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#ROTG: Keep Cash on the Side

I’ve been called every name in the book for being unapologetically #BOP (bullish, optimistic, positive) and pushing the Rules of the Investing Game (#ROTG).

But someone on Twitter posted a little support that perfectly highlights one of our rules…Paul Mampilly Rules of the Investing Game #ROTG

The market is signaling a loop of high volatility, low liquidity.

And that’s where the #ROTG kick in. Rule No. 5: Keep cash on the side.

Expect volatility! Plan for it. Prepare for it. Be ready for it.

When it happens — and it will — cash on the side will act as your volatility buffer.

In our view, nothing has changed. The promise of the Fourth Industrial Revolution is still there.

Please, please, follow the #ROTG and stay Strong Hands! Watch today to see why we are down … but not out:

We’ve got a jam-packed Market Talk for you today! Including some of your Twitter questions — thanks for writing in John, MB, Cool W. and HB!

Check out the whole video or jump to the time stamps below:

  • Growth stocks and housing prices in a low-interest rate environment… Will future innovation make housing build/material more affordable? (Click here.)
  • Our outlook on eVTOLs — the future of flying electric vehicles. (Click here.)
  • How to measure quality growth companies. (Click here.)
  • And Amber’s Good News Roundup! (Click here.)

Feedback Loop: High Volatility and Low Liquidity

Amber: We got quite a few questions from our followers on Twitter. Today we will highlight six of them. I am hoping you’re ready to go.

Paul: Before we get to the questions, we talked before getting on that I had seen a tweet I was pointing out to you. It’s from Michael Goodwell, who I follow.

He has some great information. As you know, it’s not secret the last quarter of 2021 was brutal. We went through 2021 where I was up and down, up and down, up and down. Then once in May and once in September it looked like we were going to breakout. Then, the bottom fell out.

It started in November and then ended in a crash. For our stocks, there’s no other way you can put it other than a crash. We have told people to stay strong hands, for which I have received a barrage of hate mail and hate tweets. People calling me a grifting clown, scam artist, a fraud.

That’s all fine. It comes with the territory. I accept it. But there was something Michael said. He says that liquidity has dried up in the U.S. stock market. He has this chart which shows you that at the highs liquidity was very good. In other words, people were very happy to come and buy and sell when prices were high.

Michael Goodwell tweet liquidity in the stock market

Then as prices start to fall off, liquidity falls off. Then as prices start to get very low, it completely disappears. He follows up a second tweet where he makes a point that is an incredible but simple point that we all intuitively understand, but he puts it in a way that makes it clear.

I will relate it to Rules of the Game. He writes that it’s a “sign of a feedback loop between high volatility and low liquidity.” High volatility leads to low liquidity. This is the case not once, not twice, it happens all the time. A lot of people’s response is to want to buy and sell around this.

Michael Goodwell feedback loop between high liquidity and low volatility

You wrote an article and I interviewed you on my Tuesday slot. You ran into why this doesn’t work, which is because the best days follow the worst days. If you are out, you didn’t’ get the benefit. If you are out for 30 of the best days, you essentially lost 60% of the gains.

Going in and out everyone thinks is super easy. In hindsight, everyone can draw a line on a chart. However, the truth is, to make big gains you have to say in. You have to be strong hands. You have to have that bullish, optimistic, positive — BOP — attitude.

Then the other thing I get barraged with hate mail for is saying Rules of the Game. But that tweet from Michael, the feedback loop between high volatility and low liquidity, is the essence of the difference between the people who are going to end up making a lot of money and the people who don’t.

What happens during periods when you have high volatility and low liquidity? The people who didn’t set money aside in their investment account — and in Rules of the Game we say specifically to leave money in your investment account. Not in your savings account or somewhere else.

That may work for some people, but I think the vast majority of people seeing it in their Fidelity, Robinhood, Ameritrade accounts make them say, “Yea the market is down, but I knew this was going to happen at some point in time. I am prepared. I have what everybody wants. People want liquidity and I have it.”

It puts you in this position of power. It puts you in a position of having what everyone else wants. Now you have the option that, if you decide, you can go and provide liquidity and take in cheap stock if you wish. There’s no requirement that you do it, but it does give you the choice.

That is a position of power. This is why I put that rule in Rules of the Game. Leave cash in your investment account. In your actual investment account. Not in some savings account far away. Not in some checking account. Not in some CD which takes 90 days.

