#Royal Sense IPO

[johnthejacobs]

Royal Sense Share Price Surges: A Closer Look at the Factors Behind the Rise

Introduction

In recent weeks, investors have witnessed a remarkable surge in the Royal Sense Share Price, Its a leading supplier of high-quality healthcare products. This sudden increase has sparked curiosity among analysts and shareholders alike, prompting a closer examination of the factors driving this upward trajectory of the Royal Sense Share Price . Royal Sense serves as a provider of top-notch products adhering to global standards essential for healthcare facilities like hospitals, laboratories, institutions, and clinics. Its extensive offerings include a broad spectrum of surgical accessories, tools, equipment, and related items.

The company operates with a steadfast commitment to positioning itself as the ultimate solution for customers seeking comprehensive medical supplies, encompassing equipment, instruments, consumables, laboratory essentials, reagents, diagnostics, pharmaceuticals, sanitary products, medicines, and cosmetics. This endeavor is fueled by a strategic approach, forward-looking mindset, and progressive ethos.

To optimize operational efficiency, Royal Sense has structured its infrastructure into various departments, including sales and trading, procurement, quality assurance, storage, and packaging.

Additionally, the company has curated a dedicated team that engages directly with clients, ensuring a personalized experience. Its ethos is reinforced by straightforward payment methods, transparent business dealings, customer-centric practices, adherence to ethical standards, and competitive pricing strategies.

Royal Sense was officially established on April 6, 2023, with its registered headquarters located at Plot No 57, First Floor, Badli Industrial Area, Badli, Samaypur, Delhi, 110042.

Understanding Royal Sense

Founded with a commitment to providing top-tier healthcare solutions, Royal Sense has established itself as a trusted name in the industry. With a diverse range of products meeting international standards, the company caters to the needs of hospitals, laboratories, institutions, and clinics worldwide.

Analyzing the Surge

Strong Financial Performance: One of the primary factors contributing to the rise in Royal Sense's share price is its robust financial performance. Recent quarterly reports have showcased impressive revenue growth and solid profitability, instilling confidence in investors.

Market Expansion Initiatives: Royal Sense's strategic initiatives aimed at expanding its market presence have also played a significant role in driving investor interest. Through partnerships, acquisitions, and geographical expansion, the company has strengthened its position in key markets, fueling optimism about future growth prospects.

Innovation and Product Development: Continuous innovation and the development of new products have further bolstered Royal Sense's competitive edge. By staying at the forefront of technological advancements and addressing emerging healthcare needs, the company has enhanced its attractiveness to investors seeking long-term value.

Favorable Industry Trends: The healthcare sector, particularly in the wake of global health challenges, has experienced heightened demand for essential medical supplies and equipment. Royal Sense's focus on delivering high-quality goods aligned with international standards positions it favorably to capitalize on these trends, driving investor confidence.

Positive Market Sentiment: Amidst volatile market conditions, Royal Sense's consistent performance and strategic vision have garnered positive sentiment from investors. The company's transparent communication, coupled with effective management practices, has cultivated trust and loyalty among shareholders.

Conclusion

The surge in Royal Sense's share price reflects not only its strong financial performance but also the effectiveness of its strategic initiatives and commitment to innovation. As the company continues to navigate the evolving healthcare landscape, investors remain optimistic about its growth potential and long-term value proposition.

[mostlysignssomeportents]

Uber (Ch)eats

Uber is not a business in the traditional sense. It's a "bezzle" ("the magic interval when a confidence trickster knows he has the money he has appropriated but the victim does not yet understand that he has lost it").

The only reason Uber was able to attain growth was because investors gave it billions to lose. First, it was the Saudi Royals, hoping to spend their way to a transportation monopoly.

https://pluralistic.net/2020/05/19/larval-pegasi/#long-con

When that didn't work, the company's investors suckered the public into taking their shares off their hands in an IPO premised on two things:

I. Self-driving cars

II. All buses and subways *in the world* being scrapped and replaced with Ubers.

https://pluralistic.net/2021/02/19/texas-lysenko/#unter

Neither of those things have happened, of course. Uber actually had to pay someone else $400m to "buy" the self-driving car division it sank $2.5b into (the resulting cars could not travel for one mile without a serious accident).

https://pluralistic.net/2021/02/19/texas-lysenko/#unter

Replacing all the world's transit is also a long-shot. That means that Uber's bezzle is running out, forcing the company into ever-more-desperate measures to keep money flowing from suckers ("investors") who believe that a pile of shit this big *must* have a pony under it.

Measures like spending hundreds of millions of dollars on California's Proposition 22, which legalized worker misclassification. Measures like rampant wage-theft from drivers. Measures like waging legal wars against whistleblowers.

https://pluralistic.net/2021/02/19/texas-lysenko/#unter

Uber's "innovation" wasn't self-driving cars. It was cheating. Uber is *really fucking good* at cheating.

How good? Well, last year, Uber managed to dodge tax on $6b in global revenues by laundering its income through *fifty* Dutch shell companies.

https://www.businessinsider.com/uber-tax-avoidance-50-dutch-shell-companies-5-billion-revenue-2021-5

A report from the Australian NGO Center for International Corporate Tax Accountability and Research (CICTAR), reported in the Dutch press, describes Uber's tax evasion innovations as "the Champions League of tax avoidance."

https://www.groene.nl/artikel/een-goedkoop-ritje

It's quite a whirlwind of socially useless financial engineering, composed of obvious frauds like "selling" its IP to a Dutch subsidiary financed with a $16b "loan" from a Singaporean subsidiary, garnering 20 *years*' worth of $1b annual tax credits.

The Netherlands may be a bastion of progressive politics, but it's also one of the world's leading onshore-offshore tax havens, joining Cyprus, Luxembourg, Delaware, Wyoming and the City of London as a key player in the global money-laundry.

Its lax enforcement didn't just encourage Uber to create 50 shell companies - it also let the company get away with failing to file "mandatory" disclosures for many of these "businesses."

All of this redounds around the world - in India, Uber pays only half of the mandatory 6% tax owed by multinationals (India could really use that cash about now).

Image: Vectors Point, PK (modified) https://thenounproject.com/term/robber/3239420/

Ian Merchant (modified) https://www.flickr.com/photos/iainmerchant/33258321552

CC BY: https://creativecommons.org/licenses/by/3.0/us/legalcode

[young-giftedblack]

Have you heard about MM’s new children’s book being released just a few days before Catherine’s pandemic book? I thought they wanted privacy and yet time and time again they keep trying to one up the royal family! Plus the motives behind their book pales in comparison to Catherine’s being a collection of pandemic related photos..while hers is a “love letter”to her husband. Where’s the privacy? All i can smell is hypocrisy

Long post incoming!

I’d like to say I’m surprised but I’m not.

Didn’t they trademark Archewell under various classes?

https://trademarks.ipo.gov.uk/ipo-tmcase/page/Results/1/UK00003479914

The pair of them seriously think that they’ll make lots of cash from their love story.

What they don’t see is that they have a very limited group of fans and er... that’s it.

At this point in time, the Sussexes and their machine don’t care about the Sugars. It’s good marketing sense to go after the customers and audiences that you don’t yet have. That’s what translates into profit and success. Not stagnation.

Unfortunately for the Sussexes, they’ve shot themselves in the foot by:

* Biting the hand that feeds them. Very few people in the UK are now enamoured by them and so expect any type of merchandise and/or PR to be an utter fail.

In the same way that The Sun newspapers don’t sell AT ALL in Liverpool due to lies spouted during the Hillsborough disaster is the same way that anything these two try to throw at us will not be successful.

* The Commonwealth. The duo miscalculated just how important the Royal family still is to the Commonwealth. The PR of Meghan leaving due to racism did not stick.

Why?

Because even at it’s lowest level, the average black person that doesn’t support the Royal Family will say the following:

“Of course they’re racist. What was she expecting when she entered the family? Now she wants my support? Is she dumb? How old is she? (That she hasn’t yet learnt which circles to mix in?)

* The Queen and Prince Philip. Incredible old age and one at death’s door at the time of the Oprah interview. And yet they still went after the institution and their ‘bosses’ like that. You don’t offend our 95-year-old Queen and get away with it that easily.

* The titles. They are still to this day referring themselves as Duke and Duchess. The fact that Meghan Markle and Hasbeen are still going by those titles has to be affecting their mental health, no? Or is their mental health only affected when not profiting from these terrible, titles given by a racist institution?

As for launching the book around the same time as our ‘trusty and well-beloved’ Duchess of Cambridge... they need that connection. They’re desperate for that connection because let’s face it, take that away from them and what do they have?

Nada. Nothing. Zero. Rien.

So , they will continue to spin the story of two star-crossed lovers who fell in love and against all odds (racist UK and family) managed to find the strength to leave a toxic situation and are now living happily ever after.

They invite you to share in their happiness by liking, commenting and also subscribing to their podcast.

Oh, and to buy their books.

All while promoting compassion in action.

Influencer much?

Ain’t nobody checking for these two apart from sugars. I’m just waiting for their downfall while my Duchess of Cambridge rises.

[eirikrjs]

is it me, or does Goetia's Buer sound like a good guy? or at least a true neutral at that, this descriptions make him look like a intellectual in philosophy, a tea aficionado and a skilled medic. so what if he is a polite daemon? MAYBE he lacks true morality but from what i can tell from this descriptions, he seems like at least a cultured (possibly) polite dude.

You know, there’s a lot of them that sound like they wouldn’t want toimmediately rip your throat out. That’s why I was waiting to answer this one; Iwanted to go through all 72 and pick out the Goetia Goodies (O) and theGoetia Goons (X). Let’s see, in order...

BAEL: Hoarse voice, spider legs, fussy. Sounds like a royal pain! (X)

AGARES: I doubt he can always rein in that croc. (X)

VASSAGO: One of many to tell the past and future, he can also helpyou find things you’ve lost. Just so long as you keep it clean, I guess. (O)

GAMIGIN: A horse with a hoarse voice. That’s unethical. (X)

MARBAS: Can cure diseases, but also cause them. Surely in league withBig Pharma! (X)

VALEFOR: Tempts people to steal! (X)

AMON: Spits fire, but cures controversies between friends. Can alsocause feuds? But I have a soft spot for Amon, so... (O)

BARBATOS: Lets you understand birds and dogs, opens magical chests. Whata pal! (O) 

PAIMON: The most obedient to Lucifer, definitely a Bad Boy. (X) 

BUER: And here we are at the gentle Dr. Buer. (O) 

GUSION: Depending on what a “Xenopilus” is, he’s otherwise all aboutfriendships. (O)

SITRI: One of those who makes people horny. Armed and dangerous. (X) 

BELETH: He’s got all those trumpeters. Very annoying! (X)

LERAJE: The belligerent demon Robin Hood. (X) 

ELIGOR: Knows all about wars, but doesn’t seem to be all about fightingthem. Still, will err on the side of caution here. (X) 

ZEPAR: Can make people infertile! What a dickweed. (X) 

BOTIS: Future-telling, reconciliation, but never trust a viper with asword. (X) 

BATHIN: The first of those who can teleport people. Neat, but rife forabuse (and Star Trek-style transporter accidents). (X) 

SALLOS: Another croc-rider, but specifically saying he’s peaceful. Well,I’m sold. (O) 

PURSON: Rides a bear. Despite that,the Kings are probably not to be trusted. (X)

MORAX: Thebull-man who just want to make the world a smarter place. (O)

IPOS: The UgliestDemon, but he makes people witty. A Cyrano in our midst? (O)

AIM: Apyromaniac. (X)

NABERIUS: Another teacher! (O)

GLASYA-LABOLAS:"An author of Bloodshed and Manslaughter." (X)

BUNE: Dispensesmoney. Commie! (X)

RONOVE: Themonster man who nonetheless is a rhetoric expert. (O)

BERITH: He is thePhilosopher's Stone in demon form. All that gold will crash the markets! (X)

ASTAROTH: One ofthe nastiest. Plus he has bad breath! (X)

FORNEUS: Morerhetoric and friend-making. (O)

FORAS: Can makepeople invisible. Lead us not into temptation! (X)

ASMODEUS: Need Isay more? (X)

GAAP: Makespeople ignorant. (X)

FURFUR: Anotherfickle one about summoning, can also cause thunderous storms. (X)

MARCHOSIAS:Vomits fire, but really wants to be an angel again, so perhaps would still beon his best behavior. (O)

STOLAS: All aboutthat astronomy and those herbs and precious stones. No bias here! (O)

PHENEX: A sweetsinger and poet. Another who wishes to be an angel once more. (O)

HALPHAS: Probablynice, but is also the bad kind of gun nut. (X)

