Episode 69 - Faith in the Financial World with Andrew Manton
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Not every Faith Driven Investor is called to a Christian-based investing fund or job. In fact, many of the people listening to this podcast work in secular markets, which is exactly why we talked to Andrew Manton today.
Andrew is the Portfolio Manager for the Shelton International Select Equity strategy. We had an interesting conversation with him about how he is operating in a non-Christian company but is now evangelizing the firm and the salespeople based on how he is managing his fund.
Today, you’ll hear him describe how rather than joining a Christian-specific fund, he sees his current work as an opportunity to live out his faith.
Episode Transcript
Some listeners have found it helpful to have a transcription of the podcast. Transcription is done by an AI software. While technology is an incredible tool to automate this process, there will be misspellings and typos that might accompany it. Please keep that in mind as you work through it. The FDI movement is a volunteer-led movement, and if you’d like to contribute by editing future transcripts, please email us.
Andrew Manton: I was asking for advice on how they worded things in their prospectus and how they talk to clients who might be faith based and might not know how they go about finding their way in the overall context of the investing world, because it doesn't have to be binary, doesn't have to be your faith based. You just talked to faith based advisors and that's how your marketing to that's all you really want to talk to.
Henry Kaestner: Welcome back to the Faith Driven Investor podcast. We've got a special guest today in the virtual studio, Andrew Manton and Andrew is a guy that's got a really neat story. We spent a good amount of time on the podcast talking about private equity. We have talked about public equities before. We tend to focus on some of the fun groups, the fun families that are more specific in the faith driven space or in the value space. But today we've got a guy who is a portfolio manager who is really serious about his faith, and he works in a largely secular firm and he's going to share with us about his story and what does it look like for him. And our hope through this, of course, is that if you're listening to this and you're motivated by your faith and you're working on Wall Street, you're working in financial services, that some part of Andrew's story might be an encouragement to you as you look to be salt and light and look to the guy to guide you and what you're doing as you invest with excellence. So, Andrew, welcome to the program. Thanks for joining us.
Andrew Manton: Thanks. Great to be here.
Henry Kaestner: So we love to hear about the personal backgrounds and the faith journeys of all of our guests, whether it's on the Faith Driven Entrepreneur podcast or Faith Driven Investor podcast, of course. So tell us who you are, where you come from, and weave your faith journey into that as well, please.
Andrew Manton: Sure. Yeah. So as you said, I work for a company called Shelton Capital Management and I'm a portfolio manager for a couple of mutual funds, both international ones and international. One is a purely M fund.
Henry Kaestner: And that's what I mean. Emerging markets.
Andrew Manton: Emerging markets, correct? Yeah. So I've been on Wall Street persay for about 20 years, a little over when I came out of grad school, right around two dozen ETFs, I went to the Asia Asset Management, which is Deutsche Bank's asset management group, and was hired by an international team there. And we almost immediately jumped to another firm called Victory Capital. And then that happened right before the bubble burst, really. So the firm that we were at victory went from about 50 billion to 16 over the course of about five years. So it was very difficult for us
Luke Roush: in the wrong direction,
Andrew Manton: wrong direction, very difficult to raise money. So from a business standpoint, wasn't the best place to be. So I left there to go to another company, a small company. I wanted to kind of take away the big firm risk, as it were, and went to a small company. And within a year that from one from about 10 billion to one billion. So I had a firm but shrank quite a bit again. And that firm just had to fold because of the loss of revenue there. So eventually found my way to share some capital. And I was about five years ago and I've been here ever since. But the international strategy that I've been running now for 12 years has a 12 track record. However, when we got here, we sort of had to start over from a mutual fund standpoint. So we have a mutual fund. It's almost a five year track record now. And I just took over my firm, just bought another company last year and we took over an IBM fund as well. But three years ago, I was feeling pretty lost. Business wasn't great, wasn't getting a whole lot of recognition. The performance is really good. The funds, which is something, was missing. My wife and I for a long time were talking about how we could kind of weave in the kingdom to what I do day to day. And so we would talk quite a bit about setting up another fund to either mirror what I was doing or set up some kind of a giving fund with proceeds from the fund I was managing. And nothing really felt right. And I didn't know how I was going to look. We prayed a lot about it together, but three years ago I got a phone call from a group down in Alabama and they said, hey, you know, we're a faith based firm. We put models together of faith based mutual funds for faith based advisors. You know, we've been we need a new international fund. We've been following you performances. Great. We ran through all the companies to our screen. They screen out fine. You know, by chance, do you run any money for faith based groups or organizations? And I jumped up thinking that this is like the first time I get a chance to actually talk about my faith and what and how I picked stocks and how I incorporate that and what I do and just kind of hit me that. Well, this could be a great thing. So through that phone call, we started talking a little bit more and they said, you know, this sounds great. You should really take a look at this faith based industry now, this faith based investing industry. There's a group of companies that are pretty exciting that are doing some interesting things, and you really should be a part of it. So I did that. And through that connection, I met a lot of people at various of the firms like Eventide Ameriprise. And very quickly, I got connected to a lot of people that told me their story and what they were doing.
