Smart Marijuana Investing + 2 Stocks to Buy and 1 to Avoid



This webinar was recorded on June 19, 2019
You can download the slides here.


Timothy Lutts, Chief Analyst of Cabot Marijuana Investor, talked about this explosive new sector that’s guaranteed to mint millionaires for those who buy the right stocks. PLUS Tim gave the names of 2 hot stocks to buy and one to avoid at all costs!

Webinar Transcript:
Smart Marijuana Investing + 2 Stocks to Buy and 1 to Avoid.mp4

[00:00:04] Hello and welcome to today’s Cabot Wealth webinar Smart Marijuana Investing Plus Two Stocks to Buy and One to Avoid. I’m your host Chris Preston chief analyst of the Cabot Wealth Daily advisory and managing editor here at Cabot Wealth Network. And with me today is Tim Lutts Cabot CEO and Chief Investment Strategist and Chief Analyst of our Cabot Marijuana Investor Advisory. Today we’re here to talk about marijuana. As you might have guessed doesn’t get much more exciting than that, especially from an investment standpoint.

Tim’s going to tell you about this explosive new sector and share his strategies for identifying so many winners for his subscribers and give you two marijuana stock picks and one not to pick. This is an interactive webinar which means we’ll be fielding your questions after Tim’s presentation so if you have a question feel free to ask it at any time and we’ll try and get to as many of them as time allows once Tim wraps up. Just keep in mind that we cannot offer advice in regard to your own personal investing situation or portfolio.

First let me introduce Tim. Like I said Tim is CEO and Chief Investment Strategist here at Cabot Wealth. His father Carlton Lutts founded this business nearly 50 years ago. From its humble beginnings as the Cabot Market Letter and Tim took over the business in 2004 and has been running what is now a stable of 13 investment advisories ever since. Tim is always looking for the next big trend the next big opportunity.

Two years ago he spotted one in marijuana and cannabis and to capitalize on this booming industry he started the Cabot marijuana Investor Advisory in August 2017 and the timing couldn’t have been more perfect. His recommendations have an average return of better than one hundred and eighty percent including forty two percent so far this year. Not bad. Long story short Tim knows what he’s talking about when it comes to marijuana stocks. So I’ll step aside and let him do just that. Tim take it away.

[00:02:05] Thank you Chris. Welcome everybody. Before I get to my prepared remarks I just want to say that last week I was at a cannabis conference in New Orleans and some of this content is from there. So it’s pretty fresh stuff. Slide 1 the legal marijuana industry is booming. Marijuana has been legal across Canada since last October. Recreational marijuana is legal in 11 states. Medical is legal in 33 states and the number is just going one way up. Obviously every state is different. Illinois has said yes recently. New Jersey said no.

Also one speaker at the conference noted that Massachusetts where I live which has been legal recreationally since December 2016 has had the slowest rollout ever. There very careful. Short term that’s frustrating for consumers. Long term it’s probably a good idea because they’re learning as they go minimizing mistakes. In any event the trend is clear. This is the fastest growing industry in America which of course includes Canada. Some.

What’s the difference between medical and recreational marijuana. The main difference is the label in the store. I do want to back up a review. The distinctions between cannabis marijuana and CBD. One of the cardinal rules of investing is to know what you’re buying. So I want to cover some of the basics first. Cannabis is a genus of plants that encompasses both marijuana and hemp. Marijuana has THC, hemp which is bred to be full of oil has CBD. Plus more than 100 other cannabinoids. Hemp which is bred to be high in fiber is good for industrially loose uses. I won’t talk about industrial hemp today but I have more to say about the first two. Marijuana of course makes you high. Today’s marijuana is stronger than in decades past perhaps four or five times more strong than it was when I was in college.

But marijuana smoking is declining fast while other forms of consumption delivery are gaining ground from vaping to edibles to baked goods to beverages. Additionally there is one overarching trend to all this. Marijuana users want repeatability of onset and duration like a glass of wine. They want it to kick in in 10-15 minutes. They want it to last about an hour not three hours like some edibles. They want a Starbucks experience no surprises. Increasingly the micro dosing not getting wasted. Just getting a little buzz a little happy. And the developing favorite brands. Brands will be a big deal in the years to come but it’s still early what to say brands so I won’t get to that today.

You want to talk about baby boomers. I’m a Baby Boomer. A lot of you are too. Of those who use marijuana, sixty seven percent use it for medical reasons. Fifty nine the social recreational. Obviously there’s some overlap there. A big goal is pain relief which of course comes with age. Marijuana can replace common OTC products from aspirin to Advil to Aleve. That’s already cutting into usage over alcohol beer in particular and opioids.

