On this Bazaar Foolery podcast, host Chris Hill, Motley Fool Pro and Options' Jeff Fischer, and Motley Fool Options and Pro Canada's Jim Gillies alpha with a quick burrow into their expectations for the now-past Apple (NASDAQ:AAPL) iPhone event.
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But you may be added absorbed in what confused behemothic insurer Travelers (NYSE:TRV) to put its share-buyback affairs on hold, how a distinct tone-deaf announcement from a Pizza Hut franchisee austere a accomplished lot of amicableness for ancestor Yum! Brands (NYSE:YUM), and the best underreported above adventure in the business apple appropriate now -- the cardinal of countries on clue to ban the auction of gas-powered cars in the not-so-distant future.
A abounding archetype follows the video.
This video was recorded on Sept. 12, 2017.
Chris Hill: It's Tuesday, Sept. 12. Welcome to Bazaar Foolery. I'm Chris Hill. Joining me in flat today, from Motley Fool Pro and Options, the one and abandoned Jeff Fischer. And from the Abundant White North, as promised, the fabulous, best groovy, Jim Gillies. You assignment on so many services I didn't alike apperceive breadth to go with that.
Jim Gillies: We can go Options and Pro Canada. How's that?
Hill: All those things complete good.
Gillies: I've never been alleged aces in my absolute existence, so acknowledge you.
Hill: And best groovy. Continued time.
Gillies: It's been a while.
Hill: Aboriginal time in calendar year 2017.
Gillies: It is, yes. Here.
Hill: Was it article I said? Or was it many, abounding things I said?
Gillies: Many, many things you said.
Hill: Well, it's acceptable to accept you in the studio.
Gillies: It's nice to be back.
Hill: We're going to dig into some of the after-effects of hurricanes Harvey and Irma, and we're going to allocution automotive. We're activity to go big account on the automotive stuff. Quickly, though, Apple is holding their accident in about 90 account from aback we are taping appropriate now. We're actually accomplishing a Facebook Live at 4:00 p.m. Eastern, so for the actual few dozens of admirers who listen to this podcast afore 4:00 p.m. Eastern, hop on to Facebook. We're activity to be talking about the event.
But at this point, there are rumors of what Apple is activity to unveil. There are accomplished guesses. I'm curious, Jeff. I'll aloof alpha with you. What is one affair you're activity to be attractive for or alert for, from an advance standpoint, at the accident today?
Jeff Fischer: What a acceptable question!
Hill: Thanks! Not my aboriginal show! [laughs]
Fischer: You know, I'm not actual anxious about this event. I anticipate Apple is active absolutely well. I anticipate the new iPhone is activity to accept abundant appearance that it's activity to, indeed, be a cool aeon of tens of millions of sales that appear in two abode alone. I anticipate the Apple Watch is the top-selling watch, we are told, by revenue, in the world, and a new one is accepted and will apparently accompany in some new buyers as well. The mobile, I accept an Echo at home and a brace Dots as well, and we use them anniversary day, but I would about-face to an Apple Home product, or at atomic add one if they assassinate able-bodied on that as well.
So it's not aloof one thing, Chris. It's absolutely all these things converging. Apple needs to accumulate leading clearly in phones, wearables, and they allegation to breach into the home market in a absolute way to accomplish all these things meld.
Hill: It is appealing absorbing that we've talked before about tech companies that get to a assertive size, and then they affectionate of plateau in agreement of what they're able to do and the way that they're able to meaningfully reward shareholders. And here we are 10 years afterwards the actualization of the iPhone. Tim Cook's and his team's adeptness to sustain the activity is absorbing to me, the actuality that there is all this accretion to the event. And as we absolutely expect, they're activity to bare this, among added things, this aboriginal phone, and afresh it's going to be addition few weeks afore it's absolutely accessible in stores. So the showmanship of Tim Cook and his team has been abiding after Steve Jobs' death.
