How, why and whos fault is it? Where does the money come from? Are they that terrible at business? A casino should make money no? WTF?!

While my car is getting worked on, I started to make a BCKY ETF and wanted to share it with you all. I welcome any additions or feedback!

TECH

AAPL - Apple Inc. - Becky never leaves her iPhone behind
BMBL - Bumble - shhh don’t tell Becky’s husband 🤫
FB - Facebook - they own Instagram, Becky’s most-used app
MTCH - Match - Tinder for the casual fling ☺️
NFLX - Netflix - for those nights in 💜
PINS - Pinterest - inspiration central
PYPL - PayPal - makes online shopping soooo easy once you figure it out! 🙌🏻
ROKU - Roku - Bridgerton is on Netflix, but The Bachelor is on Hulu! Having a Roku built into the TV makes it easy to navigate
SHOP - Shopify - online shopping 🛍
SNAP - Snap - Becky prefers IG but loves Snap for the selfies and group messaging (and the secret disappearing messages 🤫)
SPOT - Spotify - music fuels the soul 🎶
SQ - Square - CashApp makes splitting the bill sooooooo easy
Z and ZG - Zillow - for daydreaming and snooping on the neighbors
ZM - Zoom - in these trying times Becky has used Zoom to stay connected with her parents 💕

Entertainment

ABNB - AirBNB - For the little getaways, staycations and girls weekends
AMC - AMC Entertainment - Becky went to second base for the first time in the back of an AMC theater (didn’t even watch any of Along Came Paulie)
BALY - Bally’s - Becky likes a night out at the casino
DIS - Disney - for the kids 💕
LVS - Las Vegas Sands - bachelorette party, anyone?
MGM - MGM Resorts - can’t wait to get back to the clubs to do some DANCING 💃
MSGE - Madison Square Garden Entertainment - nightlife, dining, girls night???
MSGS - Madison Square Garden - Becky dated a basketball player after college (don’t tell dad! 🤫)
MTN - Vail Resorts - Becky’s favorite winter destinations
WYNN- Wynn Resorts - classy casino and hotel - Becky wouldn’t be caught dead anywhere else

Food/Beverage

ABT - Abbott - Baby formula was so helpful when Kai wouldn’t breastfeed. Pedialyte for when you have one too many proseccos 😜
APRN - Blue Apron - Soooo helpful to make Becky’s once-a-week meal or when Carla the “help” is sick.
BUD - Anheuser Busch InBev - those Bud Light seltzers are NECESSARY
CAKE - Cheesecake Factory - who doesn’t love Cheesecake? 😍
DASH - DoorDash - for those quarantine takeout meals with Greg 😍
GRUB - GrubHub - tapas delivered for girls night 😻
SBUX - Starbucks - there’s 4 seasons: Winter, Spring, Summer, and PSL
SFM - Sprouts Farmers Markets - organic only 🍃
SHAK - Shake Shack - for the cheat meals 🤫
STZ - Constellation Brands - wine 🍷 anyone?

Lifestyle/Shopping

AXP - American Express - Becky’s black card never stops 🤪
BMWYY - BMW - for the Beckies with an X5
BURBY - Burberry - 💁‍♀️👜
CHWY - Chewy - Becky’s frenchie needs food, duh
COTY - COTY - Becky secretly (or not so secretly 🤪) loves Kylie, Dolce & Gabana and Chloé
DFS - Discover Financial - Becky likes getting cash back 😍
DMLRY - Daimler - For the Benz loving Becky
DOGZ - Dogness - luxury goods for the Frenchie
EL - Estée Lauder - cosmetics company founded by a fellow woman 🙋‍♀️
ELF - e.l.f. Beauty - makeup 💄 what else needs to be said?
ETSY - Etsy - omg so many cute things to buy
FLWS - 1-800-Flowers - I mean who doesn’t love flowers 🌸
FTCH - Farfetch - designer clothing ONLY
GOOS - Canada Goose - Much needed during winter when walking around Manhattan and taking selfie’s at Rockefeller Center. A little trendy but still loving it.
HOME - At Home - cute stuff for the house and cheap enough to throw away after getting that perfect pic for IG
HTHIY - Hitachi - the magic wand is Becky’s little secret
JWM - Nordstrom - designer brands ONLY
KNL - Knoll - luxury designer furniture that is so cute and so comfy. IYKYK
KSS - Kohl’s - Kohl’s Rewards are practically a currency right? 💵
LULU - Lululemon - quintessential Becky. The leggings don’t just make her butt look good, but they’re comfy and perfect for the IG flex
LVMUY - LVMH Moet Hennessy Louis Vuitton - this just speaks for itself
M - Macy’s - ugh kinda for the poor people but they have good deals so Becky will shop online
MA - MasterCard - when the farmer’s market won’t accept American Express
MLHR - Herman Miller - super expensive furniture for the home and sooo comfy
PFE - Pfizer - why is this in the lifestyle category? Because Becky would have a breakdown without her Xanax
TEVA - Teva Pharmaceutical - Becky runs on adderall that is prescribed to her son
PTON - Peloton Interactive - the ultimate Becky item - if you didn’t post your workout on your IG story did you even spin?!
REAL - The RealReal - Cartier, Chanel, Christian Louboutin, LV, Gucci, Hermès, Prada, Tiffany’s and more!
REV - Revlon - some of Becky’s fav actresses promote their products
RH - Restoration Hardware - only the best for Becky’s home
SFIX - Stitch Fix - Becky took the styling quiz and gets emails from them all the time, but still hasn’t placed an order (but she really wants to to support a company headed by a woman CEO 👩🏼‍💼)
(S)TIC - Northern Star - Becky’s frenchie gets soooo excited for her monthly Bark Box
TCS - The Container Store - Becky just CAN NOT walk by without going in
TGT - Target - 🎯 this one is self explanatory- Becky doesn’t leave until it’s dark out
TSLA - Tesla - for the more environmentally conscious Becky that still needs to flex
TUP - Tupperware- perfect for packed lunch boxes and leftover tapas 🥰
ULTA - Ulta Beauty - looks are everything and Ulta sells everything Becky needs
V - Visa - Becky recognizes that name from the front of some of her credit cards
WSM - Williams-Sonoma - Becky buys a lot of her home goods at Pottery Barn and West Elm

2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below:
​
Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
Retail exclusives can grow the potential universe of licenses and increase retailer buy-in
· For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores)
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
Previous DD: Herman Miller

Hi all,
To celebrate the return of Undervalued to the Reddit community, I decided to put together a quick DD and post it on a stock that I have had my eye on for a little while. It's still a "work-in-progress" and I may potentially update it later on Reddit with more information or detail if I have time at some point in the future.
If you have any opinions, thoughts, or additional information, please share it. Positive. Negative. Neutral. All information is helpful and informative to the community. (I thought the feedback received from my first DD posted to this sub was quite helpful and I look forward to what you have to say.)
Thank you to u/BuyLowSellNever for turning the sub back on; allowing us to share and discuss ideas with the broader community in a thoughtful and respectful manner. Best wishes. - LA

Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.

2/9/21 Update: Additional info posted here

2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price.
Check out my DD below:
Funko (FNKO)
Share Price (02/01/21) : $12.90
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
Retail exclusives can grow the potential universe of licenses and increase retailer buy-in
· For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores)
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
Previous DD: Herman Miller

2/9/21 Update: Additional info posted here

Hi everyone.
Funko is a great stock that I believe will do well this year. Internet search traffic for Funko has been increasing and is at all-time highs over the last couple of months. The company is selling more of their toys directly to customers through their e-commerce shop (which allows them to capture higher retail revenues than wholesale revenues). And demand for collectibles and toys continues to be strong.
Here is a DD I wrote on the company below. I would love to get your thoughts.

Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.

This is the best tl;dr I could make, original reduced by 64%. (I'm a bot)

BERLIN - German news agency dpa is reporting that illusionist Siegfried Fischbacher, the surviving member of the duo Siegfried & Roy, has died in Las Vegas at age 81.The news agency said Thursday that Fischbacher's sister, a nun who lives in Munich, confirmed his death of cancer.
ADVERTISEMENT.Fischbacher's long-time show business partner, Roy Horn, died last year of complications from COVID-19 at a Las Vegas hospital.
In a statement announcing Horn's death in May, Fischbacher said, "From the moment we met, I knew Roy and I, together, would change the world. There could be no Siegfried without Roy, and no Roy without Siegfried."
For years, Siegfried & Roy was an institution in Las Vegas, where Fischbacher and Horn's magic and artistry consistently attracted sellout crowds.
The Siegfried & Roy show incorporated animal antics and magic tricks, featuring 20 white tigers and lions, the number varying depending on the night.
"Throughout the history of Las Vegas, no artists have meant more to the development of Las Vegas' global reputation as the entertainment capital of the world than Siegfried and Roy," Terry Lanni, chairman of MGM Mirage, the casino's parent company, said after the 2003 attack that injured Horn..

Summary Source | FAQ | Feedback | Top keywords: Roy^#1 Siegfried^#2 Las^#3 Fischbacher^#4 Vegas^#5
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After I tried to stop this series and start a new series (which failed), I am back in the driver's seat for King's Survivor's final phase, since it would probably have lasted longer if Adobe didn't cancel Flash (thanks for rushing my series, mate!). This season, I tried to do what u/swoldow did before and make a season called Saints Vs Sinners, where 10 people who embody the term "Saint" will face off against the people who embody the term "Sinner", but unfortunately, it seemed like a lot of the people who signed up misunderstood the definition of saints and sinners. For the love of god, someone who is slightly villainous is not a "sinner", and average people are not "saints". Oh well. I guess it's the best I'm gonna get. Here is the cast:
Kahramanca (Saints) Tribe:
Ardet Prifti, 31, Rhythm Guitarist, u/Twig7665
Ardet lived a difficult life. Born in Albania with a family that was associated with the mafia meant that Ardet was never safe, and one day, he came back home to find his whole family had been murdered by the Albanian mafia. He spent years on the street, struggling to survive, before he discovered his musical talent. He played a guitar (which he had to steal), which enabled him to earn money. After a few years of doing that, he moved to the United States, where he did his best to get into the largest music college in that country, and actually succeeded. He met some people that became his bandmates, and soon they were pretty popular in the underground scene. When their fame exploded, Ardet's bandmates grew either egotistical or paranoid, but Ardet saw fame as a way to spread awareness for mental illness. He has now become a strong supporter of mental health charities around the country, and he signed up for Survivor to raise money for one of the charities he supports.
Ava Chrisly, 23, Kindergarten Teacher, u/Gemini_B
Ava was born deaf. After her father died when she was 3, her birthmother struggled to care for her and her 3 siblings. Ava was especially tough since she needed special treatment and one night her birthmother left her on the doorstep of a rich widow with a note explaining how Ava got there. The Widow, not wanting to deal with a deaf child, left her outside where she spent a cold night alone and scared. She came across Marissa, a young girl who ran away from home. Marissa took pity on her and the two banded together.
They spent years together on the street with Ava learning to read lips and Marissa learning sign language. Marissa quickly saw that Ava had a gift with children and encouraged her to find a job with kids. Ava didn’t want Marissa to leave, but then Marissa surprised her by revealing she had a scholarship to a teachers college. Ava went off to the collage and became a kindergarten teacher, but when she returned she learned that Ava had gone to jail for stealing from a rich old woman and using the money to bribe a college administrator. Ava promised she’d help bail Marissa out, and learned about survivor. She’s hoping she can win the million to help free Marissa and get their lives on track.
Chelsea Rutherford, 22, Lifeguard, u/IAmWolfNinja
Chelsea was the heiress to the throne of a foreign country with a corrupt government. The wealth that came with such a status meant nothing to her, since she was utterly disgusted with the actions of her family. Knowing her resentment for their governmental policies, Chelsea's family gradually became verbally abusive towards her. Unable to take any more, she escaped as a teen to pursue her own path. When she arrived in America, Chelsea wanted to do everything she could to erase her dark past and the actions of her family, so she got a job as a lifeguard, where she has saved countless lives. She's occasionally recognized as an heiress, but when it's brought up, she tends to have nervous breakdowns.
Chester "Cap'n" Richardson, 67, Retired Naval Officer, u/swoldow
Some may see him as just the average old man, but Cap’n has seen and done things most people couldn't fathom. Cap’n joined the navy at a ripe young age about 5 years before the Cold War began, and learned everything from afar, slowly working up the ranks. When things got bad in Vietnam, he was given the chance to take charge of a ship during the war, and he immediately said yes. He ran the ship strictly, but he got both respect from everyone, as well as being genuinely liked as a person by his crew. He led them to many naval victories but unfortunately that didn't last, when his ship was shot with a torpedo, which blew the whole thing up and killed everyone on it, except for Cap’n. With the emotional baggage of watching people he has gotten to know kick the bucket, he immediately resigned from the navy after. As a result of the shipwreck, his mindset has changed, as he’s now super overprotective of his family, and still can't let the explosion go after years and years of retirement. He hopes Survivor can help him learn more about himself, and be the thing he needs to live the rest of his life in peace.
Cornelius Von Helton, 52, CEO, u/Gemini_B
Cornelius was raised by a family that had fallen from riches and was in tough times. He never expected to get to go to university but got lucky by getting a scholarship for his creative greeting cards. While at university, he enrolled in a business course and after collage started a greeting card business with some friends. All of his friends quickly gave up on the business, but Cornelius stuck through it. When he made a greeting card that was delivered to Eddie Murphy, the comedian was impressed and hired him to do his greeting cards to his friends, family, and invitations to parties. Quickly other celebrities started to hire his business and many fans wanted to get into the trend. His business rapidly expanded and he soon found himself with a company that covered parties, greeting cards, published books and even dabbled in a touch of Realestate. While in his thirties though, Cornelius was mugged while on a walk in the park and got stabbed. He was quickly rushed to the hospital and while there, he was nursed back to health by his soon to be wife. He claims that she saved his life and proceeded to date her after leaving the hospital. She was reluctant at first, but he quickly charmed her and the two have been married for 15 years now. He has two children, a son aged 10 and a daughter aged 8. He's continued to run his business, but leaves most of the work to his higher-ups as he wants to be able to spend as much time with his family and employees as possible. He views his employees as his family and does his best to remember all their names and make the workspace as nice for them as possible. He's come to survivor because his wife loves the show and wanted to compete, but due to growing health issues can't. She's trained him to win, and he wants to do this and win for her.
Dana Vasquez, 43, Stay At Home Mom, (filler character)
Greg Zimmer, 40, High School Teacher, u/AngolanDesert
