Unable Investment Club

 

 

July, 2024 Meeting Minutes

 

July 27, 2024

 

The monthly meeting of Unable Investment Club was held at Movement Brewing Company in Rancho Cordova on Thursday, July 11, 2024.  The meeting commenced at 2:54 pm with President CX presiding. HT, PR, LB, JL, KS were also in attendance.

Unable Investment Club has 3 vacancies.

The Valuation and Member Status reports were reviewed and the checks were collected.

Late: None.

 

Old Business:

The Treasurer wishes to thank UIC members for their cooperation during this lengthy attempt to place Mitch as co-signer on the club’s brokerage account. By meeting time, all necessary signatures were obtained and all required paperwork was in order to open an account with Fidelity on Friday, July 12.

Update: Ken Bauman and Greg Leger attended the appointment July 12 at Fidelity Roseville and submitted the new account application, a check-writing form and a transfer of assets form to transfer all UIC stocks and cash from E*Trade.

By Thursday, July 18, the Fidelity account was open with Ken and Mitch as “Authorized Partners”; with either able to access the account, conduct buys and sells and write checks for member withdrawals. Finally! On Friday, July 19, all UIC stocks and most of our cash transferred to Fidelity. By July 26, the final “residual sweep” occurred and the UIC account is complete, balanced and 100% at Fidelity. It’s incredible how easy the transfer of assets to a new broker went, but E*Trade couldn’t or wouldn’t replace Marc Hazel with Mitch with over 6 months of repeated phone calls and signed paperwork. Good riddance, E*Trade.

 

New Business:

Prospective member Dave Jolley, who had attended the June meeting, has declined to join UIC.

 

Stock News:  

AMT               Goldman Sachs’ Schneider also initiated coverage on American Tower with a buy rating and a $230 per share price target. The specialty real estate investment trust (REIT) owns cellular towers around the world and leases them to wireless service providers, radio and television broadcast companies, and others under long-term leases. Although the industry fell out of favor due to carrier consolidation, the future looks particularly promising considering the continued growth in demand for mobile data. However, American Tower might have lopped off its own knees by selling its tower business in India, a market with tremendous growth potential. It also entered the data center market and owns 28 facilities. Yet, there doesn’t appear to be a significant connection between its primary tower business and data centers. So, it may prove to be a fruitless venture. Still, AMT’s tower business is growing. It reported same-tower sales growth of 5% in the first quarter and its ability to impose annual price increases helped expand EBITDA margins by 160 bps to 65.4%. That should continue to improve in the quarters ahead. Like all REITs, American Tower is required to pay out 90% or more of its profits as dividends. And, it has raised its payout by more than 16% a year for the past decade. Growing FCF at a compounded annual growth rate of 12% over that period, it has plenty of cash profits to support the payout, which yields 3.4% annually. The analyst’s price target implies 19% upside in the stock, making American Tower stock worth considering for your portfolio..