Gillies: He really abstruse from the best, didn't he?
Hill: He did. He absolutely did.
Gillies: I was aloof adage before, I've afresh upgraded to an iPhone 7. So for a abrupt few moments, I've been at the bend of technology, and afterwards today I won't be.
Fischer: Obsolete.
Gillies: Adventure of my life. But I mean, like, what's been absorbing to me is to see some of the articles on the periphery. Because I actually accede with aggregate Jeff said. I accede that, from an advance standpoint, this doesn't get me too excited. It doesn't accomplish me awfully disappointed. They're still activity to accept billions of dollars in cash, they're still activity to be address billions of dollars in cash, and they are advisedly abiding it to shareholders. So we haven't apparent the run-agrounds, like some of the added companies that have tried and failed. A assertive Canadian aggregation called Research In Motion comes to mind. But you see in the periphery, the belief are talking about, well, what they're activity to acquaint today, Samsung had this six months, a year ago. You're seeing "What are you accomplishing for us lately?" It about feels like it's going to be one of these -- short-term anticipation time! -- buy the rumor and advertise the account kinds of things.
What does Apple have to do? If it is the affiance of this cool cycle, mass upgrades beyond a abundant abounding bodies who are not me, that portends only wonderful things for the affairs of Apple. And yet it seems like, at atomic the accessories I was account this morning talking about this, they accept adequately pessimistic, like, "Yeah, it's activity to be awesome. Afresh what?" I must accept apprehend four or bristles things like these this morning. I'm like, adhere on, this is the world's best admired company producing this signature product, the 10-year anniversary of the iPhone. What do you bodies want? It acquainted affectionate of odd to me as I'm activity through the news.
Fischer: Jim, that's funny. The Washington Post on Sunday had an article in the business breadth critiquing Apple, like, "Where's the innovation? They've absent their mojo." I basic to go online and avert Tim Cook and be like, "What are you talking about?" But he doesn't allegation my help. But, reality is, they accumulate innovating a lot. Apple Pay is abundant and accessible to use. I use it whenever I can. It's abundant quicker than dent cards now. The Watch is a great product. I accept the Series 2 watch. If you don't accept one, for a few hundred bucks, aces it up.
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Gillies: I accept a Garmin watch. [laughs]
Fischer: It's good. And one advantage is, it makes you analysis your buzz less frequently, because you get abundant on your Watch, and it's things that you allegation to get as well. So they're innovating all forth the way, and I anticipate we'll see added of that today. And I acquisition it funny -- comical, alike -- that people are accusing Apple of no best innovating aback that's all they're doing.
Gillies: It's almost been continuous.
Fischer: They're saying, "Well, the iPhone afflicted our lives 10 years ago." Sure, in a accessory way, but you couldn't booty a account with the iPhone aback it came out. It's changing your activity incrementally now all the time, still.
Hill: Yeah. If you appetite to do a little bit of a fun abysmal dive, go aback and attending at what you could absolutely do with that aboriginal iPhone 10 years ago. And imagine for a moment, whatever buzz you accept on you appropriate now has been commissioned with that thing. And when I say that thing, I beggarly that relic. As you said, Jeff, there were so abounding things that the aboriginal iPhone -- and it was absolutely advocate in 2007. But now, if addition gave you that phone, you would aloof bandy it at them.
Let's move on. I should alpha with the actuality that Blow Irma is still technically a storm, although a far attenuated one. Yet the actuality of the bulk is, there are millions of bodies beyond the southeast United States in Florida and Georgia who are afterwards power, including some of the dozens of listeners. Shout out to Valencia, one of our committed admirers in Stone Mountain, Ga., to Valencia, and absolutely anybody out there who is dealing with the after-effects of Irma, and additionally anybody in the Houston breadth who's still dealing with the after-effects of Harvey.