Luke Roush: So, Andrew, just out of curiosity, who was the first person that called you and said, hey, have you ever thought about Cole Pearson?
Andrew Manton: It was awesome,
Luke Roush: awesome
Andrew Manton: So shoutout to Cole. But yeah, he's really the one that really. Into this and through him very quickly, I met a lot of people, so, you know, the great thing about this is that everybody is so eager to help, whereas in most of Wall Street, nobody wants to help. It's kind of you're on your own and it's your own island. So you go through that, though, I start taking a look at the space. And it was a big difference from what I saw then versus 10 years ago when I looked at the group of funds that were out there and the industries that were in the space world 10 years ago. If I'm being honest, it wasn't all that exciting. There was a bunch of firms out there, not a bunch of few firms that were doing a lot of negative screening, and they were just kind of applying a screen to an index to pass a strategy, basically.
Henry Kaestner: So before I'm going to interject just one thing, because this is really important. This is much of what the media, the podcast is going to be. I do want to come back to the beginning, though. Did you grow up in a Christian home? Are you an adult convert? I, for instance, worked on Wall Street in the 90s as a secular guy and got caught up in all that. And I'm curious about how you came to have an active faith. Walk us through that a little bit. Where'd you grow up?
Andrew Manton: So I'm from Chicago. I grew up in a suburb north of Chicago. I grew up in the Catholic Church, actually went to a Catholic school my whole life. And I did not have a good experience. A lot of things happened to me that were not positive. So, yeah, I think I, like many teenagers to college age kids, fell out of the church for sure. In fact, quite the opposite way. I mean, I was studying very secular things. I was very far away from the church at that point for a time. It wasn't until I really got married again. And my wife, who was a Lutheran at the time, we started talking about what is our marriage going to look like? How are we going to raise our kids, things like that? Were this whole idea of faith came back into my life and was telling Justin that we moved down to Dallas not too long ago,
Henry Kaestner: by the way, is our executive producer and the executive director of Faith Driven Investor.
Andrew Manton: I was telling Justin that we moved to Dallas for a couple of years after we got married. And you know, where I grew up in Chicago was very much a denominational thing. You went to a certain church and I didn't really know anything different. But down in Dallas, there's a lot of just Christian churches, non-denominational churches. And that's when I really kind of realized that there's this whole movement going on that is beyond being this or that. And it's just it's all about the Bible. So we found a church down there and started going. And it happened to be like most churches are in Texas. It was a megachurch. And I didn't think I like a megachurch, but I fell in love with it. The pastor really spoke to me in ways that I'd never heard before, just about our truth in the Bible and who God wants us to be. And growing up in a Catholic church, there was a different conversation. It was a different way of thinking about the Bible and just that denomination of Catholicism. So through that, I got baptized again and really started to pick up where I once was when I was much younger and my faith. I went to grad school after that, and then we moved to the northeast where I am now in Connecticut. And we often joke know there's been some revivals that have gone for this area. But the Northeast is not necessarily a place where we think of great religious awakenings happening. But there's really a lot of things happening here that are kind of remarkable. I have an incredible group of friends that I've met here. There's a ministry that we're very close with and tied to now here in Bridgeport, Connecticut. Most of my friends are found through that ministry. And we have a men's group now that's at the
Henry Kaestner: Bridgeport Rescue Mission.
Andrew Manton: No, but we do work with them as well. We give to them. But the ministry is called we want more. But through that and just the brothers that I have now, through that, it's really been something I just never would have thought was possible growing up.