Greg is one of the nicest people you will ever meet. He is very trusting and kind and will do anything for the people he loves. Since he grew up in Texas, hard work has always been his priority. He knows that if he wants to win this game, he has to work hard at everything he does. Greg decided to be a high school teacher so he could teach his students the importance of hard work. He has been a fan of survivor for a while, so when he saw that applications for survivor were going out, he knew he had to join in. Hopefully, he won’t disappoint his students.
Gwendolyn "Gwen" Wallerby, 52, Baker, u/ghetra
Gwen works at a bakery where she gets to do what she loves every day: make many different kinds of pies. She is a very warm, loving person and has a reputation for helping out whoever needs it, usually by baking for them. Baking takes a lot of patience and strength, and she is stronger than she looks. She naturally has a very loud voice that sometimes irks people, but once they get to know her it quickly becomes endearing. Now that her children are out of the house, she has started reading much more and taking classes on different subjects that interest her. The world is her oyster.
Kirk Smolarek, 62, History Teacher, u/Twig7665
Kirk never had a normal childhood. His mom walked out on his family not long after he was born, and his father was a former Polish soldier with PTSD and a severe drug addiction, leading to Kirk experiencing abuse from him for as long as Kirk can remember. Wanting to escape his miserable life, he smuggled himself on a boat bound for Australia when he was 16. Lo and behold, the ship got caught in a windstorm and ended up sinking, and Kirk and a few other survivors ended up stranded on an island. After spending more than a month there, he was taken back to his homeland after being found there. He ended up being the only survivor of the whole ordeal. He was returned to his deranged father, where the next time his father tried to abuse him, he fought back, causing his father to end up in the hospital. Deemed not guilty because he defended himself, Kirk did not spend time in prison for this. His father on the other hand did spend time there for drug-related charges and child abuse, but was killed by another inmate before he could be released. Kirk then went to college, where he studied history there, and decided to become a history teacher. He then kept that job title for over 40 years now, and despite being in his 60s, he is still an enjoyable presence for his students, as he incorporates unusual teaching methods to make his students interested in what he's teaching. Despite being financially stable, he wants to win the money so he can be well off when he retires in a few years.
Maralyn Sander, 32, Tour Guide, u/Void_Drone
Maralyn gives tours of New York, driving around in her bus, answering questions, watching broadway shows. And she spends most of her money on her family, except for the money she spent on her pink pearl necklace. She enjoys the tours for the most part, but when she's alone she vents about how annoying the tours can be.
Kotu Adam (Sinners) Tribe:
Alexa Station, 20, YouTuber, u/IAmWolfNinja
A 3AM YouTuber who arrived late to the trend, Alexa has a tendency to flex her belongings when no one really cares. She was recently involved in a scandal where she faked her boyfriend's death, causing endless amounts of controversy, and a near arrest. Her sub count is dropping significantly every day, so she joined to help gain her popularity (relevancy) back.
Carter Witworth, 23, College Student, u/JTsidol
Witworth, he was born to a extremely rich family, but his parents didn’t have time for him, but spoiled him rotten, when he got into school, he was known for being a bully, however no one confronted him, and everytime he’d get in trouble or fail a test, his parents would pay his way out, last year, he got a slap in the face, when his parents yet again had to bribe the college board to accept him, they cut off his allowance, he’s playing just for the money, nothing else.
Irvin Eamers, 32, Olympic Sprinter, u/asiansurvivorfan
A born athlete, Irvin loved competing in all sports but wasn’t known to play fair as he was never a team player and would often torment others to win. He started training for the Olympics at the age of 17 and eventually got the opportunity to compete in multiple Olympics where he took home many gold medals. However, they were striped from him when he was caught doping and using steroids to give him an edge in races. After the controversy, Irvin’s current wife left him and he was banned from competing in any future competitions. He came on Survivor for one reason and that is that is the money as he’s currently being sued by the Olympic committee.
Jessica Abrefa, 25, Poker Player, u/Twig7665
Jessica wasn't the most well off growing up, she lived in Alabama, where racism was rampant. As such, she was bullied for her race, until one day, she decided that they will all be wrong about her not being able to do anything because of her skin colour. She publicly humiliated the whole football team at her high school, and that stunt got her expelled in her senior year. She didn't care, and then she decided to run away to Las Vegas, which she did. While there, she started modeling, but found it boring. She then picked up the hobby of gambling, and played her first poker match when she was 21. She proved herself to be a formidable foe by beating one of the top poker players at the time, a dude named Brett Herman. Impressed by her skills, he tried to form a bond with her, but she turned him down due to him being a very paranoid man. Now, Jessica dates and cheats on men almost daily, and is considered one of the top female poker players, despite only playing for a few years. An avid Survivor fan, she wants to be as flirty and manipulative as she is in her real life. The only problem would be meeting another poker player, but she finds it unlikely that she will.
Joey "Wildcard" Caruso, 24, Poker Player, u/wordonthestreet2
Joey did not grow up with the best moral compass as his father notoriously had ties to the mafia. He used the money his father made through illegitimate businesses to gamble throughout his teenage years. When his father learned about his poker abilities and how easy it was for him to manipulate his opponents they began using his poker career as a way to launder mafia money through various casinos. He is known for his excellent poker face and unpredictable style of play which earned him the nickname Wildcard.
Maize Nguyen, 28, Heiress, u/Vicctoryy
From the outside looking in, the Nguyen Family Dynasty of San Francisco looks like a well supported and strong business, but from the inside, things are crumbling apart. The matriarch and patriarch are always at each other's necks over the company, leaving their children to clean up their messes. Maize, being the oldest, has taken it upon herself to lead the company, and she leads with an iron will and even harder iron fist. While she seems like a worthy replacement for her faulty parents, she has never been afraid to leave with force. Anyone at the receiving end of a verbal lashing from Maize is likely to not return to work the next day, or ever again. She is arrogant, rude, demeaning, and yet she gets things done. Saving the company from absolute bankruptcy caused a lot of backlash, but Maize couldn't care less. Success should be accomplished by stepping on the necks of those who aren't ready for the power, and Maize has done that exact thing. Any person in Maize's way has been an obstacle she has to conquer, and with a flip of her finger, that obstacle is no longer a problem. She has never been afraid to crack a few eggs to make an omelette, and unfortunately, those eggs have just been working class people struggling to make minimum wage and put dinner on their table. Too bad for them according to Maize. Maize has come to Survivor to prove that the Nguyen Dynasty is far from over, and their business monopoly will run on for years with Maize at the front of it. She is the iceberg, everyone else is a ship with no idea of what's in their way. Those too bold to step in her way are trampled, quite literally. Maize has no problem with controversy, controversy brings attention, attention brings money, and money brings power.
Molly-Anne Benson, 26, Marketing Assistant, u/ghetra
