FULL TRANSCRIPT
Slava Rubin (00:00)
In this episode of Smart Humans, we talk with me. I'm the guest and we actually have a guest podcast lead, which is Eric Cantor, the CEO of Vincent. I talk about my perspectives on the market. It's actually my second time doing it. I give you lots of picks from pre-IPO, crypto and beyond, talk about the economy, where I think you have an opportunity to make some money and where you should avoid.
Eric Cantor (00:51)
Slava Rubin welcome to Smart Humans.
Slava Rubin (00:54)
Thank you, excited to be on the show.
Eric Cantor (00:57)
Well, we're actually having you back for the second time. It's exciting because usually you are asking investment thought leaders on what makes them tick, how they operate, what their predictions are. Today for the second time, 18 months ago was the first time we get to ask you those questions as well as updating what you told us last time. So it's a different spot in the market. Why don't we start with where we were and where we are? When we talk
in the end of 2024, you had a few things that you were predicting. One is that 2025 would be a good economy year, but that stock returns would be down a little bit. You also thought we were going to get 200 bips of Fed cuts last year. A lot of people did. And I think generally that was right on. Any thoughts or updates on your economic outlook?
Slava Rubin (01:46)
My economic outlook. I'm actually still pretty bullish. I think there might be some choppiness in the near term, i.e. into election season. But I still think we're shaping up for an OK economy. I think that it is K-shaped, which is a problem for specific people. But as a macro, I think the economy and the stock market will continue to
do well, think that the ⁓ whole SpaceX, Anthropic, OpenAI and all this kind of pent up demand of IPO liquidity will be very interesting and will inflate some of the numbers in a good way. But I do think that there is somewhat of an AI bubble that needs to be released. That doesn't mean that Anthropic is going to go down, but rather not all companies can be getting the benefit. But in general, I'm still bullish.
Eric Cantor (02:40)
couple of questions following off what you just said. can you just explain K-shaped for our audience here just to make sure we're all on the same page?
Slava Rubin (02:48)
Yeah, so some of the folks who are doing better with their net worth and in their like salaries and kind of their asset ownership, they're kind of going up with inflation and they're going up as their assets are doing well. So they're improving in their lives. Some other folks that have less money, lower jobs, lower paying jobs, less assets. And that's a big point here.
They own less assets. They're really day to day trying to make enough money to feed themselves, put their kids clothes on and such. They are struggling as inflation is going up, prices are going up, and it's difficult for them to get savings and get assets. So the lack of asset ownership is having them go down in the K as opposed to go up in the K.
Eric Cantor (03:39)
Let's dig into your picks. The other point I want to make is about the IPO market, but we'll get there in a second. you told us 18 months ago that CrowdStrike was a good buy. I think it's been up something like, I mean, it was low at the time because we just had that massive security outage that one day that crashed the whole internet. I think we're at about $300 a share on CrowdStrike, which is like a
75 billion dollar market cap and we've about doubled since then, 620 or so today. You were thinking trillion dollar market cap. Are we still bullish on CrowdStrike?
Slava Rubin (04:12)
Yes, I'm trillion dollars not in one year. I'm trillion dollars a decade out. So I am still bullish. I'm slightly less bullish with how aggressively Anthropic is growing and how strong Anthropic cyber defense capabilities could be. But I still think there's got to be some strong standalone cyber companies. And I think CrowdStrike is my pick. Yeah, I I thought there was an opportunity when they had that fumble where prices really went down.
And that's when I suggested coming in at around 300. I actually came in before that. And yeah, now it's trading over 600. It's not exactly cheap today, but I'm still very long.
Eric Cantor (04:51)
Public stuff tends to oversell like that. So you get those moments of real, you know, way below what a fair price is. Your other public pick... ⁓
Slava Rubin (04:58)
I have those picks for
later in the discussion. I have an oversold pick later in our conversation.
Eric Cantor (05:02)
Can't wait.
can't wait. Got my app out ready to trade. The other public pick you had was Watsco, which is an HVAC company. I think that was around $480, $500 at the time and now it's actually lower, which is interesting because the overall market's been up and HVAC seems like a good sector. Where did that one go off course?
