The SPAC FEAC and mobile gaming company Skillz announced a merger agreement on Sep. 1, 2020. Merger date is slated for end of this quarter, so should be coming up soon. I expect FEAC will be 2021's DKNG. Here's why... What do we know about FEAC? They're the same team that brought Draftkings public (via DEAC), which you may recognize as the single most successful post-merger company of the last 30 SPACs. What do we know about Skillz? From the company website:
Skillz is the leading mobile games platform that connects players in fair, fun, and meaningful competition. The Skillz platform helps developers build multi-million dollar franchises by enabling social competition in their games. Leveraging its patented technology, Skillz hosts billions of casual esports tournaments for millions of mobile players worldwide, and distributes millions in prizes each month. Skillz has earned recognition as one of Fast Company’s Most Innovative Companies, CNBC’s Disruptor 50, Forbes’ Next Billion-Dollar Startups, and the #1 fastest-growing company in America on the Inc. 5000.
Basically, they host approx. 30 games on their mobile platform, users pay ~$0.60 to enter and winners collect prize money. Revenue for Skillz comes in the form of a "take rate" (i.e. rake in casino terms), but basically just a percentage of the prize money. Currently their take rate is 14%, increasing to 15% in 2020, and planning on increasing to 20% by 2024. Some valuation numbers: The merges implies a valuation for Skillz of$3.6 billion, or 6.3x projected 2022 revenue. Total PIPE is $159 million, representing just 4.3% of the company valuation. Share terms: "Paradise, Chafkin, substantially all of the existing Skillz stockholders as well as Flying Eagle’s sponsor have agreed to a 24-month lock-up, subject to quarterly releases of 1.5 million shares per holder commencing 180 days following the closing". Theinvestor presentationprovides some truly mindboggling numbers, summarized here:
80% YOY Revenue Growth
2020E Revenue = $225 million (confirmed in Nov.)
2021E Revenue = $366 million
2022E Revenue = $555 million
2020E-2022E CAGR = 57%!! Compare this to DKNG (45%), SHOP (40%), MELI (38%), SNAP (35%), ROKU (35%).
Under expected revenue assumptions, Skillz trades at a Enterprise Value/2022E Revenue multiple of just 6.2x. Compare this to SHOP (27.9x), DKNG (12.4x), SNAP (9.5x), MELI (8.9x). Assuming the market prices in a Skillz EV/2022ER multiple comparable to DKNG, this would amount to a valuation of closer to $6.9 billion, ~2x the current valuation of $3.6 billion
Skillz revenue growth in 2021E is expected to be 63%, almost double the expected revenue growth of 33% of comparable companies (calculated as the median).
GROSS MARGIN: 96%! "Close competitors" are WIX (72%), PINS (68%), and ETSY (67%). Even DKNG only yields 49%.
Ok, so the games are stupid, right? Of course they are, they're mobile games. But you know what else is stupid? Candy Crush and that crap averages 37 minutes of user interaction per day. What does Skillz get? 62 MINUTES. The games are like crack. Even the Chinese superhack TikTok only gets 52 min/day, democracy-destroying Facebook gets 41 min/day, compilation fails/ASMdiy tutorial/pseudo-porn website Youtube gets 30 min/day. Mobile gaming accounts for ~45% of the entire gaming industry (in 2019) and is estimated to be $68 billion, with a CAGR of 20%. Why I like FEAC/Skillz: With interest rates at all time lows (and not expected to change until at least 2023), cash is cheap and companies can borrow basically unlimited money to fuel exponential growth (and then probably just inflate away debt). Combine this with a complete paradigm shift in international business and industry driven by the tech sector, we are in the golden age (also probably bubble) of hypergrowth companies. IMO, Skillz is an incredibly rare opportunity in terms of early entry into a potentially explosive stock that is already in YOY hypergrowth. Many SPACs are incredibly speculative, dependent on highly theoretical FY2021 and FY2022 revenue growth. With Skillz, although definitely still speculative, you have the opportunity to invest in a relatively overlooked SPAC that is already in hypergrowth with EV/R multiples well below similar peers. IMO, FEAC/Skillz is the white whale of the current SPAC crop. Skillz games have a crack-like addiction, they're in hypergrowth NOW, have absolutely insane margins (96%), and don't require a massive shift in an entire industry. How to play it: This could be a little tricky. I'm not sure if there will actually be a significant pump riding up to the ticker change given retail's focus on EV/cloud/SaaS these days. Plus, mobile gaming doesn't have the same allure that sports betting does. Everyone and their mom has heard of DraftKings and Fan Duel, helped out by the Last Week Tonight segment and tons of Youtube ads. However, the growth numbers + revenue margins should be extremely enticing to fund managers, so I hope that large-block buying will increase heading towards the merger. That being said, it might take until the merger or even early 2021 to get some traction. In any case, I don't think FEAC is a good place to just park cash in hopes of a pop. For that, probably just better to either flip other SPACs on announcement or buy into growth companies. For FEAC, I think it's best to buy in with the plan of holding until at least the first ER, and then decide where to go from there. I'm not going to tell you "THis Is deFInitLey thE NexxT apPLE" *rocketemojirocketemoji*. However, I think that FEAC/Skillz will either have a strong multi-year run after merger, or it will flounder in the sub-$20 range in which case I'll move on. The major catalyst for determining what we can expect from the stock is what happens when the merger date is announced (supposed to be in the next few weeks). If there's a BIG pop (like, +25%), then I'll be very confident the post-merger stock will go on a tear. If reaction is more muted, then we'll have to wait until after the ticker change to see if the market prices in expected revenue growth. If any significant negative press comes out similar to NKLA, I'll trim my position by ~80% immediately. My positions:
Units (FEAC/U) - 568; Commons (FEAC) - 2,500; MV ~ $42k. Will buy in another 1000-2000 shares if momentum begins to pick up when the merger date is announced.
Will add some options if the price drops a bit, but they're pretty expensive right now due to recent high volatility in both FEAC price and SPACs overall. Debating getting some deep OTM Feb calls as lotto tickets.
Will plan on trimming the position by at least ~50% if the stock price stagnates around the first ER.
Disclaimer: Do your own DD. Skillz numbers look amazing, but at the end of the day they're still just a mobile game company so investing in FEAC definitely has the potential to backfire. Ok, roast away. Edit: u/iamgettingbuckets noted in a comment here that he had a sketchy experience applying for a job with Skillz that required actually playing on their app before being able to submit an application. He later deleted the comment and then sent me a DM because his story was anecdotal and u/ImBloom09 didn't find the same thing. However, I still think this is a good first-hand experience story for people to know and consider prior to investing, so I'm including it here as an edit. The FEAC team is the same management that took DKNG public via DEAC, so I'm assuming (hoping) that their reputation from that deal implies they've done the appropriate vetting of Skillz prior to announcing the merger. Edit 2: S-4/A filed right before market close the day I made this post. Merger vote set for Dec. 16. Commons +20% on news.
High all! I really recently fell in love with the Fallout Universe, with all its complexities and unique stories. In particular, I very much enjoy the subjectivity of interpretations of the games and their outcomes, and I wanted to create my own personal contribution by writing a story specifically set after the Second Battle of Hoover Dam. The Courier is referenced once in passing and there's no mention of a next of kin for the Courier. The story is completely original with entirely unique characters that I've made and it takes place after a non-specific timeline in which Mr House wins the fight for the Mojave Desert. I wanted to share some of my work with my fellow Fallout fans and see what you think. I sincerely hope you enjoy it. Beginning: After the guns fell silent during the Second Battle of Hoover Dam, the world was forever changed. Mr House’s City State of New Vegas gained full sovereignty and control over the Mojave Desert, and his Securitron Army pushed the exhausted NCR and broken Legion out. In the following years, Mr House rapidly expanded the city of New Vegas, and reignited the production of old Pre-War Technology automobiles, bus lines, and a high speed train line appeared. The Strip itself expanded beyond the Three Families; Strip clubs, pubs, casinos, all you can eat buffets filling the area, with some residential apartments and houses now beginning to be sold to the highest bidder, just as it was in the old world. The expanded city of Vegas outside the Strip itself however is a slum, crime, inequality, and denigration is all but abundant, and unrest is growing. Following the removal of President Kimball, his Vice President Donald Watson took over and inherited a State in crisis. Faith in the government had rapidly deteriorated, and the economy of the NCR began to suffer as many relocated to the Strip to live a life of luxury and excess. The NCR is now a shadow of its former self, with Military Police now required to keep order on the streets of its towns and cities. The poverty level is rising. In the East, Caesar’s Legion too is changing, and not for the better. With the Western Campaign a failure by all accounts, resources dwindling, questions about the strength of their Leader Caesar are cropping up in the minds of those closest to him. By 2295, the pieces had fallen into place. The fate of these States and the people who uphold them is uncertain. One thing is for sure. Whatever happens, the Wasteland will be changed unlike it has ever been before. ‘I appreciate your respectful and restrained response to my contact. It is a pleasure to interact with the less agitated members of your State.’ Aminta barely heard Mr House, and instead stared out the windows of the Lucky 38. The skyline of the Strip extended seemingly forever, pushing away the surrounding darkness with neon light. Just beyond the city outskirts, the silhouette of Mr House’s newly created Launch Pad. It was one of five, and she could just see the other four, each slightly further away from the city than the last. She scrutinised them, and was struck by the boundless possibilities of such technology; the opportunities provided. How exciting it would be! Mr House’s voice then cracked her thoughts and brought back to the present. She listened, without comment. ‘Roughly 18 hours ago, a team of five extraordinarily skilled individuals ascended Hoover Dam from the base of the structure,’ The ostentatiously large screen in which Mr House’s face sat suddenly changed to show grainy footage. ‘This was captured by one of our cameras on the perimeter of the dam. I apologise for the bad quality, it has been surprisingly difficult obtaining improved camera lenses, and As you can see, they used some kind of Grapnel Launcher and ascended via the rope.’ On the screen, it was possible to just make out five distinct figures at the base of the dam. They were clearly dressed in dark clothing, though the quality was too poor and the camera was too far away to make out any of the fine details of the material. Aminta scrutinised the footage, watching intently as the five figures used an oblong object, reminiscent of a hunting rifle to fire a rope, or cord up the side of the dam; high enough to catch the top. The operator of the device then disconnected it from the gun, and pressed it into the ground. It appeared to stick. They then ascended the rope. The camera feed then cut to show three of the attackers subdue and restrain two security guards. Due to the light, it was clear that the clothing the criminals were wearing was Recon Armor, though there were no insignia or identifiable characteristics. The two men were then held down by two and clubbed across the face by the third member with the butt of a 10mm pistol. He then turned to the computer and retrieved something from his pocket. Then the screen went black. ‘At this point, at roughly 1:27 am a Trojan was fitted onto the system. It temporarily disabled all the security cameras in the sector. It was one of the strongest Trojans I’ve ever come across, but I was able to get the system back up and running within 15 minutes. Unfortunately we cannot recover any footage from the corrupted data files that detail how the robbers escaped. I hope you can understand why I decided to contact you.’ Aminta pondered to herself. Why would Mr House, a man who controlled Rockets and owned and governed an entire city and it’s enterprises, would need to contact the New California Republic for assistance in a robbery? From where they were standing, he appeared to be in a position any high ranking NCR official would kill for. She didn’t say anything. There had to be more to this meeting than what Mr House was implying. She looked to her left, trying to be casual. Sitting next to her with an overexaggerated grave look on his face was Political Officer Neville Dawson, and next to him was Dennis Crocker, former Ambassador to the Strip. They too were quiet, their faces frustratingly hiding what they were thinking. Not sure where to look, Aminta turned back to the screen Mr House’s caricature face was on. She had to say something. ‘Mr House, why exactly do you think these people targeted Hoover Dam? There are many casinos and places full of money on the New Vegas Strip. Is there anything of massive value at Hoover Dam?’ ‘Well Chief Aminta Marr, no, ostensibly speaking, there is nothing there of real value to anyone, unless they have the ability to take and control the Dam and source it’s hydraulic generated electricity,’ ‘Then why would someone do this?’ Aminta said curtly. She tensed up, not meaning to sound dismissive. ‘Well Aminta, they did take one thing from what we've deduced,’ Mr House said, appearing to ignore her tone. ‘And what was that Mr House?’ Neville cut in. He was leaning forward, hands clasped tightly together. He was trying - and failing - to ease the tension in the room. ‘Well, before I contacted you Neville, and to answer your question Aminta, I ran through my storage records from 2285 to the present. I had Mr Harvey Shwarze, my ‘Representative in Government’ review them in paper form in our archives. Three things - completely inconsequential things mind you, were missing. Three Platinum Chips.’ ‘Three Platinum Chips?’ Neville said concertedly, as if he knew exactly what Mr House was talking about. ‘That’s right. It’s a data storage device, well it was a data storage device. Designed by me before the Great War of 2077. Perhaps once upon a time this would’ve been valuable to somebody, but after the Second Battle of Hoover Dam I had access to all kinds of ruined facilities all over the Mojave to reform to working order. I began reprinting hundreds of Platinum Chips which were variations of the original Platinum Chip. They continuously upgrade and encrypt my software to prevent any outside programmers from accessing my highly sensitive data. I have no idea what a group of hooligans would want with three. I can easily replace them, and since they’re only usable on my systems, well they would simply be useless.’ ‘Perhaps they wanted to sell them,’ Aminta proposed. It wasn’t impossible, she thought. People pay top dollar for things with perceived value, isn’t that the cardinal rule of the Strip? ‘To whom?’ Mr House replied. ‘The point still stands. Nobody has any use for them but me.’ ‘Well, perhaps they thought they were valuable.’ Dennis remarked. ‘In any case, they will soon learn they are not valuable.’ ‘If you have no problems with this Mr House,’ Aminta cut in. ‘Why do you need us here? The NCR has its own problems, big problems, and from where we’re standing, you seem to have everything under control.’ ‘That’s precisely the issue!’ Mr House exclaimed. ‘The very fact they managed to steal anything from me at all is deeply disconcerting! I spent days and nights running statistical simulations for all possible scenarios in and formulated the best plans for countering every scenario I came across!’ ‘I guess my point is, I do not understand, in any capacity, why you, YOU of all people would need to call us for assistance in a matter that you - whether intentional or not - have spent the last fives minutes telling us it isn’t an issue.’ The room fell quiet. Aminta pulled her hands back from the table and into her lap, and looked down at them, pretending to be occupied analysing them. She had exposed the true, unspoken meaning of this meeting, and they all knew it. She bit her lip. Dennis wiped the sweat off his face. Neville breathed in deeply, as though he was going to speak. But Mr House did first. ‘As I understand it, the NCR has fallen on hard times since the Second Battle of Hoover Dam. My Lieutenant after the battle was admittedly curt in regards to handling our relations, and since then it seems your economy is really struggling with extremely poor unemployment and satisfaction levels,’ Mr House paused. Neville looked at Aminta with a look of understanding, and regret but he didn’t say anything. Mr House was right. Of course he was right. ‘It just so happens that while it may look from the outset I’m doing well, with the occasional launch of one of my experimental rockets, crime in Greater New Vegas is extraordinarily high. To be clear, the Strip is not, but the extended city state with the newly constructed buildings - those areas are. I want to make a proposition for the mutual benefit of the NCR, and New Vegas. Neville, think carefully about what I’m about to say.’ Neville spoke up. ‘Alright, I’m all ears.’ ‘Dennis Crocker here can once again become the Ambassador to the Strip, and the NCR can once again have an Embassy. I will also give the NCR access to some of my technologies to help your state re-stabilize after everything that’s happened. In return however, I would like Aminta here, who is your Chief and Commander of both your military and normal police forces, to assist my Securitrons in patrolling Outer Vegas. Securitrons don’t make the best police, and security guards are in short supply and are not equipped, in any sense, to be police. I also would like your help in tracking down the culprits of this robbery; that being an extension of the aforementioned policing stipulation. Such a breach of security cannot happen again. Neville Dawson, I’m willing to sign a treaty pertaining to these terms, or any terms the NCR may propose, unless of course it does mutually benefit both states.’ Aminta felt her twang strike her deep in her heart. For years, the NCR Police Force had been absorbed into the Military Police Unit, and they could barely contain black market dealings of Chems and military grade weaponry on the streets of NCR’s cities. They did not have the resources or power Mr House seemed to think they did. For nearly 3 years straight she had been bombarded with evidence of killings by her own subordinates, illegal incarcerations, and illicit behavior between colleagues within her own chain of command, with no power to rehabilitate or prosecute those involved. Meanwhile, those that had the money to escape fled to New Vegas, desperate to find a life of comfort. It was possible that through re-establishing trade and mutual respect with Mr House, they could rebuild the NCR’s respectability on the international and internal level. She found herself hoping the treaty would be signed. ‘This... is a huge proposition. I hope you can understand the overwhelming nature of what you’re telling us, it’ll take a bit for us to come to a conclusion.’ Neville exhaled, as though he had been holding it for the last minute. ‘I understand.’ Mr House responded. ‘Maybe I ask,’ Donnie piped up. ‘What specific kinds of technology will you provide to the NCR?’ Mr House ran down a checklist. ‘Vehicles. Remade pre-war cars. Excavation machines. Cement mixers. Would provide jobs and improve your infrastructure in the process, whilst also giving me business and improving the situation here. Mutually beneficial for both sides.’ ‘I see.’ Aminta struggled to contain her happiness. She had become a police officer to enforce safety and protect those who abide by the law. This was a way back to such operations, in which she could help those in need, rather than sit idly while their situation worsened. ‘I’ll also be willing to give 10% of the electricity produced by Hoover Dam to the NCR. It produces more than I need.’ Mr House offered. Dennis shifted his weight, and opened his mouth. It was a second before anything came out. ‘15% would be great, if possible.’ ‘Done.’ Mr House concluded. ‘Well, we’ll definitely have to confer this back to President Watson. As previously said by Mr Dawson, this is a huge offer.’ ‘I understand. Aminta, I can only hope you also support this.’ Aminta smiled. ‘I am willing to establish a NCR Police Force here in New Vegas, and assist in establishing prosperity and stability, for the benefit of both states.’ ‘Excellent. I’ll arrange for a Taxi to take you back to the border.’ ***** Nobody said a word in the ride in the elevator down to the entrance of the Lucky 38. There was a perpetual sense of being watched, and listened to, and Aminta supposed they probably were. She sensed from the stiffness of Donnie and Neville’s postures they felt the same way. As the three left through the ground level of the building, the desolate casino indicated a time long past, preserved in pristine condition yet uncannily lifeless; inhabited only by robots. Aminta felt a shiver flow throughout her body, prompting her to hurry outside. Upon exiting, Aminta was greeted by the fantastic lighting she had seen from the Lucky 38. Buildings stretched high into the now night sky, perpetually lit up and calling for you to spend a few short hours in their luxurious suites and lose all the money you have without knowing it. She had visited the Strip a couple of times before the Second Battle of Hoover Dam. Back then, whilst still grand, its exterior walls felt cobbled-together, layered pieces of steel to preserve what glory the pre-war days had. Now, the Strip felt open, almost a complete return to complete pre-war glory, though there was no way of her knowing what such a time looked like. Polished, beetle like cars with extravagant interwoven pieces of silver and gold making up their hubcaps cluttered the road, filled with nicely dressed young women chattering incessantly. Boys, ranging from teenagers to old men stumbled around, drunk and happy, their legs falling beneath them as though they were wet noodles. To the left, the Ultra Luxe Casino hotel stood at the far end of the street, intoxicatingly ostentatious and alluring for any hoping to climb the social ladder, despite the many rumors of cannibalism attempting to tarnish the brand. The fountain outside the front sprayed sparkling water into the night air which caught the light of the strip and reflected it like the jewels the building it was in front of was embroidered in. However, Aminta was not taken by the hotel, and watched two NCR troopers, still in their military uniforms be forced to dance in front of a crowd of onlookers. They were pushed and shoved as they struggled to dance, their arms and legs barely keeping to any rhythm as they fell to the ground, vomiting a putrid yellow substance onto the asphalt. She looked away in disgust and embarrassment for the two men. A man in an expensive looking suit and bowtie greeted the three. Behind him stood a long polished black car. ‘Shall I take you to the crossing point?’ ‘Yes.’ Donnie answered. Aminta and Neville followed his lead. He had more experience on the Strip than the majority of the tourists around them. She started the car once they were all inside, the engine barely kicking as it began to drive. Aminta marvelled at its power, it’s sleekness, at the strength and confidence of its movement and the luxury of it’s exotic wood plated interior. The chauffeur drove to the large South Gate of the Strip, passing multitudinous buildings of similar grandeur and spectacle, all the same though uniquely different, until they all blurred into one mix of different colours and moving forms. The chauffeur leaned out of the side window, showed an identification pass to a Securitron, and the gate opened. Aminta’s car was the only car that left. As the gate closed, the car picked up speed and tore through the rest of Vegas. Immediately outside the Strip, the buildings were noticeably more dilapidated. Aminta watched as the varied prosperity of the Strip curtailed rapidly into a mess of buildings, barely recognisable as residential or industrial, though they were unmistakably new creations. She almost didn’t notice it at first, but they were all the same. Row after row of buildings with the same geometric exterior, though placed at odd angles to each other, as if a child had been playing with them and haphazardly threw them into where they now stood. As the car moved further and further away from the Strip, lights in these buildings became scarce, and the brickwork became exposed to reveal pipelines and shreds of electrical appliances, some still spitting sparks. When the light of the Strip was nothing more than a flicker of light on the night horizon, the copied buildings were replaced with houses, roofs sagging, walls crumbling. As the car zipped passed, Aminta caught wisps of figures; people moving about the ruins and the darkness like ghosts, until they passed the last house, and all that could be seen was the night sky and desert shrubbery.
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US equities mostly lower: Dow (0.45%), S&P 500 (0.34%), Nasdaq +0.07%, Russell 2000 (0.45%)
US equities mostly lower in Thursday midday trading after putting in a mixed performance in prior session. Value underperforming growth for a second straight session following big pro-cyclical rotation early in the week. Financials, energy, materials among the worst performers. Comm services, tech, healthcare outperforming. Treasuries stronger with the curve bull flattening. Dollar weaker vs yen and euro but firmer vs sterling. Gold up 0.9%. WTI up 0.7%.
No big directional drives in play thus far today. Path of least resistance has recently been higher on vaccine optimism, removal of election overhang, continued monetary policy tailwind and earnings resilience. Key areas of concern revolve around worsening coronavirus trends and the potential for a scaled-down stimulus package. Much of the focus over the last few days has been on what is going on below the surface in terms of a rotation from growth and momentum to value and cyclicals. A number of strategists have said rotation has more room to run but some have questioned sustainability, highlighting lack of traction behind prior moves.
Resurgent coronavirus cases, an increase in hospitalizations and new restrictions continue to dominate the headlines. However, new wave may be cresting in European hot spots. Vaccine optimism still elevated with MRNA-US completing case accrual for interim analysis. Politics the other big storythough market implications limited for now. Trump campaign trying to block certification of Biden victory in key states but reports noted the futility of these legal challenges. Biden named longtime advisor Ron Klain as chief of staff, as widely expected. Also reassured allies on regional security in calls with leaders of Japan, South Korea and Australia. On the economic front, weekly initial and continuing jobless claims lower than consensus and October CPI lighter on both headline and core readings.
Not much corporate news though tonight brings first batch of higher-profile Oct Q reporters with CSCO-US and NTAP-US . DIS-US also reports after the close. Focus next week will be on the retailers, which should provide more insight into the consumer resilience theme. VRM-US , ENR-US , SBH-US , GOCO-US and GDRX-US the notable post-earnings decliners today. FOSL-US , IGT-US , HI-US , TTEK-US and SDGR-US the standouts. LUV-US said it has seen a deceleration in improving trends that could be partly related to resurgent coronavirus cases. UTZ-US to acquire On The Border tortilla chips for $480M.
+27.7% FOSL-US (Fossil): Q3 EPS positive though revenue lower y/y; cash position better, debt lower than previously announced levels in July; management said while it expects COVID to impact Q4 sales, highlighted ecomm strength.
+7.5% SDGR-US (Schrödinger): Q3 earnings and revenue beat; highlighted strength in Software in both life sciences and materials segments (though some y/y weakness in drug discovery revenue); said do not expect a long-term impact from pandemic.
+4.4% MRNA-US (Moderna, Inc.): Completed case accrual for the first interim analysis of phase three trial of coronavirus vaccine candidate and with increased case identification over the past week it will include well more than the minimum case number; Dr Fauci, director of NIAID, has recently speculated the Moderna vaccine could be as effective as the candidate from PFE-US and BNTX-US .
+4.1% IGT-US (International Game Technology Plc): Q3 earnings and revenue beat; highlighted strongest Lottery comps in seven quarters (NA a bright spot); noted some positive sequential trends in Global Gaming as casinos reopen and installed base gradually reactivated.
+3.4% TTEK-US (Tetra Tech): FQ4 earnings beat with revenue and guidance mostly in line to stronger; analysts noted record order backlog, strong EBIT margins across segments on upmarket demand and strong execution, continued strength in government business.
+2.9% HI-US (Hillenbrand): FQ4 earnings and revenue missed; highlighted boost from Milacron acquisition and said Batesville remaining unseasonably strong; engineered plastics a bright spot, driving y/y backlog improvement; next-Q EPS guide above the Street.
+2.2% NOW-US (ServiceNow): Upgraded to overweight from equal weight at Morgan Stanley; sees Workflow Automation platform as a beneficiary of Covid-related work from home trends, expects strong growth and better margins; raised price target.
+1.7% SMG-US (Scotts Miracle-Gro): Upgraded to buy from hold at Berenberg; cited record growth across both segments on strong consumer and professional demand; also noted upside from recent election results that could lead to more cannabis legislation in the near-term.
-17.4% GOCO-US (GoHealth, Inc.): Q3 earnings beat but revenue missed, guidance in line on revenue and ahead for earnings; analysts noted large mix shift away from commission revenue has created confusion, competitors have raised FY guidance on strong start to AEP while GoHealth did not; management said focus shift towards enterprise revenue is a sustainable driver of earnings.
-11.1% ENR-US (Energizer Holdings): FQ4 earnings and revenue beat though GM light; Covid costs higher than expected; midpoint of FY21 EPS guide a bit below the Street; withdrew pre-pandemic 2022 targets; announced COO LaVigne to replace retiring CEO Hoskins on 1-Jan.
-9.3% VRM-US (Vroom): Q3 revenue, EBITDA, EPS beat; ecomm unit sales missed, TDA units sold at low end of guidance range; guided Q4 EPS, EBITDA below Street; analysts cautions on Q4 ecomm and TDA unit guidance, flagged operational challenges and inventory constraints.
-6.9% RVLV-US (Revolve Group, Inc.): Q3 EBITDA beat but revenue missed; management said COVID has had negative impact on operations since end of Q3 with net sales down HSD in October; analysts also noted limited visibility until vaccine is distributed, flagged loss of market share in quarter.
-5.6% SBH-US (Sally Beauty Holdings): FQ4 earnings beat but revenue missed; comps light across both segments; flagged slower recovery from elements of full-service business and loss of professional sales amid CA salon shutdowns.
