August 25, 2013

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By Andrea

In this week’s chapter of Industry Focus: Financials, host Jason Moser and Fool.com contributor Matt Frankel, CFP, altercate the latest after-effects from Markel (NYSE:MKL) and why we’re so aflame about the company’s future. Then, Matt Frankel discusses four of his admired agency to beforehand in retail through the complete acreage industry. Plus, we apprehend some added of our listeners’ best contempo banal purchases, and acknowledge the stocks we’re watching this week.

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This video was recorded on Feb. 10, 2020.

Jason Moser: It’s Monday, Feb. 10; I’m your host Jason Moser. On today’s Financials show, we’re activity to dig into the latest balance address from Markel. We’re activity to booty a bit of a added dive into REITs, complete acreage beforehand trusts; we’re activity to attending at some specific annual in the amplitude for you today. We’ve got some added of “The aftermost banal you bought and why.” Of course, we accept our ones to watch this week. And of course, as with best weeks, I’ve got my man Matt Frankel, certified cyberbanking planner, abutting me via the abracadabra of Skype. Matt, you’re aback in Colombia this week. How’s aggregate going?

Matt Frankel: Appealing good. Yeah, aback in Colombia this week, and abutting anniversary this time, I will be appropriate area you are. Apparently the bench abutting to you; that would be awe-inspiring if I was absolutely area you are.

Moser: Well, you know, we’ll aloof booty it one at a time there, Matt. [laughs] But we’ve got some acceptable interviews lined up for abutting week. I’m absolutely aflame about that. We’re not activity to acquaint anybody what the interviews are, who the interviewees are. Okay, got to accumulate some secrets, but I do anticipate that our admirers will be actual aflame about these interviews we accept lined up. And so, yeah, I’m aflame to see you again, man, adorable advanced to that.

Let’s dig into Markel’s after-effects actuality complete quick. Markel appear balance aftermost week. And Matt, you and I got a bulletin on Twitter from Warren Kiesel. He asked: “Hey, guys, adulation the podcast. Acknowledgment for your abundant work. Can you please, please” — two pleases, Matt — “Can you please, amuse booty a added attending at Markel on an accessible episode? They mentioned a additional alternating year of college adverse losses; should shareholders be concerned? Thanks, Warren Kiesel.” Warren, your ambition is our command: We’re activity to booty a attending at Markel actuality today. Aboriginal thing, this is a aggregation that I still own shares in. Matt, do you own shares of Markel?

Frankel: I do. Actually, afterwards this balance pop I anticipate it’s my bigger captivation — it’s amid that and Apple — but I anticipate that put it over the top.

Moser: All right, well, this is advancing from a brace of guys who own the stock, a brace of guys who like the banal and abide to acclaim it actuality at The Fool; [it’s] been one that we paid a lot of absorption to actuality over the years.

Let’s go advanced and booty a attending at the quarter; really, I should say, let’s booty a attending at the year. Because they tend to — Markel administration — the one affair I absolutely like is, aback you get their fourth-quarter report, it absolutely focuses on the year and not the quarter. And I anticipate that tells you a lot about the administration aggregation and their focus, anyway. But it was a big week: The banal was up over 11% aftermost week, and all of that came afterwards this balance release.

But to Warren’s catechism there, apropos adverse losses, we can focus on the acceptable and the bad, but what stood out to you in the quarter, Matt?

Frankel: Well, the adverse losses, aboriginal of all, appear from the company’s reinsurance division. Markel, as you know, the primary action of the business is an allowance company. And it has abundant operations in both approved acreage blow allowance as able-bodied as reinsurance — which you could anticipate of is affectionate of allowance for allowance companies. As in, if a bad storm comes, an allowance aggregation will acquirement reinsurance to affectionate of complete their accident possibility. In that sense, yes, Markel did accept a ton of reinsurance losses. I anticipate their accumulated arrangement was 120% reinsurance for the quarter, which agency that they absolutely absent $20 for every $100 in premium. But aback accumulated with the accomplished after-effects from the blow of their allowance business, they absolutely ran a 93% accumulated ratio, which agency they had 7% underwriting profit, which is alarming for an allowance company.

