Chris Hill: Coming to you from Fool global headquarters in Alexandria, Virginia. I’m Chris Hill, here with Bill Mann and Jason Moser. Thanks for being here guys. Bill Mann: Hey, Chris. Hill: We’re going to be talking blue-chip stocks, we’re going to be taking your questions. If you’re a member of our flagship service Stock Advisor, you can go to fool.com/2020, get Tom Gardner’s top stocks for the year. If you’re not a member of our flagship service Stock Advisor, you can still go to fool.com/2020, sign up for Stock Advisor, get that report from Motley Fool CEO Tom Gardner with his top stocks for 2020. Bill, let me start with you, blue-chip stocks, even before I was investing in the stock market, I was familiar with the term “blue-chip stocks,” what is the origin and what does it mean to you when you hear something described as a blue-chip. Mann: You know how we don’t like for investing to be tied with gambling? Hill: Yes. Mann: This is actually a gambling term. This is the one time. So, when you think about the game of poker, the blue-chips are the ones that are generally most highly-valued. And it used to be the case that share prices were between $10 and $100; that was the target. So, the companies that were far beyond that, that were priced higher, were known as the blue-chip companies. Today, Jason, they are more known as just being the biggest, the largest, probably the most stable companies out there. Moser: Yeah, I think that’s it. You think about these stayed, solid, bedrock companies that aren’t really going anywhere, with exceptions — Mann: … sometimes they manage. Moser: … sometimes they manage. [laughs] But I don’t know, I always kind of, like, house money, right? I mean, blue-chip. I think house money is okay when we’re talking about investing, right? You take a little money off the table there. Just working with house money, and then you kind of take the risk off of your mind, I think. Hill: Well, you mentioned risk. And I think when we’re talking about the characteristics of blue-chip stocks, safety is one of those things that comes to mind, because one of the things we like to talk about here at The Motley Fool is, yes, we focus on individual businesses but we’re also trying to build a portfolio. And you and I were talking, right before we started, you were saying, “Look, whatever your age, wherever you are in investing, blue-chip stocks really should have some place in your portfolio.” Mann: Yeah, maybe the bedrock of your portfolio. I mean, you know we always talk about finding the best and the brightest, the new companies that are out there, but there is something really, really good about having really the core of the U.S. economy be also the core of your portfolio. Moser: Yeah, I couldn’t agree more. I think it’s also worth noting that the blue-chip stocks that we grew up with. We’re all the same age, I think. The companies that we know as blue-chips versus the companies that, I think, we would define as blue-chips today, there is a bit of a difference there. I mean, technology has certainly changed the face of everything that we’re doing. But I think, for me, whenever I hear the words “blue-chip,” I think immediately dividends, that’s like the first word that comes to my mind. That doesn’t mean that every blue-chip stock pays a dividend, but I think it’s worth noting that today, companies that we would consider blue-chips Facebook, Amazon, I’d say those are blue-chips, Berkshire Hathaway, certainly blue-chip, they don’t pay dividends. And so, it’s worth remembering that blue-chip is a little bit different today than it was 10, 20 years ago. It’s also worth remembering that just because it’s a blue-chip, doesn’t necessarily mean it’s a good idea either, you have to keep that in mind. Hill: The Dow Jones Industrial Average, which gets mentioned all the time, it’s worth remembering, there are just 30 companies that make up that average, but you look through the list — and this is, I think, another characteristic of blue-chip stocks — it’s the names that you know. You look at the Dow Jones average, it’s American Express, it’s IBM, Coca-Cola. Not necessarily that I’m looking to rush out and buy IBM. As you were saying, Jason, I mean, some of these blue-chips today look different than the ones when we were younger. But in terms of familiarity, I think that’s part of the attractiveness. Mann: well not just familiarity to us, but familiarity to everyone. I mean, one of the things when you think about the blue-chip companies is, they tend to be diverse, maybe they’re diverse within the industry. Within the industries, a lot of them will do a number of different things. GE, for example, is in light bulbs, they’re in jet engines, they do epoxies. That is a classic blue-chip company, although it hasn’t done all that well over the last, what, 15 years. Any company can have a hard 15 years. But they aren’t necessarily even tied into the U.S. economy, they are global companies, so they are companies that are going to rise and fall based on how the company itself is doing. Moser: Yeah, look at the Vanguard U.S. Growth Fund, the ticker there is (sic) VWUSX — for anybody who wants to go look that up, but this is an interesting fund, in that, it really is, it’s Vanguard’s