AAPL              The Apple announcement of Apple Intelligence at its WorldWide Developer Conference in June was a turning point for the industry. Shares have jumped 18% since the announcement. Apple is once again the most valuable company in the world, with a market cap of nearly $3.5 trillion. Of more significance to the industry and the markets, is that Apple Intelligence isn’t AI. Not as the market has defined it since OpenAI’s ChatGPT announcement in November of 2022. But what’s bad for the AI industry can still be seen as a boon for the House of Cook. Here’s why. Apple has always been an interface company. This has been true since it was founded almost 50 years ago. Each interface has been a revolution. There was the Apple II’s typewriter-and-television screen, then the Macintosh’s mouse-and-windows and finally the iPhone’s app-and-touchscreen. Voice will be Apple’s next interface. Voice unifies Apple’s product line around data users have already accessed or saved on iCloud. Think of it as your private secretary connecting the dots of your life and time. It will take time to set this up, even for Apple. The next version of iOS 18 won’t include many Apple Intelligence features. Those won’t be available in software until next spring. The new software is a stable upgrade. That means Apple Intelligence won’t be driving sales of the iPhone 16. There will be improvements, there always are, but expect sales of Apple’s leading device to be flat. Customers will be buying into a TV show before the finale. This doesn’t mean users can expect nothing from Apple until next year. Apple will bring out Priority Notifications to its iPhone this fall, summarizing your next day’s tasks. If you’ve ever forgotten an appointment and rushed out the door, only to find out the appointment was tomorrow, you’ll love this. The vision of Apple Intelligence is that it will output not just voice but all the pictures, movies, and snippets Generative AI is capable of. However, the language model it will be built on will be your data. The hardware it will run on will be on your desk or in your hand. Yet analysts are cheering because Apple has sidestepped the problems of ChatGPT and its competitors. Apple has rights to the data because it’s your data. Apple doesn’t need to wear out Nvidia servers because its models run on your hardware. The latest rise of Apple, then, is a rejection of its competitors. The promises of Large Language Models (LLMs) are running well ahead of reality. Even Sam Altman, who runs OpenAI, admits that ChatGPT 4 is sub-optimal (He used more colorful language with Fortune). What’s clear to analysts now is that innovations are needed on the software side, in the algorithms, for AI to achieve its promises. Nvidia hardware has gotten ahead of what AI software can do. The brute force approach isn’t working. Given that backdrop, Apple represents a safe pair of hands for tech investors. Apple has become a dividend aristocrat. It has paid dividends since 1987 and has gone through five stock splits, most recently in 2020. The dividend is up by 25% just since that split. If you bought some Apple shares as a young tech reporter and just hung onto them, you’re rich, dude. What analysts most admire is CEO Tim Cook’s cost discipline. Having pushed streaming TV for five years, with little to show for it but industry awards, he’s cutting budgets and seeking a profit from it. Cook has made Apple the bluest blue chip you can buy, a stock with steady gains and a reasonable bet on the future. Sanity is very sexy, don’t you think?

AMAT            No news.

CNI                 No news.

COST              Wholesale warehouse operator Costco Wholesale Corporation has been a stunning success over the past thirty years. Its stock price performance has been noteworthy compared to all stocks, but especially so in comparison to retail stocks. Costco's focus on warehouses that save its customers time and money has been a stellar success. With the stock up over 2,500% since 2003, it is a proven winner. However, the company has experienced several changes in the last year, making this a great time to review Costco as a potential investment. Changes of note to customers and investors include a new CEO and updated membership fees. Effective Jan. 1, 2024, longtime CEO Craig Jelinek stepped down and was succeeded by Ron Vachris. This change should be considered a preservation of continuity, since the new CEO has been with Costco for over 40 years. He has been working closely with the outgoing CEO for nearly two years prior to assuming his new role. Investors should have no concerns about the continued competence of management. The membership fee increases were the company's first since 2017, and were less expected. The increases will directly affect Costco's customers, raising prices by $5 and $10 per year at its two membership levels. People don't enjoy fee increases, of course, so this change at least has the potential to disrupt Costco's operations if they experience an overall decline in membership. However, given the generally high regard members have for Costco, and the relative in-frequency of membership rate increases in the past, it seems unlikely that the firm will lose many members due to the most recent price hike. Still, the potential exists, and investors must take such a chance into consideration when valuing Costco as an investment. Costco continues to deliver stellar operating performance. The company reported solid earnings for the third quarter of its 2024 fiscal year. The earnings report showed growth across the board: Net income increased $380 million, or 29%, to $1.68 billion. Importantly, these quarterly results do not reflect the recent membership fee increase. The results do demonstrate that Costco's loyal customers continue to rely on the retailer under the company's new CEO. However, considering Costco stock is up over 2,500% since 2003, and 50% in the last 12 months, investors likely consider results like this baked into current share prices. Continued growth from these levels might require even more impressive growth. Given the importance of membership fees to Costco, investors must consider whether substantial growth in new members is possible or likely. With Walmart and Sam's Club, Target, and Amazon all also competing for much of the same customer base, particularly in the United States, a large increase in memberships seems unlikely over the next several years. Increases in membership fees can add to Costco's top and bottom line. Since the company has previously stated that its member renewal rate is 90%, it seems unlikely that the company will lose a significant portion of its member base for $5 or $10 a year. This means the company should enjoy a boost in cash flows just from the recent increase. To make more substantial increases, though, Costco is appealing to an entirely separate pool of potential members: The rest of the world outside the United States. In the 2023 fiscal year, Costco opened a total of 23 net new locations, 10 of which were outside of the United States. Clearly, Costco is moving with caution on its international expansion. This should be good news for investors. Management has proven to be a slow and steady winner for the past 30 or more years; there is no reason to doubt its ultimate success in expanding Costco's international presence. In terms of valuation, Costco appears to be fully valued based on the business as it currently stands. Though the yield is not very large, the company pays a substantial dividend and it is very well covered, making it attractive to income investors. Growth investors with patience should consider adding shares of Costco. The dividend can help reward patient investors who hold shares while waiting for growth in international membership.