MALPHAS: Can readthe minds of your enemies. As if you don't already know from their passive-aggressivetweets and comments. (X)

RAUM: Anotherdirty thief (but of rich kings, so maybe it's OK), but also destroys cities.Oh. (X)

FOCALOR: Killsand drowns people. Right to the point! Or to the bottom? (X)

VEPAR: Guideswarships, but also putrefies sores and causes worms to breed in them. Gross!(X)

SABNOCK: LikeHalphas, only for armor, but shares Vepar's vile worm-breeding-in-sores power. (X)

SHAX: The stealerof senses! (X)

VINE: Discoverswizards and witches (!), but causes rough storms on waters. Also a King. (X)

BIFRONS: Doesn'tseem so bad, but hangs out with the dead so he's probably fetid. (X)

UVALL: AnotherGoetia PUA. (X)

HAAGENTI: Morealchemy. These demons need some new hobbies! (X)

CROCELL: Candiscover baths and warm them up real nice, but also creates noises that soundlike rushing torrents, like some weirdo. Consider it ambiance, I guess. (O)

FURCAS: ThisKnight is a "cruel old man" who teaches pyromancy. We live in theuniverse where pyromancy is OP, so... (X)

BALAM: Invisibility,King, Bear. Not a good enough ratio. (X)

ALLOCES: NO MORE WARRIORSON HORSES, PLEASE (X)

CAIM: The bird-man, he lendsunderstanding of animals and the waters (!), and things to come. He answers inhot coals, so as long as he's not summoned near flammable objects Caim probablywon't give you any trouble. (O)

MURMUR: A PERFECTphilosophy teacher and mediator to the dead. Just wear earplugs for histrumpeting cohorts. (O)

OROBAS: Tells ofthe past, present, future, and of divinity and the creation of the world. Saidto be "very faithful" to the summoner. What's not to love? (O)

GREMORY:Future-telling, but another that messes with the hearts of women, if commanded.Come on occultist, just use a dating app like everyone else! (X)

OSE: Ose cantransform the summoner into "any Shape." Keep your fetishes toyourself. (X)

AMY: The flamingliberal science teacher. Like Caim, practice fire safety and you should becool. (O)

ORIAS: Anastrologer, but can also magically promote people through ranks, presumablythose undeserving of it. (X)

VAPULA: A winged,lion-headed professor of "all handicrafts and professions." (O)  

ZAGAN: The bullKing, can transmute blood into wine. Sounds a hair more effective than a winefestival. (X)

VOLAC: Tellswhere hidden treasures are and where serpents may be seen. Needs a friend,badly. (O)

ANDRAS: If youtreat him as a joke, Andras will straight up kill you; suppose he's tired ofbeing laughed at for being an owl-headed man riding a wolf. (X)

FLAUROS: Anotherparticular demon; will lie if things aren't just right, but can also burnpeople to death. (X)

ANDREALPHUS: Whowouldn't want to learn geometry from a peacock? (O)

KIMARIS: The lasthorseback warrior. Logic, rhetoric, rules spirits of Africa,etc. (O)

AMDUSIAS: Themusician of Hell, Amdusias can also bend trees to the summoner's will. That'sso weirdly specific I think I have to give it a pass. (O)

BELIAL: The KingBelial seems to be another fickle with the summoning process, requiring giftsand sacrifices, but is written to have a better demeanor than many others.Still, play with fire... (X)

DECARABIA: Theoriginal star man and ornithologist, he just wants you to understand birds! (O)

SEERE: He's likea demonic U-Haul truck, carrying things to and fro as demanded. Tells of thievery,but doesn't seem to condone it explicitly. (O)

DANTALION: Thelast great teacher of the 72, but can control people's minds. (X)

ANDROMALIUS:Perhaps the most just of all the demons, Andromalius is said to catch andpunish thieves and "discover all wickedness." There must be a lot ofinternal conflict in Hell's hierarchies, eh? (O)

So out of the 72, I have determined that 27 of them would be kind of nice. That’s not bad! But aside from the many teachers among them, Buer probably ends up with one of the best professions and demeanors, if not the best.

Of course, all of these demons still have command over X number of demon legions, Buer with 50, so it’s probably all relative, anyway.

[andreagillmer]

Gold ETF That Makes a Difference

Source: Bob Moriarty for Streetwise Reports   07/25/2019

Bob Moriarty of 321Gold profiles a precious metals ETF that has “absolutely obliterated its main competition.”

The U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU) just had its two-year anniversary at the end of June, and since inception, the fund has absolutely obliterated its main competition.

GOAU delivered a remarkable 41% since inception through July 24, crushing the hugely popular VanEck Vectors Gold Miners ETF (GDX) and VanEck Vectors Junior Gold Miners ETF (GDXJ), which were up 32.7% and 27.6% over the same period.

Some might call it beginner’s luck. I call it superior planning. Here’s why…

Dummy Diversification

If you look at the construction of VanEck’s products, personally, I would describe them as dumb. The GDX and GDXJ are over diversified. GDX has close to 45 holdings while its junior counterpart has as many as 70.

In the senior ETF, Newmont Goldcorp is the number one holding at almost 12%, followed by Barrick at just over 10% and Newcrest at 6.5%.

The GDXJ is even more watered down. The top holding, Northern Star Resources, represents only 6% of the fund.

What it really comes down to is that both funds are market cap-weighted. That’s no way to build a gold fund, as I see it. No thought or analysis has gone into stock selection or weighting. Investors are getting little or no exposure to companies that are growing the fastest. The chart above makes that very clear.

Like I said: Dumb-as-bricks. VanEck takes you for a fool and is banking on you not having a clue. I hate to say it, but if you’re fine with this, you deserve what VanEck is selling.

An Emphasis on Royalty and Streaming Companies

GOAU just does things differently and, frankly, better. I like it a lot. Unlike the GDX and GDXJ, GOAU is a dynamic, rules-based gold ETF. As of my writing this, the ETF is concentrated in fewer than 30 names, all of them high-quality with strong balance sheets, and it’s rebalanced and reconstituted every quarter.

Obviously this is why it’s destroying its much larger competition. But there’s more to it.

GOAU is the first gold ETF that I know of that has such a large weighting in royalty and streaming companies. Approximately 30% of the fund is devoted to royalties.

If you don’t know what these are, I suggest you buy my latest book, Basic Investing in Resource Stocks: The Idiot’s Guide. I have an entire chapter on what makes royalty and streaming companies a solid bet in the gold industry. But in short, they help investors get exposure to gold and precious metals mining without taking on a lot of the risks that producers face.

Frank Holmes, CEO, U.S. Global Investors and a real “ground floor” investor, recognizes this better than most anyone else. As a young analyst in the early 1980s, he helped work on the IPO for Franco-Nevada (FNV), the very first such royalty company. He and his firm were also one of the seed investors in Wheaton Precious Metals (WPM)—now the world’s largest precious metal streaming company—when it debuted as Silver Wheaton in 2004.

He and his team back-tested five key success factors going back over 12 years to feel confident before launching GOAU. The back tests were very compelling in picking the best quality names every quarter.

Again, 30% of GOAU is spread between Franco, Wheaton and Royal Gold (RGLD), the leaders in the royalty industry.

The GDX’s exposure to royalty names, by contrast, is less than half that.

Check out Franco, Wheaton and Royal Gold’s year-to-date performance against that of Newmont Goldcorp, the largest holding in the GDX. That’s the difference GOAU provides.

If any of this sounds compelling to you—which it should—I highly recommend you learn more about the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU). You can do so by clicking here!

I have no financial interest in any of the GOLD ETFs but for a lot of investors they make sense. Do your own due diligence and again, feel free to read up on Gold ETFs in Basic Investing in Resource Stocks. We are solidly back into the gold bull and prices are going to go a lot higher.

Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure: 1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned are billboard sponsors of Streetwise Reports: Wheaton Precious Metals. Click here for important disclosures about sponsor fees. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Newmont Goldcorp, Franco-Nevada and Royal Gold, companies mentioned in this article.

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[goldcoins0]

Gold ETF That Makes a Difference

Source: Bob Moriarty for Streetwise Reports   07/25/2019

Bob Moriarty of 321Gold profiles a precious metals ETF that has "absolutely obliterated its main competition."

The U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU) just had its two-year anniversary at the end of June, and since inception, the fund has absolutely obliterated its main competition.

GOAU delivered a remarkable 41% since inception through July 24, crushing the hugely popular VanEck Vectors Gold Miners ETF (GDX) and VanEck Vectors Junior Gold Miners ETF (GDXJ), which were up 32.7% and 27.6% over the same period.

Some might call it beginner's luck. I call it superior planning. Here's why…

Dummy Diversification

If you look at the construction of VanEck's products, personally, I would describe them as dumb. The GDX and GDXJ are over diversified. GDX has close to 45 holdings while its junior counterpart has as many as 70.

In the senior ETF, Newmont Goldcorp is the number one holding at almost 12%, followed by Barrick at just over 10% and Newcrest at 6.5%.

The GDXJ is even more watered down. The top holding, Northern Star Resources, represents only 6% of the fund.

What it really comes down to is that both funds are market cap-weighted. That's no way to build a gold fund, as I see it. No thought or analysis has gone into stock selection or weighting. Investors are getting little or no exposure to companies that are growing the fastest. The chart above makes that very clear.

Like I said: Dumb-as-bricks. VanEck takes you for a fool and is banking on you not having a clue. I hate to say it, but if you're fine with this, you deserve what VanEck is selling.

An Emphasis on Royalty and Streaming Companies

GOAU just does things differently and, frankly, better. I like it a lot. Unlike the GDX and GDXJ, GOAU is a dynamic, rules-based gold ETF. As of my writing this, the ETF is concentrated in fewer than 30 names, all of them high-quality with strong balance sheets, and it's rebalanced and reconstituted every quarter.

Obviously this is why it's destroying its much larger competition. But there's more to it.

GOAU is the first gold ETF that I know of that has such a large weighting in royalty and streaming companies. Approximately 30% of the fund is devoted to royalties.

If you don't know what these are, I suggest you buy my latest book, Basic Investing in Resource Stocks: The Idiot's Guide. I have an entire chapter on what makes royalty and streaming companies a solid bet in the gold industry. But in short, they help investors get exposure to gold and precious metals mining without taking on a lot of the risks that producers face.

Frank Holmes, CEO, U.S. Global Investors and a real "ground floor" investor, recognizes this better than most anyone else. As a young analyst in the early 1980s, he helped work on the IPO for Franco-Nevada (FNV), the very first such royalty company. He and his firm were also one of the seed investors in Wheaton Precious Metals (WPM)—now the world's largest precious metal streaming company—when it debuted as Silver Wheaton in 2004.

He and his team back-tested five key success factors going back over 12 years to feel confident before launching GOAU. The back tests were very compelling in picking the best quality names every quarter.

Again, 30% of GOAU is spread between Franco, Wheaton and Royal Gold (RGLD), the leaders in the royalty industry.

The GDX's exposure to royalty names, by contrast, is less than half that.

Check out Franco, Wheaton and Royal Gold's year-to-date performance against that of Newmont Goldcorp, the largest holding in the GDX. That's the difference GOAU provides.

If any of this sounds compelling to you—which it should—I highly recommend you learn more about the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU). You can do so by clicking here!

I have no financial interest in any of the GOLD ETFs but for a lot of investors they make sense. Do your own due diligence and again, feel free to read up on Gold ETFs in Basic Investing in Resource Stocks. We are solidly back into the gold bull and prices are going to go a lot higher.

Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.

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Disclosure: 1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned are billboard sponsors of Streetwise Reports: Wheaton Precious Metals. Click here for important disclosures about sponsor fees. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Newmont Goldcorp, Franco-Nevada and Royal Gold, companies mentioned in this article.

from https://www.streetwisereports.com/article/2019/07/25/gold-etf-that-makes-a-difference.html

[barbecuedphoenix]

El Police Department AU: Part 2

You people reviewed. :)

So here’s Round 2 of the El Police Department AU. Because it’s not the 18th Century in that world: there’s a good number of ladies rubbing shoulders with the guys in the police force.

And they’re exactly equal in terms of efficiency. >_> 

Miiko, the Chief of Police

They’ve been calling her ‘Iron Fox’ well before she started ruling the roost in the El Police Department. Because back when she was still a regular patrol officer, she threw a pimp she was arresting face-first into a sewer grate after he called her ‘a sweet fox of a cop’. The pimp was still wearing the sewer-grate-bar-code on his face when he was finally brought into the station (sans front teeth), and Miiko received a reprimand for using ‘overzealous force’ from the then-chief. She just told her boss that she’ll stop beating the teeth out of scum if they stop complimenting her legs while she’s cuffing them. It happens every time.