oldest growth fund, it is a fund that focuses really on blue-chips. Look at their top ten holdings here though, Microsoft, Amazon, Alphabet, Apple, MasterCard, Visa, Tesla, Facebook, Netflix, Salesforce. I mean that’s a blue-chip focused fund right there. And some of those names 10 years ago even, I don’t think we would have been looking at those companies and saying, “Oh, yeah, that’s a blue-chip,” but look at where we are today. I mean, I think that shows how quickly things have changed, how much technology has changed and how different our lives are because of it. Hill: But for investors who are looking for more safety and less volatility, some of the names on that list, as great a performer as they’ve been, this is one of those gut-check times for investors, like, if you don’t have the stomach for volatility, some of those stocks — including, by the way, Amazon — are not necessarily stocks that might fit your portfolio and your temperament. Moser: Agreed. And I’m glad that they included that word “growth” in the name of the fund, because you can see there is that tilt towards growth, but it does also include some of that stability in there that can offset some of that risk, some of that volatility. So, yeah, maybe you own some Tesla, but I like Microsoft offsetting that, right? Maybe Tesla doesn’t pay a dividend, Microsoft does. And so, it does feel like they’ve got a pretty good balance there. But it’s really interesting to see what blue-chip means today versus what it meant 20 years ago. Mann: Yeah, I think that that’s probably — you know, there really is no such thing as a definition for a blue-chip, but you know it when you see it. It seems to me that their list is companies with a market cap in excess of $50 billion. Moser: Yeah. And I think also, companies that really do lead the way in their respective industries. Hill: Size is certainly important there. We’re going to get to your questions in just a moment, so hang in there. These guys also have a couple of blue-chip stocks for your watchlist; if you’re looking to build one out. But you think about the size of some of these companies, and also, Jason, you mentioned the dividend. I think that’s — as you said Bill, there’s no set definition for what a blue-chip is, you know it when you see it. For me, and maybe it’s my age, paying a dividend and having a good track record with that dividend, I think that for me anyway, has to be a part of a blue-chip stock. Moser: Well, you know where I’m going next with this. I mean it’s the dividend aristocrats, Chris, right? I mean that, I do really associate blue-chips and dividends. And I think that when I’m thinking about dividends, my first place where I’m looking is those dividend aristocrats, because they’re an awful lot of them out there, and for those who don’t recall or don’t know what dividend aristocrat is a company that has raised its dividend consecutively for at least 25 years. And there are companies out there that have gone well past that 25 years. It becomes a big point of pride — and as we’re long-term focused investors here, I mean, when it comes to dividends the whole goal is to own those stocks, hold them for long periods of time. And I’ll tell you, a lot of those dividend aristocrats can really pay off if you have a little patience. Hill: Alright. Let’s get to the stocks that you guys have for the folks who are watching. Maybe they’re looking for a blue-chip stock or two to put on their watchlist. Bill Mann, what do you got? Mann: One of the first stocks that I ever bought is Costco. Actually, when I bought it, it was Price Club. Hill: It did use to be Price Club. Mann: That’s right. And it’s not because it had cheap prices, because it was founded by a man named Price. There you go. Hill: There you go. Good little tip, good little biscuit. Moser: Wait, when did Bill leave and when did Mac Greer come in? I feel like we’re getting a history lesson here — Mann: [laughs] Here’s what else I got. Costco, $150 billion market cap company, sales in the billions of dollars. They have warehouse stores all over the U.S. Interestingly enough, they just opened their first one in China. They’re doing a fantastic job expanding their business. Absolutely one of the best-run retailers in the industry. Pretty much Amazon-proof, just a massive really well-run company. Moser: Rabid customer loyalty. I mean, I drive past a Costco anytime, day or night, any day of the week, it looks like an airport parking lot. I just don’t understand it. Hill: I’ll just say — Mann: But thank you. Moser: Yes. Exactly. [laughs] Hill: I’ll just say that one of the biggest investing mistakes in my life was, literally 20 years ago talking to Bill Mann, he’s telling me about Costco, why he likes it so much, the membership model that they have. And I just thought, “Well, that’s really interesting,” and I never bought the stock. Back then it was at $32, today it’s at $320. So, there’s a 10-bagger I just let walk right — Mann: … plus dividends. Hill: … plus dividends. That’s right. Jason Moser, what do you got? Moser: So, I mean a very familiar name, I think, out there with a lot of folks Johnson & Johnson. This global healthcare giant. I mean, one of the things I like about Johnson & Johnson, they make their