GOOGL          Google parent Alphabet delivered strong revenue and earnings growth in the second quarter of 2024. However, because YouTube advertising revenue fell short of Wall Street expectations, the stock tumbled 5% following the Q2 update. Many investors are missing the forest for the trees with Alphabet. Here's why it's arguably the best artificial intelligence (AI) stock in the "Magnificent Seven." 1. Its revenue and earnings are growing much faster than Apple's and Tesla's. Alphabet continues to trounce the biggest and smallest Magnificent Seven stocks and Tesla in revenue growth. Its earnings are growing much faster than theirs, too. Despite the YouTube advertising disappointment, Alphabet's Q2 revenue jumped 14% year over year, with earnings soaring nearly 29%. It's important to note that YouTube ad revenue increased 13%. Although that wasn't as much as analysts expected, the growth wasn't too shabby. That's especially the case considering there was no longer a year-over-year boost from the YouTube TV price increase that took effect in 2023 Q2. Apple hasn't reported its Q2 results yet. However, the company's revenue declined 4% year over year in its quarter ending March 30, 2024, with earnings slipping 2% lower. Perhaps Apple's new AI capabilities will reignite growth with the upcoming launch of its new iPhone model, but the company has a long way to go before it catches up with Alphabet. Tesla's revenue increased by a paltry 2% year over year in Q2, and net income plunged 45%. It's fair to say this Magnificent Seven stock isn't looking all that magnificent right now. 2. It isn't outsourcing its AI development, like Microsoft. Like Apple, Microsoft (MSFT 1.64%) hasn't announced its results for the most recent quarter. However, the tech-giant's growth in the quarter ending March 31, 2024 was in the same ballpark as Alphabet's in Q2. The big advantage Alphabet has over Microsoft, though, is that it isn't outsourcing AI development. Microsoft's success stems in large part from its partnership with OpenAI. Without OpenAI's GPT-4, I suspect Microsoft would be floundering. Meanwhile, Alphabet CEO Sundar Pichai proclaimed in the company's Q2 earnings call this week, "[W]e are in a strong position to control our destiny as the technology [AI] evolves." He added, "Importantly, we are innovating at every layer of the AI stack, from chips to agents and beyond, a huge strength." I agree with Pichai's assessment. 3. It's cheaper than Amazon and Nvidia. Alphabet and Amazon share a lot in common. Both companies are effectively harnessing AI to improve profitability and operate fast-growing cloud units that are benefiting from the generative AI boom. Both have developed their own AI chips but still depend heavily on Nvidia's graphics processing units (GPUs). Amazon delivered stronger earnings growth in its last reported quarter than Alphabet did in Q2, although its revenue growth was slightly lower than Alphabet's. Nvidia blew past all other Magnificent Seven members on both the top and bottom lines. However, Alphabet beats Amazon and NVidia on one important front: valuation. The Google parent's shares trade at a price-to-earnings-to-growth (PEG) ratio of 1.34. Amazon's and Nvidia's PEG ratios are 1.98 and 1.39, respectively. 4. Its growth wild card is more compelling than Meta's. That leaves Meta Platforms. The social media leader's revenue and earnings soared much more in its last reported quarter than Alphabet's did in Q2. Meta isn't outsourcing its AI development like Microsoft, and its PEG of 1.16 is even lower than Alphabet's. All of this might seem to make Meta the best AI stock in the Magnificent Seven, but I think Alphabet's growth wild card is more compelling than Meta's. And that's enough to put Alphabet on top for me. What are these companies' growth wild cards? For Alphabet, it's the company's Waymo self-driving car technology unit and "other bets." For Meta, it's the metaverse. The metaverse could be as big an opportunity as Meta CEO Mark Zuckerberg predicts. I feel much more confident, though, in the opportunity the robotaxi market presents for Waymo. Best AI stock in the Magnificent Seven? Do I think there are solid arguments that some of the other Magnificent Seven members could be the best AI stock in the group? Absolutely. Although I think Alphabet stands at the top now, my opinion could easily be swayed by new developments in the fast-moving AI space. The reality is that all seven stocks could be huge winners because of AI tailwinds over the next decade and beyond. There's no need for investors to try to choose which is the best when you can buy several or all of them.

