Market Cap Game Show: An Un-Carrier, an Un-Company & an Un-Tripled Stock
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The price per share of a stock tells you almost nothing. It's the price to buy one share of the stock, but how many shares does the company have outstanding? In math, we multiply two multiplicands together, but the price per share is only one multiplicand. If you don't know the other one, you can't do any meaningful math or figure out much of the world around you.

Well, fools with a capital F know that you need to know the share's outstanding and then multiply that by the price per share and now you know the actual full value of the company. It's full price tag. It's market capitalization, market cap. Well, to teach this lesson inexorably and unforgettably, we invented a game. That's what I do. The date was August 9th, 2017. The Market Cap Game Show was born and we've been playing every quarter since. Oh,

and you're playing too. I designed it that way so you can play along against my guest stars, against your spouse or partner, against your kids. Can you outscore my talented contestants this week? It's that time of the quarter again. 10 new stocks, three guest stars, Emily Flippen, Matt Greer, and you. Only on this week's Rule Breaker Investing.

Welcome back to Rule Breaker Investing. A delight to have you with us. The penultimate Wednesday of every quarter is dedicated to the Market Cap Game Show. And so, yes, we, you, are about to play a game. The game is all about estimating the value of companies, the market cap, the market's price tag on each company.

Retail shopping experiences all feature prominently displayed price tags as you walk down the aisles of a grocery store or at your local Best Buy, but many investors don't know the real price tags of the stocks that are available on the shelves of the stock market. They think it's the price per share. It's not.

As I said at the top, it's that price per share times the number of shares. That gives you the real price tag of the company, the market cap. So yeah, this is a quiz show around the market caps of some of our favorite stocks. I welcome on two favorite investors of mine who compete head-to-head. Speaking of which...

Mac Greer is a producer with The Motley Fool. He works on our premium podcasts, stock reveals, The Morning Show, and Fool events. Outside of The Fool, Mac enjoys spending time with his family, dealing with his Beagle's separation anxiety, and listening to Taylor Swift's All Too Well, the 10-minute version. Of course, welcome, Mac. Thanks, David.

Emily Flippen is an advisor at The Fool, where she helps lead the stock advisor team with fundamental research on companies, particularly those that exemplify David's six traits of a rule-breaker stock. Outside of her work at The Fool, Emily has enjoyed a brief stint on reality TV, continues to enjoy her failed attempts to train her cats, and is hopefully going to enjoy, and I'm serious about this, and is hopefully going to enjoy celebrating her marriage with

as of this afternoon. Emily, welcome! Thanks for having me. It's just a courthouse. We're just going to the courthouse. And you're getting married today! I am! This is phenomenal! This will never again happen on The Market Cap Game Show, that one of our contestants is getting married there. You can't know that for sure! So, full disclosure for those keeping score at home, we recorded this episode on Friday, December 13th. Remember Friday the 13th? It was just a few days ago. Eek!

And I want to note for you both, Mac probably already knows this, in addition to it being Emily Flippen's future anniversary day, it's also Taylor Swift's birthday. I had no idea. It's also my dad's birthday. Oh, my gosh. What a great day. What a great day. And what a great day to talk about market caps. Absolutely. I mean, when I think Friday the 13th, I think market caps. And Taylor Swift. Yeah.

And, of course, the third player, and to us the most important, is you. That's right, you, our dear fellow Foolish listener. As Dez begins to crank up our market cap game show music, stock number one, let me turn to you, Mac Greer. Mac, are you more of a beach goer or a mountain man? That's a great question. You know, we do beach and mountains every summer. I'm going to probably have to go beach slightly. When you stroll down the beach, do you ever have deep thoughts?

Absolutely. I would say medium depth thoughts, but yes. Think of the sand for a minute. Okay. Have you ever once marveled on a MacGreer beach walk with medium thoughts that plain old sand can be turned into the world's most advanced technology? Ever pick up a handful and just think, you know, someday this could end up powering my favorite streaming service? I...

I haven't done that exact thing, but I have expressed awe for the beach and the sand. That's close. Well, Lam Research is a company that harnesses that transformative power, turning raw silicon into the advanced chips that drive our most beloved devices and digital platforms. It's a key player in the semiconductor equipment industry, where precision and complexity are the name of the game.

Matt Greer, what is your stated market cap range for Lam Research, ticker LRCX? Okay, so Lam Research, let's see, 9+2 carry the 1. I'm going to go

$40 billion to $60 billion. $40 billion to $60 billion. Emily, have you ever looked at Lam Research? I have. In fact, it is a Stock Advisor recommendation. So, the pressure is really going to be on with this one. It is somewhat on. But Emily, all pressure is off you today. I can't even believe you're in the studio. Thank you so much. Emily, do you feel yourself wanting to agree or disagree with Mac's $40 billion to $60 billion range?

Frustratingly, if I had to give my own range, I probably would have said something like,

$50 billion to $70 billion. I think it's right around that $60 billion mark. But I have to be contrarian. I think it's maybe a little above $60 billion or a lot above $60 billion. I don't really know. I'm going to go outside that range. Alright. Players at home, if you, along with Emily, disagree with Max range, give yourself a +1, because Lamb Research is $97.25 billion. Emily, I'm glad that you said you think it's a little bit bigger. Just a tad.

You know, Lam Research was founded in 1980. It's headquartered in Fremont, California. Its wafer fabrication equipment is used to produce virtually every kind of advanced chip in the world. Smartphones, servers, AI. I did. I picked it from Motley Fool Stock Advisor on March 18th of 2021. So, it was just two months before I retired from Motley Fool stock picking. So, it was one of my last picks. Our cost was $51.80. So, three and a half years later, it's up 46%.

which is behind the market by about 10% points. So, a steady Eddie, but a laggard. I had completely forgotten about the wafer fabrication equipment. Well, you should spend more time contemplating it when you go to the beach. Exactly. Exactly. Pick up the sand. There you go. Emily, you're off to a good start. Emily, one, Mac, zero. Let's move on to stock number two. Emily, we all have

Is it true we all have a hater in us somewhere? I would like to think I have more than one, but yeah, I do think it exists down there somewhere. Okay, yeah. And I don't want to bring out the mean here, because this is a very special day. But briefly, if you will, what are one or two stocks that over the last five years have been popular among Fool analysts or advisors, but that you just

I won't say you're a hater, but you just don't believe. Yeah, one that I have been a persistent hater upon that just continues to prove me wrong. And at some point, maybe I'll change my mind. Duolingo.

