Starbucks CEO Interview Was A Disaster
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- เผยแพร่เมื่อ 19 พ.ค. 2024
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00:00 Overview
02:33 Starbucks Numbers
14:08 Starbucks CEO Interview
25:58 Amazon Earnings Analysis
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Am myself boycotting Starbucks
Starbucks board of directors should change the CEO immediately. This guy has no clue what he is talking about. In his entire interview he was just iterating “value, value , value”. The superficial talk clearly shows the management is enjoying and has no control over the business.
He doesn't have balls to lower prices again.
They just made him the ceo though, I’d give it some time.
Bruvv, that's not how that works. 90% of CEO's should be fired by your reasoning. Obviously they go in there and put up there best sales guy performance. It's a standard card they play while hoping they get a softbal interview. Cramer wasn't having it though and the problems of the company became apparent to the public. I still have my EPS target at around 106 though, so we'll see.
In other words: Poor people can't afford 10$ latte's and are going to a cheaper place.. Shocker
Gross exaggeration brother $10? 😭😭
And anyone else can appraise the value of a Starbucks beverage and determine that $10 is very poor ROIC for a at best very mid coffee - money better spent at an actual coffee shop with a coffee menu.
@@justina8721 in my opinion it’s actually better than the other chains AND coffee shops. Also in most cases the small coffee shops actually have to charge more than Starbucks coffee. Very wrong 🤷🏻♂️.
afford to waste $10 a day on a bad addiction*
@@Ryanrobbins155Black drip coffee is like $4. Ridiculous. Take cup with and ask for refill. Usually $.50.
I drink home filtered water. My savings from not drinking Starbucks has allowed me to purchase a Bugatti
Drink sparkling water! Don't be scared of bubbles and be a top G
Same
what colour?
eat grass instead of beef, you will get a private jet in no time
Unfiltered water is healthier and still cheaper. Your body needs those trace minerals. Unless you live in a 3rd world country like the US then yes. Filter it.
jim cramer doing accidental journalism
#underratedcomment !
😂
😂
Jim probably got burned on his own equity portfolio, or he probably used to invest in SBUX. He finally went mask off for once.
hahahahahahah you killed me with this comment hahahah xD glorious one xD wp
He looked like a deer stuck in the headlights with no plan on how to get out of the road. That interview alone makes me want to flee far away from the SBUX.
At 70 or under the stock doesn't look that bad they also have drink sales in the grocery stores and gas stations.
Starbucks CEO did terrible. As a shareholder was so disappointed with responses. What “action plan” and that the occasional user doesn’t understand their value proposition??? Couldn’t agree more how silly that was
It’s the boycott … We’re boycotting Starbucks
@@lawrenceweston922 I suppose that’s possible and hope that’s true. If so, I should buy more stock. Those are the types of things that in time change typically.
@@InvestingWithAdamK You don’t know what oppression looks like if you think this will dissipate fast…Starbucks & McDonald’s are finished, barring they come out in full throated support of the resistance
He was rightfully torched by Cramer. The CEO doesn't have any good answers. SBUX keeps jacking up prices and lowering their quality. I'm done with SBUX as a consumer and investor.
same and i’m sorry man, iv lost allot in it too
@@jettgibbons673 yea move on
Meta was hated when it was 150$. People said no one use Facebook anymore, it's gone. Facebook is 400$ now and it's a buy. Starbucks is 74$ but it was a buy according to many when it was over 100$.
Not the same company brother it might not turn out the same way.
Facebook all gurus said FB is gone , tik tok is taking over. I rememeber as i bought in big . 1year later everyone said Oh now is it right time to buy
This is not how this shit works, or do you still use your Nokia phone? Sometimes companies are really in trouble.
You dont buy great companies when theu are doing great , thats when you either keep or sell ;) you buy them when they are in trouble. Nokia domminance in the phone industry was 8years only.
I believe starbucks will one day turn around there shit and go up frim that point, because they have a bad quarter everyone thinks this stock is doomed but i dont think thats the case
Boycott impacted them for sure. It’s not only in Middle East. I talk with young kids in university here in America and they boycotted Starbucks.
Even aty daughter's middle school
@@oneshot2g LOL at middle-schoolers drinking coffee.
This IS the sole reason. Joseph's bubble theory is insignificant and doesn't explain the global pullback. Boycotting a vocal supporting of a genocide is not good for the bottom line, who would have guessed.