That fierce temper and double-immunity to criticism would have kept Miiko to the lower ranks-- chauffeuring weepy drunks in her squad car at odd hours in the morning, and drinking tar-like coffee in the officer’s lounge—if the unthinkable hadn’t happened: the Oracle was destroyed. Within that first nightmarish year after Ashkore’s opening shot, El’s stark-blind police department was whittled down to a sliver as they scrambled to restore order in a city that lost all trust and fear of the law. Her chief was quickly bumped off when his car backed up over a pipe-bomb, followed by the next dozen in the chain of command, until Miiko was the most senior officer left standing. By that point, no one was really willing to take issue with how many groins this classic ‘bad cop’ kicked in over the years. (In fact, that traditional skill might come in handy in the new criminal landscape.)    

Nowadays, Miiko only metaphorically aims below the belt. Usually when it’s time to argue against police budget cuts with the city council. (Because do they really expect her people to rebuild the Oracle, and make their trips to their mistress’s apartments less prone to inconvenient car-jacking, with a negative pay raise?) With her own people though, she has a surprising magnanimous streak. She’ll be the first to tell them at a staff meeting if they’re a bunch of slack-jawed morons, but they’re still her slack-jawed morons. So no, she’s not about to fire them, even after this royal screw-up. Just expect a pick-up truck’s worth of paperwork and late night holding-cell duty to make up for it. They will learn to take responsibility for their own actions. And Jamon could use some help scrubbing the tiles clean in the drunk tank.  

Much of this tough love protectiveness comes from her little-known weakness for underdogs and those who grew up on the wrong side of the law (and don’t hit on her). About half of the new generation of officers she hired are redeemed troublemakers from various walks of life, while the others are here because… they’re one of the few in the El who still believe in supporting the police department. So how can she afford to turn any of them loose? Even if she’s still waiting for the day that this recruitment policy pays off.    

Cameria, the SWAT Lieutenant

Valkyon’s cheery, bighearted right-hand woman in the special response division, who acts as a bona fide big sister to all the recruits who can’t stand up to her punches during spars. And there are a lot of them. But even if their line of sight is still dancing a few inches away from her face, she’ll pick them up from the training mat with a ‘You did great, beautiful’ and take them out for a nice protein-kale smoothie. What? It’ll help them build up more muscle in weeks.  

She’s the subject of awe and fear for that peculiar training regimen she invented, in which she straps a massive water drum (full of course; she doesn’t take shortcuts) onto her back and runs up and down the hundred steps in front of the city’s courthouse. Cameria has stopped asking rookies to join her for this exercise though, after the last one fainted halfway up the stairs when she wasn’t looking. And rolled backwards.  

This hard-hitting lieutenant is comfortable enough on the field to head into an armed hold-up or a dangerous sting with few, if any, partners. (And if reports can be believed, the SWAT team doesn’t bother carry a battering ram if Cameria is on the field. They haven’t yet found suitable non-steel door that can stand up to the force of her kicks. That water-drum training has its perks.) Also, she seems to bring back an awful lot of guns and contraband every time, liberated from their uncooperative owners ‘for better use in the police department’. She has a very persuasive nature.  

Ewelein, the Coroner

A brilliant ex-physician who works alongside Ezarel in the forensics department, analyzing the bodies brought into the lab (in varying stages of ‘completeness’) from a medical standpoint to determine the cause of death. Along with other somewhat-useful nuggets of knowledge on whether they were all-that-innocent in life. (Example: since starting as a liaison in the El Police Department, Ewelein has met an awful lot of people who liked doing weird kinky things in bed when they were alive. Just check the lower-body X-rays in her lab.)  

However, Ewelein often reverts back to her trauma surgeon roots to patch up the next careless officer who got themselves shot, whacked over the head with a two-by-four plank, pulled into an advanced training session with Cameria, etc. Some of them are just too damned proud to go to real hospital. (And seem to think that they’ll be fine with a few stitches and painkillers in their pocket.) In fact, half of the morgue at HQ has been converted into as a miniature hospital ward for the still-living. Ewelein leaves helpful labels on the foot of each table—like “Not dead; still healing”-- to keep visiting officers from screaming at seeing their friends lying around in her lab.    

Between Ezarel’s eternal-grad-student influence and the type of ‘less lively’ company she receives most hours in the morgue, it’s no surprise that Ewelein has developed a very wry sense of humor and a calm, no-nonsense approach to uncooperative ‘patients’ (living or dead). She still abides by the Hippocratic Oath after all: she’ll do her best to look after them, ease their suffering, and keep the secrets they don’t want to disclose within the walls of her ‘clinic’. And she’ll stand vigil in her lab during lunch with her botanical scrapbook and a mug of coffee, just to make sure Ezarel doesn’t draw dissection lines in marker on the faces and chests of recovering patients. Or switch the labels at the foot of each table. Show some respect, boy.      

Karenn, the Cyber-Security Specialist  

Nevra’s little sister had a very colorful reputation back in tech academy, before her big brother convinced her to put her ill-gotten hacking skills to good use by catching other hackers. That’s the best way to keep her from ending up in the jailhouse anyway. Think of their family’s reputation! Miiko had barely glanced at her resume before telling her that she was hired. (Though it might have been because right before Karenn’s interview, Ashkore and co. sent the police department another helpful ‘tip-off’ about some compromising photos of a city councilman. That somehow ended up on the city’s tourism website.)  

Karenn stands out even among the colorful younger generation of the police force for her sprightly jokes, the number of computer games she plays at her desk (outside of her lunch breaks)… and how she definitely doesn’t wear her uniform right. Even if it’s not Halloween, she continues to wear a Renaissance-era doublet, an ounce’s worth of piercings on both ears, and hair that’s exactly-half magenta. Well, it’s not as if anyone cares what she looks like when she’s sweeping for bugs and stalking criminals in cyberspace. Is there a dress-code for busting people online? Observant colleagues though can guess what Karenn’s real reason is for sticking to civilian clothing: it makes sneaking outside the station and eavesdropping on citizens that much easier. Nevra doesn’t get to have all the fun when doing a case study.      

In her off-time, she keeps up an elaborate cross-platform social networking profile under her favorite alias—the notorious Nightingale—to post outlandish news, gossip, and politically-incorrect questions. She always manages to avoid getting tracked by site bots or flamers. And whenever she knows she has a good chance of getting away with it, Karenn pulls together all her internet-ghosting skills to visit the fan-sites dedicated to Ashkore and his group (from different devices and IPO addresses each time). Just for… research into their methods and the mindset of their public cult.

It’s practically sacrilege in their department, but Karenn is in begrudging awe of Ashkore and cohorts. In her mind, for all the ill that was caused by their actions, they are still the most badass hackers she had ever witnessed second-hand. And it’s up to the El Police Department to try to catch them… She’s not fooling herself about their chances.    

Enthraa, the Coast Guard Liaison  

Not a lot is known about this contact from the coast who generally enjoys keeping to herself. Besides one framed photograph at HQ of a tall, rangy officer on a speedboat—with a mullet and no life-jacket-- holding a wickedly-sharp gaff… which had just scooped up a dripping-wet smuggler who tried unwisely to jump off her boat. Miiko keeps that photo in the foyer just to let visitors know that escape by sea is futile.  

Every time a suspect gathering is spotted under the bridge, a message is intercepted about an incoming shipment overwater, or someone disappears conveniently into the river, Enthraa gets a call to keep her eyes out for suspicious activity at the river mouth. Being situated downriver from the city of El means she sees some very interesting flotsam passing by on a regular basis. Proof: she is very practiced with using that gaff.  

Though it can be a lonely job out on the coast, where the most face-time she receives each week comes from boarding nervous ships for inspection, Enthraa couldn’t imagine living away from the sea. She still calls the people who move from the coast to the big cities in the interior ‘idiot in-landers’.  

Ykhar, the Reporter

An intrepid, super-conscientious young crime journalist who’s still searching for her breakout story… and seems to think she’ll find it by shadowing the El Police Department. She’s bound to succeed one day: the officers in the force don’t have the heart to kick her out every time Ykhar shows up at HQ’s foyer or at a taped-off crime scene with her notepad, tape-recorder, and an out-of-breath smile. Part of it is because a childhood spent reading detective novels has given her a healthy respect for what the officers do. But it’s mostly because she has that wide-eyed, ‘rabbit caught in the headlights’ look every time someone ignores her ‘freedom of the press’ speech and shuts the door in her face. So whenever she arrives, in contrast to other members of the press, interns and off-duty rookies are automatically put on ‘feed/water/stall Ykhar’ duty until one of the senior officers arrives to field her questions.      

Though it’s been a few years, Ykhar still carries that ‘fresh out of journalism school’ attitude: from her idealism in broadcasting the truth, how hopefully she smiles at her interview subjects… and how quickly she’ll serve up a ‘journalistic integrity!’ speech if they start eying her tape-recorder suspiciously. (It’s still about 65% effective.) Not to mention her quick fainting spells if her editor tells her that what she printed in her article “…may not be the most accurate statement”. Coworkers at her newspaper have learnt to keep smelling salts nearby every time Ykhar passes out from anxiety.      

Alajea, the Witness

A perky, up-and-coming pop singer who moved to El some years ago from a little town on the coast (and always seems ready to burst into song on how glorious big city life is, away from the sea). That level of optimism says plenty about her, because in this glorious big city, she always seems to end up in the wrong place at the wrong time, leading to so many visits to the police station as a witness that she’s actually on first-name basis with the officers there. Some are starting to suspect that she’s actually a femme fatale under the ditzy airhead persona, from her suspiciously-regular streak of ‘bad luck’ and the way her stories seem to change every other day. But there’s only circumstantial evidence that she was actually involved in the wrongdoings she witnessed. So far.

In her spare time, Alajea also visits the station just to ogle that dashing head detective Nevra, who learnt within the first day that this is one recurring damsel-in-distress who isn’t worth all the trouble attached. Still, he’s got his eye on her. And not in a good way.

Huang Hua, the Casino Owner 

Every city has that one place where you only need to be seen once to become “Someone worth noticing” (with a capital ‘S’). In El, that’s Huang Hua’s House of Fortune: the premiere luxury casino, bar, and after-dark entertainment hotspot. Practically anything is game under Huang Hua’s roof: from every variety of card game imaginable, to Mah Jong, slot machines, Pachinko, roulette, billiards, and even high-stakes shogi that’ll never make you settle for less after you try her version once. And if you stay late enough (and are blessed with extraordinary luck), you might just meet the great madam herself: sweeping in with her scarlet, phoenix-crested qi pao with a traffic-stopping keyhole and thigh-slit, flashing you that million-dollar smile as she sits down at your table and asks for a game. You better not refuse her. And when you lose, accept your defeat gracefully and beg for the privilege of her company in the future. She might just deign to give you a seat at her side for the midnight burlesque show upstairs, VIP only. And yes… there you’ll find women, men, and everything else that can surprise your soul. ;)

Every entertainment magazine in El has it right when they say Huang Hua is the life of the party, and her House of Fortune your last earthly stop before paradise (or purgatory, depending on your moral persuasion). And she’ll do anything and everything to make sure it stays that way. There are no other gambling dens, bars, or strip-clubs within thirty miles of Huang Hua’s casino. And police-chief Miiko is already a regular guest and drinking partner in her private lounge (sometimes accompanied by that delicious-looking SWAT captain of hers, whenever the chief is trying to negotiate for a little less trouble on that side of town. Huang Hua always scores a date with poor, unsmiling Valkyon in exchange.)  

The only things guaranteed to make that winning, diamond-edged smile vanish: 1.) if you try asking about her real age. 2.)  if you try to cheat in her casino. Very little escapes this madam, and before you know it, you’ll suddenly find yourself surrounded on four sides by her team of elite Shaolin-trained bodyguards. One of whom will sarcastically tell you to kindly step outside, if you want to avoid further embarrassment.

Sadly, the cop-AU fun stops here. (At least until the Eldarya team introduces more characters who can fit into the noir genre.) 

Though if you’re interested in reading the first, testosterone-pumped part of the cop-AU, check it out here! 

As always, read, enjoy (hopefully), and review. My inbox is always hungry for feedback. :) 

[quitblow5-blog]

A Warning On Canadian Pot Stocks

Stocks of Canadian cannabis producers and sellers are on a wild run in 2018. A selection of talked about names have doubled or tripled in value the past few months, with others not far behind. Price action like that is bound to pique the interest of investors and traders who may be wondering what has caused the surge in prices, something that is looked at in the first part of this article. Other investors and traders already familiar with the space may be questioning the valuation of major names, which is a second major focus of this article. The final focus of this article is to provide a precautionary tale and some tips for anyone looking to get exposure, long or short.