Someplace where you can actually feel it dampen the volatility in your account and, second, where you can be in a position of power. You have something the market wants, which is liquidity. You now have the option and the choice to take advantage of that.

This tweet also gets to some of the questions that people are wondering. Meta stock dropped by 25%. That’s a 10-sigma event that’s not supposed to happen in human history. That’s true, but in the end it comes down to Michael’s tweet. When you have high volatility — what is high volatility?

When a price goes from a high point to a low point quickly. That’s the essence of volatility. What happens? Buyers disappear. Then everybody wants the previous high price or some high price to get out and it’s unavailable. This is not an anomaly. This is not something that’s chance.

This is not something that you can’t plan around. You should plan for this. Expect volatility. It’s going to happen. It happens on some level at every timeframe. There are mini crashes on a daily basis, weekly, monthly, yearly. Plan for it. Be ready for it. You can go through these periods.

So when you have the opposite period — what do people desire? Rising prices. That is the ultimate benefit that everybody wants. We want that. However, you have to endure through the periods where this feedback loop is going against you.

Now when you have rising prices that lead to higher and higher prices, the liquidity comes back in. Everyone wants back in. However, at those prices if you sold out and now you want to jump back in, in all likelihood it’s at prices that are rising quickly. You are on the outside looking in.

It’s been a very difficult few months, but nothing has changed. The promise of the Fourth Industrial Revolution and America 2.0 is still all there. Go look at the companies. Look at their sales growth. I have not seen a single one of our companies show negative sales growth.

PayPal stock dropped 20%. You would have thought that they went from 20% growth to reporting negative 20% growth. No, they actually grew sales 14%. They are one of the three big financial app purveyors. They are some mix of what people will look back at 15 years from now and see as banks.

They control Venmo and PayPal. These are two large apps that have millions of users. They can offer them a lot of different services. The idea that the stock can be worth 20% less today is a function of what Michael talks about. When you have high volatility and low liquidity, it means someone is going to take a terrible price.

I see zero reason, I think it would be the dumbest thing on earth, for us to join them. Terrible price being offered? Here, take all my stock as well. Even if you didn’t keep cash on the side, I would say, if you can, stay strong hands through this. I can tell our companies are for real.

Fourth Industrial Revolution is for real. I am, love it or hate it, still BOP. Amber, that’s something I wanted to say. I’m happy now to answer any questions you have.

Will Innovation Make Housing More Affordable?

“Growth stock and housing prices tend to increase with lower interest rates. If we head to negative rates in the future, both will likely move higher. Will future innovation help make housing builds and housing materials more affordable? The cost to build seems to be going up over time.”

paul mampilly twitter question innovation reduce housing prices

Paul: Technology and innovation is always deflationary. There’s a common sense reasoning for this. What company would go adopt an innovation that’s going to make things more expensive? If they make things more expensive as a result of spending on innovation and technology, it makes them less appealing than someone using less technology.

It just does not compute. The other element of it is that true innovation has to be significantly better than whatever existed before. In various books I have seen three times or as much as five times. However, in the long term, it’s as much as 50 times or 100 times.

It has to be that much better because, when you break it down, for a company to adopt an innovation they know the benefits are going to come over time, but the cost is up front. You have to pay money through capital spending to actually buy the thing.

Then there’s the extraordinary cost of implementation. Your entire company is organized around the old way of doing things. There’s a severe price for disrupting all of that. You don’t get the benefits of the true promise of the innovation immediately. It comes over time as you implement it and optimize your organization.

The benefits have to be so significantly higher for you to make that decision to move. Specifically to housing, we are starting to see the first real big innovation in housing in more than 100 years. There are now communities of 3D printed houses.

I have seen a neighborhood in Austin that is going to be entirely full of 3D printed houses. I believe the cost of putting up a 3D printed house is significantly lower once we get to scale. At this point I believe I have seen numbers as much as 15-20% higher than existing costs.

That’s because right now they are just not doing it in scale. If you are using the same 3D printing machines, techniques and personnel again and again, now you have what is called Wright’s Law. In other words, once the number of units increase, the price plummets.

That’s the shape of innovation. For sure in the next one, three, five years you will see more and more. With that, you will definitively see the cost of housing decline, which is something that would be a huge benefit to the United States, to us as a people and us as a society.