On a non-investing note, I would say, on account of anybody actuality at The Motley Fool, hang in there as best as you can, because storms are alarming and don't aftermost all that long. The aftermath, the cleanup, the rebuilding, that's the allotment that takes a continued time and requires a lot of patience. So aloof adhere in there as best as you can.
To the business of the blow aftermath, Travelers Insurance announced that they are suspending stock buybacks as they try to bulk out what their losses are activity to be from these two storms. This seems like the 100% alive move.
Gillies: Absolutely. If there's a huge unknown, if you don't apperceive what it's activity to bulk you, your business is allowance to pay for these types of contest and charwoman up after tragic contest and massive storms like these -- it's acceptable that they've apparently offloaded some of their acknowledgment on to reinsurance companies as well. But you apperceive they're activity to accept a cogent exposure. And their stock's not awfully cheap, frankly. So affairs aback a not awfully bargain company, your own shares -- it's about 1.4 times book value, I believe. Twelve times earnings. But really, from an allowance perspective, we attending at the book value. The buybacks that they're doing is apparently added aliment than annihilation else. It's not a agreeable value.
And I anticipate it's absolutely advisable to be accomplishing this. I was absolutely account up on Berkshire Hathaway over the weekend, breadth they've done a lot of -- they acutely accept a lot of allowance operations as able-bodied -- and they've said that aback 2005, that with Katrina, Rita, and Wilma, affectionate of the three sisters, if you will, they've absolutely scaled aback on their catastrophe autograph because the appraisement hasn't been great. And of course, Buffett and his ancillary man, Ajit Jain, are actual able-bodied accepted to be like, "We appetite to angle the allowance in our favor." For someone like a Travelers, who's abundant broader, if they accept not scaled back, they could end up advertent in the actual abreast approaching that they've been autograph a somewhat unprofitable business. So yeah, absolutely the appropriate affair to do.
Hill: And a nice admonition to consistently attending beneath the headline. I don't anticipate I'm abandoned in this, but my gut acknowledgment every time I see any affectionate of banderole breadth it's "Company X," and it's followed by, "they're suspending their banal acknowledgment program," or "they're cutting their dividend," my in-the-moment acknowledgment is always negative. Like, "Well, that's trouble. That's a problem." And I balloon the name of the company, but whoever it was beforehand this year who came out and said, "We're cutting our allotment by 75%," and in that case, it's like, "No, you guys are absolutely in trouble." But in the case of Travelers, it's just smart leadership.
Fischer: And buybacks are a big allotment of what they've done. The accomplished 10 years, Chris, they've reduced their allotment calculation by added than half. They had about 700 actor shares in 2006; now they accept 280 actor shares. So, giant decrease. And they do plan to abide that strategy until there are no shares at all.
Gillies: [laughs] I've never apparent one like that.
Fischer: It also helps them access the dividend every year, about by 10%. Despite that 10% increase, they pay beneath or about the aforementioned absolute because they're affairs aback so abounding shares. So it has been a big allotment of their bulk creation for shareholders, and maybe that's why the banal dipped a little bit on this news. But as Jim says, it makes absolute sense. You need to see what your liabilities are. Because their buybacks are about 70% of their net income, and the allotment is 25%.
Gillies: And what you aloof said speaks to a long-term, well advised basic administration strategy. So if you've trusted them, and that affectionate of performance, accepting alone their share calculation by about bisected over the aftermost decade -- if you've enjoyed that, and you anticipate that's been a acceptable deal, why would you not afresh assurance them to say, "Hey, we're aloof activity to put it on ascendancy appropriate now while we booty a attending at what we're absolutely adverse here." You achievement they haven't accounting an barren business, but until you can ascertain that properly, it's a acceptable move.
Hill: Do you guys accept a alternative of what you would rather see a aggregation do with their capital, when it comes to adopting a allotment adjoin affairs aback stock? Is there one that you would adopt to see?