Let’s talk about CBD. 64 million people in the US have taken CBD. I take it every day how these companies are selling it. But what does CBD do. Well people say it helps with all these conditions and more. Arthritis, nausea, insomnia, allergies et cetera et cetera. But what we’re lacking is hard evidence hard clinical data to say exactly how it works and what dosage should be . Nevertheless people are taking it. Sixty five percent reported they find it effective. And they’re even giving it to their pets and the pets aren’t complaining! Now beyond CBD, there are more than 100 other cannabinoids in cannabis and to varying degrees that’s in both hemp marijuana and they have effects too. Still poorly defined.

The modern pharmaceutical industry of course likes to isolate these compounds. The rifle approach. Whereas proponents of holistic medicine prefer a shotgun approach. They tell the value of the entourage effect which comes from consuming these substances together, the way mother nature packaged them. Which is better, I don’t know. But it will be interesting and profitable to watch how things evolve and to stick with the winning trends. In the meantime, the government is part of the equation here. Last December’s farm bill made hemp legal nationwide. So finally studies can be done to show what those cannabinoids in cannabis actually do. So far there’s no regulation of CBD that comes from hemp yet the government is trying to catch up and they will. Just last month the FDA had its first public hearing on CBD.

[00:08:58] There will be more.

[00:09:01] Eventually we will have regulation which I don’t feel great about but that’s part of our life and we will have scientific knowledge which I do feel great about looking forward to it. The SAFE Banking Act which would enable marijuana businesses to do normal banking operations in states where it’s legal has a good chance of passing in this year but could be next year. The STATES Act which would have exempt from federal law any entity this compliance with state law will probably pass some time in 2020. But again there’s no certainty. Every one of these is a big step forward.

[00:09:44] Back to my main point. Business is booming from black market to legal market.

[00:09:52] The customers are already out there. So just as with the end of prohibition way back in 1933 just kind of switching from black market to legal market.

[00:10:09] In my portfolio the average company in the latest reported quarter grew revenues at a rate of three hundred fifty seven percent relative to the year before. That’s huge. That’s 14 stocks. There’s no other industry where you can find growth anywhere near like that.

[00:10:30] Going forward one analyst predicts growth of 25 percent over the next five years. But that’s the entire industry. My stocks to go faster. So in the long run cannabis will be very disruptive. Recreational sales will top medical sales. CBD and other cannabinoids will top marijuana and THC and cannabis will affect numerous other industries including beverage, tobacco, beauty, health and wellness, insurance, real estate, recreational, and more.

[00:11:14] However there will be and this is one of the things I learned at the conference last week getting a clearer picture now will be balkanization. That’s my word. I make it up though but Canada of course had an early head start. Canadian stocks are first out of the gate with Canada getting backing from Constellation Brands and Cronos getting backing from Altria.

However, the population of Canada is 37 million. The population of California is nearly 40 million. So in the long run the US market is going to dwarf the Canadian market. Furthermore states will be resistant to buying from their neighbors when they can grow their own. California doesn’t want to buy Oregon marijuana. Oregon doesn’t want to buy Washington marijuana. So just as with alcohol, every state will have its different laws and counties and cities and towns were thrown laws too. Again, parallels with the end of prohibition in 1933. Back then alcohol became legal and the industry boomed but every state did it their own way distributors got power which I still have today. Today, the beer industry has 37000 regulations. Cannabis might top that. We have dry towns for alcohol. And of course there are many municipalities that have banned marijuana selling in their own area so we don’t have a word for that yet. The opposite of wet is dry. What’s the opposite of, I don’t know, smoking not smoking. But people aren’t smoking anymore so I don’t know what the word is gonna be yet. But it’s still early. In the US legal states 32 percent of people are consumers of marijuana, thirty two percent are acceptors and 36 percent are rejecters. The number of rejecters shrinks by 2 or 3 percent every six months as people become acceptors and then perhaps consumers. Now I do have one point to make about that.

[00:13:52] Contrary opinion is a philosophy of investment that says in general it’s best to avoid what’s popular and invest in what’s unpopular. In the case of cannabis, that means that as long as there’s still skepticism or fear there’s still potential for stocks to go up because the number of potential buyers grows as opinions improve as rejecters become acceptors et cetera. But when everyone loves something and there are no potential buyers left, that’s when stocks top out. Clearly, it’s many years ahead for cannabis.