Negative interest rates. Actually I was wrong when I made my prediction because we already had negative interest rates. We have had them for some time, but what I was referring to was when you actually have a negative interest rate on common benchmarks like the 10-year bond.

That’s what I intended. The basis for negative interest rates is multiple fold. The level of technological jump that’s going to come from America 2.0 and Fourth Industrial Revolution technologies is so great, you are going to get first 5x more than what you used to from old industrial processes, then 10x more, then 20x more, then 100x more.

You will be flooded with an extraordinary amount of whatever it is you want at a price that is so cheap it will devastate the America 1.0, old world companies.

Having chosen to not innovate, having chosen to stick to their lane and keep to the industrial processes without implementing new technologies like blockchain, new energy or any of these things, first they are slightly behind the curve. Then, they are even more behind the curve.

Then there’s just this hockey stick moment where innovation takes off in terms of technology and benefit. For them, they have a hockey stick-down moment. Then it’s all over for them. That’s the underlying scenario setting up. We have massive innovation that is coming.

Not just one, we have so many of these. What we have seen when you study innovation through history is that when they stack like this it’s deeply deflationary. I have used the example of pre-Industrial Revolution we worked in a world of craft. If you want to make something, it’s crafted one by one.

Today, you can make that in the hundreds of thousands and the millions for far less than what it cost to make one in the craft era. That’s the scale jump that is coming as a result of America 2.0 and the Fourth Industrial Revolution. This would mean you would need to have interest rates that were significantly lower.

It does turn out the study of interest rates, negative interest rates are recently an anomaly, but we’ve actually had this for quite some time. It’s something you can use to now adjust to a deeply deflationary period. Let’s take another question.

Labor Market & Innovation

“My question has to do with the correlation between the labor market and innovation. There are more jobs currently than people to fill them, which contributes to inflation. Innovation leads to deflation and more automation. I am curious how you see things playing out in the future.”

paul mampilly twitter question correlation between innovation and labor market

Paul: We’re in an unusual period where there are an extraordinary number of open jobs. We do not have enough people. We don’t know yet where that balance will sit because we are in an economy that is upended as a result of the pandemic. We have to see where that balance will sit.

However, in deflationary boom periods, which is what I believe is unfolding, the numbers never fit quarter to quarter. But deflationary boom periods are periods where lots of jobs are created. Oftentimes there is a little bit of a mismatch between the jobs created and what the people know how to do, which is based on the past.

Exactly how this will play out will be somewhat unclear until it happens. However, we can see the long-term direction. For sure, the skills that require the use of innovation and technology will be jobs that will have rising wages. That is to be expected. That is not inflation.

That is productivity increases. Each person who is working with America 2.0 technology is creating far more value than someone who is using industrial technology, spending the same amount of time and the same amount of brainpower. The amount they generate in terms of productivity is right now comparable, but fast forward it out three years, five years, 10 years.

It’s not even going to be close. The exact relationship in the short term people can write vast essays and persuade people of a lot of things. However, if you believe with conviction in the Fourth Industrial Revolution, America 2.0, and the promise of the technologies we are invested in, then this is not something you would say if, it’s a matter of when.

It’s not a matter of when 25 years from now. Each year you will start to see more and more and more of it and its impact on the labor market, which will be significant. Let’s go to the next one.

Market Volatility & America 2.0 Growth Stocks

“Silly question, Paul, but do you detect this week a small orientation into our America 2.0 growth stocks? I know it has looked like the bottom a few times already. It feels tantalizingly close.”

paul mampilly twitter question america 2.0 stocks

Paul: I made a video where I went through an extraordinary set of market events that I have never seen in my time on Wall Street. I have never seen $1.3 trillion worth of single stock options expire on an expiration day. Even though I was around the markets, I don’t recall it having this impact.

It was somewhere near the top of the 2000 market. $1.3 trillion in single stock options expired on January 22 this year. That overhang I think is a critical factor in determining the positioning of the market and the demand and supply balance. Whether people think it’s illegal, wrong, or manipulated, the truth is, the market is run by the dealers, the market makers, people who have to make money.

 

There is no liquidity unless they are solvent. If all the market makers are gone, you will have to go and walk house to house and ask, “Hey, do you want my Apple stock?” They make the liquidity. It doesn’t appear from magic. It has been constructed over time by a series of happenstance, events, procedures, and traditions that have developed around the market.

