We’ll start building our “buy” list with D.R. Horton (DHI).

D.R. Horton is America’s largest homebuilder. And has been the largest since 2002.

The company built its first home in 1978 when founder, Donald Horton, set out to build and sell homes his way.

Before founding his company Mr. Horton was selling homes for another builder. And he quickly became frustrated losing potential sales because the builder wouldn’t make custom alterations for clients - this was Horton’s opportunity.

D.R. Horton found success allowing customers to customize standardized homes. And did so without losing profit margins by building within a standard system allowing for customer preferences.

Essentially Mr. Horton created his own market within the industry.

At the time homebuyers really had two options: buying new homes. They have one custom built. Or they bought a standardized home, or “cookie cutter”, home. These homes were what you see is what you get with very little wiggle room for alterations.

And Horton’s approach resonated with customers.

Horton built his first home in 1978. Then 20 homes in 1978. Then 80 in 1979…

In total the company has built over 1.1 million homes. And have done so largely sticking to its founder’s framework - giving buyers the ability to make their new house a home through personalization.

This is why I chose to profile D.R. Horton first. It's the pioneer of the customizable standardized homebuilding market.

And a company that's withstood the test of time.

Since going public in 1992 D.R. Horton's share price is up over 7,500%.

It's unlikely we'll see this type of performance over the next 30+ years - but I'll gladly be wrong if we do.

Importantly, I expect D.R. Horton to continue being a leading player in the industry.

It’s a company worth investing in, just at the right price. By the end of this post, I hope I've presented my case why it could have a place in our portfolios.

For new readers, or if we would like a refresher, in a previous post I wrote at length the general investment thesis for homebuilders.

There we can find key themes benefiting homebuilders. To save ink and time I largely will not repeat in detail, or at all, the tailwinds working for D.R. Horton. We will be inundated with enough information without it 😳.

I know we want to know at what price is D.R. Horton a buy? We'll get there.

First let's get a better understanding of this future opportunity.

I'll be breaking down this profile into the following sections:

• General overview

• What makes D.R. Horton interesting

• Walking through the financial statements and providing key metrics (I'll try not to go too far in the weeds)

• Future Guidance from the company and my own expectations

• Specific risks and concerns

• High level competitor comparison

• Valuation

So, let's get started. And to note from here on I'll mostly be using D.R. Horton’s ticket symbol, DHI, instead of its full name.

Getting to Know D.R. Horton (DHI)

Like I mentioned above, DHI is America's largest homebuilder.

During its 2024 fiscal year ending September 30, it closed on 93,660 homes, equaling almost 14% of total single-family (SF) new home sales.

About one out of seven new SF homes built in the U.S. is built by DHI.

Source: DHI Q4 FY 2024 Investor Presentation

It accomplishes this by operating in 125 markets across 36 states.

And to support these markets DHI currently has 92 operational divisions with local management teams throughout the U.S.

Decision-makers are active in their market, not in a far off headquarter, enabling them to better understand their customers.

Source: DHI Q1 FY 2025 Investor Presentation

Selling SF homes in these markets generates 86% of the company's total revenue.

And does so by targeting a range of customers.

Source: DHI Q1 FY 2025 Investor Presentation

DHI sells several series of homes based on customer needs and preferences described in the slide above.

These are:

• Traditional - Homes built with “emphasis on value and trust.” And more so fall in the “move-up” category of homes.

• Express - “Entry-level” homes. Express focuses on first-time home buyers and affordability.

• Emerald - This is DHI’s luxury series offering elevated floorplans, design options, and overall higher-end.

• Freedom - low-maintenance homes with floor plans and designs specific to 55+ communities.

This wraps up the high-level overview of DHI. Having 86% of revenue coming from SF sales it's the most important factor in assessing the company.

However, its beneficial to understand DHI’s additional operating segments:

• Homebuilding of non-single-family homes like: townhomes, duplex, and triplexes.

• Rental Operations: The construction, rental, and sale of SF and multi-family (MF) rental homes. For SF homes this segment generally builds, leases, and then bulk sells a community of homes. MF focuses on constructing garden style apartment communities in high growth suburban markets.

  • To note, rental income is stashed in “other income” as it’s recognized in the leasing up of communities before selling. DHI aims to sell rentals, not own to rent.

