Jason Hall

having technology that can help them integrate across every possible sales channel.

We've seen Uber Eats and Grubhub and all of these have exploded.

Technologies that allow them to easily integrate with those sources of revenue to maximize those sales opportunities, those are the restaurants that are figuring out how to survive when times are not great.

When you have a very business-minded individual sitting at the top of the administration, you're going to get more of the business-minded approach.

We've seen that under President Donald Trump.

I think that's part of it.

But I think the bigger thing for investors to think about is how you think about and try and assess these businesses.

This is materials businesses.

Remember what I said at the opening, the cyclical risk and the secular trends?

These companies are still going to live and die based on demand and commodity pricing.

If you look at what's happened with lithium over the past three years, it is exemplary of the boom-bust-boom cycle.

At the end of the day, while maybe some of these companies, in this case,

U.S.

Rare Earth may get a little bit higher floor on some of their production with this partnership with the U.S.

government, they still have to sell the majority of their production at a cost that makes sense into a market where they're simply a price taker.

They have no competitive advantages in what they can sell for.

It's all about their operating and production costs.

These are industries you really have to understand and know them really well.

When you invest in them, think about buying, really, when the cycle is negative and the stocks are depressed,

versus jumping in when every retail investor finds them attractive.