Get Started Using Seeking Alpha Premium Today!
The transcript found below is for readers who would like to follow along. Please note that the transcription may not be 100% accurate.
Daniel Snyder: Hey everyone, I’m Daniel Snyder from Seeking Alpha. Thank you so much for joining us on this exclusive webinar today for an exciting, engaging conversation with our very own Zach Marx. He has taken some amazing time to dive deep into data about Seeking Alpha Analyst. And he’s here to present it all to you today.
So, before we get into that, I’m just going to do the quick housekeeping, legal disclaimer for you all, that past performance is no guarantee of future results. Any views or opinions expressed in the webinar do not reflect those of Seeking Alpha as a whole. Analysts on Seeking Alpha are third-party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. Excuse me. Seeking Alpha does not take account of your objectives or your financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker, U.S. investment advisor, or investment bank.
Now, with all of that out of the way, and I see everybody piling in to listen to you today, Zach. Zach, why don’t we go ahead and just do a quick intro of yourself for anybody that might not know who you are? Zach Marx, take it away.
Zachary Marx: Thank you, Daniel. Yeah, my name is Zachary Marx. I work in-house at Seeking Alpha. I’m a member of the Quant team. And I’ve been here for just about 3 years now, and prior to that I was doing consulting for a lot of buy-side managers that span the gamut from hedge funds, asset managers, insurance companies, et cetera. And yeah, at Seeking Alpha now I have a really big passion for all the data that we produce.
I have a hand in the Quant model, Alpha Picks. And yeah, this is a really important topic to me because it’s one of the, in my opinion, most important value propositions that Seeking Alpha has to offer. And it’s going to hopefully enlighten a lot of you about why our community of analysts is so important to Seeking Alpha and just important as a subscriber and something that Seeking Alpha leverages as a great value proposition and can hopefully help elevate all their returns.
DS: Yeah, great point. I do want to mention as well, we’re talking about the entire Analyst community. So for all of you joining today or watching the replay that are Seeking Alpha Premium members, you already have access to everyone, unlimited articles. And for anyone that might be a free user or somebody that’s just catching this replay somewhere around the internet, we want to invite you to come check us out as you go ahead.
And sometimes we have promos going on, things like that, go check out Seeking Alpha Premium. You can read some really great analysis from really incredible people. I mean, I know personally, I have found so much wealth of knowledge from that community as well. So Zach, why don’t we go ahead and start diving into the data. Go ahead, show us how the performance has been between Wall Street and Seeking Alpha and just really break it down for us?
ZM: Appreciate it. Yeah. Thank you. So, I’m just going to share my screen quick. And if you could just tell me when you see it, that would be awesome.
DS: Yeah. You’re good to go.
ZM: Awesome. Thank you. Yeah, so for everyone that is joining this call, first off, I just want to say thank you for taking time out of your busy schedule to join us, and I’m really excited to be talking about this. So the topic for today’s agenda is Seeking Alpha’s Aggregate Analyst Ratings. And those are the ratings that you see here on the ticker pages, where you can see all the different analysts in our communities rating a particular stock and seeing what they have to say in their deep-diving articles. And then all of that accumulates together into this score right here.
So, this particular stock had 24 authors or analysts write about it in the past 30 days and accumulated to this score of 3.75, which is a buy, and so we’ll go over what this means and how this can help your returns and then the returns of just the strong buys. So, to get started what is an Aggregate Analyst Rating? So, Seeking Alpha’s proprietary Aggregate Analyst Rating is the average of all Seeking Alpha analyst ratings in the past rolling 30- or 90-day period. And the way we determine that 30- or 90-day period is: if a stock has greater than 10 analyst estimates in the past 30 days, then ratings are only valid for 30 days; if it has less than 10 analyst sentiments or ratings in the past 30 days, then ratings are valid for 90 days. And these recommendations are standardized on a 5 to 1 point scale.
So, if an analyst rates a particular stock, a strong buy will receive, a buy gets a 4, a hold a 3, and all the way down to strong sell which gets a 1. And so now, what we wanted to do is compare these to Wall Street ratings and see, how did we perform or how did our community perform relative to Wall Street ratings, and especially when we look at the strong buy. So, what is a Wall Street ratings or what is a Wall Street rating rather?
