By Whitney Tilson, founder, Empire Financial Research

It all started innocently enough…

Back in 2013, a friend e-mailed me: “Take a look at Lumber Liquidators (LL). You’ll like it.”

The moment I looked at this high-flying stock with a nosebleed valuation, I knew he was suggesting it as a short idea – in other words, a stock ripe for a fall.

He was right. I quickly uncovered numerous red flags. Margins had inexplicably doubled in the previous 18 months. Plus, two federal agencies had recently raided the company for buying Chinese flooring made from illegal hardwoods, harvested in Siberia by the Russian mob and smuggled over the border.

I put two and two together and concluded that the spike in margins was likely due (at least in part) to illegal sourcing practices across Lumber Liquidators’ supply chain. If so, the feds would surely discover this and put an end to it, which would squeeze the company’s margins… and stock price.

So I made a big bet against the stock.

I thought the odds were in my favor, but I had no idea this would turn into one of the most profitable investments of my career.

While opportunities like my Lumber Liquidators short don’t come along every day, you can use some of the key takeaways today to find great investment opportunities – by spotting what the rest of the market fails to see.

Let me explain…

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After 20-plus years on Wall Street, I’ve realized that all of my successful investments – both long and short – start with three key steps…

1. Performing good, fundamental analysis

When I looked at Lumber Liquidators’ fundamentals in 2013, I saw a mediocre business that was a steady performer for two decades – up until 2011. Then, profit margins suddenly doubled, and investors bid up the stock until it traded at 50 times earnings.

And this was after two federal agencies had raided the company’s headquarters. Normally, that’s the kind of thing that would knock a stock down by 50%. But the share price hadn’t budged. Instead, investors had lost their minds over a flooring retailer!

At the same time, insiders at Lumber Liquidators were dumping stock like mad. Founder and Chairman Tom Sullivan sold one-third of his shares that year ($27 million) and CEO Rob Lynch sold every share he could ($11 million).

None of it made sense. I suspected widespread sourcing problems but couldn’t prove it… So I went public with what I knew, presenting my findings at the Robin Hood Investors Conference, one of the largest in the world, in November 2013. In doing so, I hoped that someone who knew the real story might contact me…

2. Developing an edge through “scuttlebutt” research

If you want to find out what’s really going on with a company, you have to talk to the folks with boots on the ground – customers, competitors, employees, and so on.

A few months after I went public with my questions about Lumber Liquidators, an industry insider came to me with exactly the information I was looking for. He had run a laminate flooring factory in China and told me that he tried to sell to Lumber Liquidators. But the company would only buy from him if he matched the prices of his competitors, which were 10% lower. He knew such prices were only possible by cutting corners and selling illegal – and dangerous – formaldehyde-drenched flooring.

To test his story, I went out and paid a laboratory $5,000 to test three samples of the Chinese-made laminate flooring that Lumber Liquidators was selling. Sure enough, it was loaded with formaldehyde… two to six times higher than what was legally permitted.

3. Taking advantage of extreme investor sentiment

The most profitable investments come from betting against extreme investor sentiment… and, of course, being right!

In 2012-2013, Lumber Liquidators’ shares had soared more than 600%. Investors were euphoric. The stock was priced to perfection. Once people found out the truth, I knew sentiment would reverse in a big way… And it did. The stock ended up crashing by 90% in only two years!

Once I confirmed that the company was breaking laws and poisoning its customers, I had to decide how to share my findings broadly. I could have written an article or made another presentation at an investment conference. But that wouldn’t have reached a broad, national audience.

Then, I had a brilliant idea: “This is the perfect story for 60 Minutes,” I thought. It’s not only one of the most-watched television shows in America, it also has fantastic credibility, especially for exposing wrongdoers.

Whitney Tilson on 60 Minutes

Better still, 60 Minutes had the resources I didn’t. It hired a team that smuggled hidden cameras into a number of Chinese factories supplying Lumber Liquidators. Posing as buyers, they caught the managers on camera admitting they were selling Lumber Liquidators toxic product!

The episode aired the evening of Sunday, March 1, 2015. As word got out about the episode, the stock tumbled nearly 30% during the previous week. Then, the day after it aired, shares dropped another 25%… In total, over six months, the stock crashed more than 80%.

By uncovering and exposing this scam, I made more than $4 million for myself and my investors – one of the biggest wins of my career.

