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- 3:45 - Investing strategy - turning covered calls into collar plays
- 15:30 - Why Palantir (NASDAQ:PLTR) is cheap
- 25:15 - Long-term bull on Bitcoin and certain altcoins
Full episode originally published April 27, 2023 on The Pragmatic Investor.
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Transcript
James Foord: Hello, everyone, and welcome to the Investing Experts Podcast. My name is James Foord. Today, I'm joined by fellow SA contributor, Victor Dergunov. He's The Financial Prophet on Seeking Alpha, and he has a very well diversified portfolio of stocks and financial assets. Today, we talked about various different stocks, tech earnings, the future of Bitcoin and also the macro outlook.
Thanks for coming, Victor.
Victor Dergunov: Thanks for having me. I'm very glad to be here.
James Foord: I will say, I would like to congratulate you because you've done quite well, I believe, I mean, at least from my point of view on Seeking Alpha, you've amassed around 40,000 followers, I believe.
Victor Dergunov: Yes, that's true. Yes, I believe it's close to 42,000 and my goal is to hit 50,000 by the end of the year, 50,000 followers. And if anyone told me that I would have 50,000 followers, five years ago when I first started writing on Seeking Alpha, I'd have probably said you're crazy. But nevertheless, here we are because back then I was - I had like no followers. And I would look at people who have 5,000 or 6,000, I would say, wow, they have - these guys they have a lot of followers. And now, yes, like you said, I have around 40,000.
James Foord: I wanted to know in terms of investing, because I have read lot of your pieces, obviously, you're often taking up space there on the trending. So I often encounter your pieces there. And you do write about quite varied topics. Just in general, what would you consider to be your investment ethos, your style?
Victor Dergunov: I think the most important thing is to be diversified, well diversified. And also you want to rotate at the right times because the market is continually rotating from one sector to the next, and you want to go with the market. You don't want to go against the market, obviously, you want to go with the wave.
So diversification, rotation, I also like to trade a little bit around the peaks and troughs. This is done mostly during volatile periods. When the markets are calmer, there's far less rebalancing and trading involved. Also, I use this strategy, this covered call strategy to increase yield and improve portfolio performance.
Aside from that, I think, it just comes down to picking really good companies that you believe in that you have conviction and you understand the business more or less because investing in something that you have no idea what they do is probably not the best idea in the world. So that I mean, that's just several things that are, I guess, how did you call it the investment ethos.
James Foord: Yes, something like that. Okay. So a diversified approach, I do - I've been personally looking at a different options strategy. I do quite like that idea of the covered calls.
Victor Dergunov: Also the Collar Play, we use quite often during when it gets really volatile, we layer or put on top of the covered call, and we turn that into a Collar Play, and that's really worked out well during - in last year, it was working well.
James Foord: Could you explain for the listeners how exactly the Collar Play would work then or maybe a quick example of it?
Victor Dergunov: Yes, yes. Sure, absolutely. So let's say you have a company, any company, better to have a company that's higher out or something, like an AMD (AMD) or NVIDIA (NVDA) or a Tesla (TSLA), let's take a different company. It doesn't really matter which company, company X, Y, Z, that's going to report in a week or so and we want to protect our investment, correct?
So what we would do is we would sell a covered call option, and then we would take that premium. So we would get, I usually like to go four to six weeks out for the expiration date. And I usually go for the strike that's slightly out of the money. So, say, we get about 5% or 6% for our premium for our covered call, I would then take either that whole premium or part of it and buy put options with it to further protect our position.
And that's basically that's the Collar Play right there that, I mean, it's - it sound some people say, oh, a Collar Play, it sounds difficult or it sounds complicated, but it's really not. You're just selling covered calls, and then you're just buying puts with the premium, that's basically it.
So after you buy the puts, say, the earnings come out, they're not so good. The stock drops by 10%. If you have the right puts on, you could get a threefold, a fourfold, or a fivefold on those puts in a few days if the stock falls by 10% or 20%. So those puts can appreciate quite quickly.
James Foord: Of course. But of course, if the opposite happens and then the price goes up, then you would, of course, be forced to sell your position, right, or the calls?
Victor Dergunov: Yes. If the price goes up, then you're going to lose - you're not losing anything because to buy the puts, you're using the money from the premium. So you're not actually losing any money, but then you're losing upside potential on the stock. Yes, that's true.