[00:14:43] And many institutional investors are still on the sidelines waiting for legalization Waiting for legal banking.

[00:14:59] We saw Constellation Brands buy a big piece of Canopy last year, but since then none of the other big alcohol companies have waded in and they’re all waiting for the next green light.

[00:15:12] Maybe banking.

[00:15:14] In the meantime, we’re in the midst of a massive land grab. The pace of acquisitions tops anything in the past 30 years. Every day there are stories of acquisitions and partnerships. Eventually, when Fidelity and the other big dogs come along valuations could soar higher but it could also peak. Cannabis stocks peaked when marijuana became legal in Canada last October.

[00:15:50] Before that they peaked when marijuana became legal in California in January 2018 and before that they peaked when marijuana became legal in November 2016 when California voters chose to make marijuana legal. So watch out for those big fundamental milestones. The STATES Act, the SAFE Banking Act. Those could mark peaks when they arrive. Alternatively, you want to look for bottoms. The best time to buy. Bottoms of course tend to come when the news is bad. So look for bad news. Maybe someone who actually dies from too much marijuana. That happens many times a day due to alcohol and it doesn’t make headlines but it happens to marijuana. Watch out.

Similarly every day in the US on average a hundred people die in motor vehicle accidents. We’ve accepted that as normal. At best, a vehicle fatality is local news. But when some dies in a Tesla or a self-driving car that’s national news because it’s novel. So if maybe someone commits a mass murder under the influence of marijuana or a huge batch of brownies is contaminated and investors panic that could mark a bottom. Keep your eyes open. And the end of course I’ll take questions. So if you want to enter your questions at a time, Chris will take care of that as you send them in.

Now, how to choose stocks. We coined the phrase. Well let’s say in one way it’s pure fundamentals. You can decide you want a Canadian marijuana grower or U.S. CBD retailer or even a REIT that specializes in marijuana industry property. But the Cabot way is to look for these three things. Story numbers and chart. By story we mean business plan. Does it makes sense? Can it bring fast growth? In the marijuana industry, one of the highest potential stories is that of the vertically integrated multi-state operator (MSOs) or in Canada multi-province. These companies grow the product process it into both flowers and oils package it brand it and sell it. Today there are roughly half a dozen leading multi-state operators in the US all working to meet number one in roughly half a dozen in Canada as well. One big fear going ahead is the commodity glut. Growing marijuana is relatively easy. A glut could hit growers hard. Further upstream in the value chain brands are expected to be resistant to that and more profitable too. But there are also companies in the industry that are not plant-touching. Packaging companies, transportation companies, and the REIT in my portfolio that’s growing fast too. So I would recommend diversification.

[00:19:08] Numbers refers to revenues and earnings. Though in the marijuana industry not many people care about earnings yet. What they care about is who’s getting big fast. So I look at the size of revenues of a company and the speed of revenue growth. I also look at valuation. Looking at the price sales ratio based on four times the latest quarter’s revenues. This helps me see the cheaper stocks. It’s all relative as well as the most expensive ones. This measure is one reason I’ve avoided I’ve been underweight rather in Canopy Growth and Cronos recently. They’re just over-priced and over-owned.

[00:19:57] Finally the chart. The chart is the easiest of all to look at as it unfolds every day. The chart is a big reason I’ve avoided Tilray (TLRY) and MedMen (MMNFF) recently. Tilray (TLRY) is down from 300 to 34 before its recent bounce. You have a chart of that. No. Sorry. MedMen (MMNFF) is down from seven point five to two before recent bounce and they’re both still weak. Those downtrends might have ended two weeks ago with the market bottom. But it’s too early to tell. However, Tilray (TLRY) is now cheap by my measurements so I’m watching it carefully.

One more word on what to buy. Diversification helps. Many of the stocks in this industry are low priced in the volatile. So the more you own the calmer your portfolio will be in general. My portfolio has 14 stocks. That’s a lot but I do recommend owning more than two or three. Also you never know what’s going work so the shotgun approach is better than the rifle approach. Amazingly the best performer in my portfolio has been the REIT, Real Estate Investment Trust which is up an amazing 528% since I added it in November 2017.

[00:21:30] Not all my picks have been winners, however, I’ve had losers. What do I do with losers, I sell them and move on to better stocks. It’s hard to learn but once you learn the lesson your portfolio will look a lot better. So today while the Marijuana Index I follow is up 13.2% YTD (year to date), my portfolio is up 34.3% since the start of the year. Before this year the portfolio was up 15.1% in 2018.