money a few different ways. I mean, it’s healthcare, but we’re talking about a consumer segment, pharmaceutical sales, medical device segment. It’s a — Mann: … they are dominant in all. Moser: They are really. And they’re able to withstand crisis pretty darn well. I think the recent headline in regard to the talcum powder incident and potential traces of asbestos, I mean, that doesn’t sound good, but I’d tell you, the company has been able to withstand that without really any trouble at all. And the neat thing about Johnson & Johnson, this is a dividend aristocrat; they’ve raised their dividend for now 56 consecutive years. And I recommended it recently in our Augmented Reality service. And I know people probably think Johnson & Johnson, what in the world does it have to do with augmented reality? They have a couple of companies, a couple of subsidiaries in this business, Ethicon, which is something that is utilizing augmented reality to assist surgeons. And then they also recently took another step towards this in buying a company called Auris Health for about $3.5 billion just recently. And Auris Health, interestingly enough, the Founder and CEO, Fred Moll, he’s also the gentleman who founded Intuitive Surgical, which has been another phenomenal performer for us here in our Foolish universe. Again, utilizing immersive technology, augmented and virtual reality to help physicians train and ultimately achieve better outcomes. It’s got a great history behind it, but I’m really impressed with how forward-looking the company is and they yield a nice little dividend on top of it. Mann: You make a really interesting point, maybe something that you think about with blue-chip, when you talk about the talcum powder potentially having asbestos in them. Johnson & Johnson is still today the company that is the poster child for how to handle a crisis. Going back to 1982 when someone was poisoning people through Tylenol, which is a Johnson & Johnson product. And Johnson & Johnson got out ahead of it, they managed it so well. But if you think about it in some ways, it is something that a large company should be able to withstand better. If that happens to a small company, a single-product company, they’re done. But Johnson & Johnson is many times a bigger, better company than it was even back then because it had the capacity to survive something like that. Moser: No question. Hill: Alright. We’re going to get to your questions. As always, if you’re enjoying the video, please consider giving us a thumbs up. It helps other people find the video and we like making them. So, thanks for helping us out. And again, go to fool.com/2020, you can get Tom Gardner’s top stocks for the year. A question from Kobe who asked, “How would blue-chip companies hold up during a recession or a market correction?” I think, great question, and it ties a little bit into the point you just made about the stability of these companies and typically the amount of cash they have. Mann: Yeah, well, when you think about a market correction, when you’re talking about blue-chips, by and large, they are the market, they are the largest component of the stock market. So, if the market is going to correct, it’s almost impossible for blue-chips not to be the cause of it. But if you think about these companies, Johnson & Johnson, for example, gets 70% of its revenues from outside of the United States of America, the U.S. is the only country at this point where its market hasn’t had a real correction in the last 12 years since the global financial crisis. So, you know these companies will be fine when the correction does come. Moser: Yeah. And I think to follow-up on that, really, as investors, we know that recessions, we know that market correction is going to happen, you have two choices in how to deal with this, you can either try to time the market, which doesn’t seem to be very sustainable, or you can just not be invested. And we don’t like either one of those choices, right? And so, you have to be willing to accept the fact that regardless of the stock you hold, in a correction or a recession you’re going to feel that pinch. But the whole point behind these blue-chips is that you’re going to feel it less. And you can own some of those blue-chip stocks along with some of those more volatile or more risky names that’ll help sort of offset that risk a little bit. And that can make a big difference. Mann: That’s right. That’s why they’re the bedrock of your portfolio. Moser: Precisely. Hill: A question from Emily who asked, “Do you have a preference between blue-chip companies that pay dividends versus those that buy back shares?” A great reminder that the people running these companies are capital allocators. And how they choose to spend the money that they have can be a great indication for us as investors of the extent to which we want to follow them. Mann: Yeah, I’d have to think about that a little bit because certain companies have done a really good job in terms of buying back shares. I tend to think of investors as being somewhat irrelevant to buying back shares, because what companies are generally doing in that situation is they’re swapping debt with equity. So, that doesn’t really matter so much. I actually do prefer