Wall Street ratings are an opinion expressed by a Wall Street analyst on a stock’s performance over a standardized 90-day period of time. After 90 days elapse, if an analyst has not updated their rating, it is no longer considered valid. And again, these recommendations are standardized on a 5 to 1 point scale. So, you know, often Wall Street bulge bracket banks or analysts will have different naming conventions for what strong buy is, some put them as strong buy, some put them as overweight or outperform. We’ve standardized all that into the 5 to 1 point scale you see today. And so, even if they have a different naming convention, it’s still going to be captured in the strong buy or the strong sell like underweight, it would be in strong sell.
So, now that we have kind of an idea of what we’re looking at and what we’re comparing, let’s dive into the performance a bit. So, there used to be a graph here. I’ve actually just added the link to where all this data is. So, if you click this link, and it’s actually on the Seeking Alpha About page. So, if you go to about.seekingalpha.com, you can see all of our ratings performance here. This is our analyst rating performance. And here you can see since 2019, which was when we changed our rating convention to include strong buy, buy, hold, sell, and strong sell from just buy, hold, sell.
This is what the performance has looked like. And so, we really have 4 lines here. So, this red line is the S&P 500. The black line is Wall Street Strong Buys. The purple line is Seeking Alpha Aggregate Strong Buys. And the orange line, which is, you know, the best performing and potentially most exciting line, is the Seeking Alpha Analyst Rating Strong Buys with no Wall Street rating.
So that means our analysts have coverage on this, but Wall Street does not have coverage on it. And our analysts have rated it a strong buy. So, it’s pretty incredible to see, you know, first off, even just the Seeking Alpha analyst line, how much it’s outperformed both the S&P 500 and Wall Street. And then also to see our analyst community is really writing about a lot of uncovered stocks. And that’s potentially where a lot of this edge is coming from is, because no one else is really looking at these stocks. There isn’t Wall Street coverage on it. And that’s why they’re able to find such value in these stocks, in my opinion.
So, just jumping back to the slide deck now, let’s go over, kind of the coverage, which is kind of what I was talking about. So, let’s compare the coverage universe of the analyst community on Seeking Alpha versus the Wall Street rating community, or their coverage rather. So, as of 11/20 today, Seeking Alpha Analyst Community covers 5,030 stocks. 1,435 of that 5,030 do not have a Wall Street rating. So, there’s a lot of tickers or a lot of stocks rather that don’t have coverage from Wall Street that analysts on Seeking Alpha are writing about. And the average market cap of these are about 181 million.
So, still in a small cap range, not really micro-cap, but typically in a small cap range is where that average is. And relative to Wall Street, the Seeking Alpha Aggregate Analyst Rating, that’s what SAAAR stands for, you’ll see me reference that a bit more. Strong buys are significantly more rare. So, if we look at the breakdown here, and I added in Quant as well. If you look at the breakdown here, there’s 5,750. This is from a few days ago. So that’s why it doesn’t match this 5,030. But it’s just a few days old. So, just bear with me here.
So, our strong buys, about 3% of them from the analyst community, we’re only issuing about 3% of the strong buys as a community versus the entire kind of Wall Street, which is issuing about 28% of their – all of their ratings, about 28% of them are strong buys. So, you can really see there’s a lot more potentially due diligence or integrity or just conservatism about issuing a strong buy in the Seeking Alpha analyst community compared to Wall Street.
And then Quant, it’s kind of in the middle of these two, definitely skewing more towards the analyst community, but 8%, 8% here. And Quant is built to be kind of like a bell curve where the tails have less and there’s a lot in the middle. But yeah, if we look at Wall Street, compare let’s do it so, we have almost the same amount of coverage. The Wall Street community covers around 5,143 stocks. 1,526 of these tickers do not have a Seeking Alpha Aggregate Analyst Rating. Some of them have a much smaller market cap, so their average market capitalization is 115 million. And then yeah, so, if we just describe this so the integrity as I mentioned just 3% of the analyst community’s ratings are strong buys, 6% of stocks covered receive a sell here. And then for Wall Street, 0% basically are strong sells.
So, not that Seeking Alpha Aggregate Analyst Community has so many strong sells, but you can see it’s 3 times the amount. And then if we look at the cumulative sell and strong sell, there’s significantly more in the Seeking Alpha Aggregate Analyst Community. And then in terms of breadth, it’s pretty similar, but that’s pretty impressive to say that the community on Seeking Alpha really has almost the same amount of breadth as all of the estimates that our vendors collecting in terms of coverage.
So, it’s pretty amazing to show how much the community is able to wrap their hands around the market and really dive deep into a lot of the market. And yeah, so this slide is really a graph and it shows the dispersion of all these ratings in a visual manner. So, it kind of relates to the table on the previous page, but the majority of our analyst sentiments are either buy or hold. And so, this light green line is buy, this orange line is going to be all the hold recommendations, the bright or, sorry, dark green line is the strong buys. This light red is the sells, and on the bottom, you’ll see the strong sells.