Yep, it's the same everywhere (here in the UK). When people settle on an alternative, they rarely go back
Absolutely boycott them!
This ceo is 100% ruining the company. He’s taking it so far away from what it used to be back in the day. Used to be a nice relaxing coffee shop in the 90’s and early 00’s. Now it’s like Panera, too much food, not enough time for employees to be with customers, drinks used to be simple, to order and to make, now they are ridiculously complex and time consuming to build, which takes away from time to complete operational tasks…. they want to do more, with less labor. No matter what, that’s never going to work.
Who wants to pay 11 dollars for a coffee and a muffin and destroy their health in the process, when you can pay 14-16 dollars for a whole meal at Cava or Chipotle. These make a decently healthy food.
...You trolling me?🤔 Im curious to see how big your are after this comment. Chipotle.. healthy .💀
Bruhh...I saw a dude on the treadmill at the gym today with a Frappuccino...
@@aaronalexander826 more healthy then sbux muffin or sandwich. Heck, the amount of sugar in their drinks are nuts too, and I love their drink lol
@@aaronalexander826 no shit...Nothing at these restaurants are healthy...lol
@@aaronalexander826chipotle contains more fat snd protein. Starbucks is just sugar
Disclaimer, I own about 30 stocks of sbux, and never buy drinks from them.
Sbux did terrible this quarter. I think it is hard for them to decrease prices as that would tank the stock. However, I think boosting their reward scheme, where customers gain more stars, or less stars earn more rewards, would definitely be a good step to improving the stock
You're absolutely spot on when you said he made an excuse about not communicating value effectively. You can communicate value all you want, it's not going to change the fact that your products are ridiculously expensive and the issue compounded by increased waiting times. Customers know for themselves whether or not they're getting value and by the looks of things they've decided to take their dollar elsewhere!
Starbucks CEO was using his whole repertoire of corporate sloganering. "Plan of action" and "Value" were my favs but "not business as usual" made a strong showing as well😮
He sounds like a consultant 😂
I’ve been making my own coffee at home. I haven’t set foot in a Starbucks in years
dividendfire855
With respect to you your comment adds no value you may aswell say you do not drink coffee at all for the relavence it has to Starbucks
@@andypicken7848 okay…. Thanks…. I guess….
@@andypicken7848 your comment is kind of ironic no?
Me too and it tastes a lot better.
@@andypicken7848 okay…
The problem with Starbucks is that nobody can afford to pay $7 for a drink on a daily basis. In addition, uttering fifteen words to order one item has gotten tiresome. Their business model is flawed - their customers have gone to McCafe, where they can get the same experience for $3
As a german I always wondered why Starbucks was so popular in the first place. The coffee is average at best but very expensive while there are atleast all across Europe you can get great coffee for a lower price at any type of restaurant or bar or sometimes even at gas stations. I know Europe is not representative for the whole world but selling coffee is also easy to compete with.
As an American who has been to Europe (including Germany), most of Europe is extremely walkable and most of the US is very much not so. In Europe it's easy to walk or bike by a good local coffee shop on your work commute, or when going to get groceries, etc.
The US isn't that way. Most workers commute by car, and most of the commute is via freeways. Very few local coffee shops are passed by in a commute, and there's no time to stop and try to figure out parking to get in one on the way to work if you do.
What there usually is time to do, though, is leave a bit early for work and pick up coffee from your nearest Starbucks in your car via the drive-thru. For many Americans, Starbucks is the nearest coffee shop to their home, so in the interest of saving time, it makes the most sense to go to Starbucks.
I agree the coffee is average; that's why people like it. It's rare to get great or terrible coffee at Starbucks. It's reliably in the middle and rarely lets people down.
I know that Europeans conceptually understand that Americans drive a lot, but in practice I don't think many of you understand just how much that changes the average person's day-to-day life compared to a Europeans.
When I was staying in Amsterdam, even though everyone spoke English and buying or doing most things was recognizable and simple, my day-to-day existence was so different from living in the US I felt like I was practically on a different planet, not just in a different country. A lot of that difference had to do with the fact that I never drove once. Hope that long explanation helps.
On a final note, young Americans also don't (commonly) go to somewhere like Starbucks for a coffee date or to meet up with friends or something like that. They're mostly going to local coffee shops.
