 Now I know from your feedback that your favorite part of these calls is a further flesh out of our new holdings, what we bought since I spoke to you last. Now last week, did a little controversial position. We initiated a stock, a financial technology company that should benefit from the powerful worldwide trend towards a cashless society, as MasterCard has, as the company vis-à-vis made so much money as, and the one I'm talking about is First Data Corporation. That's FDC, which trades right now at $18.06. If you're unfamiliar with the company, you may have already used First Data's most recognizable technology, but I haven't realized it. So their point of sale system called Clover, if you've found it in many small and large businesses across the country, with a growing international presence. First Data's been going through quite the transformation process over the last few years, having gone private via KKR, and then come public again not that long ago. There have been a lot of turnover at the top, but now at last there is steady and excellent management whom I spent some time with. Starts at the top with CEO Frank Bizagnio, and Frank is one of the most successful bankers I have ever met. First Data has a history of carrying an excessive amount of debt on their balance sheet, too much to our previous liking as part of that buyout that I described. But it is hard to find a better fit to navigate through a debt-heavy balance sheet situation than this man, Frank, who's got a fabulous record in banking. He could have gone anywhere. He didn't need to work here. His commitment to prudently delevering the company by paying down a strategic amount of debt has opened up free cash flows and improved the company's position. Company's been a huge beneficiary of lower rates. The cash free up has allowed first data to shift from a company focused only on paying down near-term debt, and there's virtually none now. To a company that is ready to go out and play some offense, do some buying of making some acquisitions. How has this been shown? The first data's acquisition of CardConnect back in May was an exciting move that the street didn't even recognize, and this product's integration with Clover will create a powerful combination, as described by Frank Bizignano, on their last earnings call. CardConnect is an advanced payment solution provider that securely processes and manages transactions for companies of all different sizes. Its CardPoint service specializes in providing reporting and transaction management for small to mid-sized businesses. And its CardSecure services protects and encrypts transaction data safely and securely for enterprise-level organizations. I wonder if the people at Equifax ever thought about this kind of thing. This deal marked the transition from a more forward-looking company hungry to increase market share from a company that's really playing defense. First data wants Clover to dominate the marketplace by being the biggest and best business management system. That is the solution for all its clients' needs, and the two products combined will provide additional tools and services. The first data's distribution partners go to the website. All this is explained. I don't want to get too much nitty gritty, but let's just say this company looks like a lot of other companies that have been soaring. Although Monday's announcement that the private equity firm KKAR was issuing a secondary offering, priced today this morning, 1775, 85,000, I'm sorry, 85 million shares, that's very important. I'm going to talk about that more in a second. Please remember, this deal has no implications on First Data's business or strategic intent. This move is simply part of KKAR's strategy to gradually scale out of position in the exact same fashion as any smart investor would do. They have to raise money, they have to show their partners and their investors that they're bringing the register to do more deals. It's no different from what we would do for the trust when we're looking to pocket some gains. KKAR executed this exact same strategy once before when they gradually unloaded their position in dollar general starting in April 2010, when the stock was at 27. And they continually sold shares every six months to one year at increasingly higher prices, selling in the 30s, the 40s, the 50s, finally closing out at about $60 per share in 2013. And this stock has only climbed higher since. Look, if KKAR felt any bit of pessimism in this stock, they wouldn't scale out, they would blow out. That's simply not the case. That's why we issued a bolding this very morning saying, don't wait for the conference call. Start buying FDC because it was down below 18. Now, the fact that we call supply be getting demand here, that's something my friend, Lee Cooperman, who introduced me to FDC talks about. And I think that that's what happened with FDC. It's why the stock market is looking at the