Molly-Anne is a social butterfly. She loves chatting with people about pretty much anything and loves meeting and getting to know new people. She has a natural charm about her that draws people in, but sometimes people are bothered by how chatty she is. She also loves to gossip and is not above spreading rumors. However, she is rather sensitive and can be set off by just about anything. She frequently will push people's buttons if they offend her and will hold a grudge until the end of time.
Nikki Lopez, 29, Stripper, u/Void_Drone
Randall Martin, 49, Real Estate Agent, u/TDSwaggyBoy
Being a self proclaimed sleazeball, which is a very weird thing to be proud of, Randall's life was never too good. He didn't grow up with a lot of close friends. Sure, people liked him at first, but when they really got to know him they didn't appreciate him nor his antics very much. Randall had to make a name for himself. He quickly found a career in the world of real estate. Not even his co-workers enjoyed his company, but they appreciated his skills. Being a fast and smooth talker really pays off in his industry. And now, Randall wants to put his skills to use in SURVIVOR. How well will that pan out?
Vito Luco, 49, Used Car Salesman, u/swoldow
Vito is the last person you'd want to trust with anything. A true con-artist at heart, he now has a job selling used cars, but his past jobs would make you run away from him in fear. When he was younger, he was a part of a major drug-trafficking operation run by the mafia, and he later got a job selling illegal fireworks, both of which got him to do jail time for a decade. Newly released, he seems to be back to his old ways, as he scams people out of their money daily with his faulty cars. He was born constantly overshadowed by his perfect younger brother, who is a popular politician, while he just swindles from people. As a result, he hates people who play loyally, and wants to prove that evil is the best way to play. He isn't afraid to play hard, as that's what he did all his life, and he'll either win, or go out swinging.
Link to Season
Episode 1: The 20 new contestants are welcomed into Turkey, where their first task is to compete in a challenge for reward. The Sinners tribe win this reward due to having more young and fit members than the Saints tribe. As a result, the Saints are already demoralized as they arrive at camp. Cap'n starts to feel good vibes from Ardet and Maralyn, and takes them under his wing to form an alliance. Ava, on the other hand, reveals that she is deaf to Chelsea and Gwen, and the three form another alliance due to being close to one another already. Cap'n sees this and scrambles to find an idol, and does so. Over at the Sinners tribe, Witworth and Jessica see their opportunity to look for an idol, and they find it, giving them more security, while back at camp, Maize and Nikki get into a fight over thinking that the other has an idol, which neither of them do. Vito becomes the moderator of this fight, saying that the three of them plus Irvin and Molly need to stick together in the long run. Randall sees this alliance form and tries to get Alexa, Jessica, Witworth, and Wildcard on board, which they all agree to at first, but then Wildcard sees this as his opportunity to cause conflict within his tribe, so he becomes content with being a swing vote. The Sinners win immunity, and on the Saints tribe it quickly becomes a race to see who can scrape up the swing votes the fastest between Cap'n's alliance and Ava's alliance. Dana becomes the target for Ava's alliance because of her weakness in challenges and her blind loyalty, while Greg is targeted by Ardet and Cap'n due to his shiftiness. They are able to get Kirk and Dana on board to blindside Greg, and they try to talk to Gwen, but she does not flip. Instead, at tribal council, we end up with a 5-5 split, followed by a 4-4 vote split due to no one flipping. Then a rock draw occurs on the first vote of the season. Ardet becomes the victim of the rocks, sending him out of the game despite never receiving a single vote.
Episode 2: After an explosive first vote, Cap'n tries to figure out who flipped on the six and sent Ardet home. No one tells him who did it, so he assumes it was Ardet. Ava tries to flip Maralyn from Cap'n's alliance, but is unsuccessful at doing so. At the Sinners camp, Jessica and Witworth, despite being closely aligned, argue over who gets to keep the idol, and Witworth ends up keeping it in the end. The Saints pull out a surprise victory over the fractured Sinners, and back at camp, Wildcard decides to snake the alliance he was pretending to work with, and joins Vito's alliance. Their first target is none other than Alexa, who saw this game as nothing other than a tool to get more relevancy back, and it particularly irked Vito, who wanted to play against people who played hard. So together, with his alliance and Wildcard, they vote for Alexa. Meanwhile, the four person alliance realizes that Wildcard snaked them, so they vote for him, and Alexa becomes the second person voted off in a 6-4 vote.
Episode 3: After Alexa's vote off, Irvin tries to bond with Vito, wanting to be his right hand man, and they become closer due to both being sleazy people. Wildcard begins to feel like he's in control, and it starts to annoy people on his tribe. At the Saints camp, Cap'n starts to rub people the wrong way because of his cockiness due to having an idol, but no one catches on to him having an idol, which is good news for him, because he plans on holding onto the idol until the merge. The Sinners win immunity for the third time, and they grow cocky because of this. Cap'n and Kirk, being the two oldest men on the tribe, join forces with Dana and Maralyn to take out their biggest threat in the opposing alliance, Greg. However, the other side has majority, and they decide that Dana has been blindly loyal to the other three, and hasn't been pulling her weight in challenges, so she becomes the third person voted out in a 5-4 vote.
Episode 4: After a somewhat boring vote, Greg starts to get paranoid, since he's already gotten 9 votes and it's only episode 4. He then tries to get the minority alliance to pin their votes onto Gwen, but Gwen gets angry at him for doing so, and they have an argument. At Sinners camp, Jessica tries to talk to Irvin, trying to get his alliance to help hers take out Wildcard, and Irvin tells Vito about the plan, and Vito starts to see Wildcard as not being of use anymore. After losing the reward challenge, the Saints come back harder and beat the Sinners at the next challenge. Wildcard lets Vito know that he is going to vote Maize, since he wants to make a big move early on. This becomes the final nail in Wildcard's coffin, as Vito was quite close to Maize. At tribal council, Wildcard becomes the first unanimous boot of the season, going out in a 8-1 vote.
Episode 5: Vito starts to think that Irvin has been playing way too loyally, and he gets into a discussion with him that slowly devolves into a full-blown fight between them, but Vito, realizing that Irvin would make a bad enemy, tries to make it up to him, and it works. The Sinners win both reward and immunity, and they feel elated about it. Cornelius goes to Cap'n and proposes an alliance to him, allowing them to control things from behind the scenes with Maralyn. He also reveals that he has grown a disdain for Greg, and that they need to flip the numbers on him. They get Gwen and Kirk on board, or so they think, but Gwen blabs to Greg and their alliance, leading to Kirk to flip as well. They decide to vote Cornelius out due to him being the biggest gamer on the tribe, and he goes in a 5-3 vote.
Episode 6: The tribes pack up their things, anticipating a swap, but then the host announces that they will be competing for individual immunity on their tribe, and whoever wins will be safe from the double tribal council taking place that night. Maralyn wins for the Saints, and Vito wins for the Sinners. The Sinners also win reward, earning food to enjoy while they watch the other tribe go to tribal council. Witworth, Jessica, and Randall decide it was now or never to get rid of Maize, who had a fight with Randall earlier that day, but Vito, hearing about this, decides that Randall is the biggest sleaze on his tribe, and he needed to go as soon as possible. In his voting confessional, he states there can be only one sleazy guy on the tribe, and that was himself, so Randall had to go, and Randall becomes the sixth person voted out in a 5-3 vote, and he is bitter as all hell about it. At the Saints tribe, Cap'n becomes angry over the fact he cannot vote in the majority, and it makes the majority annoyed with him, so they decide to vote him off. Luckily for Cap'n, he still has an idol, so he and Maralyn vote for the most threatening player in their minds, Chelsea, and Cap'n plays his idol, sending Chelsea out of the game in a 2-0 vote.