Now, I realize that most individual investors probably can’t call up CBS and take on a publicly traded company. But the lessons here still stand: Do good fundamental analysis, find an information edge, and take advantage of extreme investor sentiment.

If you can do these three things consistently, you’ll make a fortune.

Editor’s note: That wasn’t the only time Whitney went on 60 Minutes… In fact, he’s been called “the most connected man in U.S. finance,” appearing on Fox Business, CNBC, and more. Now, he’s airing a special event TONIGHT at 8 p.m. Eastern to share his newest prediction… and a strategy that could help you double or triple your money, starting this year. It’s free to tune in – join the guest list instantly right here.

By Whitney Tilson, founder, Empire Financial Research

Editor’s note: In today’s essay, we’re sharing more timeless advice from our friend and Empire Financial Research founder Whitney Tilson. Today, Whitney tackles one of the biggest mistakes you can make – and shares three simple steps to help you overcome it.

When you buy a stock, one of two things will inevitably happen…

It will go up. Or it will go down.

In the beginning, it’s really that simple. You buy a stock with just two possible outcomes.

But the truth is, things can get complicated really fast. And as that happens, it often leads to one of the biggest mistakes an investor can make… letting your emotions get in the way.

When you let your emotions take over, you often rush into decisions that you’ll regret later… That’s the case no matter which way a stock is moving.

One common and costly mistake is selling a big winner too early.

As I explained yesterday, that happened to me with video-streaming giant Netflix (Nasdaq; ticker: NFLX)…

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On the day Netflix’s stock bottomed in October 2012, I pitched it to a crowd of 500 at my Value Investing Congress and then went on national television on CNBC. I said Netflix was going to be this decade’s Amazon (Nasdaq; ticker: AMZN), a stock that had risen 20 times in the previous 10 years. And as it turns out, my analysis was spot on…

Over the next two years, the stock rose sevenfold as Netflix’s streaming business grew. But as the stock kept moving higher, I made a terrible mistake… I started to let my emotions take over.

After the stock doubled, I sold half my shares. And when it doubled again, I sold some more. As the stock was doubling a third time, I exited the position altogether.

My analysis revealed that Netflix was trading at a 90 percent discount to its intrinsic value – in other words, a “10-cent dollar.” So as the story played out even better than I could have hoped for, why was I selling it after it doubled? It was still a “20-cent dollar.”

I thought I was conservatively managing risk and didn’t want to be greedy. But I had it backward… To build a successful long-term track record, you must be greedy when the opportunity arises. Finding a monster stock like Netflix only happens maybe once a decade – or even once in a lifetime. So it’s critical that you make the maximum amount of money on such moonshots.

I should’ve made more than US$100 million on Netflix for myself and my investors. Instead, I made less than US$10 million. Of course, that’s not terrible… But it was a costly mistake.

It’s equally important to harness your emotions when a stock is running against you…

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Take SodaStream, for example. Its machines help you turn regular tap water into sparking water with the touch of a button.

I knew SodaStream had a great business model. The company sells something that people use over and over. And the carbon dioxide bottles in its machines need to be replaced regularly. So SodaStream made something like an 80 percent profit margin doing so.

But the company had botched its marketing in the U.S. and was also relocating its main factory in Israel, so its sales and earnings were down. I patiently waited until the stock had been cut in half and bought a small position in 2014.

It turns out that I was much too early. The company continued to struggle and the stock kept drifting lower and lower… for nearly two years!

Making the right decision in these situations is critical. Had I stumbled into a “value trap” that would never turn around – in which case I needed to sell? Or was the company still strong, with fixable problems – in which case I should buy more?

It was very painful losing so much money for so long. Emotionally, I wanted to sell and never think about this terrible investment again.

But I was able to set aside my emotions and focus my analysis on the fundamentals, which remained strong. I added to my position all the way to the bottom – and was well rewarded.

In early 2016, SodaStream’s stock took off as I expected…

By the time I closed my funds in late 2017, it was up five times. And then PepsiCo (Nasdaq; ticker: PEP) bought the company last year for 12 times the price only two years earlier.

It can be challenging to figure out whether a stock is just hitting a few speedbumps (like SodaStream) or if it’s doomed for good (like old-school film company Kodak). But by following a simple three-step process, I realized that I should hold on to SodaStream…

First, assume the market is right and you’re wrong.