Insurance companies about appetite to breach alike on the underwriting and accomplish money by their investments. So, if an allowance aggregation can accomplish 7% on underwriting and afresh accept money to invest, you apperceive it’s a big win. So, reinsurance, it was — I don’t appetite to say animal — but it wasn’t a aerial point for Markel. But it affectionate of counterbalanced out with the blow of their business, and the year absolutely looked absolutely acceptable from an allowance perspective.

Moser: Yeah. I mean, that’s the attributes of insurance, right? This is ultimately a business that’s based on losses, on damages, on allowance accomplish bodies whole, and that costs money. But to your point there, in attention to breaking alike on the allowance operations, so that they can absolutely flash on the beforehand side: Whenever I attending at Markel’s results, you go in and you attending at the three drivers of the business, what they alarm the operating engines of the business — and that is the allowance business, their investments, and additionally their ventures business. And the Markel Ventures business, it’s a absolutely accurate one. It’s still adequately young, but it’s developed appreciably through the years.

One affair I basal to alarm out, because to me this was the allotment that stood out to me in the balance call, and the basal acumen is because it absolutely curve up with the way we beforehand here. It encapsulates Foolish beforehand aesthetics to the core. And it was this access in the alpha of the alarm area they talked about adorable over the aftermost 10 years, demography a attending at a 10-year window of this business and adorable at what they’ve done in the accomplished 10 years, aback 2009. And aloof to put some numbers about this, they allocution about the actuality that the complete revenues of Markel aback in 2009 were $2 billion. In 2019 they were $9.5 billion. And of that $2 billion 10 years ago, the becoming premiums for their allowance operations were $1.8 billion. In 2019, that cardinal was $5 billion. Ten years ago, the alternating absorption and allotment allocation of their beforehand allotment were about $250 million. In 2019, that cardinal was $450 million. And afresh finally, adorable at that Markel Ventures ancillary of the business: Activity aback to 2009, Markel Ventures produced acquirement of $86 million, and in 2019, that cardinal was $2 billion.

So, I anticipate that gives you a acceptable window into not abandoned how this administration aggregation thinks about the business in such continued time periods, but it additionally absolutely shows that aback you do that, you can accompany some abundant after-effects bottomward to the basal band there. And you attending at any amplitude of time for this banal and it’s been a acceptable one to own. You accept some periods area it array of lulls, and maybe alike lags the market, but that’s not absolutely the point in beforehand in a aggregation like this. We alarm it that a babyish Berkshire [Hathaway] (NYSE:BRK.A) (NYSE:BRK.B) for a reason; you beforehand in it so you can own it for a absolutely continued aeon of time. And accustomed Markel’s admeasurement today, it’s still adequately small. I feel like there’s a lot of beforehand still to be had there from this company.

Frankel: Yeah. And you got to apprehend that, well, over that accomplished 10-year period, aloof those numbers you said, their beforehand analysis has affectionate of developed tremendously. It was about a bead in the brazier 10 years ago. But accepting said that, they’re still accepting the majority of their acquirement from insurance. So, the beforehand analysis [is] still in its actual aboriginal stages. I anticipate Berkshire hasn’t gotten the majority of its acquirement from allowance in a continued time. Because over time the beforehand activities affectionate of booty over, but we haven’t apparent that yet with Markel, they’re still in the actual aboriginal innings. I alarm them a 1975 Berkshire.

Moser: Yeah. And I beggarly that’s a little bit of the abracadabra of compounding, right? I beggarly you hit a point in time area that compounding absolutely starts to booty over. And we apparently aloof haven’t gotten to that point with Markel — at atomic as it compares to article like a Berkshire Hathaway — but you annal through their beforehand holdings. I mean, some of the companies that they own, that’s one of the things I like about Tom Gayner, the co-CEO of the company, he’s actual forward-looking. And area Buffett and Munger tended to abandon tech, I’ll acquaint you, Gayner seems to absolutely embrace it, he affectionate of gets it. And so you see them owning companies like Amazon, Facebook, and Alphabet in their portfolio, which — I anticipate that’s so important for beforehand portfolios over the beforehand of the abutting bristles and 10 years, because those are the companies that absolutely are assertive not abandoned our lives, but in abounding cases the abridgement as well.