price. It's above the offering price because it's brought out buyers who wanted to get in. That being said, we think the balance sheet improvement and the growing acquisition story should help the stock trade at higher multiples. Ones that are closer to its fintech peers. Remember we made all that money in PayPal? Or how about Square? That was one I wish we invested in. I liked it for mad money, but it seemed to, so it doesn't make money. So I was a little more hesitant. MasterCard and Visa have been terrific. These companies have all been very successful in their payment provider solutions businesses. And since First Data's products compliment those companies so well, they work with everybody. I see no reason why this stock FDC cannot rise closer to their ranks in valuation. Hey, let's take a look at some of the comps. You know what I'm talking about. First Data's revenues are about 10 times that of Square, which just hit its 52 high. Yet First Data only trades at a 1.6 higher valuation. First Data makes a lot of money. Square loses money. Also, First Data's revenues about the same on par with PayPal's. Yet instead of having the same valuation, PayPal trades at roughly 4.6 times higher than First Data, that's wrong. That's just wrong. My point, First Data is simply trading too cheaply right now in relation to those companies. Now imagine finally ready to push the company forward and take down their debt, as they generate a huge amount of cash. I think this one goes higher. First Data is right. This was a break that we got this equity offering. I gotta tell you, anytime you bought the Dollar General equity offerings, you made money. I'm thinking First Data could be the same. Now back in mid-August, we finally call up NVIDIA, yeah NVIDIA and VTA. A name that I believe is one of the biggest growth stories in this market, maybe of our time. We took it out of the bullpen, put it into the portfolio. But before I talk about the company's superior chips and processors that are essential in seemingly every major aspect of current and more importantly, future technology, let's briefly recap the action alerts history with the stock. While I've always liked the stock of NVIDIA, I prioritize other growth names for the trust that traded at much more reasonable valuations to current earnings. Because that is one of the most important financial considerations for a trust when we look at adding or initiating positions. So instead, we added Broadcom, which are the symbol of Vaggo, ABGO, she said 245, that's a buy. And Activision Blizzard to the trust and that's ATVI. Both are great companies and I have higher expectations for them and I've been extremely pleased with them right now. I mean, is it too late to buy Activision at 65? No, too late to buy Broadcom right here, 245? No, I would do that right here. However, as we watched NVIDIA move up, I knew I had to figure out a way to get this darn thing into the trust as their best in class chips and the company's explosive growth figures, what it just up justifies, what is indeed a lofty valuation? So we finally added NVIDIA into our bullpen following our July call, the stock began to climb. When August call came around, the stock was at 170. I thought maybe we should have dipped into position back in the mid-160s, but I knew we had to stay disciplined as I teach you. We had to wait. Finally after waiting and waiting, sticking to our convictions and our discipline, we got the exact pullback we were looking for which is why we initiated a pre-market alert to quickly catch the discount. Getting it just before the almost 8% serves the stock just so on that day alone. Long story short, we waited and waited and the patience has paid off. We ended up getting the stock at 160 bucks despite the pre-market bid-ass price being a few dollars below this, but still a nice discount from previous levels. Well, here it is at 171 up at buck 46. That thing goes through 174, it's all-time high. I think it goes right to 180. So what is this NVIDIA? And I'm not talking about my dog that I named after the amazing company. Of course, my wife continues to call the dog incorrectly Everest. The company produces the best GPU chips in the world, graphic processing in the world and that's important. And then combined with its TAGRA, SOC, NVIDIA's product sets the standard in graphics, in artificial intelligence, and in deep learning. We'll talk about the three trends that we have to be most involved in. The cutting-edge processors are the industry's leader because of its advanced software language and are used in gaming, autonomous driving, the cloud, very cheap, very cheap way to be able to replace a lot of stuff that's in data centers, and yes, cryptocurrency mining, just to name a few. Listing out some users of NVIDIA's technology might help us here. You got to start with the hottest game in the country, the one that is best by having a hard time stocking, the