You must begin with this mindset because it helps overcome the natural bias we all have to not want to admit a mistake.

You must respect the market. The hard truth is that most of the time it’s right… and you’re wrong. My experience with SodaStream is the exception, not the rule.

Then, you must figure out what you’ve missed and actively seek out disconfirming information.

Redo your work… But don’t just rehash what you already did. That won’t lead to any new conclusions. Instead, you must ask – and honestly and correctly answer – a series of key questions.

Have you made a research error? Are you possibly missing anything? Have you openly and carefully considered contrary arguments? Have you invented new reasons to own the stock (so-called “thesis drift”)?

Many smart investors lost a lot of money owning film company Kodak’s stock in the decade before it filed for bankruptcy in January 2012. It wasn’t an unreasonable investment initially… The company had one of the strongest brands in the world, it generated robust cash flows, and its stock traded at a low multiple of earnings. Sure, digital photography was a threat to Kodak’s film business, but it seemed far off – and the company was making investments to compete in this space.

For most investors who lost money with Kodak, the mistake wasn’t so much the initial purchase. Rather, it was failing to recognize that the film industry was rapidly being obliterated and that Kodak was getting no traction in the digital arena. So its profits were destined to disappear.

The key is to tune out the noise and think clearly and rationally. Focus on the fundamentals… If the company’s earnings rebound, its stock will as well.

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Lastly, to make the right decision, you must pretend like you don’t already own the stock.

It’s so hard to make the right decision about a stock you’ve lost money on. The emotions are so powerful!

On one hand, you’re probably telling yourself that if you liked it at the price you bought it, you should like it more now that it’s cheaper. That may be true – but it could also be a value trap. No matter what, you must resist the temptation to double down again and again to try to make back your losses. Remember the old saying… “You don’t have to make it back the same way you lost it.”

On the other hand, your emotions are likely telling you to sell, so that you don’t have to suffer any more pain and never have to think about this terrible stock ever again.

There’s also a powerful feeling of wanting to wait until it gets back to the price you bought it before selling.

You must resist all of these feelings! Emotions are deadly when it comes to investing…

I’ve found that it helps my thinking to pretend like I don’t own the stock. I ask myself, “If I were 100 percent in cash today and building a portfolio from scratch, would I own this stock? And if so, what size of a position would I have?”

Doing nothing may be the best option, but you also must have the courage to admit a mistake and get out – or know that you haven’t made a mistake and buy more.

If a stock is going against you, follow this simple three-step process. And if you wouldn’t buy the stock if you were starting a portfolio from scratch, then you should sell it immediately.

Editor’s note: On April 17, at 8 p.m. Eastern time, Whitney will join Stansberry Research founder Porter Stansberry for a special investing event. He’ll reveal the secret to his investing success… and announce the biggest prediction of his career. Folks who tune in will even get the name and ticker of the company he calls the “No. 1 retirement stock in America”… just for showing up. Sign up for this free event right here.

Editor’s note: Today, we’re introducing you to our friend Whitney Tilson… Whitney has spent decades in the trenches of Wall Street, learning everything it takes to build tremendous wealth in the markets. And now, his newest venture – Empire Financial Research – aims to educate individual investors and help them make better decisions. In today’s essay, we’re sharing some of Whitney’s most valuable insights. Today, you’ll learn more about his background, as well as four tips for beating the market over the long run…

In the past two decades, I have learned some valuable investing lessons…

My journey to launch Empire Financial Research has been unique. So please bear with me while I tell you a little about myself and my personal background…

My parents met in the Peace Corps in 1962. I was born four years later and spent much of my childhood in Tanzania and Nicaragua. In between, we lived in California, where my father earned his doctorate in education at Stanford University.

While we were there, I was one of 600 children who took part in the now-famous Stanford Marshmallow Experiment to study delayed gratification. (To this day, they still won’t tell any of us if we waited for the second marshmallow!)

Later, we moved to New England, where my father was the academic dean of an elite boarding school in western Massachusetts. I stayed in the area, attending Harvard University and later Harvard Business School, graduating with high honors at both. (Before graduate school, I helped my friend Wendy Kopp launch the Teach for America nonprofit educational program.)