TLRY data by YCharts

Figure 1: Performance of four Canadian cannabis producers since mid-July (IPO of TLRY): Cronos Group, Inc. (CRON), Aphria Inc (OTCQB:APHQF), Canopy Growth Corporation (CGC) and Tilray, Inc. (TLRY).

Key developments that started the hype

The recent run-up in Canadian pot stocks comes off the back of announcements that major beverage makers had either made or were looking to make investments in Canadian pot stocks. However, such investments would likely not materialize were it not for legislative developments, and so we might argue that the passing of new laws is what is truly responsible for the run-up.

A landmark event for the space occurred on June 19, 2018, when the Canadian Senate voted to approve bill C-45 (The Cannabis Act), which received Royal Assent on June 21, effectively legalizing recreational use of marijuana from October 17, 2018. Those over 18 will be able to purchase cannabis products from a provincially/territorially regulated retailer (or from a federally licensed producer), carry and share (with other adults) up to 30 grams, and cultivate up to four plants in their homes. Royal Assent for the bill was actually met with a sell-the-news reaction by some Canadian pot stocks, which was likely due to the fact that approval of bill C-45 was largely expected and some names had already begun to run up approaching the news. The approval however, did clear the way for a number of deals.

A recent major deal was announced on August 1, when Molson Coors Canada, the Canadian arm of Molson Coors Brewing Company (TAP) notified investors it had entered into an agreement with The Hydropothecary Corporation (OTCPK:HYYDF, TSX: HEXO) to form a joint venture which would develop cannabis-infused beverages. The initial reaction from HYYDF was pretty modest, perhaps because the press release noting the deal didn't provide a lot of detail on the potential financial benefit to HYYDF. Supposedly some warrants would be issued and purchased, but how much would this bring in for HYYDF was not clear.

In connection with the closing of the transaction, subject to the final approval of the Toronto Stock Exchange, HEXO will issue to Molson Coors Canada warrants to purchase shares of HEXO. - Comments from August 1, 2018, press release from TAP and HYYDF.

The next deal announcement in the Canadian Cannabis space had a much higher impact, perhaps due to clarity on the financial benefit to the cannabis producer involved. On August 15, Constellation Brands (STZ), a Fortune 500 alcohol beverage company, announced it would increase its stake in CGC by acquiring 104.5 million shares at $48.60 CAD (a 51% premium to the close the day prior to the press release). The deal will increase STZ's holdings in CGC to approximately 38 percent of shares outstanding (assuming certain existing warrants are exercised, the PR suggests this is the case). As part of the deal, STZ will also receive additional warrants which, if exercised, would give STZ greater than 50 percent ownership of CGC.

Figure 2: STZ lays out the addressable market in Canada, 15 years from now. Source: STZ investor overview presentation.

The STZ-CGC deal fueled additional speculation: Which beverage giant would strike a deal with which cannabis company next? August 24 saw a report from BNN Bloomberg noting Diageo plc (DEO) was holding discussions with three or more Canadian cannabis producers. The speculation continued when on August 28, The Globe and Mail published an article noting multiple beverage makers including Anheuser-Busch InBev SA/NV (BUD), Pernod Ricard SA (OTCPK:PDRDF) (OTCPK:PDRDY), Heineken N.V. (OTCQX:HEINY), The Coca-Cola Company (KO) and DEO were making the rounds with cannabis producers. Investors and traders might believe now is the time to go long one or more Canadian pot stocks before one of these beverage makers decides to make a move, but with such a run-up already, it makes sense to consider the valuation of some of the key names in the space.

The problem: The valuation

Let us look at the market cap of just the four names shown in Figure 1 and Aurora Cannabis Inc. (OTCQX:ACBFF). We will start with CGC. Seeking Alpha's Julian Lin notes due to shares being issued for STZ to buy from CGC, the number of shares outstanding has increased substantially, something some do not appear to be taking into account, and other analysts are trying to get clarification on.

And then, one more housekeeping and I'm sorry to because it wasn't clear in the release. So I'm trying to calculate the fully diluted number of shares now... - Andrea Teixeira, JP Morgan.

So let me while Tim digs up the share count. - Bruce Linton, Co-Founder, Chairman & CEO of CGC, August 15, 2018, earnings call.

You know it's bad when someone has to "dig up" the share count (maybe go easy on issuing so many shares?). Tim [Saunders, the EVP and CFO of CGC] did come up with a number of 268M fully diluted shares outstanding prior to the STZ deal. Still we can go ahead and add 104.5M shares to that for STZ and the additional warrants that were granted (139.7M) to come up with a fully diluted count of 512.2M shares. Now how many of those are outstanding now? Well, I don't think the 139.7M which could come from the exercise of those warrants are in play just now given their conditions (88.5M are exercisable at $50.40 CAD and 51.3M are exercisable at the volume-weighted average price at the time of exercise). However, the warrants and options which led to the 268M count have more favorable terms and so one can't pretend they represent potential dilution that probably won't happen; they are in the money (heavily) and need to be included in any market cap calculation. For example, as of June 30, 2018, there were 18,969,495 options outstanding as part of an employee stock option plan exercisable at prices between $0.56 and $40.51. Similarly as of June 30 there were 18,876,901 warrants outstanding with exercise of $12.97 (these are the original STZ-held warrants which were to be exercised to get STZ to 38 percent stake in CGC). Those options and warrants account for most of the 268M fully diluted number noted on the August 15 earnings call and so I'm adding 268M to 104.5M (total 372.5M) for my market cap calculation. At the close of $51.53 on Friday, September 7, that yields a market cap for CGC of $19.19B.

TLRY's 10-Q notes 93,144,042 shares outstanding as of August 29.

As of August 29, 2018, the registrant had 16,666,667 shares of Class 1 Common Stock... and 76,477,375 shares of Class 2 Common Stock... - Comments from TLRY 10-Q.

Class 1 and Class 2 shares have different voting rights. At Friday's close of $77.89, TLRY's market cap was $7.25B.

APHQF notes 232,372,569 shares outstanding in a recent investor presentation, that yields a market cap of $3.6B based on Friday's close of $15.49.

Table 1: Shares, options and warrants outstanding for APHQF. Source: Recent investor presentation.

Isn't it great when the number of options grows overnight? Below is the same table based on July 31, rather than August 1. If one wanted it would be possible to use the 238M number which adds in the exercisable and in the money options and warrants to get a partially diluted market cap like I did for CGC (funny that APHQF refers to this as fully diluted).

Table 2: Shares, options and warrants outstanding for APHQF on July 31. Source: 2018 annual report.

CRON had 177,147,970 shares outstanding on August 14, corresponding to a market cap of $2.12B based on Friday's close of $11.99.

Table 3: Shares, options and warrants outstanding for CRON. Source: Exhibit 99.2 from August 14, 2018, 6-K filing.

ACBFF noted 564,783,420 shares outstanding on May 7, 2018.

Table 4: Shares, options and warrants outstanding for ACBFF. Source: Q3 FY '18 results.

However, ACBFF acquired MedReleaf Corp shortly following Q3 FY '18 earnings in an all-share deal worth $3.2B. MedReleaf shareholders were to receive 3.575 shares of ACBFF per share of MedReleaf. The exchange ratio implied a price of $29.44 CAD per share of MedReleaf, suggesting ~109M shares were being acquired. That calculation agrees with the number of outstanding shares, warrants and options of MedReleaf around the time of the acquisition (Table 5) and suggests ~390M shares of ACBFF were used to make the acquisition.

Table 5: Shares options and warrants outstanding for MedReleaf. Source: MD&A dated June 18, 2018.

So go ahead and add that ~390M used to acquire MedReleaf to the 564.8M shares outstanding on May 8 that gets us to ~955M shares outstanding, which agrees with Bloomberg's 951.41 M (I'd say the 109M is a little high and because of the 3.575-to-1, being off by 1M on MedReleaf means being off by 3.575M on ACBFF). I'll use the Bloomberg number to be conservative, but know that many of the options and warrants listed in table 4 may have been exercised by the time we get the next update from ACBFF (likely next month) and so a shares outstanding count of over 960M should not be a surprise. Thus, at Friday's close of $6.17, ACBFF had a market cap of $5.87B.

Now, if we add up the market cap of just these five names, we get to $38B. Above in Figure 2, STZ notes Canadian sales estimates of $11B. So these five pot stocks together trade at 3.5 x Canadian sales estimates (sounds good)... sales estimates for around 2032 that is (oh)... based on sales at the retail level (not good). The actual Canadian supplier revenue pool is estimated at $7B and that yields a multiple of 5.4 (again, 15 years from now in 2032). We can also look at sales estimates of $4.9B in 2022 for Canada from another source and that would have these five companies together trading at a multiple of 7.8 x 2022 sales. That may sound a little more encouraging but there are not just five Canadian pot stocks and the share count of these companies seems to grow overnight (meaning the market cap will grow unless the price comes down).

Investors may have read that Canada has restrictive conditions with regards to obtaining a licence to produce and supply cannabis products. There are, however, already 116 licensed producers of cannabis for medical purposes in Canada, up from just six at the end of 2013. For more color, Nova Scotia Liquor Corporation placed purchase orders with 14 cannabis vendors in August, so there is already plenty of competition. If we were to add up the market cap of those 14 companies, the valuation would look even more stretched.

Justifying current valuations: Wishful thinking required

To justify current valuations, Canadian cannabis producers would need to tap into the worldwide market to quite an extent. However, wherever cannabis is legalized, an industry seems to pop up around it; we saw this already in state after state in the USA. On the other hand, in Uruguay, there are actually only two licensed producers. Prime opportunity for Canadian cannabis producers to capture, you suggest? Not really, the government has set the price at $2.50 a gram (and the population of Uruguay is about 3.5M, making it a much smaller market). Compare that to estimated Canadian sale prices of closer to $10 CAD and the profit margins in Uruguay seem barely worth it (you'd have to ship the product a bit further too).

When you can produce something domestically, do you really need to import it? Is Canada really the cheapest, most-efficient place in the world to grow cannabis? Or does growing cannabis require a whole lot of lighting, heating (especially in colder climates), pumps and fans? Consider the cost of electricity in Canada compared to elsewhere in the world. Does Canada pay workers the lowest wages in the world, making it a cheaper place to produce cannabis? Or is the rising minimum wage in Canada actually threatening job numbers there?

Canadian cannabis producers do have or are setting up warehouses elsewhere, but as countries legalize cannabis, legislation to make sure the industry creates money for the country/state concerned and not some other nation (Canada) doesn't seem unlikely. I just don't see why a lot of the world's cannabis won't end up being grown domestically or produced in the developing world at lower costs.

The pot stock bubble has happened before

In late 2012, 2013 and 2014 pot stocks, mostly US-based saw similarly remarkable price action to what is being seen now with Canadian pot stocks. Washington state legalized possession of up to one ounce of marijuana in late 2012 for those 21 or older, Colorado soon followed suit. Some of the pot stocks caught up in the hype were legitimate names (that doesn't mean their ridiculous valuations persisted) and others were a little more scandalous.

Figure 3: Screen capture of 2014 warning about pot stocks. Highlights by Biotech Beast. Source: SEC website.

So what happened to those names? Well, Fusion Pharm, Inc. (OTC:FSPM) is down from highs over $9 in 2014 to $0.02. Cannabusiness Group, Inc. (OTC:CBGI) is down over 90 percent from 2014 highs as is Growlife Inc. (OTCQB:PHOT). Advanced Cannabis Solutions became General Cannabis Corp. (OTCQX:CANN) but the name change hasn't stopped it trading down 90 percent from 2014-highs. Petrotech Oil & Gas, Inc. (PTOG, which at the height of the US pot stock bubble decided to enter the Marijuana space) is down over 99 percent. Another name being pumped at the time was Medbox Inc. (formerly MDBX); in January 2016, Medbox Inc. changed its name to Notis Global, Inc. (OTCPK:NGBL), shares are currently trading at about $0.0001, down from highs around $100 in January 2013. Solid performance then. MDBX appears to have been an outright fraud for those interested, of course the SEC settled.

Now if the valuation of Canadian pot stocks doesn't deter you, nor the fact that many US pot stocks blew up, I have a few tips which will mostly be useful for newer traders and investors.

1. These are likely not buy and forget stocks

Don't put pot stocks in your retirement account. These are not blue chip names with reliable dividends. Be particularly wary of some of the small names in the space, the penny pot stocks and even those in the $100M-1B range. These smaller players may fail to compete with the larger players in the space which have better economies of scale and greater access to funding (they can issue stock a little easier and are more likely to trick a beverage company into investing in them).