• Forestar: DHI owns 62% of the outstanding shares of Forestar Group, a publicly traded residential lot development company with the ticker (FOR). Forestar develops lots then sells them to DHI.

  • Note: Forestar operates on its own. It’s independent of DHI. Its performance flows into DHI’s financials because of accounting principles. It’s easiest to think of Forestar as a strategic investment, not an operational driver (outside of lots).

• Financial Services: Here DHI provides mortgage financing and title agency services to homebuyers in much of their homebuilding operating markets.

  • During 2024 DHI Mortgage provided mortgage financing for 78% of homes closed.

  • It’s not a major revenue driver, but it’s a major facilitator of value.

  • DHI Mortgage sells the loans after origination.

• Other Business Activities: I’m only including this because I'm an analyst and feel compelled to. This is the catch all for auxiliary operations that support the company like insurance related operations, water rights, and a ranch. (I’ll talk more on the ranch later.)

Here is how the revenue breakdown looks: (Eliminations is an accounting mechanism)

Source: DHI FY2024 Annual Report

Now onto our next section.

What Makes D.R. Horton Interesting

I'm a fan of investing in companies with high insider ownership.

DHI checks this box.

The Horton family owns 8.5% of the company through the Horton Family Limited Partnership.

8.5% is substantial for a company with a $41.5 billion market cap.

This means the company will do what's best for long-term value creation.

And will focus on sensible capital allocation balancing investing for future growth while returning capital to investors.

I'll dig into capital allocation in a second.

It's notable that DHI has consistently paid a dividend since 1997.

Even during the Great Financial Crisis, it had the ability to do so.

Then homebuilders got crushed.

Nearly half went out of business, we can see this in the chart below from the National Association of Home Builders (NAHB).

Source: NAHB

While builders were shuttering operations, DHI kept its geographic footprint. By doing so I believe DHI built sustaining goodwill with subcontractors and local markets during this time.

In the aftermath DHI made the decision to really target first time homebuyers and build affordable homes, launching the express series in 2014.

Express homes quickly became a sales driver. By 2016 29% of DHI’s closings came from these affordable homes. And today roughly 50% of closings fall into the affordable camp.

What’s more is building more affordable homes opened up the company's customer base, but DHI didn't compromise quality.

To achieve quality and affordability DHI became more asset light.

Historically the company bought land for development. Meaning they carried both land inventory and the corresponding debt.

To mitigate the risk of holding potential unprofitable land DHI transitioned to owning the rights to buy land though a “land option contract.”

Here DHI pays landowners a fee to own the rights to buy the land within a specific period of time. This gives DHI the option, but no obligation, to buy land if after due diligence it proves a good investment.

To note, the use of land rights is fairly ubiquitous amongst public homebuilders. However, DHI is above average in utilizing them.

And we can see how more efficient DHI has become since 2005 in becoming asset light.

This strategy has been integral to DHI improving its financial position by carrying less debt.

Source: DHI Q1 FY2025 Investor Presentation

Being asset light with a focus on managing debt DHI is able to return cash to shareholders’ while generating returns above industry standards (we’ll see this after a couple charts).

Source: DHI Q1 FY2025 Investor Presentation

I'm also a fan of companies buying back shares.

By reducing share count each remaining share gets a higher share of earnings, making them more valuable. Since 2018 DHI has decreased its outstanding shares by 51 million.

To boot, investors receive a greater share of dividend payouts. Management is projecting returning $500 million to investors through dividends during 2025, nearly double the amount paid in 2020.

And we can see below how DHI compares to its peers on returns.

Source: DHI Q1 FY2025 Investor Presentation

I expect DHI will continue performing at a high-level.

A key reason is its low use of debt, evident in the company’s debt-to-equity ratio.

Formula:

Lower the ratio, lower the reliance on debt to fuel operations.

DHI’s debt-to-equity is now 0.2 compared to 0.62 in 2015. Shareholder equity is vastly outpacing debt.

And compared to its peers DHI is utilizing less leverage. The average debt-to-equity ratio for a basket of 10 peers, the same 10 for comparing return on equity and return on equity above, is currently 0.34 - about 75% higher.

As well, the maturities on the debt DHI does have is very manageable.

Source: DHI Q1 FY2025 Investor Presentation

Low leverage is very interesting to me. It allows companies to sustain a wide range of outcomes.

A highly levered company can fall into ruin by even a small downturn. While one with low leverage can absorb rough patches because it doesn’t have creditors knocking on its door.