Nothing against it. I think the app is fabulous. Learning a language is a wonderful thing to do. I think that learning a language is like exercise. People want to do it conceptually, but their ability to continue to reliably do it and especially pay for it is maybe less than they expect it is. And one of these days, I'm convinced, it hasn't happened yet,

But one of these days, it's going to happen to Duolingo. Alright, we're throwing some shade at Duolingo. That is not stock No. 2, but I hear you. It has been pointed out on the show before that maybe it's not actually about learning languages, it's just a very compelling video game, and people are paying for the video game.

fair enough point. I spent a lot of my time playing video games, doing management stuff, making beds, running restaurants, doing stuff that I could do in real life if I was motivated to. But I much prefer to do it digitally. Well, I hear you on Duolingo, but I thought you might say Stitch Fix, ticker symbol SFIS. I was very close, David. I was very close. Now, this is the online personal styling service that sends curated clothing items to your door

At one point, it was all the rage, but I don't recall you ever having been a fan, Emily. I was, though. Let me pick it for Rule Breakers on August 23rd, 2018. It's down, yikes, a lot since. But I'm not going to spoil it, because I'm about to ask you, Emily Flippen, what is your stated market cap range for Stitch Fix, ticker SFIX?

I'm very torn about this one. I'm probably giving Mack hints here. Because I remember consciously thinking to myself, this is not a billion-dollar business. There's no way this clothing delivery service is going to be worth more than a billion dollars. At the same time, I believe Stitch Fix, if I'm not mistaken, has been on somewhat of a tear this year. So, I am now

I could be wrong. Mac's giving me a look. Maybe I'm doing a good thing by over-explaining, buying myself time here. But I'm going to give a range of $900 million to

$2.3 billion. $900 million to $2.3 billion. Again, we are recording this on Friday the 13th, but I'm channeling our listeners listening to us in the future and saying last week the stock had some big moves around earnings. Matt Greer, Emily said $900 million to $2.3 billion. Players at home, Matt Greer, do you want to agree or disagree? This is a tough one. I've always had faith in Emily, so let the record show. And

And when I think Stitch Fix, fairly or not, I also think Blue Apron. And I had a bad Blue Apron experience because when you order the food, it comes in like 9,000 different packages. And at some point, you just say, forget it. It's too much? Yeah, just give me a pizza. So I think this is going to be a low, low market cap.

I'm going to actually say it's in that range. I like your thinking, Mac. Unfortunately, you made the wrong call. It's even smaller than we were thinking, than Emily was thinking. So, the market cap of Stitch Fix as of Thursday, December 12th, was $589.82 million.

just below $600 million a share of stock, around $4.65. Yeah, I picked it in 2018. It's down 88% over the past six years. I'm even a customer today. I really like the service.

And do you send a lot of stuff back? Because it just sounds exhausting to me. I mean, I would be the easiest customer because they could just send me a Whataburger hoodie once a month and I would keep it and we would be good to go. So that would be it. So what is Whataburger? You are wearing Whataburger. It says since 1950. Is this a regional burger place that I don't know about? It is. And Emily knows about it.

Yeah, I think all the Texans listening to this podcast are probably. It is a burnt orange hoodie. It's a burnt orange hoodie. It's my official winter uniform. You know, around November, I just put this on and I take it off and like, you know, Easter, Easter-ish. As the flowers start popping. Exactly. But Emily and I are both from Texas and Whataburger is an institution. And the only thing I'll say about Whataburger is I think people like the idea of Whataburger maybe a little more than the actual food.

I'll just reiterate, honey butter chicken biscuit. That's all I need from the Whataburger. I've never tried that. Wow. That's a mistake you made. That's at Whataburger? It is. It's their breakfast. If I'm not mistaken, it's been a long time since I've been in Texas up early enough or late enough, because I think they serve it after like 2 a.m., to get a honey butter chicken biscuit. But I remember them being -- Okay, I take it back then. I apologize to Whataburger and I also apologize to Lamb Research for undervaluing this.

Stitch Fix founded in 2011 by Katrina Lake, who took the company public in 2017, making her one of the youngest female founders to lead an IPO at that time. She's not still

the CEO of the company. Emily, do you have any further thoughts before we move to stock No. 3? Oh, just that. Nothing against the service itself, actually. In fact, one of my favorite pairs of pants I got off Stitch Fix. It's just one of those businesses, when you look at it, you look at the customer, the size of the market there. Which, I guess, David, you are part of that key demographic. I'm in the market. I just could never really imagine it being particularly large. Alright, she's pitching a shutout so far. Emily, two, Mac, nothing. Let's move back to you, Mac Greer.

Mac, imagine you're managing your own household pantry. Now, are you the type who likes to keep everything just in time, never stocking more than you need? Or do you go the full Costco mode and stack three months' worth of granola bars in your cabinets, and there I go mentioning Costco? I love me some Costco. I am more the kind of get it at the last minute, because we live a block from Safeway. So, basically, go to the grocery store pretty much every day.

In that case, you roll pretty well with stock No. 3. We're not talking about Costco here. This next company specializes in helping major retailers and distributors optimize their supply chains so they know exactly how much product to have on hand and when. The company is Manhattan Associates, ticker symbol MANH, a leader in supply chain and inventory management software. I'm seeing very confident body language from you, Matt Greer.

So, let's just go with it. What is your stated market cap range for Manhattan Associates? Ticker symbol MANH. It's one of my favorite sleeper stocks. $5 billion to $10 billion. $5 billion to $10 billion. He didn't even hesitate. Emily Flippen, players at home, do you want to agree or disagree? And Emily, why? Look, I haven't the first clue, but I do know enough to know a bluff when I see one.

Mac also hasn't the first clue. If he gets this point, it's sheer luck. I'm going to say outside of Mac's range. And she's right. Give yourself a +1. If you disagreed with Mac's range, it is larger than that. $18.92 billion for Manhattan Associates.

By the way, it's not that Manhattan. The company's name, Manhattan, comes from its original office location in the Manhattan Beach area of California, not from the more famous one in New York. Despite this, the firm later relocated its headquarters to Atlanta. That's where it is today, growing substantially.

I oversold it. I asked before we played. I slacked Matt Argersinger for advice, and he said it's all about basically bluffing. So I bluffed, but it was – Yeah, the problem was that you bluffed on possibly the most obscure company you could have bluffed on. I know. I know. I've got to work on my bluffing. Okay. Fair point. Fair point.