James Foord: Right. I noticed a lot of the companies just mentioned NVIDIA, AMD, Tesla, all of these, of course some of the big tech names and, of course, very relevant now because we are pretty much into that tech earnings season, I think, any particular ideas or positioning behind the current earnings?
Victor Dergunov: Yes. So I like to start by looking at the banks, of course, because they're usually the first big companies to report. Often a lot of the times, if the bank earnings are good, the - most other earnings are good, too. If the banks - if the bank earnings are bad, we're - there's a good chance we're going to have a bad earnings season.
Now so far despite some challenges in the banking sector, we've had the Silicon Valley Bank (OTC:SIVBQ) go under, and there's some concerns about Charles Schwab (SCHW) now, not going under, just concerns about losses in their bond portfolios, they call it, I believe. Basically, I think they have a lot of derivatives on their books that are worth a lot less than they claim and it's not just Charles Schwab, it's many banks. It's similar to what happened in 2008 but it's - I don't think it's anywhere near that magnitude just because of the regulation that's been put in place. But the greed is no less, of course, but I don't think we're in the same situation that we were in 2008 or even a similar one.
So I don't expect like big bank failures or anything like that. But we are seeing some issues. And nevertheless, so far the banks, JPMorgan (JPM) actually had great results and the stock flew. Other banks provided - other big banks like Wells Fargo (WFC), Bank of America (BAC), Citibank (C) provided pretty good results.
So I don't see anything that's troubling regarding this earning season. Yes, we're going to have a little dip in EPS year-over-year. And some companies are going to have revenue declines year-over-year, but that's normal in a slowdown. So this is to be expected. I don't think we're going to have a terrible earnings season as far as tech goes. So we saw Tesla report, Tesla stock sold off, but earnings, they weren't - they really weren't that bad. It was just a slight miss on revenues and nets that was primarily because of the price cuts.
So I suspect we're going to have a decent earnings season. But the thing is stocks are in a tough spot here because even the decent earning - even if you want to call the - these earnings decent and I guess they are given the whole macro situation, there's a lot of uncertainty ahead. So I'm a little concerned what's going to happen after earnings because I'm focusing on economic data and a lot of data has been worsening, like, yes, like it's good that inflation is coming down.
But there's a lot of housing data and there's a lot of troubling consumer-related data. And yes, and the economy is mostly consumer-based. I'm not sure it's like 70% in the U.S., it's like 70% consumer-based economy. So if the consumer starts to - consumer sentiment, if it continues to sour and if the labor market worsens, so if we get that double whammy of relatively high inflation, along with the consumer feeling the pinch from the higher interest rates, higher borrowing costs, we're probably going to see quite a bit of slowdown and we're probably going to see the labor market worsening in the coming months.
So I don't really consider these earnings that important right now. Just because there's so many critical factors after that that are going to influence stock prices more than these earnings probably would.
James Foord: Yes. I think that seems to be a bit of a consensus at some point. I mean, in general, analysts have been talking about this recession for quite a lot of time. It hasn't quite materialized, but as you say, we're starting to get that evidence. So I think now, I think I was reading today some analysts by Wedbush, I think, talking about the idea that the earnings today, might or the earnings that come out this week won't be so bad. But, of course, looking perhaps at that forward guidance, that's when companies are going to start saying, well, we'll chat, because in the next six, 12 months, three, four quarters, things are going to slow down substantially.
Victor Dergunov: Yes. Yes. Forward guidance is certainly the thing to watch during any earning season, but this earning season especially. And I also want to just add that I believe the - if we take away the part of the, I guess, the part of the economy that the government supports, let's call it the government side of the economy, if we separate that from the actual, like commercial business side of the economy, I believe the business commercial side of the economy has already been with - is already in a recession.
It's - the numbers don't scream recession or having screamed recession only because the government side of the economy, I guess, the government has been propping up the economy basically. But I don't know how long the government can continue to do this. So we're probably going to be in an official recession this year.
James Foord: Okay. So…
Victor Dergunov: The question is how deep is it going to be? Because a relatively shallow recession is not - it's not going to - shouldn't hurt stock prices too much. And maybe we might have seen the bottom of 3,500 SPX, or we may see it a little bit lower at 3,200, possibly 3,000. But if the recession gets deep, then all bets are off. And only time will tell how low stocks will go.
James Foord: Yes, absolutely. This also at a time when I believe you probably already aware of this, but over the last few months, especially tech stocks really have been carrying the most of the indexes higher, right? So if you actually look at them of how they're priced in terms of forward P, they're getting - the valuations are getting very rich right now. And as you say, there might not be a good reason to justify that moving forward.