And so kind of what this is showing you and related to that table on the previous page, our strong buys can be seen as a pretty actionable because there aren’t that many being given out. Like our analyst community is pretty conservative, especially when you see, you know in the larger cap names, there’s potentially 20 people writing about a particular stock. So for them, for those to receive a strong buy, it’s actually incredibly impressive. And that’s why the culmination of all our analysts coming together is really to me something that is really difficult to find elsewhere.
And I think there’s a saying that people have, or a really nice quote, which is that all of us are smarter than any of us, which I really like, and I think it really shines through when you look at the performance and just the overall breadth of our coverage. And then here, it’s breaking it down just a bit further. So dispersion by type. Here’s the average daily number of recommendations. So on average, we get about 15 strong buy recommendations, and these are individual, this is not the average.
So, just because you see 15 here, it’s not like 15 new strong buy additions are getting added. It’s that, you know, maybe a company has a hold today, but it receives an additional strong buy, which bumps it up maybe to a buy. So, on average, there’s over a hundred pieces of new research or content coming into Seeking Alpha. 15 of those are going to be strong buys, 52 of those are buys, 44 holds, 9 sells, and then 3 strong sells.
So, every day there’s new, fresh research that is coming into Seeking Alpha, and it’s just allowing you to stay updated on the market all the time, stay updated with whenever news kind of comes out, typically we’re going to have an analyst covering it, especially on these larger cap names. Whereas Wall Street sometimes, they’re not going to put out a piece of research for a couple weeks or until after there’s a big event like earnings, or an M&A announcement, or some sort of corporate action.
So a lot of the time we’ve noticed that the research on Seeking Alpha is fresher than what Wall Street is putting out, especially if there’s only one or two analysts covering the stock. And here, you know, now I kind of want to go over some articles and empirical data that we’ve seen in the past that shows potentially why this is happening.
So, this is an article from CNBC. I thought it had a really nice graphic. So, I kind of just wanted to cover that and show you why this is happening. So, this graphic is basically saying, or showing rather, the percentage of broker ratings for the S&P 500 companies that are buyer overweight has remained fairly flat for the last decade.
Sell or underweight ratings have never broken 10%. Gray bars are recession. So, you can see kind of in the recession, it’s, you know, the buys have gone down slightly, and the sells have gone down slightly. But you can really see, basically at any time, Wall Street is kind of saying, everything is a buy in the S&P 500. The majority of their ratings are always going to be buy or overweight. This is similar to Seeking Alpha, or Seeking Alpha’s analyst community, but we are not as extreme as what’s shown here.
And so here, I’m going to skip this for one second. I kind of want to go over why this is happening. And we see some empirical evidence from – this was actually a study done by the University of Purdue on the analyst ratings. I pulled some really nice quotes from here that I thought highlight the value proposition of these ratings.
So, just to read them out, we find that the opinions revealed on this site, Seeking Alpha, strongly predict future stock returns and earnings for prices. The predictability holds even after for controlling for the effect of traditional advice sources, such as financial analysts and newspaper articles. Together our findings point to the usefulness of peer-based advice in financial markets. Large crowds possess pieces of value-relevant information that are not fully factored into the price or earnings forecast of sell-side analysts.
We find that the opinions revealed on Seeking Alpha strongly predict future stock returns and earnings surprises. And I think these are two kind of amazing quotes and highlight, I think, why the community on Seeking Alpha is so valuable. And it’s because it’s different from the Wall Street community. A lot of the Wall Street community, they’ve been trained from the same places, they’ve gone from the same universities and they’re kind of in the same belief system, whereas people writing on Seeking Alpha, some of them have worked at large banks or asset managers or have been, kind of in the professional finance world, but I see a lot of people who are, they have expertise in a specific sector.
Maybe they’ve worked for a biotech company or a healthcare company, or they’ve worked in the oil fields before, or worked on oil trading desks where they know the ins and outs of a particular market and what they’re writing about isn’t captured by these financial analysts because they just don’t have the same experience. And I think that is incredibly valuable when reading the content and factoring in how the culmination of all of their ratings together looks versus just the culmination of 1 or 2, or even all of Wall Street with their ratings.