Episode 7: After Chelsea's idol out, Cap'n officially became public enemy number one on his tribe, and he tries to find his rehidden idol, but Kirk finds it instead. Maralyn and Greg have a fight due to the food on their tribe running low, and morale being even lower. At the Sinners tribe, Nikki begins to be seen as an easy goat due to her one-sided loyalty to Vito. Morale at the Saints tribe dips even lower when they lose both reward and immunity. Not wanting to lose again,the majority decide to vote off their oldest member, Cap'n, as a last ditch attempt to prevent them from going on a losing streak. Cap'n and Maralyn vote for Greg, and Cap'n becomes the eighth person voted out in a 5-3 vote, missing out on the jury by one placement.
Episode 8: After Cap'n's vote out, there are only five members on the Saints tribe, compared to the Sinners having seven. The Sinners increase their winning streak by two by winning both reward and immunity. At the Sinners camp, Jessica and Witworth have another fight over the idol, with Jessica insisting that she keep it. This causes the rest of the tribe to be alerted to the fact that Jessica and Witworth have an idol, and Witworth becomes a target because of this. At the Saints tribe, the women form a tight three, and Kirk and Greg are forced to band together to survive. At tribal council, the three women stay strong, and Greg is voted out 3-2 and becomes the first member of the jury, leaving only four Saints left in the game.
Episode 9: With his back up against the wall, Kirk knows that he's probably gone next if he didn't have the idol, which ensured his survival until merge. The Saints finally win a challenge, a reward challenge, but lose immunity once again to the inflated egos of the Sinners. Not much else happens this episode, but Kirk tries to get Maralyn to flip and vote out Ava, but she disagrees to do so, and she votes for Gwen instead, making Kirk not trust her, and he decides to vote for her, while also playing his idol. This causes a 1-1-0 tie between Gwen and Maralyn, and Ava, misunderstanding what would happen if she forced a tie, votes for Gwen while Kirk votes for Maralyn, and Ava becomes the second person in King's Survivor history to be eliminated by default, due to there being no other options, and she becomes the second member of the jury
Episode 10: At long last, the tribes merge into the purple Ucurum tribe, meaning balance in Turkish. Left in the game is Witworth, Gwen, Irvin, Jessica, Kirk, Maize, Maralyn, Molly, Nikki, and Vito. At first, it seems like it would be Saint Vs Sinner, but Jessica and Witworth come to the three Saints left in the game, and they convince them to vote with them come tribal council. Vito wins his second immunity challenge of the season, and his target was Witworth for being the strongest male not in his alliance, and also for lying about not having an idol, which he believed was given to Jessica. At tribal council, the lines cause a 5-5 divide between Irvin and Witworth, and on the revote, Maralyn randomly decides to flip to avoid a tie, and Carter Witworth becomes the third member of the jury, and also another person to go out with an idol in their pocket. He is understandably pretty pissed about this ordeal, but wishes his tribe well.
Episode 11: The day after Witworth's blindside, the nine remaining contestants compete in a reward challenge, which the team containing Irvin, Maralyn, and Vito win. At the reward, Irvin and Vito realize how dangerous Maralyn could be after she starts trying to talk game with them. Soon afterwards, Maralyn finds the idol, and Jessica calls out Molly for following Vito almost blindly. Nikki wins the second post merge immunity challenge, and Vito tries to recruit Jessica for the vote, which succeeds. They then choose to target Maralyn, since she was the most threatening out of the three Saints, and the six remaining Sinners pin votes onto her. Unfortunately for them, Maralyn pulls out an idol, and the Saints vote for Irvin, a potential immunity threat, making him the fourth member of the jury in a 3-0 vote.
Episode 12: After Irvin's blindside, only two men are still in the game, compared to the six women. Nikki is able to find an idol, after thinking that she hasn't been playing hard enough, while Molly gets into a fight with Maralyn over the latter pulling out an idol, which she hadn't wanted her to do. Molly wins immunity, and it becomes a battle of the Saints Vs the Sinners, just like the theme of the season. The Saints go after Maize, wanting to weaken Vito further before going after him, but they are unable to swing anyone over and Vito, fueled by vengeance, gets his alliance to vote for Maralyn. In a 5-3 vote, Maralyn becomes the fifth member of the jury. Back at camp, the final seven become annoyed at Nikki's arrogance after being safe from being voted out, so she becomes a target for the two remaining Saints left. Kirk also becomes a target for being a perceived leader for Gwen, causing him to be target numero uno. After Kirk wins immunity, the target shifts from him to Gwen, due to her being perceived as not wanting to play the game, and rather would be along for the ride, which Vito found unpalatable. Kirk and Gwen then try to vote out Molly for her strength in challenges, and in the end, Gwen gets the boot in a 5-2 vote, making her the sixth juror.
Episode 13: With only six people left in the game, the final reward challenge takes place. Maize wins it, and she shares it with Vito, her closest ally, and Jessica, who her and Vito wanted to bring closer. Soon, they realize what a threat she could be, especially because she's a poker player, she becomes the biggest target instead of Kirk. Luckily for her, she wins immunity. Kirk tries to bond with Maize as a way to get Vito to not vote him out, but it backfires, and he becomes the biggest target yet again. At tribal council, he votes for Molly, but everyone else votes for him, making him the seventh juror in a 5-1 vote and completely eliminating the Saints from the game.
Finale: Jessica, Maize, Molly, Nikki, and Vito remain. Five players who had remarkably different playing styles, but all came from the same tribe. They compete in the second-to-last immunity challenge, which Maize wins, and the biggest target becomes Jessica again, who has proven herself to be the only player not following Vito, and only voting with him just to get further in the game. Vito does not feel the same way about keeping Jessica around, so he and his alliance with Nikki, Molly, and Maize vote for her, and Nikki plays her idol in case someone flipped on her, and Jessica becomes the eighth juror in a 4-0 vote. Back at camp, Vito feels incredibly cocky, and he tries to influence a fight, and he does so between Nikki and Maize. He then goes on to win final immunity, and Nikki tanks her own game with her fight with Maize, and everyone votes her out, causing her to become the ninth juror in a 3-1 vote. The final three consists of Maize, Molly, and Vito. Molly gets criticism for her lack of strategy, only using her social game to get far, and her challenge capabilities. Maize is seen as following too closely to Vito, but the jury is willing to vote for her if Vito tanks his jury speech. He does not, and explains his game in great detail, saying he started out forming a five person alliance on the first night, he commenced the Wildcard blindside, the Witworth blindside, the Jessica blindside, etc. He did it all, but the bonds he formed in the game were genuine, and he didn't intend his villainous backstabbing to be taken personal. In the end, he gets all the jury votes, even from two people he never met, Greg and Ava. Maralyn wins the Fan Favorite for standing up to Vito and her idol play.
Winner: Vito Luco, u/swoldow
Fan Favorite: Maralyn Sander, u/Void_Drone
Potential Returnees (yeah, I haven't done this in a while): Vito, Jessica, Kirk, Maralyn, WItworth, Ava, Cap'n, maybe Ardet, if I do a first boot season
Next season, will be the final season before season 35, I won't spoil the theme for 35, but trust me, it won't be a season to miss. Season 34 however, with the release of the new Island Of The Idols sim, it will feature two King's Survivor Idols, who will be revealed with the sign ups. Next season will be King's Survivor Venezuela: Island Of The Idols!