Slava Rubin (05:28)
So I'm actually directly connected to Watsco, so definitely a fan there. I do think that it's oversold. I do think HVAC is one of those spaces that is not going to go away. A major portion of electricity usage and energy consumption is in the home. Most people think it's cars, but it's actually the HVAC usage is massive for air conditioning specifically. They're just 800 pound gorilla and continue to grow.
I do think they're oversold. would consider for folks that want a more dividend oriented stable grower year after year for the last many decades. I think it's an interesting company. But yes, my pick versus 18 months ago, they were trading at a premium and have come down.
Eric Cantor (06:11)
I mean to be fair we asked you for three years out so you might still end up on the right side of that one. Getting into the more juicy stuff that our audience really focuses on the private markets. Let's talk IPO so SpaceX you made that call as well. I think we're at like 200 billion there. The last round was 180 last round was 800. So that's a 5x for four and half x. And now we're looking at a one point.
Slava Rubin (06:27)
180.
No, no, last round is
1.25, the acquisition.
Eric Cantor (06:41)
Got it. Right. On the acquisition of XAI, the evaluation is around 1.25 and we're looking at a $1.75 trillion IPO, which we're supposed to see at Prospectus today for June 12th. So that one's been in fuego. ⁓ Are you selling it to the IPO or are you holding?
Slava Rubin (06:41)
the acquisition of XAI.
That's a 10-bagger.
I am probably going to hold, I mean, I'm going to not be able to sell at the day of the IPO because I will be locked up, but assuming I could sell, I potentially would sell some of the bump because I think there's going to be some IPO pop given all the retail demand. but I think the company can continue to grow. I think it's going to be a high valuation. So, I'm still a fan for a decade out. No questions asked.
Eric Cantor (07:18)
Mm-hmm.
Slava Rubin (07:29)
But I think you might see some choppiness for a year or so.
Eric Cantor (07:36)
So for individual folks like me, like someone who doesn't have any direct investment and doesn't have any ability to get an IPO, how do you think we play that one? Do we sit there on day one chasing market orders or do we wait a little bit and maybe get a better offer?
Slava Rubin (07:51)
I think it's
going be very hard to trade it because I think right away it's going to become very expensive and I think it's going be overvalued. So then the question is going to be how do you make money? I think at some point people are going to get bored of trading it and it's going to just go down and there's going be some negative story and it'll come down to let's call it some reasonable price and I think you should DCA into that reasonable price and hold for 10 years and I think you can get another
Eric Cantor (08:00)
you
.
Slava Rubin (08:21)
three to five X in a decade.
Eric Cantor (08:23)
can't wait to find out what reasonable means in this context. Let's shift to...
Slava Rubin (08:26)
But I think there
will be a lot of volatility. I just don't know how to trade up all to it.
Eric Cantor (08:32)
understand. Let's shift to the asset that we've gotten as a pick the most times of any on this show, as you've asked different leaders and we've seen it climb up. So Bitcoin, you talked about Bitcoin, you talked about L1s at the time we spoke, I think it was around 67k. It's been up to 125. It's around 77. So we're up 15%. You talked about ETH as well in Solana, but this 98 % is schlock.
Comment on crypto, Bitcoin being the 1%, is that still where you're at? Still like the position?
Slava Rubin (09:05)
Absolutely. Absolutely. I might
have raised my percentage to 99 % the schlock. So there's only maybe 20 maximum 50 tokens, but really 20 that you should be considering as a normal investor unless you want to do gambling and Bitcoin being at the lead of the pack there and yes, L1s. But I think that Bitcoin is still totally huddling. You would have made
15 % with me, which is not that much, but I still think it's on a path to a million in 2037.
Eric Cantor (09:41)
Right. Let's zoom out a little bit. Just you touched on this, but a little more detail. You know, we've got a different market now. We have tariffs. We have Iran tensions. We've got the Fed not delivering those cuts you thought were coming. Where do you think we are? Bullish or bearish? And we talked about a soft landing, which I think is old news now. But what kind of landing are you expecting here?
Slava Rubin (10:04)
I mean, it was a total soft landing, right? The economy has been in general incredible. I would say what's changed a lot in the last 18 months is how much AI has really taken the narrative over. So it was a little bit of a discussion point. Now, you know, the real conversation is what is the impact on jobs, right? Is there going to be massive unemployment or not? Now you have these geopolitical tensions that have blown up significantly and having serious impact on inflation.