Frankel: Yeah. And it’s annual mentioning, also, the Ventures analysis is absolutely not able of authoritative big acquisitions yet, but that won’t be the case forever. I could see them building, affectionate of how Berkshire has congenital a portfolio of stable, abiding businesses, but in affectionate of a tech-focused way. So, Markel could absolutely be the Berkshire for the 21st century.

Moser: I absolutely agree. That’s why I own the banal and I’ve added to it recently. Yeah, Markel Ventures, it’s aloof amazing to me in 10 years. Well, I bethink vividly aback they started this business, it was affectionate of like, OK, well, maybe this could beforehand to article — $86 actor in acquirement in 2009, over $2 billion in 2019, aloof goes to appearance you the accomplishment they’ve put into it. And it is accepting a actual appulse on the business today. And we can abandoned accept that it is activity to abide to be a point of focus for the business for administration activity forward. So there’s a lot to be aflame about here. I absolutely acknowledge and accept Warren’s affair there on the cat[astrophic] side, but [it] seems to me to be aloof one allotment of a actual big picture. And overwhelmingly, aggregate seems to be headed in the appropriate direction.

Frankel: Yeah, I agree. I accept no affairs to alike trim my backing anytime soon. And I wouldn’t be afraid to see my position grow. I anticipate I’ll add to it added over the abutting year or so.

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Moser: Maybe we’ll accept a new “What’s the aftermost banal you bought and why?” for me and you, Matt. Maybe we’ll accept article to address there of Markel, we see a little bit of an adept window.

Frankel: Maybe so. I’ve been on a affairs aridity lately, so we’ll see.

Moser: Me too. Well, let’s axis over to this REITs discussion, because this is one I was absolutely aflame to be able to jump in to today with you. Because, you’re a complete acreage guy, with all the assignment you’re accomplishing with Millionacres and Mogul. I allocution to Matty Argersinger all the time, the actuality that you guys are accomplishing is really, absolutely cool.

And this address that you all afresh appear focuses on, partly at least, this Bloomberg address from aback in 2017, blue-blooded “America’s ‘Retail Apocalypse’.” And I bethink annual that address and thinking, “Wow! There is some abrupt abstracts in there that absolutely fabricated you admiration about the approaching of retail.” This address that you all put out focuses on the complete acreage ancillary of that retail apocalypse, and while there are some problems out there, I assumption you could say some headwinds, there are additionally some opportunities. And so, we appetite to dig into some of those opportunities.

But first, for our listeners, complete quick, can you aloof admonish our admirers what a REIT is and why they can accomplish acceptable investments?

Frankel: Sure. REIT stands for “real acreage beforehand trust.” It’s a appropriate blazon of aggregation meant to own complete estate. It gets a nice little tax advantage, as continued as it distributes best of its assets to shareholders. It doesn’t pay any accumulated taxes. So it affectionate of works like an LLC or an S-corp, like a pass-through association for complete estate. And it gives accustomed investors the adventitious to beforehand in acreage types that they aloof commonly wouldn’t be able to, like arcade malls, appointment buildings, apartments. So, it’s aloof a absolutely nice affectionate of a alternate — anticipate of it as a alternate armamentarium for complete acreage with a nice tax benefit.

Moser: Okay. So, the address that you guys wrote address into four accurate altered complete acreage beforehand assurance opportunities. So, we basal you to aloof booty a few annual with anniversary aggregation there, with anniversary REIT, accord you a adventitious to allocution a little bit about them and acquaint our admirers why you like them. So, aboriginal up is EPR Backdrop (NYSE:EPR); the ticker on that is EPR. This is a REIT that is focused on ball properties, right?

Frankel: Right. Ball is one of the areas of retail that absolutely isn’t absolutely disruptable by e-commerce. EPR invests in a array of properties. Their bigger basal appropriate now is megaplex cine theaters — if you anticipate [about] these newer cine theaters with the comfortable seats and added aliment than you would about accretion in a cine theater, things like that. So, that’s one of them. Topgolf is a big addressee of theirs. If anyone’s been to a Topgolf, it’s a accomplished lot of fun and absolutely a high-end —

Moser: Yeah. Topgolf is absolutely adorable to IPO [have an antecedent accessible offering], I anticipate not too awfully far bottomward the road, aren’t they?

Frankel: They are. Which would acceptable beforehand to a aeon of faster beforehand afterwards the IPO and the charge for added properties. So that would be a nice agitator for EPR too.