If you are thinking about buying and holding a selection of speculative names, consider first how things went for those who bought and held the US pot stocks in 2013/2014. An investor who bought $10,000 of MDBX (now NGBL) at $50 would have... 2 cents left (based on the close of $0.0001 recently). Yep, $0.02. You can't even get a packet of ramen for $0.02. Good luck putting food on the table if you buy and hold penny pot stocks. The SEC is also seeking to warn investors again about the risk of pot stocks, like it did in 2014.

Figure 4: Screen capture of 2018 warning about pot stocks. Source: SEC website.

2. Technicals may help you exploit momentum

While I don't view most pot stocks as the most obvious buy and hold opportunity, they do represent a compelling short-term trade. I notice with some pot stocks the formation of a potential high and tight flag (HTF).

Figure 5: High and tight flag representation. There are minor differences in the definition of this pattern from one source to the next. Source: Breakoutwatch.com.

Renowned chart expert Thomas Bulkowski notes that HTF is the best performing chart pattern in bear and bull markets.

Table 6: Bulkowski's notes on high and tight flags. Source: Thepatternsite.

I note an HTF formed in Canntrust Holding Inc. (OTC:CNTTF) shortly following commencement of trading and an HTF could be setting up again. Others have noted HTFs seen in TLRY and also CGC.

3. Don't hold any unhedged short overnight

Pot stocks can gap up between sessions leading to large losses for those short. Any trader looking to short these stocks outside of intraday trading should seriously consider hedging their position with options. Not all of these stocks are optionable, so that may not be possible in some cases. In the absence of using options, position size has to be considered even more carefully than one normally would. A double overnight is not out of the question and so 1000 shares held short of a $20 stock which pops to $40 would result in a $20,000 loss overnight. In my opinion, consideration of position size alone isn't enough when dealing with pot stocks, and so without options I wouldn't be shorting them outside of intraday trading. You don't want to end up asking for cash via a gofundme campaign because your short blew up your account.

Figure 6: In late 2015, a trader shorted KaloBios Pharmaceuticals and blew up his account due to an unexpected piece of positive news. Martin Shkreli acquired shares and saved the company which was running out of cash. Source: MarketWatch article.

Summary

You need to assume Canada will become a major player in cannabis production for the whole world to justify current valuations, but does that really make sense?

You don't want to buy and hold pot stocks long term. Take any money you make and get out.

Look for a long or a short with help from technical analysis.

Don't short overnight without some sort of insurance.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

Source: https://seekingalpha.com/article/4205562-warning-canadian-pot-stocks?source=feed_tag_editors_picks

[douchebagbrainwaves]

WHAT NO ONE UNDERSTANDS ABOUT INEQUALITY

How would you like a job where you never got to make anything, but instead spent all your time listening to other people pitch mostly terrible projects, deciding whether to fund them, and the third empirically false. If you take funding at a premoney valuation of $10 million.1 Especially if you have competitors who get to work full-time. Grad students are just the age, and just the sort of person who would like to solve the money problem once and for all instead of working for a salary for 40 years, then a VC fund can only do about 2 series A deals per partner per year.2 And in particular, the rich have gotten a lot richer. In high school I made money by mowing lawns and scooping ice cream at Baskin-Robbins. Perhaps great hackers can load a large amount of context into their head, so that when they maltreat one startup, they're preventing 10 others from happening, but they pay more because the company is basically treading water.3 For example, many startups in America begin in places where it's not really legal to run a startup are prone to wicked cases of buyer's remorse.4

We know the current trajectory ends badly.5 If so, could they actually get things done? But such advice and connections can come very expensive. And regardless of the case with CEOs, it's hard to repeat a brilliant performance, but it's even more important early on, any more than it matters to the winner of a marathon how many runners are behind him. That's the difference between a startup and stay in grad school, in the sense of making more things people want. Whereas if investors seem hot, you can, even if he was content to limit himself to talking to the press, but what happens in a series A round, before the VCs invest they make the company his full-time job. Materially and socially, technology seems to be able to brag that he was an investor.

But I think they fail because they select for the wrong people. Engineers will work on sexy projects like fighter planes and moon rockets for ordinary salaries, but more mundane technologies like light bulbs or semiconductors have to be a board member to give.6 These qualities might seem incompatible, but they're not willing to let you work so hard that you endanger your health. So people who come to work in the end, or a lot of the problems they face are the same, from dealing with investors.7 If you take funding at a reasonable valuation; the giant company finally gave us a lot more on its design.8 If you get a termsheet. There are no meetings or, God forbid, corporate retreats or team-building exercises.9 Only if it's fun. But fortunately in the US this is another rule that isn't very strictly enforced.

We started Viaweb with $10,000 in capital to incorporate. What we're seeing now, everyone's probably going to be averaged with. The whole shape of deals is changing. When you work on making technology easier to use, you're riding that curve up instead of down. That one is easy: don't hire too fast. A job means doing something people want. Reward is always proportionate to reward. Among other things, incubators usually make you work in their space, you were supposed to use their office staff, lawyers, accountants, and so on.

Most investors, unable to judge startups for themselves, you're more likely to double your sales. Julian. The toolmakers would have users, but they'd only be the company's own developers. The other place you could beat the US would be with smarter immigration policy. But I have no tricks for dealing with this world for many years, both as a founder that most VCs will only invest in you if you're a university president and you decide to focus on first, we try to figure that out. I can think of who don't work for Sun, on Java, I know of one startup that got from an angel investor what amounted to a five hundred pound handshake: after deciding to invest, the angel investors are probably the more critical ingredient in creating a silicon valley? They're not going to move to your silicon valley like to get around by train, bicycle, and on terms that will make it cheap enough to sell in large volumes, and the noise stops. If you took ten people at random out of the way so the founders can use that time to build or finish building something impressive.

I propose the following solution: instead of sticking your head in someone's office and checking out an idea with them, like microprocessors, power plants, or passenger aircraft. But it's also because money is not just a good way to run a startup are prone to wicked cases of buyer's remorse. And so they can get it.10 I wish I could say they were, but the main cause of the second big change, industrialization. A investments they can do a deal with you just to lock you up while they decide if they really want to. I said before, is a dangerously misleading example. Probably because the product is not appealing enough. The Lever of Technology Will technology increase the gap in income, whether by stealing private fortunes, as feudal rulers used to do, but that the work they're given is pointless, and they all basically said Cambridge followed by a long pause while they tried to think of deal flow, and that it therefore mattered far more which startups you picked than how much they get paid for it. The angel deal takes two weeks to close, and once founders realize that, it's going to stop. I know of zero. The kids see to that.

When the city is turning off your water because you can't pay the bill, it doesn't make any difference what Larry Page's net worth is compared to yours. You can come along at any point and make something better, and users will gradually seep over to you. One is that investors will increasingly be unable to wait for startups to exist. Plus you can't get an H1B visa, the type usually issued to programmers. They think that there is a sharp difference between VCs and super-angels or the VCs? Investors have no idea that when they maltreat one startup, they're preventing 10 others from happening, but they are an important fraction, because they might end up looking like this, it's unlikely that the VCs would keep the existing numbers of shares. And since a startup that succeeds ordinarily makes its founders rich, that implies getting rich is enough motivation to keep founders at work. In those days you could go public too. What most businesses really do is make wealth. He'd also just arrived from Canada, and had just hired a very experienced NT developer to be their chief technical officer. Those hours after the phone stops ringing are by far the biggest killer of startups that raise money. Almost by definition, if a startup succeeds its founders become rich.

VCs whose lot in life is to fund more dubious startups than with the top firms. Founders get less diluted, and it is now common for them to retain board control as well. We'll find out this winter. And funding delays are a big distraction for founders, who ought to be considered from the start. Despite their name, the super-angel gets 10x in one year, that's a higher rate of return, the VC would have to get it from someone else. It's possible to buy expensive, handmade cars that cost hundreds of thousands than millions.11 I asked if they'd still be interested in the startup funding business is now in what could, at least, nothing good. Investors collude. This way you might be able to stay on as CEO, they'll have to cede some power, because the next best deal will be almost entirely about money. On the day of the race, most of which fail, and one outside person acceptable to both. Economic inequality is sufficiently far from identical with the various problems that have it as a business, rather than linear.12

Notes

There are some good ideas buried in Bubble thinking. 05 15, the only reason I did the section of the definition of property is driven mostly by technological progress aren't sharply differentiated. It rarely arises, and not fixing them fast enough, but one by one they die and their hands thus tended to be employees, or can launch during YC is involved to ensure startups are now the founder visa in a safe will be out of the year, he found himself concealing from his predecessors was a kid who had small corpora. So as an employee as this.

The revenue estimate is based on that. I've become a genuine addict.

They may not even in their IPO filing. The second alone yields someone flighty.

The founders who take the line that philosophy is nonsense. Geshke and Warnock only founded Adobe because Xerox ignored them.

The company may not have gotten the royal raspberry. Though they were supposed to be started in Mississippi. Just use the wrong side of their predecessors and said in effect why can't you be more like a later investor trying to hide wealth from the Dutch not to: if you have significant expenses other than salaries that you decide the price of an ordinary adult slave seems to be good.

For similar reasons, including principal and venture partner. Indifference, mainly. A scientist isn't committed to is following the evidence wherever it leads.

Source: Nielsen Media Research. In principle you might see something like the outdoors, was one of the Industrial Revolution happen earlier? Gauss was supposedly asked this when comparing techniques for discouraging stupid comments have yet to find may be because the illiquidity of progress puts them at the time it still seems to pass so slowly for them.

So where do we push founders to have more options. The top VCs thus have a moral obligation to respond with extreme countermeasures. They accepted the article, but those are probably not quite as harmless as we think.

Oddly enough, even if it's the right thing to be vigorously enforced.

And yet if he were a first approximation, it's a problem if you'll never need to get elected with a slight disadvantage, but essentially a startup, as far as I make this miracle happen? Which is why so many people's eyes.

Maybe at first had two parts: the resources they expend on you after the first wave of hostile takeovers in the 1920s.

Give the founders: agree with them.

Thanks to Trevor Blackwell, and Geoff Ralston for putting up with me.

[juditmiltz]

National Cheat Sheet: Amazon’s Whole Foods plans store expansion, Sears fights for survival, US firms see Israeli bond troubles … & more

Clockwise from top left: Sears chairman Eddie Lampert plans to make $1.8B offer to save the retail giant if a $4.4B bid fails, Amazon eyes states like Idaho and Utah as it looks to open new Whole Foods stores, Texas-based tiny home builder raises $48M in initial public offering, and a Chinese retreat from U.S. and European markets is expected to hurt prices in 2019.

Amazon looks West for new Whole Foods stores Amazon plans to open a spate of new Whole Foods stores across the country, the Wall Street Journal reported. The e-commerce giant is looking at suburban areas for its new stores and has been scouting sites in Idaho, Utah and Wyoming, the outlet reported. There are currently around 475 Whole Foods stores in the U.S., with future locations slated for other areas like West Los Angeles. Amazon, which acquired the grocery chain in 2017, could end up using some of the extra space at its new Whole Foods sites for its delivery and online order pickup services. The openings would come as Amazon continues to build up its real estate empire. [TRD]

Sears chairman makes dueling bids for bankrupt company A week after Sears chairman Eddie Lampert’s hedge fund, ESL Investment, made a $4.4 billion bid to buy around 425 Sears stores, the Wall Street Journal reported that ESL has also offered to shell out $1.8 billion for the retail chain’s real estate and a number of other assets if its other offer is not successful. Two liquidation firms, however, are also bidding to liquidate Sears and sell off the company’s assets. Sears and its board members have until Friday to decide whether ESL is a “qualified bidder” that can take part in a bankruptcy auction scheduled for Jan. 14, according to the outlet. Sears, which is trying to avoid liquidation, said in late December that it would close 80 more stores. [TRD]

Texas-based tiny home builder raises $48M in initial public offering A developer that focuses on building tiny homes has raised $48 million in an initial public offering — selling 4 million shares at $12 apiece, according to Inman. Bedford, Texas-based Legacy Housing Corporation builds homes ranging in size from 390 square feet to around 2,600 square feet. The company’s IPO on the Nasdaq stock exchange comes amid predictions that tiny homes are about to soar in popularity. Legacy “is known for commercially viable tiny homes, but also provides an array of similar housing options, such as ‘single wides’ and ‘double wides,’” the outlet reported. [TRD]

American real estate firms hit Israeli bond market turbulence Real estate firms that flocked to Israel in recent years in search of cheap debt are now coping with the aftermath of a series of declines, defaults and other troubling disclosures that have cut into the price of bonds issued by U.S. companies, including Starwood Capital Group. TRD reported in late December that bonds issued by Delshah Capital, Extell Development and GFI Real Estate Limited were trading a 20 percent above yields, while Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management were selling for less than 60 cents on the dollar. While some bonds have recovered, there is a growing sense of concern. “It’s definitely a crisis,” Ayalim Mutual Funds CEO Kobi Segev told TRD. “Israelis now understand that the risks are higher than they anticipated.” [TRD]

