Richard Smith: Absolutely. Porter Stansberry: All right, Richard. So, people can go to www.TradeStopsOffer.com. Now, I'm not going to give my crew a hard time about this web address.
It's not that difficult. TradeStopsOffer. So all one word: TradeStopsOffer.com. And sign up. And give it a whirl. And, Richard, thanks for being our guest. And, by the way, thanks for inventing this technology and this software that actually makes it easy for people to use our newsletters in the way we intend. Richard Smith: All right. Thank you, gentlemen. Appreciate it. Porter Stansberry: All right, Richard. Bye-bye. [Crosstalk] Buck Sexton: Thank you. All right. Here we go. Mailbag. Up this week, everybody. First, thanks to everyone. You know we love you all. Write to us at [email protected]. Number one up this week from Brett. "Dear Porter and Buck, love the show. You guys have a great dynamic together and it's engaging listening no matter what the topic seems to be. Porter, I've read a lot about how you value different types of companies. You wouldn't use the same metrics to value Hershey as you would to value Nvidia. I'm curious how you might approach a company like Apple. It seems to me that Apple's share price has moved the past few years based on whether the market is valuing it as a growth stock, as it was ascending in 2015 and 2017, or as a value stock, as it was correcting in 2016. How would you approach stock valuation for a company like Apple: growth or value? Keep up the great work." Porter Stansberry: Okay. Well, that's a great question. And I can't really go into full details here. But I would tell you that we have a valuation video that I did somewhere on our website. Country Club Guy can probably find the link and put it on our webpage or our e-mail or something. We'll send you a valuation video to go through this. But you're wrong about – I don't know whether you're just misunderstanding what I've said or you've really got it wrong. I don't quite know, because I don't know why you think I would value Nvidia differently than I would value Hershey. I really wouldn't. They're both operating companies, and as a result, I put them through the same process. So we're looking for capital efficiency – we're looking for revenue growth. Nvidia is a tricky company to value because it's growing so fast – it's very hard to value. So you have to apply a wider range of possible values with stock like that. But the process I would go through is the same for Nvidia or for Hershey. In regards to Apple, I think what you're missing is: A lot of valuation is simply based on the current size of the business. Think about it for a second. My little newsletter business is right now about a $300-million-a-year-in-sales business, and serving investors globally is an enormous market.
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