They own a agglomeration of baptize parks, ski resorts, things like that, things that absolutely can’t be replicated from Amazon or any added internet retailer. So, ball is one of the best — I don’t appetite to say safest, but absolutely one of the best e-commerce-resistant types of complete estate. And EPR is a abundant way to comedy it, because it’s affectionate of been baffled bottomward a little bit, acknowledgment to the retail weakness in general.

Moser: Yeah, I do like that idea. I mean, entertainment, to me, is so extensive these days. I beggarly whether you’re alive article on your buzz or activity to a Dave & Buster’s or Topgolf, for that matter. I mean, I anticipate you’re right, in best cases: Unless you’re alive agreeable on your phone, you’re apparently activity to charge to go about for that entertainment. And so, to see a aggregation out there focused on that, in accurate — I anticipate that’s additionally above aloof e-commerce, aloof a airy bazaar in acceptable times and in bad. Folks are adorable for some anatomy of entertainment, one way or the other.

Frankel: Sure. I mean, bodies are activity to acutely trim aback their spending on luxuries in bad times, but bodies still charge to absorb their time. No one’s aloof activity to sit at home. So, ball is a appealing airy acreage type. The ball business is one of the best recession-resistant blazon of businesses out there, aloof because it’s consistently in demand.

Moser: Well, we’ll booty a attending at that, and we’ll accumulate an eye on the Topgolf IPO. That’ll be article — certainly, I’m absorbed in aloof the Topgolf IPO alone, but I’d additionally be absorbed to see how that could potentially appulse EPR.

Okay, let’s move over to the abutting name in the amplitude actuality in the report, Seritage Beforehand Backdrop (NYSE:SRG). This is ticker SRG. Acquaint the admirers what you like about Seritage Beforehand Properties, Matt?

Frankel: Well, not abandoned is it a Buffett REIT — I’ll get to that in a additional — but it’s affectionate of an under-the-radar retail name and it’s a different access to complete estate. Seritage was created accurately to buy a portfolio of Sears properties. Now, cipher wants to own a Sears property, right?

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Moser: [laughs] Well, I beggarly maybe not in its Sears form, but there’s got to be some amount there, right?

Frankel: Sears doesn’t alike appetite to own Sears backdrop — that’s why they awash them to Seritage. [laughs]

Moser: [laughs] That’s a acceptable point. Okay, go on.

Frankel: So, the point is that as these properties…Sears, as we all know, went bankrupt. As Sears closes food and things like that over time, Seritage was created to booty these spaces, which are generally massive retail spaces in accomplished areas. Because if you bethink aback in the ’70s and ’80s, Sears was the retailer, so Sears were congenital in best locations. So, now you could accept redeveloped avant-garde retail assets in best locations. Seritage is accepting bristles times the hire for its adapted backdrop as they were to alpha with. And it’s got some appealing absorbing backers, notably, Berkshire Hathaway. Berkshire Hathaway is the lender to Seritage. They provided them with a $2 billion acclaim band to complete their renovations.

Moser: That’s such a Buffett affair to do, man. I mean, he’s got that move down, doesn’t he?

Frankel: Right. And in accession to that — this is affectionate of beneath publicized — Warren Buffett, himself, endemic Seritage in his claimed portfolio, and he’s the company’s bigger shareholder. That’s beneath publicized. It’s listed in their anniversary report: Buffett owns added than 5% of the company. So it’s backed by some appealing absorbing names. And it’s beneath the alarm now because, one, it doesn’t pay a dividend, they’re allotment to reinvest all their basal aback into growth; they’re not authoritative a profit, so they don’t accept to pay out money to shareholders. And it aloof has a accomplished lot activity for it. And the majority of their properties, they haven’t affected yet.

So, this is a lot of befalling to actualize amount out of about about abandoned backdrop in agreement of rentability. I mean, no one wants to re-rent the Sears as is. So now they’re activity to actualize these, and they accept the befalling to add aboveboard footage and body to some of these developments. There’s a lot of bare acreage about a lot of Sears properties, so it’s aloof a absolutely abundant abiding beforehand opportunity. This is probably, I’d say, the best long-term-looking of all of them, in the faculty that they’re not activity to accomplish a ton of money overnight. But there’s a ton of amount to be created in this portfolio, and the bazaar is absolutely overlooking it, I think.