Eric Cantor (10:07)
Mm-hmm.
you
Slava Rubin (10:32)
All of that while you have the stock market doing exceptionally well, hitting all time highs in the economy, doing generically quite well. So I think this is setting up for some choppiness in the near term. We just got the change for Fed Chairman. It's going to be interesting to see what happens there. I don't think it's going to be just a quick run on cuts. Quite the opposite. You know, we've got to see if the market is going to be heating up too fast. So
I don't really expect there to be a bunch of cuts coming anytime soon. But in general, I am bullish. I do think that unemployment numbers might continue to tweak up, but I'm not in the camp of some massive exodus of jobs and everybody being unemployed 12 months from now because AI has taken everybody's job. So that's kind of my high level point of view. I think that the stock market itself probably overvalued and
deserves a little bit of a pullback and taking a little bit of a breather, but you got to be careful where you take that money from because some companies are going to continue to fly while others I think will pull back. So it's really about stock picking.
Eric Cantor (11:43)
A quick three measures 12 months from now. Interest rate up, down, flat.
Slava Rubin (11:48)
12 months from now.
pretty flat to a little, pretty flat to maybe a little bit down.
Eric Cantor (11:52)
S &P, up down flat.
Slava Rubin (11:54)
12 months from now.
up less than 10%. So not the best investment.
Eric Cantor (12:01)
Got it. And inflation, up down, flat.
Slava Rubin (12:04)
up, up,
Eric Cantor (12:07)
So let's double click on this general approach you outline and think, what are you doing about this yourself? So maybe just reviewing from last time or if there's updates, how are you allocating your net worth, both like publics and privates and then in the private world, like kind of how did that break down and has that changed given what you just shared?
Slava Rubin (12:27)
So it's changed a little bit. mean, I'm always very much into pre IPO, very much into aggressive investing. I mentioned this before, but I love binary outcomes where maybe I'll go down to zero. But if I'm right, I could 10 X or a hundred X. I just love that a lot more than slow and steadies. What I have done is diversified a bit, especially with my inflation concerns and dollar debasement concerns around debt. I have
Eric Cantor (12:43)
That's all me.
Slava Rubin (12:53)
gone more into gold and I do think Bitcoin is a good investment there as well. But I diversified between Bitcoin and gold as part of that investment strategy. So yeah, think gold actually today is a pretty decent investment. It's actually had a nice pullback from like 440 if not even higher before that down to 400. So my opinion is at 400 it's a nice entry point. And as inflation continues and as debt
Eric Cantor (13:09)
it.
Slava Rubin (13:22)
continues to be an issue and dollar debasement. think that, you know, gold is interesting and that's part of my diversification.
Eric Cantor (13:30)
So today's allocation for you, public private, what are the percentages? Or maybe I guess stocks, bonds, alternatives.
Slava Rubin (13:36)
Bonds are zero, alternatives are very high. I don't know the exact number, but I'll say my public equities is a third and my privates are, my alternatives are two thirds and my alternatives are two thirds pre IPO, one third crypto with a sprinkling of collectibles.
No real real estate, no real debt, no real private.
Eric Cantor (14:05)
And you're active
in these markets. You're the chairman of Vincent. You're the founder of Nillion, co-founder of Nillion and Vincent. You're the founder and GP at Humbition. So what are you seeing in the market as you're, you know, in your day-to-day? What's happening that's exciting, interesting, any like secular, smaller trends that you want to touch on?
Slava Rubin (14:27)
Yeah, I mean, with my day job, I'm running Humbition, which is an early stage fund into deep tech. So I'm putting first money into like robotics, AI, defense space. I do think that what used to be an obvious investment, which was a SaaS investment five, 10 years ago into an interesting software company trying to service enterprises is getting totally destroyed, totally destroyed. And you're seeing all of these investments now needing more than just some software because just doing some software.
is kind of been commoditized so much by these Vibe Coding companies and these LLMs. So Anthropic, OpenAI, Cursor, Replit, et cetera. So you really need to have differentiation, which is really creating this opportunity for this nerdy deep tech in space, in robotics, in defense and such. So I think you're seeing a lot more opportunities that used to be completely ignored, now becoming much more normalized. Semiconductors, chips, silicon.