SALT LAKE CITY

• ‘Real Housewife’ Heather Gay is brash, bold and surprisingly vulnerable (Salt Lake Tribune)

"From the moment “The Real Housewives of Salt Lake City” premiered, Heather Gay has been brash, bold, funny and outspoken. It’s easy to see why producers cast her — she’s very entertaining.
Chatting on the phone, Gay is all that. But she’s also unexpectedly vulnerable. It’s clear she’s still dealing with her 2015 divorce, which she said shattered her life and her self-image.
“I know that I’m unfiltered,” she told The Salt Lake Tribune. “I know that I speak from my heart. And I know that I do things that I regret and cringe after I hear myself say them. So I’m terrified of what I’ve done to ruin my own life, but I’m also excited to see how this plays out.
“All I want to do is be liked! This is probably the wrong arena for that, right?” she added with a laugh.
Gay said she’s a longtime “Real Housewives” fan, and didn’t hesitate when she was asked to be on the show — although the invitation was unexpected.
“Just having a producer call to ask me who I thought was interesting in Salt Lake City was more fun than I’d had in a long time,” she said. “I thought I just kind of was the girl that knew a lot of fascinating women.”
And she was “thrilled” to be asked. “I love the franchise. I love television. I love new experiences. I love having something other than just the doldrums of my sad, depressing life,” she said with another laugh.
Heather has described herself as “Mormon-ish” and a “good Mormon gone bad.” And she told The Tribune that one of the reasons she agreed to be part of “RHOSLC” was so that her exit from The Church of Jesus Christ of Latter-day Saints would be public.
“When it came down to it,” she said, “I thought if I’m going to leave the Mormon Church, this is the way to do it. I was kind of sick of living in the shadows. I don’t want to say double life, but I was transitioning out of the faith very slowly — like a slow bleed.”
She remains ambivalent, however, about her church membership.
“My only fear was — if I go big, I’m going to get a letter from church authorities saying, ‘We have forcibly removed you from our records,’” she said. “I’m not going to lie — I thought about it a lot and worried about it. But I’m here. My mailing address hasn’t changed either. If they want to send me the letter, I’m open to that consequence happening.”
In the first episode of “RHOSLC,” Heather told viewers her ex-husband’s grandfather had been hired as billionaire Howard Hughes’ “driver and henchman,” and that the Gay family “inherited a huge portion” of the Hughes estate after he died in 1976 — which was partially true.
Frank William Gay was a student at UCLA when he was hired to be Hughes’ driver and gofer; he eventually rose to become a top executive at Hughes Tool Company, Hughes Air Corporation and the Summa Corporation, which controlled Hughes’ Las Vegas hotels and casinos.
But Hughes later wrote that he no longer trusted F.W. Gay. And, according to F.W. Gay’s 2007 obituary, his money came from “running Hughes’ many business ventures, not from the Hughes estate.”
But there’s no disputing that Heather married into a very wealthy family.
Heather hasn’t talked much about her ex-husband — other than referring to him as “Bill” in Episode 3 — and making comments like, “He’s been supportive” of her being on the show “in his way.” But she also said on “Watch What Happens Live” that “this isn’t how he wants the mother of his children to conduct herself.”
Heather readily admits her marriage was no great love story, but said the end of the union devastated her. Raised as a member of the LDS Church, she wanted to get married, raise a family and “grow old” with the father of her children.
But “not with the man I married,” she said. “Let’s just be clear. I didn’t want to grow old with him. I knew that, like, day three [of the marriage].”
She was, nonetheless, a “dutiful housewife for 11 years,” she said, and she “suppressed every personal instinct in order to be a good wife and a good mother, but it didn’t work out.”
(The divorce was finalized in 2015.)
“I took that role so seriously, which is probably why it was so totally devastating when I got divorced,” Heather said. She was left feeling like she’d failed not just as wife and mother, but as a member of her church.
Heather has custody of her three daughters — Ashley, 17; Georgia, 14; and Annabelle, 13 — who are “very cool, reasonable, balanced, wonderful human beings. And they have been caretakers of me, in a lot of ways. When I got divorced, I really checked out of things. … And I feel bad about that.”
She doesn’t regret her decision to be on “Real Housewives,” even though her daughters’ teachers and counselors have told her “that a lot of parents have come up to them [and] are really concerned that I have done this to them. Like, ‘How could she do this?’
“And all I can say is — I don’t know. Maybe it was a huge mistake. Time will tell, right? I’m doing the best I can. And if I took the wrong road, then we’ll deal with it.”
Heather has made a success out of her business, Beauty Lab + Laser, although she’s also ambivalent about that.
“I can barely say that. It feels like I betrayed everything I was brought up to be by saying, ‘I’m a businesswoman,’” she said.
And Heather is anxious to see how she’s edited in upcoming episodes.
“I know this sounds so cliche, but the truth is, you really do forget that the cameras are there,” Heather said. “I’d watch other ‘Housewives,’ and I’d be, like, ‘Sonja, put your clothes on!’ But when it’s you …
“I would think, ‘Oh, my gosh! Was I on camera and miked when I screamed at her or said that to my kids?
“I never had that out-of-body experience, like, ‘I am a Housewife.’ I always felt like, ‘I am Heather Gay, and I’m pretty messed up.’”
We’ve seen Heather in conflict with Lisa Barlow in the first three episodes, and that will continue.
“It’s been hard to be dismissed. It’s been hard to have people that loved being my friends distance themselves,” Heather said. “It’s been hard to feel the strain on our friendships.
“Doesn’t everybody just want to be friends? I’m the kind of girl that wants to get along with everyone all the time. I have really strong opinions, but I would rather be your friend than be right any day of the week. I’d rather be your friend than win.”

• Another preview of SLC episode 4 (Queens of Bravo Twitter)

ATLANTA

• ‘RHOA’s Porsha Williams Says She’s ‘Blessed’ To Have A Platform On BLM Movement 3 Months After Arrest (HollywoodLife exclusive)

"Fans of The Real Housewives Of Atlanta are used to seeing star Porsha Williams, 39, having fun and shady moments on camera. But she shows a different side of her in the season 13 premiere as she gets arrested for her participation in the Black Lives Matter movement — a topic she’s deeply passionate about. “First of all, I’m just blessed to be able to have a platform,” Porsha exclusively told HollywoodLife during an interview from Atlanta on Nov. 24. “To be able to use my voice for the voiceless and being able to use where I am in life right now to gain attention for these families who aren’t seeing any justice. For me, being arrested and being on the front lines, it was just second hand nature.”
Porsha is no stranger to fighting for social injustice. The granddaughter of civil rights activist Reverend Hosea Williams, Porsha attended her first protest at the age of 5. After the police involved murders of George Floyd and Breonna Taylor, Porsha has been one of thousands to take to the streets and participate loudly in the BLM Movement.
The Dish Nation host has been so vocal that she’s been arrested not once, but twice, fighting for these families. The first arrest happened back in July 2020 in Louisville, Kentucky during a protest for Breonna and subsequently released on her own recognizance. The second arrest also occurred in Louisville at a Breonna Taylor protest, but this time, Porsha was charged with obstructing a highway and disorderly conduct in the second degree. She was also tear gassed at a rally for George in June 2020.
Although she has a young daughter, Pilar Jhena, 2, to think about, she’s actually the reason for continuing to fight on. “For me, being arrested and being on the front lines, it was just second hand nature,” Porsha said. “It was an act of love for the people and we all should be treated equally and I have a little black daughter and I want her future to be better, so it’s just something in me that I have to get active and the main thing that I can call on is my grandfather, the Reverend Hosea Williams, was a Civil Rights Activist, and I learned a lot from him and seeing him in his role and sacrifice and it’s just in me to get into good trouble and it’s just something that my heart led me to do.”
We can expect to hear Porsha open up about this and more alongside her sister Lauren and mom Diane on their new podcast Porsha 4 Real. “The podcast is family based,” Porsha revealed. “Of course it’s scary! But on the same hand, it’s not off limits because that’s what we’re there for. We’re there to be transparent. I’m there to use my life as a testimony. I’m pretty much an open book! Like, I really enjoy the fact that my listeners and my viewers over the years have been on this journey with me and they’ve gotten to know me, so it’s actually therapeutic for me to open up and uncover even more for them to be able to relate to me more and hopefully learn from my mistakes, that way they don’t have to go through it.”
ORANGE COUNTY

• ‘RHOC’ Gina Kirschenheiter Clarifies She Wasn’t In “Physically Abusive Marriage” But Admits Ex Matt Was “Mentally Abusive,” Explains Why Her Marriage Didn’t Work Out And Her Thoughts On His New Girlfriend Brit (Access Hollywood/Reality Blurb)