If everybody is on one side, which truthfully that information was hidden. I mean, I can’t prove it, but I never saw anything until right before expiration when I saw a piece of research published. Someone took a picture and put it on Twitter.

Then there were a number of other things that also indicated people have taken the base fear that was driving this, which is that the Federal Reserve is going to raise interest rates. They have taken that single thing and said, “Let’s go and look using basic, primitive correlation what happens when interest rates go up.”

It’s based more on a story than anything else. It’s actually based on the last story from the year 2000. People say when interest rates go up, growth stocks crash. Then a new layer came where various people who have been bearish and wrong this entire time — like Jeremy Grantham — say this is a bubble-like 2000.

 

So we have another story layer coming in that this is a redo of the 2000 bubble and these stocks don’t deserve to be there. Then they found a convenient punching bag, which is Cathie Wood and ARK Invest. As everyone knows, Cathie Wood and I have identical outlooks in terms of where the world is going.

Our stocks are very similar in terms of what we focus on. They talk about Wright’s Law and disruption. We talk about Fourth Industrial Revolution and America 2.0. In essence, we have an identical point of view. Then there’s this short innovation fund that has come and there are people looking to short.

You get this entire thing to happen in the space of about three months where a lot of algorithms from macro-driven funds decide to make this, to me, dumb trade. I know I will get a barrage of people who say, “They made money and we lost money.” OK fine, send the hate at me.

It’s OK. But those algorithms are naïve at best. Let’s see where they end up come to the end of this year. This notion that just because the Fed is raising interest rates that tech and growth need to go down, I believe, is 100 wrong.

The second narrative that we are going through a redo of the 2000 bubble is also wrong. 100% wrong. These people are clearly out of touch. They are not looking at these companies, the sales, the capabilities of their technologies and the products and services they have generated.

 

Using Cathie Wood’s performance for 2021 and saying it shows you it’s all fake, well, let’s just give it a bit of time. Let’s give our stocks and what we are invested in a little time and then let’s see who gets to thump their chest. I am willing to bet and would stake my life on it that the folks who get to thump their chest last get to thump it the most and the loudest.

We’re down, but we aren’t out. We’re going to have a great reversal. People will say in hindsight it was all so obvious.

Blue Chip Dividend Stocks

“How should a beginner stock investor start with a minimum of $100 to $1,000? Number one, trending stocks? Two, blue chips? Three, tech? Four, ETFs with managing fees below $1? Or long-term call options that are attainable at the time? Dividend stocks?”

paul mampilly twitter question investing strategy for new investor

Paul: I think this question is misdirected to me since our focus is exclusively on America 2.0, Fourth Industrial Revolution stocks. All the things that are cited are a mix of highly speculative and highly safe. My guess is, without being specific in any way and noting to people we are not financial advisors, this is the kind of thing you would go to a financial advisor for.

You would have to look at your risk level, your income level, your timeframes, how much loss you are willing to withstand. With options you can lose all your money. There are things like dividend stocks that today are a shark pool. I would not go near a lot of dividend stocks.

 

You can look at the price action on stocks like Clorox. Theoretically, this is a “safe stock.” However, if you go do some balance sheet analysis, they have a lot of debt, they don’t generate enough free cash flow for the amount of stock they are buying back or the amount of dividends they are paying.

This is a company that is in deep trouble. There are a lot of beloved blue chip dividend stocks that in the next one to three years you will see in deep trouble. Many people who have sat in them and relied on them for dividends are going to see the downside.

Investing in Growth and Innovation

“Hi Amber, this question is either for Bold Profits or Profits Unlimited. Does Paul invest in the stocks he recommends, unlike Ian with his crypto? Could Paul explain more about the electric vertical takeoff and landing (eVTOL) thing?

Thanks for everything you do. I love when you talk about new things in our companies and what they have been doing during our holding period.”

paul mampilly stock investing and EV vertical

Paul: The first question, I am not allowed to invest in the stocks I recommend. However, I do own similar stocks. I can tell you my portfolio, just like yours, has been smashed to pieces. If you think about PayPal and you think, “What’s the other company like PayPal? Why isn’t that in the portfolio?”

It’s because Paul owns it. I can’t recommend it. Why do I own it instead of recommending it? Has it done better than PayPal? Actually, it has done worse than PayPal. I didn’t somehow secretly conspire to keep better-performing stocks.