Victor Dergunov: Yes. Yes, that's very well said. And what I can add to that is that, yes, some companies like NVIDIA and AMD and several others have really just have had massive rebounds of 100% or more since their bottoms and their valuations, like you said, they're getting pretty high again.
However, we're looking at almost like a - almost like two different economies because if we look at a company like Google (GOOG) (GOOGL), for instance, Google is very cheap right now. It's only trading at, like, 16 times forward earnings.
My opinion, I mean, I believe it's because future earnings are uncertain in companies like Google because there's a lot of ads, there's a lot of ad spending going on and things of that nature. So investors are, I guess, are skeptical about bidding these kind of - these kinds of stocks up too high. But NVIDIA and AMD, they're getting most of the and other semiconductor and, of course, stocks like Tesla too and just many different stocks are getting lots of bid and they're getting too expensive now. Yes, I definitely agree with you.
But there's also - I also want to emphasize that there are still, there's - there are a lot of quality companies that are not expensive right now. So it's a strange market we're observing here.
James Foord: Yes. I definitely agree with you on both of those points, the idea that A, yes, we are heading to a recession, but also that perhaps some of these companies do offer a significant value. I mean, you did - you recently had that call out on Tesla, which is still rating as a buy. You mentioned Google as well is probably a decent buy at these levels. Would I be correct in saying that your overall assessment is that if we do get a bit of a sell-off, you're looking basically at building positions if it goes down from here, sort of playing it more into the long-term?
Victor Dergunov: Yes. Yes. Yes. Absolutely. I want to throw Amazon (AMZN) into that mix because that's one of my favorite companies. I also want to give a shout out to Palantir (PLTR) that the company gets a lot of hate and that company is cheap. And that company, in my view, is going to be worth a lot of money one day. And that is an underrated company. That is a company that's just filled with the best talent that there's in the world, in my view, and they're doing things that are amazing and they are - and there's essentially no competition.
So, I mean, that's a company that I want to own. That's my biggest position in my portfolio is Palantir. That's a company that I want to own for the long-term. I don't care if it goes down to $5 because I'll buy more in $5.
Similar story with Tesla. I mean, I've owned Tesla since 2013. That's been one of my best investments over the years. Of course, I've adjusted the position and many times and it's been 10 years. But I've been long throughout most of the time. I'm long Tesla now. And if I get the opportunity to buy it at 150 or lower, I'll buy more at 150 or lower because I believe in these companies long-term, I think that they're going a lot higher.
Same thing with Google. I think it's a great buy here. If it goes below 100, again, 90, 95, excellent. I would love to buy more. Amazon, same thing. And we can go down the list. There are many great semiconductor companies. NVIDIA is expensive, but if it ever goes back $100 again, I'll back up the truck. And AMD, same thing. If I ever see that anywhere near 50 or 60, I'm backing up the truck there as well, of course.
So I don't think we're going to see those prices again. I don't think we're seeing NVIDIA at a $100 or Tesla at $100, I think those are behind us. I think those were bear market, market bottoms. And I know that it's - I know that during the bear market phase, it's people - some people like to be overly or maybe they don't like to be, but they just are overly bearish, I guess. And I've lived through a couple of bear markets.
So I've seen this. I'm not saying that we've seen the bottom, we've seen the worst, but I think that future selloffs will bring buying opportunities. I don't think the world is going to end any - I mean, I hope it's not going to end any time soon. And also, I don't think that that good companies are going to stay down for a prolonged period of time.
Like just take a look in retrospect, what happened to NVIDIA, 100 to 120 was the buy zone that I was recommending. It went into that level and then it just exploded higher. Same thing with Tesla around the same area I was recommending. 100, it hit, and I think it hit exactly 100 or, whatever, like, around a 105 maybe. And it's like, doubled since then.
Of course, it's been volatile, and we're going to see volatility persist. But my point is that you see a great company that's down, that means that there's blood in the streets and it's probably time to buy.
James Foord: I wanted to take you back on something you just said that, of course, a lot of people might consider a little bit controversial, which is that assessment that a Palantir is cheap.
Victor Dergunov: Yes. Okay.
James Foord: Now I've written about Palantir before also kind of switching a little bit from kind of more bullish to a bit less bullish, but generally also kind of appreciating that the company has something special. But what would you say to those naysayers who talk about, obviously, the lack of profitability and, of course, that big issue which is the stock-based compensation? But just why would you say - and what metrics would make you say it's cheap? How is it cheap?
