MITCHELL ATKINS | Magnolia (street) Capital

Have you heard the term "sheep money"? Mitchell Atkins explains that it's the Twitter guys, the followers, the pumpers and the dumperss that can change the market dramatically. He reckons that you'll see an IPO (a company listing to the stock exchange), and it will have advisers and brokers creating amazing hype. The razzle as Mitchell calls it. Then the company starts to trend on social media and boom, everyone sells out, the share price tanks, and the poor retail investors (the sheep) lose out.

It was a pleasure discussing this and other insights with the micro-cap fund manager of the year Mitchell Atkins (@Magnolia_Mitch) / Twitter

Hit him up on Twitter - he's happy to talk about his ideas and answering investing questions.

Mitchell Atkins is the founder & managing director of Magnolia Capital.

He says “We are extremely proud of the performance of our microcap fund, and the 20+ team at Magnolia Capital that has made this possible.

”Magnolia Capital started from humble beginnings, representing the investment interests of a small number of ultra-high net worth individuals. But we are now diversifying our investor base to accept investment from a wider range of sophisticated and institutional investors.

“We put our own money where our mouth is, backing each of our funds with a majority contribution from our balance sheet. Our management fees purely cover the cost of building value for our investors and are a reflection of our total and complete alignment on the above-market performance and returns we generate.”

This is Mitch on Coffee Microcaps talking about a couple of his holdings last year.

Please keep in mind that this information could very well be out of date.

Magnolia Capital is a boutique funds management and advisory group with nearly $1 billion in funds under advice, operating across Australia, Hong Kong, and Singapore. Its Australian micro-cap fund was the top performer in its category in 2021, returning over 70%, and its large-cap fund also returned over 80%. Magnolia was founded in 2015 and built its reputation as a specialist property and alternatives investor for family office and ultra-high net worth clients, but has since diversified and now also counts institutional investors as investors.

Mitchell is only 29 years old, lives on the NSW central coast, and the entire investment team at Magnolia is under 40. Before starting Magnolia Capital, he gained financial services experience working for large professional services firms and a boutique private equity firm where he managed investments in various ASX-listed companies. Mitchell also holds several directorship positions in various listed and unlisted companies.

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G'day and welcome back to Shares for Beginners. I'm Phil Muscatello. How do you manage nearly a billion dollars, that's a billion with a B, dollars worth of funds before you're 30 years old with a team all under the age of 40 from the New South Wales Central Coast? It's not exactly Wall Street. To explain all this, I'm joined by Mitchell Atkins. G'day Mitchell.

Mitchell (56s):
G'day

Phil (57s):
Mitchell Atkins is the founder and managing director of Magnolia Capital, which is a boutique funds management and advisory group with nearly $1 billion in funds under advice operating across Australia, Hong Kong and Singapore. It's Australian micro cap fund was the top performer in its category in 2021, returning over 70%, and its large cap fund also returned over 80%. So Mitchell let's just get started by talking about life before Magnolia.

Mitchell (1m 24s):
Yeah, no problem. So my life and my career started out a little bit different to your typical investment banker equity research analyst. I'm obviously from a very small, not too small, but a surfer community. Going through the HSC I honestly had no idea what I wanted to do. So I was talking to the career advisor, I didn't really want to pay for uni. So he said, "Why don't you get into accounting and have it look at cadetship." So not knowing really anything about it, jumped on, applied for some jobs in the big city. So I was successful enough to get a nice interview. Headed down on the train in an oversized suit with bright orange backpack and had a chat. So I was lucky enough to get a cadetship where I worked full-time and studied part-time.

Mitchell (2m 10s):
I did two or three uni subjects per semester.

Phil (2m 13s):
In accounting?

Mitchell (2m 13s):
In accounting, in tax accounting on the minimum wage. So about a year into that, the manager of the firm left to go to BDO, another big accounting firm. So they offered me a few thousand dollars more and when you're on the, I guess, the poverty line as a cadet, you take what you can. So I left and joined BDO in the advisory and restructuring division. And then from there I went on to Deloitte and did a small stint overseas and then jumped out like most career hungry guys. Jumped into private equity investment banking, chasing the extra dollars in the prestige, realised you're working a billion hours and not making that much money when you put it down to things so stepped out and decided to start Magnolia

Phil (2m 56s):
Just before we go onto the beginnings of Magnolia, I've talked to a few people and when they've come from an accounting background, it's actually a fantastic grounding in terms of reading a company and reading it's a balance sheets and knowing exactly what's going on with an accountant's eye. Is that how it works for you?