I do want to say, this company is not that obscure, though. Oh, it's not? Nearly $20 billion is about $19 billion bigger than I thought. Yeah. In fact, it's been recommended several times this year by some different full services, all below $250 a share, and the stock today is about $310. You know, it's been a consistent leader in the Gartner's magic quadrant for warehouse management systems. This is not a sexy topic. Not a lot of us think

that often about supply chain. But if you do, you're pretty happy if you discovered Manhattan Beach, California and the associates of years and years ago, because you were crushing the market with the company. Yeah, it's amazing. Emily, three. Mac, nothing. Let's move on to stock No. 4. Emily, when you're on a road trip, are you the kind of traveler who plans every rest stop ahead of time? Or,

Do you like to wing it? See which roadside gas station calls your name? How about the option of not stopping at all, getting from point A to point B just as quickly and efficiently as possible and holding my bladder the entire time? Yeah, I hear you. But what if it's larger than the capacity of your energy in your car? That's fair. In that case, I will go to whatever is the fastest, most convenient option and continue to move on. So, I guess the latter.

Have you ever found yourself in a tiny Midwestern community that you'd never heard of, only to discover they've got some of the best snacks or even unexpectedly good pizza at the local gas station? Possibly some pizza with egg on it. Breakfast pizza is, I think, maybe the signature item of the company you're probably going to be asking about.

Founded over a century ago, Casey's General Stores started as a dairy delivery service in Boone County, Iowa. I had to look this up. Lots of people love it for its signature made-from-scratch pizza. Emily, what is your market cap range for Casey's General Stores, ticker symbol CASY? I'm hesitantly going to guess $15 billion to $25 billion. $15 billion to $25 billion. Mac, are you a Casey's fan?

I don't really know Casey's, no. I can't say. I don't either, because I'm hopelessly East Coast and Casey's is much more Midwest, but sometimes I'm unclear whether Texas is counted in the Midwest.

I don't think I would call Texas Midwest. Yeah, Texas is a whole other country. It's Southwest, but it's also kind of its own. It's its own republic. It is. I think that's fair to say. And any Texans that were continuing to listen to this podcast after the slander that was thrown against Whataburger are definitely turning off the podcast now. I need to get more in touch with Texas. In my defense, I am wearing a Whataburger hoodie. So, you know, there's that. I'm still representing Texas.

Mac, do you find yourself wanting to agree with Emily's stated range, $15 billion to $25 billion, or to disagree? I'm going to disagree. I think she probably knows it. She used the word hesitantly, and I think that was trying to throw me off. It got in my head, but I'm already in my own head, so I'm not quite sure. But I'm going to disagree. It was very close, because the market cap for Casey's General Stores is $15.8 billion.

But unfortunately, that means you should have agreed with her. Oh, no. I'm 0 for 4. She said 15 to 25. So, Emily's getting married today. Mac, you and I, side conversation, we talked about this. You obviously cannot win the game show. It's true. It's true. And it almost may appear to the untrained observer like I'm trying to lose. But no, no. This is my wedding gift. Yeah.

I am not against getting a pity here for the Market Cap Game Show. If I get a win off pity, I'll take it. I'm trying. I am trying, just to clarify. If you agree with Emily, give yourself a +1. And if you've been agreeing with Emily throughout, you also have four points after four stocks. You know, I do want to mention, since I've already talked about a dog I picked, Stitch Fix, that this is the opposite. April 2015 was the month I picked Casey's for Stock Advisor. $80.99?

Today, it's $425. So, it's up 428%. It's a five-bagger, a convenience store chain that has more than doubled up the market's gains over the past nine years. Emily, you've been to a Casey's.

I don't think I have, but I'll tell you what, I am waiting for Wawa, our local -- I don't want to say version of Casey's, because I don't want to offend the Midwesterners now -- but a Casey's knockoff. There we go. I'm waiting for them to go public. I love their coffee. Yeah. I like Wawa, too. In Texas, we have, what, Buc-ee's? What's the big one? Yeah, Buc-ee's, which is expanding. I saw somebody at the Buc-ee's back at the grocery store yesterday, and they said they got it in Florida.

Alright, on to stock No. 5. Turning back to you, Mac Greer, earlier you said you were a mountain man. Mac Greer: Yeah, slightly. I lived in Boulder for four years, Boulder, Colorado. That counts. And given that the ticker symbol for stock No. 5 is MTN,

The company is Vail Resorts. This is connecting, in some ways, with your past, Mac Greer. This is. This is Dunlop Skiing. I know your family of origin from Houston, Texas, has spent some of its time on western ski slopes. You just mentioned several years in Boulder. Ever been to Vail? I have been to Vail, yes. Mac, you and I have known each other more than 25 years at this point. You've told so many great stories.

It's time for you to share with Rule Breaker Nation the Greer family's brush. I don't think it was necessarily at Vail. The Greer family's brush with Steven Spielberg. Oh, wow. Yeah, that was not at Vail. That was in Hawaii. We were celebrating. Close enough. Yeah, yeah, close enough. We were celebrating my father's 60th birthday.

and I have one of those coming up in a few months. And we're all having lunch, and I looked over at this table. We're at a hotel, and we're out on the terrace, and I looked over at this table, and I said, that's Steven Spielberg. And my older brother said, no, that's not, no, that's not. And I'm like, no, that is Steven Spielberg. I'm pretty good with faces and names. And we had a huge group of our family at this table.

immediate family, extended family and stuff. And 20 minutes later, Spielberg gets up with his kids. He's done with lunch and he walks, starts leaving. And I pop up and I kind of walk over to him with a camera. And I say, Mr. Spielberg, I'm so sorry to bother you, but we're celebrating my father's 60th birthday. And we all wanted to get our picture taken. And I thought you'd be the best person to take it. And he burst out laughing and came over, took the picture and

Was so friendly, said happy birthday to my dad, and was just so wonderfully kind in everything you would want him to be. And the greatest thing about that whole story, the picture was out of focus. Heartbreaking. Beautiful.

And I think there's an addendum to that story, because didn't your dad politely turn? He did. He did. Would you close it out that way? I will. My late father, rest in peace. There's a Greer trait, and I don't know how to define it, except that we probably stay on the stage a little too long. And we say the one thing extra you probably shouldn't. And the editor, I think I have an editor in my brain who basically clocks out at five, and then I keep talking.

So after this wonderful moment, Spielberg takes the picture, you know, talks to everyone. And just as he's walking away, my dad says, can we get a picture of you with your kids? And Spielberg just looks at him and says, no.

