How well are they doing? Because can they compound for me and build wealth over time the same way that, say, Nvidia has, at least up until pretty recently?

Well, you know, some of the tech stocks have been a tough comp.

But, you know, fun fact, Marriott and Hilton have outperformed the S&P by 2x over the last 10 years.

So they have been strong performers.

And, you know, I wouldn't say that most people even think to even own those kind of stocks.

Viking, since it's gone public, has outperformed pretty radically as well as the key operator in that category, as well as Take-Two.

So we expect Formula One that's just getting started to be a great performer.

Why?

After a report like this, are you buying? Are you selling? Are you holding? What are you doing?

Hey, Tim.

Great to see you.

Um, uh, and you know, this is a continuation of our conversation last, uh, last quarter.

We...

You know, it's a consumer utility, and I have nothing to... bad to say other than, you know, quarter to quarter things are gonna bounce around.

We still believe in the story.

Oh, forgive me, so it's down even more.

After a report like this, are you buying? Are you selling? Are you holding? What are you doing?

Hey, Tim.

Great to see you.

Um, uh, and you know, this is a continuation of our conversation last, uh, last quarter.

We...

You know, it's a consumer utility, and I, I have nothing to... bad to say other than, you know, quarter to quarter things are gonna bounce around.

We still believe in the story.

Oh, forgive me, so it's down even more.

After a report like this, are you buying? Are you selling? Are you holding? What are you doing?

Hey, Tim.

Great to see you.

Um, uh, and you know, this is a continuation of our conversation last, uh, last quarter.

We...

You know, it's a consumer utility, and I, I have nothing to... bad to say other than, you know, quarter to quarter things are gonna bounce around.

We still believe in the story.

Oh, forgive me, so it's down even more.

After a report like this, are you buying? Are you selling? Are you holding? What are you doing?

Hey, Tim.

Great to see you.

Um, uh, and you know, this is a continuation of our conversation last, uh, last quarter.

We, you know, it's a consumer utility.

And I have nothing to... bad to say other than, you know, quarter to quarter things are gonna bounce around.

We still believe in the story.

Oh, forgive me, so it's down even more.

Can we talk a little bit about your LOGO, the a- the Alpha Brands Consumption Leaders, the LOGO ETF? Um, why is this the right ETF for this time?

Well, you know, I think if we, if we step back, we w- we're reminded that consumption drives the economy, and that's consumer spending, that's business spending, CapEx, government spending.

And so if you can identify where the money is being spent, what companies are really strong and, and receiving a lot of that capital, they're gonna be great businesses and, and have good earnings growth over time.

And so obviously we have, we have a, a bunch of consumer spending beneficiaries, like an Apple or a Netflix or a Spotify.

Um, we also have some business spending with the CapEx story with AI, with Taiwan Semi as the second-biggest holding.

We have Broadcom, we have NVIDIA, uh, Palo Alto Networks on the cybersecurity.

And then on government spending, obviously governments are spending on defense and aerospace.

Can you tell me about that?

Mm

... a pretty significant debt load, so th- they can do lots of other things on the content spend.

They're gonna clearly do more on sports.

You know, the, the gaming is probably more of a free call option, I think, going forward.

It's a little hard to know, [coughs] excuse me, how that's gonna go.

But if they just do what they've continued to do, ratchet up margins a bit, use AI to enhance the business, um, draw viewership in...

You know, Netflix is still the benefit of it's the place we go first for content search, and then we go out from there.

What would you be asking of the co-CEOs and, uh, their C-suite team?

Without Warner Brothers Discovery.

I don't know.

I completely agree.

I think it would have been great to have that big content library.

But again, at what cost? They've just saddled Paramount with a pretty significant debt load.

So they can do lots of other things on the content spend.

They're going to clearly do more on sports.

What would you be asking of the co-CEOs and their C-suite team?

What would you be asking of the co-CEOs and, uh, their C-suite team?

Well, I, I, I think sports and their...

I mean, they're, they're obviously not gonna give you a ton of clarity or granularity on sports 'cause they don't wanna tip their hand.

But it's clear that sports has been a very big win for them, so I expect them to, to talk more about double downing on, on those kinds of differentiated opportunities and, and just, you know, trying to be as mindful about their spend and the quality of the spend is really what I would ask.

Because, you know, let's face it, for a while there, they were in fill the library up mode, and people kind of critiqued some of the quality content that they created.

Now they have the ability, they have a large library.

Now they have the ability to really focus on quality co- content, which certainly drives a lot more viewership and engagement.

Uh, is Netflix doing the right thing with AI?

... of Bloomberg, uh, Radio and Bloomberg Television, so full disclosure there.

Yeah, no, we like to do that.

Um, having said that, all right, so let's talk about, um, the folks that are behind the helm, and let's just remind everybody.

First of all, we're talking to Eric Clarke, Akivesk Global Advisor CIO.

He's also a portfolio manager of the Logo ETF.

Netflix is the second-largest position, uh, in that ETF.

Right now, we're looking at, uh, Netflix shares continuing t- to trade near their lows in the after market, down about 9%.

Uh, is Netflix doing the right thing with AI?

Are you, a- are you saying that the, the Warner Brothers Discovery deal will happen, Netflix will get that?

[chuckles] That one is a little tough because there are the unknowns of the regulatory part.

I, I think generally speaking, I agree with the concept that Netflix really is competing with all of our time, not just, you know, other streamers or cable.

It's YouTube, and TikTok, and Instagram, et cetera.

But within the streaming, within the, quote, you know, kind of core cable TV viewing, they obviously are the dominant one.

It's just there's much more than just streaming, and, and there's room for every brand here, you know? Netflix is the first place that people generally start.

That gives them that pricing power, and then we bolt on the Paramount for The Land Man and, you know, Mayor of Kingstown, et cetera, and, and, you know, HBO Max, et cetera.

All right, so top of mind on the call with analysts and investors, Eric, like, what is it that, you know, we need to be asking this company right now, or is it just really all about their pursuit of, uh, Warner Brothers?