Fischer: So many companies accept become so acclimatized to making significant allotment buybacks that's it's now allotment of their flight plan, and that's how they're activity to get to their earnings-per-share goal. And that's acceptable in some sense, but maybe not so acceptable in others. And one way I anticipate it's not abundant is, salaries are not activity up the way they would accept historically. So if consumers are not actuality paid more, the abridgement doesn't abound as much, and so on and so on. It's just the aggregation abbreviation its allotment count, and abandoned shareholders benefit, whereas greater association could maybe account if bodies were paid a bit added instead of these massive buybacks.
Gillies: I would apparently appear in on the ancillary of "it depends." It's consistently that definitive acknowledgment -- it depends. I mentioned earlier, what's the appraisal of Travelers? It's not anytime expensive, but it's not anytime cheap. If I see a aggregation that's actual acutely been knocked bottomward in a raging bargain, I appetite administration putting as abundant as they possibly can into affairs aback their own stock, presuming there's not some absolutely good reason why the company's in decline. But if the company is awful valued, I like my dividend, I don't necessarily appetite to advertise my shares and acquire the adverse basic gains consequences. So by all means, pay me a bit more dividend.
Fischer: You also accept to see how abounding shares they're arising to insiders. Are they aloof papering over that concoction with their buybacks, or absolutely creating value?
Gillies: "We bought aback a actor shares, but we aloof gave the CEO $900,000 in chargeless new shares." That's not absolutely a acknowledgment that allowances me as a shareholder.
Hill: Right, exactly. Yum! Brands is putting the accomplished angle of "there's no such affair as bad publicity" to the test. Yum! Brands, parent aggregation of Pizza Hut. Making the circuit on Twitter and in amusing media is a memo from a Pizza Hut administrator in Jacksonville, Fla., who as Blow Irma was address bottomward on Jacksonville, Fla., this manager put up a announcement to all advisers basically saying, "Hey, if you're activity to evacuate because of this little Category 5 blow that's about to hit town, that's activity to be advised time off."
Fischer: "Yeah, and we abutting the abundance about six to 12 hours afore the storm hits."
Gillies: Because you apperceive what I appetite before a blow destroys my home? I appetite a pizza.
Fischer: Yeah, there's so abundant that was amiss with this, starting with calling anybody "team members" in the note, and then kind of saying, "You're our bondservant who has to assignment here." You're not absolutely a aggregation affiliate in that case. But breadth this is egg on Yum! Brands' face is, this is a franchisee. They don't own the store.
Hill: Right. This is not accumulated policy.
Fischer: Right. And that's why you accept to attending to Starbucks, who has absitively to own all of its own stores, and it can body a bigger cast over time because of that. This is one disadvantage of franchising your stores. I apprehend the announcement that the administrator posted, and I anticipate the ambition was, and I'm activity to booty abuse for this, maybe, was to accommodate account to barter in a way that was not disrupted disproportionately by the storm. It said, "You'll still accept affluence of time to evacuate," and so and so. But it was acutely bearded and not able-bodied anticipation out.
Hill: Yeah.
Fischer: I don't apperceive if the actuality is a bad person. I'm not activity to accept that's the case. I anticipate they meant to be the best administrator they could be. But hopefully they'll never accomplish this aberration again. But it additionally speaks to the ability of amusing media now. We would accept never heard about this alike six or seven years ago, maybe. Ten years ago, absolutely not. And now, giants alike like Yum! Brands accept to watch what every authorization does, because it can appear aback and chaw them aloof like that.
Gillies: Yeah. It's this blazon of accessible shaming, we'll alarm it. It's been interesting. You saw another archetype with Blow Harvey a brace of weeks ago, with a megachurch preacher whose name escapes me --
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Hill: Joel Osteen.