Nintendo Switch. It's entirely powered by NVIDIA's custom-made TAGRA processor, as well as other specifically designed units, which all support enhanced Switch's gameplay. In addition, Adobe's Creative Cloud contains NVIDIA's GPUs, which Adobe uses to create real-time websites. You might have seen me use that processor and may have money. It's all NVIDIA. Lastly, I'd be remiss not to mention that when Tesla and Mobile, I had that feud and discontinued their partnership, NVIDIA was able to step in in record time to provide autonomous driving chips to Tesla. Tesla, what can I say? It's what people regard as the benchmark they use in NVIDIA. These are just a few recent success stories that major companies have had using NVIDIA's chips. They're also behind the voice in Alexa, the voice in the new Google product. Voice is so important. And with such big games as clients, it's come to no surprise that NVIDIA's sales are growing in this downing pace. How fast? All right, last quarter, NVIDIA's total revenue has increased by 56% year of year, driven by 52% year of year growth in gaming, represents NVIDIA's largest business. Remember, the number of gamers is so gigantic, and others might butt-activate blizzard. Next highest in total revenue is Data Center, which grew 175% year of year. They are taking share from everybody. Those are pretty strong numbers, if you ask me. But not about the past. Those games have already been captured. I think the stock still has a lot of room to run. So I'm focused on growth in both deep learning and big data, which will drive revenue in NVIDIA's data chips. Their chips are smaller, faster, and cheaper. In addition, I expect further expansion in the gaming industry from catalysts like eSports. You've got our Activision Blizzard initiation and virtual reality. Again, you need that NVIDIA for gaming. Do you know the take two actually delayed Red Dead in order to be able to get the NVIDIA chips because it was much more lifelike? Also, while the stock has benefited from the increase in demand for cryptocurrencies, I want to point out that I do not see this as a pure cryptocurrency play, despite the fact that the stock was down this morning as people were saying, ooh, China ruled out Bitcoin. Benefits from crypto's estimated to account for only about 10% of the company's quarterly sales. 10%? Sure, it's a nice boost. But as I just mentioned, the growth in gaming and data center revenue is the real focus here. And remember, not everybody trades in China. Bitcoin cryptocurrency mining is a worldwide factor. Stop selling the stock on that. That's why the stock's only 171 and not 180. So while I finally got this name into the trust, we're not too late in this growth story. Take a look where Intel was in 93, 94. It think like that, okay? I think the stock can go higher based off the growth and expansion in the areas I just mentioned. Please refer to the Initiation Alert and Analysis post weekly roundup bulletins for more about details about the company. And of course, a lot of these are in response to your queries that we get as part of the club. And I wanna make this point again for Nvidia. Go back and look at the way that Intel ran from all through the 90s. This is an Intel-like story. It's got more applications though. Finally, before I get to your questions, let's go over some of the naughtier issues facing the portfolio. All right, first is the oils. Oil's at 50. We said that this is when we re-evaluate. These certainly have become our cross to bear. Oil, real crude oil, West Texas Intermediate has done a couple of dollars up since the last call, but all our oil and gas related stocks lately have gone higher. Our Goldman and Trimar stocks, if oil went through 50, it just has. I don't know if it'll stay there, but look how tough this is. Apache, which we'll talk about in a second, it's down 50 cents. What a tough one. Anyway, so we've done nothing except our one pickup of Magellan, which we were using on a yield basis. Remember, MMP, we regard as being a yield play. It's an income producer, not necessarily an oil company because it doesn't have that much risk to oil. When it yields nearly 5.5, and when it did that, it was just too high to ignore, so we bought some. Importantly, outside of that one small buy, we haven't sold, we haven't bought. Sometimes you're in a quandary, we're in a quandary. We never stopped researching, and I can tell you this. First, there's so much oil trapped in the Permian and oil prices are still so low that Magellan midstream is in the driver's seat. I think barring a gigantic decline in oil you know that MMP is bottom. Simrex, what can I say? Down 26 cents today, but as I told you last go-around, it had the single best quarter of any oil company. See, we did all this homework and it still didn't produce gains. That is gonna happen at times. But this company did produce the most oil for the least amount of money. It's leaf