No one would touch this stuff. And this is becoming much more normal, which I think is a huge, huge, huge shift from a few years ago. I still see a ton of interest in first money in. They're almost like lottery tickets. What used to be a nice billion dollar outcome. Now people want $10 billion outcomes to be normalized, especially when you see companies like OpenAI, Anthropic, et cetera, now easily crossing $10 billion.
Now they're crossing a hundred billion dollars, if not a trillion dollars. So $10 billion outcomes are just now becoming much more normalized to look out for. So I think you're seeing a ton of chasing into the early stage, super early. And I think there's a lot of excitement about all these pre IPO companies, given all the kind of IPO hype and demand. The hardest opportunity is to find the A round or the B round company, because those are very difficult to underwrite because they're still early. So they have a ton of risk.
but they're coming in to be quite expensive. So they're hard to try to find one of those companies that you really like or to get funded.
Eric Cantor (16:24)
Makes sense. So you talked about SaaS and cloud, which was like really dominated the last 10 years before the AI trade came into force. mean, what happens to all those companies? I there's probably, I don't know, $1,500 billion companies in private markets that have raised B rounds, D rounds, F rounds. Are they acquisition targets? they?
just waiting for interest rates to go down? where do those companies net out and how does that impact just the overall venture ecosystem?
Slava Rubin (16:57)
That's a great question. Definitely some people, the milk has expired, meaning they should have got out and exited a while back and they're going to be sad that they didn't exit. Some are going to evolve and become more AI native and they're just going to nail it and crush it. And others I think are just going to sell to PE and they're going to live a completely different four factor.
Eric Cantor (17:06)
Thank
Slava Rubin (17:21)
I would not be surprised if you don't find some of these massive entities start buying some of these SaaS oriented companies to get the ⁓ commercial relationships. I wouldn't be surprised if that's just a use of equity to acquire some of that enterprise. So perfect example, I don't know anything and I'm not an insider, but OpenAI is struggling with their enterprise business.
Right. And Anthropic is obviously showing that there's a ton of money to be made in the enterprise AI business. So maybe they acquire some enterprise SaaS companies that already have some relationships just to be able to backdoor and accelerate the commercial relationships. But yeah, I mean, I think not all SaaS companies will survive. That's for sure.
Eric Cantor (18:03)
Thanks.
So to stay current like in a moment like this and a lot of things are shifting, let's touch base on what content sources you're looking at reading, how you're getting so well informed. You mentioned last time we spoke, think CNBC, Fast Money, Twitter, X now. That time it was probably called Twitter. Some newsletters, Outlive, which is one of the sources around longevity, which you said you're interested in. What are you consuming today?
Slava Rubin (18:36)
Sadly, in 18 months, I haven't changed that much. The only big difference is now I'm asking a lot more questions about the content I'm reading on these sources to Anthropic, to Claude. And now I'm interacting with Claude to double click on my ideas and my thoughts to kind of round out my thinking. So it's almost like I have another thought partner to think through ideas with as opposed to just doing it in my own head when I'm, you know,
processing this information through those sources. So the sources haven't really changed that much. Maybe, I don't know if I mentioned this last time, but I'm still massively curious, love the IRL in real life, interacting with people, trying to go to events, always trying to nerd out and to learn stuff. And that's also a great source.
Eric Cantor (19:21)
Do find X more or less useful than it was back in the day?
Slava Rubin (19:27)
I find X less useful than back in the day comparatively. I find LinkedIn more useful than it was back in the day.
Eric Cantor (19:37)
interesting. So
Slava Rubin (19:38)
I
would say my LinkedIn consumption has gone up in the last 18 months. Well, definitely it's gone up over the last five years.
Eric Cantor (19:44)
With all this being said, let's.
Good to know. All this being said, let's give our audience what they came here for, which is really, you know, what are your picks for three years out from now? And let's do a private market pick. Let's do a public market pick and let's just find out your reasoning on why for each one.
Slava Rubin (20:05)
All right, so I'll go with some public markets first. So I actually have a few at different stages of size. So my first one is going to be Alphabet. This might seem like a silly one because it's already worth four and a half trillion dollars and has had a massive run. But I'm a huge Alphabet fan. I think it's actually underappreciated.
which is hard to say since it's the second most valuable company in the world. But I think it has killer assets. I remember listening to an incredible investor, I won't name the name, two years ago at a very big conference, that person put a lot of money into OpenAI and that person was super shit talking Google, saying that the search regime at Google and Alphabet is over. They're about to get crushed. OpenAI is taking it over. Google was down significantly.