Bill Wheat, D.R. Horton’s Executive VP and CFO spoke to benefits of low leverage during the company’s most recent earnings call. Then he said:

We have a strong balance sheet with low leverage and strong liquidity, which provides us with significant financial flexibility to adapt to changing market conditions and opportunities.

This type of management comes from knowing how to operate through calamity. DHI survived the GFC, which was a massive blow to homebuilders. And it did so while keeping its national footprint.

Now the company is leaner, more efficient, and in better shape to take on the unknowing. Short of an asteroid, DHI is here to thrive.

We can see how DHI’s improved business model now enables it to more efficiently utilize its assets compared to its peer group.

Efficiency is something I look for in a company. It can be a sign of durable outperformance and profitable growth.

We saw this looking at its return-on-assets (ROA) above.

ROA looks at income generation compared to assets on the balance sheet. The higher the ROA, the better assets are used for generating income.

Formula:

A key to DHI’s superior performance is its ability to quickly build homes or shorten the “construction cycle.” CEO Paul Romanowski saw DHI continuing to shorten this cycle during the most recent earnings call:

For homes closed in the first quarter, our construction cycle times improved a few days from the fourth quarter and approximately three weeks from a year ago.

Our improved cycle times position us to turn our housing inventory in 2025, and we will continue to manage our homes in inventory and starts based on market conditions.

This keeps less cash tied up in the construction process. Enabling them to redeploy cash into more builds.

And in part of being asset-light DHI is carrying less inventory on their balance -improving ROA.

We can see this in DHI’s inventory turn - which Mr. Romanowski mentioned. This shows how many times a company sells its inventory. Again, it measures efficiency.

Formula:

Source: DHI Q1 FY2025 Investor Presentation

Longer inventory turns shows assets are sitting stagnant on the balance sheet. The longer inventory sits idle the greater risk of loss of value.

As well, can demonstrate a company isn't in tune with their customer demands, market, or industry.

We can see DHI is improving inventory turns. And it's forecasting to continue to do so this year. This shows they are reading their market well.

Beyond how well DHI is run, I find two possible tailwinds benefiting the company interesting.

These tailwinds are baby boomers continuingly entering retirement and multifamily housing.

First tailwind, baby boomers.

This cohort of Americans is growing roughly 11,200 a day. Through 2027, studies find that every day roughly 11,200 people will hit retirement age - 65 years of age.

That's about 11.4 million people who are potentially moving into their next phase of life.

By 2050 roughly 20% of the U.S. population will be 65 years or older, 74 million people vs 56 million today.

Freedom homes series launched in the summer of 2016 targeting easy living. And to capture the retiring population.

The second tailwind is DHI possibly getting an added boost from its rental segment that consists of building single-family and multi-family homes.

This segment formed in 2016 to capture the rental market. Though it wasn’t until 2020 DHI started formally breaking out its operations. Until then its operations were lumped in as other income being deemed an “ancillary” activity.

It wasn’t until 2019 did DHI start making material progress. Then it sold two multi-family properties for a total $133.4 million, recording gains of $51.9 million.

Currently the average first-time homebuyer is around 38 years old, seven years older than the average of 31 a decade ago.

People are renting longer. And DHI, like it did when entering the starter home market, clearly sees this segment as an opportunity.

Share of Renters by Generation

Source: Zillow

We can reference my general investment thesis for homebuilders for more information on demographics.

DHI is positioning themselves to benefit from younger cohorts, be it home buying or renting.

In just four years of becoming a formal reporting segment, rental operations have quickly scaled.

Respectively for 2023 and 2024, rental revenues made up 7% and 5% of total revenues.

And the multi-family housing market is expected to pick back up after falling the last two years.

Multi-family Historical Housing Starts and Forecast

Source: YieldPro

And DHI is starting to focus on a key theme for our investment thesis for improving rental sales - Build-to-Rent (BTR) communities.

During the Q1 earnings call COO, Michael Murray, said:

[What] we’re focusing on now is working with some of the build-to-rent communities to sell [rentals] earlier in the process.

If renters enjoy living in a rental built by DHI, there's a good chance they'll explore buying a home from them.

Now, onto the next section, which is my favorite one - walking through the financial statements.

A Stroll Through the Financials

I get that not everyone, not even all investors, enjoy analyzing financial statements.