-5.3% FOXA-US (Fox Corporation): Axios reported Donald Trump looking to start a digital media offering to compete with Fox News; could be available on a monthly subscription basis; Trump tweeted today that Fox forgot in 2020 what made them successful in 2016.
-4.9% GDRX-US (GoodRx): Q3 EPS and revenue beat; noted higher cost of revenue driven by customer-support expenses and more online provider visits; Q4 and FY guidance a bit better than the Street; analysts flagged Covid impacts on core business.
-3.3% MTOR-US (Meritor): FQ4 earnings and revenue beat; noted lower y/y volumes and decreased demand in Commercial Truck; Aftermarket and Industrial sales weaker than consensus; FY guidance below the Street; approved plant closures as part of restructuring plan.
-1.1% LUV-US (Southwest Air): Company said revenue trends decelerated for November and December, though unclear whether softness directly due to rise in COVID-19 cases; currently estimates Jan-21 capacity to decrease by 35-40% y/y, little changed from Q4 levels.
News Heading into Friday July 24th 2020 NOTE: PLEASE DO NOT YOLO THE VARIOUS TICKERS WITHOUT DOING RESEARCH. THE TIME STAMPS ON THE FOLLOWING ARTICLES MAY BE LATER THAN OTHERS ON THE WEB. THE CREATOR OF THIS THREAD COMPILED THE FOLLOWING IN A QUICK MANNER AND DOES NOT ATTEST TO THE VERACITY OF THE INFORMATION BELOW. YOU ARE RESPONSIBLE FOR VETTING YOUR OWN SOURCES AND DOING YOUR OWN DD.
China tells US to close consulate in Chengdu in growing spat
CSTR ($10.90) CapStar Financial Holdings and Gaylon Lawrence Announce Collaborative Agreement
IO) ($2.85) ION announces first 3D multi-client program in Mauritania
BKYI ($0.67) Identity, Security and Access Management Solutions Provider BIO-key Completes $24.8 Million Public Offering
DXC ENGIE IT Teams with DXC Technology and ServiceNow to Launch Certified Global Center of Excellence
MARA ($0.99) Marathon Patent Group Announces Pricing of $6.0 Million Upsized Underwritten Public Offering of Common Stock
APM ($3.66) Aptorum Group Becomes the First Nasdaq Listed Biopharmaceutical Company Admitted to Trading on Euronext Paris Stock Exchange Under the Ticker Symbol APM
OCX Oncocyte to Hold KOL Webinar Showcasing New Data and Real World Usage of DetermaRx™
RDUS ($13.90) Menarini Group and Radius Health Announce Global License Agreement for the Development and Commercialization of Elacestrant
THTX ($3.19) Theratechnologies Reports That Tesamorelin Improves Liver Health
UXIN ($1.42) Uxin Reports Unaudited Financial Results for the Transition Period from January 1 to March 31, 2020
BIOL ($0.45) reported (3) new insider trades (acquisitions) to the SEC
ENLC ($2.54) EnLink Midstream to Participate in Investor Conference
PSTV ($2,46) Plus Therapeutics to Present at the YAFO Access China Partnering Conference on July 30, 2020
BTE ($0.52) Baytex Conference Call and Webcast on Second Quarter 2020 Results to be Held on July 30, 2020
HEXO ($0.73) HEXO vapes now available across Canada
GWGH ($6.76) reported 6 new insider trades to the SEC
This is an example of fundamental DD that takes place at ‘smart’ money institutions based on my professional experience in IBD, Private Equity & most recently at a HF (mods can message me for proof). Not thoroughly fleshed out b/c you autists have limited attention spans, but a summary. Figured I’d take the time to give back to this community that has provided many lolz, & should be a good measuring stick when evaluating other forms of fundamental DD posted here. NFA. DKNG - DraftKings, Inc.: vertically integrated US mobile betting operator that also provides retail sports betting & back-end betting solutions through SBTech. Think of SBTech as the tech ‘market-maker’ for traditional sports betting, they do all the funny math to set the betting odds & seem to be working on back-end solutions for DKNG Casino The Big Picture
Total annual US Gambling Revenue: ~$90Bn 
Illegal Sports Betting: ~$13Bn
Horse Racing: ~$0.8Bn
Daily Fantasy Sports: ~$0.4Bn
Only ~2% of the ~$90Bn gambling revenues were placed online which is the lowest in the world where betting online is legal. For example, in other countries online gaming activity represents ~6% - ~52% of total gambling revenues, with ~12% being the average. Wall Street expects online gaming revenue to be $20Bn-$40Bn within the next 10 years. For this to be achieved, the online gambling market will have to achieve a ~30% penetration rate on total country gaming revenues. There is an expectation that this is could be easily achievable given penetration trends overseas - see page 11 of this: https://s1.rationalcdn.com/vendors/stars-group/documents/presentations/TSG-Investor-Day_March-27-2019.pdf Other catalysts include increasing adaptation of sports betting in more states. States that have both legal sports betting + online sports betting permitted: NV, NJ, WV, PA, IA. Sports betting permitted but no online: DE, MS, RI, MO, AR. Prior to COVID there was ongoing discussions across many States, especially ones with growing deficits to explore how permitting sports betting could create a fresh avenue of tax dollars. Post COVID there is an expectation that these discussions will be given extra focus as many States will be hungry for incremental tax dollars. Important to note that currently 43/50 States allow DFS, but given the small share DFS has on total Gaming Revenues, it increasingly looks like DKNG is banking on traditional sports betting for a variety of reasons, more later. There are entire articles on Google arguing this catalyst so I’ll end this here. Digging Deeper DKNG’s main offerings are Daily Fantasy Sports (“DFS”) products & traditional sports book products to its clients. Long story short, a metric to look for in my opinion (that is curiously not reported by management or remarked on) is the hold % in traditional gaming sector parlance or the ‘rake’ & compare it to the ‘traditional’ gaming products like sports betting & Blackjack. For DFS: DKNG takes ~15% of the prize pool (note: used to be ~6-11% ). Curiously, their main competitor FanDuel also has moved up to a ~15% rake recently. Google searches show the smaller competitors have a rake in the ~13% range. This ‘rake’ has grown ~2x in 6 years, but it has been a delicate move on behalf of management. Why? B/c the more ‘sophisticated’ DFS players (equal to autistic day traders on Robinhood) have noted this increase & based on some Googling, some have moved down market to the smaller players. As a side note, many live casino games have their rules altered to grow the Hold %. For example, Blackjack games with 6:5 payouts on 21 have materially higher Hold % than the traditional BJ rules that pay out 3:2. Given the findings so far, DKNG may not have much room to materially increase its hold % in DFS games in the near-term from current of 15%. More on this later. Now why the fuck is this important? This is important b/c the typical sports book (ex-Parlays) have a ~5% hold %/rake. Parlays have up to a ~30% hold (which is why it’s commonly known as the sucker’s bet), & just for reference, the average Blackjack table clocks in 14.5%. What this means: Every dollar put into these games, the “House” or DKNG, will take 15% of your money for DFS games, for sports bets they will be pocketing ~5%, up to ~30% if you’re into parlays, & we’ll just use the standard 14.5% BJ hold for the DraftKings Casino platform. So why the acquisition of SBTech & a foray into the traditional sports gambling market? As you can see previously, the illegal sports betting market is >30x the size of the current daily fantasy sports market. So it’s clear that the DFS providers including DKNG are foraying into the space to capture this user base & hopefully convert them into games that have a higher hold %, such as DFS/DKNG Casino. As of May 2020, DKNG has achieved a 30% penetration rate on its ~4mm ‘monetized’ DFS clientele to its Online Sports Book (OSB), from the OSB+DFS clientele, DKNG has converted 50% into its DraftKings Casino platform. Including non-monetized users, user base totals at 12mm. Based on these unit economics: every 1mm of additional users -> 333k monetized users for DFS -> 100k users for OSB -> 50k users for DraftKings Casino. Some Numbers – Italicized/Bolded the important
In total, DKNG has DFS paying clientele of ~4mm, the metric management focuses on is “Monthly Unique Payers (MUP)” which spans across DFS & online sports betting***. As of Q1’20 they reported 720,000*** MUPs, representing +16% YoY growth 
Average revenue per monthly user (ARPU) of ~$41, +11% YoY
Based on previous observation of Hold %, looks like ARPU growth will be limited
Since ’17, MUP has grown at a ~11% CAGR & ARPU has grown at a ~19% CAGR
As a side note: the ~4mm monetized user base was acquired at ~$122/user over 3 years. Total users cost them $41/user over the last 3 years .
They are currently EBITDA negative & Wall St expects them to be positive by 2023
I took a dive into the math driving this, here is a summary:
Based on their current cost structure they will need to have ~1.7mm MUPs at an ARPU of ~$46 to break-even. This implies total monetized users of ~10mm from ~4mm currently
Numbers that represent Risks to Long Thesis
DKNG’s user base of ~12mm is on the low end of the sector vs. its ‘brick & mortar’ competitor's user bases (online betting platforms with physical casino presence)
CZR with 55mm, MGM with 33mm, ERI with 10mm (in pending merger with CZR, could have a lot of overlap), FanDuel with 8.5mm
Is there a concern for increased marketing costs to increase user base? Let’s look at a case study of NJ, the first state to open both mobile & retail sports betting:
FanDuel + DraftKings have held 80%+ of the OSB market share since 12/2018 which is estimated to be driven by the conversion opportunity from DFS that is unique to both companies 
On the flipside, a case study to examine going forward is how DKNG can get OSB customers in a State that does not allow DFS. Nevada. Home to Las fucking Vegas. Prior to NV pushing FanDuel/DKNG out (highly likely due to casino lobbying), NV was a top-15 State in terms of revenue for them. NV is home to the fattest sports book in the US, & recently the gaming commission started to parse the data on sportsbook wagers done online vs. in-person, & it came out to roughly 50/50. It will be interesting to see how they try to capture market share in a state with no DFS
Long-term EBITDA margin target of 35% requires huge growth in MUPs
Based on their estimated '22 cost structure: Holding ARPU of ~$46, MUPs will have to be ~5.2mm, a 7x increase from current to achieve a EBITDA margin of 35%
A focus on future earnings will be management's ability to shift to a more fixed-cost structure which would effectively lower the MUP requirement for profitability
Things to look for when going Long - Progress of additional States legalizing sports betting – specifically, States with DFS already legalized - Cost structure evolving to a more fixed mix vs. the mostly variable mix currently as this will be the forward figure that determines profitability - Increasing User Base (Curr.: 12mm) -> Monetized Base (Curr.: 4mm) -> MUP (1Q’20: 0.7mm)
Management seems to be focused more on the first step, but one thing to note is that the 33% monetization rate is very high when compared to something like League of Legends which isn’t entirely comparable but in 2013 had a ~4% monetization rate . This, combined with the below implies that this conversion rate may be the ceiling for now
As a side note, ~6 years ago FanDuel had ~300k monetized on an ~800k user base for a monetization rate of ~37% 
Share Price Target Given the cost structure of the company, I’m going to base the price targets around Enterprise Value / Revenues (driven by MUPs & ARPUs).
MUP sensitivity of 5mm - 6mm
ARPU sensitivity from $41 - $47 for an average of $44, just a $3 increase from current of $41.
Share Price targets based on 2.0x - 4.5x EV / Sales.
Note: Flutter Entertainment (FanDuel ParentCo) trades at ~3.6x EV/Sales
Bear Case MUP: 5mm -> $20.32 - $45.73 Base Case MUP: 5.5mm -> $22.27 - $50.10 Bull Case MUP: 6mm -> $24.21 - $54.47 These MUPs imply a monetized customer base of 28mm – 33mm. At the high-end, this implies that DKNG monetized customer base will equal MGM’s current total user base. At yesterday’s close of $43.70, DKNG is trading at 3.5x – 4.5x forward Revenues on an expected >5,000 MUPs. Share Price drivers / considerations: - Continued multiple expansion
Consideration: A 1x premium to FanDuel's 3.6x, implies a ~15% upside to current. They're bigger than FanDuel, do they deserve the premium?