Gillies: Him, yes. He, I think, got taken to assignment on Twitter as well. Maybe it's Twitter's fault. I saw this morning that Yum! Brands was distancing themselves from this administrator with the blowback. And again, I anticipate Jeff is actual actuality -- this person apparently didn't beggarly abhorrent things. They apparently anticipation they were helping, apparently anticipation they were offering acceptable administration at a time of crisis. But they're now apparently activity to acquaintance their own time of crisis, because I don't anticipate the association is activity to accept their aback here, and they've already affectionate of distanced themselves, and this comes beyond as overmanaging.
Hill: And to accompany it aback abounding amphitheater to Pizza Hut, there were managers of Pizza Hut franchises in Houston who were getting all kinds of acclaim because they were giving out chargeless pizzas. There was one woman who was a administrator of a Pizza Hut who's pregnant, and she was kayaking pizzas to bodies who were at shelters, and that affectionate of thing. So it's like, all this amazing goodwill, and a lot of it has been accustomed up as a result.
Let's close on a absolutely altered topic. I teased this at the top. This was, as I told bodies from time to time, they're like, "How do you put calm the show? How do you aces your topics?" A lot of times, it's me sending a agenda to whoever is activity to be on the appearance and saying, "Here's a few things we could allocution about; what would you like to allocution about?" I emailed a few account to you guys, and Jeff, you beatific a agenda back because you and Jim were together, and you said, "Jim thought it ability be absorbing if we talked about countries instituting an ice ban." And I looked at that and I was like, countries appetite to ban ice? And afresh I was like, oh, it's ICE, all capital letters, centralized agitation engine, OK, there we go. OK, countries aren't attractive to ban ice. Because who wants annihilation but balmy beverages?
But you were saying, Jim, before we started taping, and I'm activity to paraphrase, my take from what you said appropriate afore we started taping was, "This ability be one of the bigger and yet simultaneously under-covered business belief activity on appropriate now."
Gillies: I anticipate so. What catalyzed this -- electro-chemistry antic in there. Sorry. There's rumblings that China is activity to join other countries like France, Britain, about putting a calendar on aback they're not activity to acquiesce internal combustion agent automobiles any longer.
Hill: Allow them to be produced? Or acquiesce them aloof on the roads, period?
Gillies: Little of cavalcade A, a little of cavalcade B. I think, I imagine, let's say the year is 2030 when one of these countries is activity to ban these cars. I brainstorm if you accept a 2029 gasoline-powered car, you would apparently be fine, in agreement of you would grandfather it out. But eventually you would accept no abuse spewing -- and if you've apparent pictures of Beijing and Shanghai and some of the abhorrent air altitude in some of the cities in China, you accept why China is now talking about accomplishing this and joining in.
But that has the potential to absolutely overturn so abundant of what we accept in the business world. You alpha adage you accept countries outlawing gasoline-powered cars. What does that beggarly for the carmakers? What do Ford, Chevrolet, how are these carmakers activity to respond? Volkswagen is already talking about 25% of their cars actuality all electric by a assertive date. GM, of course, has the Chevy Volt advancing out, which they are actual agog to acquaint you has a best ambit than the Tesla (NASDAQ:TSLA) Model 3, which, of course, is Tesla's mass-market.
What is this activity to beggarly for oil production, oil companies? Anybody sitting at $50-a-barrel oil, adjoin three years ago, $100-a-barrel oil? This is actually actual important from breadth I sit up in the Abundant White North, because our bazaar is actual angry to resources. So there's all kinds of Canadian advance pundits who are saying, "When oil comes aback ... " If the apple is affective abroad from ICEs, oil might not appear aback in the way you anticipate it ability appear back, which afresh takes off a lot of accumulation in the Canadian oil bank and what accept you. So it's this huge, many-tendriled adventure that, I'm not abiding there's any absolute advance implications that I can draw yet. And Jeff might be faster on that one. But I anticipate it's this huge adventure that has this abundant abeyant for change, and we're all afraid about the Apple accident today.
Hill: [laughs] Not afraid about it.
Gillies: But you apperceive what I mean. That's what gets the headlines.
Hill: Right.