Then, in late 1998, I raised US$1 million to launch my own hedge fund…

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They say it’s better to be lucky than good. I’d like to think I was a little of both. Over the next dozen years, I grew assets under management to US$200 million, nearly tripling my investors’ money in a flat market.

Toward the end, though, I made some key mistakes. I worried about another downturn, so I was too conservative with my portfolio… I took profits too quickly, held too much cash, and shorted too many stocks. After trailing this historic bull market for a number of years, I decided to close my funds and give my investors their money back.

I’m incredibly proud of my time in the hedge fund world. But when Porter Stansberry approached me with the idea of starting my own publishing company, I jumped at the chance.

I’ve long admired Porter for his business prowess. (After all, how many of us can say we launched what has become one of the world’s largest newsletter publishing businesses at 26 years old with a borrowed laptop at his kitchen table?!)

My new venture – Empire Financial Research – will allow me to share what I’ve learned over the past few decades on Wall Street with individual investors like you.

Anyway, that’s enough about me.

For the rest of today’s essay, I’m going to share what you’re actually here for: to learn the four steps that individual investors can take to beat the market over the long run…

The first step is the most important, and one: effective portfolio management.

This is such an important skill for investors to have, but I didn’t fully appreciate this early in my career. When I got into the business, I thought all I had to do was find cheap stocks and be a good stock picker.

It was only through hard experience that I came to learn that stock-picking is only half the battle. The other 50 percent is managing your portfolio, which can create or destroy as much value as the stocks you own.

To borrow a baseball analogy, your batting average matters a lot less than your slugging percentage. It’s not how many of your picks are right… it’s how much money you make when you’re right versus how much you lose when you’re wrong.

If you’re consistently sizing your best ideas too small, you’re hurting yourself just as much as if the stocks you buy go against you.

Another huge mistake many individual investors make is not being greedy enough. If you’re sitting on a big winner that runs up 50 percent or 100 percent, trimming your position can stunt your returns tremendously. The opposite is true, too. When you hang on to your losers way too long – or worse yet, average down on your position – your losses can mount quickly.

It’s critical to have the judgment, humility, and fortitude (which come from experience) to know when to let your winners run and cut your losses.

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Let’s say you’re a great stock picker and you assemble a portfolio of 10 companies… Over the next five years, seven of them are up big and the other three are down. Had you not touched your portfolio, your portfolio would have been in great shape.

But if you’re a poor portfolio manager, things can really start to go haywire.

In October 2012, I had nearly 5 percent of my portfolio in video-streaming company Netflix (Nasdaq; ticker: NFLX), right at its multiyear lows. And then it took off, becoming one of the greatest stocks of all time. But even though I had publicly predicted almost exactly what would happen, I only made about a tenth of what I should have. Because as the stock moved up, I kept selling and eventually exited far too early.

Had I simply gone away on a five-year vacation, I would have done far, far better – it’s up almost 50 times since then! It’s painful for me to see (and admit) that my management of the portfolio left a lot of money on the table. I ended up taking a portfolio that would have crushed the market and significantly trailed it instead.

In effect, my portfolio-management strategy was to pull my flowers and water my weeds… a deadly combination.

It’s also critical to give your investments long enough to let your thesis play out.

One of the biggest advantages individual investors have over professional money managers is the lack of short-term performance pressure.

Even the people who manage endowments and pension funds – which by definition have multidecade investing horizons – are evaluated on a short-term basis, sometimes even monthly.

But sometimes, stocks can remain cheap for years. It reminds me of an anecdote that investing legend Warren Buffett once said…

All I want to do is hand in a scorecard when I come off the golf course. I don’t want you following me around and watching me shank a three-iron on this hole and leave a putt short on the next one.

Meanwhile, 99 percent of the money in the world is managed by people who feel someone looking over their shoulders, ready to scold them for any mistake.

Sometimes stocks are cheap because they have no short-term catalyst to push shares higher. This means that they can languish for a while… But I’ve found that trying to anticipate when other investors’ sentiment will change is a mug’s game. It’s not the end of the world if a cheap stock remains depressed for a while… as long as you have an appropriate investing horizon.

I’d argue the only money you should be investing in the stock market is money you don’t need for three to five years. That sort of time frame gives you the patience to wait for high-quality stocks to go “on sale” and for your cheap stocks to start to move (assuming you’re right that they’re cheap!).

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Next up is another core tenet of value investing: buying when the odds are in your favor.