dividends, but there are certainly companies that have done really well by shareholders by actually buying back shares. Moser: Yeah, I tend to be a dividend guy because it’s cash in your pocket. I understand the concept behind repurchasing shares. It’s kind of theoretical, though. In theory, bringing down that share count should result in boosting the value of those shares, but that also depends on the psychology of the market at any given point in time. You look at a couple of companies. And I do tend to call these two out, and I’m going to target them again now, Chris, MasterCard and Visa. Both, I think we would all agree blue-chip stocks at this point, leaders in the payments industry, very, very strong reputations and very well-known for buying back a lot of shares quarter-in quarter-out. And that’s really what helps their multiple continue to expand. But when you look at their dividend yields, at 0.57% here for Visa today — and this is almost $500 billion company — as a Visa shareholder, I would love to see them boost that dividend. I like the fact that they repurchase shares, and I understand that’s part of the strategy, but I do feel like they could throw investors a bone maybe and juice that thing just a little bit. Hill: Well. It also seems like the track record for CEOs when it comes to dividends, whether they’re dividend aristocrats or on their way to being that, seems like the track record for those people is a little bit better than the people in terms of buying back shares. I mean there are great CEOs out there who sometimes, in the same way that we don’t want to time the market, there are CEOs out there who do a great job, but they don’t time their repurchases very well. Moser: Oh, I think, actually the data tells you that most of them get it wrong. I mean there’s plenty of facts — FactSet Data out there that shows you that as the market continues to chug upwards, that’s when they start really repurchasing these shares, and when the bottom falls out, they pinch those purse strings quickly. And that the George Costanza move, that’s the opposite, you want to do the opposite. So, it can be a little bit frustrating. I would even argue that a company, we love here, we talk all the time about Berkshire Hathaway, Warren Buffett, Charlie Munger, frankly, I think they should be paying a dividend. I know they feel like they can see better returns on that money and do better things with it, but I’m not as convinced at this point, I think there’s some better options out there. And giving shareholders a little bit of a dividend would probably create a little bit of goodwill. Mann: And they actually did go back to start buying back shares after years of saying that they weren’t going to do it unless they thought that the shares were undervalued. I think they’re probably pretty good at it, but I think that there’s a really good reason why there’s no such thing as buyback aristocrats. Dividends just come on a statutory basis, that’s coming every quarter or every, you know — and you have to be ready for it. I mean, you have to be able to have the cash in your account to pay the dividend. Moser: You need to stake a claim on that buyback aristocrat, there’s something there, Bill. Hill: We were talking earlier about portfolio allocation. We got a question here, “Do you tend to think a portfolio should be mostly blue-chip stocks or some blue-chips and some smaller growth stocks?” Mann: I hate this answer, but it kind of depends on who you are and where you are in your actuarial table of your life. I don’t know that someone who is in the later stages of their investing career, I think probably having blue-chips, things that are paying you an income at that point are probably a much better thing to do and also is probably a really good way to start out — to start to learn about the stock market. It’s a little bit of a lower risk move right out of the gate to maybe own a Costco or a Johnson & Johnson or Visa, you get to learn about a business in a little bit of a lower risk way. Hill: “Would you consider Home Depot and Lowe’s to be blue-chip stocks, and which one do you like better?” Moser: I do consider them both blue-chips. I know that Lowe’s is a dividend aristocrat, a title which I don’t believe Home Depot can claim. Now with that said, I moved up here from Atlanta, Chris, I’m a Home Depot man through and through. Hill: And it’s interesting, because you know you were talking about Visa and MasterCard. And obviously, those are two businesses in competition with one another, as our Home Depot and Lowe’s. But the great thing for us as investors in the stock market is, we don’t have to choose, you can own them both. Mann: Yeah, I don’t have to be a Lowe’s guy and you’re a Home Depot guy. And in fact, in situations like that – I mean, Coke and Pepsi is another one. It’s really okay to own both, you don’t have to stake a claim. It’s not UNC and Duke, really. [laughs] Moser: [laughs] It’s the impetus behind that war on cash basket, why choose? You and I talked about this quarter-in and quarter-out on MarketFoolery, “Oh, yeah, Visa turned in another great quarter, did you buy those shares?” “Nope, I didn’t it,” “What about MasterCard?” “Nope, still don’t own it.” Like, alright, wait a minute