“[Matt] was mentally abusive,” Gina began to Access Hollywood on November 26.
“After the affair, everything was crisis mode. [We were] and trying to get over it and not getting over it, [having] explosive fights. But I was not in a physically abusive marriage. I wasn’t,” she continued. “The incident that happened that night was the first time anything like that had ever happened.”
As RHOC fans will recall, Gina was allegedly attacked by Matt in June 2019 after a night out with friends, choking her and hitting her and telling her he was going to kill her. Looking back, Gina said that she was not only afraid of her ex, but also afraid of how their fight would be received once the public found out.
“I was so terrified of him being angry because he was out of his mind and I was terrified it was going to get out. I was begging these police officers to let him go,” she admitted.
Luckily, police didn’t do as she requested and now, over a year later, she knows it was for the best.
“I think this pattern of behavior would have continued on and I think it would have gotten worse because typically that’s what happens,” she explained.
Looking back at the start of her marriage to Matt, with whom she shares three children, Gina said that the two of them started off “fine.” However, just one year before Gina landed her role on the RHOC, she learned that Matt was having an affair.
“We were trying to rebuild and work on it. So I never shared that because in my head the first season, I got myself to a place where that happened and I felt like we weren’t right for each other from the beginning. And even now, I do still believe that. That whole year, I didn’t tell my parents. I told nobody. That [wasn’t] something I was [going to] share. I always tried to protect my kids.”
Eventually, after hiding her marriage struggles from RHOC viewers, Gina decided to come clean about what she was going through so that her drama with Matt didn’t “eat [her] alive.”
Although Gina’s split from Matt was quite messy, the two of them are now on much better terms and earlier this season, Matt and his girlfriend, Brit, who is not the same woman he cheated on her with, made an appearance on the show.
“His girlfriend now, Brit is great. She’s great for him [and] she’s really great to my children,” Gina admitted.
“We had a conversation about it. I felt like it is a good message to show people,” she explained. “[Matt] has changed himself for the better. [And] I think it is important to show people that you can co-parent, as long as you have two mature adults. I know Matt is probably one of the most hated guys in America but he’s not a monster. He’s a good dad.”

• Braunwyn Windham-Burke Celebrated Her 43rd Birthday with a Meaningful New Tattoo (Braunwyn Windham-Burke Instagram/Bravo)

"Braunwyn Windham-Burke’s 43rd birthday was an unforgettable one. After waking up to the sweetest surprise balloons and decorations from her kids, The Real Housewives of Orange County cast member closed out her special day by getting a meaningful new tattoo.
Braunwyn commemorated the occasion with some new ink, as she captured on Instagram on November 25. In the photo, the mom of seven can be seen wearing a face mask and holding out her right arm as the tattoo artist worked on the design.
“Perfect way to end the day and start the next year!!” Braunwyn wrote in part of the caption, also tagging the tattoo parlor, Gold Rush Tattoo.
Braunwyn later took to her Instagram Stories to share a close-up of her completed new tattoo, which includes the word “Selah” spelled out in Hebrew flanked by two doves. “It’s Selah, I first heard of it when I read Untamed by [Glennon Doyle], with the 2 little doves for the babies we lost,” she explained in the caption.
According to Doyle, “Selah” is often found at the end of the verses in the Hebrew bible and has been interpreted to mean “holy pause,” encouraging people to stop, be still, and reflect on the importance of the idea they just read."

• Tamra Judge Shares a Glimpse Inside Her Newly Redecorated Home Office (Tamra Judge Instagram/Bravo)

REAL HOUSEWIVES OF JERSEY (UK)

• Season 1 cast photo (realhousewivesfranchise Instagram)

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 [1]
  • Casinos: ~$75Bn
  • 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% [2]). 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 [3]
  • 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 [3].
• 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 [4]
    • 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 [5]. 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% [6]

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.
​
[1] Wall Street Research - 6/27/19
[2] https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302
[3] https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d
[4] Wall Street Research - 5/19/20
[5]https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php
[6] https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044

Pre Market Brief for Friday July 24th 2020

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• European stocks set for lower open as U.S-China tensions weigh on sentiment
• Stock market news live updates: Stock futures flat after Tesla, Microsoft earnings; eyes on stimulus
• Stock futures are flat after Thursday’s sharp sell-off
• 15 Stocks Moving In Thursday's After-Hours Session

Thursday 07/23/2020 News and Markets Recap:

• Pre Market Brief for 07/23/2020
• Market Recap
• Dow sinks as Microsoft, Apple fall while gold hits record

Friday July 24th 2020 Economic Calendar (All times are Eastern)
(Home Sales and Oil Rig Count Today)

• 09:45 AM Markit Manufacturing PMI Flash JUL
• 09:45 AM Markit Composite PMI Flash JUL
• 09:45 AM Markit Services PMI Flash JUL
• 10:00 AM New Home Sales MoM JUN
• 10:00 AM New Home Sales JUN
• 01:00 PM Baker Hughes Total Rig Count 24/JUL
• 01:00 PM Baker Hughes Oil Rig Count 24/JUL