Mitchell (3m 12s):
Yeah, definitely. So having that restructuring turnaround background is you're looking at everything and dealing with companies that have always gone bad and you figuring out why they went bad and how the directors did something to hide something or maybe use a bit more razzle than they should have. So our fundamental approach is looking at what's the core asset, what do they actually have and how much of this, especially in the market space, is hyped or non tangible?

Phil (3m 36s):
Yeah. Cause that's a hard thing to ascertain, isn't it? And when you say what is something that they have, are you talking about something on the balance sheet or something on the revenue side of things?

Mitchell (3m 44s):
So a combination of both. So having good assets so it's not an overvalued idea, which could be a lot in, for example, tech companies, that you're paying a lot of money or adding a lot of valuation to these big future earnings. And when they're really underlyingly, not that best company, they're burning a lot of cash. So we will look for a company that if it all went under, how much per share are we going to get back as shareholders?

Phil (4m 9s):
It's interesting that you've worked in private equity as well, because I don't think a lot of people actually understand the size of the private equity universe and how big it is compared to the listed universe. And there's completely different rules, aren't there, for companies operating in those spaces?

Mitchell (4m 24s):
Yeah, definitely. So the private equity world, you're not as regulated as the listed investment world. You don't have the ASX. You just only have a handful of investors that are in the fund that owns the company. So they're a step back. We're in a enlisted environment, you own shares directly in the underlying business. And I guess that was my real awakening to the world. Like I left school thinking 50, 100 thousand dollars was a lot of money and you move into private equity and everyone's talking in billions; they're doing a billion dollar purchase of a business and they're paying all cash. So, it was really amazing how big the private equity world is, as you said. And how undervalued it is.

Phil (5m 4s):
And I think it's interesting just recently, for example, wasn't it Sydney Airport that went private and part of the reason is because of the more hands-off regulation environment.

Mitchell (5m 15s):
Yeah. Combination of that and you spend a lot of money, it's cost a few million dollars to be listed. And it comes out to the notion of what does a company actually list if it's such a good company, like why do they need to raise money? Why do they need to go on the ASX heavily scrutiny to Benwell capital? So that's another, I guess a tip is to understand the evolution of the company and listing. Sometimes it can be a bad thing from an investor perspective to cash founders out there more transparency does help VC companies raise more capital and go for their growth phase. But at the same time it gives people the cash. It gives us say to invest as an exit. And you just need to make sure that the management, for example, hanging around in the business is going to get into the future

Phil (5m 58s):
Basically, you know, on your big bucks at 50 to a hundred thousand a year, what was that next step into starting Magnolia Capital?

Mitchell (6m 6s):
Pretty much that. So if you're my, I guess the whole career, I made a lot of good relationships and then we started Magnolia. It was actually named after my street. So everyone else that question, when is mine, I only count from, and everyone thinks we spent massive amount of money. Branding

Phil (6m 25s):
Researching. Yeah. Focus, grouping it.

Mitchell (6m 27s):
Yeah, exactly. I simply just walked outside after some frustrating couldn't find any names and that's how Magnolia came. So yeah. So we built some good relationships. We got a handful of smaller investors early on and they're still investors to this day, and from there, the business has been really built around them.

Phil (6m 45s):
Just talk to us a little bit about that journey.

Mitchell (6m 49s):
Yeah. So Magnolia really started doing lending. So I will one of the first or the early adapters into the non-bank lending space have to very, very simple, good assets. First mortgages. Yeah. Very short term deals. And then it slowly evolved from there. We did one deal. And then before we know it, we're doing a hundred deals a month.

Phil (7m 8s):
So how many people are in your team and what are the relative ages of the group?

Mitchell (7m 13s):
So there's about 40 or lock. It does fluctuate around the different business units. Everyone's younger in age, but we don't like to look at age. We're not ageist at all. It comes down to experience and how hard you want to work. Yes. The demographic is younger, but that being said, we have older people around the business, like at some of our investors or advisors. And then we surround ourselves with good service providers, probably 50% of the team we've crossed paths in some way, shape or form. So we've ever worked together. We've been on the other side of transactions together and it's become more like a family and a great group of mates.

Phil (7m 48s):
What do you think the mindset is like now? I mean, it's actually sounds like it's more of a surfer community type of community that you've got rather than you had a traditional funds management business.