But, most coffee consumption in the US isn't casual, it's purchased on the way to or during work, and work is a big part of life in the US. People simply don't have time to sit down and enjoy a better or cheaper experience; they opt for the fastest, most convenient option.
@@Anonymous-ld7je
Thanks a lot for that detailled answer sir. I wish you a nice day and an improvement in coffee culture over the pond 👍😁
It’s not because of commuting. It’s because people in the US had only horrible coffee until Starbucks came along. And now more and more competition is coming up in the US. The lifestyle brand of Starbucks is fading. On top of that they are overpriced. I pay my local Italian bar owner happily 5 euros for a coffee, but I don’t pay this to a mc Donald’s like fast food place with horrible stores and who pays people minimum wage
Sticking a payment pad out the window for a tip on a $10 coffee, maybe a bad idea?
Think this is the real reason 🤣
To pay for a coffee the price of a lunch is insane in the economy we are entering into…
Joseph, thanks for update, appreciate it! The problem for amazon as an investment is that the share dilution is way out of hand. 3% p/y is huge, for a behemoth of a company; with current share price those shares have a combined value of 56 B. That is still more than their annual FCF. There is no clear sight when they will actually be able to do any ‘real’ buybacks (so more than off-setting the 56 B). There are no real cash returns expected for the shareholders for a very long time. I find it perplexing that nobody seems to care about this…
On Starbucks, lots of credit, you were spot-on on that one, great call! 👍🏻
As a Starbucks shareholder i do like that stock goes down
I’m a long time Starbucks investor and customer but I don’t know what they are doing anymore. They are closing more stores in my city and the new one opening are smaller with little or no seating. They used to promote themselves as second living room. So why go there anymore? I’m using my Nespresso way more these days.
I love this type of content. Thank you...the best on YT.
Lol app usage requirement is such a grift. I avoid any company that does that.
I literally laughed out loud when he said they don't communicate the value all that means is there isn't enough value to spend $10 on one drink
Starbucks should put on their app a "special deal" for those that own the app that they get unlimited 1 dollar off of every drink. That lowers the price while making regulars feel appreciated by Starbucks.
I'm in Vietnam the #2 coffee exporter in the world and Starbucks is booming and a coffee is about $2. Tall Americano. Coffee is around $3 in Malaysia and Thailand. Hard to believe they charge $10 in the US.
The problem with coffee is it is highly replaceable...I mean sure people will go to Starbucks for the brand but it's just coffee at the end of the day. If the price gets too high, people will simply go to other places that serve similar menus and do exactly same reward programs.
Thank you for your great explanation on the numbers in SBUX - I am totally totally unimpressed with this CEO
I bought some SBUX on the dip today. 3%+ div yield caught my attention. Plus they make a great flat white. 😃 mistake? We’ll see.
Even my Grandmother, running a small business, knew not to raise prices in one hit.. Move it slowly up, 50c every so many months!
Yeah, the current numbers pretty much confirm my thinking as to why I sold my position in SBUX a while back, and even had I not sold it, this interview would've been the last straw.
The buyback lever is so true... great insight, cheers.
Excellent Joseph. Thx for the study on Starbucks situation right now.
Maybe I'm mistaken, but I thought you mentioned in a video a couple months back that Amazon Prime Video's new advertising would put them way up there for income generation. Maybe I missed it, but I was really wanting some commentary on that specifically.
Thanks for the excellent content as usual, Joseph.
I sold, I can not hold companies with dishonest management
Right on! My feelings exactly
META was dishonest from the start; Social Network? Apple overheating phones? Google AI fiascos, Tesla overpromising product releases... I can go on, but I mean you might want to sell every blue chip stocks you hold with that kind of rigid investing mindset. Virtually every company has been dishonest at some point. If you hold an ETF, you might want to make sure all the companies it's tracking only has honest management.
I can tell you what's wrong with starbucks. No one wants to pay three dollars and fifty cents for a small regular coffee that comes from a mix. My starbucks after twelve o'clock serves a mix not brood coffee. Well enough for that noise. Screw you I'll just go without.
