You're listening to TI P.

You're listening to TI P.

Welcome to the Investors Podcast. I'm your host, Preston Pition.

As always, I'm a company by my co-host, Stig Broderson.

And we have our mastermind group here, Toby Carlyleau.

Welcome to the show. Always great to have you back on here.

Hey, thanks so much for having me. It's good to see you guys.

Good to see you, Stig, again, since we met for the first time in the flesh and Los Angeles.

Yeah, it was good fun and fun having Preston calling you and we're Skype too to say hi to everyone.

And the community was so surprised that we haven't met in person before Toby,

even though we talk all the time. We do. We talk a lot. We just don't meet because we're in different countries. Good event.

Well, guys, it's cut right to the chase. So who wants to go first with a discussion on a specific company or investment?

Well, I've got a name for you. I'm going to say I'm a little nervous about this one.

It's a short as always. I've been doing lots of shorting over the last year.

I so I guess since we've been talking about doing the last year of these masterminds.

The short that I want to discuss is Etsy. Just so you know, in the fund, we do short, we short position small.

So they're 66 basis points, which is 0.66 of 8%. So they're very small on the fund.

And the reason we do we have shorts on them in there and we short small is because shorts can move around very violently.

In the ordinary course, they're going to lose a little bit of money. But if we get a big crash,

like we're kind of going through now, what the shorts do for our book is that they stand up a little bit more than the market going down.

So they do a little bit better than their weight in the portfolio, which is what they're doing for hours at the moment in the fund as the market's going down.

So Etsy, everybody's probably heard of Etsy. It's a niche online e-commerce business.

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