In the value investing community, this goes hand in hand with what the father of value investing Benjamin Graham called “margin of safety.”

Imagine you’re driving a big truck over a bridge with a lot of other trucks on it that weigh a collective 49 tons. How would you feel if the bridge were engineered to hold only 50 tons?

When it comes to important things that your life – or financial future – depend on, you want to give yourself plenty of room to be wrong. Ideally, you want to consistently buy stocks where if you’re right, you double your money (or more) in two to five years, and if you’re wrong, you only lose a little.

That brings me to the last way you can put yourself in the position to beat the market: concentrating your portfolio in your best ideas.

Over the last half-century, a handful of folks figured out that Buffett is an investing genius, so they put their entire net worth into his holding company, Berkshire Hathaway (NYSE; ticker: BRK). That has obviously worked out well for them, but I highly recommend against such extreme concentration.

I think most investors should own somewhere between 10 and 20 stocks. This provides reasonable diversification, yet also allows you to concentrate on your best ideas.

These days, it’s becoming harder and harder to find stocks that the market has badly mispriced and undervalued… especially a decade into a complacent bull market like the one we’re in today.

The idea that any one investor can have real, proprietary insights – what I call “variant perceptions” – across dozens of stocks is hard to imagine. But by focusing on a handful of situations where you have an edge over the market, you’re likely to do far better than you would by owning dozens of stocks.

Editor’s note: Mark your calendars… On April 17, Whitney will go on camera to share his biggest investment prediction in 20 years. And he’ll even reveal the name and ticker symbol of what he calls the “No. 1 retirement stock in America” to everyone who tunes in.

Plus, just for signing up to attend this free event, you’ll receive access to a three-part video series on one of Whitney’s favorite companies… behind-the-scenes Q&A videos… and two more of his strongest-conviction ideas. Reserve your seat right here.

By Whitney Tilson, founder, Empire Financial Research

When you buy a stock, one of two things will inevitably happen…

It will go up. Or it’ll go down.

In the beginning, it’s really that simple. You buy a stock with just two possible outcomes. But the truth is, things can get complicated really fast. And as that happens, it often leads to one of the biggest mistakes an investor can make: letting your emotions get in the way.

When you let your emotions take over, you often rush into decisions that you’ll regret later… That’s the case no matter which way a stock is moving.

One common and costly mistake is selling a big winner too early.

That happened to me with video-streaming giant Netflix…

On the day Netflix’s stock bottomed in October 2012, I pitched it to a crowd of 500 people at my Value Investing Congress and then went on national television on CNBC. I said Netflix was going to be this decade’s Amazon—a stock that had risen 20 times in the previous 10 years. And as it turns out, my analysis was spot-on…

Over the next two years, the stock rose sevenfold as Netflix’s streaming business grew. But as the stock kept moving higher, I made a terrible mistake… I started to let my emotions take over.

After the stock doubled, I sold half my shares. And when it doubled again, I sold some more. As the stock was doubling a third time, I exited the position altogether.

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My analysis revealed that Netflix was trading at a 90% discount to its intrinsic value—in other words, a “10-cent dollar.” So as the story played out even better than I could’ve hoped for, why was I selling it after it doubled? It was still a “20-cent dollar.”

I thought I was conservatively managing risk and didn’t want to be greedy. But I had it backward… To build a successful, long-term track record, you must be greedy when the opportunity arises.

Finding a monster stock like Netflix only happens maybe once a decade—or even once in a lifetime. So it’s critical that you make the maximum amount of money on such moonshots.

I should’ve made more than $100 million on Netflix for myself and my investors. Instead, I made less than $10 million. Of course, that’s not terrible… But it was a costly mistake.

And it’s equally important to harness your emotions when a stock is running against you…

Take SodaStream, for example. Its machines help turn regular tap water into sparkling water with the touch of a button.

I knew SodaStream had a great business model. The company sells something that people can use over and over. And the carbon dioxide bottles in its machines need to be replaced regularly. So SodaStream was making around an 80% profit margin.

But the company had botched its marketing in the U.S. and was also relocating its main factory in Israel, so its sales and earnings were down. I patiently waited until the stock had been cut in half before buying a small position in 2014.

It turns out that I was much too early. The company continued to struggle, and its stock kept drifting lower and lower—for nearly two years!

