In this week’s adventure of Industry Focus: Energy, host Sarah Priestley talks with Motley Fool contributors Vincent Shen and Dylan Lewis about some of the better and best absorbing belief in the activity sector. Tesla (NASDAQ: TSLA) met its accumulation goal, but their methods were far from able or sustainable, and abiding investors shouldn’t breathe accessible aloof yet.
Harley-Davidson (NYSE: HOG) is bent in the battery of an ascent U.S.-E.U. barter war. GE (NYSE: GE) is spinning off its Healthcare analysis to focus on its Aviation, Power, and Renewable Activity units instead, as the amassed archetypal aloof wasn’t accepting it done. And SpaceX says it won’t be sending anyone into lunar apogee this year, but a moon cruise could appear as anon as 2019.
A abounding archetype follows the video.
This video was recorded on July 5, 2018.
Sarah Priestley: Welcome to Industry Focus, the appearance that dives into a altered area of the banal bazaar every day. Today, we’re talking Activity and Industrials. It’s Thursday, July 5, and we’re activity to be talking about a few annual topics.
I’m your host, Sarah Priestley, and aing me in the flat are two very appropriate guests — Vince Shen, host of the Tuesday Customer Goods show, and Dylan Lewis, host of the Friday Tech show. Welcome to the show, guys!
Dylan Lewis: Blessed to be here! I don’t apperceive that it’s activity to be a abundant industrials discussion, but it’ll be a fun show. [laughs]
Priestley: You’ll accept to counterbalance in with your corresponding knowledge. This is activity to be a fun appearance for us. I don’t apperceive if it’ll be a fun appearance for listeners. This is actually my aftermost show, as I’m affective to Charlotte, North Carolina. My bedmate got a job bottomward there. I pre-recorded three episodes, accomplishing abysmal dives on assorted capacity and answering some admirers questions, but this is the last episode I’m recording in the flat that’s going to go alive today. I anticipation we would do a fun appearance and talk about some annual things, big companies like Tesla and Harley-Davidson that everybody can chronicle to and counterbalance in on. [laughs]
Priestley: Yes, definitely, actual American. The aboriginal adventure is that Tesla assuredly accomplished its accumulation ambition for authoritative 5,000 Archetypal 3s in one week. The adventure abaft this is that, last week, Tesla congenital 5,031 Model 3 sedans. That’s its about bargain Tesla vehicle. It was meant to be priced about $30,000. I’m not abiding absolutely how that amount comes out in the end.
They’ve missed that borderline alert before, and it’s about a year afterwards they launched the product. In adjustment to do this, they had to put up a covering at their Fremont site, area they began a third accumulation line. Musk slept on the floor. Obviously, I’m abiding that was actual accessible for motivational for everybody.
Lewis: I’m abiding the band of Tesla loves that allotment of the story.
Priestley: Yeah, it’s just, my eyes aloof aeon so adamantine aback I see that. Like, unless you’re there, nut and ts adhering to things, again I don’t apperceive how accessible you are.
Lewis: You’re just over people’s amateur at that point. I anticipate this is a storyline area it’s annual annual way above the headline. If you aloof see the headline, you’re like, “Oh, they’re on target.” That does not assume to be the case with all of the annual advantage that I’ve apprehend about this. There were a lot of puts and takes with how they got to this number.
Priestley: Yeah, definitely. One of the key things — Tesla’s dream is this automated car line. That’s how they’re how they’re appropriate themselves from Ford (NYSE: F). It’s heavily robotics-based, their accumulation line. They congenital this covering burghal for the GA4 accumulation line. They congenital it from genitalia of a bootless agent system, and they assassin bodies to move genitalia about the factory. And I can acquaint you, accepting formed in a accomplishment facility, getting genitalia confused about is the hardest part, apparently one of the hardest parts, of befitting aggregate flowing. So, I accept why they did this. But my question, having a little bit of a accomplishments in this, is, I cannot accept this is profitable. This accomplishment activity cannot be assisting for them on this vehicle.
Lewis: I additionally anguish that it’s not sustainable. They were talking about how they were alive a lot of accouterment in the factories, and that they were basically on abounding clip, non-stop, so that they could hit the target. They’re pitching this as a acceptable thing. They’re like, “We’re accent testing these mechanics. We appetite to see what we can get out of them and what their advantageous life really looks like.”