But that's the polite thing to do. Like you ask somebody to take a picture of you, then you offer to take a picture of them. It's true. It's true. That's what he meant. That was such a gentleman. That's what he meant. But I think Spielberg was like, you know, I'm officially done. But actually, it was very of the Greer trait to kind of go one step too far.

Well, I sit corrected on one point, because I was just imagining that was at a ski resort. And we're going to go right now back to the mountain. Ah, shoot, yeah. But it turns out it was Hawaii. But it was a resort. You'll grant me that. Yeah. All right. Matt Greer, what is your stated market cap range for Vail Resorts, ticker symbol MTN?

This is a tough one because I know they've had some struggles, but I also know they do some off-season stuff. So it's not just skiing these days. But I'm going to go $500 million to...

$500 billion to $4 billion. I would say it's somewhat generous allotment. $3.5 billion spread. Emily Flippen, players at home, do you want to agree or disagree with Mac's half-a-bill to four-bill range? I feel crazy now. If this is a bluff for Mac, this is a much better bluff. Because I thought Vale Resorts

If I had to take a guess, I'm thinking to myself, they made a fair number of acquisitions. I know they just started expanding internationally. To your point, the seasonality of their business and climate change, that's been a headwind for them. But I thought this was still like a $20 billion business. So, I'm going to have to go outside that range, fully acknowledging my gauge here might be entirely off.

So, as we enter halftime, Emily, you're shutting out Mac Greer and all of the Greer fans. Because, sure enough, the market cap for Vail Resorts is $7.26 billion. Not tremendously off. And you could even argue that Emily thought it was $20 billion. She's farther off than Mac was with the high end of his range. And yet, plus one yourself, if you agreed with Emily to disagree with Mac's range, it's a little bit bigger.

This is crushing. Is this like a no-hitter where we're not allowed to talk about it? Oh, no, you just did.

You know, winning while being so wildly wrong isn't really gratifying to me. I will say that, Mac. So, Mac has not been mathematically eliminated. And hope springs eternal as we move toward the second half of the show. You know, this stock has really taken it on the chin in recent years. It was a monster winner for Stock Advisor for many years. But just the last three years, the market's up 30%.

Vail Resorts is down 40%. So, a significant separation. It's still up 282% for us overall. Not bad, although the S&P 500 is up 349%. So, we're behind on this one after 11 years of holding. But that's what we do. And I still -- do you think snow skiing is going away? Is climate change going to take away the mountains?

I've never been skiing. I don't know how to answer that. I'd hope not. I know Vale Resorts does spend a pretty penny, actually, on artificial snow. But, I mean, who's really to say? You know, I don't think it's gone away, but can I have one curmudgeonly moment? I've been called curmudgeonly by a colleague, and here it is. I think snowboarders are ruining skiing.

Because there's a different kind of risk tolerance. The last few times I've skied, you have these snowboarders just going crazy on the slopes. So, what I think we need is separate mountains, and some places do this, and have snowboarders on one mountain and skiers on another mountain. That's what I propose. You should pitch that idea to Vale Resorts. I like that. Some people near 60 are over it, say stuff like, "Get off my lawn." Matt, you just said, "Get off my slopes." I know. I'm yelling at the clouds.

Last quarter's halftime show was a stirring musical performance channeled by my producer, Des Jones. Des is an accomplished viola player. I was mourning the lack of viola inclusion in the halftime folly shows we see at sports games.

We may bring the Viola back, but this time we actually have something special. As longtime listeners will know, Emily and Mac are competing for the coveted fourth seat in our final four for the March Market Cap Madness World Championships. And right now, Mac, you are on the brink of elimination. Not yet, though.

That's what you've been competing for, whether or not you know that. And there are three others who are already there. And I asked each of them for some coaching or taunts at halftime for you both. Andy Cross, Matt Argersinger, and Bill Barker have all previously won and established their seats in March. Andy had this to say. This battle between Emily and Mac is a tough one to call. Both these gladiators have to be—listen carefully, especially Mac—have to be fearless—

with their reputation at stake. It might even go to midnight. But ultimately, Andy says, Emily will claim the final blank space of the 2025 market cap Final Four, and Mac will simply have to -- Shake it off. Exactly.

What was Andy doing there? He was referring to Taylor Swift. There were four, maybe even five Taylor Swift references. Both Andy and I did see Taylor on the ERA's tour, and yes, first name basis. Fantastic. And it's her birthday as we were Friday the 13th. Matt Argersinger had this to say, "It's too bad there aren't any

immunity idols to be found in the market cap game. Mac could use one, because I'm pretty sure it'll be Emily who survives to the final four. Emily, does that ring a bell or two? It does. It does. The survivor references do haunt me. So, thank you, Mac, for the reminder. And Bill Barker had this to say, "All of my best trash talk lines," Bill wrote,

are directed at Bill Mann. Is there no way to bring him back into the competition? Regarding Mack v. Emily, Bill concludes, I understand the betting line is 4-1 in favor of Emily, so I'm really pulling for Mack today to pull off the upset and make the potential Final Four matchup easier.

You know, I will tell you this, I'm betting on Emily also. I'm very happy that this didn't go the other direction by the time you got to this mid-roll read, David. Otherwise, some of these comments would have aged poorly. Alright, halftime's over. Let's move on to stock No. 6. Turning back to Emily. Emily, you have a cell phone, right? I hope so, I do, yes. A smartphone of some variety? Yes, I have an iPhone. Do you love your provider? Let me ask it this way. Scale of 0 to 10, where 10 is ...

You're considering surprise elopement right now with your cell phone provider. What number do you have your love rating, 0-10, for your provider? Probably a 5. The less I have to think about it, the better our relationship is. 5 is not a bad number. If you had to identify the brand color of your provider,

Think about their marketing, their logo. Does any color jump out at you when you think of them? Well, unfortunately, my provider is AT&T, and I have no colors. But I know there is a provider out there that -- and now I know what provider it is, I do not know the colors. Is it purple and yellow? Close. Gold?

The company we're looking at for stock No. 6 across the broad landscape of mobile service providers, I think this company generates more love, arguably, than all the other competitors combined. And they own the color pink. Oh, of course! The moment you said that, it came to me, this is not me just backtracking, trying to cover my tracks. No, it really did. In that exact moment, pink came to me. So, that means we're all talking about T-Mobile U.S., ticker symbol TM.

