examples Brian we would use it. But that's what we've seen these violent corrections and at n I know you know Mike Seni pointed this out you know 19% for whatever reason in in 1976 78 in 1990 2011 2018 we had 19% near bare markets intraday you clipped it everyone gets all beared up and then you hit the low and we're we're there again Brian and that's just um you know some some some positives I guess things to uh to think about here the weirdest thing about this and you you referenced there's one time where we didn't get the stat that you referenced that was 3 years ago 2022. It is amazing that we forget the market fell 25% top to bottom intraday in 2022. Lost 1/4th of its value. It's up big since then. Mhm. But yet it got almost no attention probably because it was slow bleed from January to October. Just kind of like just a slow a death by a thousand cuts. This one very different. How do we compare 2022, which got almost no attention for some reason, to now? Well, if you were there, you remembered. Maybe we need to have you and I was hosting specials Sunday night. We were doing a lot of those together. I think you need Howard Leick on more. You've had the market rally a lot since you you and Howard talked about things. But listen, Brian, what happened in 2022? All right. The whole globe sold off. What are we seeing now? Like US and India are the only two markets really down. The rest of the globe has been really strong this year. So that right there is one major difference. Also, bonds did terribly in 2022. So diversified portfolio, forget it. It was a rough year. Bonds done okay this year. We all know gold has done well. So some of those diversifiers this year are doing well. That's a really good I work with financial advisors every day, right? That's a great reminder to financial advisors and their clients why we preach to stay diversified, why you don't chase a shoddy object, why you diversify, um why you rebalance, why you do these kind of boring things. cuz then you have a year like this and it wasn't fun this time a couple weeks ago but being diversified it honest to goodness hasn't been as bad as it seems as if you're in only the mag seven which we have not been. I know, Ryan, this isn't what you kind of, you know, spend your days and nights pouring over, but we talked last hour to Bill Sme who's out at the at the Berkshire Hathaway meetings. That'll be fun to listen into tomorrow. And we all know about the Buffett indicator, right? The measure of I think it's total market cap to GDP. That continues to just climb and climb and climb and climb and climb. So, I take all take your point about staying in the market and building long-term wealth in everything and and that's what we do. But do you take a metric like that and ever worry about? Let me answer that. Okay, here's what we're looking at. We're looking at the biggest most powerful companies hitting profitability levels that we've never seen. Uh we're looking at these companies getting even more profitable. I mean, we you have companies like Amazon, excuse me, not Amazon, but well, Amazon actually, uh, will end up eventually getting there, but like Meta and and some of these other companies that they're starting to be able to have AI write a lot of the code for these companies, right? Which is bringing down their cost of doing business in a substantial way, right? Which ultimately is going to end up producing not just gross margins, but net margins like you've never seen before. And these companies have already gone to that place, right? A lot of these companies are now having net margins in the 30 plus% range. You go back 15, 20 years ago, even no one thought it was possible to have net margins the 30 plus percent. And if you did do that, there was like some freak oneoff thing or something like that. There's no way you could sustain 30. Now you got many of these tech companies that are doing 30% plus net margins almost every single year unless there's some sort of one-off weird expense or something like that. And now we're going to be talking about some of these net margins for some of these companies are going to start to go to the 40% level. 40% net margins, meaning for every $10 that comes in top line, at least $4 reaches down that bottom line. That's after all your expenses, your tax are taken out, everything. Ridiculous. And that's the sort of levels we're getting to here, folks. So, you know, I think that's something important to factor in. or at some point is it just a data point that's going to fall by the wayside? Yeah, I think Mr. Buffett himself has kind of said that he's not so sure if it's um quite the same indicator. Maybe we'll find out this weekend. But I will say this, Kelly, along those lines. Um you know, yeah, tech has been pricey. We came into this year, tech has been pricey. Parts of the US market are clearly pricey, but there are a lot of other parts that aren't. You know, small caps, midcaps, financials, industrials, they're not as stretched. Those are some value. Let's call it value. You know, value and and low volatility are two areas we've liked. They've done pretty well this year. So someone doesn't want to buy the pricey things. I couldn't blame them. There's a lot of other parts though that are cheaper and that's uh I think important for investors to always remember those things. I'm sure Bill probably pointed that out too. Um that's something to think about. No, he did. And he he pointed out this irony, right? Like yeah, you know the company Bergkshire has all of this cash. Investors are getting a little itchy because they go okay in the long T bills are fine for now. It's been but you got to buy and Warren said I'm I remain committed to equities but what companies or what uh publicly traded or otherwise can they buy to move the needle at this point? And if you don't jump in when you get these little market opportunities, is he waiting for a much bigger pullback thinking that things are, you know, still dramatically overvalued here? I don't know. Yeah, it seems like he is. Let's not forget he's made some really big bets in Japan. He's made some big bets around the globe. So, he's he's looking around at some of these other parts that are uh that are a little bit cheaper. I know one more quick one here. Everyone talks about selling May go away. Just know this. The last 10 years, May's been higher, nine of them. And these next six months, which are usually fairly weak, have been higher eight out of 10 times. So don't just blindly sell a May go away. In fact, we think we'll probably get a pretty good rally, guys, in May and into the next six months. Honestly, should we?