If you came in at that point two years ago, you're up 4x on Google, 2x even in the last year. I think they have Search crushing it. Gemini, they've done incredible with distribution. They have Waymo, they have YouTube, they have Apptronik they are in SpaceX. I think they are undervalued, period, full stop. I think they might be the first company that becomes $10 trillion. So I know Nvidia is the obvious one. I think they have more assets.
I think it's the best of the big names. Not to say I'm anti-Amazon or Nvidia, not at all. I just think that ⁓ that is the best one of the Mag-7. I like Axon. This is the one I hinted at before. Axon is actually the original inventors of the Taser Gun. They also created the cameras that police all wear that then automatically transcript
Eric Cantor (21:30)
Thank
Slava Rubin (21:47)
transcribe all of the information that happens at a police stop. They now are getting into drones and drone defense. I think they're staying super innovative and they're sold off over 50%. So this is kind of my CrowdStrike V2 oversold and is going to double in the next 18 months. That is excellent. And I think it has a trillion dollar potential in a decade as well. My next one, which most people probably don't know is Hut 8. Hut 8 originally started as a Bitcoin miner.
Eric Cantor (22:01)
Mm-hmm.
Slava Rubin (22:16)
⁓ They're trading at around 10 billion. They've gone up 5X in the last year, so easily expensive, but they've done kind of like a core weave pivot, which is move much more into AI, not so much as a cloud provider, but really providing the compute, sorry, the electricity and the power needed for AI. So I think HUT8 has the potential to be a multi-bagger as well. So those are all three publics, Alphabet, Axon, and HUT8.
Eric Cantor (22:30)
Finished? Finished?
Slava Rubin (22:42)
⁓ Some others I mentioned gold already. So let's ignore that one. I think anthropic I'm sorry. This is so obvious. I've mentioned anthropic before But I think anthropic will easily be a five trillion dollar company Easily and I know that is a crazy thing to say but you know, they already have over 40 billion dollars of revenue They're going to hit q1 next year in my opinion over a hundred billion dollars of revenue
Eric Cantor (22:50)
Ha!
for.
Slava Rubin (23:09)
So a trillion on 100 billion is only 10x. So I think they actually hit over 200 billion by 28. So three years out, they're gonna be doing 250 billion, just 20x of that. That is a $5 trillion company. I know it sounds bold. I don't actually think it's bold. I think it's gonna be a top six company three years out without a doubt. And if you wanna be super crazy, it might be the most valuable company in the world.
within five years. another one is Waymo. Waymo is just impossible to get into. Super expensive, but I do think it has potential to be a great returner. I do think autonomous driving is incredible. And I think that anybody has an opportunity to get in, they should try to get into it. And my final one that most people won't know, but is a crypto trade, in my opinion, at the top 20 is Zcash. So Zcash,
Eric Cantor (24:04)
Thank
Slava Rubin (24:04)
super
interesting building a little bit on the original play for Bitcoin, which is trying to have a little bit more of anonymous, a little bit more of like a hidden way to be able to move your money. But the reality is Bitcoin is totally transparent as to how it kind of trades on the blocks. And if you just take Bitcoin and you were to fork it and just try to add a privacy layer on top of it, that's exactly what Zcash is. And Zcash is on fire.
I'm sorry I'm providing it today because it is expensive at $600. It was just at 300 literally a few weeks ago. It was just one fifth of that a year before that. But it's trading at like 10 billion of market cap. And obviously Bitcoin is trading at much higher market cap. So if you just think about it as exactly Bitcoin but with privacy.
⁓ I think it has an opportunity to become a nice chunk of Bitcoin market cap. If that's going to happen, Zcash can go up quite a bit.
Eric Cantor (24:58)
Mm-hmm.
Alright, we got a few picks there. You have all, you hold all of those. Just to make sure we...
Slava Rubin (25:11)
Yes, the only one I don't
hold is Waymo, sadly.
Eric Cantor (25:17)
but you'd like to. ⁓
Slava Rubin (25:19)
Yes,
if anybody wants to get me some Waymo, I'm happy to buy. But yeah, I was lucky enough to get into Anthropic quite early and yes, I'm in all of these.