- MUP Growth exceeding beyond targets
Consideration: Stock currently implies that they should on average be growing at 40% QoQ – during 2018 they had on average +30% growth QoQ in MUPs, marking their best year
Management Team Jason Robins, 39 – Co-Founder & CEO. Duke BA, started DraftKings from day 1 in 2011. The 2 other buddies he started the Company with are still at DKNG. Dude navigated the Company through the scandal that rocked them in ’15 & ’16, and was the trailblazer in getting DFS labeled as a non-gambling product that enabled it to open in States without a gaming designation. This shit is the stuff that gets people in history books. His accomplishments make him seem like a very competent guy. Has 3 kids now, and only ~3% economic ownership in DKNG but has 90% of the voting power through his Class B share ownership. Also he actively participates in venture investments, sitting on 10 boards. His comp plan performance bonus target is pretty murky, but main drivers are EPS growth, revenue growth, then a bunch of margin & return metrics, along with share price returns. Overall, very open-ended & it’s safe to say as long as shit doesn’t hit the fan, he will be eligible for his max payouts year over year. I’m assuming the lawyers tried to encompass everything possible for maximum flexibility to justify him earning his max comp as long as DKNG is still around. Since he’s got voting control of 90%, I’ll end the specific-person overview here, but want to note that they have a very bloated C-suite. 12 folks at DKNG, 8 folks at SBTech, all with C-suite designations. Whereas their main competitor FanDuel, has 3 guys with a C-suite designations & 1 EVP, but is a sub under a larger ParentCo that has its own management team of ~5 guys. Looking through glassdoor you can see the biggest complaint among employees giving bad reviews is based on management, all of the specific issues they point out IMO are a result of a top-heavy company. Seems like a good starting point to optimize their cost structure, but given Robins' history of sticking this entire thing through with his co-founders since '11 stuff like this doesn't seem to be a part of his playbook. They’re a public company now though, so it’s going to be interesting to see going forward. TL;DR: If I were to initiate a position in DKNG, the stock would have to fall to the $35-$37 range for me to be a buyer of the stock, and based on this rough intro analysis I'll be considering Put options if it breaches $50. I would not touch Calls at this level.  Wall Street Research - 6/27/19  https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302  https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d  Wall Street Research - 5/19/20 https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php  https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044
Good morning everyone, get ahead of the week, follow your rules, let’s all make some money Of note for Semiconductors (SOX), Japan is aiming to invite Taiwan Semiconductor Manufacturing (TSM) or other global chipmakers to build an advanced chip manufacturing plant jointly with domestic chip equipment suppliers. Of note for Automakers (F, GM, FCAU, TSLA),Volkswagen (VOW3 GY) CEO Diess reportedly told the Executive Board that the Co. is expecting to return to pre-COVID sales/profit at the commencement of 2023. This week’s Barron’s articles argues that chains like Dollar General (DG) and Dollar Tree (DLTR) are focused on value, and as a result, they are a growth story when other retailers are not, noting that when economic conditions become more difficult for consumers, the dollar stores get going. A separate article notes that SoftBank (SFTBY) considering an IPO of its Arm Holdings makes sense, and it’s an important signal for investors about the future of the chip business. Chipotle (CMG) should “crush its earnings” this week, and Barron’s notes one sell-side analyst stating investors should buy the August USD 1,150 call option to cover the July 22nd earnings report. On banks (XLF, BKX), It might be time to embrace the uncertainty around bank names and consider Wells Fargo (WFC), the worst-performing of the big banks this year, noting that Wells has something the other banks don’t have: problems to fix. Goldman Sachs (GS) is a rare big financial company with an improving business and earnings outlook, Barron’s said, and it has a stock that looks reasonably priced at little more than 10x forward earnings. Barron’s argues that while shares of index providers MSCI (MSCI) and S&P Global (SPGI) aren’t cheap, both stocks could keep rising as new products and services translate into higher sales and profits
Boeing Company (BA) is running out of space to stash newly-built 787 Dreamliner’s, with dozens of the planes sitting on the company’s premises, sources said; one BA watcher puts the number at 50, more than double the number of jets typically awaiting customers along Boeing’s flight lines. Elsewhere, Boeing and Etihad broaden its sustainability alliance by testing innovations on ecoDemonstrator 787, which flies on sustainable fuel made from vegetable oil, and waste animal fat. Meanwhile, NASA administrators are very confident in the SLS flying during 2021. Chevron Corp. (CVX) is to acquire Noble Energy (NBL) for USD 5bln in an all-stock transaction, or USD 10.38/shr, with a total enterprise value, including debt, of USD 13bln; the deal marks a 7% premium for Noble, which trades at 50% below its 52-week high. Goldman Sachs Group (GS) Senior Executives flew into Malaysia for talks with the government on the recovery of 1MDB assets; Malaysian prosecutors have charged GS and 17 current and former directors of its units for allegedly misleading investors over bond sales totalling USD 6.5 billion that the US bank helped raise for sovereign wealth fund 1Malaysia Development Bhd (1MDB). Pfizer Inc. (PFE) and BioNTech (BNTX) signed an agreement with the UK to secure 90mln doses of two possible COVID-19 vaccines from the company and French Group Valneva. Note, the two Cos also announced early positive update from German Ph1/2 study; generated strong t-cell data; supports and expands upon early results from the corresponding US trial reported earlier in July.
Amazon.com Inc. (AMZN) had its PT raised to a street high of USD 3800 at Goldman Sachs and Jefferies. Goldman Sachs maintains a conviction buy rating on the shares, rising the PT to the street high from USD 3,000. Analyst Heath Terry updated his estimates ahead of earnings to reflect the accelerating e-commerce growth. Revenue estimates are increased by 3% per year on average, while EBTIDA is left unchanged due to COVID expenditure and for an increase in infrastructure spending due to faster growth in retail and AWS. Comcast Corp. (CMCSA) NBCUniversal is reportedly planning broad-based layoffs to offset losses from the pandemic. eBay Inc. (EBAY) Classifieds business auction has been awarded to Norway’s Adevinta for close to USD 9bln, where eBay will keep a minority stake in the unit, according to a source. Earlier reports noted it would be USD 8bln or above. Elsewhere, eBay (EBAY) is to begin expanding its management of payments globally; expected to deliver USD 2bln in revenue and USD 500mln in operating income in 2022. Facebook, Inc. (FB) has had its advertising expenditure by Disney (DIS) dramatically cut, according to sources. Disney was Facebook’s top US advertiser for the first six months of 2020, research firm Pathmatics estimates. Meanwhile, The FTC is considering taking sworn testimony from Facebook (FB) CEO and COO as part of its investigation into whether the social-media giant has violated US antitrust laws, sources said; top Facebook officials are preparing for potential depositions and some are worried about the possibility. Tesla (TSLA) is being probed by South Korean Fair Trade Commission, who launched an internal review of its advertising that described its autopilot as self-driving technology, according to Korea Herald citing sources. Meanwhile, it has also pulled another “demand lever” for it Model Y and has begun offering a lease agreement to customers for the vehicle.
S & P 500
Celanese (CE) announced it has raised its share repurchase authorisation by USD 500mln to USD 1.563bln. Delta Air Lines Inc. (DAL) told its pilots that furloughs could be avoided if they agree to a cut in guaranteed minimum pay, according to CNBC. Ford Motor (F) and MobilEye have expanded its relationship to offer better camera-based collision avoidance in vehicles. Halliburton Co. (HAL) Q2 20 (USD): Adj EPS 0.05 (exp. -0.12), Revenue 3.2bln (exp. 3.34bln). It recognised USD 2.1bln of pre-tax impairments and other charges in the quarter. North America revenue -57% Q/Q to USD 1bln. Lockheed Martin Corp. (LMT) has been awarded a USD 15bln contract for C-130J development. Quest Diagnostics (DGX) received the FDA’s green light for pooled testing, using the same COVID-19 molecular diagnostic first authorised by the agency in mid-March. Southwest Airlines (LUV) – Almost a quarter of pilots accepted either early retirement or voluntary leave offers, according to CNBC. Thermo Fisher Scientific (TMO) is expanding capacity for those developing new and existing therapies for COVID; now supporting more than 200 projects globally. Twitter, Inc. (TWTR) announced the hackers on last week’s attack did more than cryptocurrency fraud, but they also walked away with some users personal data, according to WSJ. The report notes that data was taken from eight users.
Alibaba (BABA) Ant Group is to plan simultaneous IPOs in Shanghai and Hong Kong, according to reports. AstraZeneca (AZN LN, AZN) to publish eagerly anticipated COVID-19 trial results today. The FDA authorised its first COVID-19 diagnostic test for pools of samples, to let laboratories conserve resources by evaluating several people at once Eldorado Resorts (ERI) USD 17.3 billion acquisition of Caesars Entertainment (CZR) received approval from The New Jersey Casino Control Commission, the last regulatory approval needed before the deal can close; the deal will result in the formation of the largest gaming company in the US. Nikola (NKLA) chairman filed a new stock offering of up to 53.4mln shares related to warrants, but later noted it was just part of the process, adding “it’s difficult going ipo and after this, we’ll be full steam ahead”. Deutsche Bank note that the S-1 filing became effective, meaning 24mln warrants are now exercisable, which provides holders the right to buy shares for USD 11.50 and the 53.4mln shares owned by PIPE investors, enables them to be traded on the market. The analyst believes the potential for a portion of these 77mln shares to hit the market could create large technical selling pressure. PTC Therapeutics (PTCT) and Royalty Pharma (RPTX) announced an agreement to acquire a portion of PTC’s royalty interest in risdiplan for USD 650mln in a one-time payment. Samsung (SSNLF) is reportedly struggling to improve 5nm process yield, according to Digi Times citing sources. The article notes “It remains to be seen whether unsatisfactory yield rates at Samsung Electronics’ 5nm EUV process may affect the launch of Qualcomm’s next-generation flagship 5G mobile chip series. Uber (UBER) and Alphabet Google (GOOG, GOOGL) announced a four-year agreement with Alphabet’s unit to use the Google Maps Platform Rides and Deliveries Services; Financial terms were not disclosed. Yum China (YUMC) named official retail food services sponsor of the Beijing 2022 Olympic Winter Games, also becomes an official sponsor of the Chinese Olympic Committee through 2024-end.
Additional US equity stories
Walmart (WMT) is restarting talks of a potential sale of its UK supermarket unit, Asda - potentially of note for Tesco (TSCO LN), Sainsbury's (SBRY LN), Morrison's (MRW LN), Marks & Spencer's (MKS LN) Sorento Therapeutics (SRNE) FDA has cleared the co.’s Abivertinib for Phase Two safety and efficacy study in hospitalized patients with moderate to severe coronavirus. Pfizer Inc. (PFE) and BioNTech (BNTX) announce early positive update from German Ph1/2 study; generated strong t-cell data; supports and expands upon early results from the corresponding US trial Crown Castle International Corp. (CCI) - Elliott Management calls upon CCI to outline a five-year plan for its fiber segment on its July 30th earnings call. Halliburton Co. (HAL) CEO says international business is continuing to be a more meaningful contributor to the company going forward; believes North America production will remain structurally lower in the future. The CEO Expects to see a more disciplined market with stronger operators and
Economic peace: The Jericho casino as a case study
Several years ago, I was staying at the then called InterContinental hotel in Jericho. A friend of a friend, invited me to look at a secret venue back-door, so I followed. We entered the hall of the well-preserved but long-closed Oasis casino. Established in 1998, just outside the entrance of the city of Jericho, on a place accessible both to Israelis and Palestinians, the casino was one major consequence of the Peace Accords, that is Oslo. It was a genuine idea to build a casino there, after all, Israeli bans casinos, West Bank Palestinian cities is now ruled by a new-liberal-minded political elite, bingo! Israelis had their new gambling center, near a Palestinian city. That trip, an hour from Tel Aviv, is much shorter than that to an Egyptian off-shore Casino Boat, near the city of Taba. Needless to say, long lobbying efforts were made to try to legalize casinos in Israel with no success. As the name was the Gaza-Jericho agreement, there was also attempts to establish another casino in the Gaza strip, briefly before the disengagement. One of the main financiers of the project was Martin Schlaff, a Jewish-Austrian billionaire, with a strong connection with Israel. That pact worked for about two years, until late 2000, when the armed intifada gradually emerged. Until then, the investment had a daily revenue of about two million shekels, or around 700,000$. The vast majority of the customers were Jewish Israelis. with a considerable minority of Arab-Israelis, and a small minority of foreign customers. Palestinians with the identity of the PA were refused entry. The Palestinian authority had three main sources of income from the Casino. The first is a secretive direct investment in the project, of around 60 million$, usually managed by Muhammad Rashid, Arafat advisor, and the main figure of corruption in the Palestinian Authority of Arafat. The second source of income is security. The PA National Security forces were responsible for keeping the security of the Casino, hotel, and resort, with PA receiving a daily 300,000 ILS for it. The last source of income for the PA is the tax on the workers of the project. Several hundreds of Palestinians(800 if we include the whole enterprise), mainly from Bethlehem, were employed by the Casino. The employees, mostly Casino dealers, were trained for several months in Jericho, to be able to work in the new work environment. The workers received about 3-4 times the minimum wage of a Palestinian worker at that time. In Summary, the Casino project was one of the main sources of income of the Palestinian authority. Needless to say, the whole project was opposed by the conservative Palestinian community, and mobilized against, especially by Hamas. You occasionally hear in Hamas-Fatah debates a reference to the casino, as the chief representative of the PA project. There is clear evidence to suggest that the casino was a center of money laundering, corruption, and illegal campaign financing. After the closure of the casino, there was an urgent meeting in Vienna, with Mohammad Rashid, in addition to Sharon's son and attorney, to discuss how to finance Sharon's 2001 prime minister campaign. Muhammad Rashid was in the office of Sharon's son when the father was elected in a landslide. Rashid phoned Arafat immediately, rejoicing the results, and telling Arafat that he was right all the way. There is no need to remind people who was Ariel Sharon for Palestinians, but he was the solution as far as Rashid is concerned. Rashid stands as one of the most corrupt persons to hold office in the Palestinian authority.