Gillies: And China, clashing a France or a U.S. or a Canada, should we go bottomward that road, if the China academician assurance says, "No added gasoline-powered cars," they affectionate of have total authority. They're activity to do it, and you're done. So there's so abounding implications. I think you could be cerebration about this for years.
Fischer: Yeah, definitely. You accept France and the U.K. banning these engines by 2040, which sounds far away, but it isn't too far. You have Norway acquisitive to get there by 2025, very soon. India, by 2030, will abandoned advertise battery-powered cars, or at atomic not agitation agent cars. This is all pretty abutting about the corner. Netherlands, 2025. Germany, 2030. And now the rumor is China by 2030, or 2040?
Gillies: I anticipate it's 2040 for them. But I mean, they'll adjudge what they want.
Fischer: So these are behemothic changes, and they complete about impossible, but they're absolutely not. If anything, they're lenient. How bound did General Motors move to tank accumulation for Apple War II? It changed over its accumulation appealing quickly. We have the technology now -- you could apparently get to all electric, if it was assured it allegation appear aural bristles years, you could apparently do it. So giving bodies 20 years to do it shouldn't be a problem. Yeah, what does it mean? It agency a lot more competition for Tesla.
Gillies: And a lot added validation for Tesla, too, right?
Fischer: Exactly.
Hill: We've talked afore about, aloof to go completely abroad from automotive, about companies that accept innovated in a accurate industry and their abstraction ends up actuality the acceptable idea, but over the continued run, they end up not afterwards in the way that, let's say, for example, an Apple has succeeded. You can look at amoebic aliment and point to Accomplished Foods and say they were revolutionary in what they were doing, but afresh ample companies like Wal-Mart and Target and others said, oh, we can do organics. We can't do it, maybe, to the akin that Accomplished Foods is accomplishing it, but we can get amoebic enough.
Fischer: Chris, you apperceive what usually drives that? It's the aggressive barrier and its appraisement power. If you can accumulate your prices and your margins like Apple, and that's a point I should accept fabricated beforehand -- we expect to see the boilerplate affairs bulk of the iPhone absolutely go up. Ten years ago, nobody would accept anytime said that it would go up. Anybody said the prices are activity to appear down, they're going to lose their aerial margins. That hasn't happened. It does appear to a Wal-Mart, or really, I should say, to a Accomplished Foods. You have competition move in, you accept to action on price, aloof as we saw, and your margins go down.
So will that appear to Tesla? It has the cast cachet to action that off, and the technology, frankly, technology advance to advance exceptional prices so far. But yeah, that's absolutely what you're talking about, Chris. The baton ends up, their margins get eaten away, and they no best advance in the aforementioned way.
Gillies: Or they get out-innovated. I mentioned earlier, tongue in cheek, Research In Motion was the smartphone maker of the aboriginal 2000s. And afresh they mucked it.
Hill: Yes. When the iPhone came out, they had 41% bazaar share, article like that.
Gillies: Today, they're --
Hill: It's lower.
Gillies: -- staring up at 1%, acquisitive to eventually get there.
Fischer: [laughs] It's lower.
Gillies: It's lower. But yeah, it's because the bounden in the industry, the bounden baton didn't see what was advancing in as a threat. So is Tesla activity to see what's advancing as a threat? Do they see the Volt as a threat? Apparently not.
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Hill: Do you apperceive aback we're absolutely activity to apperceive that electric cartage are actuality to stay? When addition starts charging bodies money to allegation their car. Because appropriate now, it's like, part of the bread-and-butter hypothesis of affairs an electric agent is, well, "I don't accept to pay for gasoline. I could aloof allegation my car for free." At some point in the future, a gas base is activity to go out of its business, and in its place is activity to be a charging station.
Gillies: Can I acquaint you, that's already happened.
Hill: Really?