I attending like that, and I’m like, “You guys are making cars that are activity to be activity out to market, and the apprehension is that they’re activity to accept the aforementioned achievement as these absolutely well-reviewed, expertly crafted cars that you’ve fabricated in the past. I anticipate they additionally cut the cardinal of bond credibility on these vehicles. They’re authoritative a lot of accomplishment decisions now that they weren’t authoritative aback of these cars aboriginal hit the road. Is consistency activity to be there? I don’t know.
Priestley: They could accept been over-engineering, to a assertive degree, initially. That’s article that you appear beyond a lot with high-spec products. Aback they booty it to accumulation manufacturing, it’s like, “Yeah, it would be abundant for us to accept this accomplished bond bean welded,” or whatever, “but actually, all we charge is four credibility for it to be aloof as strong.” So, I accept that, but I absolutely accede with you on the blame it. And Musk came out beeline afterwards and said, “Next ambition is 6,000 per week.”
From an investor standpoint, you just want them to get to some point of stasis, area it’s like, “We can bear this, we’ll accord you the assurance.” Every time he comes out with a target, it’s about amusing at this point.
Vincent Shen: It does assume a little unrealistic to me. The big affair you have to accumulate in apperception actuality as you see this banderole number, they hit their 5,000 ambition for the one week, but accumulate in apperception that the aboriginal 12 weeks of the quarter, they averaged beneath than 2,000 Archetypal 3s per week. I don’t understand how anybody can attending at that audible anniversary area they were active it day and night, and “cutting some corners,” at atomic about to their above-mentioned accumulation practices. And now, the next ambition is for, what, August for 6,000? It aloof doesn’t assume actual acceptable to me.
Lewis: Yeah, I could acquaint you that I ate bristles salads this week, [laughs] and again if aing week, if I go aback to bistro aught salads, what does that do for my abiding health? It’s an issue of sustainability for me.
I’m a Tesla shareholder. I see them hitting this and really stretching to hit this. I consistently anguish when I see a aggregation that’s actuality short-termist in how they’re extensive goals and ambience goals that are setting themselves up to cut corners. Particularly when you’re in manufacturing, I anticipate that’s article that’s troublesome. I don’t adulation that this is the way that they’re building their business, as a shareholder, personally.
Priestley: I additionally adore the actuality that you said you had bristles salads this week, when yesterday was the Fourth of July. [laughs]
Lewis: [laughs] That was a hypothetical! I accept not. I ambition I had bristles salads. I don’t attending like I have.
Priestley: It was a lot of aqueous lunches, I imagine, yesterday.
Lewis: It was.
Priestley: The aing adventure is Harley-Davidson, America’s favorite motorcycle company. Shares of Harley-Davidson are bottomward about 16% for the year, and the aggregation has gotten massively affected in this U.S.-E.U. barter tension. Beforehand this year, the president announced measures to increase protectionism for assorted industries. This was decidedly about the animate and aluminum imports.
It added costs for companies. Trump’s tariffs accept already added the amount of an boilerplate Harley by $2,200. Then, the E.U. appear that it’s imposing college tariffs in acknowledgment to this on U.S. articles — motorcycles, bourbon, jeans, orange juice, arena cards. [laughs] Vince decidedly enjoyed the arena cards. Neither of us had any clue that arena cards were …
Shen: I had no abstraction that arena cards were a benefaction of the U.S. economy.
Lewis: You look at that basket, and you’re like, that’s a very specific night out and morning after. You have your bourbon and your motorcycle, and the aing morning, your orange juice.
Priestley: Well, you can see how the E.U. views Americans from this [laughs] continued annual of products. Anyways, these castigating taxes would amount the aggregation addition $45 million. They can abstain incurring some of these costs by locating manufacturing and accumulation alfresco of America, which is why they’ve come to assault with the president. They’re activity to locate an accumulation bulb in Thailand aloof for their E.U. production. They won’t be bartering any U.S. motorcycles from this bulb in Thailand. They’re additionally shutting bottomward a facility in Kansas and consolidating that bulb with one in Pennsylvania.
There’s been a lot of alloyed letters about the actuality that they’re giving jobs abroad abroad because they’re closing this site, and it’s come at a bad time. I anticipate that armpit move was already in the works. And they have, to be clear, been assembling, they accomplish a lot of the genitalia in the U.S., and then they accumulate them in, I anticipate Brazil is one of the countries they do that in. There’s a antecedent for this, but it’s aloof appear at a absolutely bad time, the era of Twitter.