Victor Dergunov: Sure. Okay. Those are great questions. So let me address those before I get to my point why I think it's cheap. So about the stock, the stock-based compensation. So lately, I mean, I don't know about probably - I don't think that most people go through, like, the 10, like the financial reports, like I do and as probably as closely, and I'm not saying that that no one does this. I'm just saying that normal people probably don't do this. Okay.
So I'll just tell you what I see when I look at Palantir. And I've looked at their reports and their books and their quarterlies and quarterly reports very, very carefully. So there were concerns about dilution. And just about any company that goes - that initially goes public, there's some dilution.
Palantir's shares got diluted at first when the company went - initially IPOed. There was arguably some excessive stock-based compensation when the company first went public. However, it's been around two years since Palantir went public. So if you look at it now, so the stock-based compensation, it's much less relative to what it was before. And there is minimal dilution in recent quarters.
Now, as the company's revenues continue to increase and increase and increase, that stock-based compensation in percentages will matter less and less. So I'm not concerned about the SBC at all here. And what was the other one about the - you had the question about the SBC and the lack of the profitability.
Actually, Palantir just - last quarter was a - it was a GAAP profitable quarter.
James Foord: Right.
Victor Dergunov: Not a non-GAAP profitable quarter. So I mean, that's a big deal. So I mean that right there illustrates that the company, it can certainly be profitable because right there, I mean, it was only a $0.01, it was only $0.01 in EPS, but it's a GAAP profit nevertheless. So, I mean, obviously, the company can be profitable.
Now why I say it's cheap? I say it's cheap because the revenues they keep on growing; the market cap, it's not increasing anymore because the stock price, it's not going up nor is there a dilution going. So the market cap, I think, is somewhere around like, $17 billion, maybe $16 billion, $17 billion now. And so Palantir is trading at, like, maybe 6 or 7 times forward sales.
While that may sound like, I guess, like it's not cheap, there's - there are not many companies in Palantir's position that have such a long growth runway. So Palantir can probably continue to grow revenues at double digits for many years. So possibly a decade or longer, we could see Palantir, obviously, it's growth, it's going to slow down. It's slowed down from 30% to around 25%. We're going to see 20%. We - but we could see it be around 20%, 22% for - through maybe 2026, 2027, and then drop into the teens after that.
So right now at 6 or 7 times sales, Palantir is, in my eyes, it's relatively cheap, in my mind, it's relatively cheap to its forward growth and, of course, profitability prospects because as the company continues to generate more and more revenue growth, it's going to become more and more profitable.
Palantir is one of the most profitable companies that have remarkable margins. It has an 80% gross margin, 80%, that's staggering. So I mean, I think this company just needs a little bit more time and just a little bit more patience from investors, and they'll understand. And when many investors - most - many or most investors understand they jump on the train, I mean, you're going to see this stock at like 2025, $30, I think within the next maybe one or two years. I don't think that's such a high target for this stock.
James Foord: Well, I have to say, you make a very compelling point. I might have to go and look at those financial reports and maybe consider the position.
Victor Dergunov: Or you can just read more articles because I point out all the - so you don't - I do a lot of hard work for you.
James Foord: Exactly. Absolutely. What are your thoughts on Bitcoin?
Victor Dergunov: Of course, Bitcoin. Yes. I'm a long, long-term bull on Bitcoin. I'm - I've been long-term bullish. I continue to be long-term bullish. So if we consider where bitcoin is now, it's - it had quite a run. So let's just talk about from the recent bottom.
I believe it bottomed at around $14,500 about five months ago, five or six months ago. And since then, it's been a - it's appreciated by more than a 100%. So quite a nice rebound for Bitcoin. Ethereum is in the same boat. So we've seen nice moves in these. Now we're back to seeing corrections because Bitcoin went all the way above 30,000. And so I told all of my marketplace members actually sold my bitcoin and my Ethereum position around the highs there temporarily. I will rebuy.
So now we're seeing corrections in these, and we've seen about, I think, about 15% or so corrections in Ethereum and Bitcoin, and we could probably go a bit further. We could see 20%, 25% corrections and then these would be normal here. And I like Bitcoin. I like Ethereum long-term. I think that we probably sell bottoms in these also. I'd - it's difficult to imagine bitcoin going back below 15,000, even though my bottom target was 12,000.