LIN                  Linde is another top hydrogen play, with an already impressive positioning in the niche. It has approximately 200 hydrogen refueling stations and 80 hydrogen electrolysis plants globally, covering the entire hydrogen value chain. Like APD, Linde is also a diversified industrial giant that produces and supplies oxygen, nitrogen and specialty gases — among others. Consequently, its business has grown rapidly, with its 5-year top-line growth averaging 21%. Also, its profitability profile has been spectacular, maintaining double-digit margins over the past several years. As we advance, Linde is set to expand its market share further in the hydrogen space. It will be looking to build the largest electrolyzer, potentially doubling its green liquid hydrogen production capacity. Also, it plans to construct a 24MW proton exchange membrane electrolyzer in Europe, powering roughly 600 fuel cell buses. If that wasn’t enough, it has multiple green hydrogen projects underway in Norway and Brazil, enhancing its global footprint.

MSFT              Microsoft has cemented itself among the top technology companies in the world, many analysts are wondering if the software and services giant now trades overvalued. Pair these doubts with overall market uncertainty as the Nasdaq dipped 3.6% on Wednesday, July 24 and it might start looking like time to sell Microsoft stock. However, taking a closer look at potentially overvalued tech stocks like MSFT can help soothe the urge to take cash profits during an impending market crash. However, looking closely at its fundamentals could uncover whether much of its growth this year is a product of AI hype. Moreover, the recent global IT outage on June 19 that swept across hospitals, airlines, first responders and even banks as a result of a faulty CrowdStrike software deployment underscores just how widely embedded Windows OS and Microsoft Azure are in the global economy. As such, here are three reasons why Microsoft stock might just be worth holding even if the current market dip becomes a crash. As mentioned before, a single faulty update brought down nearly the entire global computer infrastructure due to impacting Windows OS. While this was incredibly inconvenient for many businesses around the world, it confirms one aspect of Microsoft that analysts have been speculating about for years now, and that’s that it dominates the operating system market. Since February 2024, it has been speculated that around 72% of all computers running in the world run on Windows OS in some form or another. This means that nearly three out of every four computers on Earth are customers of Microsoft’s software and are directly compatible with its future software releases. The global presence of Windows also lends itself well to Microsoft’s current commitments to the artificial intelligence race, as it rushes to become the dominant player in that market as well. That’s because the company has vast oceans of user data to train its proprietary AI models and could continue to offer a competitive product. Yet, it’s the excitement around these product factors that has carried Microsoft stock to where it is right now over the last 12 months. Thus, to determine whether its growth of 22% over that period results from AI-related hype and investor excitement, investors need to look at a few key metrics and trends from the last year of MSFT’s performance. For starters, the company’s price-to-earnings ratio is one of the most reasonable in the current tech industry. Trading at 37.16x its earnings, MSFT is above the traditional mark of 25 for overvaluation but only slightly above the current tech industry average of 35.96x per the S&P 500 Information Technology Sector Index. As such, investors can certainly expect a slight correction as both insiders and institutional investors sell to take profits. Yet, with a dip in value comes an opportunity to either hold or double down.Ultimately, the question isn’t whether or not MSFT is worth exiting completely, rather, will there be a better price in the future to buy at? I think the chances are high since much of the broader stock market has been locked in a high-octane rally with no serious stagnation or crashes to level the playing field. For investors who currently own Microsoft, selling to buy at a lower price could be an exciting prospect. Investors looking to initiate a position in the stock might want to wait until it’s at least a little cheaper than the industry average. Thus, Microsoft stock should be a hold for most investors right now as we wait for a broader market correction before resuming buying into the future of technological infrastructure through Microsoft’s products.