Mitchell (7m 60s):
Yeah. I'd like to say it's a bunch of high performing individuals with their own skillset when it all comes together. It's amazing. And we challenge, we are why we're not afraid to voice our opinions to get where we need to go. So where are they going to go? If we don't know, we'll put our hand up and ask,

Phil (8m 18s):
So who are your clients?

Mitchell (8m 20s):
So we've got four ultra high net worth investors that have been there since day one. So Australian based individuals and then around a hundred to 200 individuals around that, that are wholesale clients. So net assets of two and a half million dollars, and then made that wholesale requirement under the corps act. We liked to work with the largest silent investors, given that the business side of very small, we don't have the bandwidth and the capabilities to have 2000 investors. So smaller, closer investors that we have very good relationships with.

Phil (8m 53s):
So this is very different to the kind of funds we often on this, on this podcast and ETFs and so forth. So you're actually laser like targeting a certain client base,

Mitchell (9m 5s):
Correct? Yep. Really targeting the ultra high net worth where a lot of people and other fan managers target the retail to get the spread of investors and mitigate that risk. And also they're less fee conscious in a way where our businesses we're heavily invested with our investors. So we're very performance driven and we had thicker chunks of capital rather than yeah. Running a team of distributions because we know our businesses performance based if we don't perform and invest is going to get up and leave. If we're not providing the best service they will leave. And they're smart guys and girls they'll invest with other providers. So we're always so motivated to be the best that we can.

Phil (9m 45s):
So you have institutional investors as well, don't you?

Mitchell (9m 48s):
Yep. So I'll try that with family offices as well. And institutions on the,

Phil (9m 51s):
Yeah. What is an institutional investor? You come across it, when you start talking about the markets and that, you know, sometimes there's big movements happening on the markets and they say it's the instos. Yeah. What's your view? What's your explanation of where this is?

Mitchell (10m 4s):
So to keep it simple, it's the bigger funds that run money on behalf of a lot of investors. So I think of it as a super fund, for example, and especially in the micro cap and the smaller end of town institutions, they're very Holley regardless because once an institution invests and we need to be careful about the definition of what an institution invests, it shows that the company is credible because everyone puts his emphasis on the big guys coming in the company is great. It's going to progress. So they essentially piggyback on the back of the smarter people, the Wall Street, stereotypical guys,

Phil (10m 40s):
But that can also work the other way as well, because there's a lot of weight of capital that they'll put into a smaller company. And if they suddenly think, well, yeah, we shouldn't be here taking that money out can really affect the share price significantly. Count it.

Mitchell (10m 54s):
Exactly. And so a little bit of a tangent, but in what people need to be careful, obviously there's smart money and is sheep money. And then there's the hot money, so

Phil (11m 3s):
Sheep money did you say?

Mitchell (11m 4s):
So it's the Twitter, guys, the followers, the pump is the hype and it can change the market dramatically. We're big supporters of maintaining orderly markets and, and not promoting stocks because yeah, you'll see an IPO, a company will listen to the stock exchange. It'll have some advisers there that create amazing hype. And then it starts to trend on the social medias. They all sell out the company, share price tanks, and then the poor retail investors lose out. So on that institutional point, it's very important to understand when an institutional investor actually invest and making sure that it's not simply a custodian arrangement. And what I mean by custodian is everyday investors set up a contact account and their shares sit on a HIN, which is a unique identifier and it can hold multiple shares.

Mitchell (11m 54s):
Once you get to a certain size like us, we sit our shares with a custodian, for example, Citibank. So if you go substantial, you know, market cap or any other company, Citibank is the holder and they have to lodge a substantial shareholder notice. So what people tend to get a little bit confused about is they think Citibank or Barclays is buying that company. When in fact they're not where the person, the beneficiary behind Barclays. So I know there's a lot of commenting around that and it's very easy for people to get confused.

Phil (12m 27s):
So that's when you're looking at the substantial shareholders report in a company that you're not actually saying the reality they're often,

Mitchell (12m 35s):
Correct. Yeah. Citibank is holding it, but they are holding it on behalf of myself, for example. So I still make decision. They've done no due diligence. There's simply a custodian.

Phil (12m 45s):
Yep. How can ordinary investors sort of pull that apart to say where the actual holdings come from, or is there a way

Mitchell (12m 50s):
You really need to fund the research reports and case aid perspective? So institutions, a billion dollar enterprises and corporations. So you've got to ask, especially in the micro caps in the small space is why would they be investing if they are, they'll have analysts covering it. So you can look through, do some Googling, jump onto the bigger guys that Vanguards, et cetera. We can see all their holdings. And it's a great way to understand what they're buying and selling because they're very transparent. So antsy because 80 is a little bit harder for everyday guys to figure it out. But at the same time, just keep that in perspective is as a rule of thumb, unless it's a bigger end of town called a billion dollar market cap, they're not going to have expensive analysts reporting on it.