So we almost reached that. We hit 14,500. I don't think we're going to go lower than that. It's possible, but I do think that was kind of like the bottom in the bear market. And I do believe that it's possible to retest that level or an area around it. But I think we're going to get some buying interest at around 25,000. If that falls through, I'll be a buyer at that 20,000 of Bitcoin yet.
James Foord: Absolutely.
Victor Dergunov: I do like it, man - I think it's going to go much higher.
James Foord: Would you subscribe then to the theory of Bitcoin being kind of the digital gold kind of a that long-term store of value?
Victor Dergunov: Yes.
James Foord: Or the risk asset kind of just play for you?
Victor Dergunov: That's an excellent question. And the way I'll answer it is, I'll say it's something in-between.
James Foord: Well, okay.
Victor Dergunov: Because really, to me it is - in a way it is like digital. I mean, it is like digital gold because there's a finite amount of that you can't have more than 21 million. It's mineable. Of course, that's not the main issue, but they do mine it.
The most compelling thing about Bitcoin is that it is a store of value in a way. It's decentralized. You don't need a parasitic third-party controlling a transaction or taking a percentage of. So that's - so I mean, that's the beautiful concept in bitcoin. It's not controlled by government. It's not printed, it's not minted by a Central Bank. So it's inflation proof. I mean, it is.
So obviously, not obviously, but the Fiat money supply, it's infinite. It's just the Federal Reserve is very good at demonstrating that because it prints and prints and spreads the dollars all around the globe. But I don't think that this is right or sustainable for the long-term. So in this - this makes Bitcoin so compelling.
You can't just keep minting bitcoins forever. There's how many there are, and then that's it. If everyone in the world is going to want a Bitcoin, then Bitcoin is going to be worth a whole lot. And of course, you can transact in them now in many places even like, even big corporations like Microsoft accept Bitcoin for some services or products. And of course, we know about Tesla and there are lots of corporations accepting Bitcoin for products and services.
So we see that this is not just a fluke, this is not just something like temporary. Many governments have officially declared Bitcoin either a currency or a commodity. But it is classified as something that I guess you could say tangible. Yes. And the reason I say is between gold and something to play around with is because you can't trade a physical gold like you could Bitcoin, of course, you can do ETFs, but it's not the same, and I don't think gold will ever be as volatile as Bitcoin. Even though gold in its own right is a bit volatile sometimes. But it's not Bitcoin. Bitcoin can be very volatile and it's got a lot of the younger kids who want to be involved and, of course, they're influencing the market a lot and there's a lot of volatility because of that as well.
James Foord: Okay.
Victor Dergunov: It's the future. So we have to be on the right train. I don't want to be a critic of Warren Buffett, but I don't think it's right what he - when he says Bitcoin is nothing and it's worthless and it's garbage and blah blah blah because maybe he doesn't understand Bitcoin. Maybe he, I don't know what, but I don't agree with people that make comments like that. And I don't think it's right.
James Foord: Okay. So Bitcoin, Ethereum may be in kind of a separate bag, something that obviously is institutionally kind of getting a bit more recognized, countries recognizing it, companies buying it, any thoughts on the Altcoins? Is there any value there? Or is that just a bunch of garbage?
Victor Dergunov: The Altcoins, so that whole market, it's like the wild, wild, wild, wild, wild west. The reason why I say this is because there is - there are a lot of promising projects that are going to make a change in the future. So there are a lot of functional coins that are obviously, they're worth a lot now and they're going to be worth a lot more later.
However, at the same time, there are a lot of - there are other scams, they're poor, they have poor management, they are poor projects, they are - they will be pushed out of the market by better projects, by better coins, the - that's why I say this, that there's definitely a lot of junk out there. So I mean, anyone investing should be very careful and should do a lot of research before investing in that market.
James Foord: With that said, is there any Altcoins that you have a position in that you would be comfortable disclosing? Or…
Victor Dergunov: Absolutely. Absolutely, yes. So I like several projects. One of the ones I like is Link, that's the symbol Link, Link Chain it's called, I like some transactional coins because again, there's a finite amount. And if the blockchain works well and it's - and many of these work - worked very well. There are excellent transactional coins like Bitcoin Cash, for instance. It's not Bitcoin, but you can transact with it quicker, faster, cheaper.
So, I mean, that's one that I own. There's an Altcoin out there called Monero XMR. I'm not sure if you've heard of it, but it's also a transactional coin. It's untraceable.
James Foord: Right.