[00:22:04] That was a tough year at the end but still we had good return relative to the market. And before that from mid-2017 to the end of 2017 just as California legalization peaked, the portfolio was up 121%. That was lucky timing. All right. What to buy now? Organigram (OGI). Here’s a chart of this year. The stock went from three up to eight and a half and now it’s down to almost two. I’m sorry six.

[00:22:45] Based in New Brunswick, Organigram (OGI) grows marijuana in greenhouses and sells it in all 10 provinces and has international partnerships as well. The company boasts three-level growing technology in its greenhouses and the lowest cost in cultivation in Canada Its production capacity is on track to triple by year-end 2019. Organigram (OGI) has an extraction partner an edibles facility and is setting up vape pen systems and a chocolate line. And the company has developed a beverage solution, a “shelf-stable water soluble and tasteless cannabinoid nano-emulsion formulation to provide an initial onset in 10 to 15 minutes in a beverage. In the latest quarter revenues were $33.5 million up more than 1000% from the year before. Valuation looks reasonable to me at just seven times revenues and the chart looks healthy.

[00:23:47] However, I wouldn’t buy quite here. I would see if the bottom has passed. This tried to resolve and the stock is still around six point two or three. So possibly bottoming right here which is where a bottom was back in April as well. So technically it looks like a good opportunity to get in in this area.

[00:24:10] Next stock, Village Farms International (VFF).

[00:24:18] I had a great run earlier this year from three up to 18 and then put about ten and now it’s building a base in the 11 to 14 range coming down and looking like a good entry point somewhere here.

[00:24:38] Based in British Columbia, Village Farms is an experienced greenhouse grower profitably growing peppers cucumbers and tomatoes in both Canada and the US but it’s embarked on a major shift expanding into green marijuana and Canada and hemp in the US. Given that it already has greenhouses and experienced management I believe it has a head start over many younger competitors. In Texas for example, Village Farms owns and operates greenhouses that total five point seven square feet. One of those, in Monahans, Texas, is named the Permian Basin facility and it’s one of the most advanced greenhouses in the world using computers to control irrigation, fertilizers, carbon dioxide, light, temperature, ventilation, humidity, and other factors.

[00:25:32] In May, the company announced that it had begun conversion of half of this one point three million facility for cultivation of both high CBD hemp and CBD extraction. One big advantage of being in Texas is they have enough light for year-round growing.

[00:25:51] No artificial lighting needed sunshine is enough. That makes it cheaper. In the latest quarter revenues were $37.3 million up 26% from the year before. That makes Village Farms the slowest growth in my portfolio, but also one of the lowest risk investments. Valuation is just as low just four times revenues and the chart is healthy. If you’d like the story check it out and buy around here. Finally what to avoid. Green Organic Dutchman (TGODF). Based in Ontario, the Green Organic Dutchman is committed to organic cannabis which currently enjoys a 30% price premium.

[00:26:41] According to the company’s studies, 61%percent of medical patients and 50% of recreational patients prefer organic cannabis. The rest however may not care or simply made value price above all. In any event the focus is not working so well from this company yet. In the latest quarter revenues were two point four million compared to nothing the year before.

[00:27:09] The stock is expensive based on my measurements selling at 69 times revenues and the chart shows a downtrend from four point four in March to a new low of two point four on Monday. Long term the company does have potential with international agreements and edibles part of the attraction. But I’d like the stock to be trending up not down and I’d like it to be cheaper too. So that concludes my presentation.

[00:27:40] Now I’ll have a drink of water, Chris will have a few words, thank you Chris. Yeah please do, thanks Tim. I’ll give Tim a minute to catch his breath and before he starts to answer some of your questions I see we’ve got plenty of them already.

[00:27:54] While he does that I’ll tell you a little bit about how you can sign up for his Cabot Marijuana Investors service.

[00:28:01] Actually we’re making it quite easy for you.

[00:28:06] You will receive an email in your inbox shortly after we wrap things up here today as a special discount offer exclusively for today’s listeners. And what you get when you sign up for Cabot Marijuana Investor are Tim’s incredible marijuana stock trader recommendations again has a 182% return among his 14 stocks right now.

[00:28:34] And you also get regular updates on the marijuana or what’s happening in the marijuana stock market and the status of current trends plus ongoing education on how to play this fledgling market.

[00:28:47] And you also get email access to Tim.