Phil (13m 30s):
So tell us about the microcap space. What's your definition of it?

Mitchell (13m 33s):
So I've put out our fund guidelines. It means any company that has a market cap of under $500 million.

Phil (13m 40s):
Okay. And how many companies would be in that universe?

Mitchell (13m 44s):
Is there a thousand that call it 250 to 300 decent ones that you want to look at? And then you can bring that at least 80 to a hundred very easily.

Phil (13m 52s):
So what's your funnel look like to bring it down to that 80 or so out of the thousand

Mitchell (13m 56s):
New letter to my earlier comment. So it looks for good fundamental businesses with great management teams. We'd like to get our hands dirty. We're happy to, and add skills, our skill set to underlying businesses, if we can. So understanding the cash burn if there's one. So making sure that they're fully capitalized because some companies under-capitalized and then some companies other capitalized. So it's making sure that we understand that I understand that where they are in the evolution of their loss cycle or the growth phase, the extreme growth phase are they pretty much at peak. And then from that we invest, we monitor the company and then we work with the management to exit our position when we need to.

Phil (14m 33s):
So when you say you get your hands dirty, are you actually contributing operationally to these companies or advising in any way?

Mitchell (14m 41s):
Yeah. So we have monthly calls with the companies that where Angela and I like to say, the guys call us for anything you need, whether it be a drill rig, or you want an introduction. And if we can fund two similar companies that we can see that work well together, we introduce the team and say how they go. So anyone can add money. It's really adding that value add that really makes us different.

Phil (15m 4s):
Can you give us an example of this process in action?

Mitchell (15m 7s):
Yeah. So I've spoken about this before. So it's public information, Marley Spoon, ready to make meals company it rocketed. It got close to a billion dollar market cap. I think it did almost get there recently came back and off the market gets about 120 million now. So very, very heavily discounted we're quite big holders in that company. So we're been in frequent correspondence with the management team and really helping them to understand the difference between the overseas markets at the European and the US market compared to the Australian market. And what do I mean by that is the US markets are very revenue focused, grow at all costs. Don't worry about the cash burn.

Mitchell (15m 48s):
If you say you hit 10% growth, you hit 10% growth where the Australian market is. If you say you're going to grow, that's fantastic, but we're very cash burn focused. So the growth can be outweighed very, very quickly by your cash burn and being able to sell that story. So we spent some time helping them with that message. And then simply to that in addition, sorry, with introduced them to other companies, which I can't disclose, but have synergistic businesses to work with each other. So we've provided, I guess, a general advice on the market plus introduction to other companies to help them increase their revenue.

Phil (16m 24s):
And of course this has no recommendation to buy any stocks mentioned, but that's interesting. So Australian investors are cash burn shy. Is that the case?

Mitchell (16m 34s):
Yeah. They'd like to have a clear path, which is more aligned to our why of investing where the US is, you have tech companies trading at ridiculous multiples

Phil (16m 49s):
So how many companies have you got an H fund? And I guess we're talking about the micro cap now and the large cap fund. How many companies would you have in each fund at any one time and how actively managed are they?

Mitchell (16m 59s):
So that's 30 to 40 and in the large cap, it's spread across a couple of different instruments. Yeah. So 30 to 40 we're very actually call it 60 40 split. So 40% of the funds actively traded and 60% is held and typically investment might be, we like XYZ is an underlying long-term company. So will cornerstone to build the portfolio with that and then we'll play the volatility or try the volatility. And what I mean by that is if the share price goes up, we'll sell some, then we'll buy back on alone and really tried the fundamentals. But at the end of the day, we understand that we locked the company. It's a great company longterm. So if we miss the trade or we bought too expensively, for example, we're comfortable longterm.

Phil (17m 40s):
And with the larger cap end, how does the funnel, and how does the selection process differ to the microcap space?

Mitchell (17m 46s):
Yeah, so it's very, very different market cap. We're only looking at Australian based under 500 mil. Large cap we've essentially got a mandate to invest really in anything we wanted at any point in time. So at the moment it's very short. So we're negative on a lot of economies of countries and companies and were very long on commodities directly, for example, gold and Bartlett in mainland, we own gold. And we think it's going to go up in price, same as oil, for example. So it's more different types of securities rather than buying a share in a company.