Luke Roush: So, Andrea, I'd love to just kind of jump back into the story of what you do and how you feel. God's presence in picking stocks and thinking about both negative screenname, but also positive screening. How do you go about that work? I mean, it's a topic of interest. It's a topic of particular relevance right now. So I'd love to just get kind of your philosophy around what that looks like in your current context.
Andrew Manton: You know, the way that I do it is very simple, really, the question that I ask when I look at a company is what's the business? Is it on coal? Is it positive to society or not? Is it going to be adding fruit to people's lives or not? And that's kind of the first question we start with, and that's what we've always done.
Luke Roush: So just to follow up on that, when you say fruit. How does that manifest itself in the context that you're looking for?
Henry Kaestner: And give us some examples of some companies like, oh, my goodness, that's exactly the type of
Luke Roush: jobs, what is human flourishing look like in the world of Andrew Amen stock picker extraordinaire?
Andrew Manton: Yeah, there's so many examples that every company has its own, really. I try to pick apart what the businesses and then see what the product or service is. So, you know, one example in Indonesia, Indonesia is a fascinating country, is the fourth most populous country.
Luke Roush: I used to live in Indonesia.
Andrew Manton: I think I read that look.
Luke Roush: Good example.
Andrew Manton: Yeah. So you probably know you probably heard of bankruptcy out there.
Luke Roush: Oh, yeah, sure. Bankruptcy.
Andrew Manton: Yeah. So that's one company we invest in. And the thing about bankruptcy yet, and you probably know a lot about microlensing as well in that part of the world, but Indonesia is interesting in that it has a state run micro lending program and it's run through the banks. And Bank Rakyat is one of the biggest banks that uses this program. But Indonesia's got its own challenges and banking because it's an archipelago, its people are hard to reach. You can't just set up a branch in one place because people just can't get there. Yeah, yeah. So they are people. They give people a phone, basically. And there's bankers all over the country walking around meeting farmers and people that have never been bank before and giving them loans.
Luke Roush: I think Montrachet actually did a deal either with Gergich or grab we were early investors and grab it to where both companies. And that provides maybe a really interesting distribution network for what Bank Rakyat is doing.
Andrew Manton: Distribution is definitely the key there because they have to be creative. It's very high tech, which doesn't necessarily you wouldn't think of that in that part of the world. But it is. And the bankers are very unique and they're walking around. Thanks. They can issue a loan to anybody on the street or in a village. So it's an incredibly well-run program. It's the state oversees the program. And so the banks are capped and what they can lose, but they're highly incentivized to get loans out and do it quickly to other banks or the non bank.
Luke Roush: As you get into like a company like this, do you fly over and meet with the management team and try to see what it looks like on the ground? Are you doing it from a distance? How do you think about really kind of getting to know the company?
Andrew Manton: Yeah, usually from a distance. I mean, bankruptcy, it's a huge company. So they come here. We'll see in at conferences. I would love to say that every company we invest in, we go and see what they're doing in various parts of the world, that we just find the resources for that, for one thing. But again, that's why we say to larger cap companies, because we know who they are, they have a reputation. We've seen management before. And so it's usually just more formal settings or a lot of phone calls.
Henry Kaestner: So I'm fascinated that you talking through this so you have this faith awakening when you're in Texas, you come back up to Connecticut and obviously played in some ministries and become more alive in your faith and you're alive enough in your faith that you have gone on to a reasonably public podcast. Not like we're as big as Joe Rogan, but pretty big podcast to talk about your faith in investing. What do your coworkers make of your faith, how important it is to you and how it informs how you think about picking stocks? What does that look like?
Andrew Manton: Yeah, well, it was a concern when I first started bringing this up, I mean, again, this is three years ago when I started getting excited about this and wanted to talk about it more and more. So really, I stood up and one of our company meetings one time and I said, look, I'm a Christian and this is how I look at stocks. And at the time, I was nervous because I didn't know how that was going to be perceived, but I was really surprised and the warm welcome that I got from that. And Shelton has been incredibly open minded about this incredibly welcoming and huge advocates of mine through this whole process. So they've allowed me to add some language to our perspectives about this. It's been interesting to see how individually people have come up to me and ask questions. The sales team usually gets me on the phone call and we have a prospective client that they're talking to. So it usually happens in the first or second phone call. And so they get to hear me talk to them and we'll talk about things that they might be used to pray in the call. We might talk about
Henry Kaestner: your praying with your customers on a call. Yeah, that's how does that come up before I go too far away. So what does it look like to change the wording in the prospectus to identify the fact that faith is something that you value and helps to inform how you steward LPI capital?