Wirecard-Betrugsnetzwerk in Asien: Das Schattenreich des Jan Marsalek
Für diejenigen, die das Thema Wirecard detailliert verfolgen nichts Neues, für alle anderen eine gute Zusammenfassung: Wirecard-Betrugsnetzwerk in Asien: Das Schattenreich des Jan Marsalek Bei deutschen Banken lieh sich Wirecard Milliarden Euro, die dann in windigen Firmen in Singapur und auf den Philippinen verschwanden. Langsam wird deutlich, wie das so lange funktionieren konnte. Die Firma MKG Tolentino Trading hat eine gute Auswahl populärer Geldscheine vorrätig: 20- und 100-Dollar-Scheine oder die bei Geldwäschern beliebten 500-Euro-Noten. "Wenn Sie Qualitätsfalschgeld für Kinofilme brauchen, rufen Sie uns an", heißt es auf der Website der Firma. Sie scheint dem philippinischen Anwalt Mark Tolentino zu gehören, der eine Firma gleichen Namens betreibt. Womöglich hat sich jemand mit der Internetseite aber auch bloß einen Scherz erlaubt, zu schön passt sie zu einem Job, den der Anwalt bis vor Kurzem ausübte: Der frühere Wirecard-Vorstand und mutmaßliche Betrüger Jan Marsalek engagierte ebendiesen Mark Tolentino. Und wer wäre geeigneter, Milliardenschätze vorzutäuschen, als ein Falschgeldexperte? 1,9 Milliarden Euro soll Tolentino für Wirecard auf Treuhandkonten bei zwei philippinischen Banken verwaltet haben. So stellte es das mittlerweile insolvente Unternehmen aus Aschheim bei München dar. Bis sich im Juni offenbarte, dass das Geld zumindest auf den ominösen Konten überhaupt nicht existierte. Mark Tolentino hatte bestritten, etwas mit dem Skandal zu tun zu haben. Inzwischen sollen jedoch Dokumente aufgetaucht sein, die belegen, dass er Geschäfte für Marsalek abwickelte – über die Firmen MKG Tolentino Trading und MKG Tolentino Enterprises. Eigentlich sollte er Ende Juli den Justizbehörden des Landes eine eidesstattliche Erklärung abgeben, dann kam Corona dazwischen. Über die Metropole Manila wurde unlängst erneut ein zweiwöchiger Lockdown verhängt – Glück für Tolentino. Sein Anwalt äußert sich auf Anfrage nicht. Aber auch ohne Tolentinos Aussage wird langsam klarer, was es tatsächlich mit den verschwundenen Milliarden auf sich hat und warum ausgerechnet die Philippinen zu einem der wichtigsten Schauplätze in dem Wirecard-Skandal wurden. "Es gab ein offizielles Wirecard und ein von Marsalek geführtes Schattenreich daneben", beschreibt ein Wirecard-Insider das System, das sich nun herausschält. Offiziell wickelte Wirecard Kreditkarten- und elektronische Zahlungen ab – für Firmen wie den Münchner Flughafen, den Telekommunikationsanbieter Orange oder das in vielen Ländern verbotene Onlineglücksspiel. Schon deshalb geriet Wirecard früh in den Verdacht, sich an Geldwäsche zu beteiligen. Bei Prüfungen kam jedoch selten etwas heraus. Der eigentliche Betrug spielte sich in einem Parallelsystem ab, das die Staatsanwaltschaft München I seit knapp zwei Monaten durchleuchtet. Die Ermittler werfen dem inhaftierten langjährigen Wirecard-Chef Markus Braun, Marsalek sowie weiteren führenden Managern vor, von Banken und Investoren 3,2 Milliarden Euro eingesammelt und womöglich in großen Teilen veruntreut zu haben. Braun weist die gegen ihn erhobenen Vorwürfe zurück, Marsaleks Anwalt äußert sich nicht. Ein um Wirecard aufgebautes Netzwerk von Satellitenfirmen erfüllte offenbar zwei Zwecke: Zum einen täuschte die Wirecard-Bande über sogenannte Drittpartner Umsätze vor, die es nicht gab, um die Illusion von der stark wachsenden Technologiefirma aufrechtzuerhalten. Zum anderen schleusten Marsalek und Co. womöglich über genau diese Firmen Geld aus dem Konzern wieder heraus und in ihre eigenen Taschen. Wichtigster Schauplatz für die Masche war lange Zeit Singapur, eines der größten Finanzzentren der Welt, von dort aus steuerte Wirecard sein Asiengeschäft. Nun greifen die Behörden des Kleinstaats durch. In Kürze werden die Strafverfolger den Vorgänger Tolentinos vor Gericht anschuldigen. Der Mann namens Shanmugaratnam Rajaratnam soll mit seiner Firma Citadelle – genau wie später Tolentino – Gelder auf Wirecard-Treuhandkonten vorgetäuscht haben. Das war entscheidend für die Betrugsmaschinerie: Um glaubhaft zu suggerieren, dass die Gewinne steigen, musste Wirecard wachsende Cash-Bestände vorweisen. Das wurde umso schwieriger, je mehr reales Geld aus dem Konzern abgezweigt wurde. Treuhänder Rajaratnam spielte eine Doppelrolle. Er tauchte bei einer Reihe von Wirecards externen Partnerfirmen auf und gilt zugleich als Vertrauter eines gewissen Henry O'Sullivan. Dieser 45-jährige Brite soll gemeinsam mit Marsalek das Firmennetz aufgebaut haben, das den großen Schwindel kaschierte, so schildern es Insider. O'Sullivan war nicht erreichbar, Rajaratnams Anwalt lehnte eine Stellungnahme ab. O'Sullivan soll hinter Firmen wie Senjo Group, Ocap und PXP Financial stehen. Sie alle erhielten offenbar über Jahre Kredite von Wirecard. Die argloseren unter den Wirecard-Mitarbeitern glaubten lange Zeit, Senjo und Co. hätten die Kredite genutzt, um echte Geschäfte zu machen, im Auftrag und auf Rechnung von Wirecard. Das glaubten auch 15 große Banken, von der Commerzbank bis zur LBBW. Dieses Konsortium stellte Wirecard noch 2018 einen Kreditrahmen von 1,75 Milliarden Euro zur Verfügung. Wirecard rief regelmäßig Teile des Geldes ab und zahlte zwischenzeitlich manches davon wieder zurück, wie das bei solchen Kreditlinien üblich ist. Vertreter des Bankenkonsortiums berichten, dass Wirecard im Dezember 2019 den Kreditrahmen weitgehend ausgeschöpft und im März um eine Verlängerung der Linie um weitere drei Monate gebeten habe. "Wir hielten das nicht für ungewöhnlich, da in dieser Phase wegen der Corona-Pandemie viele Firmen so viel Liquidität wie möglich aufgenommen haben", sagt ein Vertreter des Konsortiums. Die Wirtschaftsprüfungsgesellschaft KPMG führte zu dieser Zeit bereits eine Sonderprüfung der Wirecard-Bilanzen durch, die den Betrug schließlich auffliegen ließ. Was die Konsortialbanker nicht ahnten: Wirecard schleuste zumindest einen Teil des geliehenen Geldes bis zuletzt über weitere Kredite an Senjo und Co. aus dem Konzern. Welche Personen die Kredite bewilligten und ob sie wussten, wohin das Geld tatsächlich floss, wird noch ermittelt. Selbst die Staatsanwaltschaft tut sich schwer, der Spur des Geldes im fernen Asien und in Steuerparadiesen wie Mauritius zu folgen. Die Vermutung liegt nahe, dass die Mittel bei Marsalek, O'Sullivan und anderen an dem mutmaßlichen Betrug Beteiligten landeten. Marsalek und O'Sullivan sollen gezielt Wirecard-Mitarbeiter in die Satellitenfirmen gesetzt haben, um diese und die Geldflüsse zu steuern. So wechselte noch Anfang 2020 der Wirecard-Manager Arne M. zu PXP Financial, um dort im Vorstand zu arbeiten. PXP wurde vor wenigen Jahren von Senjo übernommen. Ocap wird seit Anfang 2018 von einem ehemaligen Wirecard-Manager geführt. Seine Ehefrau arbeitete zur selben Zeit in der Wirecard Asia Holding, die in großem Stil Kredite an Ocap vergeben hat. Die Welt, die Marsalek und Freunde rund um Wirecard aufgebaut haben, ist klein, besonders in Singapur. Der Stadtstaat hat einen Ruf als sauberer, streng regulierter Finanzplatz zu verlieren. Deshalb gingen die Behörden schon länger gegen Wirecard und Leute wie Rajaratnam vor. Marsalek wich aus. Er suchte einen neuen Treuhänder und einen anderen Ort, um sein Schattenreich aufrechtzuerhalten. Und fand ihn in Mark Tolentino in den Philippinen, die alles andere als ein sauberer Finanzplatz sind. Lange galt der Inselstaat als Eldorado für Geldwäsche, Kinderhandel, Glücksspiel und Terrorfinanzierung. 2016 versuchten Hacker, knapp eine Milliarde Dollar von einem Konto der bangladeschischen Notenbank unter anderem auf ein philippinisches Konto zu überweisen. Der Betrug fiel zufällig wegen einer Adressdopplung auf. Trotzdem konnten die Räuber 101 Millionen Dollar erbeuten. 81 Millionen Dollar davon flossen durchs philippinische Bankensystem, wurden in Casinos gewaschen, über Makler auf Offshore-Konten ausgezahlt. Eine Blamage für die Philippinen. 2019 flog der Betrug der religiösen Kapa Community Ministry International auf. Die fromme philippinische Gesellschaft hatte es geschafft, geschätzt fünf Millionen Anleger mit einer monatlichen Rendite von 30 Prozent auf Lebenszeit zu locken. "Firmen wie Wirecard suchen sich Länder wie die Philippinen aus. Sie fahnden gezielt nach den Schwächen im System und nutzen sie aus", sagt der ehemalige FBI-Agent Stephen Cutler, der heute als Berater zur Bekämpfung der Geldwäsche in den Philippinen arbeitet. Zwar stellt das Gesetz Finanzbetrug unter Strafe. Aber die philippinischen Behörden sind unterfinanziert und überlastet. Das Risiko aufzufliegen, sagt Cutler, sei überschaubar. "Die Zentralbank, die Börsenaufsicht und die Antigeldwäschebehörden mögen über viele gute und fleißige Mitarbeiter verfügen, was fehlt, sind die Fähigkeit und Bereitschaft dieser drei Organe, eine routinemäßige Überwachung und Überprüfung von Finanzinstitutionen durchzuführen." Die Financial Action Task Force (FATF), ein internationales Gremium zur Bekämpfung von Geldwäsche und Terrorismusfinanzierung, droht deshalb, die Philippinen wieder auf ihre graue Liste zu setzen, sollte das Land seine finanziellen Schlupflöcher bis Februar 2021 nicht schließen. Das wollen die Behörden unbedingt vermeiden. Casinos stehen unter strengerer Beobachtung; im Juli trat ein neues Antiterrorgesetz in Kraft, das die Finanzierung terroristischer Gruppen stoppen soll. Der Wirecard-Skandal aber hat diese Anstrengungen erst einmal zunichtegemacht. Der Konzern eröffnete bereits 2007 eine Dependance in Manila. Und schickte den Deutschen Christopher Bauer dorthin, um das Asiengeschäft aufzubauen. Der verließ Wirecard schnell wieder und betrieb mit seiner Frau Belinda die Firmen Fröhlich Tours, PayEasy und Centurion. PayEasy gehörte zu den größten Empfängern von Wirecard-Krediten, 270 Millionen Euro sollen es zuletzt gewesen sein. 2018 soll PayEasy für fast 300 Millionen Euro Umsatz bei Wirecard verantwortlich gewesen sein – und rund ein Fünftel des operativen Gewinns geliefert haben. In Dokumenten der philippinischen Börsenaufsicht SEC, die dem SPIEGEL vorliegen, weist PayEasy 2018 jedoch Verluste in Höhe von 500 philippinischen Pesos (umgerechnet acht Euro!) aus, für die meisten Jahre liegen gar keine Finanzberichte vor. Als Marsalek nach dem Auffliegen des Betrugs abtauchte, zog es ihn am 23. Juni auf die Philippinen, ehe er nach China weiterreiste. Zumindest legten das Daten der Einreisebehörden nahe. Zwei Tage nach der angeblichen Ausreise musste der philippinische Justizminister Menardo Guevarra eingestehen, dass Marsalek wohl eine falsche Fährte gelegt hatte. Er sei weder auf den Aufnahmen der Überwachungskameras zu sehen, noch habe sich sein Name auf einer Passagierliste befunden. Inzwischen wurden zwei Mitarbeiter der Einreisebehörden suspendiert. Halfen philippinische Beamte einem mutmaßlichen Milliardenbetrüger beim Abtauchen? Interpol fahndet inzwischen öffentlich nach Marsalek. In Deutschland ist er seit Mittwoch Abend ausgeschrieben. Über die TV-Sendung "Aktenzeichen XY ... ungelöst" und Fahndungsplakate hoffen die Ermittler, Hinweise auf seinen Aufenthaltsort zu bekommen. Das verschwundene Wirecard-Geld von 1,9 Milliarden Euro, so behauptet der philippinische Zentralbankchef Benjamin Diokno, sei nie in das Land gelangt. Eine solche Summe entspräche etwa fünf Prozent der philippinischen Fremdwährungseinlagen – so viel Geld könne kaum unbemerkt bewegt werden. Gegen die Firmen des mutmaßlichen Wirecard-Zuarbeiters Bauer, PayEasy und Centurion, geht mittlerweile die Antigeldwäschebehörde vor. Bauer selbst können die Behörden nicht mehr befragen. Am 27. Juli postete seine Frau das Bild einer Urne mit dem Hinweis, dass ihr Mann verstorben sei. Wegen der Pandemie werden Verstorbene meist noch am selben Tag eingeäschert. Wenige Tage später schalteten Bauers Angehörige in Deutschland eine Todesanzeige in einer hessischen Zeitung. Die philippinischen Behörden haben Bauers Tod bestätigt. Dass eine der Schlüsselfiguren in diesem Wirtschaftskrimi plötzlich umkam, führte rasch zu Spekulationen. Starb Bauer unter natürlichen Umständen? War es Mord, Selbstmord oder gar ein Trick, um sich aus dem Staub zu machen? Die Philippinen sind nicht nur ein Tummelplatz für Finanzbetrüger, sondern auch ein Ort, an dem man seinen eigenen Tod relativ simpel vortäuschen kann. 2016 beschrieb die amerikanische Schriftstellerin Elizabeth Greenwood in ihrem Buch "Playing Dead", wie sie in den Philippinen ihren eigenen Tod inszenierte, inklusive Sterbeurkunde, Leiche vom Schwarzmarkt und Beerdigung. Ein Bestattungsunternehmer in Manila bestätigt, dass vorgetäuschte Tode nichts Ungewöhnliches seien. Der Preis für gefälschte Sterbeurkunden liege ungefähr bei 5000 philippinischen Pesos, umgerechnet etwa 80 Euro. Die dazugehörige Leiche kostet extra. Ein Bekannter von Bauer bestätigte dem SPIEGEL jedoch, er habe den toten Christopher Bauer vor seiner Einäscherung im Krankenhaus identifizieren können. Es habe sich tatsächlich um Bauer gehandelt. Er soll an einer Blutvergiftung infolge einer Infektion gestorben sein. Quelle: Spiegel+ Artikel
MintDice is proud to bring you the fourth part of the CryptoSmarts series, a 100% unbiased/non-affiliate paid article set that will focus on relatively simple ways you can boost your privacy, take power away from overbearing governments and corporations while also doing relative good for society all at the same time with minimal effort. Rest assured that anything suggested here is solely for your own benefit. In this article, we'll take a deep dive into password managers, which applications to go for, how to optimize your password managers and which ones to avoid. It's of increasing importance for all users to adopt a password manager because commonly used passwords and repeated use of log-in + password combinations are the two weakest points in any normal individual's security online. Meanwhile, memorizing dozens of unique and complex passwords is beyond the scope of what most people can do, especially long term. Thus password managers have been created as a way to store multiple passwords into a single file that can help ensure your security and privacy online. For a little encouragement, we'll share the now extremely famous dialogue between Edward Snowden and John Oliver talking about passwords. As should be painfully obvious by now, password managers are one of the best solutions to this entire dilemma. https://preview.redd.it/ribbtjwz1it51.png?width=1000&format=png&auto=webp&s=3c3a9a31bdb8c4f9ec83bea98638fec5dd78b38f
PASSWORD MANAGER BASICS
We should first note that not all password managers are created the same as we've noted with software across all of our other articles. By and large, we'll be looking for similar characteristics in our password managers as we would our other software which includes open sourced software protocols and best software security practices. And when it comes to Bitcoin, cryptocurrency and your entire life's work on the internet, there is a lot at stake here. I'd argue that it is more important for password managers than for any other application to make sure to get this one correct since it will have your entire livelihood on the line. The very amazing thing with demanding open sourced software for your password manager is that it by definition will also be free at the most basic level. This is because if it weren't, all it would take would be someone to fork over a program to make it free. So you are in a sense getting the best of both worlds here; a free software that is also of the highest quality. Meanwhile, ironically, many of the more commonly known password managers like Dashlane or Lastpass use closed source software and often charge fees to use their service. Funnily enough, Lastpass, the password manager itself, was actually formerly hacked in the past. One could argue this at least in part had to do with it's closed source software since having open sourced software at least in part makes software more secure. In short, do not used these closed source services that are frequently advertised for on the web as they are detrimental to you in more ways than one.