Phil (18m 20s):
A lot of the time you hear that story that I'm most fun managers underperform the market in the longterm. How difficult is it to, you know, keep all the balls in the air and to put on a good show?

Mitchell (18m 34s):
Yeah, look, it is difficult to outperform the market, but that's what we're getting paid to. Do. You gotta be careful too. A lot of funds are set up just to pay investment managers, management fees and create a cushy lifestyle for them where we're different is our management fees just covers costs and we're heavily invested in the funds. So we're motivated to make money and outperform the market. Otherwise we're not getting paid, so it's hard to implement, but at the same time, we're very incentivized to do so. So we'll work long days. We'll do whatever we can to get there.

Phil (19m 7s):
So this investment process then that you wanted to go, I mean, you've got 70% of funds under management from your own balance sheet and your obviously the sharpens, your investing process. And so is this a little bit different to how the big end of town operates in some of the bigger managed funds, which are just bucketed into people's superannuation accounts?

Mitchell (19m 27s):
Yeah. So it's a little bit different. Like, so what it costs for us to run our business is a lot lower than the bigger end of town. Our positions are a lot smaller given how much capital we have. We have a drop in the ocean compared to what they have. So by us participating in the smaller end of town is we can buy positions. We can hustle harder where their balance sheet, their, their minimum investment might be $50 million where we're investing in companies with market caps under $50 million. So it's hard to compare because there are a massive engine room. We're a smaller end of town. And we're happier to, I guess, hustle for the good opportunities and work harder because we don't have to answer to big shareholders like they do and deploy large amounts of funds to make the capital they need to make to outperform.

Mitchell (20m 13s):
So we're very nimble, I guess, is the easiest way to explain it.

Phil (20m 16s):
I just want to go back to, you know, when you were, I know you're still young, but going back to when you were younger and you didn't do a finance degree, so you've learned everything on the job.

Mitchell (20m 27s):
Yeah. A lot. I'll be the first time my union market went fantastic. A lot of what I learned is by working hard. So I was always been the hardest worker at the big four. So I was only a big four and then doing three uni subjects, a semester sleeping three to four hours a night, like I was running myself to the ground because I knew I had to work harder than everybody else because everybody else came from a different path that I came from. They went to good schools, they got good grades, I got good marks and it was easier for them to come in where I had to do it the harder way. And I went from a very small tax accounting firm to be a, I think it was top five accounting practice purely because I worked hard for someone that recognized that when I left and then that's how I went to Deloitte as well.

Mitchell (21m 15s):
So that mindset of working hard, learning as much as you can from like the real skills in life. And it's the same as investing. We saw very small, been doing it for a very long time now, relative to hell how long we've been around. And we've learned the hard way I've had bad investments. It's been nice. We've got taken big positions. You think it's a great company. And then all of a sudden the share price is going down. So it's that real life, skillset and learnings that have shaped where we are today.

Phil (21m 41s):
It's a great story to hear. You're just basically hungrier than most

Mitchell (21m 46s):
Hungry. Yeah. And now we're getting to that stage where like we had no systems when we first started and we tested when I say first start. So we tested, we create a portfolio, we ran it with our own capital few years later, then we go out to market and raise the capital. So we'd like to make sure that everything's going great. So we've gone from yet running a few million dollars to 50 plus fund, very small fund. Then the systems then everything's coming in, the infrastructure is coming behind that. So it's making us achieve better results because we're not paying extremely high brokerages. We've got access to more deals. So we're generating that, that alpha.

Phil (22m 19s):
Yeah. I've got to say, I came to this interview with a completely different mindset about what the kind of person you'd work. Cause I figured you're so young and you're managing all these funds. You know, you must've just come from a privileged background and worked in the family company and then just had a couple of other family companies that you can draw on, but that's completely different to that. Isn't it?

Mitchell (22m 42s):
Yeah, definitely.

Phil (22m 43s):
Wow. That's great. So you've obviously got a lot of experience. Now. What advice would you give any young investors approaching the markets for the first time?

Mitchell (22m 54s):
Yeah. So really understand companies that you understand yourself. So it's that mind if you can't explain it in 30 seconds to somebody don't do it, it's like the cryptocurrencies. I don't understand it. I don't pretend that I do so I stay away from it. But ask me about a gold mine or continue your offer all day. If you really wanted. So first stick to some of your like practice, like get a share trading account, get a paper account. Some to learn when you're ready, throw a small amount of money and something that you can afford to lose and don't run it like a Sportsbet account, run it like you're running a business. It's not gambling. It's making educated decisions based on what you like about a company and you believe it's got a future.