Let's cut right to the chase, Emily. I know you've got to get to the courthouse on time. What market cap range do you want to state for T-Mobile U.S., ticker symbol TMUS? Yeah, no pressure there. This is a very large company. That's what I know about T-Mobile. That's the extent of my knowledge of T-Mobile. That may be all it takes. Is it bigger than McDonald's? Can't say. Can't say. I genuinely can't tell you either of those. I am going to say T-Mobile.

$200 to $300 billion. $200 to $300 billion. She kept it. Easy round numbers for you, Matt Greer and players at home. Matt, initial thoughts? I think she's probably bluffing. I think she knows a lot more, but I don't know what to do with that. Absolutely flattered. I think I'm going to go outside the range just to keep my losing streak alive. So, yes, I'm going outside that range. The shutout continues. No! Oh!

$270.71 billion, solidly within Emily's range. Emily did ask -- I was looking this up real quick, because I have the internet, thanks to my mobile service provider. And McDonald's market cap is $213 billion. Bigger than McDonald's. T-Mobile U.S.'s bigger

than McDonald's. In 2013, do you remember this? Then, big personality CEO John Legere rebranded T-Mobile as the Un-Carrier. Kind of like 7-Up. Remember, Mac? You and I are the same age. Oh, sure. Sure. Was the Un-Cola back in the day? Sure. By the way, Mac, within five years, what year did 7-Up drop the Un-Cola slogan and, in fact, reinvent its formula? And I'm going to give you a half-point if you can get this within five years.

This is the rare extra bonus point that you can get on the Market Cap Game Show. I've never done this before. 1988? Close. I can't give you the half point to give you the shot. This doesn't even feel right. It was 1998. I didn't know myself, I had to Google it. But yeah, 7up gave up the Uncola in 1998, changed its formula. I was a big Legere fan because

Kind of like Emily, I've never found my providers to be winning brands or interesting companies to follow. And all of a sudden, here comes the un-carrier with Legere trash-talking AT&T and Verizon. I don't know if you remember this, he was calling them dumb and dumber. I mean, I kind of loved it. And so, on July 15th of 2016, in Stock Advisor, we picked T-Mobile. And it's worked out well.

T-Mobile is a five-bagger with 200-plus points of alpha up over the S&P 500. This is crazy. How has AT&T done over the same period? The answer is minus 30%. How has Verizon Communications done over the exact same period? Minus 30%. So, they kind of were dumb and dumber. As T-Mobile goes up 439%, it's two big competitors minus 38%.

each, staying in the lost column, which is where some people still are right now as we move on to stock No. 7. Mac, turning back to you now, imagine for a sec that your digital life is like your home. You with me? OK. So, dogs, cats, OK. So, here's my question for you. For that home, have you invested in, installed, kept up to date with a high-tech security system with cameras and alarms?

Or do you stick with sturdy locks and good lighting? There are cyber threats out there, Matt Greer. Can I choose not to answer this, given that this is going to be somewhat public-facing? I think you can. Do I have to disclose passwords next? You don't have to, but I'll tell you. I'm going to allow you to pivot briefly in order to tell the story of MattGreer.com.

Oh, my gosh. I don't even know if there is much of a story other than you or Tom, your brother and Motley Fool co-founder, CEO, I think registered it at some point as a joke. And I'm not sure if it's still registered or it's available.

I do remember, as our longtime radio producer, that you were sometimes a target of the brothers. This is fair. And that's not fair to you, because you're a really good guy with a great sense of humor.

I think one of us decided we would just register your name and own your URL on the internet. It's fair. Yeah, I'm sure it gets a lot of traffic. I'm checking it right now. I invite the people of the internets to go to macreer.com, but I'm going to show you both the state of macreer.com today.

David Gardner: Parked on the bun. Oh, it has been registered at Pork Bun. Yeah, and there's a pig and a bathrobe. It's remarkable. Well, getting back to the stock at hand, Palo Alto Networks is a company that embodies

that very essence of protection and proactive security in the digital realm. They're at the forefront of cybersecurity, safeguarding countless organizations from ever-evolving cyber threats. And this one's been a rule breaker since 2008.

But wait, oh my gosh, stock No. 7 is actually a throwdown. Yep, throwdown time, pencils out, fools. Mac and Emily will now write down their best market cap range for Palo Alto Networks. Once they share their ranges, players at home, you just pick the contestant you think made the better guess. You simply say Mac or Emily.

And if you're right, score a point. Here's how it works. If only one of them gets the market cap range right, of course, they get the correct guess and win the point. But if both of them are right, then the contestant with the tighter range takes the point. But what if they're both wrong?

Well, first of all, that would never, never happen. I don't ever remember that happening, even once ever on this show. For instance, that definitely didn't happen both times last Market Cap Game Show with Matt Argersinger and Yasser El-Shimi in September. Anyway, supposing this ever should happen, whoever's closer to the actual market cap gets +1. We do this twice every show. That means another one's coming. Let's do it. Stock No. 7

is Palo Alto Networks, ticker symbol PANW. All right, Mac, I'm going to turn to you first. What is your range for Palo Alto Networks? I feel like this is a big one because of Palo Alto and because it's a network. So, I'm going $300 billion to $800 billion. That is a wide girth, to say the least. $300 billion to $800 billion is

Scrawled on a Post-it note, because that's the kind of production value this show has. Emily, what does your Post-it note say? Well, the self-doubt is really creeping in now. I know CrowdStrike, who I consider kind of the gold standard for cybersecurity, is somewhere around $80 billion to $90 billion. I think Palo Alto is worse than them, and I don't know why I feel that way. Or I shouldn't say worse, sorry, smaller than them. So, I said $50 billion to $80 billion. I'd like to change my guess. Me too. Can I also change?

Alright, there are their ranges. Players at home, you're either going to say Emily if you agree with her, or Mac if you agree with him. I'm going to count down 3, 2, 1, and you're going to say it out loud. You ready? Player at home, 3, 2, 1, who? Alright, the market cap range for Palo Alto Networks is $130 billion. My golly, you're both wrong. But,

Emily's 80 at the top line is closer to 130 than Mac's lowest parameter of 300. 80 closer to 130 than 300. Therefore, if you said Emily, give yourself the +1. Do you both remember earlier this year, CrowdStrike?

CrowdStrike going down, and what happened? The world stopped for a day there. Yeah, it was July. I even had to look that up. And checking it now, here we are in December, looking back just five months, CrowdStrike went from 380 to 200 inside of a single month. Where is it today? This isn't the stock, so you don't have to know.