RECOMMENDED BEST PASSWORD MANAGERS
Bitwarden is our first recommendation. Bitwarden is truly one of the all time greats by approaching password management on the individual, team and even enterprise level to create a one size fits all solution. Bitwarden is compatible on virtually all devices out there from all desktops to mobile devices and so forth. Additionally, while they offer a centralized cloud service for free, Bitwarden is also set up to allow you to run your own private server to keep your own key base entirely under your own control, fully encrypted. https://preview.redd.it/zmlkf5d12it51.jpg?width=770&format=pjpg&auto=webp&s=02998b777d05ab00557a97c616a4b0d505b324aa Next up we have KeePassXC which is a fork of one of the longest standing password managers in existence, formerly known as KeePass that halted a lot of it's ongoing development some time ago. KeePassXC was created as a locally held password manager application that could work across platforms. Unlike Bitwarden where your key file is held in cloud storage, KeePassXC is simply a program client and a local file that you must maintain and backup yourself. This has some pros and cons. The good news is that you have full control of everything related to KeePassXC as the program under most situations will not be talking to any online server which could expose private or sensitive information. The bad news is that if you ever were to lose control of your key file, you are completely out of luck. For this reason, it's imperative to back up your encrypted key file in multiple locations to protect against what would be catastrophic loss. You can do this with USB drives, e-mail accounts, cloud storage, safe deposit boxes or a whole host of other creative solutions that you might come up with. The final recommended option is LessPass. LessPass is very interesting technology because it is a no-knowledge password manager. By inputting a few pieces of information which could be a master password in conjunction with an e-mail address or user name, a password is automatically attached to any URL address. It will simply cross all of these pieces of information via PBKDF2 and SHA-256 to produce random yet consistent outputs for any of your web browsing. The advantage of this program is that it is extremely light weight, and so long as you can remember your e-mail address, account name and master password, you can now gain full access to everything around the internet without the need of any files. The downside is some level of control over password flexibility since the passwords are automatically generated for you. In summation of these three options, BitWarden is the best overall password manager for most people's use cases. Meanwhile, LessPass is probably best suited for the most casual user who contains fewer accounts across the internet and wants something extremely simple and easy to use. Lastly, KeePassXC, will be the ultimate in privacy password manager technology and is best suited for those that are prepared to take the extra steps to ensure their key file is kept up to date as the months and years tick by. https://preview.redd.it/r4icjup22it51.jpg?width=1920&format=pjpg&auto=webp&s=622cf1b967ec5622e3feb2b49e5ac29917629cdf
BEST PRACTICES WITH YOUR NEW PASSWORD MANAGER
Once you have chosen a password manager from the above list, it will be important to change all of your account passwords one by one to incorporate it into your new system. This will help you get away from your commonly used log-in and password combinations and over to your new, more secure and robust set up. With your new set up, if you have a key file to back up, you must now start getting in the habit of doing so, especially after major or important changes to your password manager. Or if you wish to use BItWarden with a private cloud server, make sure that that is fully set up and running. Generally speaking, when choosing password length from your password manager for standard and robust security, 25 random characters, letters (and symbols if you wish, but they aren't necessary), is mostly considered to be uncrackable. This is because while every password is in theory beatable, it takes dramatically more computational energy over time to figure out what your password is, and at some point, it becomes unreasonable. That said, NSA grade security often holds itself up to 50 random characters which is considered to be unbreakable even on a government wide scale. On that same token, you'll have to use a master password for your password manager. Given that you only need to know one password, it will now be extremely important to make this a very good password. Because a password that you need to remember most likely won't (or perhaps shouldn't) be completely random so that it's easy to remember, it should, at the very least, be long. I would suggest making sure that you come up with a master password that is at least 40 characters long or 125 bits of information. To check out how many bits of entropy your master password is, you can type it into the password field of KeePassXC and it will tell you roughly how secure your master password is. While 40 characters may seem like a lot, do keep in mind that this is now the only gateway between yourself and all of your access keys to all of your accounts held on this account. Bits of Entropy Example on KeePassXC Finally, it is worth investing in a YubiKey or similar 2-FA device if you can get one. This can apply to BitWarden and KeePassXC. With the normal password managers, a hacker will need access to not only your password but also your key file in order to have free reign over all of your accounts. However, a sophisticated hacker that has full access to your device with a keylogger could ultimately, in theory, compromise your full set up, and this would be disastrous for you. Fortunately, this can be resolved by buying and activating a Yubikey or other such device. The Yubikey example requires that a Yubikey, with a private key that you set up for your password manager, is present to access your database. Therefore, even if a hacker were to obtain your key file and your master password, they still won't be able gain access to your account. As a precaution, however, if you lose access to your Yubikey and/or private key, you too, will be locked out. Therefore, it is important to keep your Yubikey backed up and to keep extra copies available.
Owning Bitcoin or other cryptocurrencies comes with a lot of responsibility if you want to minimize risk. As does maintaining a strong hack-resistant presence online. One of the best defenses you can make is by implementing a password manager. Similar to the previous CryptoSmarts articles that we have written prior, it will take some small amount of set up work to get fully acclimated to your new system, but you'll thank yourself down the road that you have done this. And the sooner you start, the better, as things will only continue to get more complex, with more risk factors at play as the internet plays an ever increasing role in all of our day to day lives. Finally, while the article is current as of the writing of the article, it will undoubtedly lose merit over time. Be sure to check if everything in this article is up to date or that any password manager that you select from this article continues development or continues to abide by the proper best practice principles. If you enjoyed this article, we would encourage you to check out our other previous CryptoSmarts articles discussing private e-mails, secure messenger applications and proper web browsers.
A Deep Dive - Ghislaine Maxwell: Silver Spoons and Hard Times
This story was published in Frank's Report. Frank Parlato is an investigative journalist.Frank Reportis one of the internet’s best destinations for true, unfiltered, hard-hitting journalism run by the acclaimed journalist Frank Parlato. Since 2015, articles published onFrank Reporthave exposed major scandals and criminal enterprises (including the NXIVM Cult. Frank Parlato has been cited as a source by hundreds of major media outlets around the world, including the New York Times, The Daily Mail, VICE News, CNN, Fox News, Albany Times Union, New York Post, Rolling Stone, People Magazine, Oxygen, Hollywood Life, E! News, CBS Inside Edition, Televisa (Mexico, Stern (Germany, Brisbane Times (Australia, Sun (UK, Hamilton Spectator (Canada), Haaretz (Israel), Tibetan Journal (Tibet), Dnevnik (Croatia), New Zealand Herald, Sputnik News (Russia), Voici (France), Blich (Switzerland), Pour Femme (Italy), CM Journal (Portugal) and more. Frank Parlato was the lead investigator and coordinating producer of Investigation Discovery’s 2 hour blockbuster special ‘The Lost Women of NXIVM.’))))) From sex trafficking cults disguised as self-empowerment groups to government cronyism depriving citizens of tax-funded programs, Frank Report doesn’t just turn stones – it outright obliterates them. Welcome to Frank Report, one of the internet’s finest examples of real, unbridled journalism.