Mitchell (23m 34s):
And then before you go into a, a trade or buy something, set your boundaries. So if it gets to X price, I am going to sell. So as soon as you buy it, set the sell, leave it open for a good till cancelled. And if it gets here to gets it, don't move it because greed will always kick in, especially early on and realize that majority of share investing, especially in the smaller end of town, a lot of it's mental. So what I mean by that is it can't be as greed. But Jim down the road is just woken up and they need to buy a new house. So he needs to sell he's holding. So he goes on sales, he's holding and decreases the share price because there's no liquidity in the market. There's no buyers there to buy what he wants to sell at the right price.

Mitchell (24m 16s):
So daycares, it's a, it's not a perfect market. So be prepared for big swings, but make sure you understand how that company trades. So what I mean by that is how much it gets treated per day. Is it a busy trading night is a low trading day. And that why when the share price moves go, okay. It moved up tonight because a lot of people board, which is a good sign or move down today because only X amount, 10% of the normal trades got done. So it's really having that understanding of how the company operates and the shareholder base behind it, and then be prepared to lose. Like if you now, 50% of your trades or more, you're going to make money less than that, you know?

Mitchell (24m 57s):
And no, one's perfect. So sit in your amount, stick to it. And then actually having fun at the same time

Phil (25m 3s):
And having fun at the same time. That's good advisor. Yeah.

Mitchell (25m 7s):
Are you going to have fun? Yeah.

Phil (25m 8s):
You're having fun.

Mitchell (25m 9s):
Yeah. I'll have fun. I love seeing companies go well. We've had a good round with 30 companies. You got up and you have fun even on the smaller trades. Like it's good. Even if it's a few thousand dollar trade for us, it's very small, but you know, you get up in the morning. You're happy. So that's what gets me out of it.

Phil (25m 27s):
You referred a little while ago to some of your mistakes, any mistakes you can share with us,

Mitchell (25m 33s):
It's more around just like buying to companies that you think are going to be better than what they are. And the world of stockbroking and equities is full of sharks. You've got brokers that are getting paid to promote stocks and they're getting fees for doing so probably they don't own any of the socks themselves. So you've got to understand that everyone in this industry with respect to the industry, as much as I can, are out there to look after themselves. So people will sell you what they need to sell you to get you into something it's a used car salesman that needs to make rent by selling a car. He's going to tell you whatever he can to get that car sold and doesn't really care what happens after that. So the biggest mistakes, I guess I came into this too trusting and not understanding, I guess everyone's motivations and a transaction.

Mitchell (26m 20s):
So yeah, we only met a few bad deals based on, I guess, companies reporting or presenting to be what they should have been. But when you pull back the covers, it wasn't kosher. Yeah. The hardest lesson is being too trusting.

Phil (26m 36s):
What sort of information do you want to give about Magnolia? I mean, we're talking about a completely different market to what you're usually marketing too. So what would be the most appropriate ways to point listeners, to find out more about you?

Mitchell (26m 50s):
More of a, yeah, we're getting a new website. He's talked to, we haven't had really had the need cause we've only had a handful of investors. So follow the website, follow me on Twitter, have a look of what we're doing. Obviously investment advice we can't provide, but if we're doing transactions, just follow, happy to work with. Some of the companies reached out to me on Twitter. If you have any questions, but pre transparent. And also we spend a lot of time talking to CEOs and companies with basic questions. So I'm happy reach out if any companies, you know, we're a part of ask me the questions. I'm even happy to organize calls or answer your questions in the no BS, jargon terminology.

Mitchell (27m 30s):
So any you need to clear up, just reach out.

Phil (27m 33s):
So Twitter's the best spot to find you.

Mitchell (27m 35s):
It is the best spot.

Phil (27m 36s):
So what's your tag? Their

Mitchell (27m 41s):
Handle. It's @magnolia_mitch

Phil (27m 45s):
Mitch. Yep.

Mitchell (27m 46s):
Very creative.

Phil (27m 46s):
Okay. Magnolia underscore Mitch. Thank you very much for joining me today. It's been a great pleasure chatting with you.

Mitchell (27m 51s):
Perfect, thanks mate

Shares for Beginners is for information and educational purposes only. It isn’t financial advice, and you shouldn’t buy or sell any investments based on what you’ve heard here. Any opinion or commentary is the view of the speaker only not Shares for Beginners. This podcast doesn’t replace professional advice regarding your personal financial needs, circumstances or current situation