[00:28:54] He’s available to respond to questions whenever you have one, which is probably quite frequent in a market that’s sort of just this early in the going. This sounds like the kind of returns, 182%, you’re looking for. I highly recommend you subscribe to Tim’s advisory. So again look for that special offer in your email inbox shortly.

[00:29:18] Let’s go on to questions. Let’s see.

[00:29:21] We’ve had a few about what your criteria is, Tim, for selling losers.

[00:29:31] OK. Great question. The flip answer is when you can’t sleep at. I sleep pretty well generally I have one sore thumb in the portfolio right now with the loss of 26% as of today which I bought in mid-March.

[00:29:59] And it’s on the edge but partly it depends on your exposure and you’re waiting on if it’s half your portfolio’s value, that’s tough but if it’s only 1% of your portfolio’s value in that one stock, that’s not so tough at all. So every case is different. And what you’re trying to do to get more elaborate is in this portfolio I’m trying to help people own the leaders of the industry five and 10 years from now. You want to buy Microsoft 10 years ago right. Or Apple 10 years ago. You want to get the leaders early and so maybe in that case if you think you have a good stock you just bought at the wrong time maybe just lighten up a bit and have a smaller concentration in it so it’s more comfortable and then you can buy more later if it recovers. So a lot of these stocks are just ease in and ease out to varying degrees of weight. Hope that helps.

[00:31:02] Yeah good question. Let’s see. So Tim you mentioned Tilray (TLRY), the big drop in Tilray earlier.

[00:31:11] I have a question related to that. How do you explain the wild swing in marijuana stocks like Tilray and is it representative of what we should expect from marijuana stocks in the future?

[00:31:20] Well Tilray was rather extreme very highly promoted highly popular. I’m not sure exactly why but there was just way too much buzz around it. And it went to high as a result. I’m tracking one 141 marijuana stocks right in my master list but only less than half of those are liquid enough or have a market cap high enough for me to really pay attention to. And as far as swings so volatility comes partly from liquidity. We don’t have enough institutions in yet to guarantee well to provide good liquidity and smooth trading. Sometimes these get pushed around by big money coming in or big money jumping out. So liquidity comes with maturity and we’re getting there. It’s better than it was two years ago but it’s still not up to standards or something like Cabot Growth Investor.

[00:32:29] Here’s a quick question I guess just a clarification from Elizabeth can you quote the approximate numbers for your ideal entry to OGI (Organigram) and VFF (Village Farms International).

[00:32:39] I hear you say get in here. But do you mean. It seems like you meant where the stock is trading now correct. Where both stocks are trading now.

[00:32:50] Generally yes. With OGI you see here’s the chart you see the bottoms near six in both April and March. If the stock holds at six in the days ahead and starts moving up again and ideally with more volume that would be a great clue that the bottom has passed. If it falls below six then I don’t feel so good anymore.

[00:33:16] With Village Farms (VFF), I feel better definitely about that. And I would enter any time here. After studying the story a bit make sure you understand what you’re buying. This is as I said the slowest grower of the group so it’s not gonna be unlikely to be a big winner. But I could be surprised. I’m surprised that the REIT (real estate investment trust) is my biggest winner so far. That’s really that’s probably because in today’s market people like security our dividend newsletters doing great. People love dividends and so the market that’s a sweet spot. You got a safe cannabis stock in a read. But I’m generally like this chart right here.

[00:34:02] OK see here’s a good question.

[00:34:07] Is there anything on the federal government level that would change your overall thesis on the marijuana sector.

[00:34:14] I’m a big student of trends. When I first got into this cannabis industry two years ago it was a trick it was really a trend call. I can’t tell you the timing at all of government actors and that’s just wasting my time to try to even guess. But the trend is clear. The states are buying the trend and there is still 39 states to go to legalize recreationally. So the answer is no I don’t think anything government does is going to stop this trend it’s just a matter of speed and time.

[00:34:53] OK. And another one. Are there any super speculative marijuana stocks that are on your radar now.

[00:35:03] No these are they are speculative enough and I told Chris this earlier. Well let’s see. Two years ago when I started the majority of the stocks that I put in before you were below 10 dollars a share. Now it’s about 50/50 half below 10 dollars and half above. So their growing up slowly. Most Cabot publications we like above ten dollars.

[00:35:34] That’s a little more institutions like that. They’re more grown. Maybe they’re in high school right now.

[00:35:47] Question from Barbara been waiting patiently.

[00:35:51] She simply asks why are marijuana stocks going down right now.