NU                  Want rapid growth? Take a look at Nu Holdings, a fintech stock shaking up the Latin American banking industry. Nu isn't exactly a new Buffett stock. Berkshire Hathaway has held shares since 2021 -- the year of Nu's IPO. Yet for a company that often holds investments for several decades, this is still a relatively new position. And despite wild gyrations in Nu's stock price, Buffett has refused to sell a single share. It's not hard to see why. When it comes to massive growth, few stocks can match both the history and potential of Nu. When it first launched in Brazil roughly a decade ago, it had essentially zero customers. Today it has more than 100 million, including customers in new markets like Mexico and Colombia. The company is still adding 3 million to 6 million new customers every 90 days, with revenues growing by an astounding 75% annually. What made this massive growth possible? Unlike many of its Latin American competitors, it implemented a digital-first strategy. This gave many new smartphone users instant access to low-cost banking services. More growth should be on the way, too, since the Latin American region as a whole contains more than 650 million people and many of them remain underbanked. Nu stock isn't cheap at 13.5 times sales. But that pricey multiple should look like a steal a few years down the road. Analysts expect revenue to grow by 49% next year, and that's with the company's valuation at $64 billion. If you want to follow Buffett into a rapid growth stock, few provide as much upside potential as this.

SPGI                No news.

TSM                Taiwan Semiconductor is a leading semiconductor manufacturer at the heart of the tech revolution. The company offers chip design and manufacturing services that are in high demand globally. In April, TSMC announced it had received a $6.6 billion grant from the U.S. government to build a manufacturing facility in Arizona. Besides the U.S., the company has received billions in grants from Japan and China to expand operations there. According to its annual report for the year ended December 31, 2023, it received $1.51 billion and $224.1 million in grants from Japan and China, respectively. These grants will undoubtedly play an important role in the company’s ability to meet rising demand amid a boom in AI applications. In its Q1 fiscal 2024 results released in April, TSMC reported revenue of $18.22 billion, a year-over-year increase of 16.5%, and a net income of $6.93 billion, a year-over-year rise of 8.9%. In the upcoming second-quarter results, expected on July 18, TSMC has forecast revenue of $19.6 billion to $20.4 billion, above analysts’ estimate of $20.22 billion. Looking at the tech stock’s price forecast, analysts give it a buy rating. They give TSM stock an average price target of $185.14, a 0.35% upside. Meanwhile, the most optimistic analysts forecast a price of $218.00, an 18.16% upside. Its top-line performance and numerous government grants make this tech stock a must-have in any portfolio.

TTD                The Trade Desk went public nearly eight years ago. Investors who put $1,000 into shares of this programmatic advertising company on its first day of trading are now sitting on tremendous gains: That investment would now be worth more than $33,000. The Trade Desk has managed such terrific gains because of the outstanding growth it has delivered over the years. The company is a leader in the growing programmatic advertising market, which could be worth $779 billion by 2028, according to Statista. So, The Trade Desk's trailing-12-month revenue of $2.1 billion means it is only scratching the surface of a huge opportunity. More importantly, the company is growing at a faster pace than the industry overall, indicating that it is picking up market share over time. For instance, revenue in the first quarter increased 28% year over year to $491 million, an acceleration from the 23% jump it reported at the end of 2023. Analysts are expecting full-year revenue growth of 24%. However, there is a good chance The Trade Desk can top that estimate as it attracts more customers by integrating artificial intelligence (AI) into its data-driven, real-time ad-buying platform. AI adoption in the digital ad market is forecast to increase at an annual pace of almost 27% over the next decade, generating $214 billion in annual revenue at the end of the forecast period. The company's customers have already started deploying its AI tools, and management pointed out during the May earnings call that it is witnessing a significant improvement in ad conversion rates and reach. What's more, The Trade Desk has been outperforming more established names in the digital ad market with its platform. All this indicates that The Trade Desk's healthy growth is likely here to stay. Investors who haven't bought this growth stock yet might want to do so before it adds to its 30% gain year to date.