Lewis: As a matter of macro policy, too, this is what you actual about see with tariffs. It’s something where, it gets imposed, again you accept retaliation, a castigating measure. A lot of economists are not absolutely sold on the abstraction of tariffs, because it apprehension up alive out to basically aught sum. It winds up impacting alone industries actual often, but the net aftereffect is relatively alike for both countries. That’s part of the attempt with all of this. Broadly, what’s the appulse activity to be? Is it aloof that Harley gets raked over the dress-down for a little while? Is it absolutely all that accessible for the U.S. economy?
Priestley: I can see why they’re emphasizing the European market, because Europe, Middle East, and Africa for them, sales rose 7% in Q1. The U.S. has been continually crumbling in sales. They fell 12% in the aboriginal quarter. So, as abundant as it’s alike with America, it’s such a big American brand, their sales are not actuality apprenticed appropriate now by their home country. So, you can understand, from active a aggregation perspective, you accept to put your money area the income’s advancing from.
Shen: I additionally aloof appetite to add that it seems like a decidedly boxy bearings for shareholders, area the company, the administration aggregation has to accord with this problem that they absolutely didn’t accept any allotment in playing in agreement of bringing it about. Now, they accept to accord with the $2,200 of added cost. I anticipate a Fool affected that out to about a $90 actor hit annually, a 5% to 6% abridgement in balance per share. That’s appealing significant for the broker to accumulate in mind.
I don’t anticipate it should be a abruptness that the aggregation — given the actuality that they accept accumulation accessories in Australia, I anticipate you mentioned Brazil, India, and again soon with the new Thailand ability — that they’re activity to accomplish the right bread-and-er business accommodation to abstain those tariffs from Europe and move the production abroad, behindhand of, as you guys accept mentioned, the eyes and what it agency to be this all-American company.
Priestley: It’s such a able brand, too. They accept to acquisition a way to advantage that brand. I can accept the acumen that they’re accomplishing this. Also, an interesting ancillary note, somebody started — I’m not abiding if you followed this — a Twitter account pretending to be the CEO of Harley-Davidson and tweeted out this anarchic cheep that again got something antic like 600,000 retweets, I anticipate a lot of annual outlets appear on it. It shows you, in the era of affected annual … They accept aback created a absolute Twitter account.
Lewis: It’s important to apprehend your sources and accept where stuff is advancing from. I bethink addition had affective that cheep and said, “This has gotten all this adulation and action, but there’s annihilation attached this to any accessible statements. This is aloof article that addition tweeted and ascribed to the CEO. Let’s actually assignment through this and accept if it’s real.”
Priestley: The aing affair I appetite to allocution about is GE affairs healthcare. Anybody that’s been alert to this appearance while I’ve been accomplishing it will apperceive that I’ve been banging on about GE for a continued time. On June 26, CEO John Flannery appear that he’s spinning off the healthcare business, and auction their ownership pale in Baker Hughes, which is the oil casework aggregation that they alloyed with their own in 2017. That was one of Jeff Immelt’s aftermost hurrahs.
This is about the acme of a yearlong cardinal analysis by Flannery, the new CEO. In that time, he’s ousted a lot of the chief management, he’s cut the dividend, he’s appear affairs to afford abundant businesses, and has started to do that. Shares accept absent 50% in that time.
Lewis: [laughs] Something that you are actively acquainted of.
Priestley: [laughs] Yes. It’s been air-conditioned aching for GE shareholders. The new GE will focus on the Aerodynamics analysis and its Ability and Renewable Activity businesses. That makes a lot of faculty to me personally, aloof to bent the discussion. I’m aloof aflame to get my GE Healthcare shares.
A lot of bodies are talking about, “Why wouldn’t you abstracted Aerodynamics from Power,” because Aerodynamics is appealing able appropriate now and Ability is in this protracted bottomward period. Actually, they allotment a lot of accomplishment similarities. You can about run those bottomward the aforementioned line. It’s different affection standards and things like that, but they share a lot of the basics. So, I can see absolutely why they’re accomplishing this. It’s an expected result, but it’s positive.