It's back to 360. It's basically back where it started five months ago. It's one of those, it was real and it was unfortunate, but the market vastly, quickly overestimated how serious this was. And here we are kind of back to status quo. Palo Alto, to its credit, has a big business too and didn't have those problems at least that time.

By the way, shout out to our colleague Tim Beyers, Rule Breakers advisor. Tim picked Balo Alto Networks in 2014. The stock has been phenomenal. It is a six-bagger for Rule Breaker members. And yeah, we're still holding. Let's move on to stock No. 8. Alright, with stock No. 8, this one's a gift to longtime listeners. If you heard Bill Barker's eureka moment earlier this year -- and I'm thinking Emily and Mac probably don't know about this, and that's fine.

But if you're a dyed-in-the-wool, market cap game show viewer, this one's for you. My question back out to you right now, dear listener, is, can lightning strike the same place twice? Emily, I'm about to give you a corporate tagline. I'm not expecting you to guess this. Who rocks this on the front page of their website? You ready? I'm ready. "Technology is our how. People are our why."

Technology is our how, people are our why. By the way, before we talk about this, how would you rate that corporate tagline, 0 to 10, where 10 would be that you would honestly, again, consider eloping right now with this corporate tagline?

Yet the fact that it's not immediately identifiable and can apply to so many businesses makes me presume that it's maybe substandard. So, I'm going to give it a 3. I think you can do better. I hear you. Do you want to take a guess at who's rocking that on the front page of their homepage? Since it can apply to so many companies, why not? I'll go with Accenture. I think about what they do, consulting, and then they do it with so many different people. Their employees are their No. 1 assets. So, people, technology, Accenture. That is a good guess. But

How could you have gotten it right? And yet, Bill Barker, without blinking, nailed it earlier this year. And I'll explain why in a second. But that corporate tagline is put forth by Endava, PLC, a British company favored by Bill, which we'll get to in a sec. But first, the most important question is,

Emily, what is your stated market cap range for Endava, ticker symbol DAVA? This is an ADR, this is a foreign security, a British company, Endava. This is a great, great question. And I'm confident, incredibly confident, when I give you the market cap ranges. I'm going to give you here any second now. Let me go with $20 billion to $35 billion.

$20-35 billion. Matt Greer, what are you thinking here right now? Technology is our how. People are our why. And it's an ADR, right? It is. So, to clarify, this would be U.S. dollars, though? Yeah, sure. Let's go with that. Yeah, the market cap. Okay. I'm going to say outside the range. It's over.

The shutout is over. In fact, Emily was dramatically off with this one. I have no doubt. We saw a little bit of a bluff coming, and it didn't work.

But we were kind of starting to cheer Mac on on Friday, December 13th. The market cap for Endava is $1.36 billion, so not even close to $20 billion to $35 billion, a much smaller company. Again, anybody who's been with us on the Market Cap Game Show tour of 2024 will remember, but Bill Barker, the day that we recorded our Market Cap Game Show in the spring of this year, was

was literally in the process of sending out an email to our members following Motley Fool Firecrackers recommending Endava PLC to our members. So, we couldn't actually air that on the show. We had to replace it because we can't give out our new advice free on this podcast. In fact, we regulate ourselves away from doing that. And it was absolutely stunning when I pulled what I think of as one of the more generic taglines out, and Bill without batting an eye

Without batting an eye, taking a sub-$2 billion company and saying, "That's a dava." I don't know how you feel about that. That almost feels like a cry for help to me.

Let it be known that the stock is up 8% since Bill picked it. The market's up 10%. It's kind of a market also we're in right now. But let's peel one layer of the onion back further here, Emily and Mac, because I'm looking right now at the company's Wikipedia page, and its description of Endava Services. This is a tech consulting company at its heart. And yet, you're about to give them some consulting.

Because some of us may have done this exercise before, especially in business, but maybe in other contexts, a start-stop-continue. This is strategy consulting coming from Emily Flippen and Mac Greer. But we're only going to do the stop part. Mac and Emily, I would like you each to take one of the services listed on this roster for this sub-$2 billion company and advise them to stop doing it, with maybe 30 seconds of coaching or so.

because here is what the company offers on its Wikipedia page description. Ready? Go. The company offers, listen carefully, services with respect to strategy consulting, creative and user interface design, insight through data, mobile and internet of things, systems architecture, automation, software engineering, test automation, DevOps, cloud computing, advanced application management, and smart desk.

Mac, I'm going to turn to you first, since you are flush with your first point of the game. Stop, Stark, and to you. I think one of these things, we need to focus people. There's too much going. We're trying to do too many things at a low market cap. Smart desk feels like it's made up. I mean, I'm not sure what that is. I feel like they just needed a list of 10. How many was that?

Let me count. 12. Okay. I feel like they had a bunch of people in a room, and they just said, "I think 12 is a better number. Let's come up with one more."

And someone just threw out Smart Desk. So, I'm not sure what Smart Desk does exactly, but I'm sure it's covered by some of the other advanced management, application, software. You know, some of those studies where we study buyer mentality, and if you put three things out, people will pick one of them and buy it. But if you put 12 things out, nobody buys anything. Yes.

I think you're helping. So, no more Smart Desk at Endava. Emily? My mind went to a similar place as Mac's, which is to say, advanced application management. If they're so advanced, can't they manage themselves? Get rid of that one. So true. So true. Alright, we'll leave it there. It's Emily's 7, Mac 1. Now, Mac, while you can't win, in some senses you have already won. And,

As I often like to point out, this one doesn't count because it's the last one people tend to remember. So, we're about to do stock No. 9, but just remember, stock No. 10 is how you'll leave them feeling. And that's your opportunity, I think, to win today. Yeah, so true. So true. And that actually reminds me of just this wonderful quote I read. Former RBI guest James Clear, author of Atomic Habits. Love it.

Love James. And love the book and love the emails that he sends out. And in a recent email, he sent out this Hemingway quote. And I'm like, you know what? This reminds me of Emily. Because I'm a big fan. I think I'm a charter member of kind of the Emily Flippen Incorporated Bulls of America. We all are. Of the world. And here's the quote, Hemingway. Be humble after, but not during the action. Hmm.