Victor Dergunov: So that's the appeal there. It has a secure blockchain and I see why - I see that the appeal in using or owning this coin, so I think it's going to go higher. So, yes, these are just a few of the ones that I have positions and I don't have positions in many right now anyways because the market is in an uncertain place and we may have further corrections in the alt space, but there are definitely some very interesting projects out there that people should keep an eye on.
James Foord: Yes. I think you make some good points there with a lot of coins, obviously, maybe not having that much intrinsic value, but still opening the door to very outsized gains. I mean, I think I don't know if you saw last week, there was that a huge rally in some coin called Pepe coin, which appreciated about 10,000% and minted a few millionaires there. So, that is kind of the beauty of it. But like you say, I think it's obviously a space which is you have to know what you're doing, right? If you're…
Victor Dergunov: Yes.
James Foord: …if you're going to speculate some money, that's fine. If you're interested in the technology, that's also good. But you need to be aware of what you're actually trying to get here, I mean.
Victor Dergunov: Or you get lucky because for this coin, this - for this - for every one of these Pepe coins that appreciates by 10,000%, there's probably a 100 coins that are going to be close to worthless in maybe in a year or two.
James Foord: Right. And I mean, there's nothing wrong with gambling. You can enjoy a bit of a fun gambling, but it's not investing.
Victor Dergunov: Absolutely, absolutely. And people really need to - I think people need to make that distinction that there is investing and then there's gambling and then there's also something that we call trading and we think it's in-between, but really I hate to say it, but trading is closer to gambling than investing.
So, yes, I want to make that distinction for sure. And if - and for those people who are going to be trading in the crypto markets, please be very careful because unless you're buying and holding Bitcoin and Ethereum, you're probably either trading or gambling, in my view.
James Foord: Yes. Absolutely true. And with that, maybe just to touch up on this last subject before we wrap up, since we're talking about trading and - how do you feel about technical analysis? Is that something that you use at all? Do you think it's just astrology for men?
Victor Dergunov: No. One of the pillars of my investment style is based on technical analysis. Each morning, we actually go through a technical analysis of all the key markets, like the NASDAQ futures, S&P futures, gold, silver, oil, Bitcoin, Ethereum, and sometimes I do some other markets. But every day, we go through the technicals on these, and we do this because technicals are extremely important, especially if you want to beat the market - in order to beat the market, you have to or at least I have to trade a little bit around the peaks and troughs to trim some profits when a stock is overbought.
And, of course, ad or initiative position or dollar cost average went up when a stock is oversold. And there are - of course, there are many patterns that we watch like they do it, they do often indicate which way a stock will go in the near-term. Some people, they get really into the technicals and maybe even go overboard, in my view, like because they start going for everything like at once like Elliott Wave and Fibonacci and then the - all the technical indicators, that's too much.
I don't - I respect the Elliott Wave Theory. I know there are some experts. The Fibonacci, I have a problem with that because depending on the timeframe you're looking at, it's going to be all different. So I'm not too big on the Fibonacci. I'll be- I'll be honest with you, but okay. I understand some people are into that.
No. My technical analysis, basically, I just - I use several technical indicators like the RSI, the CCI, the full stochastic, the 50-day and the 200-day moving average mostly. Of course, I watched the volume and the technical patterns. And basically, I just combine that with the fundamentals and the psychologicals - the psychological image that's going on at the moment. And basically, we try to combine all three of these together to get the best possible picture of what's going on in markets and how to beat the market is the result that that we want to obtain.
James Foord: I mean, I do a lot of technical analysis as well myself. A lot of people have that expectation that you could maybe use technical analysis to obviously be able to predict any twists and turn in the market and that's just not true. I think technical analysis has to be complemented with either fundamental analysis or just a large understanding of other market dynamics like the macro moves or, like I said, fundamentals. If someone would - was interested in looking at your portfolio, where can they find you?
Victor Dergunov: So they can find me on Seeking Alpha. So just look up The Financial Prophet on Seeking Alpha or Victor Dergunov…
James Foord: All right. They…
Victor Dergunov: …and then you get full access to the All-Weather Portfolio, daily updates, and everything else that the service offers.
James Foord: All right. Well, there you have it. And like I said, it's been great talking to you, obviously, very knowledgeable, and yes, hope we can do this again sometime soon.
Victor Dergunov: Thank you very much. Appreciate the interview. It was a pleasure to meet you.
James Foord: Good night. Great.
Victor Dergunov: I'll be happy to discuss some more topics with you. It was a fun interview. I enjoyed it. Thank you.
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