You keep saying pricing power for these companies. The reality is the pricing power for some of these companies is coming to an end. Starbucks, McDonald’s and some others no longer provide value for a tapped out consumer. I never see Starbucks busy in my area. Everyone I know is no longer cool paying $20 for a quarter pounder with cheese because their mortgage went up by several hundred dollars. What wall street says about “pricing power” and consumers with a lot of “savings”isn’t matching what is happening at ground level
You're preaching to the choir.
I've said for months now that I think increased competition in the energy drink category and a bubble forming in caffeine has put pressure on Starbucks pricing power.
@@JosephCarlsonAfterHours its something deeper in the economy.....not just a caffeine bubble here
It depends on when you visit these restaurants for how busy they'll be. I often go to McDonald's for lunch over the weekend, and it's usually got a really long line at the drive-thru, and a lot of people sitting around inside. But if I go at a non-standard time (i.e. unusually early or late for lunch) then it's a much different story.
@@shadowninja6689 i drive by about 5 of them all day long
And im in an affluent area
They’re empty cause no one stands in line anymore. They’re still selling a boatload of coffee everyday. 30% of my office walks in with Starbucks everyday and we provide great fresh coffee. Next generation of kids love Starbucks just like chipotle.
Thanks Joseph for continue to chunk out such quality contents with loads of infor and insights. 👍🏻👍🏻👍🏻
One big competitor to the coffee stores that has really increased since the pandemic is making coffee at home. Look at statistics and home coffee machine sales have grown rapidly since 2020. All coffee stores being closed gave the consumer the push to buy coffee machines, and word-of-mouth in terms of quality and savings means more and more people are making their own coffee, and not doing a run to the local Starbucks.
Love watching your videos JC! Just about always enjoy your analysis and your intelligent response to much of the news. You’re by far my favorite finance/investing channel.
Finally Jim Cramer is alive Maybe he owns starbucks 😅
never been attracted to Starbucks, a bit too risky, can easily lose sales, is the first item folks will trim out of their budget...
Yes Perfect waiting for that!
Im more Tending to Sell then to Buy more After this Interview
No one over 25 drinks Celsius. This has very little to do with competition and more to do with the fact that people have stopped buying coffee on their way to work because of the economy. Consumer total spending is down on avg. -15% these last months, so no surprise there.
The current CEO seems to be struggling facing reality. Starbucks has made changes that some customers find less appealing. They removed the sleeves from the cups, all sugar envelopes and add ons (cinnamon, cocoa, nutmeg etc )from the customer reach, charge extra for different types of milk, and their customer service has declined since Covid. In contrast, Panera offers a yearly membership for $100, providing unlimited coffee without additional milk charges, and their staff is friendly.
Starbucks ceo very disconnected . As Joseph said they are getting washed out with the other coffee shops, Celsius, etc. their loyalty program won’t get more business. They need new, exciting products.
Well I bought shares today. Down 17%, great dividend, will definitely recover and pay dividends along the way.
I own it as It’s a good divie grower. But wow it was a bad quarter and the CEO speaking only made it worse.
Agreed it's one quarter, I think it's difficult to say they are losing market share to McDonald's, maybe a Dutch Bros in parts of the US. I really need more than one quarter to determine that. They just had an earnings beat. Seeking alpha shows a beat 7 out of the last 8. Doesn't mean that Starbucks won't decline, but not enough evidence yet
Well, coffee price is also going up recently, that will affect margins definitely.
SBUX might be an interesting buy once the consumer starts to return to strength. The bounce on the stock might be good as it will be a surprise.
It is just a damn cup of coffee. What is there to communicate 😅.
Good lord that was a train wreck of an interview.
Last year I went it to buy a ~5EUR coffee right near my office, everytime i went there. After new years, they jacked up the prices, now it's ~6,50EUR. I switched to a different coffeeshop. I'm telling you, the line at that cheaper coffeeshop and then walking past a near empty starbucks... It's mind boggling how many people decided it's too much.
I do occasionally still go there when i'm in a rush and there's a huge queue at the cheap coffeeshop tho :D because i know starbucks will have zero queue time.
5EUR was already too much for most people i feel, but now it's like an insult. Who do they think they are lol? At some point, enough is enough.
bubbles in my coffee are nice for a change but mostly i like simple filter coffee with a touch of milk
Thanks for excellent earnings review. Very helpful.