And if we go even further, here is some empirical evidence of underperformance in Wall Street Ratings. So, this is actually from a book, this first one, which is interesting, which says, “The stocks that Wall Street firms highlight as their best picks do not materially outperform run-of-the-mill buy recommendations. Selling a stock on the day of a major recommendation downgrade is unwise.
The next one is from a paper, which is called understanding the determinants of analysts target price forecast, which says, our findings indicate that analysts have a limited ability to predict short-term future returns and incorrect fundamental forecast marginally impact target price valuations. And there’s a few more.
The last one I’ll read actually down here, which is Bridges for Sale: Finding Value in Sell-Side Estimates, says, “Analysts may issue biased recommendations to market a stock, appease management, or avoid frustrating clients who hold shares, or they simply may lack skill. Analysts tend to chase so-called glamor stocks.” And I think that’s really important of what — for the Seeking Alpha analyst, which is, the Seeking Alpha analysts are not beholden to anyone. They’re writing unbiased research about what they want to talk about.
It’s not like they have to write about a specific stock because they are the sector analysts for this. They have the freedom to write about any stock as long as it’s covered on Seeking Alpha. And we don’t — we’re unbiased. Our editorial team is obviously checking for grammar mistakes and making sure there’s nothing, kind of potentially harmful said in the article. But for the most part, they have freedom to write whatever they want. And it’s going to be posted on Seeking Alpha. They don’t have to appease management. They don’t have to — they’re not beholden to potentially frustrated clients.
They can write about whatever they want. And I think that’s incredibly powerful and an edge potentially that our analyst community has versus kind of Wall Street analysts. And so, why is this important to Seeking Alpha subscribers? So, I think it’s important because this is an incredibly important value proposition. We’re essentially, you know, the data is showing that our analysts on aggregate, when you look at their strong buys, tend to have performed. They’re picking better stocks in the market. And also, because of the dispersion, we saw these strong buys are very rare when you compare them to kind of a Wall Street is showing, or what Wall Street is putting out.
So they’re easier to follow, I think. And also you can see a lot of the due diligence that goes behind when analysts write a strong buy recommendation. And number 2 is that. our analysts cover 1,400, over 1,400 tickers that Wall Street does not have a rating on. That’s incredibly important because if you want updated research on these stocks, you’re not going to find them from Wall Street, especially like these smaller-cap companies.
It’s going to provide you content and research on stocks that are not mainstream or “glamour stocks.” And especially, I’ve seen interactions on older articles that I’ve even written or older articles that others have written where subscribers are saying hey, you know you haven’t covered this stock in a year, but I really like your content do you mind updating or writing an article? And I’ve seen people either write an update article or just provide a summary of what’s going on in the stock in a comment.
And I think the ability to interact with the analyst via commenting or potentially messaging is incredibly valuable because it’s much more difficult to get a hold of an analyst on Wall Street than it is to comment on an article and get an analyst’s attention on Seeking Alpha. And then also, we have a centralized repository of well-written and edited small-cap research. Essentially, we’re giving you, or you have access to a team of analysts at your fingertips, which is very powerful, right?
I mean, especially like our editorial team does just an amazing job of vetting a lot of the research that is written and helping to train analysts to write better research. So, it’s just incredibly important what they do. And I think having access to all this as an individual investor is just incredibly important. I’ve learned a lot from a lot of the content I’ve read. And now I can show the data that as a community, it really is valuable what Seeking Alpha has to offer.
And so, I’ll just jump back to this last slide, which is just kind of going over the market caps. And here you can see the average market cap of Wall Street strong buys, of Seeking Alpha strong buys, sorry, Seeking Alpha analyst rated strong buys. And lastly, the Seeking Alpha Aggregate Analyst Rated strong buys with no Wall Street rating. You can see the market caps, and you can see there is some small-cap buyers. It’s around, these are in billions, so it’s around 181 million is what it said. It definitely grew. But yeah, I mean, you can really see how a lot of what analysts are writing about are undercovered, because they’re just too small for a lot of institutional clients to buy, and therefore for Wall Street analysts to write about because their clients, it’s just not what they’re going to be interested on.
And this kind of showcases why the product is differentiated and why there’s such value in this product, I think. And yeah, so if we want to go back just quickly, I definitely encourage you guys to visit this analyst ratings page. There’s a lot of FAQ questions here. If you do have questions here, please reach out to our customer service team. But I think this is just so important to highlight. And even as a Quant, I love our Quant System, I love our data, but I often look at these, especially there are things that the Quant System doesn’t cover that I’m personally interested in.