In general, I am forced to put all my money into a tiny number of stocks. I can tell you if you looked at my portfolio I have a lot of small caps, a lot of micro caps and I have all growth. I don’t own any dividend stocks. Just putting that out there. I do not own a single America 1.0 stock.

I absolutely believe in what I am saying and doing. I may not own the exact stocks that you have, but I have the same exposure as you. Certainly I can tell you in 2021 I had the same performance results as you. I want to offer up the reasoning as to why we do this.

We recently had our lawyers at a corporate company, Agora, lay out why they enforce this restriction. Apparently if a guru — as I am referred to — owns the stock and you do something different to what you recommend to readers, the Securities and Exchange Commission (SEC) is very interested.

They want to know why you bought it for yourself and ask readers to sell it. Why did you ask readers to sell it and you continue to hold it? There are all these permutations that come about as a result of owning stocks that are also recommended. I have seen all the research about skin in the game, etc.

However, I would say in the end to look at our results. We are still outperforming the market by a large amount. I have accepted and reconciled that if I want to invest in our stocks then I need to find something else to do. If this is a burning issue for me then I need to quit and move on.

I have kept a few stocks. These are ones that I have cut my teeth on. What I mean by that is that I have lost a lot of money by buying and selling them, understanding how to invest in growth and innovation. Those stocks in many cases I have lost hundreds of thousands of dollars.

I have kept those for myself. I am invested in those. My entire portfolio is 8 or 10 stocks. That’s all I can really keep and do this job with a level of integrity and diligence and serve you in the best way I can. That provides a long answer.

For eVTOL, you’ve done a lot of research on this. Is it an exaggeration to say they are like really big drones?

Amber: They are.

Paul: Their range continues to increase over time. I believe the most advanced one is a company that’s in Paul’s Secret Portfolio. They are the furthest along in having their aircraft certified. Remember, this is a regulated part of our world.

You cannot just take an aircraft up and just guess how long it will stay in the air much it can carry. Let’s guess when it runs out of battery. No, these things are certified in minute detail. By the time these appear, these are going to be as safe as any airplane we all get on and off without thinking about it.

At one point in time, airplanes went through this arc of development. In my conception, what eVTOL does is wipe out the vast majority of short haul airlines. Why would you get on a plane? You have to drive to the airport. That takes you an hour. You get through security, that’s another hour. Then you sit there waiting for the plane. That’s another hour. Then it’s delayed all the time.

Instead, you have city centers where you walk in and get a drone. Right now it’s about 150 miles. You might need to do it Pony Express style. Over time, these will be slightly longer. It will also wipe out a number of transportation options that exist today. People will see it’s a lot easier to get on an eVTOL.

eVTOLs and Robotaxis

Amtrak is unlikely to make it in this world. Bus companies are unlikely to make it. If you combine eVTOL with robotaxis, which I believe are going to emerge in about the same timeframe, now you have these choices where eVTOL give you convenience, speed and access.

Robotaxis give you cheapness, free time, you don’t have to drive. I believe the world of transportation is going to be upended. Nobody looking back 20 years from now is going to recognize a whole lot of what we have. It’s going to look old and ancient.

The technology itself is built on drone technology and it’s scaled up so as to carry humans, cargo. That’s the arc of where we’re going.

Measuring Quality Growth Amidst Volatility

“Thanks Amber and Paul. Here is my question: In current markets, how do you measure quality growth companies? We can’t use PE. If it’s forward, is it PS ratio? What should the ratio be? Or, are there any other indicators?

Thanks as always. Don’t be worried about people trolling you both. You both are great. I am a longtime subscriber to Profits Unlimited and learning a lot from your videos. Market is tough, but I am #BOP for the future.”

paul mampilly question measuring growth quality amidst market volatility

Paul: We are deeply appreciative of you. As we like to say, without you we would have no mission and purpose. Our mission is to serve you as best as we can. We will never make everybody happy and we will never get everything right, but we can try to do the right thing by you.

With respect your question, growth stocks are always determined by what is growing and that is sales. I have always said that even among earnings companies and companies that generate positive earnings, there is so much fudge factor after you get past sales.