Jim has an undeserved bad reoutation in my opinion. The man is so diverse and while he's wrong a lot, I also think he's right about 50% of the time. And I personally believe that being right 50% of the time makes you a way above average investor. He's definitely a very smart and competent man.
the level of your videos grew exponentially in time, thanks for the free content
0:52 do you mean bubble manifesting - or beginning to burst? It's good to use the right words - two very different concept. I personally don't see a 17% share price drop as a manifesting - I see it as a bursting....
Starbucks is one of those companies that if it ceased to exist and disappeared forever, I think we’d all be better off.
The new app "improvements" are not going to help. I now receive really annoying notifications from the app for garbage I don't want. I am about to delete the app.
Joseph, I’d like you to do a video on the breakdown of Starbucks response to a bad quarter (Triple Pump Reinventiom with two pumps action plan) versus Netflix clear and concise plan (ad tier version, password sharing)
Starbucks needs to improve on their loyalty card acceptance. In Europe, the app is not accepted at airports, on highways. When they decline my app, they count me as non loyal customer. I am not sure if it is the same problem in other parts of world.
Two large coffees and an egg white bites costing $30 is absurd. Starbucks may have pricing power, but so do we as consumers. There are other viable, cheaper options.
Hi Joseph, why do you not talk about stock based compensation of Amazon?
Whatever they pay that ceo. Its way too much. I doubt he'd last as a barista at Starbucks for more than a week.
I had that thesis of yours in my head since you pointed it out. Stopped investing in those coffee companies and I am grateful! Thanks
I wonder if people are getting "app fatigue" yet. While I appreciate Starbucks' strategy of hooking customers on their app, lowering prices, putting creamer stations back out, and making their sitting areas nice again would likely go farther.
I can understand revenue, eps expectations but metrics like store growth should be at the discretion of the company right? Why should a company open more stores than it needs to just because some analyst put an estimate out ? Or is the estimate based on what management previously said?
The CEO of SUBX should step down
I’m reading Onward by Howard Schulz right now and it’s fascinating to hear this ceo talk compared to Schulz. No mention of coffee or the quality of their coffee and experience that the company was built on. Schulz has come back 2 or 3 times whenever a more business focused person takes over. Starbucks is a different kind of company than McDonald’s and Timmie’s which can sell cheap mediocre coffee with tons of cream and sugar. The reason Starbucks can charge a premium is because they had a premium product. But these ceos keep trying to turn it into fast food.
the video i been waiting for months on my favorite stock curious to see if he brought the dip at these lows lets see
$15-$20 minimum wage is all fun and games until consumers stop buying. Next step is automation & job losses.
Yeah most of the issue with Starbucks is inflation and prices. Macroeconomic conditions just suck and people don’t have money so they are forced to make new choices and go elsewhere or stay home. Once economic conditions improve and the company makes a smart pivot on priorities like pricing and efficiency then the stock will shoot back up.
Who tf can pay 10$ a day for a sugar rush and afternoon crash when you can grab a zero cal monster or Celsius for a fraction of the price and no crash .. these companies are pricing themselves out of biz. Love to see it
Women... Women can pay $10 a day for that and never break a sweat wasting that much money...
‘No crash’ lol ok🤡. All ‘energy drinks’ are horrendous for the body. 🪦💀
@@katielowen keep drinking your sugar water ya bird 😂
@@BillabongBuell All energy drinks are terrible for your body. You either pay the price now or later, you lil Monster guzzler, you 😈
@@53block92how do women have so much discretionary spending?
The CEO was lamely trying to stick to a script written by a bunch of PR staff who think deception and the clever use of words of phrases are going to work.
Great breakdown of SBUX and AMZN, thanks!
In China, one cup of Starbucks costs over 25 RMB and competitors sell cups for 20 RMB. I am happy that Starbucks keeps prices high and opens more stores in China and India.
Yep, I remember commenting the same thing when you started you position in SBUX. It's just over priced watery bad coffee.
Hi Joseph... how can I pay my membership if my credit card miss?
I'm an occasional Starbucks client, a few times yearly and just for their banana bread and egg bites because my coffee is higher quality. I noticed that I received offers for a regular coffee and pastry for $5 valid between 2-4pm, that's how they're trying to justify their overvalue and attract clients? Jim Cramer was amazing! Happy AMZN shareholder 🙂
“We have a plan. It’s a 45 point plan, 45 days. One point per day.”