So, I always, I’m going to just to show you guys where this is. If we go to like Paycom here, you can see in here, like there’s a big dispersion between, Quant has a strong sell here, but the analysts have a buy. So why is there that discrepancy is something I often check out. I often look to see what’s going on. And I think it’s incredibly valuable that you have all three of these here, but especially the SA analyst and Quant, because I know these two very well. I know they tend to outperform. And by having both of these here, it just adds such a material, kind of way for me to improve my returns and find new research all the time.
So, I’m grateful Seeking Alpha has this. I’m grateful to the analyst community. And I love when — especially when analysts write about stocks that are not covered by Wall Street. I think that’s so powerful. And I think it’s just an incredible way for analysts to gain an edge. And I think it’s an incredible way for analysts to, kind of look for potentially undercovered ideas. And yeah, that’s most of what I wanted to cover. I hope this is really helpful.
Daniel, is there any kind of questions that you had, or you received from before?
DS: Yeah, let’s go over a few things real quick just to clarify everything here. So, first off, I’m going to share my screen in a second. We’re going to show you guys something really cool within Seeking Alpha Premium where you can find all of these stocks that are covered by Seeking Alpha Analysts, but not Wall Street. But in the meantime, while I get that pulled up, Zach, why don’t you just kind of tell everybody what we mean by Wall Street Analyst?
ZM: Yeah, no, that’s a great question. So, to kind of expand upon that, what we mean by Wall Street Analyst is, when we look at this, what analysts do on Wall Street is they often put out research notes and they have coverage on a specific group of stocks. So, for example, at a lot of bulls bracket banks, whether it be, Morgan Stanley, Goldman, UBS, Jeffries, and any of these, they’ll have coverage on a specific sector. Typically they’re broken down by sector. So, for example, the tech sector, a lot of them you’ll see putting out research on Apple or Google or Meta and you’ll see we’re overweight Meta now because we like what they’re doing with AI, or something like that and so what we do to get that average rating.
And so Daniel if you’re sharing your screen now, if you go to any single page, you just put in Meta, or Microsoft, perfect. And now if you click on Wall Street or just scroll down even, yeah. So, here you’ll see there’s 53 analysts on the street covering the stock and 35 of them have strong buys. So, our data vendor essentially creates what they are calling like a credentialized list for us. And they’re saying, there’s 53 analysts in this space that are putting out estimates that we think are valid to be kind of in this, in our realm of, or maybe are qualified to have a rating on this stock.
And so what they do is, they take the average, they have individual as well, they call it detail estimates, but they take the average of all of that and together they get what the score is. So, this one happens to be 4.56. And as you can see, it’s because there’s 53 analysts covering Microsoft, the lowest rating they have is hold. And what is that 48 of the 53 analysts are either strong buy or buy.
DS: Yeah, we’ll just compare real quick to the Seeking Alpha Analyst on this where we see there are actually two that are a sell. Pretty interesting. I want to take a quick second though, coming off of this page just to show everybody that is a premium user that if you go to the stock screener page, this is where you can find the preset list of stocks that are covered by Seeking Alpha, but not by Wall Street. And you’ll find that right here. It’s called stocks only covered by Seeking Alpha. If you click on that, give it a quick second. It’s going to populate with every stock here as well. And of course, you’ll see the Quant ratings, if the stock does have the criteria met to have a Quant rating. Other than that, we have the list of analyst ratings here. Is there anything you want to say about this page that you might be able to add, Zach?
ZM: Yeah. This is a screen that I often look at. And I like looking at a lot of the stocks or digging into the stocks that I think are not as looked at. Like, for example, some stocks they may only have one analyst covering it from Seeking Alpha analyst. I think that’s incredibly interesting to look at, like, why is this company so under followed? And sometimes it’s just a new company. But a lot of times you’ll find really interesting stuff. And especially if you check into, kind of who’s writing it, a lot of it will be from maybe somebody who has really deep expertise in this niche industry, maybe they worked in this industry and said we always looked at this as the best competitor for us. So, yeah, I like this list a lot. And I especially like to pair it together with all the other data that you have available on Seeking Alpha. And it just gives me another place of reassurance, or how I can dive deeper into the stocks that I personally invest in.
DS: Yeah, that’s a really great point. And I also want to point out to where’s the action item for the user to go from here, right? So, if this was me personally, which I do on occasion, is I jump into a screener like this and I click on edit filters, right? Because I kind of know what I am looking for as my portfolio is maybe missing something around the $1 billion cap range, right? So, I can click on advanced filters. I can add market cap here to the filter and I can get rid of everything under a billion if I wanted to.