Making the right decision in these situations is critical. Had I stumbled into a “value trap” that would never turn around (in which case I needed to sell)? Or was the company still strong, with fixable problems (in which case I should buy more)?

It was very painful losing so much money for so long. Emotionally, I wanted to sell and never think about this terrible investment again.

But I was able to set aside my emotions and focus my analysis on the fundamentals, which remained strong. I added to my position all the way to the bottom—and was well rewarded…

In early 2016, SodaStream’s stock took off as I expected. By the time I closed my funds in late 2017, it was up five times. And then PepsiCo bought the company last year for 12 times the price of two years earlier.

— RECOMMENDED —

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An all-star line-up of 36 self made millionaires and billionaires shares stories and lessons from the 36 roads they took to success…

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It can be challenging to figure out whether a stock is just hitting a few speedbumps (like SodaStream) or if it’s doomed for good (like old-school film company Kodak). But by following a simple, three-step process, I realized that I should hold on to SodaStream…

• First, assume the market is right and you’re wrong.

You must begin with this mindset because it helps overcome the natural bias we all have to not want to admit a mistake.

You must respect the market. The hard truth is that most of the time it’s right—and you’re wrong. My experience with SodaStream is the exception, not the rule.

• Then, you must figure out what you’ve missed and actively seek out disconfirming information.

Redo your work. But don’t just rehash what you’ve already done. That won’t lead to any new conclusions. Instead, you must ask—and honestly and correctly answer—a series of key questions…

Have you made a research error? Are you possibly missing anything? Have you openly and carefully considered contrary arguments? Have you simply invented new reasons to own the stock (so-called “thesis drift”)?

Many smart investors lost a lot of money owning Kodak’s stock in the decade before it filed for bankruptcy in January 2012. It wasn’t an unreasonable investment initially…

The company had one of the strongest brands in the world, it generated robust cash flows, and its stock traded at a low multiple of earnings. Sure, digital photography was a threat to Kodak’s film business, but it seemed far off—and the company was making investments to compete in the digital space.

For most investors who lost money with Kodak, the mistake wasn’t so much the initial purchase. Rather, it was failing to recognize that the film industry was rapidly being obliterated and that Kodak was getting no traction in the digital arena. So its profits were destined to disappear.

The key is to tune out the noise and think clearly and rationally. Focus on the fundamentals… If the company’s earnings rebound, its stock will as well.

— RECOMMENDED —

Clinton did it. Obama did it. On April 17, it’s your turn.

Warren Buffett, Bill Clinton, and Barack Obama have all met our newest partner. On April 17, it’s your turn. That day, a man who nearly tripled his investors’ money at a $200 million hedge fund is sharing a radical new financial opportunity.

Reserve Your Spot Here

• Lastly, to make the right decision, you must pretend like you don’t already own the stock.

It’s so hard to make the right decision about a stock you’ve lost money on. The emotions are so powerful…

On one hand, you’re probably telling yourself that if you liked it at the price you bought it at, you should like it more now that it’s cheaper. That may be true—but it could also be a value trap.

No matter what, you must resist the temptation to double-down again and again to try to make back your losses. Remember the old saying: “You don’t have to make it back the same way you lost it.”

On the other hand, your emotions are likely telling you to sell… so you don’t have to suffer any more pain and never have to think about this terrible stock ever again. There’s also a powerful feeling of wanting to wait until it gets back to the price you bought it at before selling.

But you must resist all of these feelings. Emotions are deadly when it comes to investing…

I’ve found that it helps my thinking to pretend like I don’t own the stock. I ask myself, “If I were 100% in cash today and building a portfolio from scratch, would I own this stock? And if so, what position size would I have?”

Doing nothing may be the best option, but you also must have the courage to admit a mistake and get out… or know that you haven’t made a mistake and buy more.

If a stock is going against you, follow this simple three-step process. And if you wouldn’t buy the stock if you were starting a portfolio from scratch, then you should sell it immediately.

Nick’s Note: This Wednesday, April 17 at 8 p.m. ET, Whitney will be joining Porter Stansberry for a special investing event. He’ll be revealing the secret to his investing success… and announcing the biggest prediction of his career.

Plus, you’ll even get the name of the company Whitney calls the “No. 1 retirement stock in America”—just for showing up. And now, you can reserve your spot for this free event right here.