I love that. You want to have conviction, but after you win, you want to be humble. Yeah. It reminds me of a great line about hope. "Hope is a good breakfast, but it is a bad supper." In some senses, we're talking about being in the moment. Love that. And how important hope is and performance. But if you're still hoping and we're at suppertime now, probably not a great idea. But if you've won and it's suppertime now,

Be a little humble. Absolutely. My favorite football player, Earl Campbell, played for the Houston Oilers running back. And every time he would score, he would just take the football and he would just put it down in the end zone and walk away. A total contrast with even just a simple tackle on third and four these days. So true. The linebacker pounding his chest. Okay, well we don't do that here and thank you for sharing that, Mac. Let's move on to stock number nine.

Mac, OK, I've talked about some of my bad investments this game show. I always do.

I need you to do so, too, now. Come on, man. Throw me a bone. What's been a bad investment? David Gardner: OK, David. One of my early investments was a biotech. I'm actually not going to even give the name, because I'm not sure I remember the name exactly. But I do remember going to Charles Schwab during my lunch. This is pre-internet. This is early '90s. And I was so excited. I owned the stock. And they had some big phase two, phase three review. And the results were going to be announced. And those are important.

My understanding with biotech, right? Yeah, it matters. And so I get there and I get to the little kiosk and they have the computers in the lobby of Schwab and I type in the ticker and I bring up the report. And the first phrase I see is grossly inadequate.

And I'm pretty sure that that's the phrase you never want to see if you're trying to get anything approved, right? Grossly inadequate. Actually, I don't think there's ever a good time to hear that phrase. So, the stock cratered, and I learned a valuable lesson. You don't even remember the name, Mac? You're not even going to try? I'm pretty sure it was ICN Pharmaceuticals, but if it wasn't, then I apologize.

You know what they needed to do? Diversify into smart desks and advanced application management. Yes, yes. They weren't advanced enough. Well, speaking of consumer-facing consumables, I rocked my Krispy Kreme. This company doesn't sell donuts, but it does sell something pretty sweet. Energetic.

And its stock has dropped quite a bit since late May, but I don't want to say how much because that would be a spoiler. Mac, do you do the workout energy drink thing? I do not. I do not. Cappuccino is my vice. Do you do the workout thing?

Define workout, is what I would say. I've done some core and strength training recently. I would say you look in pretty good shape to me. So, something's going right for you, but you're not using energy drinks to supplement. I am not. I am not. I've never had a Celsius. Celsius Holdings is ticker symbol CELH.

Looks like you might be ready for this one, Mac. You've been in a soundproof chamber for months. That's right, since Groundhog Day. Yeah, okay. What is your stated market cap range, Mac, for Celsius Holdings, ticker symbol CELH? I know this has been an incredibly volatile stock. That's all I know. And I think it had an incredible run, and then it sold off a lot. I would say you're right on everything you're saying so far. But I'm not sure what it's done lately, and I'm very confused about it.

I'll say $500 million to $3 billion. $500 million to $3 billion. Emily, have you ever tried a Celsius drink? I have. Actually, this was a business that I was very against initially, of course, during its massive run-up, and eventually came around to a

about at the point where it hit its 52-week high, and have since held it and watched it decline, I think 60% to 70% just over the course of the past few months. It's been brutal. It has been. Actually, hilariously, I think there's a fair amount of skepticism in the business. They have distribution through Pepsi, and Pepsi's changed the way they manage their inventory. That has led to some negative growth. And I understand the hesitations.

this stock. I really do, still do. I like the orange flavor. And I will say, yes, I have tried it after becoming interested. And now I am a, I won't say daily consumer because there's a lot of caffeine. Some days I like my coffee. But I do consume it on a weekly basis.

Do I have to exercise to drink it? Because that's my -- or can you just have one at home? No, it actually gives you the satisfaction of exercising without actually having to work. Oh, this is perfect. I've been looking for this my whole life. Emily, Max said $500 million to $3 billion. Do you want to say inside -- players at home -- inside or outside that range? I know it's fallen, but it cannot have fallen that much, so I have to say outside that range.

If you agreed with Emily, give yourself a +1, because it is bigger still than at least Mac thinks. The company's market cap is $7.5 billion, $7.52 billion for a stock that was at $93 in late May. It's now at $31. We love stocks that triple. We don't love stocks that strike out, or in this case, get one-thirded. Zoom out, though, and even after this drop, Celsius Holdings over the last five years

It's a 20-bagger. Nice! That's amazing, David. I apologize for underestimating Celsius. And again, I apologize to Lamb Research. And I apologize to all the Celsius shareholders who bought alongside me earlier this year. Well, it is disappointing. It's been a volatile stock. I think this episode, I hope every episode of this show, whether we're playing game or not, is replete with that humility that Mac was mentioning earlier.

Part of winning is losing to win, in my opinion. It's hard to watch stocks like Krispy Kreme, which stayed down, although eventually came back, or Celsius recently, lose a lot of value really quickly. So, shout out to shareholders. I mean, it's been quite a remarkable company and is at least twice larger than Mac thought. Mac, you don't have to apologize to Celsius or Lam Research. You may end up having to apologize to Endava Associates.

Oh, I've got to apologize for that. O' Calling out SmartDesk for a smaller cap, more vulnerable for agile enterprise, and going after them? I know. I know. And I don't even know what it is. I could use a SmartDesk. I don't have a SmartDesk. So, I apologize to Nava also. Add it to the list.

Here we've now arrived at stock number 10. Emily, when you plan a getaway, like, I don't know, like a honeymoon, are you the type to meticulously craft every detail of your trip, booking each activity in advance, or do you prefer to embrace the spontaneity, letting adventures unfold as you go? You know,

You know, hilariously, I'm either one or the other. My trips are either planned down to every tiny detail, including where we're eating, every meal, or I have done no preparation. In fact, I think I need to find that nice middle ground. Now, I know you're about to connect your life to the life of a young man. And so, you're a team. You and Eric are a team.

What is Eric's approach to planning getaways? Oh, he just does whatever I do. He's even worse than I am, in fact, when it comes to the passivity of vacations, which is actually great because it means that I can do the most and he's happy, or I can do absolutely nothing and he's equally happy. In my own marriage, I play the role of Eric as well. And you know, I don't know about you, Mac, but I mean, I'm happy just to have you plan the whole trip and I'll just go along. Where are we going?

I'm the planner. I love it. I love planning, and Ellen's fine with me planning. When you think about visiting a new city, do you imagine staying in a boutique hotel with all the amenities, or do you love the idea of finding a unique local spot that feels like a home away from home?

As usual, a little bit of both. Most recently, I have been doing a lot of Airbnb, though. That has been probably the more accessible option, especially for a lot of my last-minute planning when there may be less boutique hotel options. Well, Airbnb has transformed the hospitality industry by offering unique lodging options, fostering a global community of hosts and travelers alike. Yep, that's stock No. 10.

