And I want to actually start by giving another introduction to how exactly the intrinsic value portfolio works. And I think this will be particularly important today because there will be positions that we discuss in which one of us is or was more bullish than the other one.
So the basics basically the intrinsic value portfolio is a shared portfolio that Sean Kyle and I manage and the way we handle this is basically by a simple rule. So the portfolio is obviously a paid portfolio since we don't give any financial advice nor do we actually manage money.
However, each of the positions owned in the portfolio has to be in the personal portfolio of at least one of us hosts. Some are obviously in all of our portfolios, but the main rule, one of us has to own the company.
So, for all the stocks in our intrinsic value portfolio and the ones that we discuss today, you can be sure that we actually lost money on them.