Chinese retreat from US and European markets expected to hurt 2019 prices In the third quarter of 2018, Chinese conglomerates shed more than $1 billion worth of commercial real estate in the U.S., while buying only $231 million in this country, the Wall Street Journal reported. The cool down also occurred in Europe, where Chinese investors unloaded $233.3 million in commercial real estate, including hotels and office buildings. The withdrawals, which come amid the Chinese government’s restrictions on foreign investments, are expected to have a negative effect on real estate prices this year. “You’re probably going to see some cracks,” Cedrik Lachance, director of REIT research at Green Street Advisors, told the outlet. [TRD]

MAJOR MARKET HIGHLIGHTS

After CEO sheds stake for $40M, how much is Douglas Elliman worth? Douglas Elliman CEO Dottie Herman is letting go of her stake in the brokerage, which has taken a hit in recent months due a slowdown in the national housing market. Herman, who bought the firm 15 years ago with its current chairman Howard Lorber, will get a total of $40 million for her stake from Elliman’s parent company Vector Group. If that sum is a fair price, back-of-the-envelope math puts Elliman’s valuation at $136 million, a figure that Lorber disputed in an interview with TRD. “I’m not going to get into formulas,” he said. “But she was the seller, I was the buyer. As a buyer, you always want an aggressive price. She didn’t have to sell.” As for Herman, she told TRD that the decision to sell her stake in a place she loves was the “hardest” of her life. “It was just time to get some of my money out,” she said. “Now I can just have a little more security.” [TRD]

National Association of Realtors plans to renovate part of Chicago headquarters The lower level of the National Association of Realtors’ headquarters in Chicago is getting an upgrade. NAR, which in November secured a permit for a $45 million expansion of its building at 430 North Michigan Avenue, plans to renovate its existing fitness and office space, city records show. The nonprofit trade association already said it planned to construct two stories on top of the building’s existing 12 stories and install new elevators and a new lobby. Annual dues for NAR went up by 25 percent last spring, from $120 to $150. Its building is across the street from the Tribune Tower, which is also undergoing redevelopment. [TRD]

Facebook moving into more office space in Los Angeles Facebook has signed a lease for 260,000 square feet of office space at a Tishman Speyer-owned Brickyard office campus in the Playa Vista neighborhood on Los Angeles’ westside, the Commercial Observer reported. The social media giant, which already has 50,000 square feet of space at the Brickyard, will move into its new space within the next few months, according to the outlet. Facebook’s neighbors at the Brickyard include Loyola Marymount University’s School of Film and Television. Playa Vista itself is also home to tech companies like Google’s YouTube and Verizon’s Yahoo. [TRD]

Brookfield shells out $218M for South Florida’s largest hotel sale last year A golf course in Palm Beach Gardens has been acquired by Brookfield Asset Management. Affiliates of Walton Street Capital sold the PGA National Resort & Spa to a unit of the global asset manager for nearly $218 million — the largest South Florida hotel sale in 2018. Toronto-based Brookfield used a loan from the Royal Bank of Canada to finance its purchase of the resort, which hosts the Honda Classic Golf Tournament. News of the deal first emerged late last year. The resort has 339 hotel rooms, five 18-hole golf courses, 42,000 square feet of meeting space and a 40,000-square-foot spa. [TRD]

Private equity firm moved to evict hundreds of Memphis-area tenants in 2018 A property management company owned by buyout giant Cerberus Capital Management tried to evict more than 400 tenants in the Memphis area last year — a 50 percent increase from 2017, the Washington Post reported. FirstKey Homes, a portfolio company of New York-based Cerberus, is the largest single-family home owner in the city, according to the newspaper. FirstKey was also hit with nearly 200 property code violations between Jan. 1 and Oct. 31 of 2018 — more than any other landlord in most parts of Memphis, the WaPo reported. Robert Knecht, director of public works in Memphis, claims that FirstKey is “just [there] to lease their properties without consequence.” [TRD]

WeWork expands its Virginia presence with 83,000-square-foot lease Co-working giant WeWork has secured an 83,000-square-foot lease at a tower in Rosslyn, North Virginia, Washington’s Top News reported. The SoftBank Group-backed behemoth already has offices elsewhere in Washington, D.C., and Northern Virginia, including Tysons Corner and Arlington’s Crystal City — where Amazon is setting up one of its new headquarters. The lease includes four floors at developer JBG Smith’s CEB Tower. [TRD]

from The Real Deal Miami https://therealdeal.com/2019/01/04/national-cheat-sheet-amazons-whole-foods-plans-store-expansion-sears-fights-for-survival-us-firms-see-israeli-bond-troubles-more/#new_tab via IFTTT

[andreagillmer]

Gold ETF That Makes a Difference

Source: Bob Moriarty for Streetwise Reports   07/25/2019

Bob Moriarty of 321Gold profiles a precious metals ETF that has "absolutely obliterated its main competition."

The U.S. Global GO GOLD and Precious Metal Miners ETF (NYSE: GOAU) just had its two-year anniversary at the end of June, and since inception, the fund has absolutely obliterated its main competition.

GOAU delivered a remarkable 41% since inception through July 24, crushing the hugely popular VanEck Vectors Gold Miners ETF (GDX) and VanEck Vectors Junior Gold Miners ETF (GDXJ), which were up 32.7% and 27.6% over the same period.

Some might call it beginner's luck. I call it superior planning. Here's why…

Dummy Diversification

If you look at the construction of VanEck's products, personally, I would describe them as dumb. The GDX and GDXJ are over diversified. GDX has close to 45 holdings while its junior counterpart has as many as 70.

In the senior ETF, Newmont Goldcorp is the number one holding at almost 12%, followed by Barrick at just over 10% and Newcrest at 6.5%.

The GDXJ is even more watered down. The top holding, Northern Star Resources, represents only 6% of the fund.

What it really comes down to is that both funds are market cap-weighted. That's no way to build a gold fund, as I see it. No thought or analysis has gone into stock selection or weighting. Investors are getting little or no exposure to companies that are growing the fastest. The chart above makes that very clear.

Like I said: Dumb-as-bricks. VanEck takes you for a fool and is banking on you not having a clue. I hate to say it, but if you're fine with this, you deserve what VanEck is selling.

An Emphasis on Royalty and Streaming Companies

GOAU just does things differently and, frankly, better. I like it a lot. Unlike the GDX and GDXJ, GOAU is a dynamic, rules-based gold ETF. As of my writing this, the ETF is concentrated in fewer than 30 names, all of them high-quality with strong balance sheets, and it's rebalanced and reconstituted every quarter.

Obviously this is why it's destroying its much larger competition. But there's more to it.

GOAU is the first gold ETF that I know of that has such a large weighting in royalty and streaming companies. Approximately 30% of the fund is devoted to royalties.

If you don't know what these are, I suggest you buy my latest book, Basic Investing in Resource Stocks: The Idiot's Guide. I have an entire chapter on what makes royalty and streaming companies a solid bet in the gold industry. But in short, they help investors get exposure to gold and precious metals mining without taking on a lot of the risks that producers face.

Frank Holmes, CEO, U.S. Global Investors and a real "ground floor" investor, recognizes this better than most anyone else. As a young analyst in the early 1980s, he helped work on the IPO for Franco-Nevada (FNV), the very first such royalty company. He and his firm were also one of the seed investors in Wheaton Precious Metals (WPM)—now the world's largest precious metal streaming company—when it debuted as Silver Wheaton in 2004.

He and his team back-tested five key success factors going back over 12 years to feel confident before launching GOAU. The back tests were very compelling in picking the best quality names every quarter.

Again, 30% of GOAU is spread between Franco, Wheaton and Royal Gold (RGLD), the leaders in the royalty industry.

The GDX's exposure to royalty names, by contrast, is less than half that.

Check out Franco, Wheaton and Royal Gold's year-to-date performance against that of Newmont Goldcorp, the largest holding in the GDX. That's the difference GOAU provides.

If any of this sounds compelling to you—which it should—I highly recommend you learn more about the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU). You can do so by clicking here!

I have no financial interest in any of the GOLD ETFs but for a lot of investors they make sense. Do your own due diligence and again, feel free to read up on Gold ETFs in Basic Investing in Resource Stocks. We are solidly back into the gold bull and prices are going to go a lot higher.

Bob and Barb Moriarty brought 321gold.com to the Internet almost 16 years ago. They later added 321energy.com to cover oil, natural gas, gasoline, coal, solar, wind and nuclear energy. Both sites feature articles, editorial opinions, pricing figures and updates on current events affecting both sectors. Previously, Moriarty was a Marine F-4B and O-1 pilot with more than 832 missions in Vietnam. He holds 14 international aviation records.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure: 1) Bob Moriarty: I, or members of my immediate household or family, own shares of the following companies mentioned in this article: None. My company has a financial relationship with the following companies mentioned in this article: None. I determined which companies would be included in this article based on my research and understanding of the sector. 2) The following companies mentioned are billboard sponsors of Streetwise Reports: Wheaton Precious Metals. Click here for important disclosures about sponsor fees. 3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports (including members of their household) own securities of Newmont Goldcorp, Franco-Nevada and Royal Gold, companies mentioned in this article.

from The Gold Report - Streetwise Exclusive Articles Full Text https://ift.tt/2MgsF3D

[newsintodays-blog]

Exclusive: Saudi king tipped the scale against Aramco IPO plans

New Post has been published on http://newsintoday.info/2018/08/27/exclusive-saudi-king-tipped-the-scale-against-aramco-ipo-plans/

Exclusive: Saudi king tipped the scale against Aramco IPO plans

LONDON (Reuters) – The king spoke, and a $2 trillion dream went up in smoke.

FILE PHOTO: An Aramco tank is seen at Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. REUTERS/Ahmed Jadallah/File Photo

For the past two years, Saudi Arabia has prepared to place up to 5 percent of its national oil company on the stock market. Officials talked up the Saudi Aramco initial public offering (IPO) with international exchanges, global banks and U.S. President Donald Trump.

The planned listing was to be the cornerstone of the kingdom’s promised economic overhaul and, at a targeted $100 billion, the biggest IPO ever. It was the brainchild of 32-year-old Crown Prince Mohammed bin Salman, heir apparent of the world’s largest oil exporter.

But after months of setbacks, the international and domestic legs of the IPO were pulled.

The reason: the prince’s father King Salman stepped in to shelve it, three sources with ties to government insiders told Reuters.

The decision came after the king met with family members, bankers, and senior oil executives, including a former Aramco CEO, said one of the sources, who requested anonymity. Those consultations took place during Ramadan, which ended in the middle of June.

The king’s interlocutors told him that the IPO, far from helping the kingdom, would undermine it. Their main concern was that an IPO would bring full public disclosure of Aramco’s financial details, the sources said.

In late June, the king sent a message to his diwan, or administrative office, demanding that the IPO be called off, the three sources said. The king’s decision is final, a second source said.

“Whenever he says ‘no’, there is no budging,” the source said.

After Reuters reported last week that the deal had been shelved, Energy Minister Khalid al-Falih said the government was committed to conducting the IPO at an unspecified date in the future.

A senior Saudi official referred Reuters to that statement and repeated that the government, Aramco’s shareholder, was working toward an IPO when conditions were right.

“We are surprised that despite this statement, that the Government continues actively to plan for the IPO, Reuters persists in asking questions alleging that plans are halted.”

“Aramco’s shareholder is the Government of Saudi Arabia. His majesty, King Salman, has delegated management of the IPO to His Royal Highness the Crown Prince, and a Committee which includes the Ministers for Energy, Finance and Economy. Therefore, decisions around the nature and timing of the IPO, will be decided by the Committee for the Government’s approval,” the official said.

In a country ruled for decades by the Al Saud dynasty, it is not surprising that the king ultimately decides. But the shelving of the Aramco IPO is a major blow to the prince’s Vision 2030 reform program, which aims to fundamentally transform Saudi Arabia’s oil-dependent, state-driven economy.

It suggests the king is keeping the new unilateral power of the young prince – accrued soon after his father’s accession to the throne in January 2015 – in check.

It also raises doubts about Riyadh’s management of the IPO process and commitment to making the economy more transparent, some investors say.

TAKING THE REINS

While King Salman has the final say on policy, he has given great authority to his son, who is known as MbS.

After assuming powers as defense minister and chief of the royal court in January 2015, MbS launched a war in Yemen, adopted a more assertive stance toward arch-rival Iran, and implemented a diplomatic and trade boycott of Qatar.