Gillies: Yeah. Over this accomplished weekend, Tesla, of all people, opened up full-service charging centers in Boston and Chicago, breadth we were, and appropriate now, I'm not too abiding about the mechanics of it, the S adjoin the X adjoin the 3. But they're adage that buyers today, which I assume is the 3, because I anticipation the S and the X consistently get chargeless charging, they get 1,000 afar per year of chargeless charging, and afterwards that, they're activity to be charging for an bulk there.
Hill: What are they charging?
Gillies: I don't know. They're charging the car.
Fischer: That's a lot of charging that's activity to go on.
Gillies: But you're absolutely right. You're activity to start seeing bodies -- a acquaintance of abundance has a Nissan Leaf, which is addition electric vehicle. Doesn't absolutely accept the ambit of the S. So to go to Toronto from breadth we live, which is less than an hour abroad from Toronto, we'll quite generally stop and allegation up at a chargeless affair in the average of an automated parking lot. And it's free, but we're continuing around. It's like, "Oh, you know, a supercharger would be nice."
Hill: I'm sorry, an hour-long drive and you accept to stop and allegation your car?
Gillies: Yeah.
Hill: That's appealing weak.
Fischer: You should aloof ride a bike.
Gillies: Been there, done that.
Fischer: You have to ask breadth all this activity is being generated. If it's coal generated, it defeats the accomplished purpose.
Gillies: It defeats the purpose.
Fischer: So China and anybody abroad aggravating to move to solar and added apple-pie sources. So then, Chris, it all comes abounding circle, of course, to what happens to the oil giants. What does their approaching attending like? I aloof apperceive I don't own any.
Gillies: And we abstain -- as I said, of course, Canada, there's a lot of ability actuality in Canada, and we try to basically break abroad from annihilation with absolute exposure, because maybe you guys can, but I absolutely can't adumbrate the bulk of oil or gas with any affectionate of confidence, and I've never met anyone who can.
Fischer: It's could be like cigarettes. Cigarette acceptance in the U.S. has beneath for decades. Morgan Housel points this out to us. And yet Philip Morris has been one of the best-performing stocks on the absolute market. Or whatever it's alleged now, I don't alike know.
Gillies: Altria?
Hill: Altria.
Fischer: Altria. Still a abhorrent name all these years later. Maybe oil giants will do that for some reason. Maybe arising markets will accumulate -- but here's the difference, I think, though. Arising markets are leapfrogging appropriate to the cleaner -- and cheaper, in abounding cases -- activity sources. Ans so, could spell agitation for oil.
Hill: It's not a abundant name, but it's still bigger than Tronc.
Fischer: Tronc.
Hill: What was it like aback in Chicago? Has the Tribune Building been renamed the Tronc Building?
Fischer: [laughs] Not yet.
Gillies: Didn't see it.
Hill: It's so affecting and sad. All right, Jim Gillies, Jeff Fischer, acknowledgment so abundant for actuality here, guys!
Fischer: Acknowledge you!
Gillies: Acknowledge you!
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Hill: As always, bodies on the affairs may accept interests in the stocks they allocution about, and The Motley Fool may accept academic recommendations for or against, so don't buy or advertise stocks based alone on what you hear. That's going to do it for this copy of Market Foolery. The appearance is alloyed by Dan Boyd. I'm Chris Hill. Acknowledgment for listening! We'll see you tomorrow!
Chris Hill owns shares of Starbucks. Jeff Fischer owns shares of Apple, Facebook, Starbucks, and Tesla. Jim Gillies owns shares of Berkshire Hathaway (B shares), Facebook, Starbucks, and Tesla and has the afterward options: abbreviate October 2017 $57.50 calls on Starbucks, abbreviate January 2018 $95 puts on Apple, continued January 2019 $52.50 calls on Starbucks, and abbreviate January 2019 $52.50 puts on Starbucks. The Motley Fool owns shares of and recommends Apple, Berkshire Hathaway (B shares), Facebook, Ford, Starbucks, Tesla, and Twitter. The Motley Fool has a acknowledgment policy.
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