Because of this I'll try to rely on charts where I can and try to keep this high-level touching on the key metrics for each statement.

The Income Statement

I guess I'll say this here, as well as in the forward guidance section in more detail.

DHI has greatly benefited from the low-interest rate environment, soaring home prices, and surging demand dynamics - we can see my previous posts on these topics.

And the rampant growth the company has enjoyed isn't expected moving forward. The general consensus sees DHI’s revenue being flat or slightly down for 2025 then growing at 6%+ in the following years.

I see home sales growing 5% on the high-end over the long-term, assuming no major acquisition.

During 2024 DHI generated revenue of $36.8 billion.

And it has grown at an annual rate of 15.6% since 2014.

Along with growing revenues, margins have been elevated.

Formula:

Source: DHI Q1 FY2025 Investor Presentation

We see margins came back down. This is largely due to the increasing use of incentives to sell more homes.

Q1 FY2025 Home Sales Gross Profit Commentary on Incentives

The two largest forms of incentives come from lowering the sales price and buying down mortgage rates.

Currently, north of 80% of DHI’s home buyers receive a rate buy down to make their monthly mortgage payment more affordable. DHI offsets revenues with their buy downs resulting in a lower average selling price (ASP).

Across the industry incentives are on the rise to move inventory, it's not an isolated issue to DHI.

This tempers earnings industry wide. I'll speak more on earnings expectations in the future guidance section.

Despite lower margins, DHI still produced net income of $4.7 billion - nearly triple that of $1.6 billion in 2019.

This is because management is focused on profitable growth, not just growth.

We can see this in the Q&A session during the Q1 earnings call:

Analyst Question: I wanted to ask, some of your competitors seem to have a philosophy of trying to sell a certain number of homes and do whatever it takes to get there, even if it means offering super low interest rates. Wondering if you guys have maintained the same approach to the business that you have historically or whether you guys have maybe approached it a little differently in terms of your willingness to balance margin versus pace. If you can comment on that.

CEO Paul Romanowski’s Answer: it’s always a community-by-community buildup. And we are looking for a consistent pace in those communities that allows us to drive margin and a return community-by-community. So, we aren’t making that decision from here. We do rely on our local operators to balance what they need to. They need to be competitive in the market. So, sometimes we may offer a rate or an incentive beyond where we would hope to. But at the end of the day, we’re going to be competitive in the market to achieve the absorptions we need. And when we get on pace, it allows us to drive margin and, therefore, returns at a higher level. But, it’s a community by community, market by market daily activity for our operators.

And DHI relying on their decentralized operations to dictate profitable growth is evident in the company’s income margin. This metric shows how a company profitably grows.

I want net income margin to at least stay consistent overtime showing costs are inline with supporting growth over the long-term.

And DHI has more than done this. Even with the pullback in margins due to higher costs and use of incentives during 2024 net income margin came in at 12.9%.

This is nearly double the margin DHI produced in 2014. And it's well above the company’s 10-year average of 10.6%.

Now having the highlights here is a 10-year look back of DHI’s consolidated income statement with the additional callouts of select expenses.

Income Statement: 10-Year Look Back

Source: DHI Annual Reports

Time to continue our walk.

Balance Sheet

DHI is in a great financial position.

As I previously mentioned, the company has ample liquidity, low leverage, and no major debt maturities on the horizon. (Here are the charts again)

Source: DHI Q1 FY2025 Investor Presentation

Source: DHI Q1 FY2025 Investor Presentation

And if we pan out to look at all of DHI’s segments. Its debts are still low, totaling $5.1 billion vs $5.1 in liquidity (Could be $6.1 billion if DHI rentals increases its credit facility to $2 billion). Of this liquidity $3 billion is cash.

The major source of the additional debt is $1 billion in revolving credit coming from rentals - not due until 2027 and it's not guaranteed by DHI’s homebuilding segment.

Here is a snapshot of DHI’s notes payable schedule:

Source: DHI Q1 FY2025 10-Q

To note, the debts of Forestar are their obligation. And we can look at the financial services debts as a mechanism for facilitating mortgages, and home sales.

Other than cash and debts the major items to look at for DHI are its inventories. Like I mentioned above, holding too much inventory creates the risk of it losing value.

And on the surface DHI’s inventory is climbing. I’m including total inventory here, not just focusing on homebuilding, as rental inventory is $3 billion.