Ghislaine Maxwell – Silver Spoons and Hard Times
August 9, 2020 By Paul Serran https://frankreport.com/2020/08/09/ghislaine-maxwell-silver-spoons-and-hard-times/ http://archive.is/by7md Ghislaine Maxwell led much of her life under the world’s fascinated microscopic view, always enthralled by her – famous and infamous – as it watched her fortunes wax and wane. From the celebrated miracle daughter of media tycoon Robert Maxwell; to the broken young woman who fled scandal in the UK to a small New York apartment, trying to launch a new life; the rebirth Jet-set Ghislaine, who was everywhere at once, longtime companion of Jeffrey Epstein, a man even richer and more shady than her father; the sophisticated middle age woman, a runaway alleged criminal trying hard to avoid detection by her pursuers – finally, to the incarcerated, indicted suspected sex trafficker and perjurer. Ghislaine was Robert and Betty Maxwell’s miracle baby, born on Christmas Day, 1961. Two days after that, their eldest son suffered a fatal car accident. In 24 hours, it all had been somehow foretold: joy – and then tragedy. During the Swinging Sixties, Robert Maxwell served two terms as a Labour Member of Parliament (MP) for Buckingham. He led a multimillionaire lifestyle, and was the host of star-studded parties at Headington Hill Hall, his baronial fifty-three-room Oxford mansion. The Maxwells spent a million dollars redecorating the mansion. In a stained glass window scene for the imperial staircase, Israeli sculptor Nehemia Azaz depicted Robert Maxwell as the biblical hero Samson tearing down the gates of Gaza: “a titan of luck, impossible achievement, and unlimited wealth”. They had the use of chauffeured luxury cars. They traveled the world in Robert’s Gulfstream IV Jet and his sleek 180-foot yacht, named Lady Ghislaine. “If Bob Maxwell didn’t exist, no one could invent him,” Labour Party leader Neil Kinnock celebrated the bombastic, demanding mogul who dined with kings and presidents and had a bottomless appetite for family, food, fortune, and fame. The first brush with financial and professional hardship came at a age when young Ghislaine would have been mostly sheltered from it. In the early seventies, after Robert Maxwell tried similar shenanigans in a failed attempt to swindle the American financier Saul Steinberg, who was interested in a strategic acquisition of Pergamon Press. Steinberg claimed that during negotiations, Maxwell falsely stated that a subsidiary responsible for publishing encyclopedias was extremely profitable. At the same time, Pergamon had been forced to reduce its profit forecasts for 1969 during the period of negotiations, leading to a suspension of dealing in Pergamon shares on the London stock markets. It was found that Maxwell had contrived to maximize Pergamon’s share price through transactions between his private family companies. This was a criminal practice he would utilize again in the future. Inspectors from Britain’s Department of Trade and Industry declared Maxwell unfit to run a public company: “Notwithstanding Mr. Maxwell’s acknowledged abilities and energy, he is not in our opinion a person who can be relied on to exercise proper stewardship of a publicly quoted company.” ‘Captain Bob’ established the Maxwell Foundation in tax haven Liechtenstein, in 1970. By the 1980s he come back roaring, prompted by money later said to have originated in the Soviet Union. He bought the Mirror Group built and a massive media conglomerate. The good times were on: Ghislaine was nicknamed “The Shopper” because of her wild spending funded by Robert’s millions. He also bankrolled her failed corporate gifts business. During this period, she reportedly had a VERY close relationship with her father and was widely credited with being her father’s favorite child. In Oxford, Ghislaine led a student life of wealth and privilege. Her father would send Filipino servants to the college house she shared to clean, arrange the table and cook, in the event of a party. Her career piggybacked on her father’s businesses. She was made director of the Oxford United, and later, put in charge of “special projects” of the New York Daily News. With her father’s money, she found her way into society, especially in New York — a haven where she could escape his complete control. But the good times were not to last. Overextended and over-leveraged, Maxwell’s empire was about to crumble. At this time, Maxwell reportedly was a regular at London’s casinos, playing three tables at once, even dropping $2.5 million in a single night. For years, he had been an inveterate gambler, but this was the behavior of a desperate man whose time was running out. “He was a very crude man,” said a female writer for Time magazine. “His polish was not very deep. If you were with him for any length of time, it peeled away. I was in his library in the Maxwell House penthouse—a beautiful apartment with marble and servants all over the place—and while I was admiring his books, his valet said to me, ‘You should see Mr. Maxwell’s collection of pornographic tapes’.” Ghislaine visited her father in his office before he flew off to Gibraltar. “He was looking for an apartment in New York—a sort of pied-à-terre, where he could talk and have meetings—and he wanted me to help him,” she told Vanity Fair. “He asked me to go see a particular apartment. He said, ‘If you like it, I’ll make time to see it and come to New York.’ ” But the next time Ghislaine saw her father, he was dead. ”Ghislaine is the baby of the family and the one who was closest to her father,” her mother Betty told Vanity Press. ”The whole of Ghislaine’s world has collapsed, and it will be very difficult for her to continue.” When she finally appeared before the reporters, she had collected herself. “How did your father die?” a journalist shouted at Ghislaine Maxwell. “He did not commit suicide. That was just not consistent with his character. I think he was murdered. ” Maxwell, it turned out, had debts of nearly $5 billion, and had stolen hundreds of millions from the Mirror Group’s pension funds to shore up his faltering companies. That left 32,000 employees exposed to retirement ruin. The irony was not lost on the hard-hitting British press: Robert Maxwell, a socialist, stealing hundreds of millions of pounds from the Mirror’s pension fund! He swindled money from two of his public companies, transferred millions in and out the secret family trusts in Liechtenstein, to manipulate the share price of his Corporation. Robert was called “rogue,” “crook,” “bully,” “thief,” “megalomaniac,” and “gangster.” The press told lurid tales of his sex orgies with midget Filipino hookers. He was seen as a 310-pound aberration gorging on spoonfuls of caviar. An erratic and cruel tyrant who used Turkish towels for toilet paper. Journalists wrote that he was a spy for the K.G.B. or Mossad or Czech intelligence—or all three. “My daughter Ghislaine has no money, no trusts, no funds anywhere.” her mother Betty told Vanity Fair. “Neither of [my children] had any money. Their father never gave them any money.” Their assets were frozen. His son Kevin’s house was put up for sale, as were the Lady Ghislaine and the Gulfstream IV Jet. Their passports were seized. A friend told TheTimes of London, “[Ghislaine] had always been the life and soul of the party wherever she wanted to go in the world and never had to worry about money.” Now she was the broken child of a monster, his name forever synonymous to scandal. “She was catatonic,” the friend said. Forced to vacate her huge company-provided residence, she moved into a small apartment. When a friend came to visit, Ghislaine told her, “They took everything—everything—even the cutlery.” Little did she know how many more times things in her life would shift from silver spoons to hard times. A woman brought up in luxury, she had everything taken from her, before she came to the United States to begin again. “He wasn’t a crook,” Ghislaine told Vanity Press. “A thief to me is somebody who steals money. (…) Did he put it in his own pocket? Did he run off with the money? No. And that’s my definition of a crook.” “I’m surviving—just,” she said. “But I can’t just die quietly in a comer. I have to believe that something good will come out of this mess. It’s sad for my mother. It’s sad to have lost my dad. It’s sad for my brothers. But I would say we’ll be back. Watch this space.” Ghislaine Maxwell was also being hunted by the tabloids. The Maxwell name was so detested in London that she is said to have had to walk around in a blond wig so people wouldn’t recognize her. Ghislaine Maxwell’s reinvention didn’t take long. Maxwell moved to the United States just after her father’s death. Her photograph boarding a Concorde to cross the Atlantic caused outrage – her father had just defrauded pensioners out of 750 Million Sterling Pounds. According to the Mail on Sunday: “Unnoticed by almost everybody, traveling with her was a greying, plumpish, middle-aged American businessman who managed to avoid the photographers. It is to this man that 30-year-old Ghislaine has turned to ease the heartache of her father’s shame.” “His name is Jeffrey Epstein.” “Whose house is this, Ghislaine?” a friend asked her in the early 1990’s. “Who lives here?” My friend,” Maxwell replied. “Well, is he banging you?” the friend demanded. “What’s the scoop here?” A trust fund is said to have provided her with an income of $145,000 a year. A far cry from her previous seemingly unending wealth. She “never, ever had any cash. Lots of credit, of course, but no cash”, one friend recalled to the press. And yet, she lived the high life. She was known in New York as the “female Gatsby” for her lavish entertaining. Had a “reputation for being charming and funny, and a glittering lifestyle straight out of the pages of a society magazine”. She was now “far from the ever watchful eye of the British press,” Hello! magazine wrote in 1997. “She is proud of the fact that her new life is all down to her own hard work and has her elegant apartment to show for it,” the magazine mistakenly added. One day, she would “get married and have kids. But it has never been a focus: My focus is my business.” Ghislaine’s presence added more fuel to the question: “How did Jeffrey Epstein amass his fortune?” For one of the most propagated theories is that Maxwell’s father Robert bankrolled him with funds hidden from the UK authorities. Jeffrey Epstein built a 21,000-square-foot mansion on a massive ranch in New Mexico, which – he boasted – made his New York townhouse “look like a shack”. He named it the Zorro Ranch. He also acquired a 72-acre island in the Virgin Islands and an 8,600-square-foot home in Paris, with a specially built massage room. She had found a path back to the lifestyle she’d lost when her father died. “She was used to living very well,” says a friend who knew her then. “She didn’t want to go back to where she was.” All she had to do to keep it was to give ‘the monster’ what he wanted. Maxwell was expected to drop everything to serve Epstein. She had to keep everyone in line, because one misstep would unleash the wrath of Epstein, one of the few people who could make Maxwell cry. “He would be screaming over the phone,” recalled an Epstein victim, “and she would burst into tears.” The New York townhouse became a social nexus; guests could have included members of the Kennedy and Rockefeller clans, “along with the requisite sprinkling of countesses and billionaires,” according to The Times of London. She was “a modern-day geisha” in a “domain filled with the richest people in the planet. “It’s a world frequented by young half-naked girls in bikinis, billionaires and lavish lifestyles, but it borders on the grotesque. You are never really sure what is going on behind closed doors.” Royalty was specially prized, which is why her friendship with Prince Andrew became so treasured. In 2000, Maxwell and Epstein attended a Prince Andrew’s party at the Queen’s Sandringham House estate in Norfolk, England. It has been reported that the event was in honor of Maxwell’s 39th birthday. And yet, Ghislaine began trying to distance herself from Epstein long before he went to jail. In the early 2000s, she hooked up in California with a man much richer than Epstein: Ted Waitt. Waitt lived in a seven-bedroom, 14-bath mansion in La Jolla, sailed the world aboard a 240-foot mega-yacht, the Plan B. It was equipped with a helipad, Jacuzzi, elevator, gym, and HAD AN ONBOARD SUBMARINE, which Maxwell soon was licensed to pilot. After Epstein went to prison in Florida for a short period, Maxwell saw the silver spoons turned into hard times again. Acquaintances that crossed her path reported how she was almost unrecognizable. She was not stylish and attention grabbing anymore, seemed determined to go unnoticed. Her face had no makeup. There was a hint of gray in her black hair, she put on some weight. “I was so shocked by her look,” a friend recalled to the British press. “I didn’t recognize her.” She even gave up her once proud name, sometimes introducing herself to new acquaintances only as “G.” “Where are you living, Ghislaine?” the friend asked. “I lost touch with you.” Maxwell suddenly went blank. “Oh,” she replied, “a little bit everywhere.” December 2014: Virginia Roberts Giuffre filed a motion in the Southern District of Florida describing Maxwell as Epstein’s “primary coconspirator and participant in his sexual abuse and sex trafficking scheme.” Maxwell made a huge mistake, issuing an “urgent” statement to the media dismissing the claims as “obvious lies.” That allowed Giuffre, to sue Maxwell for defamation in federal court in New York, a lawsuit “widely viewed as a vessel for Epstein’s victims to expose the scope of Epstein’s crimes,” according to the Miami Herald. Maxwell affirmed her innocence with fury, at one point of her testimony banging her fists on the table. She also, according to charges filed by the DOJ SDNY, committed two counts of perjury. 2019: when the SDNY reopened the criminal investigation into Jeffrey Epstein, Ghislaine was far away, living the high life. She met with her friend Prince Andrew in Buckingham Palace, and participated in “Cash & Rocket”, an annual charity road rally. Between races of the rally, she joined the super rich in attending a Masquerade Ball in London’s Victoria and Albert Museum, as well as a White dinner at La Reserve in Geneva and the Red party at the Yacht Club de Monaco. Those were to be her last reported events. Cash & Rocket scrub Maxwell’s photo from its website once Epstein was arrested and the scandal assaulted the headlines again. On July 6, 2019, Epstein was arrested by federal agents at Teterboro Airport, arriving from Paris. The FBI raided his mansion, and charged him with sex trafficking of minors. “Epstein’s pimp girlfriend, Ghislaine Maxwell, a very well-connected Brit socialite cannot just walk free,” actress Ellen Barking tweeted the day after Epstein’s arrest. “This woman is his pimp. She pilots planes [sic] to and from the island. I know because she told me.” Maxwell again went into hiding, unreachable during legal proceedings. It surfaced in December 2019 that Maxwell was among the people under FBI investigation for facilitating Epstein’s crimes. She was faced with a tabloid frenzy even bigger than the one that accompanied the death of her father. She again uprooted herself and tried to start over in Manchester-by-the-Sea, a quiet village 30 miles north of Boston, she lived for a time in the $3 million, five-bedroom colonial home of Scott Borgerson, CEO of CargoMetrics, a hedge fund investment company involved in maritime data analytics. Since Epstein was found dead in jail, last August, she is reported to have moved 36 times, out of fear for her safety. Credible Death threats arrived by social media, email, phone, text, and postal service. It began in earnest with Epstein’s arrest, multiplied with his death, and accelerated in the months that followed. They soon became a routine part of her life. She hired a professional security firm, with operatives that are veterans of intelligence and law enforcement agencies. This photoshopped photo of Maxwell surfaced last year to mislead the public into thinking she was in Los Angeles. Frank Report was the first to report the photo a fake, a story that went viral.