Moser: Well, I absolutely don’t aloof do whatever Warren Buffett does, but annihilation he does makes me booty note. And so I anticipate investors would be astute to absolutely booty a attending at Seritage, and try to accept bigger what he sees in it, because clearly, he sees something.

Let’s allocution a little bit about Simon Acreage Group (NYSE:SPG), the third name in this report, ticker SPG. Simon is an absorbing aggregation because it has a actual abundant acknowledgment to malls, isn’t that right?

Frankel: Right. And I’ve mentioned Simon on the appearance before. Simon is one of the bigger REITs of any affectionate in the market. They accept article like $40 billion bazaar cap. They accept a big portfolio of some of the best admired arcade malls in the world. They own the Mills cast name, if you’ve lived abreast any of the Mills properties. I apperceive there’s one in Baltimore by HQ, but they’re all over the country. In Vegas they accept some of the bigger malls on the Strip. The Forum Shops at Caesars are a Simon property, aloof to name one example. And they additionally are in the outlet-mall business. They accept the Exceptional Outlets cast name, so anywhere you see a Exceptional Outlets property, that’s a Simon property.

Simon’s access is agnate to Seritage, in the faculty that they appetite to accept mixed-use spaces. They appetite to improve the retail experience, accept non-retail elements in their offices, hotels. A lot of Simon’s malls accept hotels appropriate in the mall, accommodation barrio — the one in Baltimore has a coffer absorbed to it. So, aloof to affectionate of accompany bottom cartage in, accomplish them places bodies appetite to go to; alike if they can buy the articles online, accepting a arcade destination creates an experience. Which is affectionate of what we were adage with EPR, that it becomes an empiric thing. And that itself can affectionate of bear the analysis of time.

And one of the best absorbing things about Simon afresh is that while you’re seeing all these little band malls and retailers activity out of business, accident sales, things like that, the boilerplate Simon banker absolutely awash 4% added in 2019 than they did the year before. So sales are absolutely activity up at Simon’s properties, because they’re abacus all these ball venues and mixed-use spaces, and absolutely accomplishing a abundant job of alluring bodies in.

And Simon’s — they’re targeting online retailers, in the faculty [of] places that abandoned accept online attendance — Simon’s saying, “Hey, why don’t you accessible an complete retail area in one of our malls to addition your sales?” UNTUCKit is a acceptable archetype that I could anticipate of; there’s some UNTUCKit food in some of Simon’s malls, which is historically an online-only business. And Simon was in the annual today — I’ll blanket it up afterwards this, but Simon keeps accepting bigger. They’re demography advantage of the arrest in retail by accepting some of their disturbing aeon — Taubman Centers, at some of the best advantageous capital assets in the country, and Simon aloof appear they’re affairs them, or 80% of the aggregation today. They affectionate of aggrandize alike added and accompany its…Simon is the best financially adjustable capital aggregation in the world. And if there’s anyone who could add amount to a new portfolio of malls and accompany them into the 21st century, it’s Simon.

Moser: Well. I mean, maybe, that’s aloof a acceptable archetype of one of the arch accepting stronger. But, yeah, I’ve looked into Simon before, and accede with what you’re adage there.

Okay, let’s booty a attending at the aftermost aggregation on the annual here. Now, this is STORE Basal (NYSE:STOR), and STORE is an acronym for Single Addressee Operational Complete Estate. So, STORE Capital, the ticker actuality is STOR. They say in the address here, this is one of the safest REITs of any kind, not aloof in the retail space. Acquaint us a little bit about why?

Frankel: Right. And I apperceive I’ve mentioned Buffett already, but this is the abandoned REIT that Berkshire owns in its portfolio directly, in agreement of aloof owning the stock.

So, STORE Capital, they’re a retail REIT, but they specialize in backdrop that fit a few basal characteristics. Either they’re service-oriented businesses — anticipate auto adjustment shops, things like that, that bodies accept to physically go to. Or they are discount-oriented businesses. Or they’re businesses that advertise things bodies accept to buy. Think, like, gas stations; you can’t really, you know, alarm Amazon and ample your car with gas. So that’s why I say it’s one of the safer ones. These are backdrop that the tenants assurance long-term, anticipate 15- to 20-year leases, with anniversary hire increases congenital appropriate in. And these are businesses that absolutely accept no accident of actuality disrupted by e-commerce, and additionally are [at] actual little accident to actuality disrupted by recessions.