However, compared to revenue, inventories are staying fairly consistent - even with the additional rental inventory.

Again, this shows us DHI is in tune with its customers.

And here's a look at full balance sheet:

Source: DHI 2024 Annual Report

Now moving on to our last, but not least, financial statement - cash flow.

Cash Flows

The analyst in me wants to break down each section of this statement going line by line.

As much fun as that would be for me, it would be a terrible reading experience.

So, I’ll touch on the big items here that we can easily track if we ever invest in DHI.

Big picture is that DHI consistently throws off cash.

This is because of DHI’s transition to becoming more asset light.

As well, it heavily uses subcontractors. By doing so it doesn’t have major capital expenditure (capex) outlays. The burden of heavy machinery is shifted.

We can see this as free cash flow (FCF) closely tracks operating cash flow (OCF).

Formula:

I find it helpful to track cash flow as a percentage of revenues. That way we can compare efficiency to its peers, which I will do in the competitor comparison section.

I prefer using sales over net income because if companies have non-cash items, like goodwill impairment, we won’t possibly be dealing with negative numbers or making adjustments for broad tracking purposes.

During 2021 and 2022 cash flows dipped as the company ramped up inventory to meet surging demand.

Net Cash Effect From Home Building Ramp

Source: DHI FY2023 Annual Report

And as the inventory sold OFC drastically improved during 2023.

Net Cash Effect From Selling Inventory Ramp

Source: DHI FY2023 Annual Report

I expect we'll see similar dynamics in the future as inventory rolls of the balance sheet in addition to lower levels of owned lots.

With this cash, as we saw above, DHI plans to repurchase shares and pay dividends.

As well I expect DHI will continue making strategic acquisitions of regional homebuilders.

Over the last ten years DHI has spent over $1.4 billion in acquisitions.

In forecasting future cash flows we'll be taking acquisitions into consideration. Because this is essential to compete in competitive growing metros.

And my last note on cash flow is the impact of DHI’s growing rental segment.

Net Cash Effect from Rental Properties

Source: DHI Annual Reports

The multi-family communities take longer to build. Then they aren’t packaged for sale until they have stable occupancy rates.

The timing of building and leasing will extend through fiscal years making rental cash flow a bit lumpy.

This isn’t a concern, just making forecasting a bit trickier. Especially since we have a short track record to build on.

I see rentals as an added bonus to an already great business.

And here is a 10-year look back at consolidated cash flows. I have some related accounts lumped together for consistency.

Cash Flow Statement 10-Year Look Back

Now onto looking at DHI’s future expectations.

Future Expectations

Here we’ll look at management's expectations, what analysts are forecasting, and then finish with my expectations.

For fiscal year 2025 management is guiding:

• Total Revenue of roughly $36.0 billion - $37.5 billion

• Homebuilding operations to close 90,000 - 92,000 homes

• Consolidated cash flow from operations greater than fiscal 2024, which was $2.19 billion

• Dividend payments of about $500 million

• Income tax rate of around 24%

• Share repurchases in the range of $2.6 - $2.8 billion

All-in-all this is relatively flat guidance. Revenue is about the same as FY 2024 while closings are down a bit.

For a look at the consensus analysts our detail will be less granular. I’ll only be presenting what the consensus sees for revenue and earnings-per-share (EPS).

This gets us the big picture though.

DHI Analyst Estimates

Source: Wallstreetzen.com

I don't see any reason to materially deviate from these forecasts.

The general view is rates will come down, making monthly payments more affordable, and drive housing demand

My main assumption is the growth annual rate of 15.6% DHI has enjoyed over the last decade won't repeat.

That's impressive for a company started in 1978.

And DHI already makes up about 14% of annual home closings.

So, I'm modeling home sales growing 5% after 2027. Then a bit lower ten years out.

I see home prices staying elevated with some wobble. This will help revenues and margins.

And I do have rentals at a higher rate overall, but I can't tell how the sausage is completely made.

Competitor Comps

Here I'll briefly look at key figures and metrics.

We can see how DHI stacks up against the next four largest builders by homes closed.

Source: FinanceCharts.com, SEC Filings, and Investor Presentations

I’ll only make one comment here.

NVR’s metrics look vastly different because it essentially exclusively uses land option contracts for its operations. It doesn’t purchase the land until it has a home under contract.