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
• RPAY ($22.86) REPAY acquires accounts payable automation provider cPayPlus
• HCM Chi-Med on go with study of HMPL-306 in blood cancer in China
• GEN ($0.82) Eight Genesis HealthCare Facilities Receive New American Heart Association Post-Acute Care Heart Failure Center Certification
• HCM ($26.55) Chi-Med Initiates a Phase I Trial of IDH1/2 Dual Inhibitor in Patients with Hematological Malignancies in China
• RHNO Coal Miner Rhino Resource Files for Chapter 11 Bankruptcy
• MGEN miRagen Therapeutics up 39% on Orphan Drug tag for Cobomarsen in blood cancer
• BA Big U.S. Boeing customers want the 737 MAX but say contracts need re-set
• KOSS ($1.80) reported 4 new insider trades (acquisitions) to the SEC
• WMT Walmart turns up health moves with plans for six more Atlanta clinics
• NVCN ($2.52) Neovsac partially prepays convertible debenture
• TGI ($7.77) Triumph Group to Webcast First Quarter Fiscal Year 2021 Earnings Conference Call
• MYOK MyoKardia's mavacamten nabs accelerated review in U.S. for thickened heart muscle disorder
• NVAX Novavax and FUJIFILM Diosynth Biotechnologies Initiate Large Scale Manufacturing of COVID-19 Vaccine Candidate
• AAPL Apple Delaying 5G iPhone Launch Event To At Least Late October: Report
• MYOK MyoKardia Announces Receipt of Breakthrough Therapy Designation from FDA for Mavacamten for the Treatment of Symptomatic, Obstructive Hypertrophic Cardiomyopathy
• MRNA Moderna loses challenge to Arbutus patent on vaccine technology
• DUK Duke Energy Renewables brings another 200-MWac solar plant online in Texas
• DIS Disney delays ‘Mulan’ indefinitely, Star Wars and Avatar movies pushed back a year (DIS, AMC)
• FE FirstEnergy CEO says utility 'acted ethically' in support of nuclear power plant bailout
• AES Brazilian power company Eneva proposes $1.4 billion tie-up with AES Tiete
• CZR Bally's Las Vegas Now Open
• CLNY Colony Capital to Present at the KeyBanc Capital Markets’ Future of Technology Series
• MAXR ($17.90) Maxar Technologies to Participate in Upcoming Investor Conferences
• MAT Mattel’s Classic Barbie Dolls Prove to Be a Lockdown Favorite
• APO%20for%20B2B)Salelytics Enters into Strategic Partnership with EverString
• FTI ($7.92) TechnipFMC: Notification of Major Interest in Shares
• FB Facebook Sweetens Biometric Privacy Accord to $650 Million
• FB%20%2D%2D%20An%20office%20fully,market%20into%20a%20deep%20freeze) Facebook Office Outside Seattle Put Up For Sale by Developer
• FB Facebook proposing $650M to settle class-action case over biometrics
• TWTR Exclusive: More than 1,000 people at Twitter had ability to aid hack of accounts
• IDRA ($2.39) reported 4 new insider trades (acquisitions) to the SEC
• CTO CTO Realty Growth Announces Sale of Wawa Ground Lease in Jacksonville, Florida For $7.1 Million
• CALX Calix to Participate in Upcoming Investor Conferences
• INTC Intel chip delay forces shift to using more outside factories, shares drop
• INTC Intel stock falls as next generation of chips delayed, sending AMD shares higher
• INTC Health Discovery Files Infringement Suit Against Intel
• RVNC Revance finalizes HintMD acquisition
• TARO Taro Pharma to Pay More Than $200 Million to Settle Generic-Drug Price-Fixing Case
• EVR Evercore Announces Strategic Alliance with Seneca Evercore in Brazil
• ARCT Arcturus Therapeutics Announces Agreement with Israeli Ministry of Health to Supply COVID-19 Vaccine Candidate, LUNAR-COV19
• VSAT Viasat draws $175M equity investment from Intercorp, Baupost
• VSAT Viasat Announces $175 Million Strategic Equity Investment
• ENB Enbridge-contracted vessels may have caused Line 5 damage - report
• LLNW ($6.12) reported 6 new insider trades to the SEC
• U.S. Economy’s Recovery Is Stalling, and It Could Get Even Worse
• Authentic Brands, Sycamore Partners Weigh Bids for Ann Taylor Parent (EV, SPG, ASNA)
• HOTH ($2.88) reported 5 new insider trades (acquisition) to the SEC
• SWIR ($12.50) Sierra Wireless Reaches Definitive Agreement to Divest Automotive Embedded Module Product Line for US$165 million
• RDUS ($13.90) Menarini Group and Radius Health Announce Global License Agreement for the Development and Commercialization of Elacestrant
• US Department of Defense awards new contracts to (UAVS, NOC, SRCI, BKH, SSB)
• WABC Westamerica Bancorporation to buyback 1.75M shares
• AMZN Amazon Air Launches Operations At New Florida Hub
• DNKN Philip Auerbach Appointed to Newly Created Role of Dunkin' Chief Digital and Strategy Officer
• CHTR Docket Established For Monitoring Compliance With The Conditions Imposed In The Charter Communications-Time Warner Cable-Bright House Networks Order
• ORGO ($4.05) Latest Advanced Wound Care Innovations and Research from Organogenesis to be Highlighted at SAWC Spring | WHS 2020 Virtual Meeting
• TLSA Exercise of Warrants and Issue of Equity and Total Voting Rights
• TSLA Tesla's stock pares gains after blow out results, while a host of analysts boost price targets
• TSLA Musk Reveals Tesla Will Have Local Battery Cell Production For Gigafactory Berlin
• BMRN BioMarin Submits Marketing Authorization Application to European Medicines Agency for Vosoritide to Treat Children with Achondroplasia
• Pool Companies Score With Covid-19 Recluses Looking to Beat Heat (PNR, TSCO, POOL)
• LPRO reported 7 new insider trades (buys) to the SEC
• PTSI Auto Manufacturing Woes Sink P.A.M. Transportation's Q2
• MRO ROCE Insights For Marathon Oil
• (T) Liberty Latin America Proposed Acquisition of AT&T Mobility Puerto Rico and AT&T Mobility USVI
• DOX ($1.30) Amdocs to buy Openet for $180M
• DOX Amdocs to Acquire Openet to Accelerate the Pace of Taking the Communications Industry to the Cloud and Help Service Providers Differentiate in the 5G Era
• GLT Glatfelter to Present at the Jefferies Virtual Industrials Conference on August 6th
• DKNG DraftKings and Kambi in agreement for proprietary platform services migration
• EHTH EHealth down double-digits as revenue gains, but cash flow remains negative
• WBA Walgreens Supports INFORM Consumers Act Introduction in U.S. House of Representatives
• AVNW Aviat Networks Launches New Hosted Offering for Interference Analysis on Microwave Spectrum
• 'Not much hope': Macau casinos see deepening losses as virus slams China travel (LVS, MLCO)
• SCPL SciPlay Q2 net income up 86% driven by strong margins, shares +15% after-hours
• FITB The Law Offices of Frank R. Cruz Announces Investigation of MB Financial and Fifth Third Bancorp on Behalf of Investors
• MJCO Majesco Announces New and Innovative Updates for Majesco’s Billing for P&C
• AUY Yamana Gold Raises Dividend by Further 12%; Fourth Dividend Increase Announced by the Company in the Past Year for a Cumulative Increase of 250%
• Bubble%20%2D%2D%20Just%20three%20days,stocks%20are%20in%20a%20bubble.&text=The%20Nasdaq%20100%20was%20down,its%20gain%20for%20the%20week) Warnings Get Louder With Nasdaq Erasing Huge Monday Rally
• YouTube Urges Court To Quash Cryptocurrency Scam Lawsuit, Citing Social Media Immunity (GOOGL, GOOG, AAPL, MSFT, TSLA)
• RCL Return On Capital Employed Overview: Royal Caribbean Cruises
• INWK ($2.75) The Law Offices of Frank R. Cruz Continues Its Investigation on Behalf of InnerWorkings Investors
• MOHO ($2.05) The Law Offices of Frank R. Cruz Continues Its Investigation on Behalf of ECMOHO Investors
• ET ($6.62) The Law Offices of Frank R. Cruz Announces Investigation of Energy Transfer LP on Behalf of Investors
• TSQ ($4.60) The Law Offices of Frank R. Cruz Continues Its Investigation on Behalf of Townsquare Media Investors
• ERII The Law Offices of Frank R. Cruz Announces Investigation of Energy Recovery on Behalf of Investors
• COG Faruqi & Faruqi, is Investigating Cabot Oil & Gas on Behalf of its Shareholders
• GDOT Green Dot to Announce Second Quarter 2020 Results on August 4th
• OMC Omnicom Group Schedules Second Quarter and Year-to-Date 2020 Earnings Release and Conference Call
• NSIT Insight Enterprises to Report Second Quarter 2020 Financial Results on August 6, 2020
• GSHD Goosehead Insurance, Inc. to Report Second Quarter 2020 Results on Thursday, July 30, 2020
• BANX StoneCastle Financial Corp. to Host the Second Fiscal Quarter 2020 Earnings Conference Call and Announces Net Asset Value as of June 30, 2020
• Warren Buffett beefs up Bank of America stake
• Coronavirus affecting gym membership as many Americans won't renew after pandemic: Survey
• Gold prices zoom into record books, set sights on further gains

COVID-19 Stats and News:

• COVID-19 Stats
• Latest Map and Case Count
• Virus Updates: Trump Scraps Florida GOP Convention Plans; US Cases Top 4 Million
• US reports more than 4 million coronavirus cases

Macro Considerations:

• Economic Indicators
• Economic Indicator Forecasts
• Tracking America’s Recovery

Most Recent SEC Filings

• SEC Form 10-K
• SEC Form 10-Q (Quarterly Performance)
• SEC Form 8-K (Information of Shareholder Interest)
• SEC Form DEFA14A (Upcoming Shareholder Meeting)
• SEC Form 4 (Insider Trading)
• SEC Form 144 (Insider Selling)
• SEC Form 13F (Institutional Investment)

Other

• Current Trading Halts
• Reg SHO Threshold List
• Short Sale Circuit Breaker
• Highest Short Interest
• Most Recent Insider Filings
• Fear and Greed Index
• OTC Market Snapshot
• Highest Implied Volatility
• Most Recent IPO Filings
• Dividend Calendar
• Most Active Stocks
• Daily Gainers
• Daily Losers

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