Andrew Manton: Yeah, so that was something I wasn't sure of either. Again, reaching out to others in the community for advice on this was critical. It was introduced to Robin John at Eventide. He took an hour and a half an hour for a phone call to talk about what they were doing. I was asking for advice on how they worded things in their prospectus and how they talk to clients who might be faith based and might not know how they go about finding their way in the overall context of the investing world. Because it doesn't have to be binary, doesn't have to be your faith based. You just talked to faith based advisors and that's how your marketing to that's all you really want to talk to a lot of my clients or they may or may not know my faith. I don't know. And there's some that doesn't come up at all. But it was really important to me to get some advice on this. So, Robin, walk me through how he would do it and help me kind of find the language that I felt comfortable with in the shelter and felt comfortable with to it. Just a little bit of language talking about how we want to just buy companies that are doing good things, some specifics around that and things that we won't invest in as well. But it's not like in your face language saying, you know, we're not doing this and that and we stay away from everything that we use in stocks. It's more gentle language saying that, look, we're trying to do the right thing here. We're trying to invest in companies that are just having a positive impact in the world.
Henry Kaestner: You find people that as you talk through that say so refreshing. And I'm also motivated by my Christian faith. And I've just I've never come across somebody that brings that up in a presentation like this.
Andrew Manton: Yeah, occasionally. I mean, it it's usually that I know who the person is that I'm talking to. And so they're either aware of it or again, it's not a faith based conversation. But the adviser is not somebody that we know through Kingdome Advisors or has been introduced to us. And I might be a little bit more guarded sometimes in how I talk about it. The message is the same. We're still out there trying to buy companies that are doing good and we're just through that. We stay away from things that aren't. It's that simple, really. And the way I view it is it's taking ESG to a whole other level. Really know people don't want to buy things that are polluting the world. The companies that are contributing to that, which is great, is a great thing. But we seldom in that conversation do they talk about what they are investing in. And if those companies are really good companies, I mean, a lot of people don't care about investing in things like companies that contribute to the gambling industry. Alcohol, tobacco, cannabis. Yes, things like that. That's a whole nother conversation I think we should be having. I think that the faith based, world based investors should be leading the way and talking about those things because there's a whole nother avenue we're not going down right now.
Luke Roush: So you've got a global perspective. And as you talk about some of what you were just sharing on in terms of things that we as Christ followers should be known for, not known for, do you find that message relevant outside the US because it feels like it's kind of picking up steam inside the US, but what do you experience external? And then also I want you to come back and just talk a little bit more about what prayer looks like and across cultural context, because some people would say it's challenging enough to do here in the US, but you're actually doing it globally, which is pretty exciting. So maybe just comment on both those things.
Andrew Manton: Yeah, I mean, I think it's definitely really depends on the part of the world, too. I mean, so if we're talking about companies in Europe, for example, I mean, Europe, the EU is founded on this whole premise of equality. It's all about everybody's equal. And that's a pretty nice value, a virtue that I as a Christian can get behind. So it's relevant when we're talking to those companies. It's relevant. They care what I think from that point of view. And I do feel like I have a voice and they listen. So when we're talking to them, I think it's certainly relevant and they're receptive to it. When I'm talking about European companies to American investors, it does take a little bit of explaining because there's things that maybe a European company would do that is not new or different, but just a little bit more liberal. Let's say, again, this whole idea of equality means that they're signing on to the UN standards of code of conduct for different things and their human rights initiative. So they might be giving to organizations that we might not agree with, but it's in the spirit of equality. And again, that spirit can get behind. So that's Europe. But there's other parts of the world, too, that are very different. I mean, China, as we all know, is got a lot of challenges. Other controversial governments like Russia or the GCC countries, you know, much different stories. And you have to think about each culture, each country as you're going into it. We have policies around certain countries. We won't invest in Russia at all.
Luke Roush: And that's where I was going to go. Maybe just some overarching kind of rules of the road for Christ followers who are out there. Listen to this message thinking about, OK, I want to do this. I think maybe I'm called to do something. Internationally, where should I start or where should I avoid any council on that?