NVR is the extreme version of asset-light home building.

Easy breezy section, now onto risks and concerns.

Risks and Concerns

In my general thesis I highlighted the major big picture risks for homebuilders.

So here I'll focus on company specific risks.

To be clear, long-term I view DHI as well positioned for continuing success.

Even so, there are risks and concerns.

The biggest concern right now is the elevated inventory levels in what were fast growing regions.

For reference here is how DHI categorizes it's markets by region:

Source: Q1 FY2025 10-Q

Florida and Texas are two major markets that have seen an influx of people.

And two markets DHI has high inventory exposure.

CEO Paul Romanowski noted them during DHI’s Q1 FY2025 conference call speaking to elevated inventories:

We have seen, like, has been reported, some build up in the Florida market and, certainly, in certain of the Florida markets a little more than others, the same in some of the Texas markets. But, generally, across the footprint, we feel like inventory is in pretty good shape. We think that we and the other builders being pretty responsible in terms of watching the market and based on what the market brings, sizing their inventory in kind, and the resale market is just going to continue to play out as people loosen up and eventually move and put their homes on the market.

And we’ll notice the east region jumped as well. There is no comment here in either of the last two earnings calls.

The jump in inventory could be DHI opportunistically targeting that region, or cause for concern.

Currently DHI’s east region seems relatively okay. Active listings are on the rise but still below or at pre-pandemic levels.

Regardless, to move these increased inventories DHI may need to materially drop selling prices. Particularly, the southeast region which already has seen a drop in revenues during 2024 compared to 2023.

Homebuilding Results by Reporting Region

Source: FY2024 Annual Report

Dropping selling prices will reduce revenue, margins, income, and cash flow.

Poor earnings will likely come in tandem with lower forecasts. This will most likely tank shares, even as DHI is already down 35% from its high.

Then I'm concerned about how management distributes returns to shareholders.

If the economic climate changes, I want to see DHI change course as well.

Or at the least not overpay in doing buybacks. They are being tactical. However, a shift to systematic monthly or quarterly repurchases regardless of price could be value destructive.

And this could lead to lower future cash flow.

Then my note on the DR Horton ranch…

Financial Statement Note on the Ranch

Source: 2024 Annual Report

Personally, I just don’t like seeing personal use assets on corporate balance sheets…

There is no correlation to ranching and homebuilding.

That said, they aren’t hiding the ownership. And there is land value.

If it wasn’t out in the open or DHI wasn’t the biggest home builder in America, but one trying to make its mark this would likely be a deal breaker for me.

Valuation

I’ll keep it simple here.

I ran two scenarios for DHI, a “business-is-good” case and “so-so” case.

I wouldn’t call these bull bear scenarios. If they were they'd be over optimistic contrasted with extreme doom and gloom.

Source: Let it Compound (me)

These are 10-year DCFs with a terminal value. Again, I can't give away the special sauce, but I used a 10% discount rate.

Splitting the difference, I feel comfortable saying DHI is worth around $167/share.

This provides an upside of 27.5% from where its shares are currently trading.

Then if we want to back into a valuation this using P/E we can see how DHI’s shares “would be” valued multiplying EPS estimates vs its current P/E, 15-year average, and trading more expensive like NVR.

DHI receiving a higher P/E multiple isn’t unusual. Back in October it was trading at 13.6.

However, we can see during rough times DHI’s P/E compresses.

And that’s that! I hope you enjoyed my first company write up.

My intent is to provide enough information for us to make our own decision. As well as laying out a bit of a framework that can be replicated for evaluating other companies.

At this point in time, I don’t own shares of DHI.

And I’m seeing more downside to equities than upside given the highly uncertain nature of this market.

My plan is to accumulate shares into weakness.

I’ll start off with a starter position. That way the initial buy is already done, it’s mentally easier to build my position.

This was a doozy.

I appreciate you.

And making it through this slog of a write-up.

Until next time 🤘,

Let it Compound.

Share Let it Compound

P.S. - Please let me know your thoughts or if there are companies we’d like profiled. And if I like the idea, I’ll do my best to write them up as time allows.

Disclaimer Time!

As always this is not investment advice. Again, nothing here is investment advice.

This information is for educational and entertainment purposes only.

Please, PLEASE, always do your own due diligence. And if need be, consult with an investment professional regarding your finances.