fogged over EOPG and Pioneer as the fair-haired boy in the patch. What am I gonna do, though? We own a lot. Slumberjay's going up because oil refuses to crater. It's too good a company to turn your back on. I think it, too, has bottom. It's only up 34 cents. Remember, I think oil's gonna have a lid here. Maybe it goes back down. It's not where I wanna sell it. It's just not. All right, let's talk about Apache, which I've done more work on and have spoken to management. And I think I've done, again, sometimes your work doesn't get the job done. It's the most painful stock in the portfolio. I believe it has bottom, too. Barring an unlikely plummet through 40 for oil. I am saying this. I'm saying I think it's bottom. If we did not own so much of Apache, I would buy some here. I really would, which is why on this call, I'm taking it from a three, which means don't buy two or two, okay? It's gotten down to low. I have enough faith and imagined to believe that there really is a huge fine in their Alpine high formation and it is not all natural gas liquids. I think it's really good. Apache at 42, if I own none, I'd buy some here. And then if it went below 40, I'd buy more. We own so much. We can't do a thing. All right, how about GE? All right, this is one of the toughest stocks I've ever had to deal with. And I don't like tough when it comes to stocks. The reason it's tough, because GE's no longer run by Jeff Immelt. It's run by John Flannery, whom I've met. I think he's gonna be doing a very good job. Previous management destroyed a lot of value here. My take is that it's too low to sell. But I can't count and it's buying it until John tells us more about what he intends to do with the company. I say that because John is no longer saying the dividend is in violent. He's changed the language. He's simply saying it's a firm priority. If GE cuts the dividend, I do not know how the stock stays in the 20s. So here's what I am going to do. I'm gonna hold on to it, but take it down to a two, pending more visibility as to what Flannery intends to do on the dividend. Remember, I tell you what I'm doing here. The mutual funds that own it, it's owned by mutual, they're never gonna tell you a thing. I tell you I made a mistake. Because it's a club. And if we don't tell you how I really feel, then I think, well, what's the point? All right, it's bad break. They're gonna be bad breaks in this business. But speaking of bad breaks, how about Newell? What can I say? We sold a lot much higher. We had a decent win, but we kept some. That was a mistake. But you would have had to see in Hurricane Harvey coming to know it would go all that bad. All that resin you see in Rubbermaid, the products, it's made right there. Factories went offline. Plus the sales channel's been having trouble itself. Something we've talked about before when we downgraded the stock to a three to urge you not to buy it. My take, if it goes below 42, and it's at 43.60 right now, I'm gonna pick. Because that'll only be valued at 14 times earnings. That's too cheap, even though the company post the Jardin acquisition has had a more difficult time. Remember, they saw a lot into the sporting goods channel which is bad. I now believe it's no longer as good as it was when the company before had bought Jardin. At least not yet. So Jardin, Newell, GE, Apache, very tough situations. Now finally, many of you have asked about Allergan. I totally get it. What a disappointment. Ever since the aborted Pfizer bid, we've owned this for a long time. And I have sat down with management every single quarter. The company made a move to shield some of its key patents worth about 10% of its revenues by tying in with an Indian tribe to make them beyond the reach of US law for patent trolls. Not for all, because there's still a court case involving. Hey, it's a clever move, but it does say that the attacks on restasis, that's the dry-eyed drug from generic companies may have more substance than we thought. I'm surprised the stock went up because some people think it was an act of desperation. Either way, the company stock trades well below its growth rate. We'd be buyers at anything through that goes through, if it goes below 220, it's at 225. Again, at 226 right now, it's painful, but it sells at such a low multiple and it's just not correct. But I gotta wait, I gotta wait until people understand that the restasis, even if there was generic competition, the stock doesn't blow this low, I'm gonna just stay on it. That's all I can do is stay on it, continually meeting with Brent Saunders, getting to know the cool scope, the new product, really staying close to their migraine product, which I think is revolutionary, staying close to their product that they have for central nervous system, but it really is for depression. It's a brand new product. It was in the cover of Time Magazine. I'm not giving up on Allergan. I wanna buy more if it breaks here.