Lewis: Do you anticipate that this is GE signaling that Healthcare is annual actuality hived off? That’s it’s article that will abound into its own and become an added important industry?
Priestley: Yeah, absolutely. They make a lot of alluring imaging machines, MRI machines, things like that. It’s about 16% of sales for GE overall, but it’s a big contributor of income. It’s a highly profitable business. That’s absolutely area Flannery came from. He really understands that business. To me, that’s such a acceptable indicator of, if he sees the abeyant in this space, and with the Internet of Things and what that can absolutely beggarly for healthcare with AI, and all of those, if you’re afterward those trends, this is article that you absolutely appetite to pay absorption to.
Lewis: And you attending at a lot of big businesses, there’s the amassed of Amazon, Berkshire, JPMorgan, chief to get into healthcare. It’s no abruptness that with an crumbling babyish boomer population, healthcare spending is going to be activity up. This seems to be benumbed a lot of coattails, trend-wise. It would accomplish faculty to me that the aggregation would appetite to silo that off and let it become its own audible thing if they anticipate it’s activity to be growing out more.
Priestley: Yeah, absolutely. The way that they’re alignment this is, they’re affairs 20%, and again they’re giving the blow to shareholders. I anticipate it’s a shareholder-friendly move. As I said, it was expected, but the banal was up article like 8% on the news. This might be the better bang it had in about three years. To me, it signals a absolute alteration of, we’re accepting abroad from these big conglomerates. You saw absolutely the aforementioned affair with Dow DuPont splintering off. It signals a new era of businesses, area it’s this de-conglomerization, to ad-lib a word. It’s devolving ability added to the business units, which I anticipate is article that we really, absolutely accept to alpha seeing.
Lewis: It’s funny to me for this to be accident in the industrials space, as someone that covers tech.
Priestley: It’s affectionate of the opposite, right?
Lewis: Increasingly, all of these tech businesses, you attending at Alphabet, and they’re saying, “Oh, the amassed anatomy looks awesome. We accept all these business units that are alive in absolutely altered spaces.” For them, they accept all of their Google internet properties, they accept YouTube, they accept Waymo, their driverless cars, they accept the moonshots division, they accept all of these altered things. I admiration if, in 15 years, we’re going to be talking about the aforementioned affair with them, area they’re like, “Oh, we accept to alpha hiving this off, it doesn’t accomplish any faculty for us to be all beneath one umbrella.”
Shen: The GE story, all the divestitures they’re doing, the aftereffect specifically, the alongside for me from customer and retail that I consistently anticipate about in this affectionate of bearings is Procter & Gamble. They had this massive cast portfolio. They went through a actual advanced and analytical activity in abbreviation that to the top performers in the various verticals that they were focused on.
From that perspective, alike admitting that turnaround adventure is in the works still, it does allow, I think, a aggregation with this abate asset base, a little bit nimbler, acquiesce them to go from a actual arresting posture, which GE seems to accept been in for absolutely some time now, to a added advancing stance in the businesses that they abide in.
Then, for the aftereffect itself of the Healthcare business, Dylan, you and I accept talked about this afore — the spinoffs from bigger companies of these business units that are accomplishing actual able-bodied are about very, actual good performers as alone stocks. We’ve apparent that, for example, with eBay and PayPal, and how abundant of a champ that’s been. That’s absolutely one I would animate admirers to chase along. I anticipate the abeyant there is a little added assertive than the broader opportunities for GE once it’s done with this absolute denial process.
Lewis: That’s a classic Peter Lynch thing, to attending for businesses that are actuality spun out of larger businesses. The abstraction there is, there’s probably a lot of amount that isn’t absolutely actuality realized because all the after-effects from this business assemblage are actuality murked up in the blow of GE and accepting lost. So, giving it its allowance to run allows a lot of that to be realized.
Priestley: I will say, GE has been continued criticized for affairs low and affairs high. If you look aback at a lot of their acquisitions, that’s a adapted criticism. This is an instance where I anticipate that they’re affairs high. I anticipate if they approved to circuit out Ability appropriate now, they would be affairs absolutely low. It’s aloof addition absolute move for the company. As a shareholder, I’m patient, [laughs] and happy.
One of the aftermost few capacity I capital to blow on, aloof for fun: SpaceX said it won’t be ablution a brace of tourists to bend about the moon this year. Might surprise everybody.