Look at all the terms that exist — EBID, EBITDA, adjusted cash flow, adjusted free cash flow, all kinds of variants. For growth stocks, we know what matters: sales growth. Sales growth tells you if you technology is something that is scaling, if your product and service is being adopted by the market.

No sales, no growth. That’s as simple as that. No sales, no business. If you can’t turn that around sooner rather than later it means the market is not ready for you, your technology is not mature enough to scale, your product or service is undesired by the market.

Sales growth is what matters. The way we look at things is price to sales. There’s no hard and fast number. It does depend on where the company is in its life. For example, we have seen companies like Shopify trade at 30 times sales for years and years.

Other growth companies will tend to have rising sales growth. These are driven by assumptions made by investors as to the sustainability of that growth, the duration of that growth, how much variability there is because of the kind of business they are in. There’s no hard and fast number.

However, one thing I can tell you is if you go and look at the numbers today, they are cheap. You can go across the board in our portfolio and price to sales ratio are three, four, five. Those are cheap. In any world, for any business, they are cheap. Have I said cheap enough? These are cheap.

Then compare them to these slow growth companies. They are 14 times sales. They have no growth. Their regular growth rate once they anniversary their pandemic low comparisons, will go back to single-digit sales. Many of them will show active declines.

Our stocks are cheap and I believe they are setting up for a massive reversal.

Amber: Good answer, Paul. I am with you on that one. That’s it for the questions. Thank you for taking the time to answer.

Paul: Thanks to the readers for sending in questions. Thanks for having me on. I have gone long. Hopefully readers found it useful.

Amber: I know I did. Thanks again for joining us. Thanks again to Paul for joining us on this edition of Market Talk. Before I sign off, check out these three good news headlines in 3D printing, robotics and 2022 IT spend forecast to start your week.

Number one, Paul posted this 3D printing news item in our team Slack channel. According to Protocol, buying local from 3D printed robots is on the rise. The United Kingdom’s Ocado Group is a technology led global software and robotics platform that helps U.S. grocery chains like Kroger get online food orders to customers.

It’s aiming to incorporate more AI and robotics into order fulfillment with the use of 3D printing technology. Protocol reports,

“3D printers will even help build the robot parts. Robots featuring 3D printed components will pick products inside existing local distribution centers that incorporate Ocado’s proprietary packing grid system.

3d printing surge and robotics

Known as the series 600, the new bot will feature around 300 3D printed parts, resulting in a reduced weight, cheaper build, running costs and better serviceability. The robots will reduce labor costs by as much as 40% in the long term and remove some of the most physically demanding jobs.”

That’s really promising news on the 3D printing realm. Good news number two on the robotics front, Pizza Hut has launched a fully robotic restaurant in a box. As reported by The Spoon, last month Pizza Hut debuted a fully automated robot, powered restaurant.

The restaurant in a box is based on technology by Hyper-Robotics, which is a food robotics startup that makes containerized restaurants. The restaurant is “fully self contained, doing everything from dropping toppings to baking and boxing. The only thing it doesn’t do is make the dough.”

According to Hyper-Robotics, its pizza restaurant can hold up to 242 different types of dough in different sizes. The customer initiates an order for a pizza directly from a touchscreen on the restaurant exterior or through the Pizza Hut app. After the pizza is made and boxed, a Pizza Hut employee takes the pizza from a dispensing tray and hands it to the customer.

In future versions, the restaurant will be able to dispense the pizza directly to the customer. That’s amazing tech there.

Finally, good news number three. Gartner’s IT spend forecast for 2022 shows that CIOs are ready to take risks. Last month Gartner unveiled its IT spend forecast for 2022. Per Venture Beat, despite executives fighting to combat supply chain disruptions caused by the pandemic, Gartner predicts 2022 will see a “noticeable upswing in global IT spending.”

Gartner's IT spend forecast for 2022

The total amount is expected to reach $4.5 trillion by the end of 2022, a 5.1% increase from last year’s figure. Technology such as digital twins, IoT platforms, virtual assistants and data fabric are expected to receive considerable funding and attention in the coming years as more and more industries and IT departments aggressively pursue automation like robotic process automation to optimize digitization at the task-based level.

In all, CIOs are hoping to reduce or outright prevent the amount of manual effort required by preexisting employees. This is also fantastic news, especially for AI, RPA and IT focused companies.

Regards,

Paul Mampilly

Paul Mampilly

Editor, Profits Unlimited

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