V                     Warren Buffett likes to buy businesses that he can comfortably own for decades. In this regard, few companies are more attractive than Visa. According to the latest filings, Berkshire has a $2.3 billion position in the company, a stake that was first established in 2011, a few years after Visa went public. It's not difficult to see what Buffett loves about Visa. Even as a $500 billion business, Visa is still growing revenue by around 10% annually. Its return on equity is an astounding 46.8%, up from just 35% five years ago. The company's profitability is also off the charts. Profit margins last quarter were around 54%. Over the last five years, they've averaged roughly 51%. All of this is powered by Visa's dominant control of the U.S. credit and debit card markets. Data compiled by Statista shows Visa with a 61% market share. Just three other companies control the remaining 39%. Payment networks are high-margin businesses and require relatively little capital investment. These markets also benefit from scale, which creates natural industry consolidation. If you're one of the few major players like Visa, the end result is a highly scalable, highly profitable business. Since Buffett purchased Visa stock, the shares have increased in value by roughly 1,250%. Returns have slowed more recently. Over the past three years, for instance, shares have only gained 11% in value, but much of that has come from a shrinking valuation. Today, Visa stock is valued at just 30 times earnings, a sizable reduction from its 50 times earnings price tag in 2021. With the S&P 500's valuation also around 30 times earnings, Visa is a superior choice for most investors. Its margins and returns on equity are difficult to match, and the competitive advantages that created this financial might are durable for years, if not decades, to come. This might be the most attractive stock in Buffett's portfolio right now.

WM                 Waste Management reported second-quarter results that fell short of Wall Street expectations. Investors are moving on, sending shares of WM down 6% as of 10:45 a.m. ET on July 25th. Waste Management, which is rebranding itself as WM, is the nation's largest provider of collection, recycling, and disposal services for residential, industrial, and municipal customers. The company earned $1.69 per share in the second quarter on sales of $5.4 billion, falling short of Wall Street's estimates for $1.83 per share on sales of $5.43 billion. Revenue was up 5.5%, fueled by a 6.8% increase in core pricing and an uptick in the value of the company's recycled commodities available for sale. Collection and disposal volumes declined by 0.3%. Post-earnings, WM raised its full-year guidance for adjusted operating earnings before interest, taxes, depreciation, and amortization (EBITDA) and free cash flow by $100 million. WM continues to consolidate the industry, in the quarter closing deals in Long Island, Florida, North Carolina, and Arizona. It also has a deal in place to acquire medical waste specialist Stericycle for $7.2 billion. The bottom-line numbers disappointed investors, but the quarter was largely business as usual for WM and a reminder of the consistency this business provides. So far in 2024, net cash from operating activities has increased by 21.6% to $2.52 billion and WM is putting that cash to work on expansion. The issue is that WM is in a cyclical industry: Waste volumes tend to move with economic activity. With that in mind, the downtick in collection and disposal is a worrisome sign. Should that trend continue in the quarters to come it will be hard for WM to rely on pricing power to continue to fuel revenue growth. The added uncertainty that comes with the Stericycle deal is likely also pushing investors to the sidelines. For long-term investors there is a lot to like about WM, but the near term is full of uncertainty. Those willing to stomach volatility could see this as a buying opportunity.

 

 

Stock Picks:

CX: Dave suggested NVIDIA Corp. (NVDA) again after recommending the stock at the June meeting. The company engages in the design and manufacture of computer graphics processors, chipsets, and related multimedia software. It operates through the following segments: Graphics Processing Unit (GPU) and Compute & Networking. The Graphics segment includes GeForce GPUs for gaming and PCs, the GeForce NOW game streaming service and related infrastructure, Quadro and NVIDIA RTX GPUs for enterprise workstation graphics, virtual GPU, or vGPU, software for cloud-based visual and virtual computing, automotive platforms for infotainment systems, and Omniverse Enterprise software for building and operating metaverse and 3D internet applications. Recently had a 10 for one split which could result in potential gains.

LB: Buy shares of Veralto (VLTO). The company engages in the provision of environmental and applied solutions. Its segments include Water Quality and Product Quality & Innovation. The Water Quality segment provides comprehensive portfolios of water analytics and differentiated water treatment solutions that enable the reliable delivery of safe drinking water by public and private utilities. The Product Quality & Innovation segment provides a broad set of solutions for brand owners and consumer packaged goods companies that enable speed to market as well as traceability and quality control of their products.

JL: Buy NVDA.

PR: Buy VLTO.

KS: Save cash or buy VLTO.

 

On Friday, July 19, 2024 the following order(s) filled:

Buy 20 NVDA (Through our new broker, Fidelity!) @ $117.99/share; total $2359.80.

 

Meeting adjourned at 3:35 PM.

 

 

Respectfully submitted by Ken Bauman.

 

 

Next Meeting:  Thursday, August 1, 2024 at 2:30 p.m. at:

 

Note: Back to the old location!

 

El Dorado Saloon & Grill
879 Embarcadero Dr
El Dorado Hills, CA 95762
916-941-3600

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