now, this is just getting out of control, so own both of them, it really is okay. And I’ll tell you what, I own both of them, and man, I’m laughing all the way to the bank, as they say. Hill: “Are there any stocks that you would say are not blue-chips now but you think will be in the future?” A little bit of a crystal ball type question there. And again, part of this comes down to size, part of this comes down to whether or not they’re paying a dividend or have a long track-record. Jason, you and I were talking earlier today. I think that one of the reasons that blue-chip stocks are more attractive now than when we were kids is, 1., the diversification of the type of business, and 2., there was almost a stigma for dividends, in the sense that, you think back eight, ten years ago, one of the big questions facing Apple was, “Well, they’ve got all this cash, are they going to pay a dividend?” And there were a bunch of people saying, “Well, no, if they do that, it’s going to change the way we look at them.” And that really is no longer the case. Moser: Yeah, I mean, I would throw Markel in there as one that maybe isn’t a blue-chip today just based on its size, but it certainly behaves a lot like a blue-chip. It’s one that we call our baby Berkshire here. We love leadership, we love the business model. It’s very much in that same Berkshire mold, where they have the insurance business, the investing business and the Markel Ventures business. So, I think in time, as it becomes a little bit bigger, it’ll be easier to call blue-chip. But I feel like I could call it a blue-chip today. Mann: I’ll tap into the war on cash and say Square. $36 billion company. So, if we go by our arbitrarily set $50 billion you know set. I think that absolutely has the potential to be there. Mercado Libre is another one. You know based in Argentina, really absolutely is controlling certain parts of the business in terms of cash transfers in South America. The eBay of South America, maybe you could call it the Square of South America. It’s absolutely fantastic. Moser: Another one I think about, because a lot of what we talked about, you look towards the markets that these companies serve and try to figure out how resilient this market is. I mean, payments, for example, it’s a very resilient market, because money always has to get from point A to point B. Commerce is another really resilient market, because people are always buying things. It makes me wonder, and I’m certainly not saying it’s a blue-chip today, but Shopify I wonder, because it’s a good business. We like leadership a lot there. I think Tobi Lütke is a very, very good forward-looking vision with where he wants to take this company. Valuation today notwithstanding, the resilience of the market that it serves in small and medium-sized businesses and the global market opportunity, I think there’s potential there at some point. Hill: Visa, Mastercard, what else is in the war on cash basket? You mentioned Square that’s another — Mann: Is Square actually in it? Moser: Square is in the war on cash basket. Let’s dive in here real quick. The war on cash basket, Chris, and actually it’s Visa, MasterCard, PayPal and Square. The philosophy is, own all four companies in equal amounts. And the date of inception, we started covering this on Foolery, I think back in July of 2018 maybe I think it was? Hill: I think it was 2017, and the name comes from a Visa executive, who on their earnings call said, “We are at war with cash.” Moser: Yeah. And I mean as you see globally, I mean more and more people are utilizing mobile payments, tap-and-go, whatever it may be, and less and less cash. And that’s why all of these companies came together to form that basket. And the idea was simple, we love the market, we think there are a ton of ways to win, why focus on trying to pick one winner when it really seemed pretty clear that there were four right there in those companies. And so far, it’s working out — Mann: It’s been okay. It’s been very satisfactory. Hill: A question from Nolan who asked, “What do you think about Ollie’s Bargain Outlet Holdings, the stock price has been almost cut in half but it’s a great discount retailer?” And you look back over the past decade, some of the best-performing stocks were discount retailers. You think about companies like Burlington stores, Dollar General, does Ollie’s have the potential to do that over the next decade, do you think? Mann: They sure do. They are in the process of resetting in some way, because their Founder and CEO, Mark Butler died suddenly, I want to say three months ago, which was — Moser: Thanksgiving, I think it was. Mann: It was Thanksgiving. And he was 62 years of age. So, they did not really have a plan in place to replace him. So, John Swygert is in charge now and he was the right-hand man for Mark Butler for a long time. So, yes, I do think that that company has a tremendous amount of potential. It’s been incredibly well-run, but for me, it’s a wait-and-see a little bit because it was so much based on the personality of Mark Butler. Hill: “It seems like blue-chips make up a huge chunk of most major S&P 500 funds and ETFs. Is it better to own the funds or the individual stocks?” if I own the index fund, what