“Where in the world was Ghislaine Maxwell? Everyone, it seemed, had a theory, each wilder than the last. She was said to be hiding deep beneath the sea in a submarine, which she was licensed to pilot. Or she was lying low in Israel, under the protection of the Mossad, the powerful intelligence agency with whom her late father supposedly tangled. Or she was in the FBI witness protection program, or ensconced in luxury in a villa in the South of France, or sunning herself naked on the coast of Spain, or holed up in a high-security doomsday bunker belonging to rich and powerful friends whose lives might implode should Maxwell ever reveal what she knows—all the dirty secrets of the dirty world that she and Epstein shared.” (Vanity Fair – Jul 3, 2020)
Maxwell remained at large, beyond the reach of attorneys, tabloid reporters, and a 10,000-pound reward from The Sun in London. “It’s a little bit like Elvis—you get lots of reports but they’re hard to verify,” a victim attorney said in May. She was periodically said to have been spotted around the world, usually in places where she was not. Reporters scoured the globe. Some said she was in Russia trying to get a Oligarch to protect her. Others pointed to Israel or Brazil, China, Singapore, the Middle East, England. She was “both everywhere and nowhere,” lamented UK’s The Guardian. On August 2019, she was apparently photographed eating a burger and fries in the Cahuenga Boulevard, in the San Fernando Valley. She held The Book of Honor: The Secret Lives and Deaths of CIA Operatives. Given Ghislaine and her father Robert’s alleged ties to Intelligence Services, this choice does not seem accidental. Papers were running out of incredible stories to account for her disappearance. A bizarre new theory emerged she could be hiding in a submarine which – as we saw – was not downright impossible, since she DID have a license to pilot underground vehicles. On July 2nd 2020, Maxwell was arrested by the FBI and NYPD in the small New England town of Bradford, New Hampshire. It is situated at driving distance of the NYSD. They finally found her in a luxurious four-bedroom, 4,365-square-foot home on a wooded lot, called Tuckedaway. Ghislaine Maxwell was charged with six federal crimes: luring and enticement of minors, sex trafficking of children and perjury. The crimes took place between 1994 and 1997, the years of her “intimate relationship with Epstein,” when she “assisted, facilitated, and contributed to Jeffrey Epstein’s abuse of minor girls.” One of the three unnamed victims was “as young as 14 years old when they were groomed and abused by Maxwell and Epstein, both of whom knew that certain victims were in fact under the age of 18.” FBI assistant director William F. Sweeney Jr. described Maxwell as “one of the villains of this investigation,” who had “slithered away to a gorgeous property” in New Hampshire, where she was “continuing to live a life of privilege while her victims live with the trauma inflicted upon them years ago.” “I am optimistic about my future,” she said in 1997, “and believe things will continue to improve for me as time passes.” Now, according to sources close to her, “I don’t think [Ghislaine] sees there is a future,” came the reply. If found guilty of all charges, Maxwell could face a prison sentence of 35 years. She denies the accusations, and has pleaded not guilty to all six charges. She will await trial locked up in the Metropolitan Detention Center, in Brooklyn. A dreadful prison that is as removed from her previous “silver spoon” upbringing as it’s possible in the US. Hard times. She used to be a larger than life character, who once hosted a dinner for NY socialites on ‘the fine art of giving a blow job’. But then, she really blew it. A report from a source familiar with the Metropolitan Detention Center gives a glum picture of Ghislaine Maxwell’s present conditions. She is in the women’s section and believed to be confined to a solitary cell. Because of the past history of the MDC, it is not impossible to suspect that Ghislaine could be having sexual relations with one or more corrections officers, either male or female. Her available wealth would permit her to buy some privileges directly from the corrections officers who could smuggle in items for her. MDC has a history of guards, male and female, enjoying sex with prisoners and smuggling in everything from alcohol to cell phones to drugs. While she is not enjoying what anyone would call a privileged life, and is most likely [because of Covid protocols] confined to her cell, dank and cold [in summer] perhaps as much as 23-24 hours per day and possibly getting only one hot meal per day, our source says, with her wealth and talent to charm, if there is any privilege, any opportunity, any luxury to enjoy at MDC, she is enjoying it. Of course, she is probably under near-constant surveillance, for no guard wants to go to prison for letting her get murdered or commit suicide – as did her former lover Epstein. It is not known how frequently she is meeting with lawyers in special rooms set aside for the purpose. But an MDC source tells Frank Report that prison officials are known to eavesdrop on those conversations with lawyers and defendants and do so on high profile cases. Whether they report to the prosecution what they learn is unknown. In the end, Maxwell has a hard road to hoe and will remain in the brutal and unsanitary MDC until she stands trial or makes a plea deal or dies. The possibility of additional charges other than those currently charged against her – for hebephilia crimes in the last century – remain a possibility. The late Jeffrey Epstein was a convicted hebephile, a person who has urges for post pubescent but under the age of consent children. Is Ghislaine one also? And are there others, famous and prominent men of power who have indulged as Jeffrey and allegedly Ghislaine have done? The ace in the hole for her, obviously, is, if she has info on other prominent hebephiles that the DOJ for its own partisan or PR reasons might like to selectively prosecute, she can trade that info for a lenient sentence and hopefully not be murdered for doing so. Her former lover, Jeffrey Epstein, might have committed suicide, as the Mainstream Media and the US Govt. urges you to believe, but there are some who find the coincidences, cameras being off, bones broken indicating he was strangled, guards happening to fall asleep as they were assigned to watch the most famous prisoner in the world, such that that it just might cause reasonable people to doubt the official narrative a little more than the corporate media and prison officials would wants us to doubt. The same fate might befall Ghislaine and we may never know just what she did. Whether her crimes were confined to herself and Epstein or whether there was a vast network of hebephiles joining in – or – in fairness to her – she is innocent as she claims, something that a trial, if she makes it to trial, might help us determine. stretcher during the funeral service in Jerusalem’s main convention hall on Nov. 10, 1991. The body is laying on a stretcher, draped in a white Jewish prayer shawl with black stripes as is it tradition of Jewish burials in Israel. (AP Photo/Natik Harnik) Ghislaine is fourth from the left. https://preview.redd.it/vnzmapdilrg51.png?width=432&format=png&auto=webp&s=bde723c918da88ce07aa1091b70c77baa76c0562 https://preview.redd.it/6v6qco3llrg51.png?width=509&format=png&auto=webp&s=7531e39667e4ee9f869b6c56ef8c53e118a8909f https://preview.redd.it/xu6z62snlrg51.png?width=574&format=png&auto=webp&s=c96a9decc1af25e8adc0e31b9cdad1d51c67faee
„I downloaded GTA for free“ – Guide – GTA Online Guide for Epic Games Launcher Players
GTA 5 Online Premium Edition: What's in Epic Games Store Criminal Enterprise Starter Pack?
Get yourself everything you „Starter Pack“ contains, you get properties, vehicles, weapons and clothes for free in a worth of $9.000.000 GTA Dollars. You also get extra $1.000.000 in cash, but this could take up to 7-10 days to get it. All the sales you have will be shown with a dollar sign! Here’s what and how: For property and vehicles open your phone (arrow key up) and go to Internet (arrow key done>enter) Property: (In the internet go to „Money and Services“) Maze Bank West Executive Office (on Dynasty 8) Paleto Forest Gunrunning Bunker (on Maze Bank Foreclosure) Great Chaparral Biker Clubhouse (on Maze Bank Foreclosure) >Senora Desert Counterfeit Cash Factory (if you own the clubhouse, go to the computer there and unlock this property) 1561 San Vitas Street Apartment (on Dynasty 8) 1337 Exceptionalists Way 10 Car Garage (on Dynasty 8) Vehicles (in the internet go to „Travel and Transport“) Enus Huntley S, Invetero Coquette Classic, Grotti Turismo R, Bravado Banshee, Enus Windsor, (Annis Elegy RH8) (on Legendary Motorsports click „Sort by Price“ once) Western Zombie Chopper, Obey Omnis, Pegassi Vortex (on „SouthernSanAndreasSuperAuto.com“ click „Sort by Price“ once) Frogger (on Elitas Travel click „Sort by Price“ once) you can request any aircraft vehicle you own by calling Pegasus on your phone (you can do that in your contacts). The helicopter are an essential vehicle in the game to travel from A to B Dune FAV (on Warstock click "Sort by Price" once) Weapons, Clothing & Tattoos (not on your phone but on the map) Compact Grenade Launcher, Marksman Rifle, Compact Rife are avaliable at every Ammu Nation Gun Shop (Pistole sign at the map) (Stunt Race & Import / Export Outfits, Biker Tattoos)
Some more tipps:
Solo Public Lobby: really worth it if you wan’t a online session for your own/friends and don’t want to be killed by other players randomly. Press ESC + CONTROL and look up for „resmon“ in your search line. You will find a sort of Task Manager. Find GTA5.exe > right click > hold on the process > wait for like 7sec > right click > continue the process. Now all players will be kicked. How to turn off your car radio: Yes, I have been asked about this. If you want to change your radio channel or turn your radio off press Q. What weapons to use as a beginner: Buy the Mikro SMG to shoot out of your car and the Special Carabine to fight NPCs and equip them unconditionally with a silencer and an extended clip as quick as possible. It costs about $40.000 with extensions each. The Homing Rocket Launcher ($75.000) is also an important investment if you need to shoot down helicopters. Also buy Sticky Bombs, they will be really useful. Learn to fly! On the map is a plane sign, which is a flying school. Flying is a really important part in the game and you have to get known with the controlls of it. You also get a bonus of $230.000 Cash if you complete all flying lessons with a gold medal. How do I find people to play heists with: If you have no friends who want to play GTA with you there are of course other opportunities. On specific subreddits like HeistTeams or gtafriends you will find people who are solo players too and need heist members. There are also GTA community discord servers like the one from the youtuber TGG: here. You will never be alone! Weekly Discounts/Bonuses: really worth to look for that. It changes every Thursday at 10 CET. On gtaonline it will be pinned on top of the subreddit. There may be huge sales for cool vehicles and properties (for example 40% off). Sometimes there are double or triple $ and RP events, which is extreme worth grinding. Like for this week 2x for bunker sell (during an 2x money event on the stock of your business the value is already doubled!). Do the Time Trial which you can do once a week to get a $100.000 each. How to drive these races "the right way" and where to find them can you look up on the pinned discount posts on gtaonline. Lucky Wheel: In the casino you can spin the Lucky Wheel every 24h. Prices are Money, RP, sales, clothes and the podium car. The podium car changes with the Weekly Discounts every Thursday and you can with the car every week (Tipp: When it says S to spin the wheel count to 1,2 ,3 in your head to have a higher chancer to get the car). Best investments: For absolute beginners for sure invest in the cheapest High End Apartment Del Perro Heights Apartment 7 ($200.000) on the Dynasty 8 website where you get the opportunity to play your first heists. Play the Fleeca Job then (about $80.000 earnings), where you unlock the sale for a Kuruma ($525.000) which is a must have car for beginners. It’s fully armored and you can literally do every missoins with it because the NPC’s can’t shoot you in there. It can be bought on SouthernSanAndreasAutos**.com.** And if you want to upgrade your helicopter get the Buzzard Attack Chopper for $1.750.000 with machine guns and the essential missiles. In my opinion the best investment you can make to grind for money. It can be requested everywhere for free instead of $25.000 if you are registered as CEO (open shortcut menu with M>SecuroServ>CEO Vehicles>Buzzard). Fast Money: There are plenty of guides on Reddit how to make quick cash in grinding. (Money Grinding) My recommendation: Play Heists with friends who are high level. If you are alone or new with your friends go for Contact Missions (How: ESC >Online>Jobs>Rockstar Created> Missions) Every Contact Mission gives you about $10.000-15.000. The longer you play a Contact Mission, the more money you will get. But on the long run it's more worth it to play the job as quick as possible (in 4-6min $115.000/h and remember with double $ and RP event $230.000/h) Each player in the mission increases the payout by 10%, so best is to play in a full round. (Payouts and other questions for Contact Missions here).
There are plenty of businesses you can run. You own the Bunker business and one M(otorcycle)C(lub) Business . Go to the location of your business, do the setup missions and refill your supplies regualary. In each of this businesses you can improve your production by buying equipment upgrades and staff upgrades (first buy the cheaper staff upgrade then equiment upgrade). You can also buy security upgrades because your businesswill be raided by NPCs (like Police) and trough this you can minimize the probability of raids. The security upgrades doesn't affect your production! (but in my opinion not really worth it because you still can be raided). You can steal or buy supplies. If you didn't bought the upgrades yet, steal the supplies. If you have all upgrades who improve the production of your business buy the supplies for $75.000. The businesses stock will fill in a certain time, but you have to be online in the game! If you have good stock you can sell your products (invite friends for that). Always sell to the best priced location. (Los Santos most of the time) And go in a public solo session, you don't want your products destroyed by some idiot, random player. If your vehicle gets destroyed or you was not able to deliver everything you will lose money. Business is easy money for doing close to nothing + during the time your business fills up you can grind on other Missions or the Special Cargo Crate Missions, whatever you like. Choosing the right location for you business is very important! Look that your businesses are as close together as possible. You will drive crazy going 7 miles all the way up on the map just to look how many supplies you have left. Here's a map for all properties there are, so you can choose the best locations for yourself! Don’t buy the nightclub business as a beginner! You will need the other businesses first to play missions in the nightclub + to get in running you need to pay millions for the 5 mechanics who will farm the money for you. You can switch between beeing a CEO or MC President: Open your shortcut menu with M. .To retire as a CEO go to SecuroServ>Retire. To retire as a MC President go to Motorcycle Club>Disband MC. You can add somebody to your CEO Organization or your Motorcycle Club: to add someone as CEO go to SecuroServ>Hire associates and select who you want to add. As a MC President go to Motorcycle Club>Find prospects and select who want to add. With this function your friends can help you do to deliver your products. Bunker Business: In the bunker you can decide between Manufacturing, Research or both. For money do Manufacturing only. On Research you don't get money, you will unlock weapon upgrades for particular vehicles which also costs money to be customized on your vehicle (Research takes a lot of time and their 51 different weapon upgrades which takes about 7 days if you run it non stop) Doing both may sound smart, but it takes twice as much of the time it would normally take. So doing both is not worth it. If you sell solo sell your stock at $125.000 with no upgrades and at $175.000 with upgrades for one vehicle. For higher stocks invite friends to help you. If you're interested in the number of production, supplies and time it takes: Read it up here. MC Business (Motor Club Business): Your sort of command center for all the businesses will be your clubhouse. The best clubhouse is the Grand Chapparal Clubhouse. It's the cheapest and will be located near your businesses. You can own 5 different MC Businesses ($/hr with staff- and equipement upgrade + recommended location): Cocaine Lockup in Alamo Sea ($46.500/hr); Methamphetamine Lab in Grand Senora Desert ($29.500/hour); Counterfeit Cash Factory in Grand Senora Desert ($27.000/hr); Weed Farm in San Chianski Mountain Range ($24.000/hr); Document Forgery Office in Grapeseed ($12.000/hr). If you're interested in the number of production, supplies and time it takes: Read it up here and the "nerd" version here. Special Cargo Missions: In your CEO Office which is directly located next to your High-End apartment (if you bought the one for 200k) you can grind the Special Cargo Missions. You have to buy a warehouse and source crates. There are three kinds of warehouses: small, medium and large warehouses. The bigger it gets, the more money will it costs but the more you can store in there. You can choose between stealing 1, 2 or 3 crates. Always go for 3 crates. It is the expensivst but you will get the most money out of it in the long run. There is a 5min cooldown between every mission, so people buy a second warehouse to instantly start the next mission when they arrived at the Office (Yes, it's annoys to always wait). Cheapest small warehouse $250.000 (16 crates space, full stock sale $144.000 profit), cheapest medium ware house $880.000 (42 crates space, full stock sale $483,000 ) and cheapest large warehouse $1.900.000 (111 crates space, full stock sale $1,554,000 ). (table of profits and time it needs to fill)If you do solo, sell every 9 crates stored to get only 1 vehicle! Import/Export Business: A CEO Mission (on your Office Computer "Vehicle Cargo"), where you steal cars and source them into a garage. The cheapest garage is $1.500.000 and you can buy in on your Office Computer. There are three catergories of cars: Standard, Mid- and Toprange. The top range cars are the one you want to sell. You can always tune them up for $20.000 and for delivering you get $100.000 which means about $80.000 Profit if you not damage the car. (Sometimes you will be attacked while you steal/deliver the car) There is an algorithm that if you have 10 Standard- and 10 Midrange cars in your garage, you will only get Toprange cars. Alwaystune them up before you sell and never sell Standard or Midrange cars except you really need the money. You always want to go for the Toprange cars to get the most money out.
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