Andrew Manton: Yeah, I mean, for us again, it'd be much easier if we had this very broad rules. But we have to go country by country. So for Russia, in my experience, it's just not easy. It's corruption. It's just such a part of that country and it's reverberates into the corporate world way too much. And so we just that risk to us is just not worth it. So we stay away from Russia. China is another is something I talk a lot about. The Communist Party has definitely changed in the last 20 years quite a bit. And Americans really, up until a couple of years ago were unaware of now what has been happening in China, the moves that they were making, the policies they had in place. And it was frustrating, certainly from an investing standpoint, to watch companies certainly that we invest in and in Europe, for example. And even here in the US, IP is being stolen or attempted to be stolen every day. So if we're talking to a technology company in Europe, we have to ask questions about what, if anything, has been stolen. How long will it be until China starts a company that's going to mimic what you guys do? So we talk a lot about IP theft. Certainly the human rights issues that are going on in China is something that we are very concerned with. And all of that limits what we invest in. In China. We still invest in China, but just to a very limited degree, yes, we stay away from companies that have anything to do with the state. So any state involvement, either through ownership or subsidies, companies that are usually on the list of the top industries that China is trying to go after and trying to strengthen. And it's usually a lot of the tech areas
Luke Roush: coming back to Russia just for a moment. Many of us have followed the news of the Michael Calfee trial and some pretty significant developments even there in the last day or so. Has that experience kind of resonated in your world or is it more segmented off into private equity? Hasn't stretched into public equity?
Andrew Manton: Yeah. And again, because we stay away from Russia, it's not
Luke Roush: that wasn't what led you away from Russia. Something else.
Andrew Manton: Now, we've had this policy in place for a long time. It's just it's a frustrating part of the world to invest in. But that country is different in how it's run versus China, for instance.
Henry Kaestner: Tell us about some of the areas in the world that you are pretty excited about in an area or markets that you think are overlooked, that you think deliver good value and growth opportunities for your clients?
Andrew Manton: Yeah, I think in other parts of Southeast Asia, Indonesia is definitely one. Vietnam is definitely one that we're looking at a lot more these days. Like about Vietnam. Yeah, they're going to pick up traction companies that are looking to diversify supply chains away from China. That's going to take a long time, but they'll be beneficiaries slowly. And it's kind of starting from a low base. So I think that they'll definitely be beneficiaries of that over time. India, of course, will also be that they already have the infrastructure in place, I think to a large degree to benefit from that. And they continue to advance infrastructure projects to help that along. So that's definitely an area. I mean, it's dodgy areas like in Europe, Western Europe, for example. And then they have great companies that people overlook or don't think about or maybe are household names, but they're run by very good management teams and they produce returns to shareholders that are really good. And I can point to studies proving that some of the best foreign companies are actually in Europe and not the US. And certainly there's good ones in the US, of course, that we of. But there's a lot more in other places outside the US.
Henry Kaestner: How do you see as an investor, how do you see covid changing in the global markets? Maybe in a different way. I mean, obviously there's some themes about working from home and the advancement of some technologies in telecommunications, in Zoom's, et cetera. But maybe it's something that a lot of people might not see coming down the pike that you think is different because of this era we're living in.
Andrew Manton: But, yeah, besides what you just said, I think everything is just going to speed up in terms of being digitized. We invest in one company, for example, in Brazil. It's called Arco Platform, and it's a education company. And what they do is they basically taken the whole education experience from kindergarten to, I think through high school now digitized it. They sell their platform basically to schools or school districts and schools are run a little different down there, but they'll sell the whole package. And it's a whole curriculum. Along with the technology to schools. The schools will use this to teach all their students and it's digitized all the way from the student to the teacher to the parents. So it's the parents can track what the students are doing. The teachers are seeing what the students are doing. They get instant feedback on different things. And this is something that's pretty advanced. But it's taking place in Brazil right now. And I think the interesting things that might be more important going for. Or as we have these periods where there's lockdowns or just the need to be flexible, so that's one example that I want
Luke Roush: without going into all the detail of sheltered capital strategy. So Brazil is here now. Indonesia is here now. Vietnam is interesting. Now, what's next? Fast forward five years where the regions of the world that you're most excited about in the future.