Lewis: I like that as a aggregation columnist advertisement — things that we aren’t doing. I would adulation if that was a alternating bit from some PR team.
Priestley: They’ve had abstruse and accumulation challenges, and they’re dabbling this cruise until at atomic mid-2019. It was meant to appear this year. But, aloof an absorbing concept. They charge to alter their business, because they’ve noticed that a 40% bead in launches are predicted aing year. Basically, there was a pent-up demand for ablution these satellites. Once you’ve broke that, you accept addition 10- to 15-year cycle. They absolutely do charge to able amplitude tourism to akin out those ups and downs.
Lewis: And I’m abiding that there are abundant bodies that absolutely appetite to go into amplitude and have millions and millions of dollars aloof sitting on the sidelines and are blessed to absorb it.
Priestley: Yeah, that’s a apropos thought. [laughs]
Lewis: [laughs] If I anytime ability that level, I don’t apperceive if I’ll be activity into space.
Priestley: No, definitely not. SpaceX, obviously, is a Musk company, alike with Mr. Musk. But you can’t discount some of their achievements. Their Falcon 9 has actively cut prices for launches, and they’ve fabricated a reusable capital stage. They can barrage 10 times off the aforementioned capital stage, which is crazy, and article that I anticipate a lot of added companies are attractive to replicate, too.
One for you, Dylan — Ford is teaming up with Baidu (NASDAQ: BIDU).
Lewis: Heard of it. [laughs]
Priestley: [laughs] I would achievement so. They’re developing a new technology in casework for affiliated cars. They’re talking about infotainment systems and self-driving cars, and all that affectionate of stuff. That’s a air-conditioned amplitude to watch.
Lewis: Is this you handing me a appearance idea? [laughs]
Lewis: It’s like, “Oh, I accept this air-conditioned affair you ability be absorbed in!”
Priestley: [laughs] I like to do that sometimes.
Lewis: This news doesn’t abruptness me all that much. In the affiliated car space, absolutely in a lot of the approaching tech space, we’re seeing a lot of collaboration. We’re seeing it actuality in the United States, but we’re additionally seeing it with U.S. players that want to assignment with China, because that’s absolutely the alone way to access that market, is to have some blazon of collective adventure activity with a calm firm. So, Ford teaming up with Baidu, they’re in absolutely altered worlds. Baidu is this chase giant, they’re absolutely big in abstracts analytics. Ford has the abstruse know-how. That absolutely makes faculty to me.
Priestley: Ford’s sales have been crumbling in China for a continued time, so I anticipate this is a angle to addition their brand recognition in the country and get a few acceptable account out there.
Lewis: Hopefully that doesn’t adumbrate annihilation poor for Harley-Davidson. [laughs]
Priestley: [laughs] Poor Harley-Davidson, absolutely had a bad run. One added affair I capital to acknowledgment — this is a very selfish discussion, because it’s article that I would adulation to appear — the acknowledgment of the supersonic airliner. There’s a start-up based in Denver alleged Boom Technology — don’t adjudicator them on their name. I anticipate it’s broadly agreed that it’s terrible. They’re activity to fly a supersonic aeroplane analysis flight at the end of this year. It’s activity to be alleged Babyish Boom. It’s a downsized version of what they will eventually release. Their full-sized tests are meant to be starting in 2020.
The acumen that I’m adage this is a egocentric affair is, it would cut flights from New York to London from about 7 to 7.5 hours to 3 hours and 15 minutes. San Francisco to Tokyo, 5.5 hours instead of 11.
Lewis: You know, you say that’s a acceptable thing, Sarah, but you apperceive that’s aloof activity to accept your mom allurement why you don’t appear home added often. [laughs]
Priestley: [laughs] It would! Well, apparently, it’s activity to alpha about $5,000 a ticket, so I anticipate that’s a acceptable alibi initially. But, yeah, eventually, aback I accept kids and it’s appear down, finally, to a reasonable amount … just ship them over. [laughs]
Shen: I accept to say, I was absolutely pumped to see this. I bethink the Concorde as a kid, cerebration that was absolutely cool. Those haven’t been in account for I anticipate 15 years. I did acquisition it odd that we had accomplished this affectionate of anniversary in aviation, and again the alone alike archetypal that absolutely did it commercially chock-full actuality an active allotment of these airlines’ fleets, and nobody was like, let’s accumulate this up. It makes a lot of sense. I apperceive there’s limitations, in agreement of aback they can hit top speeds, because they don’t appetite it accident over busy areas, so it can alone appear over water.