[00:35:56] Well we had a market correction over the past month in May and marijuana stocks have not rebounded as quickly as some.

[00:36:08] As quickly as the broad market let’s say that.

[00:36:13] I don’t have a good fundamental answer.

[00:36:21] The goal is to stay with the leaders.

[00:36:22] There’s no question that they will rebound but to answer the question simply by going down because people are changing their perceptions moving money elsewhere. In some cases to the more high profile marijuana stocks. But I don’t have. I’m looking at Cronos (CRON) and Canopy (CGC) of course has the most overvalued popular stocks. I don’t think I don’t think their good bets here. I think they’re cautious bets.

[00:37:03] I don’t I don’t think they’re good high potential bets at this point. But maybe it’s more the money is coming they’re from the smaller ones.

[00:37:12] OK.

[00:37:14] This doc Stuart has a question about a particular stock that just debuted said an IPO called Akerna (KERN) is the ticker symbol this could fall into two speculative but it’s up 75% he says. Could it be another Tilray (TLRY). KERN.

[00:37:47] Let’s see if I could make that up here. No. Send me send me an e-mail.

[00:37:56] It’s something that something that just has just debuted. That’s something you generally steer clear of IPO is anyway right.

[00:38:03] And we did. We want to see. Well historically Cabot wants to see a chart a chart three months long.

[00:38:11] In recent years we’ve been cutting that a bit down to two and three and one month but no an IPO is no. We just there’s no rush. IPO stop and stands or it’s probably over-priced. But I will look at it if you send me a quick email.

[00:38:31] OK.

[00:38:34] Question from Henry. Make sure I understand this question right. But do you think U.S. stocks are undervalued compared to Canadian cannabis stocks.

[00:38:47] Well it’s interesting at the conference people did indicate they thought the Canadians were overvalued and perhaps they’re talking about the leaders up there. As I said Canopy (CGC) and Cronos (CRON). I don’t have a strong opinion on the other hand going forward. It’s clear that the US is the is kind of outweighs Canada easily once we get rolling and to some extent I do believe investors are seeing that come along. The early money went to Canada. Now as they see the US. First the Farm Bill. Now the STATES Act and SAFE Banking Act are coming along. So yes to some extent money is coming from Canada which was overvalued into the U.S. stocks.

[00:39:52] OK I think we have time for one or two more. Let’s see.

[00:40:00] Scott asked about Aphria (APHA) was hit hard by a big name short seller in the past. Do you expect it to be a buy now and if so why. I like every Aphria (APHA) now yes. It was hit hard last December I believe and well a lot of these companies a lot of these companies have young managements. They are growing so fast they make mistakes occasionally. Aphria (APHA) made some mistakes being a little a little rushed in some acquisitions not dotting all the i’s and crossing the T’s and short sellers coming up the stock down but it’s come back nicely and I think it’s it’s I like owning it now. It’s a I have it as a roughly market weight in my portfolio and I think it’s one of the potential contenders some leaders down the road. It’s not as overvalued as some of the most popular ones.

[00:41:08] OK let’s see one last question. Another stock specific question. Hexo (HEXO) what are your thoughts.

[00:41:26] Hexo (HEXO) I like that too.

[00:41:30] Used to be called a much more complicated name hydro apothecary. They fixed that quickly and yeah it’s one of the Canadians that again has good potential and is not as over-valued as the leaders. So.

[00:41:47] I like it.

[00:41:50] All right well thanks Tim and thanks.

[00:41:53] Thanks everyone for all their great questions and thanks for joining us today. We’ll be back next month on July 20 3rd at 2 o’clock Eastern with another webinar this time featuring Nancy Zambell editor of our Wall Street’s Best Investments and Wall Street’s Best Dividend Stock advisories. You can sign up now for that free webinar titled Top Stocks to Make You Money Now regardless of investing style by going to cabotwealth.com/webinars. Also we’re holding our annual Cabot Wealth Summit in Salem, Massachusetts, this August 14th through 16th a chance for you to meet other individual investors like yourself. MEET ALL OF OUR Cabot analysts here their latest investment advice and stock recommendations and enjoy summer in historic Salem, Massachusetts. It’s a great event. If you’re interested you can register at the cabotwealth.com website. That does it for us. Tim unless you have any last words of encouragement.

[00:42:53] No thank you very much Chris. Thank you everybody for listening.

[00:42:57] And for Tim Lutts and the entire Cabot Wealth Network team I’m Chris Preston. We’ll see you next time.

 

Timothy Lutts

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