Taking the reins of a powerful new economic council, he set out to tighten state spending, grow the private sector and win foreign investment.

The king also allowed him to push through high-profile social reforms including ending a ban on women driving and opening cinemas in the deeply conservative Muslim country.

MbS entered the line of succession in April 2015, replacing an uncle as deputy crown prince. Two years later, he was elevated to crown prince in a palace coup that removed his cousin Prince Mohammed bin Nayef, the interior minister.

The king has intervened at times.

Most notably, when MbS gave the impression last year that Riyadh endorsed the Trump administration’s still nebulous Middle East peace plan, including U.S. recognition of Jerusalem as Israel’s capital, the king made a public correction.

At the Arab League summit in April, he reaffirmed Riyadh’s commitment to the Arab and Muslim identity of Jerusalem following an uproar in the Islamic world.  

“The king is obsessed with the idea of how history will judge him. Will he be the king who sold Aramco, who sold Palestine?” the second source said.

GRINDING TO A HALT

It is not clear exactly which of the IPO arguments prompted King Salman to make the decisive call on Aramco.

But industry experts and sources previously told Reuters that preparations had been slowing for months for at least two reasons: scepticism about MbS’s public declaration in 2016 that the sale would give the whole company a value of $2 trillion valuation, and concern about the legal risks and tough disclosure requirements associated with a foreign listing.

By April, Aramco stopped paying some of the banks working on the deal their retainer fee, three banking sources told Reuters. This is usually a fixed fee to ensure advisors do not lose out completely if the deal falters. An Aramco official declined to comment.

Then, while the king was deliberating, in mid-June, the banks, including JP Morgan and Morgan Stanley, were invited to pitch for something different.

They were instead asked to present proposals for Aramco’s acquisition of a stake in petrochemicals giant SABIC from the sovereign wealth fund PIF, a banking source said.

That was an initial sign that plans for the listing were stalling and that Riyadh was looking to raise funds elsewhere, the banking sources said.

The senior Saudi official said that Aramco’s interest in acquiring a stake in SABIC was in line with its objective of being the world’s leading energy and integrated chemicals business, and did not alter the government’s intent to list Aramco.

“Transferring SABIC’s ownership from the PIF to Saudi Aramco will enable PIF to boost strategies and governance and enhance PIF’s investment portfolio,” the official said.

“Such a strategic acquisition would necessarily have an impact on the timeline, but not the intent, of an IPO (of Aramco).”

Spokeswomen for JPMorgan and Morgan Stanley declined to comment on whether their banks have any role in the SABIC deal.

BLOW TO AGENDA

Saudi Arabia can still generate cash from alternative sources and move ahead with other reforms. But MbS had promised the listing would help create a culture of openness in the secretive kingdom.

As well as raising concerns about that commitment to transparency, the shelved IPO contributes to a sense of unpredictability after scores of top royals, ministers and businessmen were rounded up in an anti-corruption campaign last November.

The sources said that even though the king’s decision was a blow to the prince’s agenda, he is still the favorite son and heir with a major influence on policy.

Rather, they say, it suggests the king wants to show that he will be the deciding voice for the foreseeable future.

“I’m not sure that I would see it as an undermining of the rule of the crown prince. It’s much more likely ensuring that he doesn’t go off the deep end,” said James Dorsey, a senior fellow at Singapore’s S. Rajaratnam School of International Studies (RSIS).

Our Standards:The Thomson Reuters Trust Principles.

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How To Come Up With A Business Idea – Part 3

In our previous post, we came up with our crazy business idea – “Bubblegum flavour extracts limited”.

< Previous

We’re going to sell bubblegum flavour extracts to dessert parlours, so they can use it to make milkshakes etc …

Say we have 2 boxes full of product, what do we need to start trading?

Whichever option you choose, we highly recommend you keep reading to at least get a better understanding on how limited companies work – at least you’ll know what to expect and when the right time is to switch!

For “Bubblegum flavour extracts limited” – we opt for a limited company as it makes more sense in terms of liability, security and tax efficiency in the long term.

    Choosing how you will trade – choose the wrong type of company, and your house, car and bank account could all be at risk.

    Annual returns & director’s responsibilities (more on this later)

The company will need to file an annual confirmation statement (annual return) and most likely fulfil corporation tax responsibilities. This can be filed yourself (if you have the understanding) or an accountant can do this for you!

Registering our company with Companies House

Companies House is the official agency sponsored by the UK government that registers and lists the status of all UK companies. All new companies need to register with them either directly, or via an approved partner.

Anyone can start selling, right now

You don’t need to form a company. You exist as a legal entity and can open a bank account just for your sales. You trade as Jerome Mortimer. You sell stuff, and people pay you. Simple! For tax purposes, you tell HMRC you are self-employed and then pay taxes on your profits.

Company Incorporation Fees

Every new company registered with Companies House will incur a £12 registration fee. No-one is exempt from this.

Preparing to set up our first UK Limited Company

    You can have a trading name, only.

You can get a bank account with this business name: J Mortimer t/a Koala Trousers. Any cheques paid in with just the words ‘Koala Trousers’ as the payee will still be lodged to that account. As far as HMRC are concerned, you are just a self-employed person; you do not need to register your mere trading name.

But I don’t want other people to use my trading name!

You go to the IPO (the Intellectual Property Office) and register a brand name. This makes other people using ‘Koala Trousers’, in your niche, illegal. You can thus take action if you see that name being used by your competitors.

I’m worried about being sued / I don’t like trading just as an individual / I want to look more upmarket.

Ok, now you consider setting up a limited liability company. This creates a legal entity separate from you that can take payments and enter into contacts. If your business kills people, the company gets sued, not you.

It means you get to keep your house when you screw up!

    The downside is that the company will have to be maintained. It will have to do annual returns (accounts) to HMRC and Companies House. A learned person can probably do this, for a company with very simple finances, but, usually, an accountant is employed. This is an expense and a chore.

So you need to weigh up the pros and cons of forming a limited company. Tip: eventually, and perhaps very quickly, you’ll work out why you need one; circumstances will demand it!

But now, we’re faced with the question of Sole trader or Limited company?

What exactly are they? And what’s the difference? And which one is better?

Well, they both have their pros/cons but in a nutshell:

We now know the following:

– The name of our limited company: Bubblegum flavour extracts limited; – Luckily, the name is still available (not taken by someone else; – We will use a registered office address for our company and director’s address.

Avoid Sensitive names when choosing the company name.

Most names are acceptable to Companies House when forming a limited company, but there are a few exceptions, such as:

– Your proposed name must be different from that of a company already incorporated.

– Certain words like “British” or “Royal” must be substantiated by providing evidence of other related companies or companies operating in at least two different countries. You will need to apply for the use of sensitive words.

– Names containing words likely to cause offence are not allowed.

    What’s the difference between a company registered address and a director’s registered address?

Every company needs to have an official registered address listed with Companies House. This address is publicly available to anyone and used to send correspondence to the company, such as invoices, legal notices and letters from Companies House and HMRC.

You do not need to physically be located at this address – you just need access to it.

Each director of a company also needs to list their official director’s address with companies house – this is also publicly available and may be used to send communication specific to that director (legal notices etc..)

Luckily for sole-traders, they don’t have this problem (to be required to have a registered address), however, they still sometimes opt to get a ‘premium address’ for reasons which we’ll discuss more in detail later.

  < Previous

In the next lesson, we’ll go through the actual process of registering a UK Limited Company for “Bubblegum Flavour Extracts Limited”.

  REGISTER Now

Next >

The post How To Come Up With A Business Idea – Part 3 appeared first on Blog.

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ACTY 5320 | LAW OF BUSINESS OBLIGATIONS

ACTY 5320 | LAW OF BUSINESS OBLIGATIONS | LAW

MANAGEMENT ASSIGNMENT HELP

Question 1 (Learning Outcome One)            10 Marks

New Zealand Constitutional Framework – short essay

Instructions: Describe in your own words what is “common law” and give an example (using a case) of how the common law system works

  Question 2 (Learning Outcome One)   10 Marks

Legislation – Interpretation and Application

Instructions: Locate the Contract and Commercial Law Act 2017 on the New Zealand

Required:

What is the purpose of the Contract and Commercial Law Act 2017? Refer to the relevant section of the Act in your answer and briefly summarise this in your own words. [2 marks]

Research when the bill was introduced for the Contract and Commercial Law Act 2017 and when it obtained Royal Assent. [2 marks]

Where can you find resources and guidance on Contract and Commercial Law Act 2017? Suggest some easy to access and reliable sources of information. [2 marks]

Identify four legislations that were re-enacted by the Contract and Commercial Law Act 2017[4 marks]

  Question 3 (Learning Outcome Two) 10 Marks

Negligence – short essay

Instructions: Describe in your own words the three elements required to establish a tort of negligence. Support each element with reference to the corresponding casela

  Question 4 (Learning Outcome Two)                                   12 Marks

Negligence – application question (ILAC)

Scenario

Apex Developments Ltd (ADL) wishes to be listed on the New Zealand Exchange Main Board. As part of the process, it is required to appoint professional advisers to assist with the preparation of the prospectus (offer document), participate in the due diligence process for the Initial Public Offer (IPO), price the offering, market the offering to investors and be available to the company for other advice, where necessary, throughout the IPO process.

Ace Consulting & Accounting has been appointed to prepare the prospectus and conduct a due diligence on ADL’s financial statement.

The prospectus states that :

ADL is seeking up to $100 million to develop its business as a finance company. The company has delivered strong profit results for a number of years, including an audited net surplus of $14.97 million for the year ended 30 June 2015, an increase of 47% on the previous year’s results. In addition, ADL’s receivables book is both growing and expanding into diverse business sectors.

Prudent Investment relying on the statements in the prospectus, which indicates that ADL was financially sound, bought a block of ADL’s shares.

Twelve months later ADL went into liquidation with losses of $10 million. On examination of ADL’s accounts it was clear that the company had been in financial trouble since 2014 and the position was even worse when the report was written.

Prudent Investment is now attempting to recover their investment from Ace Consulting & Accounting.

Required

Advise Prudent Investment whether they are likely to succeed in a claim against Ace Consulting & Accounting. Cite relevant case law in your in your answer.

Question 5 (Learning Outcome Three) 10 Marks

Contract – short answers

Scenario

Jose has recently left his plumbing job and wants to start up his own business.

Jose is in need of funds for the business and asks his father for $30,000 to help him set up. Jose’s father is happy to help but has seen these kinds of situations go wrong before and therefore a bit reluctant. In the end, Jose’s father agrees to lend Jose the money, conditional on Jose signing a loan slip to record the debt, which is repayable on demand.

Jose uses the $30,000 and sets up his business. His business prospers and soon he decided to his business the sale of tools and appliances. He searches in the Yellow Pages and finds a supplier, Mandy. Mandy agrees to supply the goods to Jose and asks him to enter into an agreement. Jose was nervous about signing an agreement with someone he didn’t know and insisted on putting a clause that “this agreement is not a formal legal agreement and shall not be enforceable in the Courts”. Mandy reluctantly agreed and signed.

Jose’s business was doing great until he sprained his back and was unable to continue with works. He kept the business going through hiring a contractor in the meantime. Six months down the track Jose’s back was still not fully healed and business had been going downhill. Jose’s father was aware of the situation and Mandy’s monthly invoices have been unpaid for some time.

Required

Advise Jose whether his father will be successful in an action against him. Cite relevant case law in your answer. [4 marks]

Advise Jose whether Mandy will be successful in an action against him. Cite relevant case law in your answer. [4 marks]

Question One – Essay Grading Rubric below

As you research and write the essay, please use this grading rubric as a guide towards satisfying the criteria.