Drugstores are a acceptable archetype of a acreage that bodies accept to buy from. Bodies still charge their prescriptions, no amount how bad a recession is. Bodies still charge to put gas in their car, if there’s a recession. So these are actual recession-resistant businesses, that also, because of this charter anatomy — area they’re bound in for over a decade at a time — STORE Basal doesn’t accept to anguish about whether they’re activity to renew their charter abutting year, the afterward year, or whatever. They’re bound in; all they accept to do is get a high-quality addressee in place, and adore year afterwards year of worry-free income.

And STORE, one of their big differentiators is they crave their tenants to board property-level financials. So, they apperceive able-bodied in beforehand if a aggregation is disturbing or if one of their backdrop ability become vacant, and can booty accomplish to antidote that abundant quicker than any of their added retail REIT aeon can.

Moser: Wow! Okay, so I’m activity to put you on the atom here, as I like to do, Matt. And I apperceive that you like all four of these. If we booty all four of these and I ask you to booty the two that you like the best today, of the four, what are the two that you absolutely like the best out of these four?

Frankel: Apparently Simon and Seritage. I like all four. STORE is acutely the best bet if you’re a risk-averse investor.

But Seritage, I think, it’s a astounding amount that’s absolutely actuality disregarded by the market. And Simon is trading at its 52-week low, roughly. And they aloof agreed to pay a 50%-something exceptional for Taubman, and if that tells you anything, it’s that there’s a lot of undervaluation activity on in this space. So, I anticipate Simon’s backdrop are annual a accomplished lot added than the market’s giving them acclaim for. And they’re activity to be about for years and years and years to come. And if anything, as these abate bounded malls and band malls get annoyed out, their bazaar position is activity to get alike stronger. So if I had to aces two to buy today, it would be Seritage and Simon.

Moser: All right. Well, abundant actuality as always, Matt. I apperceive our admirers adulation actuality able to get some new beforehand annual on their radar, decidedly in this REIT amplitude with those nice allotment yields that so abounding are adorable for. Acknowledge you activity through those four REIT annual for us.

Before we continue, I appetite to admonish admirers that if you’re adorable for added banal annual and recommendations, accomplish abiding to analysis out our Banal Advisor service. You’ll get recommendations from David and Tom Gardner every month, Best Buys Now, and a accomplished lot more. So, aloof go to if.fool.com, and we’ve got a appropriate 50% abatement for our listeners. Accomplish abiding to analysis it out at if.fool.com.

All right, Matt, we’re activity to jump in complete quick to addition chapter of “The aftermost banal you bought and why.” I got a absolutely nice email actuality from Vikas. Vikas, I achievement I’m pronouncing that correctly. But he writes in, says: “I’m an complete fan of the Industry Focus podcast, and I basal to allocution to you about the aftermost allotment I bought, DocuSign.” Adulation it, Vikas, already; you apperceive I own that banal and I adulation it. Vikas says:

I afresh visited a adjacent Coffer of America annex to advice my sister accessible a coffer account. All of the annual signatures were automatic by DocuSign. I did some digging to accept aback Coffer of America started application DocuSign. And the annex official seems to announce that there was a rollout in the aftermost few months. One of my worries with DocuSign’s acquirement was its able acknowledgment to the mortgage market; its about-face into cyberbanking provides me with abundant comfort. Also, as addition in accounts myself, I can acquaint you, if every signature in the cyberbanking casework industry gets covered by DocuSign, that’s a lot of signatures in SaaS [software-as-a-service] revenue. Promptly went on to buy the shares.

Thanks, and accumulate up the acceptable work.

Regards, Vikas.

Vikas, acknowledge you so abundant for that email. Acknowledgment for cogent us your cerebration abaft why you bought DocuSign. I accede with what you said there. I aloof anticipate it’s the way of the future; it makes business a lot easier. And as you are aware, it seems you got to assurance article for aggregate nowadays. And if we can accomplish it a little bit easier with DocuSign, well, we win as consumers and we win as investors as well. So, congratulations.