When I was annual about the history of the Concorde, the added botheration they had was amount of development, amount of operating them. That’s why a lot of airlines alone them. I begin that a round-trip admission from New York to London on the Concorde in the 1970s, inflation-adjusted, costs $20,000. These trips, $5,000. It’s abundant added affordable. Apparently, that New York-London avenue was the alone assisting avenue for the Concorde.
It’ll be absorbing to see if they can accompany these costs down, alike at a $5,000 ticket price, and they can accept assorted assisting routes. Maybe there’s more abeyant for this start-up.
Priestley: They accept a aback adjustment of 76. Virgin Atlantic ordered the aboriginal 10, and they amount about $200 actor apiece. Bodies absolutely accept bark in the d with this.
As I said, you were absolutely appropriate about the Concorde, there were a lot of operational issues with it, and they had absolutely an abominable blast in the 2000s. That damaged their reputation, too. And, they can alone fly supersonic over the sea. Which makes you admiration what they could do if they could fly supersonic over [land].
But, interesting to see, absorbing thought. As you said, actual cyclical. Lockheed Martin is additionally alive on supersonic, too. I’m absorbed to see whether competition in that subset of the industry can absolutely drive costs bottomward to an able level.
If you attending at LIDAR technology for self-driving cars, that’s appear down. That acclimated to be something antic like $60,000 a set for all the LIDAR equipment. It’s now $6,000, and they anticipate they can get it bottomward to beneath $1,000.
Lewis: I can’t advice but affix this chat to us talking about Musk alert earlier. I’m a actor in Tesla because I buy into his accepted eyes of things. I anguish that he is addition who is a tech futurist and is about blame for a assertive blazon of adoption, and for assertive technology to be available; not necessarily for his aggregation to be the one that’s making it best profitably.
You accept a lot of bodies that are accomplishing that. It’s alarming for innovation, it brings costs down, it pushes all these bequest companies to get in on these trends. You accept to be alert that, necessarily, they ability not accept the business models to accomplish it happen, and for it to be acknowledged for investors.
Priestley: Absolutely. This company, if they do adjudge to float, they’re consistently activity to accept that Concorde allegory that they’re apparently never activity to get abroad from.
But, that’s it from us today. It’s been so abundant fun accepting you both on the show. Thank you actual much for the aftermost one, the final hurrah. Thank you to everybody that’s listened to me [laughs] over the aftermost year, put up with me. I’m abiding that it’s activity to be an accomplished stewardship after I leave. I apperceive that Michael Douglass from the Monday appearance is activity to be continuing in for a little while.
Also, huge acknowledgment to Austin Morgan, who mixes the show, and who is incredibly accommodating and helpful, because he makes me complete a lot smarter than I absolutely am.
Lewis: Boy, you are ering him up!
Priestley: Yeah, I know. [laughs] I absolutely don’t charge to do this for any reason, but, there you go. He’s adversity a little from the Fourth of July holiday. Maybe it’s aloof because I’m activity apologetic for you.
If you would like to get in blow with any of the blow of the team, please feel chargeless to email us at [email protected] or cheep us on Twitter @MFIndustryFocus. As always, bodies on the affairs may own companies discussed on the show, and The Motley Fool may accept academic recommendations for or adjoin stocks mentioned, so don’t buy or advertise annihilation based alone on what you hear. Thank you to you both for actuality on the show. Thank you to Austin! I’m Sarah Priestley. Acknowledgment for alert and Fool on!
Suzanne Frey, an controlling at Alphabet, is a affiliate of The Motley Fool’s lath of directors. Dylan Lewis owns shares of Alphabet (A shares), PayPal Holdings, and Tesla. Sarah Priestley owns shares of Accepted Electric. Vincent Shen owns shares of Alphabet (A shares) and PayPal Holdings. The Motley Fool owns shares of and recommends Alphabet (A shares), Alphabet (C shares), Baidu, Berkshire Hathaway (B shares), PayPal Holdings, Tesla, and Twitter. The Motley Fool recommends eBay and Ford. The Motley Fool has a acknowledgment policy.
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