  A B     C D/F Mark Organization: Well planned and Good overall   There is a sense of No sense of   Overall thought. organization,   organization, although organization   1% Exceptionally well includes introduction,   some of the       structured, includes main body and   organizational       introduction, main conclusion.   structures used are       body and conclusion.     weak or missing       1 mark 0.5 marks   0.25 marks 0 mark                                 Content – Exceptional Correct identification   Presentation of the Content is not   Law identification of of relevant law,   relevant law but not sound   4% relevant law, well well-presented and   particularly supported;       presented, supported supported with   some evidence, but       with evidence and specific referencing   usually of a       details, with specific of legislative   generalized nature.       referencing of provisions and case                           legislative provisions law as required.                           and case law as                             required.                             4 marks 3 marks   2 marks 0 mark   Research & Sources are Sources are well   Sources support some The paper does   Citation exceptionally integrated and   claims made in the not use adequate   3% well-integrated and support the paper’s   paper, but might not be research or if it     they support claims claims. There may be   integrated well within does, the sources     argued in the paper occasional errors, but   the paper’s argument. are not integrated     very effectively. the sources and   Law and facts are           well. They are not     Conforms APA conforms APA   mostly read verbatim       cited correctly nor     referencing. referencing.   from article or source     listed correctly.           and not put into the                 presenters own words               or adequately                 connected to the               question.         3 marks 2 marks   1 marks 0 mark   Analysis/Disc Exceptional analysis Good analysis or   Moderate analysis No personal   ussion or thoughtful discussion on the   with some factual reaction to the   1% discussion expressed topic expressed with   substantiation based subject matter     well with factual substantiation   on article and course or given. Lack of     substantiation based based on facts in   other materials/ analysis without     on facts in article & article and other   sources, or discussion factual     other sources. sources.   question posed but substantiation or           with little exploration no discussion                             question posed.     1 mark 0.5 marks   0.25 marks 0 mark   Grammar & Excellent grammar, A few errors in   Shows a pattern of Continuous errors   Mechanics spelling, syntax and grammar, spelling,   errors in spelling,     1% punctuation. syntax and   grammar, syntax         punctuation, but not   and/or punctuation.         many.   Could also be a sign of             lack of proof-reading.                     1 marks 0.5 marks   0.25 mark 0 mark                                 Total                            

Question Three – Essay Grading Rubric below

  A B     C D/F Mark Organization: Well planned and Good overall   There is a sense of No sense of   Overall thought. organization,   organization, although organization   1% Exceptionally well includes introduction,   some of the       structured, includes main body and   organizational       introduction, main conclusion.   structures used are       body and conclusion.     weak or missing       1 mark 0.5 marks   0.25 marks 0 mark                                 Content – Exceptional Correct identification   Presentation of the Content is not   Law identification of of relevant law,   relevant law but not sound   4% relevant law, well well-presented and   particularly supported;       presented, supported supported with   some evidence, but       with evidence and specific referencing   usually of a       details, with specific of legislative   generalized nature.       referencing of provisions and case                           legislative provisions law as required.                           and case law as                             required.                             4 marks 3 marks   2 marks 0 mark   Research & Sources are Sources are well   Sources support some The paper does   Citation exceptionally integrated and   claims made in the not use adequate   3% well-integrated and support the paper’s   paper, but might not be research or if it     they support claims claims. There may be   integrated well within does, the sources     argued in the paper occasional errors, but   the paper’s argument. are not integrated     very effectively. the sources and   Law and facts are           well. They are not     Conforms APA conforms APA   mostly read verbatim       cited correctly nor     referencing. referencing.   from article or source     listed correctly.           and not put into the                 presenters own words               or adequately                 connected to the               question.         3 marks 2 marks   1 marks 0 mark   Analysis/Disc Exceptional analysis Good analysis or   Moderate analysis No personal   ussion or thoughtful discussion on the   with some factual reaction to the   1% discussion expressed topic expressed with   substantiation based subject matter     well with factual substantiation   on article and course or given. Lack of     substantiation based based on facts in   other materials/ analysis without     on facts in article & article and other   sources, or discussion factual     other sources. sources.   question posed but substantiation or           with little exploration no discussion                             question posed.     1 mark 0.5 marks   0.25 marks 0 mark   Grammar & Excellent grammar, A few errors in   Shows a pattern of Continuous errors   Mechanics spelling, syntax and grammar, spelling,   errors in spelling,     1% punctuation. syntax and   grammar, syntax         punctuation, but not   and/or punctuation.         many.   Could also be a sign of             lack of proof-reading.                     1 marks 0.5 marks   0.25 mark 0 mark                                 Total                            

  Assignment One Semester Two 2016 Marking Schedule                     Question   Marking Schedule     Marks & Comments Q1   Marks awarded out of 10 (see rubric)                         /10                     Q2(1)   Marks awarded for identifying purpose (1 mark) and     /2       section (1 mark)                         Q2(2)   Marks awarded out of 2 for identifying the introduction of         the Bill (1 mark) and when Royal Assent was obtained (1 /2       mark)                                     Q2(3)   Marks awarded out of 2 for identifying/suggesting the             resources and guidance on Contract and Commercial     /2       Law Act 2017                                     Q2(4)   Marks awarded out of 4 for identifying the relevant             legislation (1 mark for each correct legislation identified). /4                                       Q3   Marks awarded out of 10 (see rubric)                         /10                   Q4   ILAC Question – Negligence               Issue: Correct statements of the Issue (2 marks)             Law: Correct principles of law clearly set out and explained         well, with reference to relevant case law and/or legislation         (4 marks)             Application: Principles of law systematically applied to the         fact situation. Good explanation of application in clear and         simple language (4 marks)             Conclusion : Correct statement of conclusion (2 marks) /12                     Q5(1)   Short  Answer  Questions  –  Intention  to  Create  Legal         Relations                           Marks awarded out of 4 for clear, concise explanation of         the  law  and  citing  relevant  cases  (2  marks)  and its /4       application to the situation (2 marks)                                   Q5(2)   Marks awarded out of 4 for clear, concise explanation of         the  law  and  citing  relevant  cases  (2  marks)  and its /4       application to the situation (2 marks)                           General Comments                         /50            

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National Cheat Sheet: Amazon’s Whole Foods plans store expansion, Sears fights for survival, US firms see Israeli bond troubles … & more

Clockwise from top left: Sears chairman Eddie Lampert plans to make $1.8B offer to save the retail giant if a $4.4B bid fails, Amazon eyes states like Idaho and Utah as it looks to open new Whole Foods stores, Texas-based tiny home builder raises $48M in initial public offering, and a Chinese retreat from U.S. and European markets is expected to hurt prices in 2019.

Amazon looks West for new Whole Foods stores Amazon plans to open a spate of new Whole Foods stores across the country, the Wall Street Journal reported. The e-commerce giant is looking at suburban areas for its new stores and has been scouting sites in Idaho, Utah and Wyoming, the outlet reported. There are currently around 475 Whole Foods stores in the U.S., with future locations slated for other areas like West Los Angeles. Amazon, which acquired the grocery chain in 2017, could end up using some of the extra space at its new Whole Foods sites for its delivery and online order pickup services. The openings would come as Amazon continues to build up its real estate empire. [TRD]

Sears chairman makes dueling bids for bankrupt company A week after Sears chairman Eddie Lampert’s hedge fund, ESL Investment, made a $4.4 billion bid to buy around 425 Sears stores, the Wall Street Journal reported that ESL has also offered to shell out $1.8 billion for the retail chain’s real estate and a number of other assets if its other offer is not successful. Two liquidation firms, however, are also bidding to liquidate Sears and sell off the company’s assets. Sears and its board members have until Friday to decide whether ESL is a “qualified bidder” that can take part in a bankruptcy auction scheduled for Jan. 14, according to the outlet. Sears, which is trying to avoid liquidation, said in late December that it would close 80 more stores. [TRD]

Texas-based tiny home builder raises $48M in initial public offering A developer that focuses on building tiny homes has raised $48 million in an initial public offering — selling 4 million shares at $12 apiece, according to Inman. Bedford, Texas-based Legacy Housing Corporation builds homes ranging in size from 390 square feet to around 2,600 square feet. The company’s IPO on the Nasdaq stock exchange comes amid predictions that tiny homes are about to soar in popularity. Legacy “is known for commercially viable tiny homes, but also provides an array of similar housing options, such as ‘single wides’ and ‘double wides,’” the outlet reported. [TRD]

American real estate firms hit Israeli bond market turbulence Real estate firms that flocked to Israel in recent years in search of cheap debt are now coping with the aftermath of a series of declines, defaults and other troubling disclosures that have cut into the price of bonds issued by U.S. companies, including Starwood Capital Group. TRD reported in late December that bonds issued by Delshah Capital, Extell Development and GFI Real Estate Limited were trading a 20 percent above yields, while Barry Sternlicht’s Starwood West and Yoel Goldman’s All Year Management were selling for less than 60 cents on the dollar. While some bonds have recovered, there is a growing sense of concern. “It’s definitely a crisis,” Ayalim Mutual Funds CEO Kobi Segev told TRD. “Israelis now understand that the risks are higher than they anticipated.” [TRD]

Chinese retreat from US and European markets expected to hurt 2019 prices In the third quarter of 2018, Chinese conglomerates shed more than $1 billion worth of commercial real estate in the U.S., while buying only $231 million in this country, the Wall Street Journal reported. The cool down also occurred in Europe, where Chinese investors unloaded $233.3 million in commercial real estate, including hotels and office buildings. The withdrawals, which come amid the Chinese government’s restrictions on foreign investments, are expected to have a negative effect on real estate prices this year. “You’re probably going to see some cracks,” Cedrik Lachance, director of REIT research at Green Street Advisors, told the outlet. [TRD]

MAJOR MARKET HIGHLIGHTS

After CEO sheds stake for $40M, how much is Douglas Elliman worth? Douglas Elliman CEO Dottie Herman is letting go of her stake in the brokerage, which has taken a hit in recent months due a slowdown in the national housing market. Herman, who bought the firm 15 years ago with its current chairman Howard Lorber, will get a total of $40 million for her stake from Elliman’s parent company Vector Group. If that sum is a fair price, back-of-the-envelope math puts Elliman’s valuation at $136 million, a figure that Lorber disputed in an interview with TRD. “I’m not going to get into formulas,” he said. “But she was the seller, I was the buyer. As a buyer, you always want an aggressive price. She didn’t have to sell.” As for Herman, she told TRD that the decision to sell her stake in a place she loves was the “hardest” of her life. “It was just time to get some of my money out,” she said. “Now I can just have a little more security.” [TRD]

National Association of Realtors plans to renovate part of Chicago headquarters The lower level of the National Association of Realtors’ headquarters in Chicago is getting an upgrade. NAR, which in November secured a permit for a $45 million expansion of its building at 430 North Michigan Avenue, plans to renovate its existing fitness and office space, city records show. The nonprofit trade association already said it planned to construct two stories on top of the building’s existing 12 stories and install new elevators and a new lobby. Annual dues for NAR went up by 25 percent last spring, from $120 to $150. Its building is across the street from the Tribune Tower, which is also undergoing redevelopment. [TRD]

Facebook moving into more office space in Los Angeles Facebook has signed a lease for 260,000 square feet of office space at a Tishman Speyer-owned Brickyard office campus in the Playa Vista neighborhood on Los Angeles’ westside, the Commercial Observer reported. The social media giant, which already has 50,000 square feet of space at the Brickyard, will move into its new space within the next few months, according to the outlet. Facebook’s neighbors at the Brickyard include Loyola Marymount University’s School of Film and Television. Playa Vista itself is also home to tech companies like Google’s YouTube and Verizon’s Yahoo. [TRD]

Brookfield shells out $218M for South Florida’s largest hotel sale last year A golf course in Palm Beach Gardens has been acquired by Brookfield Asset Management. Affiliates of Walton Street Capital sold the PGA National Resort & Spa to a unit of the global asset manager for nearly $218 million — the largest South Florida hotel sale in 2018. Toronto-based Brookfield used a loan from the Royal Bank of Canada to finance its purchase of the resort, which hosts the Honda Classic Golf Tournament. News of the deal first emerged late last year. The resort has 339 hotel rooms, five 18-hole golf courses, 42,000 square feet of meeting space and a 40,000-square-foot spa. [TRD]

Private equity firm moved to evict hundreds of Memphis-area tenants in 2018 A property management company owned by buyout giant Cerberus Capital Management tried to evict more than 400 tenants in the Memphis area last year — a 50 percent increase from 2017, the Washington Post reported. FirstKey Homes, a portfolio company of New York-based Cerberus, is the largest single-family home owner in the city, according to the newspaper. FirstKey was also hit with nearly 200 property code violations between Jan. 1 and Oct. 31 of 2018 — more than any other landlord in most parts of Memphis, the WaPo reported. Robert Knecht, director of public works in Memphis, claims that FirstKey is “just [there] to lease their properties without consequence.” [TRD]

WeWork expands its Virginia presence with 83,000-square-foot lease Co-working giant WeWork has secured an 83,000-square-foot lease at a tower in Rosslyn, North Virginia, Washington’s Top News reported. The SoftBank Group-backed behemoth already has offices elsewhere in Washington, D.C., and Northern Virginia, including Tysons Corner and Arlington’s Crystal City — where Amazon is setting up one of its new headquarters. The lease includes four floors at developer JBG Smith’s CEB Tower. [TRD]

from The Real Deal Miami https://therealdeal.com/2019/01/04/national-cheat-sheet-amazons-whole-foods-plans-store-expansion-sears-fights-for-survival-us-firms-see-israeli-bond-troubles-more/#new_tab via IFTTT