Yeah. Let me just do it this way. And then we can really just tailor this list, get rid of the trillion-dollar companies and it will repopulate in real time, right? And then if I get something similar, that’s good enough for me. So, then I just come over here and add a portfolio to my premium account and create this new Seeking Alpha Portfolio. And I can just keep track of all the analysts that are writing coverage on these stocks right here that might be a great fit for my investing thesis, or how I like to invest.
So, I think that’s the way that — sorry, go ahead.
ZM: No, I was just going to say that that’s a great point. And just to add, a lot of these market caps you see here, like, for example, the fourth one here, the third one here, sorry, I just switched, but…
DS: Yeah, I just updated it. Sorry about that.
ZM: But just showed, like a $50 million market cap. Those are the type of stocks that Wall Street – they just don’t have the capacity to cover a stock with a $50 million market cap, but it might be something that’s worth looking at, because for us, the liquidity is enough, or potentially us.
I personally aren’t trading in the tens of millions of dollar range or even in the billions of dollar range, but I think something like this could be appealing because only really retail has the capacity to trade this.
DS: Yeah, absolutely. It’s more favorable. So, I just wanted to point that out. Let’s see, other questions in regards to the Seeking Alpha Analyst versus Wall Street Analyst is, you talk about the returns that we’ve seen over the last few years. It seems like if you go back, maybe just share that deck again, we can kind of see that over the last few years, there’s kind of a moment where the Seeking Alpha Analyst Aggregated Rating and Wall Street Rating really, like diverged in opposite directions, didn’t know if you had any idea as to why that might have happened.
ZM: Yeah, so you can see here, right, like in COVID, or just when it started, it’s kind of much closer together, one, because, they all start together at zero. So — and they’re all pretty correlated with the market. So, why does it diverge, right? And the answer is, because there’s this notion called active share in finance, which is essentially how much overlap does your portfolio or does a manager’s portfolio have with its benchmark, right? And we have not that much overlap with the S&P 500 and our strong buy ratings.
And that’s because, kind of what I said before, like if you look at either the S&P 500, or Wall Street, they’re typically, in the S&P 500, you have these trillion dollar companies and they’re covered. They have so many analysts covering. We just saw Microsoft, it’s 53 analysts covering them. They all have strong buys or buy, or most of them really all have strong buys or buys.
Whereas in Seeking Alpha, like some of these small-cap companies that people come together and have a lot of conviction about, they might have 4 or 5 ratings with all strong buys. But there’s just no way they can get into the S&P 500 because it’s only $100 million market cap, or it’s only $150 million market cap. And I think those are where you start to see the differences.
We’re invested, when I say we’re, I mean, the analyst community puts their strong buys typically in smaller stocks because the value spread, I’ll call it, is much higher there usually than in these large-cap names.
DS: Yeah. This is really incredible data. I’m so glad that you and the team took time to really dive into this. It really says something about Seeking Alpha and what you can get as a premium member. So, I just want to say, thank you to everybody that joined us today to go through this journey with Zach over all of this data and information. If you have any questions, please reach out to our customer support team at subscriptions at seekingalpha.com
And actually one last question, Zach, because I think, I saw a pop-up actually, you mentioned all of the studies throughout this presentation. Is there a good place where people can go and search for those studies if they want to read more about those, say from like Purdue? Should they just Google it, or what would you recommend?
ZM: Yeah, there’s a great website SSRN, which has all, like, studies of all different types, which I would look at. But yeah, you can just Google it, they’ll come up on Google as well. But yeah let me see, maybe I can talk to the team about putting them on this FAQ page as well.
DS: Yeah, and just want to say everybody that joined us today, thank you for taking the time. There will be a replay posted on Seeking Alpha and that will be given to you as well. So, if you want to go back and rewatch this presentation, or if you’re watching the replay right now, thank you so much for checking this out. Thank you again, everyone. We hope you have a great rest of the day and hope you find some really valuable information within all the Seeking Alpha Analyst Community because this is incredible, if I do say so myself. Zach, any last words?
ZM: No, that’s it. Yeah, thank you everyone for joining. I’m really happy I got to share this with everyone because this is just incredibly invaluable data. And just a special thank you to our analyst community because all this data wouldn’t be possible without you guys. And yeah, I hope this helps you guys in your investing journey and hopes to elevate all of our returns with this new data.
DS: Absolutely. All right, everyone, we’ll see you over in Seeking Alpha Premium. Have a great day.
ZM: Thank you.