Oh my gosh, it's a throwdown. It had to be, right? We're at the last stock and we hadn't done our second throwdown. So, Mac and Emily are getting their pencils out and estimating their best, tightest, accurate market range they can manufacture right now in approximately 10 seconds or less. Alright, pencils down, Fools.

Excellent. Emily, turning back to you, what is your stated market cap range for Airbnb, ticker symbol ABNB? I'm going back in my head because I remember at one point, this was a, if I remember correctly, a $90-plus billion company. I think it's fallen since then. And for some reason, I think it is smaller today than Marriott. So, I'm going to say $60-80 billion.

That's my range, and I'm sticking with it. 60 to 80 billion. Mac, what did you write down? I went with a slightly wider range, based on being much more uninformed. I'm going 100 to 200 billion. 100 to 200 billion. I know it's a big company. Yeah. And you're both kind of right. Players at home, again, you simply are going to say, I agree with Emily, I agree with Mac, I'm going to give you the 3-2-1 countdown, here we go. Say the name of the one you agree with. 3-2-1. Mac.

Alright, you said it. And if you said Emily Flippen, give yourself a +1. Now, neither of you got this one right. Shocking. It was right in between, and you were both very close. It was $87 billion. So, Emily said $80 at her top end, Max said $100 at his low end. I thought I said $88.

Yeah, I mean, it is a dynamic company. I often need to be reminded of this, like, where did the name come from again? Do you both know that? Where did Airbnb, the name, come from? I know Bed and Breakfast, B&B. You got that part. I feel like I've heard this six times, but each time I forget. Founders Brian Chesky and Joe Gebbia decided to rent out

air mattresses in their San Francisco apartment to attendees of a design conference. That humble beginning as air bed and breakfast laid the foundation for what has become a global lodging

Powerhouse. Emily, have you ever stayed in a particularly interesting or exotic Airbnb? I have, actually, a fair number of them. In fact, for aforementioned wedding, I'm actually heading back to Texas for the holidays, going to get our families together. We have rented out a really nice historic home on Airbnb so we can all stay together. Fantastic!

Is it a treehouse? They have treehouses. It is not a treehouse. I think this one might be a horse farm. It's in Texas. So, keep the expectations low. Horse farms are our versions of treehouses. I think that's a much better selection than a treehouse. Yurts, luxury villas, igloos?

Mac, have you ever stayed in an Airbnb igloo? I have not. I like that, but it sounds interesting. Really? That's all you have for me? It sounds interesting? An igloo? I'm sorry. I'm still hung up on the horse farm. I'm just trying to – I have this image like you get there, you're so excited, and the horses are actually inside the place as well, and it's just a little unmanageable. I don't know. Ironically, actually, I'm kind of afraid of horses. So as long as the horses stay away from me, I won't bother them. What if they're those small horses that I love? Those tiny miniature horses that are like – What are these called? Ponies?

Well, no, I'm thinking like a really small ... Miniature horses? No, they're like miniature horses. You're thinking of toy horses. I think they're called miniature horses, and they're just unbelievable. They're just so great. They're like little dogs. Well, speaking of miniature horses, that's kind of what Airbnb stock has been. I was checking it.

It came public four years ago at about $135. Today, it's about $135. The stock has returned 0%. It's one of those companies that just blew up so much as a private finance venture capital investment that when it finally came public at an $80 or so billion market cap, it just hasn't changed much from there. I guess I should say all of the appreciation was for the founders and the early investors, public market investors. Again, this is a great company. It's definitely a rule breaker.

Maybe it will grow forward from the 0% from here. Well, I want to start by thanking both Emily Flippen on a very special day and Mac Greer. The final accounting is then this Emily 9, Mac 1. So, here's my issue with 1. I think 3 Dog Night

One is the loneliest number. Thank you, David. One is the loneliest number. And I can now tell you that one is the loneliest number. Well, two can be as bad as one, though. So I don't know if eight would have really fixed anything. That's true. As we talk to Emily and close this show, Emily is one right now. She's about to be two. That's exciting. That's true. Any advice? What a burger. What a burger. What a burger. You back? You know, I always heard before I was married, you know, don't go to bed angry.

And I actually think that's really bad advice. Because sometimes maybe you get in a stupid fight. Sometimes you're just tired. And you're tired. And so go to bed, get some rest. And in the morning, you're like, you know what? I'm sorry. Thank you, Mac. You know, if this ends in divorce, then I will get myself a Whataburger sandwich and blame you for always encouraging me to go to bed. Thank you.

A perfect ending, really, but let's extend it just a little bit more and say Emily and Mac and I had a lot of fun, but we're not playing this game for each other, we're playing for you.

How did you score, dear Fool? Dear listener at home, we hope you outscored all of us. The purpose of the Market Cap Game Show is to make more popular -- I'm never going to say as popular as Jeopardy! -- but to make more popular market caps, the real value of stocks on the market that most people don't understand. Except that you do understand because you just listened to us for an hour, and I hope you scored at least a few points this week. It's probably going to be hard to beat Emily this week, but

Emily and Mac, you both distinguish yourselves and help make the world a bit smarter, happier,

And richer. Next week is our year-end December mailbag. I hope you're able to enjoy a lovely holiday wherever you are. Matt Greer, a last line from you. Skate to the pock. Nice. Rocking Wayne Gretzky? Just rocking Matt Greer. Well done. MattGreer.com? MattGreer.com. All right. Emily, a last line from you. Gosh, well, I guess good things do happen on Friday the 13th. Nice. Nice.

And the last line from me, just as we saw in this hour today, "Emily Flippen provides Fool fans, members, listeners at large everywhere a wealth of insights, personality, fun, and foolishness, whether it's surviving on Survivor

or on market cap game shows. Emily has proven her quality across many contexts and brought delight and interest to so many of us in so doing, me included. Emily, I know I'm joined by tens of thousands of people who are listening to you right now and have over the years going back to when you started as a Motley Fool College intern in the year

Gosh, was it 2015? I want to 2016. I think it was 2016. 2016. We wish you boundless joy, deep love and a lifetime of adventures as exciting and fulfilling as the ones you've already embarked on. Here's to your next great chapter. Cheers to you and your happily ever after. Oh, my gosh. Thank you. Unexpectedly kind. Thank you, David. Fool on.

As always, people on this program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. Learn more about Rule Breaker Investing at rbi.fool.com.