Their coffee WAS good back in the day, but just like Samuel Adams beer, the industry caught up. There are way better tasting coffees out there today that are a lot less expensive. If you're a coffee drinker, you know what I mean.
I've never liked the flavor of their coffee, even back in the day. Definitely better options including brewing your own which taste better and more affordable.
Every couple of years I'll see some new drink advertised and I'll give Starbucks another opportunity to impress me but they still continue to remind me each time that they serve mediocre coffee at a ridiculous price point
Hi, how come on my qualtrim view of revenue by segment, it doesn't separate the bar chart in groups like in this video?
If Monster had a pull back, I would consider buying. Thoughts? They have almost no debt and should be able to grow forever. (I know I should have thought about it earlier).
It's over for a cup of coffee. Target demographic is anyone that has disposable income. With this high rate, less and less people have it. Starbucks will come back when rates normalize again and go back down to the target
CEO: Customers don’t understand our value! | Dude. WTF?
Love this content and completely agree with your assessment. I won’t go anywhere near Starbucks.
Why is no one talking about the boycotts lol
I personally know many people who refuse to buy some Starbucks. Why are they sending money to Israel?
Because I don't believe the boycotts truly affect their sales enough to tank the stock. Sbux has had many, many boycotts in the past. Union strikes, peta protests, etc etc, and it's never really harmed their bottom line.
But changing their rewards program, increasing prices, increase competition. THAT has absolutely affected their bottom line
It’s like they are purposely pretending like it’s not happening…i know so many people who have dropped Starbucks with zero intention to come back and considering young people are the main consumer and most of the boycotts are occurring amongst young people well, its a no brainer it will have some effect
Boycotts usually don't work
All 500 people who boycott them are a big dent in their earnings I"m sure... lol
SBUX isn't BUD. SBUX has many royal drinkers and boycotting against this company will not be affected as much as BUD did. I believe this drop happened because SBUX is showing weakness in their monopolistic. Their market shares are eaten by likes of other bigger companies. I am not an investor of SBUX, and I rarely drink their coffee.
What exactly is "intrinsic" value? How do you calculate that for a company?
Joseph love your indepth Amazon analysis....I have invested in Amazon thanks to you. Keep it up!!
It’s all good being a CEO until you shit the bed hard on an earnings call and have to go on live TV and get pummeled for it lol
Joseph Carlson does such a great job laying all the cards on the table of companies he analyzes. There are no bushes to hide behind with Joseph.
In a recession, income sensitive persons cut down on luxury and unnecessary expensive goods/services: leisure travel, less eating out at restaurants, Starbucks coffee, new cars, boats, etc. To save for necessary items like a home, etc. In a recession, income sensitive persons buy more groceries, cook more at home, save more money, buy less luxury goods, etc..
what homepage is that in min 8:05, would be very grateful if someone knows an answer. thank you
Cramer nailed it. Really good and valid questions!
Hi Joseph.....like the content and deep dive on Starbucks stock..About a year ago I followed your referral to the methodology of a fellow Brit Terry Smith. Starbucks has amazing long term brand value, it is the market leader....a poor quarter does not make it a poor company.....give me a comparable retail company with an roic >50% and with a gross profit >20%, you might be hard pressed. I sold a few months ago because the pe was >25 and I saw apple at that pe so switched out. Once sbux hits a pe of 15, I would see value here. Terry Smith would identify a great brand, but I do understand when you breakdown their free cash flow and that they can't do a dividend and buybacks, and this would be a great time for buy backs. Once sbux starts being identified by the magic formula, that would be the time to initiate a small position. Thanks for the content, Charlie
And what would make the caffeine business a bubble but not the food business like MCD or Chipotle?
Starbucks is too expensive... Normal grande latte is like 7-10 bucks now.
I rather be sleep deprived than but that.
I decided to just invest in the S&P 500, going forward my plan is to just buy the S&P 500 unless I see something really attractive like a big player MSFT AAPL AMZN GOOGL NVDA super duper guttered like META and NFLX were in 22. I don't think I will do better than the market after trying to outperform the market in the last 5 years. I did for a couple of years but I think I can get the same if not better results by buying VOO, and if an opportunity comes along take it and go big in it. I still have META and JPM from when I bought those really cheap and I have ABBV shares also because I bought them with money I made from speculative efforts. But other than those three I am invested in VOO. I think VOO will outperform most and the few that it doesn't congratulations!