Andrew Manton: I think Africa is always interesting. It seems to disappoint in many ways. But, you know, as we look at frontier markets, persay, there's certainly a lot going on in Africa. I think that that could be something that's maybe a little longer than five years down the road, but 10 years
Henry Kaestner: job growth there, apparently more in Africa than India and China combined because the just the age of the population. Right, right.
Andrew Manton: Yeah. It's got demographics on its side. So that's pretty exciting. You know, education is something that's going to have to fill in there. But, yeah, I think that that is definitely a huge region that could could benefit from.
Luke Roush: So two practical limitations that I think oftentimes keep investors from wanting to wade into overseas public markets. One is questions about currency risk, and the second is questions about liquidity. How do you think about those things in the context of your work and that if there's a faith overlay to some of that love to get your perspective there?
Andrew Manton: Well, you know, we are fundamental investors and part of our work investing overseas is to really have a stance or a view on the currency of the country that we're investing in. So that's part of what we do. We don't hedge currency, but we have to believe that the country, the currency is not at risk of some kind of devaluation, let's say. So that's what I would say on currency. And the other thing is the companies that we're investing our Large-Cap. So the average market cap of anything in our portfolio is a weighted average, is about one hundred billion dollars. So they're big. So in most markets in the world, those are not going to have a problem with liquidity when we have liquidity rules around what we can invest in. So there needs to be a certain amount of liquidity in a stock and a company for us to invest in it.
Luke Roush: How about Insider Holdings? Some of these companies are pretty tightly held, at least in Indonesia and the Jakarta Exchange. Do you have any things you look at their practical counsel?
Andrew Manton: Yeah, again, it's country by country. Every country in Asia, it seems like from Korea to Japan, they all have a certain culture there in the way that there is insider holding and or cross holding. So it's something that we have to consider for sure. You know, there's no hard and fast rules about that, but we have to understand what the connection is. You know, I love to say that we always want we really do always want an independent board, that's for sure, made up of outsiders and that are not connected to the CEO in any way. So that's one thing that we do really scrutinize. But the whole thing is country by country. It's more about what's normal in that country.
Henry Kaestner: And then and it's been great having you with us. It's really neat to hear encouraging to hear a faithful story of the way that you look at investing, the way that you look at the world, the way that you're culturally appropriate when some witness with others in your firm and with customers and really appreciate you spending time and just being faithful out there. One of the things we like to do whenever we close out any of our podcasts is get an understanding from our guest about what they're hearing and God's word. And it doesn't necessarily need to be today, though. It definitely could be. But maybe something over the last week or last month that you really feel that God is speaking to you about through his word.
Andrew Manton: I'm sure, you know, for me lately, I mean, anxiety has always been a part of my life to some degree, and that's something I struggle with. And I'll often look when I have a problem that comes up like anxiety or something else, I'll look to the Bible, look to certain verses for inspirational things to see if something pops out. Lately I've been doing that. It's just anxiety. And what's really been popping out of me, really, is that my heart is really not in the right place. When I think about this, why do I really need I've been asking why do I really need to look for these things that I look to quite often and try to feel better? In other words, where is my heart really? Is it really that I just need comfort right now or am I really not believing that I have strength? And so the thing is, it's going
Henry Kaestner: to be very hard in your position. You're going to bed every night with open positions around the world. Yeah. You've raised money from from investors. They get a sense that you're going to make the good bets. And undoubtedly, at least over the short term, I bet you have a good number of stocks that don't look really good and promising in the short run. And that's that's got to be really hard.
Andrew Manton: Yeah, it has been lately. I've been underperforming the last month or so, and it's because of where we are in the market. I tend to underperform when the market is getting very frothy. I tend to be very valuation aware and so we cut and or sell positions before they can get too expensive. So we tend to miss out on the last little bit to the market. So but through this, it's caused a little bit of anxiety, but, you know, I've got this rock that I got at the Bible Museum a long time ago in Washington, D.C., and it's Philippians for 13. And I looked at it the other day and it just hit me that why am I not looking to my strength, the strength that I get through him? Why do I dwell on that? Why do I dwell on the anxiety? And so I've been having these thoughts around that. And I guess where my heart is when it comes to issues that quickly pop up like anxiety instead of that ravaging my day or my moods or my just the way I feel and ask why am I not looking to my strength? Why am I not going to the strength which we all have within through? So that's kind of what I've been thinking about a lot recently.
Henry Kaestner: That's very good. Thank you very much.
Andrew Manton: Thank you, guys.