do I need to buy these things for? Mann: You know, I think it is better to own the index, I mean, you’re getting exposure to basically the same thing. But if there are sectors that you don’t want exposure to, and one of the biggest ones is, people don’t want exposure to tobacco, they don’t want exposure to oil and gas, then you can buy individual companies and you can get your exposure that way. I do think that owning a blue-chip is a really, really good way to get an education in business, though. Hill: I was going to say, I mean, you mentioned oil and gas, worth pointing out, part of the Dow Jones Industrial Average, a blue-chip stock for our entire lifetimes, Exxon Mobil, and yet over the past decade, that’s a stock that really hasn’t done much other than just pay out dividends. Moser: Yeah. And then you have to wonder looking forward, I mean, as much as we’re all rooting for solar and for battery and for this revolution in the energy industry, the fact of the matter is that oil and natural gas are going to continue to play a massive role in our global energy needs for a long time to come. And so, then you have to start wondering, well, Exxon is one of the companies that’s poised out there to really succeed and rule that market for some time, while maybe there’s been a little bit of a pullback in the stock, a little bit of pessimism out there in the space today. Maybe that pessimism is representative of an opportunity, and you just never know. Hill: “You mentioned companies like GE and IBM that were stable businesses for such a long time that are now struggling. How can you separate the blue-chips that stick around versus the ones that struggle?” Well, great question, I will just add parenthetically that if you look at IBM, IBM really had a pretty amazing second act as both a business and a stock. Through the heydays of the 80s, it was a tremendous stock, sort of flattened off from about 2010-2011 to sort of 2017 or so. I mean that was definitely a stock that was performing almost like a growth stock. GE, their struggles over the past year-and-a-half have been brutal, but it does make me wonder if there is yet another second act in it for GE. Moser: Possibly. I mean I would look at GE and say, those are pretty much all self-inflicted leadership-based problems. And so for me, when I look at companies like IBM or GE, I look to leadership first, try to get an idea No. 1, how long have they been there? No. 2, what’s the language in the call, what’s the language in the investor presentation, where do they feel like they’re going to be taking this company? For IBM, it feels like they just kind of sat in neutral for a really long time and let the world pass them by. With GE, it really feels like that old Peter Lynch diversification, they just became so many things, you didn’t know what it was and then they just simply couldn’t handle the liabilities that they stacked upon the balance sheet, and lo-and-behold there you are. Mann: Yeah, in 2004, I described GE as being unanalyzable, because it was a bank, it was — GE Finance was one of the largest really non-bank financials in the world. Moser: Held a stake in NBC, right? Mann: They held a stake in everything. Yeah. I think with blue-chip companies, although they can fall off — and IBM and GE are really good examples and Sears would be another one — they are a little bit less dependent on management than smaller companies are. They just simply — which is not to say that they can’t be run into the ground by someone, because it does happen. I would be a little less worried about that with these types of companies than the more enterprising growth-oriented companies that are in people’s portfolios. Hill: Last question before we wrap up, “What do you think of Morgan Stanley’s acquisition today of E-Trade? Do you think Robinhood is pushing the consolidation in this area?” Certainly, Robinhood was, I’m going to say, partially responsible for what we saw last year with Schwab and E-Trade and TD Ameritrade moving to zero trading commissions. And maybe this is the logical outcome in terms of ripple effects. Mann: Robinhood is tiny compared to JPMorgan compared to Morgan Stanley, compared to even to E-Trade. I don’t know that retail trading was the driver behind this transaction. Yeah, I don’t think it’s the case. This is probably a transaction that should have been done a long time ago. The CEO came out and said, “We’ve been after E-Trade for 18 years.” So, it’s going to be interesting to see how the discount brokerage industry changes now that they’re being subsumed by the investment banks? Moser: Yeah. To me, you kind of look at who needs who more. And to me, it feels like E-Trade probably needed Morgan Stanley more at this point, just based on this race to zero commissions. But it’s the financial industry, man, they’re going to figure out what […] and make money elsewhere I would imagine. Hill: Alright. Jason Moser, Bill Mann, guys, thanks for being here. Moser: Thank you. Mann: Thanks, Chris. Hill: Thanks so much for watching. Thanks for giving us a thumbs-up to help other people find the video. And again, go to fool.com/2020 and you get Tom Gardner’s top stocks for the year. I’m Chris Hill, thanks for watching. We’ll see you next time.