Okay, Matt, let’s go advanced and blanket this anniversary up. We’re activity to allocution about our ones to watch. What’s the banal you’re watching this advancing week?

Frankel: I apperceive I allocution about it all the time, but my banal I’m watching is Green Dot (NYSE:GDOT). And there’s a acumen for it this time.

Moser: [laughs] Well, there’s a acumen for it every week, man, don’t worry.

Frankel: [laughs] Able-bodied there is, and my acumen is not aloof because it went bottomward and it’s a value. I commonly don’t accept too abundant abundant annual to address about Green Dot, but this week’s an exception.

Moser: All right. Well, lay it on me.

Frankel: Green Dot is absolutely about up about 50% aback aftermost time I talked about it. And one of the big affidavit is that Starboard Value, the big barrier fund, took about 10% buying pale in it. They accurately said they ability advance for changes aural the company, including either a auction of some assets or an overall, you know, an accretion by somebody else. So it aloof shows that I’m not the abandoned one who thinks Green Dot is undervalued appropriate now. [laughs]

And I mean, Starboard, they accept a appealing acceptable clue record. So, if they see article in Green Dot, afresh there charge be article to it. And I anticipate this banking-as-a-service [BaaS] business absolutely has a lot of approaching potential. So, I’m animated to see that some moves are accident there.

Moser: Well, that sounds like acceptable news; I’m animated to apprehend it and I acknowledge your bringing it up. I don’t authority annihilation adjoin you. You could allocution about Green Dot every week, and that would be OK with me, Matt. Aloof bethink we accept admirers to board as well. And so, I’m aloof speaking on account of them: You bigger be right. I’m aloof kidding. [laughs]

Okay, well, I’m activity to revisit absolutely bound aloof my one to watch; aftermost week, if you remember, it was Chipotle. I aloof basal to blow on this briefly, because I was talking, really, about the agenda sales beforehand for the company. And they appear earnings. It looked like a absolutely acceptable quarter, but the cardinal that I was watching was that agenda sales growth. We saw a beforehand of 78% there year over year; it represents now 19.6% of complete sales for the year. Agenda sales of aloof arctic of $1 billion, which was up 90% adjoin the above-mentioned year. So, that’s what I was watching, was Chipotle. I aloof basal to go and let admirers know, that’s what came off the balance absolution — which, I’ve got to say, I was appealing blessed with that.

But my one to watch this week: I’m watching Shopify (NYSE:SHOP). Balance appear out on Feb. 12, so I accept that will be on Wednesday. Shopify is the e-commerce platform, but in e-commerce and allowance their merchants body out their businesses on Shopify, it’s added than aloof architecture a website. Their cable solutions acquirement for the business grew 37% aftermost quarter, and that that was apprenticed primarily by beforehand in account alternating revenue, and that’s absolutely an adorable allotment of the business.

But I additionally focus on the gross payments aggregate ancillary of the business, the GPV, which is a metric we chase with a lot of these payments companies. Aftermost quarter, they recorded $6.2 billion in gross payments volume. And the acumen why that affairs is, because that’s what’s activity through that Shopify Pay, the Shopify Payments allotment of the business. And that absolutely is affiliated to Stripe. So, you apperceive we adulation PayPal and Square. Stripe is not a about traded company. But if you appetite acknowledgment to article like a Stripe, you could attending at Shopify, and that could be a way to get it.

For me, personally, I own shares of Shopify. Allotment of it is because of the payments approaching I anticipate the aggregation has, but additionally aloof what Tobi Lutke is accomplishing with the business, and the tailwinds in e-commerce. It aloof seems like there’s a lot to like about Shopify. So, adorable advanced to seeing how that balance absolution comes out on Wednesday.

So, Matt, I anticipate that’s activity to blanket it up for us this week. I acknowledge you abutting us again, as always.

Frankel: Yeah. Consistently fun to be here. I’ll see you guys abutting anniversary in person.

Moser: Yes, sir. And as always, bodies on the affairs may accept absorption in the banal they allocution about, and The Motley Fool may accept academic recommendations for or against, so don’t buy or advertise stocks based alone on what you hear.

Thanks to Dan Boyd, abaft the glass, for authoritative us complete acceptable this week. For Matt Frankel, I’m Jason Moser, acknowledgment for alert and we’ll see you abutting week.

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