Lou Whiteman

are expected to deliver a premium return.

Shopify's guidance doesn't clear the bar for me.

Apparently, it doesn't clear the bar for the market either.

And I think that's basically, you know, not company bad, company good.

I think that's the conclusion.

I'd note here, too, is like, oh, if you look at five years, Shopify is basically flat.

They're like up, I think, 1%.

Now, they've been up 80% and cut in half during that period.

So this is a company that tends to swing violently around different moods.

I own the stock.

To me, it's a definition of a hold.

If it comes down, it may begin to look interesting to add to it.

But we also have the weaker consumer still looming as a question mark.

I think this is just focus on the long term and not get too caught up on 20% versus 30% in any one quarter.

Look, they haven't done a secondary offering since 2021.

They have almost no debt.

They are investing with free cash flow.

I wouldn't sell these investments just because, unless you need to, and it doesn't look like they need to.

Matt can get into it.

I don't think that this is really a distraction on management's time.