Eric Cantor (25:28)
Does, I mean, is there a company out there that you haven't mentioned that you think could be like, let's call it the next SpaceX? I the next, I mean, sort of touching that throttle, let's put that one aside, maybe something a little earlier that you think has potential to 10X and 10X again.
Slava Rubin (25:41)
Well, how early do you want to
go? Well, think everything I mentioned to you can 10x. But Anduril is an easy name to say, you know, it's at 60 billion right now. Can it become 600 billion? Absolutely. I didn't put it here, but it definitely can be there. It all depends how early. mean, HUT8 is under 10 billion in market cap. ZEC is, you know, Zcash is quite low as well. Can Zcash become 100 billion? Absolutely. Can HUT8
Eric Cantor (25:45)
Okay.
Slava Rubin (26:10)
come 100 billion? could. Axon can definitely, you know, it's right now at 35 billion. So if you reach a trillion from 35 billion, that's over a 30 bagger. So I don't know how early you wanted me to be.
Eric Cantor (26:23)
I think things that people have heard of and can access on private markets, not some startup that just raised its first million dollars.
Slava Rubin (26:30)
I mean, like the Stripes and the Databricks and all these, these are all very obvious and all good picks. I mean, I think something that's a bit cheaper that I think could have a nice run Waymo style is Apptronik Apptronik is robotics trading at like 5 billion. You know, you have figure trading at like 40 billion and you have optimist inside of Tesla. I think that if Apptronik is able to gain momentum through distribution through
Google and Alphabet, I think it could have a Waymo style, a run as well. mean, people didn't expect Waymo to become Waymo. Then all of sudden it raised at 128 billion. So I think Apptronik could be that and you could invest in Apptronik much easier than you could invest in Waymo these days.
Eric Cantor (27:13)
So maybe alternative pick, you said you follow the longevity space. That market has changed a lot in the last couple of years. We see everybody going around town on these weight loss drugs that seem to be very effective. Do you have a pick for a new weight loss tactic or technology or thought leader that you think we should be paying attention to?
Slava Rubin (27:34)
Ooh.
I mean, obviously everybody loves peptides. I'm sorry, I can't, I'm not super knowledgeable about all of that, but I do think people should A, get their calcium score done earlier than they think, because you might think that you have good cholesterol, but it's not until you get your calcium score done will you know. And then there's this interesting test called CLEARLY, which actually uses a different analysis to come up with a calcium score that's much more sophisticated.
that people should get their clearly test done.
Eric Cantor (28:04)
He tells what a calcium score is for those who don't know.
Slava Rubin (28:07)
Yeah, so calcium, it builds up in your arteries around your heart. So you should have zero, that'd be great. And if your number is high, it means you have a bunch of calcium that's hardened. And by hardening, it means that you're more likely to have a heart attack because the blood isn't able to get through all the arteries and such. the higher your calcium score, the scarier it is. So you want a low calcium score and you don't want to have a lot of hardened calcium around your heart.
Eric Cantor (28:38)
sounds important. We're going to wrap up. We've learned a lot here. Let me just close with the same question I asked you.
Slava Rubin (28:42)
I
would say if you're in your 30s, you should already be testing this because it sneaks up on people and you might find that it's already too late. So you should be doing it in advance of needing to do it. So really by the time you're 45 or 50, 100 % you should be doing this. But I would suggest you do it if you're 30 or older so you can get ahead of it.
Eric Cantor (29:00)
Calcium tests, got it. Might be the most valuable pick of all. ⁓ Let's close with a question since I'm trying to fill your big shoes. What should I have asked you that I didn't in this discussion?
Slava Rubin (29:02)
and clearly.
There you go.
You did great.
Eric Cantor (29:18)
Amazing. So we learned a lot about Slava Rubin's production function. We talked about the fact that inflation is going to be up, interest rates flat to down, market churning but slightly up. We heard some great insights on the market. We got some picks including Alphabet, including Waymo, and including, what was that crypto, Zcash, the privacy coin.
We also found out a lot of the prior picks still have convictions, so that's good, because we're only 18 months in. And we found out Slava thinks that ⁓ X has gotten less useful as a source. So we've gotten a lot out of this. We appreciate you. Appreciate everything you do for the show. And thanks for the time today.
Slava Rubin (29:58)
Thank you, awesome.
Eric Cantor (29:59)
Have a great day.
